Companies

Kernel Holding

Kernel is the largest sunflower oil producer and leading grain exporter in Ukraine with 21% of the country’s total sunseed crushing capacity and 7.5% of total grain exports in 2016/17 MY. The company operates over 600,000 ha of farmland.

Shareholders Structure

SUMMARY

Market Price ($)	6.009
Market Cap ($m)	1,763
Enterprise Value ($m)	2,044
Shares Outstanding	293,429,230
Code	KER PW

Recommendations

FV ($)	****
Upside (%)	****
Recommendation	****

Indicator	2020	2021	2022	2023	2024
Sales ($m)	4,107	5,595	***	***	***
EBITDA ($m)	443	806	***	***	***
Net Income ($m)	118	513	***	***	***
Net Debt ($m)	980	836	***	***	***

Indicator	2020	2021	2022	2023	2024
P/E	14.46	3.33	***	***	***
P/Sales	0.42	0.30	***	***	***
EV/EBITDA	6.1	3.2	***	***	***
P/Book	1.14	0.87	***	***	***

Year	2027
Issue Volume ($m)	300
Coupon Rate (% p.a.)	6.75%
Coupon Frequency	S/A
Maturity date	10/27/2027
Ratings: Fitch/Moody`s/S&P	CCC-/CCC-/—/—/CCC/CCC
Market Price* ($)	95.00
Market YTM*	9.90%
Spread over UST*	-
Note: *Based on bid price.

Year	2021	2022	2023
Net Sales ($m)	5,595	***	***
EBITDA ($m)	806	***	***
Net Income ($m)	513	***	***
EBIT Coverage Ratio (x)	4.86	***	***
Net Debt/Equity (%)	72.3%	***	***

Covenants
Restriction on payment of dividend	-
Financial Reports	A - within 120 days; Q - within 90 days
Min. Fixed Charge Coverage Ratio*	3:1
Events of Default
Failure to pay	10 days
Cross default	$30m
Expiry of license, illegality, insolvency etc.	-
Judgements	$30m/60 days

Kernel Holding — Attracts $77m loan from Oschadbank

WSE-listed Kernel Holding, Ukraine’s largest sunflower oil producer and grain exporter, attracted a $77m loan from state-owned Oschadbank to cover its working capital needs. Part of the loan (up to $36.7m over seven years) can also fund CAPEX, including renewal of Kernel’s agricultural machinery fleet and reconstruction of its grain terminal in the port of Chornomorsk. (Oschadbank)

Dec 01, 2025

| Food & Agriculture

Kernel Holding — Reports solid 1Q26FY financial results

WSE-listed Kernel Holding, Ukraine’s largest sunflower oil producer and grain exporter, reported 1Q26FY financials (calendar 3Q25) with sales of $826m, -19% q-o-q and +3.5% y-o-y, EBITDA of $144m, +109% q-o-q and -15% y-o-y, and net income of $95m, up 4.75x q-o-q and -21% y-o-y.