Kerry Group plc

Revenue was EUR 3.3 billion in H1 2026, with volume growth of 3.3%. EBITDA increased to EUR 558 million, and EBITDA margins expanded by 60 basis points. Adjusted EPS was EUR 2.141, up 7.9% in constant currency and 2.3% in reported currency. Free cash flow was EUR 262 million, average cash conversion was 76%, and net debt at June was EUR 2.4 billion with a net debt-to-EBITDA ratio of 2x. On the regional breakdown, the Americas reported EUR 1.8 billion of revenue, Europe EUR 687 million, and APMEA EUR 831 million. For the half, pricing was 1% lower, foreign currency was a 4.8% translation headwind to organic growth, and management still expects full-year adjusted EPS growth of 6% to 10% constant currency, with a foreign currency headwind of 1% to 2% on adjusted EPS.

Edmond Scanlon framed the quarter as evidence that Kerry is taking share, with volume growth well ahead of end markets and broad-based across geographies and channels. He emphasized innovation-led growth in foodservice and retail, continued margin expansion, and said the business is supported by targeted capital investments and portfolio development. His tone was confident but measured, noting current market uncertainty while pointing to a strong innovation pipeline and continued positioning for volume and margin growth.

Marguerite Larkin highlighted the core financial strengths: 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. She said margin expansion was driven by operating leverage and portfolio mix, net price, and 40 basis points from the Accelerate 2.0 program, while FX was a 20 basis point margin headwind and a 4.8% translation drag on organic growth. She also noted EUR 145 million of capital expenditure, EUR 81 million of working capital investment, EUR 173 million of share repurchases, an interim dividend of $0.462 per share, and said the company remains on track for 80%+ cash conversion in the full year.

This was a prepared-results update rather than the full analyst Q&A, so there were no analyst questions included in the transcript provided. Management did, however, address the main investor concerns directly: they acknowledged current market uncertainty, said H2 will see limited inflation after H1 deflation, and reiterated that the company remains strongly positioned for volume growth and margin expansion. They also flagged a 1% to 2% full-year foreign currency translation headwind on adjusted EPS.