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 ($)	5.517
Market Cap ($m)	1,619
Enterprise Value ($m)	1,900
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	13.24	3.04	***	***	***
P/Sales	0.38	0.28	***	***	***
EV/EBITDA	5.7	3.0	***	***	***
P/Book	1.04	0.80	***	***	***

Year	2027
Issue Volume ($m)	300
Coupon Rate (% p.a.)	6.75%
Coupon Frequency	S/A
Maturity date	10/27/2027
Ratings: Fitch/Moody`s/S&P	CCC-/CCC-/—/—/CCC/CCC
Market Price* ($)	96.50
Market YTM*	9.30%
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 $45m loan for 106 MW solar project

WSE-listed Kernel Holding, Ukraine’s largest sunflower oil producer and grain exporter, has secured a $45m loan from the EBRD to finance the construction of a 106 MW solar power plant with battery storage, with total project costs estimated at $86m. The financing is supported by partial guarantees from the EU under the Ukraine Investment Framework (part of the broader Ukraine Facility). The project is expected to generate 141 GWh of electricity annually and forms part of the company’s plan to invest around $400m over three years in building 600 MW of wind and solar capacity.

Apr 21, 2026

| Food & Agriculture

Kernel Holding — Reports solid 3Q26FY operating results

WSE-listed Kernel Holding, Ukraine’s largest sunflower oil producer and grain exporter, reported 3Q26FY (calendar 1Q26) operating results with vegetable oil sales at 373 kt (-9.2% q-o-q, +7.5% y-o-y) and oilseed crushing volumes at 986 kt (-0.9% q-o-q, +17% y-o-y). Grain exports totaled 1.5 Mt (+0.9% q-o-q, -5.2% y-o-y).