Operations Update for the three months ended 30 September 2025

24 OCTOBER 2025

Note 1 Includes sales of sunflower oil in bulk and bottled sunflower oil, as well as rapeseed and soybean oil sold in bulk.

Note 2 Excluding physical trading volumes reported by Avere, a subsidiary of Kernel involved in physical and proprietary trading. Preliminary figures; financial year ends 30 June.

Differences are possible due to rounding.

• Kernel processed 559 thousand tons of oilseeds in Q1 FY2026, down 18% y-o-y, primarily due to lower volumes processed under tolling agreements (16 thousand tons compared with 132 thousand tons in the corresponding period of the previous year). Sunflower seeds accounted for the majority of the volume processed, with smaller volumes of soybeans and rapeseeds contributing to the total throughput. At the same time, the 41% q-o-q decrease mainly reflects the scheduled month-long maintenance period during the summer, when all processing plants are temporarily shut down to prepare for the new season.

• Edible oil sales in Q1 FY2026 amounted to 316 thousand tons, up 18% y-o-y, largely supported by the sale of vegetable oil inventories accumulated at the end of the previous financial year. Of the total, bottled sunflower oil sales accounted for 19 thousand tons.

• Silo intake volume reached 1.2 million tons in Q1 FY2026, representing a 34% decrease y-o-y. The lower intake was influenced by a later start of the Group's harvesting campaign compared to the prior year, as weather conditions and uneven crop maturity across regions delayed and reduced deliveries to storage facilities.

• The Group's grain export volume from Ukraine totaled 1.3 million tons in Q1 FY2026, down 15% y-o-y due to slower farmer selling and weather-related delays in the harvesting campaign. However, export grew by 27% q-o-q, supported by improved grain availability in the domestic market, particularly following the start of the winter wheat harvesting campaign. Wheat accounted for 74% of total grain exports, while corn and barley comprised the remaining share.

• Export terminal throughput in Q1 FY2026 stood at 1.8 million tons, a 17% decrease y-o-y, reflecting the Group's sales pattern of vegetable oils and grains. Of the total volume, grains accounted for 75%, edible oils for 13%, and the remainder comprised vegetable meals.

  ‌Harvesting update

• As of the date of this report, the Group has completed the harvesting of all crops except corn. Net yields for wheat and sunflower declined by 3% and 4% y-o-y, respectively, primarily due to adverse weather conditions that disrupted typical crop development cycles. Based on the current progress of the harvesting campaign, the Group expects to achieve a net corn yield of 9.2 tons per hectare, up 10% y-o-y.

Note 1 Net crop yields are projections based on 47% of corn, 100% of sunflower, 100% of soybeans, and 100% of wheat acreage harvested as of 21 October 2025.

Note 2 Includes rapeseed and other minor crops, as well as fallow land. Preliminary figures; differences are possible due to rounding.

The information in this document has not been independently verified, and no representation or warranty, expressed or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness, or correctness of the information or opinions contained herein. Neither the Company nor any of its affiliates, advisors, or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss whatsoever arising from any use of this document, or its contents, or otherwise arising in connection with this document. This document does not constitute or form part of any offer or invitation to sell or purchase, or any solicitation of any offer to sell or purchase any shares or securities in Kernel Holding S.A. It is not intended to form the basis upon which any investment decision or any decision to purchase any interest in Kernel Holding S.A. is made. Information in this document relating to the price at which investments have been bought or sold in the past or the yield on investments cannot be relied upon as a guide to future performance.

Certain statements in this document are forward-looking statements. By their nature, forward-looking statements involve a number of risks, uncertainties, or assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties, or assumptions could adversely affect the outcome and financial effects of the plans and events described herein. Forward-looking statements contained in this document regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. You should not place undue reliance on forward-looking statements, which speak only as of the date of this announcement. Except as required by law, the Company is under no obligation to update or keep current the forward-looking statements contained in this document or to correct any inaccuracies which may become apparent in such forward-looking statements.