Slides
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Q3 2026Results22 October 2026
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Disclaimer: Forward Looking StatementsThis 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. © Kerry 2026 | 2
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© Kerry 2026 | 3 Edmond ScanlonChief Executive OfficerMarguerite LarkinChief Financial Officer Q3 Results 2026
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© Kerry 2026 | 4 3.1%3.5%4.1% Q1Q2Q3 Volume Growth2026 YTDEBITDA Margin Expansion2024 – 2026YTD +120bps+80bps+50bps 202420252026 YTD Strong Q3 Volume Growth and Continued Margin Expansion
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© Kerry 2026 | 5 2.3. 1.A Highly Dynamic Market – Particularly Attractive for KerryIndustry’s Most Relevant Technology Portfolio & Business ModelIn Execution mode both Strategy & Financial Performance Investor Day 2026 – Key Messages Accelerating Innovation Through BiotechnologyRenovation for Dynamic Market NeedsPioneering Next Generation TasteFoodservice A Structural TailwindDigital Transformation Enabling Business Strategy and Financial Delivery
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© Kerry 2026 | 6 Summary Q3 YTD Financial Overview (Q3: +4.1%) Volume Growth+3.6%EBITDA Margin Expansion+50bps
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Q3 YTD 2026 Business Performance Review •Volume growth of 3.6% (Q3: +4.1%) well ahead of end market growth•Pricing of -0.6% (Q3: +0.2%) with deflation in H1 turning to inflation in Q3•EBITDA margin expansion of 50bps primarily driven by Accelerate 2.0•EUMs: Led by Snacks, Meat, Dairy and Beverage•Channel: Foodservice volume growth of 5.0% with retail performing well•Emerging markets volume growth of 4.9% led by a strong performance in the Middle East and Africa A Further Step-Up in Volume Growth © Kerry 2026 | 7
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Note: Volume growth shown above © Kerry 2026 | 8 •Volume progression through the year•Growth led by Beverage, Snacks & Dairy•Retail and foodservice growth similar to overall region •Strong growth in Middle East & Africa, a good performance in South Asia Pacific, with growth in China•Growth led by Dairy, Meat, Snacks & Bakery•Growth led by retail, with foodservice performing well •North America growth led by Snacks, Beverage & Meat•Strong growth in foodservice with retail performing well•LATAM growth led by Mexico +4.0% +0.7% +5.2% AMERICASEUROPEAPMEA (Q3: +4.6%)(Q3: +1.3%)(Q3: +5.7%) Regional Review
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Revenue Analysis © Kerry 2026 | 9 -0.6%Q3 YTD 2025Q3 YTD 2026 Price-0.6% Transaction FX-0.2%Volume+3.6% Translation FX-2.5% Acquisitions / Disposals-0.9%
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Net Debt€2.4bn at period end, reflecting cash generation, the share buyback programme and timing of capital investmentsShare BuybacksIntention to initiate new programme post completion of existing programmeAccelerate 2.0Progressing as planned with footprint optimisation & digital initiativesInput costsH1 deflation turned to inflation in H2CurrencyFY 2026 EPS translation outlook of ~1% headwind Other Financial Matters © Kerry 2026 | 10
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Note: Foreign currency translation expected to be a headwind of ~1% on adjusted earnings per share in 2026 | Guidance based on average number of shares in issue of ~160m. © Kerry 2026 | 11 →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 key innovation and renovation partner.→ While recognising macro and geopolitical uncertainty, Kerry 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. FY 2026 Outlook
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Appendix
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Financial Metric Definitions © Kerry 2026 | 13 Volume GrowthThis represents the sales performance period-on-period, excluding pass-through pricing on input costs, currency impacts, acquisitions, disposals and rationalisation volumes.Organic GrowthThis represents the performance period-on-period, excluding translation currency impacts, acquisitions, disposals and rationalisation volumes.EBITDAEBITDA 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 DebtNet debt comprises borrowings and overdrafts, interest rate derivative financial instruments, lease liabilities and cash at bank and in hand.Cash ConversionCash conversion is defined as free cash flow, expressed as a percentage of adjusted earnings after taxation. Free Cash FlowFree 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 12 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 EmployedAverage 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.
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Q3 2026Results22 October 2026