Dekel Agri-Vision Plc (LON:DKL), the West African agriculture company focused on building a portfolio of sustainable and diversified projects, has provided its Q1 2026 production update for both the Ayenouan palm oil project (Palm Oil Operation) and the Tiebissou cashew processing plant (Cashew Operation) in Côte d’Ivoire.
Palm Oil Operation Key Performance Metrics: Q1 2026 vs. Q1 2025
· Palm Oil Operational Highlights: For Q1 2026, the Palm Oil Operation has delivered a strong pickup in Crude Palm Oil (‘CPO’) production volumes during March, following a softer start to the year, while CPO sales prices have remained at historically high levels. The production momentum associated with the high season has continued into April, which is expected to be a particularly strong month.
· CPO Production: 10,443 tonnes, reflecting a modest decrease of 4.9%. Importantly, CPO production increased by 21% in March 2026 compared to March 2025, marking the commencement of the high season, which is expected to continue into April 2026.
· CPO Extraction Rate: Slightly lower at 21.7% but remaining at robust levels relative to historical performance.
· CPO Sales Volume: Decreased by 11.0%, largely due to higher CPO production being achieved later in Q1. This is expected to translate into increased CPO sales volumes during Q2 2026.
· CPO Sales Price: Remained at elevated historical levels and broadly stable year-on-year at €968 per tonne. International CPO prices have increased significantly over the past month to above €1,200 per tonne, and if sustained, are expected to flow through to higher local pricing later in the year.
· PKO Sales: PKO sales prices continue to be very strong, with prices close to record highs at €1,335 per tonne. The decrease in PKO sales reflects the batch nature of sales, which is expected to result in higher sales volumes in the coming months.
| Q1-2026 | Q1-2025 | Change | |
| FFB processed (tonnes) | 47,593 | 49,512 | -3.9% |
| CPO Extraction Rate | 21.9% | 22.2% | -1.4% |
| CPO production (tonnes) | 10,443 | 10,982 | -4.9% |
| CPO Sales (tonnes) | 8,061 | 10,343 | -22.1% |
| Average CPO price per tonne | €968 | €968 | Nil |
| Palm Kernel Oil (‘PKO’) production (tonnes) | 535 | 674 | -20.6% |
| PKO Sales (tonnes) | 115 | 615 | -81.3% |
| Average PKO price per tonne | €1,335 | €1,217 | 9.7% |
Cashew Operation Key Performance Metrics: Q1 2026 vs. Q1 2025
· Cashew Operational Highlights: In line with forecasts, the Cashew Operation is performing strongly and is tracking ahead of last year, with cashew production and sales volumes up 73.5% and 144.8% respectively. The Group expects to continue building on last year’s momentum, with higher processing levels and continued improvement in financial performance.
· RCN Purchasing and Processing: Raw Cashew Nut (‘RCN’) processing returned to normalised levels during March, following a period of stock conservation ahead of the commencement of the RCN buying season, which is now underway. RCN processing volumes increased by 38.5%. RCN purchasing and processing included 755 tonnes of third-party RCN to produce a specialised unpeeled product, which continues to deliver margins comparable to internally processed RCN. The accounting treatment of third-party RCN, whether fully consolidated or recognised on a margin basis, will be confirmed as part of the year-end financial audit.
· Processing Efficiency: The extraction rate of 30% was strong, although it includes a significant contribution from unpeeled cashews related to third-party RCN which has higher extraction rate. The normalised extraction rate of c.22-23% for internal RCN remains consistent with FY 2025. The Group continues to see improvements in whole-to-broken nut ratios, alongside ongoing enhancements in peeling performance.
· Production & Sales: Higher processing volumes are translating directly into increased output and sales:
o Cashew production increased by 73.5%
o Cashew sales volumes increased by 144.8%
· Sales Prices: Prices for cashews (excluding third-party processed stock) decreased by 27.6%. Prices achieved in Q1 2026 reflected a relatively higher proportion of lower-priced mixed cashew grades, with overall pricing trends broadly consistent with levels achieved in the latter half of 2025, following the relatively elevated prices seen in the early 2025 comparison period.
| Q1-2026 | Q1-2025 | Change | |
| RCN Inventory | |||
| Opening RCN Inventory (tonnes) | 1,137 | 742 | 53.2% |
| RCN Purchased (tonnes) | 1,103 | 1,684 | -34.5% |
| RCN Processed (tonnes) | (1,217) | (879) | 38.5% |
| Closing RCN Inventory (tonnes) | 1,023 | 1,547 | -33.9% |
| Cashew Processing | |||
| Opening Cashews (tonnes) | 159 | 79 | 101.3% |
| RCN Processed (tonnes) | 1,217 | 879 | 38.5% |
| Cashew Extraction Rate | 30.0% | 24.0% | 25.0% |
| Cashew Produced (tonnes) | 366 | 211 | 73.5% |
| Cashew Sales (tonnes) | 421 | 172 | 144.8% |
| Closing Cashews (tonnes) | 104 | 118 | -11.9% |
| Average Sales prices per tonne | |||
| – Peeled Cashews (including mixed) | €4,200 | €5,800 | -27.6% |
Youval Rasin, Dekel‘s Chief Executive Officer, said: “The Company delivered a strong start to 2026 across both the Palm Oil and Cashew Operations. Palm Oil production rebounded in March, marking the onset of the high season, while Crude Palm Oil and Palm Kernel Oil prices remain at historically elevated levels. Meanwhile, the Cashew Operation continues its momentum with production and sales volumes significantly ahead of last year. The Company expects these positive trends to continue in Q2 2026.“
