Slide 1: The Future of Sustainable Nutrition: FY 2024 Preliminary Statement of Results
The Future of Sustainable Nutrition FY 2024 Preliminary Statement of Results 18 February 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, the Group’s strategy, revenues, earnings, EBITDA, EBITDA margin, finance costs, tax rate, capital expenditure, dividends, share buybacks, cash
Slide 3: FY 2024 Preliminary Statement of Results
FY 2024 Preliminary Statement of Results Edmond Scanlon Marguerite Larkin Chief Executive Officer Chief Financial Officer © Kerry 2025 | 3
Slide 4: Strong Business Performance and Strategic Development
Strong Business Performance and Strategic Development • Continued volume progression through the year (Taste & Nutrition FY +3.4% | Q4 +4.1%) • EBITDA margin expansion (+120bps Group | +110bps Taste & Nutrition) • Adjusted EPS +9.7% constant currency growth • ROACE of 10.6% (+60bps) • Free Cash Flow
Slide 5: Business Review: Taste & Nutrition Overview
Business Review: Taste & Nutrition Overview 2024 Performance Volume progression Revenue €6,929m +3.4%¹ with strong EBITDA €1,256m +5.9% margin expansion EBITDA margin 18.1% +110bps • Volume growth of 3.4% (Q4: +4.1%) – well ahead of food and beverage end markets • Pricing of -2.1% (Q4: -1.2%) reflec
Slide 6: Business Review: Performance by Region
Business Review: Performance by Region AMERICAS EUROPE APMEA Good overall growth given Continued strong performance Returned to growth in H2 market conditions in China €3.8bn €1.5bn €1.7bn FY: 4.1% | Q4: 5.9% FY: -0.1% | Q4: 0.8% FY: 4.8% | Q4: 3.3% • North America growth led by • Positive volumes i
Slide 7: Business Review: End Use Markets
Business Review: End Use Markets +3% Performance by EUM 3% +10% +5% Food achieved growth across all categories • Snacks – excellent growth in savoury taste and TastesenseTM salt reduction technologies +1% Taste & Nutrition +1% • Bakery – good performance in preservation and taste systems Volume Grow
Slide 8: Business Review: Dairy Ireland
Business Review: Dairy Ireland Good EBITDA 2024 Performance performance led Revenue €1,315m +1.6%¹ by Dairy Consumer EBITDA €63m +17.6% Products EBITDA margin 4.8% +60bps • EBITDA increased to €63m with margin expansion of 60bps in the year, reflective of Dairy Consumer Products’ growth and mix deve
Slide 9: Financial Review
FY 2024 Financial Review © Kerry 2025 | 9
Slide 10: FY 2024 Financial Overview
FY 2024 Financial Overview Revenue €8.0bn +3.3% Group Volumes EBITDA €1,251m 2023: €1,165m EBITDA margin 15.7% +120bps +9.7% constant currency Adjusted EPS 467.5c +8.7% reported Basic EPS 424.5c 2023: 410.4c ROACE 10.6% 2023: 10.0% Free cash flow €766m 95% cash conversion Note: Alternative performan
Slide 11: Group Revenue Analysis
Group Revenue Analysis 2023 2024 -0.5% Translation FX Disposals -0.9% Volume Price -1.9% Transaction FX +3.3% -1.9% Acquisitions +0.2% +0.7% © Kerry 2025 | 11
Slide 12: Divisional Revenue Analysis
Divisional Revenue Analysis Group Revenue 2024 Taste & Nutrition Business Channel Volume Growth 3.3% 3.4% Foodservice Retail €7,981m +6.8% +1.8% €6,929m 7.3% 6.2% 1.6% 2.6% €1,315m 1.0% Group Dairy Taste & Ireland Nutrition H1 H2 H1 H2 Reported Revenue Volume Growth © Kerry 2025 | 12
Slide 13: Group EBITDA Margin Bridge
Group EBITDA Margin Bridge +120bps €1,251m €1,165m 2023 Operating Leverage Net Price Accelerate Programme Currency Disposals net 2024 / Portfolio Mix Cost Initiatives of Acquisitions EBITDA Margin 14.5% 0.2% 0.4% 0.4% 0.0% 0.2% 15.7% Continuing Business 17.1% © Kerry 2025 | 13
Slide 14: Free Cash Flow
Free Cash Flow 2024 2023 €m €m EBITDA 1,251 1,165 Movement in average working capital 29 38 Pension contributions paid less pension expense (12) (13) Finance costs paid (net) (44) (66) Income taxes paid (108) (120) Capital expenditure (net)¹ (350) (303) Free cash flow 766 701 Cash conversion² 95% 92
Slide 15: Maturity Profile of Net Debt
Good Debt Maturity Profile and Strong Credit Metrics Maturity Profile of Net Debt Total Net Debt of €1.9bn Undrawn €1.5bn RCF €995m €44m €749m €746m €499m €501m 2024 2025 2026-28 2029 2031 2033 2036 €1,608m Weighted average maturity of debt is 5.6 years (7.5 years excluding the €950m 2025 bond) Key
Slide 16: EBITDA Margin Progression | Refreshed Target
EBITDA Margin Progression | Refreshed Target → Progressing towards Group 18%+ target by 2026 → New programme Kerry ACCELERATE 2.0 to meet 2028 target range 19-20% (by 2028) 18-19% (by 2026) 17.1% +100 bps 14.7% +150 bps -150 bps +140 bps 2021 Net Price Kerry Dairy Ireland Op. Leverage, Net Efficienc
Slide 17: Kerry ACCELERATE 2.0
Efficiency Programme – Driving Accelerated Business Performance KERRY ACCELERATE 2.0 Footprint Optimisation Kerry Digital Excellence Enterprise-wide initiative across Digital organisation enablement: all regions: • Operations • Manufacturing footprint • Commercial and R&D • Supply chain optimisation
Slide 18: Other Financial Matters
Other Financial Matters Finance costs €54m (2023: €50m) Pension Net surplus of €63m • Accelerate Operational Excellence Programme Non-trading items • Profit on Disposals Input costs Deflation eased across the year Taxation outlook 14-15% 2024 EPS translation impact: -1.0% Currency 2025 EPS translati
Slide 19: Outlook and Future Prospects
FY 2024 Outlook and Future Prospects © Kerry 2025 | 19
Slide 20: FY 2025 Outlook
FY 2025 Outlook → Kerry remains well positioned for strong market outperformance given its unique positioning with customers as an innovation and renovation partner. → Kerry will continue to strategically evolve and develop its taste and nutrition portfolio in areas where it can create the most valu
Slide 21: Medium-Term Targets Post Divestment of Kerry Dairy Ireland
Medium-Term Targets Post Divestment of Kerry Dairy Ireland → Refreshed margin target post Kerry Dairy Ireland divestment → Targeting high-single-digit adjusted EPS growth going forward Current Medium-Term Financial Targets (2022-26) On average across the plan Growth Return Volume Growth1 4-6% Cash C
Slide 22: Appendix
Appendix © Kerry 2025 | 22
Slide 23: Revenue Components 2024
Revenue Components 2024 Transaction Translation Acquisitions / Reported Volume Price Currency Currency Disposals Growth Americas 4.1% (1.6%) - (1.2%) (1.5%) (0.2%) Europe (0.1%) (3.5%) - 0.9% (1.4%) (4.1%) APMEA 4.8% (2.3%) 0.6% (2.8%) 0.5% 0.8% Taste & Nutrition 3.4% (2.1%) 0.2% (1.2%) (1.0%) (0.7%
Slide 24: EBITDA Margin by Business – Total Business
EBITDA Margin by Business – Total Business 2024 2024 EBITDA 2023 2023 EBITDA Revenue EBITDA Margin Revenue EBITDA Margin €m €m % €m €m % Taste and Nutrition 6,929.1 1,256.1 18.1% 6,974.9 1,185.9 17.0% Dairy Ireland 1,315.1 62.8 4.8% 1,283.4 53.4 4.2% Eliminations/unallocated (263.6) (68.1) (238.0) (
Slide 25: Total Net Debt as at 31 December 2024
Total Net Debt as at 31 December 2024 Debt @Floating Rates @ Fixed Rates €m €m €m Euro 3,268 (7) 3,275 Sterling 8 8 - US Dollar 212 212 - Other 48 48 - Gross debt 3,536 261 3,275 Cash (1,610) (1,610) - Total net debt 1,926 (1,349) 3,275 Gross debt 31 December 2024 7% 93% Gross debt 31 December 2023
Slide 26: Appendix – Continuing & Discontinued Operations
Appendix – Continuing & Discontinued Operations Continuing Discontinued Continuing Discontinued Operations Operations * Total Operations Operations Total €m €m €m €m €m €m Revenue 6,929 1,052 7,981 Basic EPS 389.2 35.3 424.5 EBITDA 1,188 63 1,251 Brand related intangible asset 33.8 0.1 33.9 amortisa
Slide 27: Updated Group Reporting Segments
Updated Group Reporting Segments 2024 Unaudited Pro–forma EBITDA breakdown Unallocated FY 2024 Americas APMEA Europe Group Corporate Revenue €m 3,764 1,661 1,505 - 6,929 EBITDA €m 741 265 250 (68) 1,188 EBITDA Margin 19.7% 16.0% 16.6% - 17.1% Revenue analysis is per note 2 to the financial statement
Slide 28: 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 29: Preliminary Statement of Results
FY 2024 Preliminary Statement of Results 18 February 2025