The Board of Directors of the Ukrainian agroholding Kernel has proposed not to pay dividends for the 2026 financial year, which ended on June 30. Instead, shareholders are offered to keep the parent company's profit for use in subsequent periods.

This is evidenced by the official stock exchange announcement of Kernel Holding S.A. No. 33/2026, published on November 10 on the Warsaw Stock Exchange.

According to the draft resolutions, at the general meeting of shareholders, scheduled for December 10, 2026, the issue of profit distribution of the company will be considered. There is no proposal for dividend payment on the agenda.

The Board of Directors recommends carrying forward $89.55 million of net profit of the parent company Kernel Holding S.A. to subsequent periods. This refers to the financial result under non-consolidated reporting of the legal entity registered in Luxembourg.

Meanwhile, the profit of the entire Kernel group for the 2026 financial year was significantly higher. According to the agroholding's annual report, consolidated net profit increased by 35% compared to the previous year, reaching $322 million.

Consolidated revenue of the company grew by 7% to $4.404 billion, and EBITDA increased by 20% to $558 million.

Despite improved financial results, Kernel continues to follow a cautious policy on distributing funds among shareholders.

As previously reported by "Kurs Ukrainy", the recommendation not to pay dividends was already in the October annual report of the agroholding. The company explained this by the need to maintain liquidity due to war risks, infrastructure damage, and the need to finance asset restoration.

At the end of the financial year, Kernel's net debt increased from $143 million to $736 million. At the same time, the company continued to invest in the acquisition of agricultural assets, logistics, and infrastructure restoration.

Thus, the new stock exchange announcement formalizes the previously published recommendation of the Board of Directors. The final decision on profit distribution is to be made by shareholders at the December meeting.

Other items on the shareholders' meeting agenda

In addition to profit distribution, shareholders will be proposed to reduce the size of the Board of Directors from eight to seven members.

This is due to the end of the mandate of Daria-Anna Danylcuk Masri, who decided not to continue serving on the board. The mandates of the other seven directors are planned to be extended for another year.

The meeting will also consider the renewal of the mandate of the audit company PricewaterhouseCoopers Assurance from Luxembourg.

Kernel is one of the largest Ukrainian agroholdings. The company specializes in the production and export of sunflower oil, trading in grain crops, agricultural production, and port logistics.

Based on materials: Kernel Holding S.A. - stock exchange announcement No. 33/2026