A more credible framework

Research evidence excerpt

A more credible framework

forecast to 3.4% from 2.8%, organic growth to 3.1% from 2.5%, and FY26 EBITDA by

1.4%. Below-the-line changes leave our adj-EPS broadly unchanged with our forecast implying Price Performance Exchange-LSE

+7.5% growth vs. KYGA 6-10% constant currency guidance range. 52 Week range EUR 89.80-64.30

New volume target looks more realistic: Management, however, framed the new 3-5% 2030

volume growth target (from +4-6% previously) as grounded in today's slower end-market

backdrop, assuming flattish end markets, 1-2% addressable market growth and still targeting

c.300bps of market outperformance. Kerry has delivered 3.8% average volume growth during

2022-25 and 3.7% across the last decade, providing a credible track record against the new

target. Foodservice, emerging markets and renovation remain the core growth engines. Source: LSEG Data & Analytics, Bloomberg

Renovation now represents c.40% of the group's growth pipeline, while Foodservice revenues Link to Barclays Live for interactive charting

have grown by roughly 70% since 2017 and management continues to highlight significant

whitespace opportunities. Our model remains broadly aligned with the new volume framework European Consumer Staples

with average volume growth +3.7% 2025-2030. Alex Sloane

+44 (0)20 3555 0645

More transparency on margin is welcome: The new 20-21% EBITDA margin target by 2030 alexander.sloane@barclays.com

compares with c.18% achieved in 2025 and provides greater visibility on the path forward. Barclays, UK

Encouragingly, management also quantified a gross margin target of more than 39%+ versus

Warren Ackerman

+44 (0)20 3134 1903

Barclays Capital Inc. and/or one of its affiliates does and seeks to do business with companies warren.ackerman@barclays.com