Kerry Group Interim Management Report 2026

Kerry Group PLC

29 July 2026

 

	H1 2026 results presentation and management prepared remarks webcast available from 6.30am (Irish Standard Time).
	2030 targets presentation and management prepared remarks webcast available from 6.30am (Irish Standard Time).
	Live analyst Q&A call covering both H1 2026 results and 2030 targets will commence at 8.30am (Irish Standard Time).

29 July 2026

LEI: 635400TLVVBNXLFHWC59

KERRY GROUP PLC

Half Year Results 2026

Strong H1 Performance | 2030 Financial Targets Announced

HIGHLIGHTS

>	Group revenue of €3.3bn
>	Volume growth of 3.3% (Q2: +3.5%) - continued strong end market outperformance
>	EBITDA margin increased by 60bps to 16.7% - primarily driven by Accelerate 2.0
>	Group EBITDA of €558m (H1 2025: €556m)
>	Adjusted EPS of 214.1 cent - up 7.9% on a constant currency basis (H1 2025: 209.2 cent)
>	Free cash flow of €262m reflecting 76% cash conversion
>	Interim dividend per share increase of 10.0% to 46.2 cent
>	Full year constant currency adjusted EPS guidance maintained
>	Updated financial targets to 2030 announced

	Edmond Scanlon, Chief Executive Officer
	"We are pleased to report a strong performance in the first half, reflecting a step up in volume growth in the second quarter and continued strong margin expansion. We delivered volume growth across all three regions, with strong growth and market outperformance in the Americas, a solid performance in Europe and good growth in APMEA. The EBITDA margin expansion was led by efficiencies delivered through our Accelerate 2.0 programme.
	We continued to evolve and develop our business in the period, including good strategic progress in expanding our manufacturing footprint across a number of emerging markets, further development of our taste and biotechnology solutions capabilities, and continued execution of Accelerate 2.0 through our footprint optimisation and digital excellence programme.
	Our continued strong end market outperformance highlights the strength and relevance of our strategic positioning across our markets, channels and customer base. Our inbuilt business resiliency positions us well through this period of market uncertainty, and we remain strongly positioned for volume growth and margin expansion, underpinned by a good innovation and renovation pipeline.
	Today we have updated our financial targets and earnings growth algorithm to 2030. Our revenue volume growth target range of 3-5% represents our confidence in continuing to deliver consistent strong market outperformance and is set in the context of current market conditions. This growth combined with our EBITDA margin target of 20-21% by 2030 will be the key drivers of delivering our HSD+ earnings growth over the coming years."

Markets and Performance

Kerry's volume growth remained significantly ahead of food and beverage end markets in the period, where key landscape dynamics included geopolitical uncertainty, continued consumer affordability challenges and heightened consumer focus on health & wellness. Customer innovation activity increased in many markets, orientated towards high growth areas including higher protein, proactive health and new format options, while customer renovation focus centred on addressing a variety of needs including enhancing taste, nutritional profiles, cost optimisation, and supply chain challenges.

Kerry's growth in the period was driven by good innovation activity in the foodservice channel and continued product renovation activity in the retail channel. This growth was achieved across a broad range of taste and biotechnology solutions, including savoury taste, Tastesense™ salt and sugar reduction technologies, botanicals, natural extracts, taste solutions for high-protein applications, enzymes and bio-fermented ingredients.

Revenue for the period comprised good volume growth of 3.3%, an overall pricing reduction of 1.0% reflective of input cost deflation, adverse transaction currency of 0.1%, a reduction from disposals net of acquisitions of 1.1% and adverse translation currency of 4.8%, resulting in an overall reported revenue decrease of 3.7%. The adverse translation currency impact was primarily driven by the significant weakening of the US$ versus the Euro, and based on prevailing exchange rates the foreign currency translation impact is expected to be favourable for the remainder of the year.

Group EBITDA increased to €558m in the period, with EBITDA margin expansion of 60bps primarily driven by Accelerate 2.0, combined with benefits from operating leverage, product mix, net price, and disposals, partially offset by an adverse translation currency impact.

Constant currency adjusted earnings per share increased by 7.9% to 214.1 cent (H1 2025: +9.8%) and 2.3% in reported currency (H1 2025: +7.8%). Basic earnings per share was 175.5c (H1 2025: 182.4c) reflecting business growth offset by the increase in the charge related to non-trading items and the adverse foreign currency translation impact.

Free cash flow was €262m with cash conversion of 76% based on average working capital and 85% based on the working capital movement at the balance sheet date. This reflects business growth, increased capital expenditure, average working capital investment and adverse foreign currency movements (H1 2025: Free Cash Flow €309m).

The interim dividend of 46.2 cent per share reflects an increase of 10.0% over the 2025 interim dividend. During the period, the Group repurchased €173m of Kerry Group plc 'A' ordinary shares under its share buyback programmes.

2030 Financial Targets

Kerry today announces its medium-term financial targets and growth algorithm to 2030. This reflects a continuation of its financial framework, which is balanced between growth and return metrics. Kerry's focus on strategy execution has supported consistent market outperformance and financial delivery over the years, as it has evolved to a pure-play taste and nutrition company. These key financial metrics are complemented by its capital allocation framework, which remains well balanced between business reinvestment and capital returns.

Growth Targets

Volume Growth¹ of 3-5% - representing strong end market outperformance and based on a continuation of current market conditions. Kerry's key growth drivers of foodservice, emerging markets and renovation are supported by its positioning as its customers' key business development partner, solving their complex challenges with differentiated solutions.

EBITDA Margin² of 20-21% by 2030 - building on the strong progress and margin expansion achieved in recent years as Kerry has evolved its business. Business efficiency initiatives, operating leverage and portfolio mix will be key contributors to future growth, balanced with continued investment in the business for growth.

High-Single-Digit Plus (HSD+) Adjusted EPS Constant Currency Growth - reflecting the key element of Kerry's growth algorithm, underpinned by a strong track record of volume growth and EBITDA margin expansion.

Return Targets

85%+ Cash Conversion - developing on the strong free cash flow generated in recent years.

12-13% ROACE by 2030 - reflecting strong growth plans and recent progression.

¹ Based on assumption of flat end market growth | ² Assumes neutral currency and input costs | Targets are on average from 2027-2030 unless otherwise stated | See Financial Definitions section of 2030 targets presentation for definitions of Alternative Performance Measures

H1 2026 Business Review

Strong Q2 volume progression and continued margin expansion

>	Volume growth of 3.3% (Q2: +3.5%)
>	Growth led by Snacks, Meat, Dairy and Beverage
>	Pricing of -1.0% reflected overall input cost deflation
>	EBITDA of €558m with margin expansion of 60bps

Volume growth across each of the regions in the period reflected continued progression across all geographies in the second quarter.

Growth was led by Snacks, Meat, Dairy and Beverage end markets. This was driven by Kerry's leading capabilities across savoury taste and Tastesense™ salt and sugar reduction technologies, and integrated solutions incorporating Kerry's botanicals and natural extracts, fermentation derived and enzymatic bio-fermentation portfolio and natural clean-label food protection and preservation systems.

Foodservice continued its strong market outperformance with volume growth of 4.8%, driven by a range of new menu innovations, seasonal product launches, and continued product renovation. Growth in the retail channel was supported by continued product renovation activity and innovation in high-growth areas across a range of customers.

Business volumes in emerging markets increased by 5.0% in the period, reflecting good growth in the Middle East, Africa and LATAM. Within the Pharma & Other EUM, performance was led by volume growth in cell nutrition.

Strong EBITDA margin expansion was achieved across all regions in the period. This was primarily driven by efficiencies, net price, operating leverage and mix, partially offset by an adverse translation currency impact.

The Accelerate 2.0 programme continued with good progress in footprint optimisation in both North America and Europe. The expansion of Kerry's digital initiatives also continued in line with plans across manufacturing operations, commercial enablement activities and global business service centres.

Regional Review

Americas Region

	H1 2026	Growth
Revenue	€1,818m	3.7%1
EBITDA margin	18.9%	+40bps

¹ volume growth

>	Volume growth of 3.7% (Q2: +3.9%) led by Snacks, Meat and Beverage EUMs
>	Strong performance in foodservice with good growth in retail
>	LATAM growth led by Mexico
>	EBITDA margin increase driven by Accelerate 2.0 benefits, operating leverage and mix, partially offset by an adverse
	translation currency impact

Strong volume growth was achieved in the period, reflecting good performances in both North America and LATAM.

Within North America, strong growth was achieved in Snacks through innovations and renovations utilising Kerry's range of savoury taste profiles and Tastesense™ salt reduction technologies, as well as new innovations with emerging brands focused on delivering science-backed health and wellness claims. Meat delivered good growth in poultry applications across both retail and foodservice. This growth was driven by launches with new signature taste profiles, nutritional enhancements and natural preservation systems. Growth in Beverage reflected the strong performance of botanicals, natural extracts and Tastesense™ sugar reduction technologies in refreshing beverages, combined with good growth in nutritional beverages and coffee-based beverage launches.

In the retail channel, growth was supported by renovation activity across global customers and retailer brands, with growth in the foodservice channel reflecting strong innovation activity across established operators and emerging chains.

Within LATAM, strong growth was achieved in Mexico across Snacks and Beverage end markets.

Strategic investments in the region included beverage taste capacity and capability enhancements in North America and progression of footprint expansion for savoury taste capabilities in Mexico.

Europe Region

	H1 2026	Growth
Revenue	€687m	0.5%1
EBITDA margin	16.0%	+80bps

¹ volume growth

>	Volume growth of 0.5% (Q2: +0.6%)
>	Growth led by Beverage, Dairy and Snacks EUMs
>	Retail and foodservice broadly similar volume performance
>	EBITDA margin increase primarily driven by Accelerate 2.0 benefits, disposals and net price

Volume performance reflected growth across both foodservice and retail channels, with no significant change in market conditions in the period.

Good growth was achieved in Beverage supported by new refreshing beverage innovations and the performance of low / no alcohol solutions through Kerry's integrated taste technologies, botanicals and Tastesense™ sugar reduction technologies. Dairy performance was supported by good growth in taste and protein masking solutions, with growth in Snacks driven by integrated savoury taste solutions. Performance in Meals and Bakery reflected challenged category volumes in the period.

Retail growth was led by performance in Snacks with growth in foodservice led by the strong performance of refreshing beverage innovations.

Strategic investments in the region included expansion of Kerry's proactive health capacity and capabilities in Spain.

APMEA Region

	H1 2026	Growth
Revenue	€831m	4.9%1
EBITDA margin	15.8%	+80bps

¹ volume growth

>	Volume growth of 4.9% (Q2: +5.2%)
>	Growth led by Dairy, Meat, Bakery and Snacks
>	Good growth in retail with solid growth in foodservice
>	EBITDA margin increase driven by Accelerate 2.0 benefits, operating leverage, mix and net price

Growth in the region was led by good volume growth in the Middle East and Africa, with China returning to growth and a solid performance in Southeast Asia.

Strong growth was achieved in Dairy with enzymes and dairy taste solutions. Meat delivered a strong performance through taste and texture systems across a broad range of customers in both the retail and foodservice channels. Bakery delivered good growth through solutions incorporating Kerry's taste, texture and enzyme technologies, supported by strong customer reformulation activity. Volume growth in Snacks was driven by continued strong performance in savoury taste with leading global and regional customers.

Growth in the retail channel was driven by Kerry's range of local authentic taste profiles, with growth in foodservice driven by performance with leading global and regional quick service restaurants.

Strategic investments in the region included the commencement of a new local taste footprint expansion in Türkiye and further expansion of footprint in the Middle East region.

Financial Review

	%	H1 2026	H1 2025
	Change	€'m	€'m
Continuing operations
Revenue	(3.7%)	3,336.4	3,463.1
EBITDA		558.1	555.9
EBITDA margin		16.7%	16.1%
Depreciation (net)		(115.8)	(109.3)
Computer software amortisation		(16.7)	(17.9)
Finance costs (net)		(29.7)	(30.3)
Other income		3.8	3.8
Share of joint ventures' results after taxation		(1.5)	(0.9)
Adjusted earnings before taxation		398.2	401.3
Income taxes (excluding non-trading items)		(53.5)	(53.6)
Adjusted earnings after taxation		344.7	347.7
Brand related intangible asset amortisation		(29.9)	(29.6)
Non-trading items (net of related tax)		(32.2)	(15.0)
Profit after taxation		282.6	303.1
Attributable to:
Equity holders of the parent		282.0	302.8
Non-controlling interests		0.6	0.3
		282.6	303.1
	%	EPS	EPS
	Performance	cent	cent
Basic EPS	(3.8%)	175.5	182.4
Brand related intangible asset amortisation		18.6	17.8
Non-trading items (net of related tax)		20.0	9.0
Adjusted EPS	2.3%	214.1	209.2
Impact of exchange rate translation	5.6%
Adjusted EPS growth in constant currency	7.9%

See Financial Definitions section for definitions, calculations, and reconciliations of Alternative Performance Measures.

Revenue

Group revenue for the period was €3,336.4m (H1 2025: €3,463.1m), comprising volume growth of 3.3%, an overall pricing reduction of 1.0%, unfavourable transaction currency of 0.1%, unfavourable translation currency of 4.8%, and the effect of disposals net of contribution from acquisitions of 1.1% , resulting in an overall reported decrease of 3.7%.

Revenue Reconciliation

						Reported
	Volume		Transaction	Acquisitions/	Translation	revenue
H1 2026	performance	Price	currency	disposals	currency	performances
Europe	0.5%	(2.4%)	-	(2.3%)	(1.9%)	(6.1%)
APMEA	4.9%	(1.4%)	0.4%	0.9%	(3.5%)	1.3%
Americas	3.7%	(0.3%)	(0.4%)	(1.5%)	(6.4%)	(4.9%)
Group	3.3%	(1.0%)	(0.1%)	(1.1%)	(4.8%)	(3.7%)

EBITDA & Margin %

Group EBITDA increased to €558.1m (H1 2025: €555.9m). EBITDA margin increased by 60bps to 16.7% (H1 2025: 16.1%), driven primarily by benefits delivered through the Accelerate 2.0 programme, operating leverage, favourable product mix and the contribution from portfolio developments.

Finance Costs (net)

Net finance costs for the period are comparable to prior year at €29.7m (H1 2025: €30.3m). Higher finance costs paid during the period reflect the timing of interest payments compared with prior year. Finance income was lower in the period as cash deposits decreased following the repayment of debt in September 2025.

Taxation

The tax charge for the period before non-trading items was €53.5m (H1 2025: €53.6m) representing an effective tax rate of 14.6% (H1 2025: 14.4%). The effective tax rate reflects the geographical mix of earnings across the Group.

Non-Trading Items

The Group recorded a net non-trading charge of €32.2m during the period (H1 2025: €15.0m charge), primarily relating to costs associated with the Accelerate 2.0 programme.

Foreign Exchange Rates

Fluctuations in exchange rates against the euro resulted in an adverse translation impact of 4.8% on reported revenue compared with the prior year. The principal currencies contributing to the movement in the Group's translated net assets were the USD, CNY and GBP which had closing rates of 1.13 (FY 2025: 1.18), 7.71 (FY 2025: 8.24) and 0.86 (FY 2025: 0.87) respectively.

Free Cash Flow

The Group achieved free cash flow of €262.3m (H1 2025: €308.6m) representing 76% cash conversion.This performance reflects adverse exchange rate movements, higher capital expenditure and working capital investment to support continued business growth.

	H1 2026	H1 2025
Free Cash Flow	€'m	€'m
EBITDA	558.1	555.9
Movement in average working capital	(80.6)	(65.6)
Pension contributions paid less pension expense	(2.4)	(1.8)
Finance costs paid (net)	(29.4)	(11.5)
Other income	7.5	-
Income taxes paid	(46.3)	(47.8)
Capital expenditure (net)	(144.6)	(120.6)
Free cash flow	262.3	308.6
Cash conversion	76%	89%

Cash conversion is free cash flow expressed as a percentage of adjusted earnings after taxation

Return on Average Capital Employed (ROACE)

Group ROACE at the period end was 10.5% (H1 2025: 10.7%). Underlying improvements in operating returns were more than offset by the impact of foreign exchange translation movements on average capital employed.

Net Debt

Net debt at the end of the period was €2,369.8m (31 December 2025: €2,244.2m). The increase from year-end reflects strong operating cash generation more than offset by capital expenditure and shareholder distributions, including dividend payments and expenditure under the Share Buyback Programme.

Liquidity Analysis

The Group's balance sheet remains strong, with net debt to EBITDA ratio of 2.0 times, providing substantial liquidity and financial flexibility to support the Group's strategic objectives.

	H1 2026	H1 2025	FY 2025
	Times	Times	Times
Net debt:EBITDA	2.0	1.7	1.9
EBITDA:Net interest	20.9	22.7	22.2

Principal Risks and Uncertainties

Details of the principal risks and uncertainties facing the Group can be found in the 2025 Annual Report on pages 33 to 38 and continue to be the principal risks and uncertainties facing the Group for the remaining six months of the financial year. These risks include but are not limited to; portfolio management, geopolitical, emerging markets and macroeconomic environment, climate change and nature, people, food safety and quality, health & safety, margin management, digital, cyber security and ICT resilience, operational and supply chain resilience, intellectual property, legal, regulatory and ethical risk, taxation and treasury. The Group continues to manage the interdependency of these risks and actively manages all risks through its control and risk management process.

Dividend

The Board has declared an interim dividend of 46.2 cent per share, compared to the prior year interim dividend of 42.0 cent, payable on 6 November 2026 to shareholders on the record date 9 October 2026.

Share Buyback Programme

During the period, the Company repurchased 2,402,438 ordinary shares at a total cost of €172.9 million under its Share Buyback Programmes. The programmes are aligned with the Group's Capital Allocation Framework and supported by its strong balance sheet and cash flow generation.

Future Prospects

Kerry's continued strong end market outperformance highlights the strength and relevance of its strategic positioning across its markets, channels and customer base.

The Group will continue to further advance its strategic business development, as it supports its customers as their key business development partner for innovation and renovation.

While recognising current market uncertainty, Kerry's remains strongly positioned for volume growth and margin expansion, underpinned by a good innovation and renovation pipeline.

Kerry maintains its constant currency adjusted earnings per share guidance of 6% to 10% growth in 2026.

Note: Foreign currency translation expected to be a headwind of 1-2% on earnings per share in 2026 | Guidance based on average number of shares in issue of ~160m.

Responsibility Statement

The Directors are responsible for preparing the Half Yearly Financial Report in accordance with the Transparency

(Directive 2004/109/EC) Regulations 2007 as amended ('the Regulations'), the Central Bank (Investment Market

Conduct) Rules 2019, the Disclosure Guidance and Transparency Rules of the UK's Financial Conduct Authority and with IAS 34 'Interim Financial Reporting' as issued by IASB and as adopted by the European Union.

The Directors confirm that to the best of their knowledge:

>	the Group Condensed Consolidated Interim Financial Statements for the half year ended 30 June 2026 have been prepared in accordance with the international accounting standard applicable to interim financial reporting adopted pursuant to the procedure provided for under Article 6 of the Regulation (EC) No. 1606/2002 of the European Parliament and of the Council of 19 July 2002;
>	the Interim Management Report includes a fair review of the important events that have occurred during the first six months of the financial year, and their impact on the Group Condensed Consolidated Interim Financial Statements for the half year ended 30 June 2026, and a description of the principal risks and uncertainties for the remaining six months; and
>	the Interim Management Report includes a fair review of the related party transactions that have occurred during the first six months of the current financial year and that have materially affected the financial position or the performance of the Group during that period, and any changes in the related parties' transactions described in the last Annual Report that could have a material effect on the financial position or performance of the Group in the first six months of the current financial year.

On behalf of the Board
Edmond Scanlon	Marguerite Larkin
Chief Executive Officer	Chief Financial Officer
28 July 2026

Disclaimer: Forward Looking Statements

This Announcement contains forward looking statements which reflect management expectations based on currently available data. However actual results may differ materially from those expressed or implied by these forward looking statements. These forward looking statements speak only as of the date they were made, and the Company undertakes no obligation to publicly update any forward looking statement, whether as a result of new information, future events or otherwise.

	CONTACT INFORMATION
	INVESTOR RELATIONS
	Marguerite Larkin, Chief Financial Officer
	[phone] | [e-mail]
	William Lynch, Head of Investor Relations
	[phone] | [e-mail]
	MEDIA
	Catherine Keogh, Chief Corporate Affairs Officer
	[phone] | [e-mail]
	WEBSITE
	www.kerry.com

Condensed Consolidated Income Statement

for the half year ended 30 June 2026

		Before
		Non-Trading	Non-Trading	Half year	Half year	Year
		Items	Items	ended	ended	ended
		30 June 2026	30 June 2026	30 June 2026	30 June 2025	31 December 2025
		Unaudited	Unaudited	Unaudited	Unaudited	Audited
	Notes	€'m	€'m	€'m	€'m	€'m
Continuing operations
Revenue	2	3,336.4	-	3,336.4	3,463.1	6,757.6
Earnings before interest, tax, depreciation and amortisation	2	558.1	-	558.1	555.9	1,208.1
Depreciation (net) and intangible asset amortisation	2	(162.4)	-	(162.4)	(156.8)	(309.0)
Non-trading items	3	-	(40.5)	(40.5)	(18.1)	(94.5)
Operating profit		395.7	(40.5)	355.2	381.0	804.6
Finance income	4	9.8	-	9.8	20.1	33.2
Finance costs	4	(39.5)	-	(39.5)	(50.4)	(85.4)
Other income	4	3.8	-	3.8	3.8	7.5
Share of joint ventures' results after taxation		(1.5)	-	(1.5)	(0.9)	(1.2)
Profit before taxation		368.3	(40.5)	327.8	353.6	758.7
Income taxes		(53.5)	8.3	(45.2)	(50.5)	(99.9)
Profit after taxation		314.8	(32.2)	282.6	303.1	658.8
Attributable to:
Equity holders of the parent				282.0	302.8	658.5
Non-controlling interests				0.6	0.3	0.3
				282.6	303.1	658.8
Earnings per A ordinary share				Cent	Cent	Cent
- basic	5			175.5	182.4	400.2
- diluted	5			175.1	182.0	399.3

Condensed Consolidated Statement of Comprehensive Income

for the half year ended 30 June 2026

	Half year	Half year	Year
	ended	ended	ended
	30 June 2026	30 June 2025	31 December 2025
	Unaudited	Unaudited	Audited
	€'m	€'m	€'m
Profit after taxation	282.6	303.1	658.8
Other comprehensive income:
Items that are or may be reclassified subsequently to profit or loss:
Fair value movements on cash flow hedges	0.9	2.2	0.3
Cash flow hedges - reclassified to profit or loss from equity	(6.6)	(0.2)	0.1
Net change in cost of hedging	-	0.6	0.8
Deferred tax effect of fair value movements on cash flow hedges	0.6	(0.3)	0.1
Exchange difference on translation of foreign operations	165.7	(493.6)	(494.5)
Cumulative exchange difference on translation recycled on disposal	0.1	-	(0.9)
Items that will not be reclassified subsequently to profit or loss:
Re-measurement on retirement benefits obligation	31.5	(8.7)	(22.7)
Deferred tax effect of re-measurement on retirement benefits obligation	(5.8)	0.9	3.8
Net income/(expense) recognised directly in total other comprehensive income	186.4	(499.1)	(513.0)
Total comprehensive income/(expense)	469.0	(196.0)	145.8
Attributable to:
Equity holders of the parent	468.4	(196.3)	145.5
Non-controlling interests	0.6	0.3	0.3
	469.0	(196.0)	145.8

Condensed Consolidated Balance Sheet

as at 30 June 2026

		30 June 2026	30 June 2025	31 December 2025
		Unaudited	Unaudited	Audited
	Notes	€'m	€'m	€'m
Non-current assets
Property, plant and equipment		2,127.0	1,961.0	2,021.2
Intangible assets		5,499.0	5,466.5	5,444.3
Financial asset investments		71.5	52.9	54.6
Investments in joint ventures		36.2	38.0	37.7
Other non-current financial instruments	7	165.0	295.9	166.2
Retirement benefits asset	8	115.2	92.5	90.7
Deferred tax assets		82.4	93.6	84.2
		8,096.3	8,000.4	7,898.9
Current assets
Inventories		1,085.1	995.4	958.9
Trade and other receivables		1,333.3	1,123.4	1,280.6
Cash at bank and in hand	9	455.3	1,460.0	348.9
Other current financial instruments		161.0	31.4	152.6
Tax assets		14.8	23.1	23.3
Assets classified as held for sale		3.1	1.0	5.9
		3,052.6	3,634.3	2,770.2
Total assets		11,148.9	11,634.7	10,669.1
Current liabilities
Trade and other payables		1,562.6	1,518.1	1,486.6
Borrowings and overdrafts	9	-	950.8	0.5
Other current financial instruments		21.0	12.9	5.1
Tax liabilities		137.9	173.8	154.7
Provisions		6.9	5.9	5.7
Deferred income		0.8	1.0	0.9
		1,729.2	2,662.5	1,653.5
Non-current liabilities
Borrowings	9	2,687.0	2,484.2	2,485.6
Other non-current financial instruments	9	-	-	0.1
Retirement benefits obligation	8	24.8	28.1	34.6
Other non-current liabilities		156.1	101.1	128.0
Deferred tax liabilities		387.6	388.6	373.1
Provisions		40.6	50.5	30.7
Deferred income		9.4	10.3	9.9
		3,305.5	3,062.8	3,062.0
Total liabilities		5,034.7	5,725.3	4,715.5
Net assets		6,114.2	5,909.4	5,953.6
Equity
Share capital	11	19.8	20.5	20.1
Share premium		398.7	398.7	398.7
Other reserves		(70.5)	(264.1)	(251.9)
Retained earnings		5,763.8	5,752.5	5,784.9
Equity attributable to equity holders of the parent		6,111.8	5,907.6	5,951.8
Non-controlling interests		2.4	1.8	1.8
Total equity		6,114.2	5,909.4	5,953.6

Condensed Consolidated Statement of Changes in Equity

for the half year ended 30 June 2026

		Attributable to equity holders of the parent
							Non-
		Share	Share	Other	Retained		Controlling	Total
		Capital	Premium	Reserves	Earnings	Total	Interests	Equity
	Notes	€'m	€'m	€'m	€'m	€'m	€'m	€'m
Group:
At 1 January 2025		20.8	1,879.2	205.6	4,380.2	6,485.8	1.5	6,487.3
Profit after taxation		-	-	-	302.8	302.8	0.3	303.1
Other comprehensive expense		-	-	(491.0)	(8.1)	(499.1)	-	(499.1)
Total comprehensive (expense)/income		-	-	(491.0)	294.7	(196.3)	0.3	(196.0)
Shares issued during the financial period		-	-	-	-	-	-	-
Shares (purchased)/cancelled during the financial period		(0.3)	-	0.3	(255.9)	(255.9)	-	(255.9)
Share premium reduction		-	(1,480.5)	-	1,480.5	-	-	-
Dividends paid	6	-	-	-	(147.0)	(147.0)	-	(147.0)
Share-based payment expense		-	-	21.0	-	21.0	-	21.0
At 30 June 2025 - Unaudited		20.5	398.7	(264.1)	5,752.5	5,907.6	1.8	5,909.4
Profit after taxation		-	-	-	355.7	355.7	-	355.7
Other comprehensive expense		-	-	(3.2)	(10.7)	(13.9)	-	(13.9)
Total comprehensive (expense)/income		-	-	(3.2)	345.0	341.8	-	341.8
Shares issued during the financial period		-	-	-	-	-	-	-
Shares (purchased)/cancelled during the financial period		(0.4)	-	0.4	(244.4)	(244.4)	-	(244.4)
Dividends paid	6	-	-	-	(68.2)	(68.2)	-	(68.2)
Share-based payment expense		-	-	15.0	-	15.0	-	15.0
At 31 December 2025 - Audited		20.1	398.7	(251.9)	5,784.9	5,951.8	1.8	5,953.6
Profit after taxation		-	-	-	282.0	282.0	0.6	282.6
Other comprehensive income		-	-	160.1	26.3	186.4	-	186.4
Total comprehensive income		-	-	160.1	308.3	468.4	0.6	469.0
Shares issued during the financial period		-	-	-	-	-	-	-
Shares (purchased)/cancelled during the financial period		(0.3)	-	0.3	(172.9)	(172.9)	-	(172.9)
Share premium reduction		-	-	-	-	-	-	-
Dividends paid	6	-	-	-	(156.5)	(156.5)	-	(156.5)
Share-based payment expense		-	-	21.0	-	21.0	-	21.0
At 30 June 2026 - Unaudited		19.8	398.7	(70.5)	5,763.8	6,111.8	2.4	6,114.2

Other Reserves comprise the following:

		Capital	Other	Share-Based			Cost of
		Redemption	Undenominated	Payment	Translation	Hedging	Hedging
		Reserve	Capital	Reserve	Reserve	Reserve	Reserve	Totals
		€'m	€'m	€'m	€'m	€'m	€'m	€'m
At 1 January 2025		5.1	0.3	191.7	5.2	4.1	(0.8)	205.6
Other comprehensive (expense)/income		-	-	-	(493.6)	2.0	0.6	(491.0)
Shares cancelled during the financial period		0.3	-	-	-	-	-	0.3
Share-based payment expense		-	-	21.0	-	-	-	21.0
At 30 June 2025 - Unaudited		5.4	0.3	212.7	(488.4)	6.1	(0.2)	(264.1)
Other comprehensive (expense)/income		-	-	-	(1.8)	(1.6)	0.2	(3.2)
Shares cancelled during the financial period		0.4	-	-	-	-	-	0.4
Share-based payment expense		-	-	15.0	-	-	-	15.0
At 31 December 2025 - Audited		5.8	0.3	227.7	(490.2)	4.5	-	(251.9)
Other comprehensive (expense)/income		-	-	-	165.8	(5.7)	-	160.1
Shares cancelled during the financial period		0.3	-	-	-	-	-	0.3
Share-based payment expense		-	-	21.0	-	-	-	21.0
At 30 June 2026 - Unaudited		6.1	0.3	248.7	(324.4)	(1.2)	-	(70.5)

Condensed Consolidated Statement of Cash Flows

for the half year ended 30 June 2026

		Half Year Ended	Half Year Ended	Year Ended
		30 June 2026	30 June 2025	31 December 2025
		Unaudited	Unaudited	Audited
	Notes	€'m	€'m	€'m
Cash flows from operating activities
Profit before taxation		327.8	353.6	758.7
Adjustments for:
Depreciation (net)		115.8	109.3	220.0
Intangible asset amortisation		46.6	47.5	89.0
Share of joint ventures' results after taxation		1.5	0.9	1.2
Non-trading items income statement charge	3	40.5	18.1	94.5
Finance costs (net)	4	29.7	30.3	52.2
Other income	4	(3.8)	(3.8)	(7.5)
Change in working capital		(50.7)	(86.9)	(190.0)
Pension contributions paid less pension expense		(2.4)	(1.8)	(8.6)
Payments on non-trading items		(44.8)	(12.2)	(75.7)
Exchange translation adjustment		(4.6)	3.6	2.9
Cash generated from operations		455.6	458.6	936.7
Income taxes paid		(46.3)	(47.8)	(107.3)
Finance income received		2.6	14.8	23.9
Finance costs paid		(32.0)	(26.3)	(97.8)
Net cash from operating activities		379.9	399.3	755.5
Investing activities
Purchase of assets		(128.2)	(101.2)	(261.6)
Inflow from the sale of assets (net of disposal expenses)	3	7.5	0.4	1.9
Capital grants received		-	0.1	0.1
Purchase of businesses (net of cash acquired)	10	-	(14.8)	(29.7)
Payments relating to previous acquisitions		-	-	(9.6)
Purchase of investments		(13.7)	-	-
Disposal of businesses (net of disposal expenses)		(1.9)	42.8	37.6
Dividend income received		7.5	-	-
Net cash used in investing activities		(128.8)	(72.7)	(261.3)
Financing activities
Dividends paid	6	(156.5)	(147.0)	(215.2)
Purchase of own shares	11	(172.9)	(255.9)	(500.3)
Payment of lease liabilities		(23.9)	(19.9)	(41.0)
Issue of share capital	11	-	-	-
Repayment of borrowings		-	-	(950.0)
Cash inflow from interest rate swaps on repayment of borrowings		-	-	8.0
Proceeds from borrowings		200.0	-	-
Net cash used in financing activities		(153.3)	(422.8)	(1,698.5)
Net increase/(decrease) in cash and cash equivalents		97.8	(96.2)	(1,204.3)
Cash and cash equivalents at beginning of the period		348.4	1,607.6	1,607.6
Exchange translation adjustment on cash and cash equivalents		9.1	(52.3)	(54.9)
Cash and cash equivalents at end of the period	9	455.3	1,459.1	348.4
Reconciliation of Net Cash Flow to Movement in Net Debt
Net increase/(decrease) in cash and cash equivalents		97.8	(96.2)	(1,204.3)
Cash flow from debt financing		(200.0)	-	942.0
Changes in net debt resulting from cash flows		(102.2)	(96.2)	(262.3)
Fair value movement on interest rate swaps (net of adjustment to borrowings)		(1.4)	-	(0.9)
Exchange translation adjustment on net debt		9.1	(31.7)	(34.8)
Movement in net debt in the financial period		(94.5)	(127.9)	(298.0)
Net debt at beginning of the financial period - pre lease liabilities		(2,137.2)	(1,839.2)	(1,839.2)
Net debt at end of the financial period - pre lease liabilities		(2,231.7)	(1,967.1)	(2,137.2)
Lease liabilities		(138.1)	(88.7)	(107.0)
Net debt at end of the period	9	(2,369.8)	(2,055.8)	(2,244.2)

Notes to the Condensed Consolidated Interim Financial Statements

for the half year ended 30 June 2026

1. Accounting policies

These Condensed Consolidated Interim Financial Statements for the half year ended 30 June 2026 have been prepared in accordance with IAS 34 'Interim Financial Reporting'. The Group year end financial statements have been prepared in accordance with International Financial Reporting Standards ('IFRS') adopted by the European Union ('EU') which comprise standards and interpretations approved by the International Accounting Standards Board ('IASB'). The Group financial statements comply with Article 4 of the EU IAS Regulation and Company law. The accounting policies applied by the Group in these Condensed Consolidated Interim Financial Statements are the same as those detailed in the 2025 Annual Report.

In preparing the Group Condensed Consolidated Interim Financial Statements, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those applied to the Consolidated Financial Statements for the year ended 31 December 2025.

During the year Kerry Dairy Holdings (Ireland) Limited (Kerry Dairy Ireland) was renamed Kinisla Group Limited.

Going concern

The Group Condensed Consolidated Interim Financial Statements have been prepared on the going concern basis of accounting. The Directors have considered the Group's business activities and how it generates value, together with the main trends and factors likely to affect future development, business performance and position of the Group including liquidity and access to financing as outlined in note 9 and the potential impacts of climate, geopolitical, technological and macroeconomic environment related risks on profitability, including tariffs. The going concern of the Group was also assessed by considering the potential impact of climate-related risks on profitability and liquidity, macroeconomic and geopolitical developments, customer inventory management and changing interest rates during the period. There are no material uncertainties that cast significant doubt on the Group's ability to continue as a going concern over a period of at least 12 months from the date of approval of these financial statements.

The Directors report that they have satisfied themselves that the Group is a going concern, having adequate resources to continue in operational existence for the foreseeable future. In forming this view, the Directors have reviewed the Group's forecast for a period not less than 12 months, the medium-term plan and its cashflow implications have been taken into account including proposed capital expenditure, and compared these with the Group's committed borrowing facilities and projected gearing ratios.

The following Amendments are effective for the Group from 1 January 2026 and 1 January 2027 but are not expected to have a material effect on the results or financial position of the Group:			Effective Date
-	IFRS 7 & IFRS 9 (Amendments)	Classification and Measurement of Financial Instruments	1 January 2026
-	IFRS 7 & IFRS 9 (Amendments)	Contracts referencing Nature-dependent Electricity	1 January 2026
-	IFRS 19	Subsidiaries without Public Accountability: Disclosures	1 January 2027
The Group is currently evaluating the impact of the following Standards and Amendments on future periods:			Effective Date
-	IFRS 18	Presentation and Disclosure in Financial Statements	1 January 2027

IFRS 18 is the new standard on presentation and disclosure in financial statements (replacing IAS 1), with a focus on updates to the income statement. Even though IFRS 18 will not impact the recognition or measurement of items in the financial statements, its impacts on presentation and disclosure are expected to be pervasive, in particular those related to the classification of income and expenses into operating, investing and financing categories on the face of the income statement and providing management-defined performance measures within the financial statements.

2. Analysis of results

For the period ended 30 June 2026 and comparative periods, the Group has determined it has three operating segments: Europe, Americas and APMEA which are leading providers of taste and nutrition solutions for the food, beverage and pharmaceutical markets. The Group utilises a broad range of ingredient solutions to innovate with its customers to create great tasting products, with improved nutrition and functionality, while ensuring a better impact for the planet. Kerry is driven to be its customers' most valued partner, creating a world of sustainable nutrition.

						Re-presented
	Half year ended 30 June 2026 - Unaudited					Half year ended 30 June 2025 - Unaudited					Year ended 31 December 2025 - Audited
				Unallocated					Unallocated					Unallocated
	Europe	Americas	APMEA	Corporate	Total	Europe	Americas	APMEA	Corporate	Total	Europe	Americas	APMEA	Corporate	Total
	€'m	€'m	€'m	€'m	€'m	€'m	€'m	€'m	€'m	€'m	€'m	€'m	€'m	€'m	€'m
Revenue	687.1	1,818.2	831.1	-	3,336.4	731.4	1,910.9	820.8	-	3,463.1	1,440.1	3,673.6	1,643.9	-	6,757.6
EBITDA*	109.7	344.3	130.9	(26.8)	558.1	111.0	352.7	123.1	(30.9)	555.9	251.6	745.3	275.2	(64.0)	1,208.1
Depreciation (net)	(21.8)	(61.4)	(32.4)	(0.2)	(115.8)	(20.9)	(58.1)	(29.5)	(0.8)	(109.3)	(42.9)	(116.5)	(60.3)	(0.3)	(220.0)
Intangible asset amortisation	(8.1)	(14.4)	(8.1)	(16.0)	(46.6)	(7.8)	(15.3)	(7.1)	(17.3)	(47.5)	(15.6)	(29.9)	(15.0)	(28.5)	(89.0)
Non-trading items	-	-	-	(40.5)	(40.5)	-	-	-	(18.1)	(18.1)	-	-	-	(94.5)	(94.5)
Operating profit	79.8	268.5	90.4	(83.5)	355.2	82.3	279.3	86.5	(67.1)	381.0	193.1	598.9	199.9	(187.3)	804.6
Finance income					9.8					20.1					33.2
Finance costs					(39.5)					(50.4)					(85.4)
Other income					3.8					3.8					7.5
Share of joint ventures' results after taxation					(1.5)					(0.9)					(1.2)
Profit before taxation					327.8					353.6					758.7
Income taxes					(45.2)					(50.5)					(99.9)
Profit after taxation					282.6					303.1					658.8
Attributable to:
Equity holders of the parent					282.0					302.8					658.5
Non-controlling interests					0.6					0.3					0.3
					282.6					303.1					658.8

* EBITDA represents profit before taxation and before finance income and costs, other income, depreciation (net of capital grant amortisation), intangible asset amortisation, non-trading items and share of joint ventures' results after taxation.

Segment assets and liabilities

Segment assets and liabilities are not provided to the CODM to assess segment performance or to allocate resources. However, the Group discloses segment assets and liabilities by segment on a voluntary basis.

	Half year ended 30 June 2026 - Unaudited					Half year ended 30 June 2025 - Unaudited					Year ended 31 December 2025 - Audited
				Unallocated					Unallocated					Unallocated
	Europe	Americas	APMEA	Corporate	Total	Europe	Americas	APMEA	Corporate	Total	Europe	Americas	APMEA	Corporate	Total
	€'m	€'m	€'m	€'m	€'m	€'m	€'m	€'m	€'m	€'m	€'m	€'m	€'m	€'m	€'m
Assets	1,964.8	6,498.3	1,761.5	924.3	11,148.9	1,936.1	6,313.8	1,673.2	1,711.6	11,634.7	1,931.5	6,197.1	1,714.0	826.5	10,669.1
Liabilities	(425.1)	(1,064.4)	(346.2)	(3,199.0)	(5,034.7)	(428.6)	(976.2)	(306.1)	(4,014.4)	(5,725.3)	(473.0)	(995.7)	(327.1)	(2,919.7)	(4,715.5)
Net Assets	1,539.7	5,433.9	1,415.3	(2,274.7)	6,114.2	1,507.5	5,337.6	1,367.1	(2,302.8)	5,909.4	1,458.5	5,201.4	1,386.9	(2,093.2)	5,953.6

Revenue analysis

Disaggregation of revenue from external customers is analysed by End Use Market (EUM), which is the primary market in which Kerry's products are consumed and by primary geographic market. An EUM is defined as the market in which the end consumer or customer of Kerry's product operates. The economic factors within the EUMs of Food, Beverage and Pharma & other and within the primary geographic markets which affect the nature, amount, timing and uncertainty of revenue and cash flows are similar.

Analysis by EUM

	Half year ended 30 June 2026 - Unaudited				Half year ended 30 June 2025 - Unaudited				Year ended 31 December 2025 - Audited
	Europe	Americas	APMEA	Total	Europe	Americas	APMEA	Total	Europe	Americas	APMEA	Total
	€'m	€'m	€'m	€'m	€'m	€'m	€'m	€'m	€'m	€'m	€'m	€'m
Food	483.8	1,149.9	542.2	2,175.9	527.3	1,198.3	523.6	2,249.2	1,027.2	2,355.5	1,066.3	4,449.0
Beverage	146.6	530.4	245.9	922.9	137.6	561.4	258.7	957.7	275.3	1,026.4	497.3	1,799.0
Pharma & other	56.7	137.9	43.0	237.6	66.5	151.2	38.5	256.2	137.6	291.7	80.3	509.6
Revenue	687.1	1,818.2	831.1	3,336.4	731.4	1,910.9	820.8	3,463.1	1,440.1	3,673.6	1,643.9	6,757.6

Analysis by primary geographic market

Disaggregation of revenue from external customers is analysed by geographical split, refer to the first table.

The revenue from continuing operations and non-current assets (as defined in IFRS 8 'Operating Segments') attributable to the country of domicile and all foreign countries of operation, for which revenue exceeds 10% of total external Group revenue, are set out below.

Kerry Group plc is domiciled in the Republic of Ireland and the revenues in the Republic of Ireland were €51.7m (30 June 2025: €48.4m; 31 December 2025: €99.4m). The non-current assets at 30 June 2026 located in the Republic of Ireland are €2,186.2m (30 June 2025: €2,317.3m; 31 December 2025: €2,095.8m).

Revenues include €1,404.8m (30 June 2025: €1,497.9m; 31 December 2025: €2,840.0m) in the USA. The non-current assets in the USA were €3,017.1m (30 June 2025: €2,909.9m; 31 December 2025: €2,889.0m).

Revenues consists of €1,129.0m (30 June 2025: €1,108.8m; 31 December 2025: €2,241.6m) in emerging markets and €2,207.4m (30 June 2025: €2,354.3m; 31 December 2025: €4,516.0m) in developed markets. Revenues in the foodservice channel was €1,083.1m (30 June 2025: €1,117.7m; 31 December 2025: €2,173.3m) and €2,253.3m (30 June 2025: €2,345.4m; 31 December 2025: €4,584.3m) in the non-foodservice channels.

There are no material dependencies or concentrations on individual customers which would warrant disclosure under IFRS 8 'Operating Segments'. The accounting policies of the operating segments are the same as the Group's accounting policies as outlined in the Statement of Accounting Policies. Under IFRS 15 'Revenue from Contracts with Customers' revenue is primarily recognised at a point in time. Revenue recorded over time during the period was not material to the Group.

3. Non-trading items

		Half year ended 30 June 2026			Half year ended 30 June 2025			Year ended 31 December 2025
				Unaudited			Unaudited			Audited
		Gross		Net	Gross		Net	Gross		Net
		cost	Tax	cost	cost	Tax	cost	cost	Tax	cost
	Notes	€'m	€'m	€'m	€'m	€'m	€'m	€'m	€'m	€'m
Acquisition integration costs	(i)	(4.7)	1.1	(3.6)	(3.1)	0.6	(2.5)	(9.3)	1.9	(7.4)
Accelerate	(ii)	(34.9)	7.4	(27.5)	(12.2)	2.4	(9.8)	(71.4)	16.9	(54.5)
		(39.6)	8.5	(31.1)	(15.3)	3.0	(12.3)	(80.7)	18.8	(61.9)
(Loss)/profit on disposal of businesses and assets	(iii)	(0.9)	(0.2)	(1.1)	(2.8)	0.1	(2.7)	(13.8)	1.3	(12.5)
Non-trading items		(40.5)	8.3	(32.2)	(18.1)	3.1	(15.0)	(94.5)	20.1	(74.4)

(i) Acquisition integration costs

The net costs of €3.6m (30 June 2025: €2.5m; 31 December 2025: €7.4m) reflect the relocation of resources, the restructuring of operations in order to integrate the acquired businesses into the existing Kerry operating model and external costs associated with deal preparation, integration planning and due diligence.

(ii) Accelerate

The net costs of €27.5m (30 June 2025: €9.8m; 31 December 2025: €54.5m) predominantly reflect cost of streamlining operations, project management costs and consultancy fees incurred in the period relating to the Accelerate 2.0 programme, which is focused on footprint optimisation and enabling digital excellence across the organisation. Under footprint optimisation the Group is leveraging the capacity utilisation benefits realised under the Accelerate Operational Excellence programme which was completed in 2025, to support in the reduction of its manufacturing footprint across all regions aligned to the Group's business development and growth ambitions. In the period good progress was made in footprint optimisation in both Europe and the Americas. Kerry Digital Excellence is focused on driving enhanced business performance and productivity through digital enablement initiatives across operations, global business services, commercial and research & development.

(iii) (Loss)/profit on disposal of businesses and assets

The Group disposed of property, plant and equipment primarily in Europe and the Americas for a consideration of €7.7m resulting in a net loss of €1.1m during the period ended 30 June 2026.

In the period ended 30 June 2025, the Group disposed of property, plant and equipment primarily in the Americas for a consideration of €2.7m resulting in a net loss of €0.2m. In addition, a final settlement of €2.5m was recorded reflecting the movement in working capital and disposal related costs following the finalisation of the completion accounts relating to the sale of the Group's shareholding in Kinisla Group Limited.

In the year ended 31 December 2025, the Group disposed of non-core businesses and assets primarily in Europe and North America for a combined consideration of €7.4m resulting in a net loss of €10.2m. In addition, a final settlement of €2.3m was recorded reflecting the movement in working capital and disposal related costs following the finalisation of the completion accounts relating to the sale of the Group's shareholding in Kinisla Group Limited.

4. Finance income, costs and other income

	Half Year Ended	Half Year Ended	Year Ended
	30 June 2026	30 June 2025	31 December 2025
	Unaudited	Unaudited	Audited
	€'m	€'m	€'m
Finance income:
Interest income on deposits	2.1	14.3	21.5
Interest income on vendor loan note	7.7	5.8	11.7
Finance income	9.8	20.1	33.2
Finance costs:
Interest payable and finance charges	(36.3)	(48.8)	(81.6)
Interest on lease liabilities	(4.5)	(2.8)	(6.2)
	(40.8)	(51.6)	(87.8)
Net interest income on retirement benefits obligation	1.3	1.2	2.4
Finance costs	(39.5)	(50.4)	(85.4)
Net finance costs	(29.7)	(30.3)	(52.2)
Other income:
Other financial asset at FVPL - fair value movement	3.8	3.8	7.5

Other income relates to the fixed dividend receivable from Kinisla Group Limited measured at fair value through profit or loss (FVPL).

5. Earnings per A ordinary share - attributable to equity holders of the parent

	Half year ended		Half year ended		Year ended
	30 June 2026 - Unaudited		30 June 2025 - Unaudited		31 December 2025 - Audited
	EPS		EPS		EPS
	cent	€'m	cent	€'m	cent	€'m
Basic earnings per share
Profit after taxation	175.5	282.0	182.4	302.8	400.2	658.5
Diluted earnings per share
Profit after taxation	175.1	282.0	182.0	302.8	399.3	658.5

		30 June 2026		30 June 2025		31 December 2025
		Unaudited		Unaudited		Audited
		m's		m's		m's
Number of Shares
Basic weighted average number of shares		160.64		166.00		164.55
Impact of share options outstanding		0.40		0.40		0.35
Diluted weighted average number of shares		161.04		166.40		164.90

6. Dividends

	Half year ended	Half year ended	Year ended
	30 June 2026	30 June 2025	31 December 2025
	Unaudited	Unaudited	Audited
	€'m	€'m	€'m
Amounts recognised as distributions to equity shareholders in the period
Final 2025 dividend of 98.0 cent per A ordinary share paid 8 May 2026	156.5	147.0	147.0
(Final 2024 dividend of 89.0 cent per A ordinary share paid 9 May 2025)
Interim 2025 dividend of 42.0 cent per A ordinary share paid 7 November 2025	-	-	68.2
	156.5	147.0	215.2

Since the end of the period, the Board has declared an interim dividend of 46.2 cent per A ordinary share which amounts to €73.4m based on ordinary shares in issue at 30 June 2026. The payment date for the interim dividend will be 6 November 2026 to shareholders registered on the record date as at 9 October 2026. The Condensed Consolidated Interim Financial Statements do not reflect this dividend.

7. Other non-current financial instruments

	Half Year Ended	Half Year Ended	Year Ended
	30 June 2026	30 June 2025	31 December 2025
	Unaudited	Unaudited	Audited
	€'m	€'m	€'m
Vendor loan note	-	129.4	-
Forward foreign exchange contracts	-	-	0.3
Phase 1 vendor loan receivable	16.0	17.8	17.0
Other financial asset	148.5	148.5	148.5
Forward commodity contracts	0.5	0.2	0.4
Total other non-current financial instruments	165.0	295.9	166.2

The Phase 1 vendor loan note receivable of €16.0m arose on the completion of Phase 1 of the sale of Kinisla Group Limited. The carrying value of the vendor loan receivable is €16.2m adjusted for an expected credit loss assessment of €0.2m. As the Group objective for the vendor loan note and vendor loan receivable is to collect the contractual cash flows when due, the Group measures at amortised cost using the effective interest method subsequent to initial recognition adjusted for any expected credit loss assessment.

The Group's other financial asset of €148.5m is the carrying value of the retained investment in Kinisla Group Limited of €150.0m net of a downwards adjustment through profit and loss for associated credit risk of €1.5m.

As of 30 June 2025, the Group held an interest bearing vendor loan note which was entered into as part of the consideration for the sale of the trade and assets of the Sweet Ingredients Portfolio. The carrying amount of the debt receivable was €129.4m, and represents the amount due from third parties, and was initially recognised at fair value of €125.0m and interest capitalised on a bi-annual basis. In the comparative period, the vendor loan note was classified within other non-current financial instruments. As the contractual repayment date is now expected within twelve months of the reporting date, the balance has been reclassified to current financial instruments, the carrying amount of the debt receivable at 30 June 2026 was €149.2m (31 December 2025 €143.2m).

8. Retirement benefits obligation

	Schemes in Surplus	Schemes in Deficit	Total
	Half year ended	Half year ended	Half year ended
	30 June 2026	30 June 2026	30 June 2026
	Unaudited	Unaudited	Unaudited
	€'m	€'m	€'m
Net recognised surplus/(deficit) before deferred tax	115.2	(24.8)	90.4
Net related deferred tax (liability)/asset	(15.1)	6.0	(9.1)
Net recognised surplus/(deficit) after deferred tax	100.1	(18.8)	81.3

At 30 June 2026, the net surplus before deferred tax for defined benefit post-retirement schemes was €90.4m (30 June 2025: €64.4m; 31 December 2025: €56.1m). This was calculated by rolling forward the defined benefit post-retirement schemes' liabilities at 31 December 2025 to reflect material movements in underlying assumptions over the period while the defined benefit post-retirement schemes' assets at 30 June 2026 are measured at market value. The increase in the net surplus before deferred tax of €34.3m was driven by favourable movements in financial assumptions as well as higher asset values.

The surplus at 30 June 2026 relates to the Irish and UK schemes. The surplus at 31 December 2025 and 30 June 2025 relates to the Irish scheme. The surplus has been recognised in accordance with IFRIC 14 'The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction' as it has been determined that the Group has an unconditional right to a refund of the surplus.

	Schemes in Surplus	Schemes in Deficit	Total
	Half year ended	Half year ended	Half year ended
	30 June 2025	30 June 2025	30 June 2025
	Unaudited	Unaudited	Unaudited
	€'m	€'m	€'m
Net recognised surplus/(deficit) before deferred tax	92.5	(28.1)	64.4
Net related deferred tax (liability)/asset	(11.5)	6.8	(4.7)
Net recognised surplus/(deficit) after deferred tax	81.0	(21.3)	59.7

	Schemes in Surplus	Schemes in Deficit	Total
	Year ended	Year ended	Year ended
	31 December 2025	31 December 2025	31 December 2025
	Audited	Audited	Audited
	€'m	€'m	€'m
Net recognised surplus/(deficit) before deferred tax	90.7	(34.6)	56.1
Net related deferred tax (liability)/asset	(11.3)	8.5	(2.8)
Net recognised surplus/(deficit) after deferred tax	79.4	(26.1)	53.3

9. Financial instruments


i) The following table outlines the financial assets and liabilities in relation to net debt held by the Group at the Balance Sheet date:

		Assets/
	Financial	(liabilities)	Derivatives
	assets/	at fair value	designed
	(liabilities) at	through	as hedging
	amortised cost	profit or loss	instruments	Total
	€'m	€'m	€'m	€'m
Assets:
Interest rate swaps	-	-	-	-
Cash at bank and in hand	455.3	-	-	455.3
	455.3	-	-	455.3
Liabilities:
Bank overdrafts	-	-	-	-
Bank loans	(198.9)	-	-	(198.9)
Senior Notes	(2,488.1)	-	-	(2,488.1)
Borrowings and overdrafts	(2,687.0)	-	-	(2,687.0)
Net debt - pre lease liabilities	(2,231.7)	-	-	(2,231.7)
Lease liabilities	(138.1)	-	-	(138.1)
Net debt at 30 June 2026 - Unaudited	(2,369.8)	-	-	(2,369.8)
Assets:
Interest rate swaps	-	-	7.9	7.9
Cash at bank and in hand	1,460.0	-	-	1,460.0
	1,460.0	-	7.9	1,467.9
Liabilities:
Bank overdrafts	(0.9)	-	-	(0.9)
Bank loans	1.7	-	-	1.7
Senior Notes	(3,436.2)	0.4	-	(3,435.8)
Borrowings and overdrafts	(3,435.4)	0.4	-	(3,435.0)
Net debt - pre lease liabilities	(1,975.4)	0.4	7.9	(1,967.1)
Lease liabilities	(88.7)	-	-	(88.7)
Net debt at 30 June 2025 - Unaudited	(2,064.1)	0.4	7.9	(2,055.8)
Assets:
Interest rate swaps	-	-	-	-
Cash at bank and in hand	348.9	-	-	348.9
	348.9	-	-	348.9
Liabilities:
Bank overdrafts	(0.5)	-	-	(0.5)
Bank loans	1.4	-	-	1.4
Senior Notes	(2,487.0)	-	-	(2,487.0)
Borrowings and overdrafts	(2,486.1)	-	-	(2,486.1)
Net debt - pre lease liabilities	(2,137.2)	-	-	(2,137.2)
Lease liabilities	(107.0)	-	-	(107.0)
Net debt at 31 December 2025 - Audited	(2,244.2)	-	-	(2,244.2)

All Group borrowings and overdrafts and interest rate swaps are guaranteed by Kerry Group plc. No assets of the Group have been pledged to secure these items.

The adjustment to Senior Notes classified under liabilities at fair value through profit or loss of €0.4m (30 June 2025: €0.4m; 31 December 2025: €nil) represents the part adjustment to the carrying value of debt from applying fair value hedge accounting for interest rate risk. This amount is primarily offset by the fair value adjustment on the corresponding hedge items being the underlying cross currency interest rate swaps.

As at 30 June 2026, the Group's debt portfolio included:

-       €750m of Senior Notes issued in 2019 (the 2029 Senior Notes);

-       €750m of sustainability-linked bond notes issued in 2021 (the 2031 SLB Senior Notes); and

-       €1,000m of Senior Notes issued in 2024 under a €3,000m EMTN programme - €500m 2033 Senior Notes and €500m 2036 Senior Notes.

ii) The Group's exposure to interest rates on financial assets and liabilities are detailed in the table below including the impact of cross currency swaps ('CCS') on the currency profile of net debt:

			Half year ended	Half year ended	Year ended
			30 June 2026	30 June 2025	31 December 2025
			Unaudited	Unaudited	Audited
			€'m	€'m	€'m
Euro			(2,643.3)	(2,382.0)	(2,485.9)
Sterling			59.2	73.8	31.8
US Dollar			154.7	138.0	103.0
Others			59.6	106.1	106.9
			(2,369.8)	(2,064.1)	(2,244.2)

iii) The following table details the maturity profile of the Group's net debt:

	On demand &	Up to	2 - 5
	up to 1 year	2 years	Years	> 5 years	Total
	€'m	€'m	€'m	€'m	€'m
Cash at bank and in hand	455.3	-	-	-	455.3
Interest rate swaps	-	-	-	-	-
Bank overdraft	-	-	-	-	-
Bank loans	-	-	(198.9)	-	(198.9)
Senior Notes	-	-	(746.7)	(1,741.4)	(2,488.1)
Net debt - pre lease liabilities	455.3	-	(945.6)	(1,741.4)	(2,231.7)
Lease liabilities (discounted)	(42.0)	(30.7)	(32.1)	(33.3)	(138.1)
At 30 June 2026 - Unaudited	413.3	(30.7)	(977.7)	(1,774.7)	(2,369.8)
Cash at bank and in hand	1,460.0	-	-	-	1,460.0
Interest rate swaps	7.9	-	-	-	7.9
Bank overdraft	(0.9)	-	-	-	(0.9)
Bank loans	-	-	1.7	-	1.7
Senior Notes	(949.9)	-	(745.7)	(1,740.2)	(3,435.8)
Net debt - pre lease liabilities	517.1	-	(744.0)	(1,740.2)	(1,967.1)
Lease liabilities (discounted)	(34.0)	(22.0)	(25.9)	(6.8)	(88.7)
At 30 June 2025 - Unaudited	483.1	(22.0)	(769.9)	(1,747.0)	(2,055.8)
Cash at bank and in hand	348.9	-	-	-	348.9
Interest rate swaps	-	-	-	-	-
Bank overdraft	(0.5)	-	-	-	(0.5)
Bank loans	-	-	1.4	-	1.4
Senior Notes	-	-	(746.2)	(1,740.8)	(2,487.0)
Net debt - pre lease liabilities	348.4	-	(744.8)	(1,740.8)	(2,137.2)
Lease liabilities (discounted)	(32.6)	(25.1)	(22.8)	(26.5)	(107.0)
At 31 December 2025 - Audited	315.8	(25.1)	(767.6)	(1,767.3)	(2,244.2)

At 30 June 2026, the Group had cash on hand of €455.3m. At the period end, the Group had a committed Syndicate revolving credit facility of €1,500m of which €1,300 was undrawn. Cash at bank and in hand includes an amount of €4.5m held on short-term deposit.

iv) Fair value of financial instruments:

a) Fair value of financial instruments carried at fair value

The following table sets out the fair value of financial instruments carried at fair value:

			30 June 2026	30 June 2025	31 December 2025
		Fair Value	Unaudited	Unaudited	Audited
		Hierarchy	€'m	€'m	€'m
Interest rate swaps:	Current asset	Level 2	-	7.9	-
Forward foreign exchange contracts:	Non-current asset	Level 2	-	-	0.3
	Non-current liability	Level 2	-	-	(0.1)
	Current asset	Level 2	10.4	23.5	9.4
	Current liability	Level 2	(20.4)	(12.9)	(4.5)
Forward commodity contracts:	Non-current asset	Level 3	0.5	0.2	0.4
	Current asset	Level 3	1.4	-	-
	Current liability	Level 3	(0.6)	-	(0.6)
Financial asset investments:	Fair value through profit or loss	Level 1	45.4	40.1	42.6
	Fair value through other comprehensive income	Level 3	26.1	12.8	12.0
Other financial asset:	Fair value through profit or loss	Level 3	152.3	152.3	148.5
Deferred payments on acquisition of businesses:	Current liability	Level 3	(12.1)	(22.9)	(12.1)

There have been no transfers between levels during the current or prior financial period.

Financial instruments recognised at fair value are analysed between those based on:

-       quoted prices in active markets for identical assets or liabilities (Level 1);

-       those involving inputs other than quoted prices included in Level 1 that are observable for the assets or liabilities, either directly (as prices) or indirectly (derived from prices) (Level 2); and

-       those involving inputs for the assets or liabilities that are not based on observable market data (unobservable inputs) (Level 3).

Level 3 reconciliation:

-       Forward commodity contracts: The movement in the period was primarily due to changes in market valuation.

-       Financial asset investments: The movement during the period is due to the impact of foreign exchange translation.

-       Other financial assets: The movement in the current period relates to the accrual for the fixed dividend receivable from Kinisla Group Limited measured at fair value through profit or loss (FVPL) and included in finance income. See note 4 for further information.

-       Deferred payments on acquisition of businesses: The balance remained unchanged during the period.

b) Fair value of financial instruments carried at amortised cost

Except as defined in the following table, it is considered that the carrying amounts of financial assets and financial liabilities recognised at amortised cost in the Condensed Consolidated Interim Financial Statements approximate their fair values.

		30 June 2026		30 June 2025		31 December 2025
		Carrying	Fair	Carrying	Fair	Carrying	Fair
		Amount	Value	Amount	Value	Amount	Value
	Fair Value	Unaudited	Unaudited	Unaudited	Unaudited	Audited	Audited
	Hierarchy	€'m	€'m	€'m	€'m	€'m	€'m
Financial liabilities
Senior Notes - Public	Level 2	(2,488.1)	(2,321.0)	(3,436.2)	(3,255.9)	(2,487.0)	(2,307.9)

c) Valuation principles

Refer to note 25 of the 2025 Annual Report for details of the valuation process of the financial assets and liabilities and sensitivity of the associated fair value measurement to changes in inputs.

Net debt reconciliation

	Cash at	Overdrafts	Interest	Borrowings	Borrowings	Net Debt
	bank and	due within	rate	due within	due after	pre lease	Lease	Net
	in hand	1 year	swaps	1 year*	1 year*	liabilities	liabilities	debt
	€'m	€'m	€'m	€'m	€'m	€'m	€'m	€'m
At 31 December 2024 - Audited	1,610.0	(2.4)	(16.2)	(947.9)	(2,482.7)	(1,839.2)	(86.6)	(1,925.8)
Cash flows	(97.6)	1.4	-	-	-	(96.2)	19.9	(76.3)
Foreign exchange adjustments	(52.4)	0.1	20.6	-	-	(31.7)	5.8	(25.9)
Other non-cash movements	-	-	3.5	(2.0)	(1.5)	-	(27.8)	(27.8)
At 30 June 2025 - Unaudited	1,460.0	(0.9)	7.9	(949.9)	(2,484.2)	(1,967.1)	(88.7)	(2,055.8)
Cash flows	(1,108.5)	0.4	(8.0)	950.0	-	(166.1)	21.1	(145.0)
Foreign exchange adjustments	(2.6)	-	(0.5)	-	-	(3.1)	(0.4)	(3.5)
Other non-cash movements	-	-	0.6	(0.1)	(1.4)	(0.9)	(39.0)	(39.9)
At 31 December 2025 - Audited	348.9	(0.5)	-	-	(2,485.6)	(2,137.2)	(107.0)	(2,244.2)
Cash flows	97.3	0.5	-	-	(200.0)	(102.2)	23.9	(78.3)
Foreign exchange adjustments	9.1	-	-	-	-	9.1	(2.7)	6.4
Other non-cash movements	-	-	-	-	(1.4)	(1.4)	(52.3)	(53.7)
At 30 June 2026 - Unaudited	455.3	-	-	-	(2,687.0)	(2,231.7)	(138.1)	(2,369.8)

*Liabilities from financing activities.

10. Business combinations

There were no acquisition completed during the period. For the acquisitions completed in 2025, there have been no material revisions of the provisional fair value adjustments since the initial values were established.

11. Share capital

	Half year ended	Half year ended	Year ended
	30 June 2026	30 June 2025	31 December 2025
	Unaudited	Unaudited	Audited
	€'m	€'m	€'m
Authorised
280,000,000 A ordinary shares of 12.50 cent each	35.0	35.0	35.0
Allotted, called-up and fully paid (A ordinary shares of 12.50 cent each)
At beginning of the financial period	20.1	20.8	20.8
Shares issued during the financial period	-	-	-
Shares cancelled during the financial period	(0.3)	(0.3)	(0.7)
At end of the financial period	19.8	20.5	20.1

Kerry Group plc has one class of ordinary share which carries no right to fixed income.

Shares issued during the period

During the period a total of 230,959 A ordinary shares, each with a nominal value of 12.50 cent, were issued at nominal value per share under the Long-Term and Short-Term Incentive Plans and the All Employee Share Plan. The total number of shares in issue at 30 June 2026 was 158,930,608 (30 June 2025: 163,997,573; 31 December 2025: 161,102,087).

Share Buyback Programme

In February 2026, the Board approved a new Share Buyback Programme of up to €300 million. The Share Buyback Programme is underpinned by the Group's strong balance sheet and cash flow and is aligned to Kerry's Capital Allocation Framework. The programme was announced and commenced on 17 February 2026 and will end on 31 December 2026 at the latest. In the period from 17 February 2026 to 30 June 2026 the company purchased 1,831,687 shares at a total cost of €130.2m including transaction costs. At 30 June 2026 there was no financial liability recorded in relation to the Share Buyback Programme. Since the period end, and up to 23 July 2026, the Company has purchased an additional 250,956 shares at a total cost of €20.8m.

The previous Share Buyback Programme announced in May 2025, commenced on 20 June 2025 and was completed on 17 February 2026. The total number of shares acquired during 2025 was 3,160,500 at a cost of €257.3m. During the period 1 January 2026 to 17 February 2026, an additional 570,751 shares were purchased at a cost of €42.7m, resulting in a total number of shares acquired as part of this programme of 3,731,251 at a total cost of €300.3m including transaction costs of €0.3m. All shares acquired were A ordinary shares with a nominal value of 12.50 cent. The shares acquired were cancelled immediately following their repurchase.

12. Related party transactions

(i) Trading between Parent Company and subsidiaries

Transactions in the financial period between the Parent Company and its subsidiaries included:

	Half year ended	Half year ended	Year ended
	30 June 2026	30 June 2025	31 December 2025
	Unaudited	Unaudited	Audited
	€'m	€'m	€'m
Dividends received by the Parent Company	-	-	27.2
Cost recharges from subsidiaries of the Parent Company	12.3	20.1	36.4
Trade and other receivables to the Parent Company	962.9	1,715.3	1,446.2

(ii) Trading with joint ventures
Details of transactions and balances outstanding with joint ventures are as follows:

	Half year ended	Half year ended	Year ended
	30 June 2026	30 June 2025	31 December 2025
	Unaudited	Unaudited	Audited
	€'m	€'m	€'m
Sale of goods	0.5	0.2	0.6
Amounts receivable	6.5	5.4	5.7

(iii) Trading with other related parties

Details of transaction with Kinisla Group Limited are as follows:

	Half year ended	Half year ended	Year ended
	30 June 2026	30 June 2025	31 December 2025
	Unaudited	Unaudited	Audited
	€'m	€'m	€'m
Sales - goods	11.5	10.3	26.2
Sales - services	6.0	6.0	12.0
Purchases - goods	75.9	52.8	170.6
Trade receivables	4.0	8.4	5.3
Trade payables	(13.0)	(6.6)	(26.8)
Other receivables	7.7	5.1	10.0
Fixed dividend receivable on retained investment*	3.8	3.8	7.5
Other financial asset*	148.5	148.5	148.5
Phase 1 vendor loan receivable*	16.0	17.8	17.0

* See note 7 in these Condensed Consolidated Interim Financial Statements and note 25 in the 2025 Annual Report for further information.

13. Events after the balance sheet date

Since the financial period end, the Group has:

-       declared an interim dividend of 46.2 cent per A ordinary share (see note 6); and

-       the Company has purchased 250,956 shares at a cost of €20.8m up to 23 July 2026.

There have been no other significant events, outside the ordinary course of business, affecting the Group since 30 June 2026.

14. General Information

These unaudited Condensed Consolidated Interim Financial Statements for the half year ended 30 June 2026 are not full financial statements and were not reviewed or audited by the Group's auditors, KPMG. These Condensed Consolidated Interim Financial Statements were approved by the Board of Directors and authorised for issue on 28 July 2026. The figures disclosed relating to 31 December 2025 have been derived from the Consolidated Financial Statements which were audited, received an unqualified audit report and have been filed with the Registrar of Companies. This report should be read in conjunction with the 2025 Annual Report which was prepared in accordance with IFRS adopted by the European Union ('EU') which comprise standards and interpretations approved by the International Accounting Standards Board ('IASB'). The Group financial statements comply with Article 4 of the EU IAS Regulation. IFRS adopted by the EU differs in certain respects from IFRS Accounting Standards issued by the IASB. References to IFRS refer to IFRS adopted by the EU. The accounting policies applied by the Group in these Condensed Consolidated Interim Financial Statements are the same as those detailed in the 2025 Annual Report.

These unaudited Condensed Consolidated Interim Financial Statements have been prepared on the going concern basis of accounting as set out in note 1. The Directors report that they have satisfied themselves that the Group is a going concern, having adequate resources to continue in operational existence for the foreseeable future. In forming this view, the Directors have reviewed the Group's budget for a period not less than 12 months, the medium-term plan and have taken into account the cash flow implications of the plans, including proposed capital expenditure, and compared these with the Group's committed borrowing facilities and projected gearing ratios.

Property, plant and equipment increased by €105.8m to €2,127.0m (31 December 2025: €2,021.2m; 30 June 2025: €1,961.0m) due to additions of €170.2m offset by disposals of €5.6m, depreciation of €115.8m and the impact of foreign exchange translation of €58.4m.

Intangible assets increased by €54.7m to €5,499.0m (31 December 2025: €5,444.3m; 30 June 2025: €5,466.5m) due to computer software additions of €12.1m offset by the amortisation charge for the period of €46.6m and the impact of foreign exchange translation of €89.2m.

In relation to seasonality, EBITDA is lower in the first half of the year due to the nature of the food business and stronger trading in the second half. While revenue is relatively evenly spread, margin has traditionally been higher in the second half of the year due to product mix and the timing of promotional activity.

As permitted by the Transparency (Directive 2004/109/EC) Regulations 2007 this Interim Report is available on www.kerry.com. However, if a physical copy is required, please contact the Corporate Affairs department.

FINANCIAL DEFINITIONS

1. Revenue

Volume performance

This represents the sales performance period-on-period, excluding pass-through pricing on input costs, currency impacts, acquisitions, disposals and rationalisation volumes.

Volume performance is an important metric as it is seen as the key driver of organic top-line business improvement. Pricing therefore impacts revenue performance positively or negatively depending on whether input costs move up or down. A full reconciliation to reported revenue performance is detailed in the revenue reconciliation below.

Revenue Reconciliation

						Reported
	Volume		Transaction	Acquisitions/	Translation	revenue
H1 2026	performance	Price	currency	disposals	currency	performances
Europe	0.5%	(2.4%)	-	(2.3%)	(1.9%)	(6.1%)
APMEA	4.9%	(1.4%)	0.4%	0.9%	(3.5%)	1.3%
Americas	3.7%	(0.3%)	(0.4%)	(1.5%)	(6.4%)	(4.9%)
Group	3.3%	(1.0%)	(0.1%)	(1.1%)	(4.8%)	(3.7%)
H1 2025
Europe	0.2%	0.6%	-	(1.6%)	0.4%	(0.4%)
APMEA	4.2%	(0.1%)	0.2%	-	(1.0%)	3.3%
Americas	3.7%	0.1%	0.4%	0.1%	(3.2%)	1.1%
Group	3.0%	0.2%	0.3%	(0.3%)	(1.9%)	1.3%

2. EBITDA

EBITDA represents profit before taxation and before finance income and costs, other income, depreciation (net of capital grant amortisation), intangible asset amortisation, non-trading items and share of joint ventures' results after taxation. EBITDA is reflective of underlying trading performance and allows comparison of the trading performance of the Group's businesses, either period-on-period or with other businesses.

	H1 2026	H1 2025
	€'m	€'m
Profit before taxation	327.8	353.6
Share of joint ventures' results after taxation	1.5	0.9
Finance income	(9.8)	(20.1)
Finance costs	39.5	50.4
Other income	(3.8)	(3.8)
Non-trading items	40.5	18.1
Intangible asset amortisation	46.6	47.5
Depreciation (net)	115.8	109.3
EBITDA	558.1	555.9

3. EBITDA Margin

EBITDA margin represents EBITDA expressed as a percentage of revenue.

	H1 2026	H1 2025
	€'m	€'m
EBITDA	558.1	555.9
Revenue	3,336.4	3,463.1
EBITDA margin	16.7%	16.1%

4. Operating Profit

Operating profit is profit before income taxes, finance income, finance costs, other income and share of joint ventures' results after taxation.

	H1 2026	H1 2025
	€'m	€'m
Profit before taxation	327.8	353.6
Finance income	(9.8)	(20.1)
Finance costs	39.5	50.4
Other income	(3.8)	(3.8)
Share of joint ventures' results after taxation	1.5	0.9
Operating profit	355.2	381.0

5. Adjusted Earnings Per Share and Performance in Adjusted Earnings Per Share on a Constant Currency Basis

The performance in adjusted earnings per share on a constant currency basis is provided as it is considered more reflective of the Group's underlying trading performance. Adjusted earnings is profit after taxation attributable to equity holders of the parent before brand related intangible asset amortisation and non-trading items (net of related tax). These items are excluded in order to assist in the understanding of underlying earnings. A full reconciliation of adjusted earnings per share to basic earnings is provided below. Constant currency eliminates the translational effect that arises from changes in foreign currency period-on-period. The performance in adjusted earnings per share on a constant currency basis is calculated by comparing current period adjusted earnings per share to the prior period adjusted earnings per share retranslated at current period average exchange rates.

	H1 2026		H1 2025
	EPS	Performance	EPS	Performance
	Cent	%	Cent	%
Basic earnings per share	175.5	(3.8%)	182.4	9.4%
Brand related intangible asset amortisation	18.6	-	17.8	-
Non-trading items (net of related tax)	20.0	-	9.0	-
Adjusted earnings per share	214.1	2.3%	209.2	7.8%
Impact of retranslating prior period adjusted earnings per share at current period average exchange rates*		5.6%		2.0%
Growth in adjusted earnings per share on a constant currency basis		7.9%		9.8%

* Impact of H1 2026 translation was (11.7)/209.2 cent = 5.6% (H1 2025: 2.0%).

6. Free Cash Flow

Free cash flow is EBITDA plus movement in average working capital, capital expenditure net (purchase of assets, payment of lease liabilities, inflow from the sale of assets (net of disposal expenses) and capital grants received), pension contributions paid less pension expense, finance costs paid (net), other income and income taxes paid.

Free cash flow is seen as an important indicator of the strength and quality of the business and of the availability to the Group of funds for reinvestment or for return to shareholders. Movement in average working capital is used when calculating free cash flow as management believes this provides a more accurate measure of the increase or decrease in working capital needed to support the business over the course of the period rather than at two distinct points in time and more accurately reflects fluctuations caused by seasonality and other timing factors. Average working capital is the sum of each month's working capital over 6 months adjusted for the impact of acquisitions and disposals. Below is a reconciliation of free cash flow to the nearest IFRS measure, which is 'Net cash from operating activities'.

	H1 2026	H1 2025
	€'m	€'m
Net cash from operating activities	379.9	399.3
Difference between movement in monthly average working capital and movement in the period end working capital	(29.9)	21.3
Payments on non-trading items	44.8	12.2
Purchase of assets	(128.2)	(101.2)
Payment of lease liabilities	(23.9)	(19.9)
Inflow from the sale of assets (net of disposal expenses)	7.5	0.4
Other income	7.5	-
Capital grants received	-	0.1
Exchange translation adjustment	4.6	(3.6)
Free Cash Flow	262.3	308.6

7. Cash Conversion

Cash conversion is defined as free cash flow, expressed as a percentage of adjusted earnings after taxation. Cash conversion is an important metric as it measures how much of the Group's adjusted earnings is converted into cash.

	H1 2026	H1 2025
	€'m	€'m
Free Cash Flow	262.3	308.6
Profit after taxation attributable to equity holders of the parent	282.0	302.8
Brand related intangible asset amortisation	29.9	29.6
Non-trading items (net of related tax)	32.2	15.0
Adjusted earnings after taxation	344.1	347.4
Cash Conversion	76%	89%

8. Liquidity Analysis

The Net debt:EBITDA and EBITDA:Net interest ratios disclosed are calculated using an adjusted EBITDA, adjusted finance costs (net of finance income) and an adjusted net debt value to adjust for the impact of acquisitions net of disposals and deferred payments in relation to acquisitions.

	H1 2026	H1 2025	FY 2025
	Times	Times	Times
Net debt:EBITDA	2.0	1.7	1.9
EBITDA:Net interest	20.9	22.7	22.2

9. Average Capital Employed

Average capital employed is the average of total capital employed over the last three reported balance sheets. Total capital employed is calculated as shareholders' equity, less the vendor loan note relating to the Sweet Ingredients Portfolio, less the retained investment in the Kinisla Group Limited, plus net debt.

	H1 2026	2025	H1 2025*	H1 2025	2024*	2024	H1 2024
	€'m	€'m	€'m	€'m	€'m	€'m	€'m
Equity attributable to equity holders of the parent	6,111.8	5,951.8	5,907.6	5,907.6	6,485.8	6,485.8	6,512.8
Vendor loan note - Sweet Ingredients Portfolio	(149.2)	(143.2)	(129.4)	(129.4)	(124.6)	(124.6)	(128.0)
Retained investment in Kinisla Group Limited	(148.5)	(148.5)	(148.5)	-	(148.5)	-	-
Net debt	2,369.8	2,244.2	2,055.8	2,055.8	1,925.8	1,925.8	1,843.9
Total capital employed	8,183.9	7,904.3	7,685.5	7,834.0	8,138.5	8,287.0	8,228.7
Average capital employed	7,924.6	7,909.4		8,116.6

* Restated as at 1 January 2025 following the disposal of Kinisla Group Limited

10. ROACE

This measure is defined as profit after taxation attributable to equity holders of the parent before non-trading items (net of related tax), brand related intangible asset amortisation and finance income and costs and other income expressed as a percentage of average capital employed. ROACE is a key measure of the return the Group achieves on its investment in capital expenditure projects, acquisitions and other strategic investments.

	12 months to	12 months to
	H1 2026	H1 2025	FY 2025
	€'m	€'m	€'m
Profit after taxation attributable to equity holders of the parent	637.7	745.7	658.5
Non-trading items (net of related tax)	91.6	10.6	74.4
Brand related intangible asset amortisation	59.6	60.6	59.3
Net finance costs	51.6	56.4	52.2
Other income	(7.5)	(3.8)	(7.5)
Adjusted profit	833.0	869.5	836.9
Average capital employed	7,924.6	8,116.6	7,909.4
Return on average capital employed	10.5%	10.7%	10.6%

11. Net Debt

Net debt comprises borrowings and overdrafts, interest rate derivative financial instruments, lease liabilities and cash at bank and in hand. See full reconciliation of net debt in note 9 of these Condensed Consolidated Interim Financial Statements.

 

END