Kernel S A : Operations Update for the three months ended 30 September 2023

Operations Update

Q1 FY2024

27 OCTOBER 2023

KERNEL HOLDING S.A.

OPERATIONS UPDATE FOR THE THREE MONTHS ENDED

30 SEPTEMBER 2023

Note 1 Includes sales of sunflower oil in bulk and bottled sunflower oil.

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 oil extraction plants processed 610 thousand tons of oilseeds (sunflower seeds and rapeseeds) in Q1 FY2024, which is down 5% as compared to the previous quarter. Due to the seasonal deficit of sunflower seeds at the end of the processing season (before the new harvest comes in September-October 2023), the Group switched to rapeseed processing at two of its plants, crushing 112 thousand tons in total for three months ended 30 September 2023.
• Edible oil sales volume in Q1 FY2024 totaled 369 thousand tons, a 16% growth as compared to the previous quarter, including 20 thousand tons of bottled sunflower oil and 19 thousand tons of rapeseed oil.
• Higher yields and expanded acreage under wheat, sunflower, and soybeans harvested by Group's farming business in the reporting period, secured the growth of the Group's silo in-takevolume in Q1 FY2024 to 1,208 thousand tons, up 2.3x y-o-y.
• With the Black Sea Grain Initiative termination on 18 July 2023, the Group's export terminals throughput volume in Ukraine substantially dropped, to 162 thousand tons in Q1 FY2024, down 83% as compared to the previous quarter. Half of the transshipped volumes stand for the operations at the Group's facility in Reni on the Danube River.
• Grain export volume from Ukraine in Q1 FY2024 amounted to 203 thousand tons, down 68% as compared to the previous quarter. The vast majority of that was exported via Ukrainian Danube River ports and by railways in the direction of the Romanian port of Constanta, as the Group's usual export routes - Ukrainian Black Sea ports - were not available for export operations due to the unilateral termination of the Black Sea Grain Initiative by Russia in July 2023. Such alternative export channels suffer from high logistic costs which, in combination with low global grain prices, undermine export volumes.

Harvesting update

• The Group has made significant changes to its crop mix to minimize the acreage under the most energy-intensive and logistics-heavy crop, corn, in favor of less energy-intensive options, reintroducing soybeans into the crop mix with 65 thousand hectares sown and planting 61 thousand hectares of winter wheat.
• As of the date of this report, the Group completed the harvesting of wheat, sunflower, and soybean, with net yields improving for all crops, primarily attributable to supportive weather conditions. The harvesting of corn is ongoing, and approximately half of the acreage is yet to be harvested. Based on the progress of the harvesting campaign, the Group expects to reach 9.5 tons per hectare net yield for corn.

Note 1 Net crop yields are projections based on 54% of corn, 100% of sunflower, and 100% of wheat acreage harvested as of 27 October 2023. Note 2 Includes rapeseed, barley, rye, oats, forage crops 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.