Operations Update
Q3 FY2025
21 APRIL 2025
KERNEL HOLDING S.A.
OPERATIONS UPDATE FOR THE THREE MONTHS ENDED
31 MARCH 2025
Segment volumes | Q3 FY2024 | Q2 FY2025 | Q3 FY2025 | y-o-y q-o-q | |
thousand metric tons | |||||
Oilseeds processed | 816 | 973 | 845 | 3% | (13%) |
Edible oil sales1 | 382 | 408 | 347 | (9%) | (15%) |
Grain and oilseeds received in inland silos | 277 | 745 | 91 | (67%) | (88%) |
Export terminal's throughput (Ukraine) | 2,464 | 2,609 | 2,522 | 2% | (3%) |
Grain export from Ukraine2 | 1,877 | 1,376 | 1,591 | (15%) | 16% |
9M FY2024 | 9M FY2025 | y-o-y |
2,238 | 2,502 | 12% |
1,090 | 1,023 | (6%) |
2,749 | 2,686 | (2%) |
4,431 | 7,330 | 65% |
3,839 | 4,444 | 16% |
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.
Key operational highlights
- Kernel processed 845 thousand tons of oilseeds in Q3 FY2025, reflecting a 3% increase y-o-y and a 9% decline q-o-q. Sunflower seed processing totaled 694 thousand tons. However, due to the limited domestic availability of sunflower seeds, the Group also processed 151 thousand tons of soybeans across three of its plants. Of the total oilseeds processed, 795 thousand tons were produced or sourced by Kernel, while 50 thousand tons of sunflower seeds were processed under tolling agreements with third parties.
- As a result of processing both sunflower seeds and soybeans in Q3 FY2025, which differ in oil content, edible oil sales declined by 9% y-o-y, to 347 thousand tons. This brought cumulative edible oil sales for the nine months of FY2025 to 1.0 million tons, down 6% y-o-y.
- Silo intake volume for the nine months of FY2025 totaled 2.7 million tons, reflecting a slight 2% decrease y-o-y.
- The Group's grain export volume in Q3 FY2025 decreased by 15% y-o-y to 1.6 million tons, reflecting reduced domestic grain supply due to a lower harvest size in Ukraine. Over the nine months of FY2025, Kernel exported 4.4 million tons of grain and oilseeds from Ukraine, representing a 12% market share in national export volumes1.
- Export terminal throughput in Q3 FY2025 reached 2.5 million tons, up 2% y-o-y. This included 1.8 million tons of grain, 0.3 million tons of edible oil, and the remainder comprised vegetable meals. For the nine months of FY2025, total transshipment volumes amounted to 7.3 million tons, representing a 65% increase y-o-y, supported by a low comparison base in FY2024 when Black Sea ports remained closed during the early part of the season.
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.
1 Source: Kernel's estimates.