Kerry Group: Takeaways from CEO roadshow

研报英文原文证据摘录

Kerry Group: Takeaways from CEO roadshow

Equity Research

European Consumer Staples

13 May 2026

Kerry Group

Takeaways from CEO roadshow

Kerry’s CEO highlighted continued US volume resilience

despite GLP‑1 and inflation, with reformulation and private

KYGa.L/KYG ID OVERWEIGHTlabel acting as structural supports. While H2 end‑market European Consumer

Staplesuncertainty is a reality, Kerry remain confident in full year NEUTRAL

Price Target EUR 95.00

guidance and longer term margin progression. Price (11-May-26) EUR 70.60

Potential Upside/Downside +34.6%

Source: Bloomberg, Barclays Research

We hosted Kerry Group CEO Edmond Scanlon for a roadshow this week in North America

and lay out our key takeaways below. We would be delighted to discuss in more

detail. Overall, the CEO’s message supported the view that Kerry’s volume resilience in the European Consumer Staples

US is underappreciated. Concerns around GLP‑1 and inflation are not showing up in North Alex Sloane

America volumes, with Kerry instead benefiting from accelerating reformulation, +44 (0)20 3555 0645

functional innovation and increased private label penetration. The growing sophistication alexander.sloane@barclays.com

Barclays, UKof US private label and the prospect of front‑of‑pack labelling represent incremental

tailwinds. While management acknowledged some H2 end‑market uncertainty from Warren Ackerman

inflation, confidence in ~3% full‑year volume growth remains intact, underpinned by a +44 (0)20 3134 1903

strong innovation pipeline. Longer term, a more diversified APMEA growth model and warren.ackerman@barclays.com

Barclays, UKcontinued structural margin progression remain central to the investment case, in our

view. With the shares at a de‑rated valuation despite one of the most consistent volume Setu Sharda