Agricultural holding Kernel, one of Ukraine's largest agricultural exporters, reported a 55% quarter-on-quarter increase in cargo delivery and handling costs in October–December of fiscal year 2026 (FY, July 2025 – June 2026), according to its financial report for the first half of FY2026.

"The cost of sales increased by 28% quarter-on-quarter… reflecting a 55% rise in delivery and handling expenses driven by higher insurance premiums amid intensified Russian attacks on civilian vessels during the reporting period," the company explained.

According to the report, heightened military risks in the ports of Odesa and Chornomorsk were among the key factors pressuring margins in the infrastructure and trading segments. In particular, EBITDA of the infrastructure and trading segment in the first half of FY2026 declined by 41%, to $77 million.

Kernel is the world's largest producer and exporter of sunflower oil, the largest grain exporter from Ukraine, an operator of an extensive network of logistics assets, and a leading producer of grains and oilseeds in Ukraine. It is also one of the country's largest producers and sellers of bottled oil and is engaged in agricultural production and its commercialization.

In the first half of fiscal year 2026 (July–December 2025), Kernel reduced its net profit by 33% year-on-year, to $119 million. Consolidated revenue for the reporting period amounted to $1.924 billion, 1% less than in the first half of FY2025. EBITDA decreased by 14%, to $247 million.