Operations Update for the three months ended 31 March 2026

20 APRIL 2026

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 986 thousand tons of oilseeds during January-March 2026, representing a 17% increase y-o-y, supported by improved availability and procurement of sunflower seeds from the domestic market, while remaining broadly stable q-o-q. Sunflower seeds accounted for the majority of the processed volume, while soybeans and rapeseeds supported overall utilization at the Group's oilseed processing plants.

• Edible oil sales in Q3 FY2026 totaled 373 thousand tons, up 7% y-o-y, in line with oilseeds processing dynamics. Of the total volume sold, bottled sunflower oil accounted for 19 thousand tons.

• Silo in-take volume in the reporting period reached 511 thousand tons, reflecting a prolonged harvesting campaign in Ukraine this season, as well as increased intake of third-party grain, bringing total intake for the nine months of FY2026 to 4.0 million tons.

  − The overall 50% y-o-y increase was also supported by a change in the Group's crop mix for the 2025 harvest, with corn accounting for 48% of total production (compared to 24% a year ago), contributing to higher physical grain volumes handled.

• The Group's grain export volume from Ukraine amounted to 1.5 million tons in Q3 FY2026, remaining broadly flat q-o-q. Slow farmer selling remained the key factor affecting performance during the reporting period, while additional pressures, including electricity supply constraints and higher transportation costs, also contributed.

• Export terminal throughput in Q3 FY2026 stood at 2.6 million tons, reflecting a 4% increase y-o-y and a 6% increase q-o-q. Grains accounted for 73% of total throughput, edible oils for 14%, while vegetable meals comprised the remaining share.

  − On a cumulative basis, terminal throughput for the nine months of FY2026 amounted to 6.9 million tons, down 6% y-o-y, amid operational disruptions caused by intensified attacks on Black Sea ports and unfavorable weather conditions.

  ‌Corporate update

• During the reporting period, the Company secured a favorable outcome in litigation with a group of minority shareholders. On 13 March 2026, the Luxembourg Court of Appeal upheld in full the decision dismissing all claims seeking suspension of the resolutions adopted at the Company's Annual General Meeting of 11 December 2023 and declared the appeal unfounded, ordering the claimants to bear procedural costs.

• On 20 March 2026, the Company secured another favorable outcome in litigation with a group of minority shareholders. The Luxembourg Court of Appeal upheld in full the decision dismissing all claims seeking suspension of the Board of Directors' resolutions related to the August-September 2023 share capital increase, including the issuance of 216,000,000 new shares, and declared the appeal unfounded, ordering the claimants to bear procedural costs.

• On 1 April 2026, the Company signed a Share Purchase Agreement (the "SPA") for the acquisition of 100% stake in Enselco Holding Limited for USD 348 million. Under the terms of the SPA, the Company will acquire a group of companies, which currently operates a consolidated agricultural business of 190 thousand hectares of leasehold agricultural land, a proprietary network of grain silos, agricultural machinery and equipment, and a fleet of grain railcars, among other assets.

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.