Kernel Holding S.A.

Kernel Holding S.A.

4.49
EUR
-0.04
(-0.99%)
1.28BMarket Cap
Nov 27Next Earn
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
35.1
30.03
29.23
24.96
27
29.33
48.33
49.49
66.58
66.49
44.62
13.94
- -
- -
Basic EPS, GAAP
1.4
-1.23
1.34
2.83
2.19
0.64
2.31
1.42
6.1
-0.51
3.86
0.65
- -
- -
Free Cash Flow per Basic Share
2.35
0.4
4.72
1.25
0.41
-0.97
0.08
0.55
3.29
-7.55
8.1
1.27
- -
- -
Dividend per Share
- -
- -
0.25
0.25
0.25
0.25
0.25
0.25
0.42
0.42
- -
- -
- -
- -
Book Value per Share
16.76
12.92
11.16
12.49
14.07
14.29
16.49
17.76
23.16
21.74
22.5
6.35
- -
7.66
Tangible Book Value per Share
12.73
9.99
9
10.5
11.4
11.75
13.77
15.48
20.98
19.21
21.1
6.19
- -
7.5
Basic Weighted Avg Shares
80
80
80
80
80
82
82
83
84
80
77
257
293
293
Sales/Revenue/Turnover
2,797
2,393
2,330
1,989
2,169
2,403
3,960
4,107
5,595
5,332
3,455
3,581
- -
- -
Operating Margin (%)
6.26
4.26
11.96
13.71
12.11
5.83
6.95
8.38
12.25
9.1
12.35
13.18
- -
- -
Depreciation Expense
90
94
68
60
54
83
76
106
116
130
105
105
- -
- -
Net Income, GAAP
112
-98
107
225
176
52
189
118
513
-41
299
168
- -
- -
Effective Tax Rate (%)
5.1
- -
0.94
1.58
9.54
- -
6.25
15.24
6
- -
18.77
20.58
- -
- -
Profit Margin (%)
3.99
-4.11
4.59
11.32
8.13
2.17
4.78
2.87
9.16
-0.77
8.66
4.69
- -
- -
Working Capital
390
275
200
347
827
729
777
1,118
1,367
285
543
788
- -
1,474
LT Debt
276
260
95
84
502
505
565
1,231
1,109
200
167
143
- -
536
Total Equity
1,352
1,031
891
997
1,158
1,178
1,346
1,494
1,949
1,686
1,744
1,866
- -
2,247
Return on Invested Capital (%)
9.4
- -
21.06
20.76
15.07
- -
12.53
11.59
20.83
- -
10.17
6.88
- -
- -
Return on Capital (%)
9.18
- -
11.29
20.26
14.35
- -
13.33
9.19
21.11
- -
12.02
8.06
- -
- -
Return on Common Equity (%)
8.87
-8.31
11.14
23.89
16.41
4.49
15.03
8.29
29.82
-2.26
17.47
9.31
- -
- -

Capital Structure

USD

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
ST Debt
152
250
269
LT Borrowings
375
369
364
LT Finance Leases
190
160
173
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
293
293
293
Market Capitalization
1,559
1,658
1,482

Working Capital

USD

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
Total Current Assets
2,067
2,028
2,344
Cash, Cash Equivalents & STI
715
572
815
Accounts Receivable, Net
224
249
305
Inventories
715
792
747
Total Current Liabilities
644
638
870
Payables & Accruals
- -
- -
- -
ST Debt
152
250
269
Deferred Revenue
- -
- -
- -

Growth Rates

USD

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
- -
- -
Free Cash Flow
- -
- -
- -
Net Income, GAAP
- -
- -
- -
Sales/Revenue/Turnover
- -
- -
- -
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

USD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
546
1,044
1,005
987
3,581
2025
798
1,149
1,145
- -
- -
2026
826
1,098
1,180
- -
- -

Quarterly Earnings Per Share

USD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
-0.21
0.45
0.34
-0.12
0.65
2025
0.41
0.19
0.14
- -
- -
2026
0.33
0.08
0.3
- -
- -

Quarterly Dividends Per Share

USD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
- -
2025
- -
- -
- -
- -
- -
2026
- -
- -
- -
- -
- -

Company Description

CEO
Yevgen Osypov
Full Time Employees
14,484
Sector
Process industries
Industry
Agricultural commodities/Milling
Address
8A, Boulevard Joseph II Kiev KO Ukraine 01001
IPO Date
Nov 26, 2007
Website
kernel.ua
Business
Kernel Holding S.A. (KER.WA) is a Luxembourg-incorporated, vertically integrated agribusiness company primarily engaged in the production, processing, export, and trading of grains, oilseeds, sunflower oil, and related products; it operates as the world's leading producer and exporter of sunflower oil, accounting for approximately 8-9% of global sunflower oil exports, and Ukraine's largest grain exporter with a 10% share of national grain exports. The company conducts its activities through three main segments: Oilseed Processing, which encompasses sunflower seed crushing with 4.0 million tons annual capacity, production and sale of bulk and bottled sunflower oil under brands such as Stozhar, Shchedry Dar, and Chumak, sunflower meal, and renewable energy generation from biomass via co-generation facilities; Infrastructure and Trading, including grain origination and merchandising, operation of export terminals with 11 million tons annual transshipment capacity at ports such as Chornomorsk, Pivdennyi, and Reni, inland silo storage of 2.2 million tons, a fleet of 3.4 thousand railcars, vessel operations, and proprietary trading via Avere Commodities; and Farming, involving cultivation across 358 thousand hectares focused on wheat, corn, soybeans, rapeseed, sunflower seeds, barley, peas, forage, and sugar beets using precision agriculture and sustainable practices. Kernel markets its products to over 60 countries worldwide, with primary operations in Ukraine and international trading presence in Switzerland, the Netherlands, India, China, Hong Kong, Singapore, Spain, and the UAE through subsidiaries such as Inerco Trade S.A., Avere Commodities SA, Estron Corporation Ltd, and Kernel Mideast Trading DMCC; it serves wholesale buyers, exporters, food manufacturers, and end consumers. Founded in 1995 and headquartered at 3 Tarasa Shevchenka Lane, Kyiv, Ukraine, the company is a subsidiary of Namsen Limited and has been listed on the Warsaw Stock Exchange since November 2007. In recent developments within the last two years, Kernel commissioned Ukraine's largest greenfield oilseed processing plant in February 2024 with capacity to process 231 thousand tons annually, launched a 20 MW biomass-powered renewable energy facility in December 2023 generating USD 24 million in EBITDA, acquired and revitalized a vegetable oil export terminal in Chornomorsk starting operations in January 2024, and purchased the OilExportTerminal at Pivdennyi port for enhanced oil transshipment; it also secured a landmark USD 150 million syndicated pre-export financing facility from international banks including ING, Rabobank, and the Black Sea Trade and Development Bank in 2025—the first such deal since the war began—joined FMO's financing as its inaugural direct Ukraine investment, redeemed USD 300 million Eurobonds on maturity in October 2024, issued Ukraine's first commodity agrarian note, advanced decarbonization via Science Based Targets initiative membership for its Poltava plant and CDP 'B' climate rating, and sustained operations amid war-related challenges including asset damages from Russian attacks on facilities in Chornomorsk, Vovchansk, and Prykolotne.