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 ($)	4.725
Market Cap ($m)	1,386
Enterprise Value ($m)	1,667
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	11.26	2.59	***	***	***
P/Sales	0.32	0.24	***	***	***
EV/EBITDA	5.2	2.7	***	***	***
P/Book	0.89	0.68	***	***	***

Year	2027
Issue Volume ($m)	300
Coupon Rate (% p.a.)	6.75%
Coupon Frequency	S/A
Maturity date	10/27/2027
Ratings: Fitch/Moody`s/S&P	CCC-/—/CCC
Market Price* ($)	87.50
Market YTM*	13.20%
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 — Reports 3Q/9M25FY financial results, Fitch affirms LT IDR at CCC-

WSE-listed Kernel Holding, Ukraine’s largest sunflower oil producer and grain exporter, has published its 3Q25FY financial results (January-March 2025), reporting sales of $1,145m, flat q‑o‑q and up 14% y-o-y, EBITDA of $110m (-6.8% q-o-q, -31% y-o-y), and net income of $41m (-26% q-o-q, -59% y-o-y). End-3Q25FY cash was reported at $549m (-11% q-o-q, -17% y-o-y), on top of $182m in government bond holdings (-21% q-o-q, +46% y-o-y). Net debt stood at $206m (-37% q-o-q), implying a Net Debt/LTM EBITDA ratio of 0.5x, down from 0.7x in 2Q25FY, with an interest coverage ratio of 9.6x.

Apr 23, 2025

| Food & Agriculture

Kernel Holding — Reports 3Q25FY operating results

WSE-listed Kernel Holding, Ukraine’s largest sunflower oil producer and grain exporter, published its 3Q25FY (calendar 1Q25) operating results, reporting vegetable oil sales of 347 kt (-15% q-o-q, -9.2% y-o-y) and an oilseed crushing volume of 845 kt (-13% q‑o‑q, +3.6% y‑o‑y).