Slides
Page 1
The Future of Sustainable Nutrition 29 July 2026 H1 2026 Half Year Results
Page 2
Disclaimer: Forward Looking Statements © Kerry 2026 | 2 This presentation/announcement may contain forward looking statements with projections regarding, among other things, Kerry’s strategy, revenues, earnings, EBITDA, EBITDA margin, finance costs, tax rate, capital expenditure, dividends, share buybacks, cash flow, net debt or other financial measures, the impact of foreign exchange fluctuations, the impact of input cost fluctuations and other competitive pressures. These and other forward looking statements reflect management expectations based on currently available data. However , actual results will be influenced by, among other things, macro-economic conditions, food industry supply and demand issues, foreign exchange fluctuations, raw material and commodity fluctuations, the successful acquisition and integration of new businesses, the successful execution of business transformation programmes and other, as of today, unknown factors. Therefore actual results may differ materially from these projections. These forward looking statements speak only as of the date they were made and Kerry undertakes no obligation to publicly update any forward looking statement, whether as a result of new information, future events or otherwise.
Page 3
H1 2026 Results © Kerry 2026 | 3 Edmond Scanlon Chief Executive Officer Marguerite Larkin Chief Financial Officer
Page 4
Volume Growth and Margin Expansion Driving Earnings Growth © Kerry 2026 | 4 H1 2026 Overview EBITDA Margin Expansion +60bps Constant Currency EPS Growth +7.9% Volume Growth +3.3% (Q2: +3.5%)
Page 5
H1 2026 Business Performance Review © Kerry 2026 | 5 • Volume growth of 3.3% (Q2: +3.5%) well ahead of end markets • Pricing of -1.0% reflecting overall input cost deflation • EBITDA margin expansion of 60bps primarily driven by Accelerate 2.0, combined with benefits from operating leverage, product mix, net price, and disposals, partially offset by an adverse FX impact • EUMs: Led by Snacks, Meat, Dairy and Beverage • Channel: Foodservice volume growth of 4.8% with retail performing well • Emerging markets volume growth of 5.0% reflected good growth in the Middle East, Africa and LATAM Strong H1 Performance - with Q2 Volume Acceleration
Page 6
Regional Review: Americas © Kerry 2026 | 6¹ Volume growth • Volume growth of 3.7% (Q2: +3.9%) • EUMs: Growth led by Snacks, Meat and Beverage EUMs • Channels: Strong performance in foodservice with good growth in retail • LATAM achieved good growth led by Mexico • Margin expansion driven by Accelerate 2.0 benefits, operating leverage and mix, partially offset by an adverse translation currency impact • Business developments included beverage taste capacity and capability enhancements in North America and progression with taste footprint expansion in Mexico Continued Strong Performance across both North America and LATAM H1 2026 Growth Revenue €1,818m +3.7%¹ EBITDA margin 18.9% +40bps
Page 7
Regional Review: Europe © Kerry 2026 | 7¹ Volume growth • Volume growth of 0.5% (Q2: +0.6%) • EUMs: Growth led by Beverage, Dairy and Snacks EUMs • Channels: Retail and foodservice broadly similar • Margin expansion primarily driven by Accelerate 2.0 benefits, disposals and net price • Business developments included expansion of proactive health capacity in Spain H1 2026 Growth Revenue €687m +0.5%¹ EBITDA margin 16.0% +80bps Solid growth with good margin expansion
Page 8
Regional Review: APMEA © Kerry 2026 | 8¹ Volume growth • Volume growth of 4.9% (Q2: +5.2%) • EUMs: Growth led by Dairy, Meat, Bakery and Snacks • Channels: Good growth in retail with solid growth in foodservice • Regional performance led by Middle East and Africa, with China returning to growth and a solid performance in Southeast Asia • Margin expansion driven by Accelerate 2.0 benefits, operating leverage, mix and net price • Business developments included the commencement of new local taste footprint expansion in Türkiye and capacity expansion in the Middle East Good overall performance with growth led by Middle East and Africa H1 2026 Growth Revenue €831m +4.9%¹ EBITDA margin 15.8% +80bps
Page 9
© Kerry 2026 | 9 H1 2026 Financial Review
Page 10
H1 2026 Financial Overview © Kerry 2026 | 10Note: Alternative performance measures are outlined in the financial definitions within the appendix Revenue €3.3bn 3.3% volume growth EBITDA €558m H1 2025: €556m 5.8% organic growth EBITDA margin 16.7% +60bps Adjusted EPS 214.1c +7.9% constant currency +2.3% reported Basic EPS 175.5c H1 2025: 182.4c ROACE 10.5% H1 2025: 10.7% Free cash flow €262m 76% cash conversion
Page 11
Revenue Analysis © Kerry 2026 | 11 -3.7% H1 2025 H1 2026 Price -1.0% Transaction FX -0.1% Volume +3.3% Translation FX -4.8% Acquisitions / Disposals -1.1%
Page 12
H1 2025 Operating Leverage / Portfolio Mix Net Price Accelerate Programme Cost Initiatives Currency Acquisitions net of Disposals H1 2026 Strong EBITDA Margin Expansion © Kerry 2026 | 12 EBITDA Margin 16.1% 0.1% 0.2% 0.4% -0.2% 0.1% 16.7% €556m €558m +60bps
Page 13
Free Cash Flow © Kerry 2026 | 13¹ Capital expenditure (net) includes purchase of assets, payment of lease liabilities, proceeds from the sale of assets (net of disposal expenses) and capital grants received | ² Cash conversion represents free cash flow expressed as a percentage of adjusted earnings after taxation | Figures above have been rounded H1 2026 €m H1 2025 €m EBITDA 558 556 Movement in average working capital (81) (66) Pension contributions paid less pension expense (2) (2) Finance costs paid (net) (29) (11) Other income 8 - Income taxes paid (46) (48) Capital expenditure (net)¹ (145) (120) Free cash flow 262 309 Cash conversion² 76% 89%
Page 14
Good Debt Maturity Profile and Strong Credit Metrics © Kerry 2026 | 14 Maturity Profile of Net Debt Total Net Debt of €2.4bn Weighted average maturity of debt is 5.8 years Key Credit Metrics H1 2026 FY 2025 Net debt: EBITDA 2.0x 1.9x EBITDA: Net interest 20.9x 22.2x €413m €31m €16m €756m €205m €754m €3m €501m €3m €3m €512m 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Undrawn €1.3bn RCF
Page 15
Other Financial Matters © Kerry 2026 | 15 Finance costs €29.7m (H1 2025: €30.3m) Pension Net surplus of €81.3m Non-trading items Accelerate 2.0 Input costs Deflation in H1 turning to inflation in H2 Taxation H1 Effective Tax Rate of 14.6% Capital Returns Interim dividend of 46.2c (+10.0%) Share Buybacks – shares repurchased totaling €173m in H1 Currency Projecting c. 1-2% headwind on FY 2026 EPS based on prevailing rates
Page 16
© Kerry 2026 | 16 H1 2026 Outlook and Future Prospects
Page 17
FY 2026 Outlook © Kerry 2026 | 17 → Kerry’s continued strong end market outperformance highlights the strength and relevance of its strategic positioning across its markets, channels and customer base. → The Group will continue to further advance its strategic business development, while supporting its customers as their innovation and renovation partner. → While recognising current market uncertainty, Kerry’s remains strongly positioned for volume growth and margin expansion, underpinned by a good innovation and renovation pipeline. → Kerry maintains its constant currency adjusted earnings per share guidance of 6% to 10% growth in 2026. Note: Foreign currency translation expected to be a headwind of 1-2% on adjusted earnings per share in 2026 | Guidance based on average number of shares in issue of ~160m
Page 18
© Kerry 2026 | 18 Appendix
Page 19
Volume Price Transaction Currency Translation Currency Acquisitions / Disposals Reported Revenue Americas 3.7% (0.3%) (0.4%) (6.4%) (1.5%) (4.9%) Europe 0.5% (2.4%) - (1.9%) (2.3%) (6.1%) APMEA 4.9% (1.4%) 0.4% (3.5%) 0.9% 1.3% Total 3.3% (1.0%) (0.1%) (4.8%) (1.1%) (3.7%) Revenue Components H1 2026 © Kerry 2026 | 19
Page 20
EBITDA Margin by Segment © Kerry 2026 | 20 H1 2026 Americas APMEA Europe Unallocated Corporate Group Revenue €m 1,818 831 687 - 3,336 EBITDA €m 344 131 110 (27) 558 EBITDA Margin 18.9% 15.8% 16.0% 16.7% +40bps +80bps +80bps +60bps H1 2025 Revenue €m 1,911 821 731 - 3,463 EBITDA €m 353 123 111 (31) 556
Page 21
Total Net Debt as at 30 June 2026 © Kerry 2026 | 21Note: Leases included in floating debt Debt €m @Floating Rates €m @ Fixed Rates €m Euro 2,719 219 2,500 Sterling 6 6 - US Dollar 60 60 - Other 40 40 - Gross debt 2,825 325 2,500 Cash (455) (455) - Total net debt 2,370 (130) 2,500 Gross debt 30 June 2026 12% 88% Gross debt 31 December 2025 4% 96% Weighted average maturity of debt: 5.8 years
Page 22
EPS Reconciliation © Kerry 2026 | 22 Performance H1 2026 cent H1 2025 cent Basic EPS -3.8% 175.5 182.4 Brand related intangible asset amortisation 18.6 17.8 Non-trading items (net of related tax) 20.0 9.0 Adjusted EPS +2.3% 214.1 209.2 Impact of exchange rate translation 5.6% Adjusted EPS growth in constant currency +7.9% +9.8% Note: Impact of H1 2026 translation was (11.7)/209.2 cent = 5.6%
Page 23
Financial Metric Definitions © Kerry 2026 | 23 Volume Growth This represents the sales performance period -on-period, excluding pass-through pricing on input costs, currency impacts, acquisitions, disposals and rationalisation volumes. Organic Growth This represents the performance period -on-period, excluding translation currency impacts, acquisitions, disposals and rationalisation volumes. EBITDA EBITDA represents profit before taxation and before finance income and costs, other income, depreciation (net of capital grant amortisation), intangible asset amortisation, non -trading items and share of joint ventures’ results after taxation. Net Debt Net debt comprises borrowings and overdrafts, interest rate derivative financial instruments, lease liabilities and cash at bank and in hand. Cash Conversion Cash conversion is defined as free cash flow, expressed as a percentage of adjusted earnings after taxation. Free Cash Flow Free cash flow is EBITDA plus movement in average working capital, capital expenditure net (purchase of assets, payment of lease liabilities, inflow from the sale of assets (net of disposal expenses) and capital grants received), pension contributions paid less pension expense, finance costs paid (net), other income and income taxes paid. Average working capital is the sum of each month’s working capital over 6 months adjusted for the impact of acquisitions and disposals. Return on Average Capital Employed (ROACE) ROACE is defined as profit after taxation attributable to equity holders of the parent before non -trading items (net of related tax), brand related intangible asset amortisation and finance income, costs and other income expressed as a percentage of average capital employed. Average Capital Employed Average capital employed is the average of total capital employed over the last three reported balance sheets. Total capital employed is calculated as shareholders’ equity, less the vendor loan note relating to the Sweet Ingredients Portfolio, less the Retained Investment in Kinisla Group Limited, plus net debt.