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 ($)	5.238
Market Cap ($m)	1,537
Enterprise Value ($m)	1,818
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	12.54	2.88	***	***	***
P/Sales	0.36	0.26	***	***	***
EV/EBITDA	5.6	2.9	***	***	***
P/Book	0.99	0.76	***	***	***

Year	2027
Issue Volume ($m)	300
Coupon Rate (% p.a.)	6.75%
Coupon Frequency	S/A
Maturity date	10/27/2027
Ratings: Fitch/Moody`s/S&P	CCC-/CCC-/—/—/CCC/CCC
Market Price* ($)	97.75
Market YTM*	8.50%
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 — Black Sea grain terminal damaged in Russian attacks

WSE-listed Kernel Holding, Ukraine’s largest sunflower oil producer and grain exporter, reported that its export terminal in the port of Chornomorsk was damaged in three Russian drone attacks since June 4, resulting in temporary disruptions to terminal operations. The company is currently assessing the extent of the damage and related losses.

Jun 01, 2026

Kernel Holding— Reports stronger than expected 3Q26FY financial results

WSE-listed Kernel Holding, Ukraine’s largest sunflower oil producer and grain exporter, published its 3Q26FY financial results (calendar 1Q26), reporting EBITDA of $156m, up 51% q-o-q and 42% y-o-y, while sales increased 7.5% q-o-q to $1.1bn (+3.1% y-o-y). Kernel’s cash position at end-9M26FY doubled q-o-q to $657m, while holdings of government bonds declined 37% q-o-q to $143m. Net debt fell 65% q-o-q to $157m, implying a Net Debt/LTM EBITDA ratio of just 0.3x, down from 1.1x in 1H26FY, while interest coverage improved to 12x.