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Kernel Holding (KER) investor relations material
Kernel Holding Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Delivered revenue of $4.1B (+15% y-o-y), EBITDA of $466M (+22% y-o-y), and net profit of $238M (+42% y-o-y).
Maintained export volumes at 8M tons despite ongoing war in Ukraine; Black Sea corridor stability was critical.
Deleveraged balance sheet: net debt reduced by 49% to $143M, net debt/EBITDA at 0.3x.
No dividend recommended for FY2025 to preserve liquidity amid ongoing uncertainties.
Financial highlights
Revenue: $4,115M (+15% y-o-y); EBITDA: $466M (+22% y-o-y); Net profit: $238M (+42% y-o-y).
Gross margin: 11.3% (up 0.7pp); Net margin: 5.8% (up 1.1pp); EPS: $0.81 (+24% y-o-y).
Operating profit: $361M (+31% y-o-y); finance costs down 35% to $78M.
Cash from operations: $242M (down 49% y-o-y); capex: $73M.
Shareholders’ equity: $2,079M (+11% y-o-y).
Outlook and guidance
FY2026 to remain highly uncertain due to war; focus on flexibility, asset protection, and liquidity.
Grain terminal reconstruction to restore 10M ton capacity by October 2025.
Grain export target for FY2026: 6.6M tons; modest harvest recovery expected.
Continued disciplined capital allocation and cost efficiency prioritized.
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