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 ($)	5.455
Market Cap ($m)	1,601
Enterprise Value ($m)	1,882
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	13.08	3.01	***	***	***
P/Sales	0.38	0.28	***	***	***
EV/EBITDA	5.7	3.0	***	***	***
P/Book	1.03	0.79	***	***	***

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*	8.20%
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 solid 2Q26FY financial results; intends to boost investments in renewable energy

Kernel Holding, Ukraine’s largest sunflower oil producer and grain exporter listed on the Warsaw Stock Exchange, reported its 2Q26FY results (calendar 4Q25). Sales rose by 33% q-o-q to $1.1bn (-4.4% y-o-y), while EBITDA declined by 28% q-o-q to $103m (-13% y-o-y).

Jan 23, 2026

| Food & Agriculture

Kernel Holding — Reports solid 2Q26FY operating results

WSE-listed Kernel Holding, Ukraine’s largest sunflower oil producer and grain exporter, published its 2Q26FY (calendar 4Q25) operating results. Vegetable oil sales totaled 411 kt (+30% q-o-q, +0.7% y-o-y), while crushed oilseed volumes reached 995 kt (+78% q-o-q, +2.3% y-o-y). Grain exports amounted to 1.5 Mt, up 21% q-o-q and 10% y-o-y. Crop throughput at Kernel’s export terminals in the Odesa region totaled 2.5 Mt (+35% q-o-q but -5.9% y-o-y).