Kerry Group Stock Earnings Reports

Kerry delivered a solid FY2025 with volume outperformance, margin expansion and EPS growth. Group revenue was EUR 6.8bn, EBITDA EUR 1.2bn, volume growth was +3% (Q4 +2.8%) and adjusted EPS grew 7.5% in constant currency. EBITDA margin expanded 80 basis points to just under 18% and management says it is on track for 19–20% by 2028. Free cash flow was strong at EUR 643m (81% cash conversion); net debt EUR 2.2bn (net debt/EBITDA 1.9x) and the company initiated a new EUR 300m share buyback after returning EUR 500m in buybacks and EUR 215m in dividends in the year. Key growth drivers were innovation (fermentation, Tastesense sugar/salt reduction, proactive health ingredients), expansion in emerging markets (Southeast Asia, LatAm, new sites in Egypt/Rwanda), and foodservice/retailer renovation activity. Accelerate Operational Excellence delivered ahead of plan and Accelerate 2.0 is expected to run to 2028, targeting circa EUR 100m of recurring annual savings (net cumulative cost ~EUR 140m). Outlook: management guides constant currency adjusted EPS growth of 6–10% for 2026, expects limited input-cost deflation (and limited deflationary pricing) and foresees a currency headwind to EPS of ~4% in 2026. Regional notes: Americas strong (EBITDA margin ~20.3%), Europe soft late in 2025 but expected to return to growth in 2026 (likely H2-weighted), APMEA steady with China expected to progress in 2026. Risks/highlights for investors: currency translation headwinds, some one-off/transition working capital timing (year-end WC days higher), limited further disposals (c. EUR 60m disposal revenues expected), and continued execution risk on Accelerate 2.0 and margin targets.