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 ($)	5.221
Market Cap ($m)	1,532
Enterprise Value ($m)	1,813
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	12.50	2.87	***	***	***
P/Sales	0.36	0.26	***	***	***
EV/EBITDA	5.5	2.9	***	***	***
P/Book	0.99	0.76	***	***	***

Year	2027
Issue Volume ($m)	300
Coupon Rate (% p.a.)	6.75%
Coupon Frequency	S/A
Maturity date	10/27/2027
Ratings: Fitch/Moody`s/S&P	CCC-/—/CCC
Market Price* ($)	92.50
Market YTM*	11.00%
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 in-line 1Q26FY operating results

WSE-listed Kernel Holding, Ukraine’s largest sunflower oil producer and grain exporter, published its 1Q26FY (calendar 3Q25) operating results, reporting vegetable oil sales of 316 kt (-18% q-o-q, +18% y-o-y) and crushed oilseed volumes of 559kt (-41% q-o-q, -18% y-o-y). Grain exports totaled 1.3 Mt (+27% q-o-q, -15% y-o-y), while crop throughput at Kernel’s Odesa-region export terminals reached 1.8 Mt (+1% q-o-q, -17% y-o-y).

Oct 21, 2025

| Food & Agriculture

Kernel Holding— Considers building 250 MW solar station in western Ukraine

WSE-listed Kernel Holding, Ukraine’s largest sunflower oil producer and grain exporter, considers building a 250 MW solar station in western Ukraine, with total investments seen at UAH 5bn ($120m), the Interfax-Ukraine news agency reported, citing local media outlets and authorities in Chernivtsi region. Construction may start next spring.