Kerry Group Plc · EURONEXT:KRZ
Kerry — Investor Presentation (September 2026)
56 slides from Kerry's investor presentation, September 2026
Slide 1: Investor Presentation
The Future of Sustainable Nutrition Investor Presentation September 2026
Slide 2: Disclaimer: Forward Looking Statements
Disclaimer: Forward Looking Statements This presentation/announcement may contain forward looking statements with projections regarding, among other things, the Group’s strategy, revenues, earnings, EBITDA, EBITDA margin, finance costs, tax rate, capital expenditure, dividends, share buybacks, cash
Slide 3: Index
Index Who We Are 04 – 10 What We Do 11 – 13 What We Focus On 14 – 20 How We Do It 21 – 35 How We Contribute 36 – 42 Our Performance and Targets 43 – 51 Corporate Governance 52 – 54 Supplementary Information 55 – 56 © Kerry 2026 | 3
Slide 4: Who We Are
Who We Are © Kerry 2026 | 4
Slide 5: A Leader in Taste and Nutrition
A Leader in Taste and Nutrition Inspiring Food, Nourishing Life Who we are Kerry is a world-leading provider of integrated taste and nutrition ingredient solutions. Using our unique capabilities, we enable better food and beverage; partnering with our customers to create healthier, tastier, and more
Slide 6: Kerry Today - Uniquely Positioned Within the Food & Beverage Industry
Kerry Today - Uniquely Positioned Within the Food & Beverage Industry Global Scale and Industry’s Most Relevant Customer Innovation Leading Market Access Technology Portfolio Business Model €7bn €1.2bn Integrated Technologies Empowered by deep process technology expertise Unique End-to-End Food & Be
Slide 7: Kerry's Earnings Growth Model
Kerry’s Earnings Growth Model EPS Growth HSD+ Revenue Volume Growth 3-5% EBITDA Margin Expansion ~50bps Strategic Capital Allocation Note: Average adjusted earnings per share (EPS) growth target in constant currency terms 2027 - 2030 | HSD = High-single-digit | Revenue volume growth target is on ave
Slide 8: Our Key Growth Drivers
Our Key Growth Drivers Supporting continued outperformance of our end markets… FOODSERVICE EMERGING MARKETS RENOVATION We have deeply embedded Our extensive local footprint and Our multi-layered technology solutions innovation partnerships with ‘in-market’ capabilities gives us a help customers meet
Slide 9: A History of Growth & Strategic Business Development
A History of Growth & Strategic Business Development Developed Global Ingredients Taste & Business Portfolio Biotechnology platform Expansion & Flavours Nutrition Transformation Divested of non-core €7bn businesses Target: HSD+ earnings compounding1 €4bn €3bn Track record of double digit EPS CAGR si
Slide 10: A Well-balanced, Diversified Global Business
A Well-balanced, Diversified Global Business End Use Customer Channel Technology Geography Market Type Americas 55% Food 66% Meat 22% Global 31% Retail 68% Integrated Taste Technology Technologies 81% Applications APMEA 24% Beverage 27% Snacks 11% Regional 34% Foodservice 32% Biotechnology Europe 21
Slide 11: What We Do
What We Do © Kerry 2026 | 11
Slide 12: We Solve our Customers' Most Complex Challenges
We Solve our Customers’ Most Complex Challenges Natural Elevated Taste Nutrition Functional Immune Women’s Ingredient Therapeutics Authentic and Early Life & Vaccines Taste Health Modulation Nutrition Enzymes Raw Material Enabled Resilience Solutions Clean Cost Productivity Label Mitigation and Yiel
Slide 13: Leading in Sustainable Nutrition
Leading in Sustainable Nutrition Supporting our customers address their challenges across the sustainable nutrition spectrum with Kerry’s science-backed solutions © Kerry 2026 | 13
Slide 14: What We Focus On
What We Focus On © Kerry 2026 | 14
Slide 15: Our core focus is on the speciality ingredients and flavours markets
Our core focus is on the speciality ingredients and flavours markets for FOOD and BEVERAGE €7bn Revenue Food 66% Beverage 27% Pharma & Other 7% © Kerry 2026 | 15
Slide 16: Today's Changing Market Landscape Provides Significant Opportunity
Today’s Changing Market Landscape Provides Significant Opportunity €100bn Market Landscape Shifts Driving Opportunity: • Health & Wellness Focus • Consumer Affordability • GLP-1 • Today’s Digital Consumer ~€87bn RENOVATION • Taste Optimisation Today’s Total Addressable • Nutritional • AI INNOVATION
Slide 17: Our Key Growth Drivers
Our Key Growth Drivers FOODSERVICE EMERGING MARKETS RENOVATION © Kerry 2026 | 17
Slide 18: Foodservice – A Structural Tailwind for Kerry
Foodservice – A Structural Tailwind for Kerry LEADING TRACK RECORD OUR COMPETITIVE ADVANTAGE SIGNIFICANT MARKET CHANGES DRIVING OPPORTUNITY 70% Deeply embedded INNOVATION Revenue Growth PARTNERSHIPS across every foodservice segment High Growth Menu Areas • Refreshing Beverage • Premium Coffee • Chic
Slide 19: Emerging Markets – Our Winning Local Model
Emerging Markets – Our Winning Local Model STRONG TRACK RECORD OUR PRESENCE TODAY FUTURE GROWTH DRIVERS Consumer Dynamics Health Regulatory & Wellness Developments 7% Volume Foodservice/ CAGR Snacking Convenience €2.2bn Beverage Occasions / Platforms €1.3bn Kerry Differentiators Extensive In- Scale
Slide 20: Product Renovation: A structural shift providing a growth platform
Product Renovation A structural shift providing a growth platform for Kerry Consumer expectations, supply chain complexity and regulatory scrutiny are forcing brands to make existing products work harder - creating repeatable, scalable, renovation demand DRIVERS OF RENOVATION RENOVATION AREAS OPPORT
Slide 21: How We Do It
How We Do It © Kerry 2026 | 21
Slide 22: Kerry's Leading Technology Capability
Kerry’s Leading Technology Capability Taste Portfolio Biotechnology Portfolio ++ Kerry Kerry Kerry Tastesense™ Tastesense™ Tastesense™ Kerry Enzymes Proactive Bio-Pharma Food Protection Fermentation Dairy Taste Fire Salt Masking Sweetness Cocoa Health & Preservation Enabled by Bio-Fermentation & Bio
Slide 23: Our Leading Capability in Taste
Our Leading Capability in Taste LEADING TECHNOLOGIES GLOBAL LEADERSHIP POSITIONS → Natural Extracts → Smoke and Grill → Modulation → Fermentation Taste → Dairy & Non-Dairy → Smoke & Reaction → Dairy Taste → Taste Delivery Systems → Modulation → Fermentation Taste → Natural Extracts MARKET LEADING PO
Slide 24: Pioneering Taste of the Future
Pioneering Taste of the Future Leading authentic For food, from food Pioneering taste portfolio capability innovation Portfolio of differentiated Taste Crafting taste experiences that Using proprietary fermentation technologies, vertically integrated address market demands for and modulation experti
Slide 25: Our Capability in Nutrition, Wellness & Functionality
Our Capability in Nutrition, Wellness & Functionality LEADING TECHNOLOGIES DELIVERING SCIENCE-BACKED SOLUTIONS → Probiotics & Bioactives → Enzymes & Growth Factors → Bio-preservation → Lipids → Pharma → Modulation → Protein Hydrolysates BENEFITS WE DELIVER → Sugar, salt and fat reduction Sustainabil
Slide 26: Leading Research, Development & Applications Capabilities
Leading Research, Development & Applications Capabilities €3bn+ Cumulative operating and capital investment in our Our taste and nutrition strategy is underpinned by science and technology eco- Science and the deployment of our leading taste and system over 10 years technology providing biotechnolog
Slide 27: Leading Market Insights: Ideation to Launch
Leading Market Insights Capabilities to support our customers from Proprietary Research IDEATION TO LAUNCH Uncovering consumer motivations and emerging behaviours, providing unparalleled insights into human behaviour Concept Generation Accelerating the co-creation process with customers Foresight by
Slide 28: Innovation and Renovation in the Market
Innovation and Renovation in the Market INNOVATION RENOVATION Proactive Nutrition / Cleaner High wellness protein health labels Strong Market Customer Growth Area Focus Area Supply Coffee Poultry Cost chain Examples Examples Supplements Sustainability © Kerry 2026 | 28
Slide 29: Innovation In Action – Key Growth Drivers
Innovation In Action – Key Growth Drivers Coffee Supplements High Protein Poultry Reformulation © Kerry 2026 | 29
Slide 30: Innovation Examples – High Protein
Innovation Examples – High Protein High Protein Snacking High Protein Beverages Meat snacks Protein Fast growing protein segments Transforming the beverage category Challenge Challenge • Fast growing category • Plant based protein source • Emerging brand needing to scale at pace • Increasing protein
Slide 31: Innovation Examples – Reformulation
Innovation Examples – Reformulation Bakery Sauces & Condiments Customer Customer Large, market leading global bakery Large, global, established condiment player Challenge Executing sweeping change through Challenge reformulation Modernise the category through • Improve nutrition premium taste experi
Slide 32: Innovation Examples – Poultry
Innovation Examples – Poultry Retail High Protein Foodservice Shelf-Life Customer Customer Large, global meat processor Rapidly growing emerging chicken chain Customer Challenge • Compete with emerging brands • Back of house breaded fresh chicken • Achieve high protein content • Extend shelf-life by
Slide 33: Innovation Examples – Coffee
Innovation Examples – Coffee Functional Coffee Coffee Blurring into Soda Customer Customer Emerging coffee + protein brand Emerging soda category disruptor Challenge Challenge • As much protein as nutritional shakes Blur the lines between coffee • Low sugar & soda with low calories • Premium, indulg
Slide 34: Innovation Examples – Supplements
Innovation Examples – Supplements GLP-1 Support Gut-Skin Axis Customer Customer Leading mainstream supplement brand Asian foodservice beverage operator Challenge Challenge Offer holistic health benefits to GLP-1 Offer supplement ‘boosts’ for consumers smoothie application that are • Stress relief su
Slide 35: Reformulation Driving Growth
Reformulation Driving Growth Front-of-pack RENOVATION Nutrition / Cleaner wellness labels Mandatory Policies Policies not yet fully implemented Mandatory Policies Expected & Customer Forthcoming Policy Updates Focus Area Supply Cost Examples chain Sustainability © Kerry 2026 | 35
Slide 36: How We Contribute
How We Contribute © Kerry 2026 | 36
Slide 37: Beyond the Horizon
BEYOND THE HORIZON Our sustainability strategy, supports Kerry’s ambition to reach over two billion people with sustainable nutrition solutions by 2030. It includes three areas: Better for Better for Better for People Society the Planet © Kerry 2026 | 37
Slide 38: Beyond the Horizon – Sustainability Goals
Beyond the Horizon – Sustainability Goals BETTER FOR PEOPLE BETTER FOR SOCIETY BETTER FOR PLANET 2bn+ Reaching over two billion Creating a culture of Achieving Net Zero before Engaging inclusion and respect to people with sustainable ensure every individual Net Zero 2050 with interim climate consume
Slide 39: Progress on Sustainability Measures
Progress on Sustainability Measures Consumers reached with Scope 1 & 2 Carbon Reduction in Food Positive and Balanced Reduction versus Waste versus 2017 Nutritional Solutions 2017 base year base year 1.5bn 52% 54% Target to reach over Target 55% Target 50% 2 billion people by 2030 reduction by 2030
Slide 40: External Recognition
External Recognition Kerry has achieved an ‘A’ rating for Climate, the highest score available, placing Kerry among the top 4% of companies assessed globally. This was combined with leadership level ratings for both Forest (A-) and Water Security (A-), demonstrating continued progress in managing th
Slide 41: Contributing to the UN Sustainable Development Goals
Contributing to the UN Sustainable Development Goals An example of our efforts in supporting this goal is our partnership with Concern Worldwide to help alleviate hunger GOAL 2: and provide greater access to nutrition to people in parts of Zero Hunger Kenya. Through our partnership, we help farmers
Slide 42: Our Performance and Targets
Our Performance and Targets © Kerry 2026 | 42
Slide 43: Kerry's Balanced Framework and Targets – 2030 Targets
Kerry’s Balanced Framework and Targets – 2030 Targets GROWTH RETURN SUSTAINABILITY3 Volume Growth1 Carbon Reduction4 3-5% Cash Conversion % 55% 85%+ EBITDA Margin2 Food Waste Reduction4 20-21% 50% ROACE3 Constant Currency 12-13% Adjusted EPS Growth Nutritional Reach HSD+ 2bn people ¹ Based on assump
Slide 44: Kerry's Growth Model
Kerry’s Growth Model Key Drivers: • Sustainable Nutrition 3-5% • Foodservice Volume Growth 300bps market • Emerging markets • Winning business model • Leading technology outperformance • Renovation portfolio Driven by: EBITDA Margin 20-21% EBITDA • Accelerate 2.0 Expansion Margin by 2030 • Operating
Slide 45: Target Volume Growth – Breakdown & Key Drivers
Target Volume Growth – Breakdown & Key Drivers Our History Geographical Growth Profile Key Growth Drivers (2022-25) 2022-25 2027-30 3.8% Americas €3.7bn 3.6% ~3-5% Foodservice MSD+ Emerging Markets HSD Europe €1.4bn 2.1% ~1-2% Renovation ~40% PIPELINE APMEA €1.6bn 5.8% ~5-9% Total 3.8% 3-5% Kerry Ma
Slide 46: EBITDA Margin Progression
EBITDA Margin Progression Strong Track Record of EBITDA Margin Expansion Clear Roadmap and Plans to Meet Targets 20-21% Key drivers: 19-20% • Operating leverage 17.9% • Portfolio mix • Efficiencies Continued investments 14.7% 320bps Key margin expansion drivers: • Portfolio developments • Efficienci
Slide 47: Key Drivers of Margin Development: Accelerate 2.0
Key Drivers of Margin Development Accelerate 2.0 FOOTPRINT OPTIMISATION DIGITAL EXCELLENCE OPERATING LEVERAGE / PORTFOLIO MIX Enterprise-wide initiative: Organisational digital enablement: → Volume Led Revenue Growth → Multi-layered Technology Solutions → Manufacturing Footprint → Operations and Sup
Slide 48: Free Cash Flow and Return on Average Capital Employed
Free Cash Flow and Return on Average Capital Employed Continued Strong Free Cash Further Progression on Flow Conversion Return on Average Capital Employed 85%+ New Cash Conversion 12-13% Target By 2030 €2.8bn Free Cash Flow €3.5bn 88% Cash Conversion 10.6% 10.6% Free Cash Flow 10.3% (2022-2025) (202
Slide 49: Capital Allocation Priority Framework
Capital Allocation Priority Framework REINVESTMENT CAPITAL RETURNS 1 Capital investment 4-5% of revenue 2 Dividends Double-digit growth 3 M&A Disciplined strategic approach 4 Share buybacks Evaluate ongoing based on market conditions and strategic alternatives Supported by a strong financial positio
Slide 50: Capital Allocation – Recent History
Capital Allocation – Recent History REINVESTMENT CAPITAL RETURNS Capital Investment Dividends ü ü Strategic development of manufacturing footprint Global network of technology and innovation centres 39 years of double-digit dividend per share growth €1.5bn ü Efficiency initiatives and manufacturing
Slide 51: Medium-Term Financial Targets (2027-2030)
Medium-Term Financial Targets (2027-2030) GROWTH Volume Growth1 3-5% EBITDA Margin2 20-21% CCY Adjusted EPS Growth HSD+ RETURN Cash Conversion 85%+ ROACE3 12-13% ¹ Based on assumption of flat end market growth | ² By 2030 and assumes neutral currency and input costs | ³ By 2030 | CCY = Constant Curr
Slide 52: Corporate Governance
Corporate Governance © Kerry 2026 | 52
Slide 53: Board of Directors
Board of Directors Chair and Executive Directors Committee Membership Key Audit A Governance and Nomination G Remuneration R Sustainability S Ms. Fiona Dawson Mr. Edmond Scanlon Ms. Marguerite Larkin (59) (F) (52) (M) (54) (F) Indicates Committee Chair Chair of the Board Executive Director Executive
Slide 54: Share Register
Share Register Institutions 66% Institutional Analysis North America 24% UK 17% Continental Europe | Rest of World 22% Ireland 3% Retail 34% Shares in issue at 31 August 2026: 158,258,494 © Kerry 2026 | 54
Slide 55: Supplementary Information
Supplementary Information © Kerry 2026 | 55
Slide 56: Financial Metric Definitions
Financial Metric Definitions Volume Growth Free Cash Flow This represents the sales performance period-on-period, excluding Free cash flow is EBITDA plus the movement in working capital, capital pass-through pricing on input costs, currency impacts, acquisitions, expenditure net (purchase of assets,