Kernel (KER) Q3 2026 earnings summary

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.