Companies

Kernel Holding

Kernel is Ukraine’s largest producer and exporter of grains and leading global producer and exporter of sunflower oil, accounting for about 8% of global sunflower oil exports. The company went public on the Warsaw Stock Exchange in 2007. Kernel reported 2025FY (July 2024-June 2025) sales of $4,115m (+15% y-o-y) and EBITDA of $466m (+22%).

Shareholders Structure

SUMMARY

Market Price ($)	5.114
Market Cap ($m)	1,501
Enterprise Value ($m)	1,782
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	12.23	2.81	***	***	***
P/Sales	0.35	0.26	***	***	***
EV/EBITDA	5.5	2.8	***	***	***
P/Book	0.97	0.74	***	***	***

Year	2027
Issue Volume ($m)	300
Coupon Rate (% p.a.)	6.75%
Coupon Frequency	S/A
Maturity date	10/27/2027
Ratings: Fitch/Moody`s/S&P	CCC-/CCC-/—/—/CCC/CCC
Market Price* ($)	97.25
Market YTM*	9.10%
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 4Q26FY operating results

WSE-listed Kernel Holding, Ukraine’s largest sunflower oil producer and grain exporter, published its 4Q26FY (calendar 2Q26) operating results, reporting vegetable oil sales of 338 kt (-9.4% q-o-q, -12% y-o-y) and oilseed crushing volumes of 645 kt (-35% q-o-q, -32% y-o-y). Grain exports totaled 2.0 Mt over the period, up 33% q-o-q and double y-o-y.

Jul 14, 2026

| Food & Agriculture

Kernel Holding — Suspends transshipment at Chornomorsk port after Russian attacks

WSE-listed Kernel Holding, Ukraine’s largest sunflower oil producer and grain exporter, suspended transshipment operations at the Black Sea port of Chornomorsk (Odesa region) after its export terminal sustained two Russian missile and drone attacks since Jul. 10, which the company described as “among the most severe” suffered by its port assets in recent years. The strikes damaged grain and vegetable oil storage and transshipment infrastructure, with 45 kt of wheat and 9 kt of sunflower oil assessed as blocked, lost, or damaged.