Page 1

KERRY Date : 29 April 2021 KERRY GROUP Q1 INTERIM MANAGEMENT STATEMENT 2021 Good business momentum through the first quarter Kerry , the global taste & nutrition and consumer foods group , reports business performance for the first quarter ended 31 March 2021. This statement is issued in conjunction with the Group's Annual General Meeting which is being held today . OVERVIEW Business volume growth 1.9 % Taste & Nutrition 2.0 % Consumer Foods 1.0 % > Pricing 0.5 % > Group trading margin ( 50bps ) Full year EPS guidance issued > Edmond Scanlon , Chief Executive Officer " We saw significant variability and highly dynamic market conditions right across our end use markets , channels and regions . Against this backdrop , I am very pleased with the business momentum we saw as we moved through the quarter . Our performance reflected sustained strong growth in the retail channel , while the foodservice channel continued to be impacted by increased restrictions in many local markets , before returning to growth in March . APMEA delivered strong growth throughout the period , Europe was impacted across the region , while the Americas had a strong finish to the quarter . The good business momentum has been supported by an increase in the level of innovation in a number of key markets . This momentum combined with an overall improvement in market conditions , gives us increased confidence in the full year outlook , where we are expecting to achieve strong volume growth and are guiding adjusted earnings per share growth of 11 - 15 % in constant currency . " Markets and Performance Market conditions remain highly variable as differences in recovery paths are emerging across regions . A number of countries are seeing increased mobility , substantial reopening activity and increased consumer confidence , while others continue to adapt to changing local conditions . Against this backdrop , the needs of customers and consumers continue to evolve at pace across our marketplace . Global markets have seen at - home consumption remain elevated with an evolution in work practices and daily routines . The overall recovery in the foodservice channel slowed in the period before showing good signs of recovery as many countries advanced their vaccine roll - out programmes . Prevailing trends include a demand for health and immunity enhancement , plant protein options , and products addressing a diverse range of sustainability criteria . In the period the Group had business volume growth of 1.9 % , a pricing increase of 0.5 % , an adverse transaction currency impact of 0.2 % , contribution from business acquisitions of 1.0 % , and an adverse translation currency impact of 6.7 % , resulting in a reported revenue decrease of 3.5 % . Group trading margin decreased by 50bps , reflecting ongoing COVID related costs and an adverse foreign exchange impact . Kerry Group | Q1 Interim Management Statement 2021 1