FY 2026 report
Kernel to największy eksporter rolny Ukrainy zintegrowany pionowo — w FY2026 (rok do 30.06.2026) przychody wzrosły o 7% do 4,40 mld USD, a EBITDA o 20% do 558 mln USD (marża 12,7%).
Sentiment
●●●●●●
KER
FY 2026 report
Revenue
4.4 bn USD
— YoY
Net income
322.03 m USD
— YoY
EBITDA
558.33 m USD
— YoY
Gross margin
11.45%
— YoY
Summary
Investment thesis
- Zysk netto dla akcjonariuszy urósł o 35% do 322 mln USD, ale OCF spadł o 41% do 142 mln USD i nie pokrył CAPEX — jakość zysku jest wyraźnie słabsza niż jego dynamika.
- Dług netto wzrósł 5,1x do 736 mln USD (z 143 mln) po zakupie Enselco od podmiotu kontrolowanego przez przewodniczącego rady i przyroście kapitału obrotowego; Dług netto/EBITDA 1,3x.
- Biegły (PwC Luxembourg) wskazał istotną niepewność co do kontynuacji działalności (wojna), a ratingi to CCC- (Fitch) i CCC (S&P); obligacje 298 mln USD zapadają w październiku 2027 i są już w pozycji krótkoterminowej.
- Wejście FY2027 jest trudne: lipcowe ataki na porty w Czarnomorsku i Odessie, dywidenda zerowa, trwający przymusowy wykup mniejszości po 19,93 PLN za akcję (do 29.12.2026) i proces delistingu.
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Financials
BETA
KER · FY 2026
| Metric | FY 2026 | FY 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 4,404.34 | — | — | reported | — | 1.00 |
| Gross profit | 504.39 | — | — | reported | — | 1.00 |
| EBITDA | 558.33 | — | — | adjusted | — | 0.95 |
| EBIT | 441.34 | — | — | reported | — | 1.00 |
| EBT | 382.04 | — | — | reported | — | 1.00 |
| Net income | 322.03 | — | — | reported | — | 1.00 |
| EPS (basic) (USD) | 1.1 | — | — | reported | — | 1.00 |
| EPS (diluted) (USD) | 1.1 | — | — | reported | — | 1.00 |
| D&A | 116.99 | — | — | reported | — | 1.00 |
| Interest expense | 86.77 | — | — | reported | — | 1.00 |
| Income tax | 60.14 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 293.13 | — | — | reported | — | 1.00 |
| Shares (diluted) (m units) | 293.13 | — | — | reported | — | 1.00 |
| Gross margin | 11.45% | — | — | derived | — | 0.95 |
| EBITDA margin | 12.68% | — | — | derived | — | 0.95 |
| EBIT margin | 10.02% | — | — | derived | — | 0.95 |
| EBT margin | 8.67% | — | — | derived | — | 0.95 |
| Net margin | 7.31% | — | — | derived | — | 0.95 |
| D&A margin | 2.66% | — | — | derived | — | 0.95 |
| Cash | 356.73 | — | — | reported | — | 1.00 |
| Total debt | 1,093.18 | — | — | adjusted | — | 0.95 |
| Net debt | 736.44 | — | — | adjusted | — | 0.95 |
| Equity | 2,318.11 | — | — | reported | — | 1.00 |
| Total assets | 3,891.65 | — | — | reported | — | 1.00 |
| Working capital | 835.17 | — | — | derived | — | 0.95 |
| Current assets | 2,029.56 | — | — | reported | — | 1.00 |
| Current liabilities | 1,194.39 | — | — | reported | — | 1.00 |
| Non-current liabilities | 379.15 | — | — | reported | — | 1.00 |
| Inventory | 371.53 | — | — | reported | — | 1.00 |
| Trade receivables | 251.32 | — | — | reported | — | 1.00 |
| Trade payables | 105.31 | — | — | reported | — | 1.00 |
| Goodwill | 236.55 | — | — | reported | — | 0.95 |
| Tangible equity | 2,081.56 | — | — | derived | — | 0.95 |
| CFO | 142.38 | — | — | reported | — | 1.00 |
| CapEx | 155.71 | — | — | reported | — | 0.95 |
| FCF | -13.34 | — | — | derived | — | 0.95 |
| FCF conversion | -2.39% | — | — | derived | — | 0.95 |
| CFO conversion | 25.5% | — | — | derived | — | 0.95 |
| Net acquisitions | 313.42 | — | — | reported | — | 0.90 |
| ROE | 14.65% | — | — | derived | — | 0.95 |
| ROCE | 16.36% | — | — | derived | — | 0.95 |
| Current ratio | 1.7x | — | — | derived | — | 0.95 |
| Quick ratio | 1.39x | — | — | derived | — | 0.95 |
| Cash ratio | 0.3x | — | — | derived | — | 0.95 |
| Interest coverage | 5.09x | — | — | derived | — | 0.95 |
| Net debt / EBITDA | 1.32x | — | — | derived | — | 0.95 |
| Debt / equity | 0.47x | — | — | derived | — | 0.95 |
| Debt / assets | 0.28x | — | — | derived | — | 0.95 |
| Net debt / equity | 0.32x | — | — | derived | — | 0.95 |
| Revenue growth (YoY) | 7.03% | — | — | derived | — | 0.95 |
| EBITDA growth (YoY) | 19.73% | — | — | derived | — | 0.95 |
| EBIT growth (YoY) | 22.24% | — | — | derived | — | 0.95 |
| Net income growth (YoY) | 35.22% | — | — | derived | — | 0.95 |
| EPS growth (YoY) | 35.8% | — | — | derived | — | 0.95 |
| Gross margin Δ (YoY) | 2.47 pp | — | — | derived | — | 0.95 |
| EBITDA margin Δ (YoY) | 1.35 pp | — | — | derived | — | 0.95 |
| EBIT margin Δ (YoY) | 1.25 pp | — | — | derived | — | 0.95 |
| Net margin Δ (YoY) | 1.52 pp | — | — | derived | — | 0.95 |
FY 2026 · Δ YoY
Revenue
4,404.34
—
4,404.34
—
- FY 2025
- —
Gross profit
504.39
—
504.39
—
- FY 2025
- —
EBITDA
558.33
—
558.33
—
- FY 2025
- —
EBIT
441.34
—
441.34
—
- FY 2025
- —
EBT
382.04
—
382.04
—
- FY 2025
- —
Net income
322.03
—
322.03
—
- FY 2025
- —
EPS (basic)
(USD)
1.1
—
1.1
—
- FY 2025
- —
EPS (diluted)
(USD)
1.1
—
1.1
—
- FY 2025
- —
D&A
116.99
—
116.99
—
- FY 2025
- —
Interest expense
86.77
—
86.77
—
- FY 2025
- —
Income tax
60.14
—
60.14
—
- FY 2025
- —
Shares (basic)
(m units)
293.13
—
293.13
—
- FY 2025
- —
Shares (diluted)
(m units)
293.13
—
293.13
—
- FY 2025
- —
Gross margin
11.45%
—
11.45%
—
- FY 2025
- —
EBITDA margin
12.68%
—
12.68%
—
- FY 2025
- —
EBIT margin
10.02%
—
10.02%
—
- FY 2025
- —
EBT margin
8.67%
—
8.67%
—
- FY 2025
- —
Net margin
7.31%
—
7.31%
—
- FY 2025
- —
D&A margin
2.66%
—
2.66%
—
- FY 2025
- —
Cash
356.73
—
356.73
—
- FY 2025
- —
Total debt
1,093.18
—
1,093.18
—
- FY 2025
- —
Net debt
736.44
—
736.44
—
- FY 2025
- —
Equity
2,318.11
—
2,318.11
—
- FY 2025
- —
Total assets
3,891.65
—
3,891.65
—
- FY 2025
- —
Working capital
835.17
—
835.17
—
- FY 2025
- —
Current assets
2,029.56
—
2,029.56
—
- FY 2025
- —
Current liabilities
1,194.39
—
1,194.39
—
- FY 2025
- —
Non-current liabilities
379.15
—
379.15
—
- FY 2025
- —
Inventory
371.53
—
371.53
—
- FY 2025
- —
Trade receivables
251.32
—
251.32
—
- FY 2025
- —
Trade payables
105.31
—
105.31
—
- FY 2025
- —
Goodwill
236.55
—
236.55
—
- FY 2025
- —
Tangible equity
2,081.56
—
2,081.56
—
- FY 2025
- —
CFO
142.38
—
142.38
—
- FY 2025
- —
CapEx
155.71
—
155.71
—
- FY 2025
- —
FCF
-13.34
—
-13.34
—
- FY 2025
- —
FCF conversion
-2.39%
—
-2.39%
—
- FY 2025
- —
CFO conversion
25.5%
—
25.5%
—
- FY 2025
- —
Net acquisitions
313.42
—
313.42
—
- FY 2025
- —
ROE
14.65%
—
14.65%
—
- FY 2025
- —
ROCE
16.36%
—
16.36%
—
- FY 2025
- —
Current ratio
1.7x
—
1.7x
—
- FY 2025
- —
Quick ratio
1.39x
—
1.39x
—
- FY 2025
- —
Cash ratio
0.3x
—
0.3x
—
- FY 2025
- —
Interest coverage
5.09x
—
5.09x
—
- FY 2025
- —
Net debt / EBITDA
1.32x
—
1.32x
—
- FY 2025
- —
Debt / equity
0.47x
—
0.47x
—
- FY 2025
- —
Debt / assets
0.28x
—
0.28x
—
- FY 2025
- —
Net debt / equity
0.32x
—
0.32x
—
- FY 2025
- —
Revenue growth (YoY)
7.03%
—
7.03%
—
- FY 2025
- —
EBITDA growth (YoY)
19.73%
—
19.73%
—
- FY 2025
- —
EBIT growth (YoY)
22.24%
—
22.24%
—
- FY 2025
- —
Net income growth (YoY)
35.22%
—
35.22%
—
- FY 2025
- —
EPS growth (YoY)
35.8%
—
35.8%
—
- FY 2025
- —
Gross margin Δ (YoY)
2.47 pp
—
2.47 pp
—
- FY 2025
- —
EBITDA margin Δ (YoY)
1.35 pp
—
1.35 pp
—
- FY 2025
- —
EBIT margin Δ (YoY)
1.25 pp
—
1.25 pp
—
- FY 2025
- —
Net margin Δ (YoY)
1.52 pp
—
1.52 pp
—
- FY 2025
- —