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Kernel (KER) investor relations material
Kernel Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue rose 3% year-over-year to $1,180 million in Q3 FY2026, with a 7% sequential increase, driven by higher oilseed product prices.
Net profit attributable to shareholders surged 2.2x year-over-year to $89 million, with EPS at $0.30.
EBITDA increased 41% year-over-year to $156 million, with margin up to 13.2%.
Operating profit before working capital changes reached $260 million, up 2.3x sequentially.
Financial highlights
Gross profit climbed 54% year-over-year to $211 million, aided by a $127 million gain on commodity derivatives.
Cost of sales fell 4% year-over-year to $947 million.
Net cash from operating activities was $249 million; investing activities generated $68 million.
Net debt dropped 65% sequentially to $157 million, with cash balance doubling to $657 million.
Outlook and guidance
Grain exports from Ukraine targeted above 6 million tons for FY2026, exceeding prior year.
Export terminal throughput expected to accelerate if logistics and origination improve.
Renewable energy expansion planned, including a 106 MW solar plant with EBRD financing.
- Revenue up 4% year-over-year, but net profit down 21% amid margin pressure and higher costs.KER
Q1 202617 Mar 2026 - Revenue and profit fell year-over-year, with net debt rising on seasonal inventory build-up.KER
Q2 202627 Feb 2026 - EBITDA up 22% to $466M, net profit up 42% to $238M, net debt/EBITDA at 0.3x.KER
Q4 202513 Nov 2025 - Revenue up, profit down sharply; FY2025 faces war risks, supply constraints, and margin pressure.KER
Q4 202413 Jun 2025 - H1 FY2025 saw robust revenue growth but margin pressure and ongoing war risks persist.KER
Q2 20256 Jun 2025 - Q3 FY2025 revenue up 14% y-o-y, but profit and margins fell amid war and margin pressure.KER
Q3 20256 Jun 2025 - Q1 FY2025 saw a sharp profit rebound and export recovery, but margin risks remain.KER
Q1 20255 Jun 2025
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