REG - Kerry Group PLC - Preliminary Statement of Results 31 December 2025
17/02/2026 07:00
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RNS Number : 1964T Kerry Group PLC 17 February 2026
17 February 2026
LEI: 635400TLVVBNXLFHWC59
KERRY GROUP
Preliminary Statement of Results for the year ended 31 December 2025
Strong Market Outperformance and Continued Strategic Development
KEY HIGHLIGHTS
> Revenue of €6,758m
> Volume growth of +3.0% (Q4: +2.8%)
> Pricing of -0.3% (Q4: -1.3%)
> EBITDA of €1,208m with EBITDA margin +80bps to 17.9%
> Adjusted EPS of 481.5 cent, +7.5% in constant currency (+3.0%
reported growth)¹
> Basic EPS of 400.2 cent (2024: 424.5 cent)¹
> Free cash flow of €643m reflecting 81% cash conversion
> ROACE of 10.6% (2024: 10.6%)
> New €300m share buyback programme announced today
> Final dividend of 98 cent per share (total 2025 dividend +10.1%
to 140 cent)
> Good progress on sustainability commitments including
increasing nutritional reach to 1.46 billion consumers
Edmond Scanlon, Chief Executive Officer
"We delivered another year of strong end market volume outperformance and
margin expansion, supporting high-single-digit constant currency adjusted
earnings per share growth. We achieved Group revenue of €6.8bn and EBITDA of
€1.2bn, as we extended our nutritional reach of positive and balanced
solutions to 1.46 billion consumers.
Volume growth was driven by a strong performance in the Americas throughout
the year. This was led by foodservice innovation and increased nutritional
renovation across a broad range of customers, given our positioning as a
leader in sustainable nutrition, with customers looking to address nutrition,
taste, cost or sustainability aspects.
We continued to strategically evolve our business, including further
developing our Biotechnology Solutions and Taste capabilities, expanding our
manufacturing footprint in emerging markets and strengthening our customer
innovation centre network, while executing on our Accelerate programme.
As we look to 2026, Kerry remains well positioned for strong market
outperformance, supporting our customers as their innovation and renovation
partner. We expect to deliver continued volume growth and margin expansion,
resulting in constant currency adjusted earnings per share growth of 6% to
10%."
¹ Prior year comparatives includes Kerry Dairy Ireland, which was disposed on
31 December 2024
See Future Prospects section for full guidance detail
Markets and Performance
Food and beverage markets in the year reflected soft overall consumer demand,
given macroeconomic and geopolitical uncertainty. Customer innovation centred
around new and differentiated flavour combinations, products with functional
health benefits and relative value options. Renovation activity continued to
be a key feature of customer engagement, focused on enhancing product
nutritional profiles, cleaner labels, and solutions for supply constrained raw
materials.
Against this backdrop, Kerry delivered strong volume growth significantly
ahead of food and beverage end markets, driven by good innovation activity in
the foodservice channel and continued product renovation activity in the
retail channel, addressing a variety of customer needs. Good growth was
achieved across a broad range of technologies, including savoury taste,
Tastesense™ salt and sugar reduction technologies, botanicals, natural
extracts, proactive health ingredients, taste solutions for high-protein
applications, enzymes and bio-fermented ingredients.
Reported revenue for the year was €6,758 million, comprising volume growth
of 3.0%, an overall pricing reduction of 0.3%, favourable transaction currency
of 0.1%, unfavourable translation currency of 3.9%, and a reduction from
disposals net of acquisitions of 1.4%, resulting in an overall decrease of
2.5%.
EBITDA for the year was €1,208m (2024: €1,188m), with EBITDA margin
increasing by 80bps to 17.9% primarily driven by benefits from Accelerate
Operational Excellence, portfolio developments, operating leverage and mix.
Constant currency adjusted earnings per share increased by 7.5%¹ to 481.5
cent (2024: +9.7%) and 3.0%¹ in reported currency (2024: +8.7%). Basic
earnings per share in the year was 400.2 cent (2024: 424.5 cent¹).
Research and development expenditure increased to €314m (2024: €304m) and
net capital expenditure was €301m (2024: €350m¹) as the Group continued
to invest to develop its capabilities and global footprint. Free cash flow was
€643m (2024: €766m¹) representing cash conversion of 81%.
The Board proposes a final dividend of 98 cent per share, an increase of 10.1%
on the final 2024 dividend. Together with the interim dividend of 42 cent per
share, this brings the total dividend for the year to 140 cent, an increase of
10.1% on 2024. During 2025, the Group paid €215m in dividends and
repurchased €500m of A ordinary shares as part of its share buyback
programmes. Aligned to the Group's Capital Allocation Framework, Kerry is
announcing today it will commence a new share buyback programme of up to
€300 million of Kerry Group plc ordinary shares. The programme has been
approved by the Board and will commence today. A separate announcement has
been issued today with full details.
Good progress was made in the year against Kerry's Beyond the Horizon
sustainability strategy and commitments, including increasing its nutritional
reach to 1.46 billion consumers globally. Kerry achieved a 52% reduction² in
Scope 1 & 2 carbon emissions and a 54% reduction² in food waste across
the Group's operations.
Strategic Developments
In the year, the Group continued to strategically evolve its business through
targeted capital investments and continued portfolio development activity.
This included further development of its biotechnology and taste capabilities,
a broad range of new technology innovations, expansion of its manufacturing
footprint in emerging markets and extending its customer innovation centre
network. 2025 also marked the successful completion of the Accelerate
Operational Excellence programme and the commencement of Accelerate 2.0.
Key technology developments included the opening of the new Biotechnology
Centre in Leipzig, Germany; enzyme capacity expansion in Cork, Ireland;
enhancement of Kerry's cocoa taste capabilities in Grasse, France; and
enhancement of its coffee extraction capability in Pennsylvania, USA.
Through continued investment in its science and technology eco-system, Kerry
delivered a broad range of new technology innovations in the year, which
supported growth and business development. Key technology innovations included
the next generation of fermentation-derived Tastesense™ sweet and
salt-reduction technology ranges, the launch of Kerry's new Plenibiotic
postbiotic for digestive and skin health, a breakthrough enzyme system which
delivers significantly more effective natural sweetness, new
fermentation-based solutions under the KerryXperience™ portfolio - which
delivers premium natural savoury taste experiences, and new natural cocoa
replacement systems which replicate authentic cocoa taste using less than half
the cocoa raw materials.
The Group expanded its geographical presence across APMEA with its first
manufacturing facility in Egypt, a new facility in Rwanda and expanded
capacity in the Middle East and Southeast Asia. It also strengthened its
customer innovation network with the addition of new centres in Frankfurt,
Germany; Dubai, UAE; and in South Jakarta, Indonesia, complementing the
recently developed state-of-the-art manufacturing facility in Karawang,
Indonesia.
2025 marked the completion of Kerry Accelerate Operational Excellence, which
focused on manufacturing and supply chain excellence. The programme's
successful completion, delivering recurring annual benefits ahead of
projections, has established a strong foundation for Accelerate 2.0, which
will drive footprint optimisation and digital excellence across the
organisation. The Accelerate 2.0 programme was initiated during the year and
will run until 2028. Good progress was made in both North America and Europe
with the commencement of footprint optimisation, including the disposal of
some related business activities. A number of digital initiatives were
launched as planned during the year in manufacturing operations, commercial
enablement activities and global business service centres.
¹ Prior year comparatives includes Kerry Dairy Ireland, which was disposed on
31 December 2024
² Progress vs 2017 baseline
Business Review
Continued strong end market outperformance and EBITDA margin expansion
2025 Performance
Revenue €6,758m +3.0%(1)
EBITDA margin 17.9% +80bps
¹ Volume growth
> Volume growth of 3.0% (Q4: +2.8%) - well ahead of food and
beverage end markets
> Growth led by Snacks, Bakery & Beverage
> Pricing -0.3% (Q4: -1.3%) reflecting overall input cost
deflation in Q4
> EBITDA of €1,208m with margin +80bps driven by efficiencies,
portfolio developments, operating leverage and mix
Reported revenue of €6,758m reflected volume growth of 3.0%, an overall
pricing reduction of 0.3%, favourable transaction currency of 0.1%,
unfavourable translation currency of 3.9% and a reduction from disposals net
of acquisitions of 1.4%.
Business volume growth in the year was significantly ahead of food and
beverage end markets, driven by good innovation activity and continued product
renovation activity addressing a variety of customer needs. Foodservice
delivered another year of strong performance, with volume growth in the
channel of 4.6% against a backdrop of soft traffic data. This growth was
driven by strong innovation activity including new menu items, seasonal
launches and continued product renovation. Growth in the retail channel was
supported by a step-up in retailer brand innovation and nutritional
enhancement renovation activity with a range of customers.
Business volumes in emerging markets increased by 5.3% in the year, led by a
strong performance in Southeast Asia and LATAM.
Within the Pharma & other EUM, good volume growth was achieved, with
strong performances across proactive health ingredients into supplement
applications, with cell nutrition also performing well.
Americas Region
2025 Performance
Revenue €3,674m +3.8%(1)
EBITDA margin 20.3% +60bps
¹ Volume growth
> Volumes +3.8% (Q4: +4.4%)
> Growth led by Snacks, Dairy and Bakery
> Strong growth across both foodservice and retail channels
> LATAM achieved strong growth led by Brazil
> EBITDA margin increase primarily driven by operating leverage,
mix and Accelerate Operational Excellence benefits
Reported revenue in the Americas region was €3,674m reflecting volume growth
of 3.8%, an overall pricing reduction of 0.1%, favourable transaction currency
of 0.1%, unfavourable translation currency of 5.2% and a reduction from
disposals net of acquisitions of 1.0%. This strong volume performance included
a good finish to the year supported by customer innovation activity.
Within North America, Snacks delivered strong growth with global and emerging
brands through innovations utilising Kerry's range of savoury taste profiles
and Tastesense™ salt-reduction technologies, underpinned by increased
customer focus on improving product nutritional profiles and higher-protein
options. Growth in Dairy was led by the strong performance of taste
technologies, while growth in Bakery was driven by taste and texture solutions
as well as enzymes. In Beverage, good performance was achieved in refreshing
and low/no alcohol categories through botanicals, coffee and other natural
extracts.
Within the retail channel, growth was led by increased innovation and
renovation activity with global, regional and retailer brands, while
foodservice growth was led by performance with quick service and fast casual
restaurants.
Within LATAM, strong growth was achieved in Brazil and Central America, led by
the Snacks and Meals end markets.
Europe Region
2025 Performance
Revenue €1,440m -0.5%(1)
EBITDA margin 17.5% +90bps
(¹) Volume growth
> Volumes -0.5% (Q4: -2.6%)
> Beverage & Snacks performed well, with mixed performance
across Food EUMs
> Foodservice growth offset by retail performance
> EBITDA margin increase primarily driven by Accelerate
Operational Excellence and portfolio benefits
Reported revenue in the Europe region was €1,440m reflecting adverse volumes
of 0.5%, unfavourable translation currency of 0.1% and a reduction from
disposals net of acquisitions of 3.7%.
Volume performance in the retail channel reflected subdued market conditions,
while foodservice achieved good overall growth despite a soft finish to the
year. Growth in foodservice was led by seasonal and new launch activity with
quick service restaurants.
Performance in the region was led by Beverage, with good growth in nutritional
and refreshing beverages through Kerry's integrated taste technologies and
proactive health ingredients. Growth in Snacks was supported by innovation
across global and regional customers, with lower volumes in Meals and Dairy
reflecting a soft performance in Western Europe.
APMEA Region
2025 Performance
Revenue €1,644m +4.2%(1)
EBITDA margin 16.7% +70bps
(1) Volume growth
> Volumes +4.2% (Q4: +4.2%)
> Growth led by Bakery, Meat and Meals
> Foodservice achieved strong growth with solid growth in retail
> EBITDA margin increase driven by Accelerate Operational
Excellence benefits, operating leverage and product mix
Reported revenue in the APMEA region was €1,644m reflecting volume growth of
4.2%, an overall pricing reduction of 0.7%, favourable transaction currency of
0.2%, unfavourable translation currency of 4.6% and a reduction from disposals
net of acquisitions of 0.1%.
Performance in the region was led by strong growth in Southeast Asia, with the
Middle East and Africa delivering solid growth, and volumes in China remaining
challenged.
Growth in Bakery was driven by food protection and preservation systems,
enzymes and reformulation activity in areas including cocoa. Performance in
Meat was led by innovations using Kerry's taste and texture systems, as well
as smoke and grill technologies, while growth in Meals was driven by solutions
incorporating Kerry's savoury taste portfolio.
Foodservice delivered strong volume growth with leading regional coffee chains
and quick service restaurants. Volume growth in the retail channel was driven
by Kerry's range of local authentic taste profiles with regional leaders.
Financial Review
Strong financial performance through disciplined execution
The Financial Review provides an overview of the Group's financial performance
for the year ended 31 December 2025 and the Group's financial position at that
date.
In 2025, the Group delivered volume growth significantly ahead of our markets,
and strong margin expansion of 80bps driven by the successful execution of our
Accelerate programmes and continued strategic portfolio optimisation. These
were key drivers of our constant currency adjusted EPS growth of 7.5%.
Our consolidated balance sheet and cash generation are strong, providing the
financial flexibility to support ongoing investment and future strategic
development.
Analysis of financial performance
2025 2024
Continuing operations €'m €'m
Revenue 6,758 6,929
EBITDA 1,208 1,188
EBITDA margin 17.9% 17.1%
Depreciation (net) (220) (212)
Software and digital assets amortisation (30) (29)
Finance costs (net) (52) (53)
Other income 7 -
Share of joint ventures' results after taxation (1) (1)
Adjusted earnings before taxation 912 893
Income taxes (excluding non-trading items) (120) (117)
Adjusted earnings after taxation 792 776
Brand related intangible asset amortisation (59) (59)
Non-trading items (net of related tax) (74) (44)
Profit from continuing operations 659 673
Discontinued operations
Profit from discontinued operations - 61
Profit after taxation 659 734
2025 2024
EPS Performance EPS Performance
Continuing and Discontinued operations cent % cent %
Basic earnings per share 400.2 (5.7%) 424.5 3.4%
Brand related intangible asset amortisation 36.0 - 33.9 -
Non-trading items (net of related tax) 45.3 - 9.1 -
Adjusted earnings per share 481.5 3.0% 467.5 8.7%
Impact of exchange rate translation 4.5% 1.0%
Growth in adjusted earnings per share on a constant currency basis 7.5% 9.7%
See Financial Definitions section for definitions, calculations, and
reconciliations of Alternative Performance Measures.
Revenue
Group revenue for the year was €6,758m (2024: €6,929m), comprising volume
growth of 3.0%, an overall pricing reduction of 0.3%, favourable transaction
currency of 0.1%, unfavourable translation currency of 3.9%, and the effect
from disposals net of contribution from acquisitions of 1.4%, resulting in an
overall reported decrease of 2.5%.
EBITDA and Margin %
Continuing Group EBITDA of €1,208m (2024: €1,188m), with organic growth
partially offset by the impact of disposals net of acquisitions and adverse
currency translation. Group EBITDA margin increased by 80bps to 17.9%, driven
by benefits from the Accelerate programmes, portfolio developments, operating
leverage, and product mix.
Software and digital assets Amortisation
Software and digital assets amortisation increased to €30m (2024: €29m)
reflecting continued investment in our digital enablement initiatives.
Brand Related Intangible Asset Amortisation
Brand related intangible asset amortisation was in line with the prior year at
€59m (2024: €59m), which is reflective of recent acquisition activity.
Finance Costs
Net finance costs for the year are comparable to prior year at €52m (2024:
€53m). The Group's average cost of finance for the year was 3.0% (2024:
2.8%). The increase in finance costs paid is reflective of the timing of
interest payments year-on-year.
Taxation
The tax charge for the year before non-trading items was €120m (2024:
€117m) representing an effective tax rate of 14.1% (2024: 14.1%) reflecting
the geographical mix of profits.
Non-Trading Items
2025 marked the completion of Kerry's Accelerate Operational Excellence
programme, which focused on manufacturing and supply chain excellence. The
programme's successful completion, delivering recurring annual benefits ahead
of projections, has established a strong foundation for Accelerate 2.0, which
will drive footprint optimisation and digital excellence across the
organisation. The Accelerate 2.0 programme was initiated during the year and
will run until 2028. Good progress was made in both North America and Europe
with the commencement of footprint optimisation, including the disposal of
some related business activities. A number of digital initiatives were
launched as planned during the year in manufacturing operations, commercial
enablement activities and global business service centres. During the year,
the Group incurred a non-trading items charge from continuing operations of
€74m (2024: €44m) net of tax. The net charge relates to investments in the
Accelerate programmes of €54m (2024: €34m), Acquisition Integration costs
of €7m (2024: €4m) and a loss on disposal of business and assets of €13m
(2024: €6m).
Foreign Exchange
Group results are impacted by year-on-year fluctuations in exchange rates
versus the Euro. The primary rates driving the currency impact in the figures
above were US Dollar, Brazilian Real and Mexican Peso which had average rates
of 1.13 (2024: 1.09), 6.31 (2024: 5.78) and 21.67 (2024: 19.74) respectively.
Cash and Returns
Free Cash Flow
In 2025, the Group achieved a strong free cash flow of €643m (2024: €766m)
reflecting 81% cash conversion in the year.
Free Cash Flow 2025 2024(2)
Continuing and Discontinued operations €'m €'m
EBITDA 1,208.1 1,250.8
Movement in average working capital (74.6) 28.9
Pension contributions paid less pension expense (8.6) (12.1)
Finance costs paid (net) (73.9) (43.9)
Income taxes paid (107.3) (108.2)
Purchase of non-current assets (302.5) (344.3)
Sales proceeds on disposal of non-current assets (net of disposal costs) 1.9 (5.6)
Free cash flow 643.1 765.6
Cash conversion(1) 81% 95%
(1) Cash conversion is free cash flow expressed as a percentage of adjusted
earnings after tax
(2) 2024 comparatives includes Kerry Dairy Ireland, which was disposed on 31
December 2024
Returns
2025 2024
Continuing and Discontinued operations €'m €'m
Adjusted profit 836.9 862.7
Average capital employed 7,909.4 8,172.3
Return on average capital employed (ROACE) 10.6% 10.6%
Further detail is set out within the Supplementary Information section -
Financial Definitions.
ROACE is similar year-on-year primarily due to the underlying organic
improvement in returns being offset by the translation impact on underlying
assets.
Share Buyback
In line with the Company's Capital Allocation Framework, in April 2025, the
Board approved an additional share buyback programme of up to €300m, which
commenced on 20 June 2025 on completion of the previous programme. These
programmes are underpinned by the Group's strong balance sheet and cash flow.
During 2025, the total number of shares acquired from these programmes was
5,698,393, returning €500m to shareholders. Since the year end, and up to 31
January 2026, the Company has purchased an additional 395,175 shares equating
to an additional capital return of €29.2m
Net Debt
Net debt at the end of the year was €2,244m (2024: €1,926m), reflecting
strong business cash generation and the share buyback programme.
Key Financial Ratios
Our credit metrics remain strong and we have a well spread debt maturity
profile. Our strong balance sheet, combined with the EMTN programme positions
Kerry very well for the continued strategic development of our business.
2025 2024
Times Times
Net debt:EBITDA 1.9 1.6
EBITDA:Net interest 22.2 21.7
The Net debt:EBITDA and EBITDA:Net interest ratios disclosed are calculated
using an adjusted EBITDA, adjusted finance costs (net of finance income),
other income and an adjusted net debt value to adjust for the impact of
acquisitions net of disposals and deferred payments in relation to
acquisitions.
Financing
Undrawn committed facilities at the end of the year were €1,500m (2024:
€1,500m) while undrawn standby facilities were €325m (2024: €344m).
During 2025, the Group exercised the second of the two 1-year extension
options on the €1,500m revolving credit facility extending maturity until
June 2030. In August 2025, the Group completed the annual update of the €3bn
EMTN programme for future Euro public bond issuances. In September 2025, the
Group repaid in full €950m of its 2025 Senior Notes.
Dividend and Annual General Meeting
During the year, the Group paid an interim dividend of 42.0 cent per A
ordinary share, which was an increase of 10.2% versus the 2024 interim
dividend. The Board has proposed a final dividend of 98.0 cent per A ordinary
share, payable on 8 May 2026 to shareholders registered on the record date of
10 April 2026. When combined with the interim dividend, the total dividend for
the year amounts to 140.0 cent per share (2024: 127.1 cent per share), which
is an increase of 10.1% over last year's dividend. The Group's aim is to have
double-digit dividend growth each year. Over 39 years as a listed company, the
Group has grown its dividend at a compound rate of 16%.
Kerry's Annual General Meeting is scheduled to take place on 30 April 2026.
Board Changes
Mr. Tom Moran will retire as Chair and as a Director of the Company at the
conclusion of the Annual General Meeting on 30 April 2026. The Company is
pleased to announce that Ms. Fiona Dawson has been appointed by the Board of
Directors as Chair Designate.
Having served his three-year term of appointment, Mr. Patrick Rohan will
retire from the Board at the conclusion of the 2026 AGM and will not seek
re-election.
A separate announcement with further details on these Board changes has been
published today.
Future Prospects
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 their innovation and renovation partner.
Kerry remains strongly positioned for volume growth and margin expansion,
supported by a good innovation pipeline, recognising the soft consumer demand
environment.
The Group expects to deliver constant currency adjusted earnings per share
guidance of 6% to 10% growth in 2026.
Note: Foreign currency translation is expected to be a headwind of ~4% on
earnings per share in 2026 | Guidance based on an average number of shares in
issue of ~160m.
Disclaimer: Forward Looking Statements
This Announcement contains forward looking statements which reflect management
expectations based on currently available data. However actual results may
differ materially from those expressed or implied by these forward looking
statements. These forward looking statements speak only as of the date they
were made, and the Company undertakes no obligation to publicly update any
forward looking statement, whether as a result of new information, future
events or otherwise.
CONTACT INFORMATION
INVESTOR RELATIONS
Marguerite Larkin, Chief Financial Officer
+353 66 7182292 | investorrelations@kerry.ie
William Lynch, Head of Investor Relations
+353 66 7182292 | investorrelations@kerry.ie
MEDIA
Catherine Keogh, Chief Corporate Affairs Officer
+353 45 931000 | corpaffairs@kerry.com
WEBSITE
www.kerry.com
Consolidated Income Statement
for the financial year ended 31 December 2025
Before Before
Non- Non- Non- Non-
Trading Trading Trading Trading
Items Items Total Items Items Total
2025 2025 2025 2024 2024 2024
Notes €'m €'m €'m €'m €'m €'m
Continuing operations
Revenue 2 6,757.6 - 6,757.6 6,929.1 - 6,929.1
Earnings before interest, tax, depreciation and amortisation 2 1,208.1 - 1,208.1 1,188.0 - 1,188.0
Depreciation (net) and intangible asset amortisation (309.0) - (309.0) (299.4) - (299.4)
Non-trading items 3 - (94.5) (94.5) - (55.8) (55.8)
Operating profit 899.1 (94.5) 804.6 888.6 (55.8) 832.8
Finance income 33.2 - 33.2 34.8 - 34.8
Finance costs (85.4) - (85.4) (88.3) - (88.3)
Other income 7.5 - 7.5 - - -
Share of joint ventures' results after taxation (1.2) - (1.2) (0.9) - (0.9)
Profit before taxation 853.2 (94.5) 758.7 834.2 (55.8) 778.4
Income taxes (120.0) 20.1 (99.9) (117.2) 12.2 (105.0)
Profit from continuing operations 733.2 (74.4) 658.8 717.0 (43.6) 673.4
Discontinued operations
Profit from discontinued operations - - - 33.2 27.8 61.0
Profit after taxation 733.2 (74.4) 658.8 750.2 (15.8) 734.4
Attributable to:
Equity holders of the parent - continuing operations 658.5 673.4
Equity holders of the parent - discontinued operations - 61.0
Non-controlling interests - continuing operations 0.3 -
658.8 734.4
Earnings per A ordinary share - attributable to equity holders of the parent Cent Cent
Basic Earnings Per Share (cent)
Continuing operations 4 400.2 389.2
Discontinued operations 4 - 35.3
400.2 424.5
Diluted Earnings Per Share (cent)
Continuing operations 4 399.3 388.6
Discontinued operations 4 - 35.2
399.3 423.8
Consolidated Statement of Comprehensive Income
for the financial year ended 31 December 2025
2025 2024
Notes €'m €'m
Profit after taxation 658.8 734.4
Other comprehensive income:
Items that are or may be reclassified subsequently to profit or loss:
Fair value movements on cash flow hedges 0.3 1.8
Cash flow hedges - reclassified to profit or loss from equity 0.1 (1.9)
Net change in cost of hedging 0.8 0.6
Deferred tax effect of fair value movements on cash flow hedges 0.1 (0.5)
Exchange difference on translation of foreign operations
- Continuing operations 9 (494.5) 206.9
Cumulative exchange difference on translation recycled on disposal
- Continuing operations 9 (0.9) 0.4
- Discontinued operations - (0.6)
Items that will not be reclassified subsequently to profit or loss:
Re-measurement on retirement benefits obligation (22.7) 10.8
Deferred tax effect of re-measurement on retirement benefits obligation 3.8 (2.9)
Net (expense)/income recognised directly in total other comprehensive income (513.0) 214.6
Total comprehensive income 145.8 949.0
Attributable to:
Equity holders of the parent - continuing operations 145.5 888.6
Equity holders of the parent - discontinued operations - 60.4
Non-controlling interests - continuing operations 0.3 -
145.8 949.0
Consolidated Balance Sheet
as at 31 December 2025
31 December 31 December
2025 2024
Notes €'m €'m
Non-current assets
Property, plant and equipment 2,021.2 2,106.7
Intangible assets 5,444.3 5,778.1
Financial asset investments 54.6 59.2
Investments in joint ventures 37.7 38.9
Other non-current financial instruments 166.2 295.7
Retirement benefits asset 90.7 100.7
Deferred tax assets 84.2 93.3
7,898.9 8,472.6
Current assets
Inventories 958.9 1,050.7
Trade and other receivables 1,280.6 1,235.5
Cash at bank and in hand 348.9 1,610.0
Other current financial instruments 152.6 113.6
Tax assets 23.3 26.6
Assets classified as held for sale 5.9 3.5
2,770.2 4,039.9
Total assets 10,669.1 12,512.5
Current liabilities
Trade and other payables 1,486.6 1,742.5
Borrowings and overdrafts 0.5 950.3
Other current financial instruments 5.1 32.3
Tax liabilities 154.7 179.0
Provisions 5.7 7.0
Deferred income 0.9 1.0
1,653.5 2,912.1
Non-current liabilities
Borrowings 2,485.6 2,482.7
Other non-current financial instruments 0.1 0.5
Retirement benefits obligation 34.6 33.4
Other non-current liabilities 128.0 134.2
Deferred tax liabilities 373.1 400.9
Provisions 30.7 50.6
Deferred income 9.9 10.8
3,062.0 3,113.1
Total liabilities 4,715.5 6,025.2
Net assets 5,953.6 6,487.3
Equity
Share capital 6 20.1 20.8
Share premium 9 398.7 1,879.2
Other reserves (251.9) 205.6
Retained earnings 5,784.9 4,380.2
Equity attributable to equity holders of the parent 5,951.8 6,485.8
Non-controlling interests 1.8 1.5
Total equity 5,953.6 6,487.3
Consolidated Statement of Changes in Equity
for the financial year ended 31 December 2025
Attributable to equity holders of the parent
Non-
Share Share Other Retained Controlling Total
Capital Premium Reserves Earnings Total Interests Equity
Notes €'m €'m €'m €'m €'m €'m €'m
Group:
At 1 January 2024 21.9 398.7 (44.6) 6,145.3 6,521.3 1.5 6,522.8
Profit after taxation - - - 734.4 734.4 - 734.4
Other comprehensive income - - 207.2 7.4 214.6 - 214.6
Total comprehensive income - - 207.2 741.8 949.0 - 949.0
Shares issued during the financial year 6 2.1 1,480.5 - - 1,482.6 - 1,482.6
Shares (purchased)/cancelled during the financial year 6 (3.2) - 3.2 (2,301.7) (2,301.7) - (2,301.7)
Dividends paid 5 - - - (205.2) (205.2) - (205.2)
Share-based payment expense - - 39.8 - 39.8 - 39.8
At 31 December 2024 20.8 1,879.2 205.6 4,380.2 6,485.8 1.5 6,487.3
Profit after taxation - - - 658.5 658.5 0.3 658.8
Other comprehensive expense - - (494.2) (18.8) (513.0) - (513.0)
Total comprehensive (expense)/income - - (494.2) 639.7 145.5 0.3 145.8
Shares issued during the financial year 6 - - - - - - -
Shares (purchased)/cancelled during the financial year 6 (0.7) - 0.7 (500.3) (500.3) - (500.3)
Share premium reduction 9 - (1,480.5) - 1,480.5 - - -
Dividends paid 5 - - - (215.2) (215.2) - (215.2)
Share-based payment expense - - 36.0 - 36.0 - 36.0
At 31 December 2025 20.1 398.7 (251.9) 5,784.9 5,951.8 1.8 5,953.6
Other Reserves comprise the following:
Share-
Capital Other Based Cost of
Redemption Undenominated Payment Translation Hedging Hedging
Reserve Capital Reserve Reserve Reserve Reserve Total
€'m €'m €'m €'m €'m €'m €'m
At 1 January 2024 1.9 0.3 151.9 (201.5) 4.2 (1.4) (44.6)
Other comprehensive income/(expense) - - - 206.7 (0.1) 0.6 207.2
Shares cancelled during the financial year 3.2 - - - - - 3.2
Share-based payment expense - - 39.8 - - - 39.8
At 31 December 2024 5.1 0.3 191.7 5.2 4.1 (0.8) 205.6
Other comprehensive (expense)/income - - - (495.4) 0.4 0.8 (494.2)
Shares cancelled during the financial year 0.7 - - - - - 0.7
Share-based payment expense - - 36.0 - - - 36.0
At 31 December 2025 5.8 0.3 227.7 (490.2) 4.5 - (251.9)
Consolidated Statement of Cash Flows
for the financial year ended 31 December 2025
2025 2024
Notes €'m €'m
Cash flows from operating activities
Profit before taxation 758.7 841.8
Adjustments for:
Depreciation (net) 220.0 234.8
Intangible asset amortisation 89.0 87.8
Share of joint ventures' results after taxation 1.2 0.9
Non-trading items income statement charge 3 94.5 31.6
Finance costs (net) 52.2 53.9
Other income (7.5) -
Change in working capital (190.0) (43.4)
Pension contributions paid less pension expense (8.6) (12.1)
Payment on non-trading items (75.7) (50.7)
Exchange translation adjustment 2.9 (3.8)
Cash generated from operations 936.7 1,140.8
Income taxes paid (107.3) (108.2)
Finance income received 23.9 23.8
Finance costs paid (97.8) (67.7)
Net cash from operating activities 755.5 988.7
Investing activities
Purchase of assets (261.6) (305.8)
Inflow/(outflow) from the sales of assets (net of disposal expenses) 1.9 (5.6)
Capital grants received 0.1 2.3
Purchase of businesses (net of cash acquired) (29.7) (166.4)
Payments relating to previous acquisition (9.6) (1.6)
Purchase of investments - (1.8)
Disposal of businesses (net of disposal expenses) 37.6 (27.7)
Net cash used in investing activities (261.3) (506.6)
Financing activities
Dividends paid 5 (215.2) (205.2)
Purchase of own shares (500.3) (556.5)
Payment of lease liabilities (41.0) (40.8)
Issue of share capital - -
Repayment of borrowings (950.0) (2.5)
Cash inflow from interest rate swaps on repayment of borrowings 8.0 3.3
Proceeds from borrowings - 994.0
Net cash movements due to financing activities (1,698.5) 192.3
Net (decrease)/increase in cash and cash equivalents (1,204.3) 674.4
Cash and cash equivalents at beginning of the financial year 1,607.6 909.0
Exchange translation adjustment on cash and cash equivalents (54.9) 24.2
Cash and cash equivalents at end of the financial year 348.4 1,607.6
Reconciliation of Net Cash Flow to Movement in Net Debt
Net (decrease)/increase in cash and cash equivalents (1,204.3) 674.4
Cash flow from debt financing 942.0 (994.8)
Changes in net debt resulting from cash flows (262.3) (320.4)
Fair value movement on interest rate swaps (net of adjustment to borrowings) (0.9) 3.4
Exchange translation adjustment on net debt (34.8) 13.3
Movement in net debt in the financial year (298.0) (303.7)
Net debt at beginning of the financial year - pre lease liabilities (1,839.2) (1,535.5)
Net debt at end of the financial year - pre lease liabilities (2,137.2) (1,839.2)
Lease liabilities (107.0) (86.6)
Net debt at end of the financial year (2,244.2) (1,925.8)
2024 includes both continuing and discontinued operations.
Notes to the Financial Statements
for the financial year ended 31 December 2025
1. Statement of accounting policies
The financial information included within this statement has been extracted
from the audited financial statements of Kerry Group plc for the financial
year ended 31 December 2025. The financial information set out in this
document does not constitute full statutory financial statements for the
financial years ended 31 December 2025 or 2024 but is derived from same. The
consolidated financial statements of Kerry Group plc have been prepared in
accordance with International Financial Reporting Standards as issued by the
IASB ('IFRS Accounting Standards'), International Financial Reporting
Interpretations Committee ('IFRIC') interpretations and those parts of the
Companies Act, 2014 applicable to companies reporting under IFRS Accounting
Standards. The financial statements comprise the Consolidated Income
Statement, the Consolidated Statement of Comprehensive Income, the
Consolidated Balance Sheet, the Consolidated Statement of Changes in Equity,
the Consolidated Statement of Cash Flows and the notes to the financial
statements. The Group's financial statements have also been prepared in
accordance with International Financial Reporting Standards ('IFRS') adopted
by the European Union ('EU') which comprise standards and interpretations
approved by the International Accounting Standards Board ('IASB'). The Group
financial statements comply with Article 4 of the EU IAS Regulation and
Company Law. IFRS adopted by the EU differs in certain respects from IFRS
Accounting Standards issued by the IASB. References to IFRS hereafter refer to
IFRS adopted by the EU.
The consolidated financial statements have been prepared under the historical
cost convention, as modified by the revaluation of certain financial assets
and liabilities (including derivative financial instruments) and financial
asset investments which are held at fair value. Assets and liabilities
classified as held for sale are stated at the lower of carrying value or fair
value less costs to sell. The investments in joint ventures are accounted for
using the equity method.
In these 2025 consolidated financial statements, 2024 balances were
represented in note 2 'Analysis of results' as a result of the change in
operating and reportable segments.
Following the disposal of 70% of Kerry Dairy Holdings (Ireland) Limited
('Kerry Dairy Ireland') and related assets, and in accordance with the
requirements of IFRS 5 'Non-current assets held for sale and discontinued
operations', the results of Kerry Dairy Ireland to 31 December 2024, the date
of disposal, have been presented within profit from discontinued operations in
the consolidated income statement.
Certain income statement headings and other financial measures included in the
consolidated financial statements are not defined by IFRS such as earnings
before interest, other income, tax, depreciation and amortisation ('EBITDA'),
non-trading items and net debt. The Group makes this distinction to enhance
the understanding of the financial performance of the business as outlined in
the Financial Definitions.
The consolidated financial statements have been prepared on the going concern
basis of accounting. The Directors have considered the Group's business
activities and how it generates value, together with the main trends and
factors likely to affect future development, business performance and position
of the Group including liquidity and access to financing and the potential
impacts of climate, geopolitical, technological and macroeconomic environment
related risks on profitability, including tariffs. The going concern of the
Group was also assessed by considering the potential impact of climate-related
risks on profitability and liquidity, macroeconomic and geopolitical
developments, customer inventory management and changing interest rates during
the period. There are no material uncertainties that cast significant doubt on
the Group's ability to continue as a going concern over a period of at least
12 months from the date of approval of these financial statements.
Segmental analysis
The Group's operating segments are regions. Operating segments are reported in
a manner consistent with the internal management structure of the Group and
the internal financial information provided to the Group's Chief Operating
Decision Maker (the Executive Directors) who is responsible for making
strategic decisions, allocating resources, and monitoring and assessing the
performance of each segment. EBITDA as reported internally by segment is the
key measure utilised in assessing the performance of operating segments within
the Group. Other Corporate activities, such as the cost of corporate
stewardship, are reported under the heading 'Unallocated Corporate'.
Non-trading items, borrowings, net finance costs, income and deferred tax
expenses, and software and digital assets are primarily managed on a
centralised basis and therefore, these items are not allocated between
operating segments and are not reported per segment in note 2.
Effective 1 January 2025, the Group's reportable segments changed to the
following three segments: Europe, Americas and APMEA (Asia Pacific, Middle
East and Africa), following the sale of Kerry Dairy Ireland in 2024. In the
Group's financial reporting for 2025, comparative information for 2024 has
been re-presented to reflect the changes in reportable segments.
The geographical split of the business into Europe, North America, LATAM
(Latin America) and APMEA meets the definition of operating segments, as these
are components of the Group whose operating results are regularly reviewed by
the CODM to make decisions about resources to be allocated to the segment and
assess its performance. The Americas operating and reportable segment is an
aggregate of the North America and LATAM operating segments which share
similar economic characteristics. Judgement has been applied in concluding
that these operating segments share similar EBITDA margins, products,
production processes, type of customers and distribution channels. Further,
despite there being differing political, currency and interest rate risks and
profiles in LATAM and North America, because the nature of operations and
product offering is consistent across the LATAM and North America operating
segments, management have determined that there are similar customer profiles
and competitive, operating and financial risks such as liquidity risk and
credit risk across the two segments. This determination, including the
aforementioned indicators, support the conclusion that the LATAM and North
America operating segments share similar economic characteristics.
Critical accounting estimates and judgements
The preparation of the Group consolidated financial statements requires
management to make certain estimations, assumptions and judgements that affect
the reported profits, assets and liabilities.
Estimates and underlying assumptions are reviewed on an ongoing basis. Changes
in accounting estimates may be necessary if there are changes in the
circumstances on which the estimate was based or as a result of new
information or more experience. Such changes are recognised in the period in
which the estimate is revised.
In particular, information about significant areas of estimation and judgement
that have the most significant effect on the amounts recognised in the
consolidated financial statements are described in the respective notes to the
consolidated financial statements.
New standards and interpretations
Certain new and revised accounting standards and new International Financial
Reporting Interpretations Committee ('IFRIC') interpretations have been
issued. The Group intends to adopt the relevant new and revised standards when
they become effective and endorsed by the EU. The Group's assessment of the
impact of these standards and interpretations is set out below.
The following Standards and Amendments are effective from 1 January 2026 and 1 Effective Date
January 2027 but are not expected to have a material effect on the results or
financial position of the Group:
- IFRS 7 & IFRS 9 (Amendments) Classification and Measurement of Financial Instruments 1 January 2026
- IFRS 7 & IFRS 9 (Amendments) Contracts referencing Nature-dependent Electricity 1 January 2026
- IFRS 19 Subsidiaries without Public Accountability: Disclosures 1 January 2027
The Group is currently evaluating the impact of the following Standards and Effective Date
Amendments on future periods:
- IFRS 18 Presentation and Disclosure in Financial Statements 1 January 2027
IFRS 18 is the new standard on presentation and disclosure in financial
statements (replacing IAS 1), with a focus on updates to the income statement.
Even though IFRS 18 will not impact the recognition or measurement of items in
the financial statements, its impacts on presentation and disclosure are
expected to be pervasive, in particular those related to the classification of
income and expenses into operating, investing and financing categories on the
face of the income statement and providing management-defined performance
measures within the financial statements.
2. Analysis of results
For the period ended 31 December 2025, the Group has determined it has three
operating and reportable segments: Europe, Americas and APMEA which are
leading providers of taste and nutrition solutions for the food, beverage and
pharmaceutical markets. The Group uses a broad range of taste and
biotechnology solutions to innovate with its customers to create great tasting
products, with improved nutrition and functionality, while ensuring a better
impact for the planet. Kerry is driven to be its customers' most valued
partner, creating a world of sustainable nutrition.
With effect from 1 January 2025, following the sale of Kerry Dairy Ireland
(which formed the Dairy Ireland segment), the Group's reportable segments have
changed to the following three segments: Europe, Americas and APMEA. This
realignment reflects the way resources are allocated and performance is
assessed by the Chief Operating Decision Maker from 1 January 2025 following
the sale of the Dairy Ireland segment. In the tables below, comparative
information for 2024 has been re-presented to reflect the changes in
reportable segments and the impact of discontinued operations.
Re-presented
Unallocated Unallocated
Europe Americas APMEA Corporate Total Europe Americas APMEA Corporate Total
2025 2025 2025 2025 2025 2024 2024 2024 2024 2024
€'m €'m €'m €'m €'m €'m €'m €'m €'m €'m
Revenue 1,440.1 3,673.6 1,643.9 - 6,757.6 1,504.5 3,763.5 1,661.1 - 6,929.1
EBITDA(1) 251.6 745.3 275.2 (64.0) 1,208.1 250.0 741.1 265.0 (68.1) 1,188.0
Depreciation (net) (42.9) (116.5) (60.3) (0.3) (220.0) (43.8) (116.5) (51.2) (0.3) (211.8)
Intangible asset amortisation (15.6) (29.9) (15.0) (28.5) (89.0) (14.1) (30.5) (14.9) (28.1) (87.6)
Non-trading items - - - (94.5) (94.5) - - - (55.8) (55.8)
Operating profit 193.1 598.9 199.9 (187.3) 804.6 192.1 594.1 198.9 (152.3) 832.8
Finance income 33.2 34.8
Finance costs (85.4) (88.3)
Other income 7.5 -
Share of joint ventures' results after taxation (1.2) (0.9)
Profit before taxation 758.7 778.4
Income taxes (99.9) (105.0)
Profit after taxation from continuing operations 658.8 673.4
Profit after taxation from discontinued operations - 61.0
Profit after taxation 658.8 734.4
Attributable to:
Equity holders of the parent - continuing operations 658.5 673.4
Equity holders of the parent - discontinued operations - 61.0
Non-controlling interests 0.3 -
658.8 734.4
(1) EBITDA represents profit before taxation and before finance income, costs
and other income, depreciation (net of capital grant amortisation), intangible
asset amortisation, non-trading items and share of joint ventures' results
after taxation.
Segment assets and liabilities
Segment assets and liabilities are not provided to the CODM to assess segment
performance or to allocate resources. However, the Group discloses segment
assets and liabilities by segment on a voluntary basis.
Re-presented
Unallocated Unallocated
Europe Americas APMEA Corporate Total Europe Americas APMEA Corporate Total
2025 2025 2025 2025 2025 2024 2024 2024 2024 2024
€'m €'m €'m €'m €'m €'m €'m €'m €'m €'m
Assets 1,931.5 6,197.1 1,714.0 826.5 10,669.1 1,901.3 6,853.5 1,743.7 2,014.0 12,512.5
Liabilities (473.0) (995.7) (327.1) (2,919.7) (4,715.5) (467.7) (1,142.1) (355.9) (4,059.5) (6,025.2)
Net assets 1,458.5 5,201.4 1,386.9 (2,093.2) 5,953.6 1,433.6 5,711.4 1,387.8 (2,045.5) 6,487.3
Other segmental information
Raw materials and consumables (649.2) (1,726.0) (888.5) - (3,263.7) (668.6) (1,777.5) (915.0) - (3,361.1)
Other general overheads (253.4) (550.2) (192.4) (9.1) (1,005.1) (264.1) (573.4) (200.5) (9.5) (1,047.5)
Revenue analysis
Disaggregation of revenue from customers is analysed by primary geographic
market and by End Use Market (EUM), which is the primary market in which
Kerry's products are consumed. An EUM is defined as the market in which the
end consumer or customer of Kerry's product operates. The economic factors
within the EUMs of Food, Beverage and Pharma & other and within the
primary geographic markets which affect the nature, amount, timing and
uncertainty of revenue and cash flows are similar.
Analysis by EUM
Restated
Europe Americas APMEA Total Europe Americas APMEA Total
2025 2025 2025 2025 2024 2024 2024 2024
€'m €'m €'m €'m €'m €'m €'m €'m
Food 1,027.2 2,355.5 1,066.3 4,449.0 1,132.6 2,371.7 1,066.4 4,570.7
Beverage 275.3 1,026.4 497.3 1,799.0 252.5 1,090.3 515.5 1,858.3
Pharma & other 137.6 291.7 80.3 509.6 119.4 301.5 79.2 500.1
Revenue 1,440.1 3,673.6 1,643.9 6,757.6 1,504.5 3,763.5 1,661.1 6,929.1
2024 revenue has been restated to include inter-segment revenue of €50.1m
following the sale of Kerry Dairy Ireland.
Information about geographical areas
The revenue from continuing operations and non-current assets (as defined in
IFRS 8 'Operating Segments') attributable to the country of domicile and all
foreign countries of operation, for which revenue exceeds 10% of total
external Group revenue, are set out below.
Kerry Group plc is domiciled in the Republic of Ireland and the revenues in
the Republic of Ireland were €99.4m (2024: €92.3m). The non-current assets
at 31 December 2025 located in the Republic of Ireland are €2,095.8m (2024:
€2,245.0m).
Revenues include €2,840.0m (2024: €2,929.9m) in the USA. The non-current
assets in the USA are €2,889.0m (2024: €3,264.0m).
Revenues consists of €2,241.6m (2024: €2,243.4m) in emerging markets and
€4,516.0m (2024: €4,685.7m) in developed markets. Revenues in the
foodservice channel was €2,173.3m (2024: €2,224.6m) and €4,584.3m (2024:
€4,704.5m) in the non-foodservice channels.
There are no material dependencies or concentrations on individual customers
which would warrant disclosure under IFRS 8 'Operating Segments'. The
accounting policies of the operating segments are the same as the Group's
accounting policies as outlined in the Statement of Accounting Policies. Under
IFRS 15 'Revenue from Contracts with Customers' revenue is primarily
recognised at a point in time. Revenue recorded over time during the period
was not material to the Group.
3. Non-trading items
2025 2024
Gross Net Gross Net
cost Tax Cost (cost)/profit Tax (cost)/profit
Notes €'m €'m €'m €'m €'m €'m
Acquisition integration costs (i) (9.3) 1.9 (7.4) (4.8) 0.9 (3.9)
Accelerate Operational Excellence (ii) (71.4) 16.9 (54.5) (43.3) 9.3 (34.0)
(80.7) 18.8 (61.9) (48.1) 10.2 (37.9)
Loss on disposal of businesses and assets (iii) (13.8) 1.3 (12.5) (7.7) 2.0 (5.7)
Non-trading items - continuing operations (94.5) 20.1 (74.4) (55.8) 12.2 (43.6)
Profit on disposal of businesses and assets - discontinued operations (iv) - - - 24.2 3.6 27.8
Non-trading items - Total (94.5) 20.1 (74.4) (31.6) 15.8 (15.8)
(i) Acquisition integration costs
These net costs of €7.4m (2024: €3.9m) reflect the relocation of
resources, the restructuring of operations in order to integrate the acquired
businesses into the existing Kerry operating model and external costs
associated with deal preparation, integration planning and due diligence.
(ii) Accelerate Operational Excellence
These net costs of €54.5m (2024: €34.0m) reflect cost of streamlining
operations, project management costs and consultancy fees incurred in the year
relating to the completion of the Accelerate Operational Excellence
transformation programme and the launch of the Accelerate 2.0 programme, which
will focus on footprint optimisation and enabling digital excellence across
the organisation. Under footprint optimisation the Group will be leveraging
the capacity utilisation benefits realised under the Accelerate Operational
Excellence programme to support the reduction of its manufacturing footprint
across all regions aligned to the Group's business development and growth
ambitions. Kerry Digital Excellence will focus on driving enhanced business
performance and productivity through digital enablement initiatives across
operations, global business services, commercial and research &
development. The Accelerate 2.0 programme net costs were €47.1m and is
expected to run for a period of 3 years.
(iii) Loss on disposal of businesses and assets
During the year, the Group disposed of non-core businesses and assets
primarily in Europe and North America for a consideration of €7.4m resulting
in a net loss of €10.2m. In addition, a final settlement of €2.3m was
recorded reflecting the movement in working capital and disposal related costs
following the finalisation of the completion accounts relating to the sale of
the Group's shareholding in Kerry Dairy Holdings (Ireland) Limited.
In 2024, the Group disposed of a non-core business and assets in Europe, APMEA
and North America for a combined consideration of €4.6m resulting in a net
loss of €5.7m including an impairment of €1.4m in the Americas.
(iv) Profit on disposal of businesses and assets - discontinued operations
In the year ended 31 December 2024, the Group entered into an agreement with
Kerry Co-Operative Creameries Limited (the 'Co-Op') in relation to the sale of
the Group's shareholding in Kerry Dairy Holdings (Ireland) Limited resulting
in a net profit of €27.8m.
4. Earnings per A ordinary share - attributable to equity holders of the parent
Continuing Discontinued Continuing Discontinued
Operations Operations Total Operations Operations Total
2025 2025 2025 2024 2024 2024
Basic earnings per share
Profit after taxation (€'m) 658.5 - 658.5 673.4 61.0 734.4
Basic earnings per share (cent) 400.2 - 400.2 389.2 35.3 424.5
Continuing Discontinued Continuing Discontinued
Operations Operations Total Operations Operations Total
2025 2025 2025 2024 2024 2024
Diluted earnings per share
Profit after taxation (€'m) 658.5 - 658.5 673.4 61.0 734.4
Diluted earnings per share (cent) 399.3 - 399.3 388.6 35.2 423.8
2025 2024
Note m's m's
Number of Shares
Basic weighted average number of shares 164.55 172.99
Impact of share options outstanding 0.35 0.30
Diluted weighted average number of shares 164.90 173.29
Actual number of shares in issue as at 31 December 6 161.10 166.44
5. Dividends
2025 2024
€'m €'m
Group and Company:
Amounts recognised as distributions to equity shareholders in the financial
year
Final 2024 dividend of 89.0 cent per A ordinary share paid 9 May 2025 147.0 140.4
(Final 2023 dividend of 80.8 cent per A ordinary share paid 10 May 2024)
Interim 2025 dividend of 42.0 cent per A ordinary share paid 7 November 2025 68.2 64.8
(Interim 2024 dividend of 38.1 cent per A ordinary share paid 8 November 2024)
215.2 205.2
Since the financial year end the Board has proposed a final 2025 dividend of
98.0 cent per A ordinary share which amounts to €157.9m based on ordinary
shares in issue at 31 December 2025. The payment date for the final dividend
will be 8 May 2026 to shareholders registered on the record date as at 10
April 2026. The consolidated financial statements do not reflect this
dividend.
6. Share capital
2025 2024
€'m €'m
Group and Company:
Authorised
280,000,000 A ordinary shares of 12.50 cent each 35.0 35.0
Allotted, called-up and fully paid (A ordinary shares of 12.50 cent each)
At beginning of the financial year 20.8 21.9
Shares issued during the financial year - 2.1
Shares cancelled during the financial year (0.7) (3.2)
At end of the financial year 20.1 20.8
The Company has one class of ordinary share which carries no right to fixed
income. The total number of shares in issue at 31 December 2025 was
161,102,087 (2024: 166,440,652).
Shares issued
During 2025 a total of 359,828 (2024: 264,089) A ordinary shares, each with a
nominal value of 12.50 cent, were issued at nominal value per share under the
Long-Term and Short-Term Incentive Plans and the All Employee Share Plan.
Share exchange pursuant to Kerry Dairy Ireland Sale
On 31 December 2024, the Company redeemed and cancelled Kerry Co-Operative
Creameries Limited's entire shareholding of 19,045,396 A Ordinary Shares and
the Company issued a total of 16,187,024 A Ordinary Shares directly to the
members of Kerry Co-Operative Creameries Limited and to satisfy fractional
share entitlements, as implementation of the share exchange as part of Phase 1
of the sale of Kerry Dairy Ireland. The Company's issued share capital reduced
by 2,858,372 shares as a result.
Share Buyback Programme
In April 2025, the Board approved an additional €300 million Share Buyback
Programme. The Share Buyback Programme is underpinned by the Group's strong
balance sheet and cash flow and is aligned to Kerry's Capital Allocation
Framework. The programme commenced on 20 June 2025 and will end no later than
27 February 2026. In the period from 20 June 2025 to 31 December 2025 the
company purchased 3,160,500 shares at a total cost of €257.3m and
transaction costs of €0.3m. At 31 December 2025 there was no financial
liability recorded in relation to the Share Buyback Programme. Since the
period end, and up to 31 January 2026, the Company has announced the purchase
of an additional 395,175 shares at a total cost of €29.2m.
The previous Share Buyback Programme announced in November 2024, commenced on
12 November 2024 and was completed on 20 June 2025. The total number of shares
acquired during 2024 was 644,079 at a cost of €57.6m. During the period 1
January 2025 to 20 June 2025, an additional 2,537,893 shares were acquired at
a cost of €242.7m, resulting in a total number of shares acquired as part of
this programme of 3,181,972 at a total cost of €300.3m including transaction
costs of €0.3m.
All shares acquired as part of the above Share Buyback Programmes were A
ordinary shares with a nominal value of 12.50 cent. The shares acquired were
cancelled immediately following their repurchase.
The buyback programme is conducted in accordance with the relevant provisions
of the Market Abuse Regulation 596/2014/EU ('MAR' and including MAR as in
force in the UK and as amended by the Market Abuse (Amendment) (EU Exit)
Regulations 2019) and the Commission Delegated Regulation (EU) 2016/1052
(including as in force in the UK and as amended by the FCA's Technical
Standards (Market Abuse Regulation) (EU Exit) Instrument 2019) as well as the
rules of the Central Bank of Ireland.
7. Business Combinations
The following acquisitions were completed by the Group during 2025:
Completion Percentage Segment Principal Strategic
Acquisition Type date acquired activity rationale
Certain assets of Martin Bauer Group Asset April Carve-out business acquisition Americas Coffee extraction capabilities Enhancement of coffee extraction capabilities for food and beverage taste
applications.
2025
GSF Egypt LLC Share October 90% APMEA Culinary food systems Expansion of Kerry's production footprint and capabilities in the Middle East.
2025
The table below provides details of the identifiable net assets, including
adjustments to provisional fair values, in respect of the acquisitions
completed during the year ended 31 December 2025:
Total
2025
€'m
Recognised amounts of identifiable assets acquired and liabilities assumed:
Non-current assets
Property, plant and equipment 13.8
Brand related intangibles 8.4
Current assets
Cash at bank and in hand 2.0
Inventories 4.6
Trade and other receivables 3.9
Current liabilities
Trade and other payables (2.9)
Other current liabilities (0.6)
Non-current liabilities
Other non-current liabilities (5.4)
Total identifiable assets 23.8
Goodwill 9.1
Total consideration 32.9
Satisfied by:
Cash 31.1
Deferred payment(1) 1.8
32.9
(1)The deferred payment of €1.8m (US$2.1m) relating to the GSF Egypt LLC
acquisition is payable in 2026 and will result in the acquisition of the
remaining 10% shares outstanding.
Net cash outflow on acquisition:
Total
2025
€'m
Cash 31.1
Less: cash and cash equivalents acquired (2.0)
Plus: debt acquired (included in other current liabilities) 0.6
29.7
The acquisition method has been used to account for businesses acquired in the
Group's financial statements. Given that the valuation of the fair value of
assets and liabilities recently acquired is still in progress, some of the
values are determined provisionally, primarily values relating to property,
plant and equipment and liabilities (as not all information is available at
this point in time). The valuation of the fair value of assets and liabilities
will be completed within the measurement period. For the acquisitions
completed in 2024, there have been no material revisions of the provisional
fair value adjustments since the initial values were established. The Group
performs quantitative and qualitative assessments of each acquisition in order
to determine whether it is material for the purposes of separate disclosure
under IFRS 3 'Business Combinations'. None of the acquisitions completed
during the period were considered material to warrant separate disclosure.
The goodwill is attributable to the expected profitability, revenue growth,
future market development and assembled workforce of the acquired businesses
and the synergies expected to arise within the Group after the acquisition.
€5.8m of the goodwill recognised is expected to be deductible for income tax
purposes.
Transaction expenses related to these acquisitions of €0.9m were charged in
the Group's Consolidated Income Statement during the financial year. The fair
value of the financial assets acquired includes trade and other receivables
with a fair value of €3.5m and a gross contractual value of €3.9m.
The revenue and profit after taxation attributable to equity holders of the
parent to the Group contributed from date of acquisition for all business
combinations effected during the financial year is as follows:
Total
2025
€'m
Revenue 2.4
Profit after taxation attributable to equity holders of the parent 0.4
The revenue and profit after taxation attributable to equity holders of the
parent to the Group determined in accordance with IFRS as though the
acquisition date for all business combinations effected during the financial
year had been the beginning of that financial year would be as follows:
Kerry Group Consolidated
excluding Group
2025 2025 including
acquisitions acquisitions acquisitions
€'m €'m €'m
Revenue 22.6 6,755.2 6,777.8
Profit after taxation attributable to equity holders of the parent 3.6 658.1 661.7
8. Events after the balance sheet date
Since the financial year end, the Group:
- proposed a final dividend of 98.0 cent per A ordinary share (note 5);
- has announced the purchase of 395,175 shares at a cost of €29.2m up to 31
January 2026 on the existing programme (note 6); and
- has announced an additional Share Buyback Programme of up to €300.0m.
There have been no other significant events, outside the ordinary course of
business, affecting the Group since 31 December 2025.
9. Reserves
Capital redemption reserve
Capital redemption reserve represents the nominal cost of the cancelled shares
in 2007, 2023, 2024 and 2025.
Other undenominated capital
Other undenominated capital represents the amount transferred to reserves as a
result of renominalising the share capital of the Parent Company due to the
euro conversion in 2002.
Share-based payment reserve
The share-based payment reserve relates to invitations made to employees to
participate in the Group's Long-Term and Short-Term Incentive Plans and the
All Employee Share Plan for participating employees.
Translation reserve
Exchange differences relating to the translation of the balance sheets of the
Group's foreign currency operations from their functional currencies to the
Group's presentation currency (euro) are recognised directly in other
comprehensive income and accumulated in the translation reserve. The movement
in the US dollar from $1.04 at 31 December 2024 to $1.18 at 31 December 2025
relative to euro is the primary driver of the movement in the translation
reserve in the year.
Hedging reserve
The hedging reserve represents the effective portion of gains and losses on
hedging instruments from the application of cash flow hedge accounting for
which the underlying hedged transaction is not impacting profit or loss. The
cumulative deferred gain or loss on the hedging instrument is reclassified to
profit or loss only when the hedged transaction affects the profit or loss.
Cost of hedging reserve
The cost of hedging reserve arises from where the Group has entered into cross
currency interest rate swaps. Such cross currency interest rate swaps have
basis risk as there are characteristics in the cross currency interest rate
swap contracts that are not present in the hedged item, being currency basis
spreads.
Retained earnings
Retained earnings refers to the portion of net income, which is retained by
the Group rather than distributed to shareholders as dividends.
Non-controlling interests
Non-controlling interests represent the portion of the equity of a subsidiary
not attributable either directly or indirectly to the Group.
Share premium account
Share premium represents the excess of proceeds received over the nominal
value of new shares issued.
During the year, the share premium reserve of Kerry Group plc decreased by
€1,480.5m to €398.7m increasing distributable reserves by the same amount.
This capital reduction was approved by shareholders by way of a special
resolution passed on 19 December 2024 and was confirmed by the High Court on 8
April 2025.
10. General information
The financial information in this preliminary announcement does not constitute
the full statutory financial statements of Kerry Group plc, a copy of which is
required to be annexed to the annual return filed with the Registrar of
Companies and will be published on www.kerry.com. The statutory financial
statements of Kerry Group plc for the financial year ended 31 December 2025,
to which an unqualified audit opinion was received, were approved by the Board
of Directors and authorised for issue on 16 February 2026. A copy of the
statutory financial statements of Kerry Group plc for the financial year ended
31 December 2025 will be annexed to the annual return for 2025 and will be
filed with the Registrar of Companies following the annual general meeting.
The statutory financial statements of Kerry Group plc for the financial year
ended 31 December 2024 were annexed to the annual return for 2024 and filed
with the Registrar of Companies and are available on www.kerry.com.
Supplementary Information
FINANCIAL DEFINITIONS
(not covered by independent auditors' report)
Kerry uses a number of financial and non-financial key performance indicators
(KPIs) to measure performance across its business. These KPIs help inform
decision making, assist effective goal setting and track progress in achieving
the Group's strategic objectives. Kerry believes that long-term sustainable
success will be achieved by generating value for all stakeholders, while
developing and monitoring strategy, managing the risks that face the
organisation and embedding the Group's purpose and values. Principal financial
definitions used by the Group, together with reconciliations where the
non-IFRS measures are not readily identifiable from the financial statements,
are as follows:
1. Revenue
Volume performance
This represents the sales performance year-on-year, excluding pass-through
pricing on input costs, currency impacts, acquisitions, disposals and
rationalisation volumes.
Volume performance is an important metric as it is seen as the key driver of
organic top-line business improvement. Pricing therefore impacts revenue
performance positively or negatively depending on whether input costs move up
or down. A full reconciliation to reported revenue performance is detailed in
the revenue reconciliation below.
Following the disposal of Kerry Dairy Ireland and change in segments, the
revenue reconciliation has been restated to reflect a geographical split which
aligns to the revised segmental disclosures.
Revenue Reconciliation
Reported
Volume Transaction Acquisitions/ Translation revenue
2025 performance Price currency Disposals currency performance
Europe (0.5%) - - (3.7%) (0.1%) (4.3%)
APMEA 4.2% (0.7%) 0.2% (0.1%) (4.6%) (1.0%)
Americas 3.8% (0.1%) 0.1% (1.0%) (5.2%) (2.4%)
Group - continuing operations 3.0% (0.3%) 0.1% (1.4%) (3.9%) (2.5%)
2024
Europe 0.4% (3.2%) - (1.4%) 0.9% (3.3%)
APMEA 4.8% (2.3%) 0.6% 0.5% (2.8%) 0.8%
Americas 4.1% (1.6%) - (1.5%) (1.2%) (0.2%)
Group - continuing operations 3.4% (2.1%) 0.2% (1.0%) (1.2%) (0.7%)
Disposal revenue in Europe in 2025 primarily reflects the exit of a
manufacturing agreement post the finalisation of the Kerry Dairy Ireland
separation in the current year.
2. EBITDA
EBITDA represents profit before taxation and before finance income and costs,
other income, depreciation (net of capital grant amortisation), intangible
asset amortisation, non-trading items and share of joint ventures' results
after taxation. EBITDA is reflective of underlying trading performance and
allows comparison of the trading performance of the Group's businesses, either
year-on-year or with other businesses.
2025 2024
Continuing operations €'m €'m
Profit before taxation 758.7 778.4
Share of joint ventures' results after taxation 1.2 0.9
Finance income (33.2) (34.8)
Finance costs 85.4 88.3
Other income (7.5) -
Non-trading items 94.5 55.8
Intangible asset amortisation 89.0 87.6
Depreciation (net) 220.0 211.8
EBITDA 1,208.1 1,188.0
3. EBITDA Margin
EBITDA margin represents EBITDA expressed as a percentage of revenue.
2025 2024
Continuing operations €'m €'m
EBITDA 1,208.1 1,188.0
Revenue 6,757.6 6,929.1
EBITDA margin 17.9% 17.1%
4. Operating Profit
Operating profit is profit before income taxes, finance income, finance costs,
other income and share of joint ventures' results after taxation.
2025 2024
Continuing operations €'m €'m
Profit before taxation 758.7 778.4
Finance income (33.2) (34.8)
Finance costs 85.4 88.3
Other income (7.5) -
Share of joint ventures' results after taxation 1.2 0.9
Operating profit 804.6 832.8
5. Adjusted Earnings Per Share and Performance in Adjusted Earnings Per Share
on a Constant Currency Basis
The performance in adjusted earnings per share on a constant currency basis is
provided as it is considered more reflective of the Group's underlying trading
performance. Adjusted earnings is profit after taxation attributable to equity
holders of the parent before brand related intangible asset amortisation and
non-trading items (net of related tax). These items are excluded in order to
assist in the understanding of underlying earnings. A full reconciliation of
adjusted earnings per share to basic earnings is provided below. Constant
currency eliminates the translational effect that arises from changes in
foreign currency year-on-year. The performance in adjusted earnings per share
on a constant currency basis is calculated by comparing current year adjusted
earnings per share to the prior year adjusted earnings per share retranslated
at current year average exchange rates.
2025 2024
EPS Performance EPS Performance
Continuing and Discontinued operations cent % cent %
Basic earnings per share 400.2 (5.7%) 424.5 3.4%
Brand related intangible asset amortisation 36.0 - 33.9 -
Non-trading items (net of related tax) 45.3 - 9.1 -
Adjusted earnings per share 481.5 3.0% 467.5 8.7%
Impact of retranslating prior year adjusted earnings per share at current year 4.5% 1.0%
average exchange rates(1)
Growth in adjusted earnings per share on a constant currency basis 7.5% 9.7%
(1) Impact of 2025 translation was (21.1)/467.5 cent = 4.5% (2024: 1.0%).
6. Free Cash Flow
Free cash flow is EBITDA plus movement in average working capital, capital
expenditure net (purchase of assets, payment of lease liabilities,
inflow/(outflow) from the sale of assets (net of disposal expenses) and
capital grants received), pension contributions paid less pension expense,
finance costs paid (net), other income and income taxes paid.
Free cash flow is seen as an important indicator of the strength and quality
of the business and of the availability to the Group of funds for reinvestment
or for return to shareholders. Movement in average working capital is used
when calculating free cash flow as management believes this provides a more
accurate measure of the increase or decrease in working capital needed to
support the business over the course of the year rather than at two distinct
points in time and more accurately reflects fluctuations caused by seasonality
and other timing factors. Average working capital is the sum of each month's
working capital over 12 months adjusted for the impact of acquisitions and
disposals. The following table is a reconciliation of free cash flow to the
nearest IFRS measure, which is 'Net cash from operating activities'.
2025 2024
Continuing and Discontinued operations €'m €'m
Net cash from operating activities 755.5 988.7
Difference between movement in monthly average working capital and movement in 115.4 72.3
the financial year end working capital
Payments on non-trading items 75.7 50.7
Purchase of assets (261.6) (305.8)
Payment of lease liabilities (41.0) (40.8)
Inflow/(outflow) from the sale of assets (net of disposal expenses) 1.9 (5.6)
Capital grants received 0.1 2.3
Exchange translation adjustment (2.9) 3.8
Free cash flow 643.1 765.6
7. Cash Conversion
Cash conversion is defined as free cash flow, expressed as a percentage of
adjusted earnings after taxation. Cash conversion is an important metric as it
measures how much of the Group's adjusted earnings is converted into cash.
2025 2024
Continuing and Discontinued operations €'m €'m
Free cash flow 643.1 765.6
Profit after taxation attributable to equity holders of the parent 658.5 734.4
Brand related intangible asset amortisation 59.3 58.6
Non-trading items (net of related tax) 74.4 15.8
Adjusted earnings after taxation 792.2 808.8
Cash Conversion 81% 95%
8. Average Capital Employed
Average capital employed is the average of total capital employed over the
last three reported balance sheets. Total capital employed is calculated as
shareholders' equity, less the vendor loan note relating to the Sweet
Ingredients Portfolio, less the Retained Investment in Kerry Dairy Ireland,
plus net debt.
2025 H1 2025 2024(1) 2024 H1 2024 2023
€'m €'m €'m €'m €'m €'m
Equity attributable to equity holders of the parent 5,951.8 5,907.6 6,485.8 6,485.8 6,512.8 6,521.3
Vendor loan note - Sweet Ingredients Portfolio (143.2) (129.4) (124.6) (124.6) (128.0) (124.3)
Retained Investment in Kerry Dairy Ireland (148.5) (148.5) (148.5) - - -
Net debt 2,244.2 2,055.8 1,925.8 1,925.8 1,843.9 1,604.1
Total capital employed 7,904.3 7,685.5 8,138.5 8,287.0 8,228.7 8,001.1
Average capital employed 7,909.4 8,172.3
(1) Restated as at 1 January 2025 following the disposal of Kerry Dairy
Ireland.
9. Return on Average Capital Employed (ROACE)
This measure is defined as profit after taxation attributable to equity
holders of the parent before non-trading items (net of related tax), brand
related intangible asset amortisation and finance income, costs and other
income expressed as a percentage of average capital employed. ROACE is a key
measure of the return the Group achieves on its investment in capital
expenditure projects, acquisitions and other strategic investments.
2025 2024
Continuing and Discontinued operations €'m €'m
Profit after taxation attributable to equity holders of the parent 658.5 734.4
Non-trading items (net of related tax) 74.4 15.8
Brand related intangible asset amortisation 59.3 58.6
Net finance costs 52.2 53.9
Other income (7.5) -
Adjusted profit 836.9 862.7
Average capital employed 7,909.4 8,172.3
Return on average capital employed 10.6% 10.6%
10. Total Shareholder Return
Total shareholder return represents the change in the capital value of Kerry
Group plc shares plus dividends in the financial year expressed as a
percentage of the opening capital value.
2025 2024
Share price (1 January) €93.25 €78.66
Interim dividend (cent) 42.0 38.1
Dividend paid (cent) 89.0 80.8
Share price (31 December) €78.00 €93.25
Total shareholder return (14.9%) 20.1%
11. Market Capitalisation
Market capitalisation is calculated as the share price times the number of
shares in issue.
2025 2024
Share price (31 December) €78.00 €93.25
Shares in issue ('000) 161,102.1 166,440.7
Market capitalisation (€'m) 12,566.0 15,520.6
12. Enterprise Value
Enterprise value is calculated as per external market sources. It is market
capitalisation plus reported borrowings less total cash and cash equivalents.
13. Net Debt
Net debt comprises borrowings and overdrafts, interest rate derivative
financial instruments, lease liabilities and cash at bank and in hand.
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