Kerry Group Plc · EURONEXT:KRZ
Kerry — Investor Day (2026)
42 slides from Kerry's investor day presentation, Feb 19, 2026
Slide 1: The Innovation & Renovation Partner
THE INNOVATION & RENOVATION PARTNER
Slide 2: Disclaimer: Forward Looking Statements
Disclaimer: Forward Looking Statements This presentation 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
Slide 3: Edmond Scanlon, Chief Executive Officer
KERRY EDMOND SCANLON Chief Executive Officer Kerry Group WHERE KERRY DRIVES
Slide 4: Overview
OVERVIEW 1 2 3 STRATEGIC MARKET EARNINGS EXECUTION OPPORTUNITY COMPOUNDING
Slide 5: Kerry Today is Uniquely Positioned
Kerry Today is Uniquely Positioned Within the Food & Beverage Industry Global Scale & Industry’s Most Relevant Customer Innovation Market Access Technology Portfolio Business Model Taste Portfolio 1,200+ 34 €7bn Revenue €1.2bn Scientists EUM Development & Application Centres EBITDA 19k Employees 119
Slide 6: A History of Growth & Strategic Business Development
A History of Growth & Strategic Business Development Developed Global Ingredients Taste & Business Portfolio Expansion & Flavours Nutrition Transformation Biotechnology platform Divested of non-core €7bn businesses Target: HSD+ earnings compounding1 €4bn Track record of double digit EPS CAGR €3bn si
Slide 7: Driving Earnings Growth
Driving Earnings Growth 300bps market While Strategically Volume Growth outperformance Developing the Business EBITDA Margin 19-20% EBITDA Expansion margin by 2028 Cash generation Cash Generation above 80% HSD+ EPS Earnings Growth growth
Slide 8: 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 9: Why Biotechnology? Customers Facing More Complex Challenges
Why Customers Facing More Complex Biotechnology? Challenges Than Ever Before End-To-End Supply Consumer Demands Chain Challenges Simpler labels Raw material shortages Energy costs + Better-for-me Functional health Climate risks Higher protein solutions Government levies on salt and s
Slide 10: 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-Tra
Slide 11: Solving our Customers' Most Complex Challenges
Solving our Customers’ Most Complex Challenges Taste + Biotechnology • Authentic taste Enzymes Proactive Health Bio-Pharma Food Protection • Raw material risk • Productivity/yields • Immune health • Cell nutrition & Preservation • Lower sodium management • Sustainability • Cognitive health • Enzymes
Slide 12: A Dynamic Market With Multiple Growth Drivers
A Dynamic Market With Multiple Growth Drivers INNOVATION RENOVATION High Proactive Nutrition / Cleaner protein health wellness labels Examples: Examples: Strong Market Customer Supply Coffee Growth Areas Poultry Cost Focus Areas chain Supplements Sustainability
Slide 13: Innovation & Renovation Driving Growth
Innovation & Renovation Driving Growth 1) Winning in the Americas 2) APMEA - Accelerating our Growth Agenda 3) Regulation - A Driver of Increasing Renovation
Slide 14: Winning in the Americas
WINNING IN THE AMERICAS Our Strong Track Record Clear Differentiation in Dynamic Markets Delivering Integrated Industry’s Most Relevant Capability Set Customer Solutions Volume Growth 1. Broad Customer & Channel Access 2025: +3.8% 2. Tailored Customer Innovation Models 4 Years: +3.6% 3. Layering of
Slide 15: APMEA – Accelerating our Growth Agenda
APMEA – Accelerating our Growth Agenda Track Record of Growth & Business Development 2015 2025 Our Future ~€850m > €1.6bn Growth Drivers Foodservice Reformulation North ~€220m Asia ~€440m Extensive In-Market Footprint Scale ~€230m ~€200m MISA ~€530m ~€520m SEA Customer Access Portfolio Breadth Local
Slide 16: Front-of-pack Labelling: Reformulation Driving Growth
Reformulation Driving Growth Front-of-pack Labelling RENOVATION Mandatory Policies Nutrition / Cleaner Policies not yet fully implemented wellness labels Mandatory Policies Expected & Forthcoming Policy Updates Examples: Customer Supply Cost Focus Areas chain Sustainability
Slide 17: Elizabeth Horvath, Opportunity
KERRY ELIZABETH A ‘&- \ WHERE HORVATH wey KERRY Nene _ © __ DRIVES »¢ opportunity
Slide 18: Complexity Rewards Capability, Agility & Relevance
Complexity Rewards Capability, Agility & Relevance CAPABILITY, A large, Category & AGILITY & RELEVANCE complex channels industry changing WINS Consumer Customer expectations challenges shifting accelerating
Slide 19: Growth Driver Examples
GROWTH DRIVER EXAMPLES Coffee Supplements High Protein Poultry Reformulation
Slide 20: High Protein
HIGH PROTEIN Products carrying a protein claim growing at >7% CAGR, outpacing +32% growth in new the market food & beverage launches featuring protein and at least one health claim
Slide 21: High Protein: Snacking and Beverages
HIGH High Protein Snacking Meat snacks PROTEIN High Protein Beverages 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 from 20g to 30g • Rel
Slide 22: Reformulation
REFORMULATION 27% of consumers try to limit ingredients perceived as bad for them 60% of new food and beverage activity is reformulation 70% of companies cited cost reduction as a reformulation influence
Slide 23: Reformulation: Bakery, Sauces & Condiments
Bakery REFORMULATION 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 experience • Remove artifici
Slide 24: Poultry
POULTRY Double digit foodservice volume growth Fastest growing protein source globally
Slide 25: Poultry: Retail High Protein, Foodservice Shelf-Life
Retail High Protein Customer POULTRY Foodservice Shelf-Life 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 6 days per serving •
Slide 26: Coffee
COFFEE RTD growing at high single digit or 46% low double-digit rates through 2030 of consumers have specialty coffee daily Up 80% since 2011
Slide 27: Coffee: Functional Coffee and Soda Blur
Functional Coffee 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, indulgent taste • Low calori
Slide 28: Supplements
SUPPLEMENTS 77% of consumers say they take some form of a daily supplement 70% Globally, the category is growing at ~9% CAGR of consumers agree diet and exercise alone is not enough to meet health goals CRN; McKinsey Wellness Survey
Slide 29: Supplements: GLP-1 Support, Gut-Skin Axis
GLP-1 Support SUPPLEMENTS 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 support consumer-relevan
Slide 30: Change Rewards Innovation and Renovation Partners
CHANGE REWARDS AND REWARDS INNOVATION RENOVATION PARTNERS
Slide 31: Marguerite Larkin
KERRY MARGUERITE = WHERE LARKIN KERRY Kerycroup seg «=: DRIVES
Slide 32: Progress Update vs Medium-term Targets
(2022-2025) Progress Update vs Medium-term Targets Strong performance against our key metrics GROWTH RETURN SUSTAINABILITY Average Volume Growth¹ Average Cash Carbon Reduction⁴ >300bps market Conversion % On track to achieve 55% +3.8% outperformance 88% 52% reduction by 2030 Good cash generation ahe
Slide 33: Consistently Delivering
CONSISTENTLY Driven by Our Key DELIVERING volume growth ahead Growth Differentiators of end markets Foodservice +9% volume CAGR1 ✓ Broad and deep foodservice technology portfolio Kerry Volume Growth vs Market ✓ Dedicated foodservice business model (2022 – 2025 average) ✓ Deeply embedded innovation p
Slide 34: Strong EBITDA Margin Progression
Strong EBITDA Margin Progression Strong Track Record of Margin Expansion Clear Roadmap and Plans to Meet Targets 19-20% (By 2028) 17.9% 18-19% (By 2026) 14.7% 320bps Key drivers of margin expansion: • Portfolio developments • Efficiencies • Operating leverage and mix 2021 2025 Efficiencies – Operati
Slide 35: Accelerate 2.0
THE NEXT STAGE of Kerry’s Organisational Development 2025-2028 2022-2025 Accelerate 2.0 KerryAccelerate Footprint Optimisation Digital Excellence Manufacturing Excellence • Manufacturing footprint • Operations Supply Chain Excellence • Supply chain optimisation • Commercial and R&D • Global business
Slide 36: Free Cash Flow & Return On Capital Employed
Free Cash Flow & Return On Capital Employed CONSISTENT STRONG CASH CONVERSION WHILE IMPROVING RETURNS 80%+ 10-12% Target range 95% 10.6% 10.6%1 92% Free Cash Flow 10.3% Conversion Target 10.0% 82% 81% 2022 2023 2024 2025 2022 2023 2024 2025 ¹ ROACE of 10.6% post year-on-year foreign currency headwin
Slide 37: 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 38: Capital Allocation: Recent History
Capital Allocation Recent history REINVESTMENT CAPITAL RETURNS Capital Investment Dividends ✓ Strategic development of manufacturing footprint ✓ Global network of technology and innovation centres 39 years of double-digit dividend per share growth €1.5bn Paid in last 10 years ✓ Efficiency initiative
Slide 39: Drivers of Earnings Growth
Drivers of Earnings Growth • Leading technology • Sustainable nutrition 300bps market portfolio • Reformulation Volume Growth outperformance Key Drivers • Foodservice • Winning business model • Emerging markets EBITDA Margin 19-20% EBITDA • Accelerate 2.0 Expansion margin by 2028 Driven by: • Portfo
Slide 40: Closing
CLOSING 1 2 3 STRATEGIC MARKET EARNINGS EXECUTION OPPORTUNITY COMPOUNDING
Slide 41: Financial Metric Definitions
Financial Metric Definitions Volume Growth Free Cash Flow This represents the sales performance year-on-year, excluding pass- Free cash flow is EBITDA plus movement in average working capital, through pricing on input costs, currency impacts, acquisitions, capital expenditure net (purchase of assets
Slide 42: The Innovation & Renovation Partner
THE INNOVATION & RENOVATION PARTNER