Kerry (KYGA.ID): proving to be a reformulation winner

Research evidence excerpt

Kerry (KYGA.ID): proving to be a reformulation winner

30 July 2026

Victoria Nice, CFA

+44 20 7762 5862

European Food victoria.nice@bernsteinsg.com

Kerry Group Callum Elliott, CFA, ACA

+44 20 7676 7183

Rating callum.elliott@bernsteinsg.com

Outperform James Hooper

Price Target +44 20 7676 6995

james.hooper@bernsteinsg.com

KYGA.ID 104.00 EUR (100.00 OLD)

Henry Dennis

KYGA.LN 104.00 EUR (100.00 OLD) +44 20 7676 6776

henry.dennis@bernsteinsg.com

Kerry reported a solid 1H yesterday with a slight beat across the P&L which was enough

Close Date 29 Jul 2026

for management to softly upgrade volume growth expectations for the year (from 3% to

KYGA.ID Close Price (EUR) 84.30

c.3.5%), with adj EPS now seen higher within the current range than previously (6-10% in

Price Target (EUR) 104.00

constant currency). The highlight from 2Q was strong volume growth in Americas of 3.9%, an

Upside/(Downside) 23%

acceleration from 3.4% in 1Q. Part of the regions good growth came from snacks amid rising

52-Week Range 89.80/64.30

reformulation trends. This compares to peers who have recently reported softer growth

EDME 1,601.43

in the US, showcasing we think Kerry’s more attractive relative positioning to win from key

FYE Dec

reformulation trends which are most prominent in this market.

Div Yield 1.7%

But the key news from the day was the setting of 2030 targets, which were not expected. Market Cap (EUR) (M) 13,374

On the surface it appeared as if the group had downgraded its volume growth ambition from EV (EUR) (M) 15,608

the 4-6% that it aimed to deliver over the mid-term (ending 2026) to the 3-5% p.a. it now Performance YTD 1M 6M 12M

expects to deliver out to 2030. However, this comes with an increased level of expected Absolute (%) 8.1 4.2 14.8 (5.9)

outperformance from Kerry vs end markets.