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 ($)	5.019
Market Cap ($m)	1,473
Enterprise Value ($m)	1,754
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	12.00	2.76	***	***	***
P/Sales	0.34	0.25	***	***	***
EV/EBITDA	5.4	2.8	***	***	***
P/Book	0.95	0.73	***	***	***

Year	2027
Issue Volume ($m)	300
Coupon Rate (% p.a.)	6.75%
Coupon Frequency	S/A
Maturity date	10/27/2027
Ratings: Fitch/Moody`s/S&P	CCC-/—/CCC
Market Price* ($)	89.00
Market YTM*	12.50%
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 — Minority shareholder initiates sell-out procedure

WSE-listed Kernel Holding, Ukraine’s largest sunflower oil producer and grain exporter, announced it has received a notification from Namsen Limited, which is directly controlled by Kernel’s founder and Board chairman Andrii Verevskyi and holds 95.06% of Kernel shares, about a minority shareholder’s intention to exercise sell-out rights and initiate a sell-out procedure at a proposed price of PLN 19.45 per share.

Jul 23, 2025

| Sunflower oil

Kernel Holding — Reports 4Q25FY operating results

WSE-listed Kernel Holding, Ukraine’s largest sunflower oil producer and grain exporter, published its 4Q25FY (calendar 2Q25) operating results, reporting vegetable oil sales of 381 kt, up 9.8% q-o-q but down 1.6% y-o-y. The volume of crushed oilseeds rose by 13% q-o-q to 952 kt (flat y-o-y). Quarterly grain exports totaled 1.0 Mt, down 38% q-o-q and 39% y-o-y due to reduced domestic grain supply following a smaller 2024 harvest. Crop throughput at Kernel’s Black Sea export terminals reached 1.8 Mt, down 28% q-o-q and 20% y-o-y.