KERRY GROUP (+) : On the road with Kerry

Research evidence excerpt

KERRY GROUP (+) : On the road with Kerry

EQUITIES

CONSUMER INGREDIENTS

KERRY GROUP OUTPERFORMPRICE* EUR72.6  TARGET PRICE EUR96 (UPSIDE 32%)

On the road with Kerry

We hosted investor meetings with Kerry’s CEO Edmond Scanlon and Head of IR William Lynch in15 MAY 2026

Securities Research Report North America. Kerry remains confident in delivering 300bps volume outperformance vs end markets

Production time: 05:59* (London time)

in both 2026 and mid-term, with the highest degree of confidence in N America (notably in

Research Analysts & Publishing Entities

foodservice) given the high level of activity around reformulation and limited time offers, spurred by

Nicola Tang, CFA / in spite of the weak consumer backdrop.

BNP Paribas London Branch

(+44) 203 430 8490

nicola.tang@uk.bnpparibas.com GLP-1 disruption may have weighed on sentiment but creating opportunities for innovation

Investors continue to question the cyclical (affordability) vs structural (GLP-1, MAHA) nature of

Joan Lim

BNP Paribas London Branch headwinds in the food & beverage industry. Kerry firmly believes affordability is the main issue, as

+(44) 207 039 9410 evidenced by the relative successes of customers with value offerings. Management acknowledged

joan.lim@uk.bnpparibas.com that debates around GLP-1 have weighed on investor sentiment, however this disruptor is already

proving to be a catalyst for reformulation. Kerry’s volumes in Snacking grew 17% over two years

(11% of sales) and its leadership in salt reduction is paying off. Growth in Meals (16% of sales)

remains subdued but offers a significant reformulation opportunity in US, particularly if the UK serves

as a blueprint. Share buybacks remain compelling at current valuation levels.