Slide 1: H1 2026 Half Year Results
The Future of Sustainable Nutrition H1 2026 Half Year Results 29 July 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, Kerry’s strategy, revenues, earnings, EBITDA, EBITDA margin, finance costs, tax rate, capital expenditure, dividends, share buybacks, cash flow
Slide 3: H1 2026 Results
H1 2026 Results Edmond Scanlon Marguerite Larkin Chief Executive Officer Chief Financial Officer © Kerry 2026 | 3
Slide 4: H1 2026 Overview
Volume Growth and Margin Expansion Driving Earnings Growth H1 2026 Overview Volume Growth EBITDA Margin Constant Currency Expansion EPS Growth +3.3% (Q2: +3.5%) +60bps +7.9% © Kerry 2026 | 4
Slide 5: Strong H1 Performance - with Q2 Volume Acceleration
H1 2026 Business Performance Review Strong H1 Performance - with Q2 Volume Acceleration • 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 benefi
Slide 6: Regional Review: Americas
Regional Review: Americas Continued Strong H1 2026 Growth Performance across both Revenue €1,818m +3.7%¹ North America and LATAM EBITDA margin 18.9% +40bps • Volume growth of 3.7% (Q2: +3.9%) • EUMs: Growth led by Snacks, Meat and Beverage EUMs • Channels: Strong performance in foodservice with good
Slide 7: Regional Review: Europe
Regional Review: Europe H1 2026 Growth Solid growth with good Revenue €687m +0.5%¹ margin expansion EBITDA margin 16.0% +80bps • 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 dri
Slide 8: Regional Review: APMEA
Regional Review: APMEA Good overall performance H1 2026 Growth with growth led by Middle Revenue €831m +4.9%¹ East and Africa EBITDA margin 15.8% +80bps • 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 foo
Slide 9: H1 2026 Financial Review
H1 2026 Financial Review © Kerry 2026 | 9
Slide 10: H1 2026 Financial Overview
H1 2026 Financial Overview Revenue €3.3bn 3.3% volume growth H1 2025: €556m EBITDA €558m 5.8% organic growth EBITDA margin 16.7% +60bps +7.9% constant currency Adjusted EPS 214.1c +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 Note
Slide 11: Revenue Analysis
Revenue Analysis H1 2025 H1 2026 -3.7% Volume Transaction FX Price Acquisitions / Translation FX +3.3% Disposals -0.1% -1.0% -4.8% -1.1% © Kerry 2026 | 11
Slide 12: Strong EBITDA Margin Expansion
Strong EBITDA Margin Expansion +60bps €556m €558m H1 2025 Operating Leverage Net Price Accelerate Programme Currency Acquisitions net H1 2026 / Portfolio Mix Cost Initiatives of Disposals EBITDA 16.1% 0.1% 0.2% 0.4% -0.2% 0.1% 16.7% Margin © Kerry 2026 | 12
Slide 13: Free Cash Flow
Free Cash Flow H1 2026 H1 2025 €m €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
Slide 14: Maturity Profile of Net Debt
Good Debt Maturity Profile and Strong Credit Metrics Maturity Profile of Net Debt Total Net Debt of €2.4bn Undrawn €1.3bn €756m RCF €754m €501m €512m €31m €16m €205m €3m €3m €3m 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 €413m Weighted average maturity of debt is 5.8 years Key Credit Met
Slide 15: Other Financial Matters
Other Financial Matters 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% Interim dividend of 46.2c (+10.0%) Capital Returns Share Buybacks – shares repu
Slide 16: H1 2026 Outlook and Future Prospects
H1 2026 Outlook and Future Prospects © Kerry 2026 | 16
Slide 17: FY 2026 Outlook
FY 2026 Outlook → 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 t
Slide 18: Appendix
Appendix © Kerry 2026 | 18
Slide 19: Revenue Components H1 2026
Revenue Components H1 2026 Transaction Translation Acquisitions / Reported Volume Price Currency Currency Disposals 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%)
Slide 20: EBITDA Margin by Segment
EBITDA Margin by Segment Unallocated H1 2026 Americas APMEA Europe Group Corporate 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 1,911 821 731 - 3,463 Revenue €m EBITDA €m 353 123 111 (31) 556 © Kerry 2026 |
Slide 21: Total Net Debt as at June 2026
Total Net Debt as at 30 June 2026 Debt @Floating Rates @ Fixed Rates €m €m €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
Slide 22: EPS Reconciliation
EPS Reconciliation H1 2026 H1 2025 Performance cent 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
Slide 23: 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 movement in average working capital, pass-through pricing on input costs, currency impacts, acquisitions, capital expenditure net (purchase of ass