Kernel reduced grain exports by 15% to 1.6 million tons

The agricultural company records a decline in exports and EBITDA against the backdrop of a weak harvest and restrained sales from farmers.

In the third quarter of the 2025 fiscal year, Kernel exported 1.6 million tons of grain from Ukraine, which is 15% less than in the same period last year. This is stated in the company’s financial report.

The reason was limited domestic supply – due to the weak harvest of 2024 and low carryover balances.

Despite this, Kernel maintains a significant market share, providing 12% of the total exports of grains and oilseeds from Ukraine for the nine months of the current fiscal year. The company’s total exports for this period amounted to 4.4 million tons.

The company notes that although it has had stable access to Ukrainian Black Sea ports since October 2023, trade is being held back by a shortage of corn and more cautious behavior by farmers, who are less willing to sell grain due to storage capabilities. This reduces asset utilization and puts pressure on the profitability of the export chain.

In the third quarter, transshipment volumes at Kernel export terminals amounted to 2.5 million tons (+2% y/y), including 1.8 million tons of grain, 0.3 million tons of vegetable oil and 0.4 million tons of meal. The total transshipment volume for the nine months increased by 65% ​​year-on-year — to 7.3 million tons — due to continuous export operations and a low comparison base from last year.

The day before, USM wrote that the shares of most Ukrainian agricultural holdings on the Warsaw Stock Exchange continued to decline.