Kerry Group plc

Kerry reported H1 2026 revenue of EUR 3.3 billion, EBITDA of EUR 558 million, adjusted EPS of EUR 2.141, and free cash flow of EUR 262 million. Volume growth was 3.3% in the half, with Q1 at 3.1% and Q2 at 3.5%; EBITDA margins expanded 60 basis points, and adjusted EPS grew 7.9% in constant currency and 2.3% reported. By region, Americas revenue was EUR 1.8 billion with 3.7% volume growth and 18.9% EBITDA margin; Europe revenue was EUR 687 million with 0.5% volume growth; APMEA revenue was EUR 831 million with 4.9% volume growth. Management maintained full-year adjusted EPS guidance of 6% to 10% constant-currency growth, expects foreign currency translation to be a 1% to 2% headwind to adjusted EPS, and said it remains on track for strong full-year margin expansion and cash conversion of 80% plus.

Edmond Scanlon framed the half as a strong performance driven by volume outperformance and continued margin expansion. He emphasized broad-based growth across regions, end markets, and channels, especially in foodservice and innovation-led retail activity. Strategically, he pointed to continued investment in the business, portfolio development, and a good innovation pipeline as reasons Kerry remains well positioned despite market uncertainty.

Marguerite Larkin said EBITDA increased to EUR 558 million, with 60 basis points of margin expansion and 7.9% constant-currency adjusted EPS growth to EUR 2.141. She highlighted that pricing was 1% lower due to input cost deflation, while foreign exchange was a significant headwind to organic growth, including a 4.8% translation impact on revenue and a 20 basis point margin headwind. She also noted free cash flow of EUR 262 million, average cash conversion of 76%, net debt of EUR 2.4 billion, a 5.8-year weighted average maturity, and EUR 173 million of share repurchases, alongside an interim dividend of $0.462 per share, up 10%.

This transcript contains prepared remarks rather than the analyst Q&A itself, so there were no live analyst questions in the text provided. Management did address likely investor concerns by acknowledging current market uncertainty and by explaining that foreign exchange, lower pricing from input-cost deflation, and higher capital spending affected the period. They also said H1 inventory investment included mitigating supply-chain disruption risk and reaffirmed confidence in 80% plus full-year cash conversion.