Kerry Group: Key takeaways from Leipzig

Research evidence excerpt

Kerry Group: Key takeaways from Leipzig

Equity Research

European Consumer Staples

12 June 2026

Kerry Group

Key takeaways from Leipzig

Biotechnology is increasingly embedded across core Taste

solutions rather than just a standalone vertical. Applications

span salt reduction, food protection and natural colour, KYGa.L/KYG ID OVERWEIGHT European Consumer

Staplessupporting clean label reformulation and helping underpin NEUTRAL

Price Target EUR 95.00

KYGA growth outperformance. Price (10-Jun-26) EUR 76.80

Potential Upside/Downside +23.7%

Source: Bloomberg, Barclays Research

We visited Kerry Group in Leipzig at its recently commissioned global biotechnology hub as part

of the inaugural Barclays Chemicals & Ingredients bus tour in Germany. The visit combined

management presentations from Chief Science & Technology Officer Dr Albert McQuaid and European Chemicals & Ingredients

other key biotech leaders, application showcases and a pilot plant tour, highlighting how Alex Sloane

biotechnology is increasingly embedded across Kerry’s taste and solutions portfolio. +44 (0)20 3555 0645

alexander.sloane@barclays.com

1. Biotechnology now embedded across core taste solutions, not a standalone vertical: A Barclays, UK

central message from Dr. McQuaid and the biotech hub leadership was that biotechnology has Setu Sharda

moved beyond a discrete business line into a core enabling capability across the group. Kerry + 91 (0)22 6175 1934

today reports c.€1.3bn of standalone biotechnology revenues spanning enzymes, food setu.sharda@barclays.com

protection and proactive health ingredients, but this understates the true strategic importance. Barclays, UK

Management emphasised that c.40% of taste solutions now incorporate a fermentation or Katie Richards