Kerry Group (KRZ) investor relations material

Executive summary

• Nine-month volume growth was 3.6%, accelerating to 4.1% in Q3 and running well ahead of end-market growth; all three regions grew.

• EBITDA margin expanded 50 bps, supported by Accelerate 2.0; innovation and renovation supported outperformance and the outlook.

Financial highlights

• Nine-month reported revenue decreased 0.6%: volume +3.6%, pricing -0.6%, transaction FX -0.2%, translation FX -2.5% and disposals net of acquisitions -0.9%.

• Pricing was -0.6% for nine months as H1 deflation turned to Q3 inflation; Q3 pricing was +0.2%.

• Margin expansion was driven by Accelerate 2.0, operating leverage, mix, net price and disposals; higher R&D investment and adverse currency translation were offsets.

Outlook and guidance

• FY 2026 constant-currency adjusted EPS growth guidance maintained at 6%–10%; guidance assumes ~160m average shares, with FX translation an expected ~1% EPS headwind.

• Q4 volume growth expected to be similar to Q3; Europe expected to deliver similar or better growth, supported by softer comparators.

• FY 2026 margin expansion expected at ~50 bps; FY 2027 is expected to deliver further good expansion, primarily from Accelerate 2.0.

• 2030 EBITDA margin target updated to 20%–21%.

• FY 2027 is expected to be inflationary, with higher costs for dairy-based ingredients, spices and natural oils.