Kerry Group (KRZ) Q2 2026 & Status update earnings summary

Executive summary

• Achieved strong H1 2026 performance with 3.3% volume growth, accelerating to 3.5% in Q2, outpacing end markets in all regions and channels.

• EBITDA margin expanded by 60bps to 16.7%, driven by Accelerate 2.0 efficiencies and favorable product mix.

• Adjusted EPS grew 7.9% in constant currency to 214.1 cent, with interim dividend up 10% to 46.2 cent per share.

• Free cash flow was €262m, reflecting 76% cash conversion; €173m spent on share buybacks.

• 2030 targets: 3%-5% volume growth, 20%-21% EBITDA margin, 85%+ cash conversion, and 12%-13% returns.

Financial highlights

• Revenue reached €3.34bn, with EBITDA at €558m and EBITDA margin at 16.7%.

• Free cash flow was €262m, representing 76% cash conversion.

• ROACE stood at 10.5%, slightly down from 10.7% in H1 2025.

• Interim dividend increased by 10% to 46.2c; €173m in share buybacks completed.

• Revenue declined 3.7% year-over-year due to adverse currency translation and disposals, despite volume growth.

Outlook and guidance

• Maintains FY 2026 constant currency adjusted EPS growth guidance of 6%-10%.

• Full-year 2026 volume growth expected at 3.5%, above previous 3% guidance.

• 2030 targets: 3%-5% volume growth, 20%-21% EBITDA margin, high-single-digit-plus adjusted EPS growth, 85%+ cash conversion, 12%-13% ROACE.

• Foreign currency translation expected to be a 1%-2% headwind on FY 2026 EPS.

• Positioned for continued volume growth and margin expansion, supported by innovation and renovation pipeline.