Kerry Group Plc · EURONEXT:KRZ
Kerry — H1 2025 Earnings Presentation
25 slides from Kerry's earnings presentation, Jul 30, 2025
Slide 1: H1 2025 Half Year Results
The Future of Sustainable Nutrition H1 2025 Half Year Results 30 July 2025
Slide 2: Disclaimer: Forward Looking Statements
Disclaimer: Forward Looking Statements 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
Slide 3: H1 2025 Interim Management Statement
H1 2025 Interim Management Statement Edmond Scanlon Marguerite Larkin Chief Executive Officer Chief Financial Officer © Kerry 2025 | 3
Slide 4: H1 2025 Overview
Volume Growth and Margin Expansion Driving Earnings Growth H1 2025 Overview EBITDA Margin Volume Growth Expansion CCY EPS Growth +3.0% +100bps +9.8% © Kerry 2025 | 4
Slide 5: Continued Strong End Market Outperformance
H1 2025 Business Performance Review Continued strong end market outperformance • Volume growth of 3.0% (Q2: 3.0%) well ahead of end markets • Pricing of 0.2% reflected limited overall input cost inflation • EBITDA margin expansion of 100bps primarily driven by cost efficiencies, operating leverage,
Slide 6: Regional Review: Americas
Regional Review: Americas H1 2025 Performance Continued Strong Revenue €1,911m +3.7%¹ Performance EBITDA margin 18.5% +90bps • Volume growth of 3.7% (Q2: +3.9%) • EUMs: Growth led by Snacks, Bakery and Beverage • Channels: Good performance in retail, with foodservice volume growth well ahead of chan
Slide 7: Regional Review: Europe
Regional Review: Europe H1 2025 Performance Performance in-line Revenue €731m +0.2%¹ with expectations EBITDA margin 15.2% +90bps • Volume growth of 0.2% (Q2: +0.3%) • EUMs: Beverage and Bakery performed well • Channels: Foodservice delivered good growth, while retail channel performance reflected c
Slide 8: Regional Review: APMEA
Regional Review: APMEA Growth led by Southeast H1 2025 Performance Asia with variation Revenue €821m +4.2%¹ across the region EBITDA margin 15.0% +60bps • Volume growth of 4.2% (Q2: +3.2%) • EUMs: Growth led by Bakery, Beverage and Meals • Channels: Strong growth in foodservice, with a solid perform
Slide 9: H1 2025 Financial Review
H1 2025 Financial Review © Kerry 2025 | 9
Slide 10: H1 2025 Financial Overview
H1 2025 Financial Overview Revenue €3.5bn +3.0% Volume Growth¹ EBITDA €556m H1 2024: €517m¹ EBITDA margin 16.1% +100bps¹ +9.8% constant currency Adjusted EPS 209.2c +7.8% reported Basic EPS 182.4c H1 2024: 166.7c ROACE 10.7% H1 2024: 10.3% Free cash flow €309m 89% cash conversion 1 Continuing operat
Slide 11: Revenue Analysis
Revenue Analysis H1 2024 H1 2025 +1.3% Volume Acquisitions Transaction FX Price +0.6% Translation FX +3.0% +0.3% +0.2% -1.9% Disposals -0.9% © Kerry 2025 | 11
Slide 12: EBITDA Margin Bridge
EBITDA Margin Bridge +100bps €556m €517m H1 2024 Operating Leverage Net Price Accelerate Programme Currency Acquisitions net H1 2025 / Portfolio Mix Cost Initiatives of Disposals EBITDA Margin 15.1% 0.3% 0.0% 0.5% 0.0% 0.2% 16.1% © Kerry 2025 | 12
Slide 13: Free Cash Flow
Free Cash Flow H1 2025 H1 2024 * €m €m EBITDA 556 552 Movement in average working capital (66) 79 Pension contributions paid less pension expense (2) (2) Finance costs paid (net) (11) (14) Income taxes paid (48) (50) Capital expenditure (net)¹ (120) (120) Free cash flow 309 445 Cash conversion² 89%
Slide 14: Maturity Profile of Net Debt
Good Debt Maturity Profile and Strong Credit Metrics Maturity Profile of Net Debt Total Net Debt of €2.1bn Undrawn €976m €1.5bn €768m €747m €22m - RCF €502m €499m H1 2025 H2 2025 2026 2029 2030 2031 2033 2036 €1,459m Weighted average maturity of debt is 5.1 years (7.0 years excluding the €950m 2025
Slide 15: Other Financial Matters
Other Financial Matters Finance costs €26.5m (H1 2024: €27.8m) Pension Net surplus of €59.7m Non-trading items Accelerate Operational Excellence Input costs Limited overall inflation Taxation H1 Effective Tax Rate of 14.4% Interim dividend of 42.0c (+10.2%) Capital Returns Share Buybacks – shares re
Slide 16: H1 2025 Outlook and Future Prospects
H1 2025 Outlook and Future Prospects © Kerry 2025 | 16
Slide 17: FY 2025 Outlook
FY 2025 Outlook → Kerry’s strong end market outperformance in the first half of the year demonstrates the strength of its strategic positioning within its markets, channels and across its customer base. → Looking to the remainder of the year, while recognising a heightened level of market uncertaint
Slide 18: Appendix
Appendix © Kerry 2025 | 18
Slide 19: Revenue Components H1 2025
Revenue Components H1 2025 Transaction Translation Reported Volume Price Acquisitions Disposals Currency Currency Revenue Americas 3.7% 0.1% 0.4% -3.2% 0.4% -0.3% 1.1% 1 Europe 0.2% 0.6% - 0.4% 1.4% -3.0% -0.4% APMEA 4.2% -0.1% 0.2% -1.0% 0.4% -0.4% 3.3% Total 3.0% 0.2% 0.3% -1.9% 0.6% -0.9% 1.3% ¹
Slide 20: EBITDA Margin by Segment
EBITDA Margin by Segment Unallocated H1 2025 Americas APMEA Europe Group Corporate Revenue €m 1,911 821 731 - 3,463 EBITDA €m 353 123 111 (31) 556 EBITDA Margin 18.5% 15.0% 15.2% 16.1% +90bps +60bps +90bps +100bps H1 2024 continuing operations Revenue €m 1,890 794 735 - 3,419 EBITDA €m 332 114 105 (
Slide 21: Total Net Debt as at June 2025
Total Net Debt as at 30 June 2025 Debt @Floating Rates @ Fixed Rates €m €m €m Euro 3,270 (5) 3,275 Sterling 8 8 - US Dollar 193 193 - Other 45 45 - Gross debt 3,516 241 3,275 Cash (1,460) (1,460) - Total net debt 2,056 (1,219) 3,275 Gross debt 30 June 2025 7% 93% Gross debt 31 December 2024 7% 93% W
Slide 22: EPS Reconciliation
EPS Reconciliation H1 2025 H1 2024 Growth € cent € cent Basic EPS +9.4% 182.4 166.7 Brand related intangible asset amortisation 17.8 15.8 Non-trading items (net of related tax) 9.0 11.6 Adjusted EPS +7.8% 209.2 194.1 Impact of exchange rate translation 2.0% Adjusted EPS growth in constant currency +
Slide 23: EPS Reconciliation – Continuing and Total Operations
EPS Reconciliation – Continuing and Total Operations Continuing Continuing Discontinued Operations Total Operations Operations Total H1 2025 H1 2025 H1 2024 H1 2024 H1 2024 EPS cent EPS cent EPS cent EPS cent EPS cent Basic EPS 182.4 182.4 155.4 11.3 166.7 Brand related intangible asset 17.8 17.8 15
Slide 24: Financial Metric Definitions
Financial Metric Definitions Volume Growth Free Cash Flow This represents the sales growth period-on-period, 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 25: H1 2025 Half Year Results
The Future of Sustainable Nutrition H1 2025 Half Year Results 30 July 2025