Kerry Group Key highlights from CEO Fireside Chat

Research evidence excerpt

Kerry Group Key highlights from CEO Fireside Chat

J P M O R G A N Europe Equity Research

19 May 2026

Kerry Group Overweight

KYGa.I, KYGA ID

Key highlights from CEO Fireside Chat Price (18 May 26):€73.10

Price Target (Dec-27):€105.00

Yesterday afternoon, we hosted our Fireside Chat with Kerry Group CEO Edmond European Food Producers and

Scanlon. Management was upbeat on both in the near-term, driving continued Household & Personal Care

strong outperformance to end-markets, whilst in the longer-term is positively Products

positioned on health and nutrition trends. On the shorter term, the company sees Edward G Hockin AC

both a well managed supply/logistics situation in the Middle East (with learnings (44-20) 7742-6937

from 2025 disruption) and resilient demand (potential Foodservice opportunities edward.hockin@jpmorgan.com

in delivery). Meanwhile, the company was confident on 3%-plus volumes in Celine Pannuti, CFA

Americas this year, and Europe in volumes growth similar to that seen in Q1. On (44-20) 7134-7123

celine.pannuti@jpmorgan.com

topics spanning reformulation, health and nutrition, the company continues to

Prem Sirisuttinunt

expect some form of US front-of-pack nutritional labeling, but that reformulation

(44-20) 3493-4568

is also consumer driven, and past precedent points to regulation driving c200bps sakdipong.sirisuttinunt@jpmorgan.com

volume uplift in a country. On GLP-1, meanwhile, they see the biggest perceived J.P. Morgan Securities plc

headwind in the US likely to have already happened and going forward opens up

opportunities in renovation for nutrient density, high protein etc that require value- Specialist Sales contact details:

add ingredient partners and may be a net benefit. Net-net, the call should reassure Olivia Petronilho - Specialist Sales -