Kernel’s October–December financial results fall short of market expectations — Eavex Capital
Kernel’s net profit for October–December 2025 declined by 57% year-on-year to $24 million. According to analysts at Eavex Capital, the quarterly results came in below market expectations.
For the first half of the financial year (July–December 2025), net profit decreased by 33% year-on-year to $119 million.
Revenue for the six-month period fell by 1% to $1.92 billion. EBITDA declined by 14% to $247 million, with an EBITDA margin of 12.8%.
Capital expenditures in October–December amounted to $25 million. The main investments were directed toward the restoration of the transshipment terminal in Chornomorsk, the purchase of agricultural machinery, backup power equipment, and grain railcars.
“Financial results for October–December were weaker than market expectations. The company did not provide a detailed explanation for the revenue decline, limiting its comments to higher logistics costs, which negatively affected profitability,” the statement said.
Kernel’s net debt increased to $451 million. The net debt-to-EBITDA ratio as of December 31, 2025, rose to 1.1x compared to 0.7x a year earlier. At the same time, interest coverage remained comfortable, with the EBITDA-to-Interest ratio over the last 12 months standing at 13.2x.
Total debt reached $782 million, while cash on hand amounted to $331 million. Total assets as of the reporting date were valued at $3.4 billion.
In December 2025, Kernel completed the restoration of the Transbulkterminal at the Port of Chornomorsk. The terminal had been damaged by a targeted Russian missile strike in August 2023. Following reconstruction, its annual transshipment capacity was fully restored to the original level of 10 million tons per year.
