Kerry Group PLC | Europe 2Q beat. FY26 to see +LSD% upgrades. New 2030 Targets

研报英文原文证据摘录

Kerry Group PLC | Europe 2Q beat. FY26 to see +LSD% upgrades. New 2030 Targets

Update

July 29, 2026 07:01 AM GMT

Morgan Stanley & Co. International plc+MKerry Group PLC | Europe Lisa H De Neve

Equity Analyst

2Q beat. FY26 to see +LSD% Lisa.De.Neve@morganstanley.comSelina Wang +44 20 7677-0250

Research Associate

Selina.Wang1@morganstanley.com +44 20 7425-2552

upgrades. New 2030 Targets

Kerry Group PLC (KYGa.I, KYGA ID)

Chemicals | Ireland

AlphaSignals Earnings Reaction

Stock Rating Equal-weight

Unchanged Modest upside Modest revision higher Industry View In-Line

Impact to our thesis Financial results versus consensus Direction of next 12-month Price target €88.00

consensus EPS Shr price, close (Jul 28, 2026) €85.65

52-Week Range €89.80-64.30

Source: Company data, Morgan Stanley Research Mkt cap, curr (mn) €13,797

Net debt (12/26e) (mn)* €1,696

Bottom line: We expect shares to outperform today reflecting the (+) 2Q u-volume EV, curr (mn)* €15,934

beat at +3.5% (+50bps vs Cons) with all segments ahead, especially the Americas * = GAAP or approximated based on GAAP

(this stands in contrast to some peers including Givaudan where Americas volumes

were negative), and accordingly (+) scope for +LSD% FY26 Adj EPS Cons upgrades

(on unchanged FY26 Adj EPS guidance in constant-currency but now with lower FX

headwinds), and (iii) achievable FY30 strategic targets.

FY26 outlook maintained. Scope for LSD% FY26 Adj EPS upgrades. Kerry

continues to guide to FY26 Adj EPS growth ex-FX of +6% to +10% YoY but now

points towards lower FX headwind (-1%/-2% vs -3% previously). We forecast to see

+LSD% FY26 Adj EPS upgrades (FY26 Adj EPS Cons €5.04) reflecting better volume

momentum and lower FX negatives partially offset by less margin progression in 2H