Kernel (KER) Q4 2025 earnings summary

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.