1. Ukraine Stocks

  2. •

    Process industries

  3. •

    Agricultural commodities/Milling
Kernel Holding S.A.

Kernel Holding S.A.

19.93
PLN
-6.87
(-25.63%)
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
- -
- -
- -

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

Company Profile APIChatGPT
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
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Business
Kernel Holding S.A. Kernel Holding S.A. operates as a leading vertically integrated agribusiness company focused on the production, processing, storage, transportation, and export of grains and sunflower oil from Ukraine and the Black Sea region. The company produces and exports sunflower oil under brands including Shchedry Dar, Stozhar, and Chumak Zolota; trades grains such as wheat, corn, soybeans, sunflower seeds, and rapeseed; provides silo services for grain cleaning, drying, and storage; operates export terminals for grain and oil handling and transshipment; and conducts farming operations cultivating key crops. Kernel Holding S.A. supplies products to over 60 countries worldwide, accounting for approximately 8% of global sunflower oil exports, and maintains operations primarily in Ukraine with some activities in Europe and North America. Founded in 1995 and headquartered in Kyiv, Ukraine, the company lists its shares on the Warsaw Stock Exchange under ticker KER.WA and functions as a subsidiary of Namsen Limited. Recent developments include the full redemption of USD 300 million Eurobonds in October 2024, securing a USD 150 million syndicated credit line from international banks including ING Bank NV, Rabobank, and the Black Sea Trade and Development Bank in 2025, FMO's USD 25 million participation in a pre-export facility as its first direct Ukraine investment since the war, partnerships such as with Jumbo Impact Fund for low-carbon processing and issuance of Ukraine's first commodity agrarian note, a Fitch Ratings upgrade from 'CC' to 'CCC-' reflecting improved liquidity and operations amid ongoing conflict, legal victories dismissing minority shareholder claims in Luxembourg courts in 2024 and March 2025 related to delisting and 2023 capital increases, and acquisitions including vegetable oil transshipment capabilities in Reni port and expansions in alternative export routes via Pivdennyi port.