Reported revenue of €6,929m reflected volume growth of 3.4%, an overall pricing reduction of 2.1%, favourable transaction currency of 0.2%, unfavourable translation currency of 1.2% and the adverse effect of disposals net of acquisitions of 1.0%.

Taste & Nutrition delivered a good year of volume growth with continued progression through the year. This represented a significant outperformance relative to food and beverage end markets, supported by continued product renovation activity with many customers to enhance nutritional profiles.

Foodservice performed strongly with volume growth of 6.8%, supported by new menu innovations, seasonal products and solutions designed to reduce operational costs and simplify processes, while growth in the retail channel of 1.8% reflected good performances in the Americas and APMEA.

The year's growth was led by innovations incorporating Kerry's broad range of taste and proactive health technologies. This was supported by strong performance across savoury taste, botanicals and natural extracts, along with Tastesense^TM salt and sugar reduction technologies. Proactive health also delivered excellent growth, most notably in technologies for digestive, cognitive and women's health.

Business volumes in emerging markets increased by 6.5%, with good growth across the Middle East, Africa, LATAM and Southeast Asia.

Within the Pharma & Other EUM, growth in supplements was partially offset by softer volumes in cell nutrition.

Americas Region

Reported revenue in the Americas region was €3,764m reflecting volume growth of 4.1%, an overall pricing reduction of 1.6%, unfavourable translation currency of 1.2% and the adverse effect from disposals net of acquisitions of 1.5%. This strong volume performance included a good finish to the year and good broad-based growth across end markets and channels.

Within North America, Snacks achieved excellent growth, with innovations utilising Kerry's range of savoury taste profiles and Tastesense^TM salt reduction technologies, given an increased level of customer focus on improving the nutritional profiles of their products.

The Beverage category remained highly dynamic through the year, with a significant level of innovation driving strong growth in Kerry's coffee extracts, proactive health and Tastesense^TM sugar reduction technologies. Growth in Bakery was supported by performance in preservation and taste systems.

Foodservice delivered strong volume growth through new and improved signature taste profiles, integrated solutions to reduce cost and complexity, and continued strong growth with new and emerging chains. Good growth was achieved in the retail channel, given continued renovation activity with many customer and retailer brands through the year.

LATAM delivered strong growth, led by performance in Mexico in Snacks and Beverage, while Brazil performed well, particularly in the second half of the year.

Europe Region

Reported revenue in the Europe region was €1,455m reflecting volume and pricing reductions of 0.1% and 3.5% respectively, favourable translation currency of 0.9% and the adverse effect from disposals net of acquisitions of 1.4%. Volume performance improved through the year with a return to growth in the second half, supported by recovery in the retail channel.

Within the Food EUM, Meals and Bakery delivered good growth through solutions incorporating Kerry's food protection, preservation and authentic taste technologies, while performance in Dairy reflected strong prior year comparatives. Beverage performed well with new innovations in functional and refreshing beverages supported by a number of new innovations with Kerry's proactive health portfolio. Foodservice continued to deliver good growth with launches in meat applications across a number of customers, combined with increased seasonal and limited time offering activity within the region.

APMEA Region

Reported revenue in the APMEA region was €1,661m reflecting volume growth of 4.8%, an overall pricing reduction of 2.3%, favourable transaction currency of 0.6%, unfavourable translation currency of 2.8% and the effect from acquisitions net of disposals of 0.5%.

Volume growth within the region reflected strong growth in the Middle East, Africa and Southeast Asia, with challenging market conditions in China deteriorating through the fourth quarter.

Beverage achieved good growth most notably through refreshing beverage innovations with Kerry's botanicals, natural extracts and Tastesense^TM sugar reduction technologies. Snacks delivered strong growth with leading global and regional brands, given continued innovation and increased demand for Kerry's range of authentic local savoury taste profiles. Growth in Meat was driven by strong performance across savoury taste and preservation systems.

Foodservice achieved strong volume growth with leading regional coffee chains and quick service restaurants in particular, while growth in the retail channel was supported by good performance across Kerry's range of local authentic taste solutions with regional leaders.

FINANCIAL REVIEW

Strong business performance and strategic execution

The Financial Review provides an overview of the Group's financial performance for the year ended 31 December 2024 and the Group's financial position at that date.

The Group had strong overall financial performance for the year ended 2024. This was underpinned by volume growth combined with strong EBITDA margin progression and cash generation.

From a strategic perspective, €557m was returned to shareholders in 2024 through share buybacks and the Group completed the Phase 1 70% divestment of Dairy Ireland on 31 December 2024.

The Key Financial Performance Indicators outlined below are used to track business and operational performance and help to drive value creation. The Group has a long-term track record of delivery with a disciplined financial approach of targeting continued growth while meeting return on investment objectives.

Revenue

Group revenue for the year was €7,981m (2023: €8,020), comprising volume growth of 3.3%, an overall pricing reduction of 1.9%, favourable transaction currency of 0.2%, unfavourable translation currency of 0.9%, contribution from acquisitions of 0.7% and the effect from disposals of 1.9%, resulting in an overall decrease of 0.5%. Revenue from continuing operations for the year was €6,929m (2023: €6,975m).

EBITDA & Margin %

Group EBITDA increased by 7.4% to €1,251m (2023: €1,165m), with Group EBITDA margin increasing by 120bps to 15.7%, driven by benefits from the Accelerate Operational Excellence Programme, portfolio developments, operating leverage, product mix and the net effect from pricing. EBITDA from continuing operations for the year was €1,188m (2023: €1,112m).

Computer Software Amortisation

Computer software amortisation increased to €29m (2023: €27m) reflecting continued investment in our digital enablement initiatives.

Brand Related Intangible Asset Amortisation

Brand related intangible asset amortisation increased to €59m (2023: €52m), which is reflective of recent acquisition activity.

Finance costs

Net finance costs for the year of €54m (2023: €50m) reflected the interest due on €1bn senior notes issued in September 2024 offset by increased deposit interest earned on cash. The Group's average cost of finance for the year was 2.8% (2023: 2.4%).

Taxation

The tax charge for the year before non-trading items was €123m (2023: €103m) representing an effective tax rate of 14.1% (2023: 12.7%), an increase year-on-year reflecting the timing of in-year recognition of deferred assets in 2023.

Non-Trading Items

During the year, the Group incurred a non-trading charge of €16m (2023: €17m credit) net of tax. This was made up of a charge from continuing operations of €44m net of tax, and offset by a credit from discontinued operations of €28m net of tax. The charge primarily relates to investments in the Accelerate Operational Excellence transformation programme, which predominantly reflects costs of streamlining operations, project management costs, and consultancy fees, incurred to deliver manufacturing and supply chain excellence. The offsetting credit relates to the profit on the 70% divestment of Dairy Ireland.

The credit in the prior year is primarily related to the profit on the divestment of the Sweet Ingredients Portfolio offset in part by the Accelerate Operational Excellence transformation programme.

Foreign Exchange

Group results are impacted by year-on-year fluctuations in exchange rates versus the Euro. The primary rates driving the currency impact in the figures above were Brazilian Real and Malaysian Ringgit which had average rates of 5.78 (2023: 5.40) and 4.96 (2023: 4.93) respectively.

Cash & Returns

Free Cash Flow

In 2024, the Group achieved a strong free cash flow of €765.6m (2023: €701.3m) reflecting 95% cash conversion in the year.

Share Buyback

During the year, the Board approved two share buyback programmes totalling €600m, in addition to the €300m programme that was launched in November 2023. These programmes are underpinned by the Group's strong balance sheet and cash flow and are aligned to the Company's Capital Allocation Framework.

During 2024, the total number of shares acquired was 6,757,726 at a cost of €556.5m. Since the year end, and up to 31 January 2025, the Company has purchased an additional 458,271 shares returning an additional €43.3m to shareholders.

Net Debt

Net debt at the end of the year was €1,925.8m (2023: €1,604.1m). The increase during the year reflects strong business cash generation offset by acquisition spend and the share buyback programme.

Share Price and Market Capitalisation

The share price on 31 December 2024 was €93.25 (2023: €78.66) giving a market capitalisation of €15.5bn (2023: €13.8bn). Total shareholder return for 2024 was 20.1% (2023: -5.3%).

Financing

Undrawn committed facilities at the end of the year were €1,500m (2023: €1,500m) while undrawn standby facilities were €344m (2023: €335m). During 2024, the Group exercised the first of the two 1-year extension options on the €1,500m revolving credit facilities. The facility contains two one-year extension options, exercisable on the 1st and 2nd anniversaries of the facility and which, if exercised, would extend the maturity date of the facility to June 2030. In August 2024, the Group established a €3bn EMTN programme for future Euro public bond issuances. In September 2024, the Group issued €1bn of new public bonds under this programme and the Group has €950m of senior notes repayable in September 2025.

Of the cash at bank and in hand at year end, €227.0m (2023: €50.8m) was on short term deposit under a Sustainable Deposits programme.

Dividend and Annual General Meeting

During the year, the Group paid an interim dividend of 38.1 cent per A ordinary share, which was an increase of 10.1% versus the 2023 interim dividend. The Board has proposed a final dividend of 89.0 cent per A ordinary share, payable on 9 May 2025 to shareholders registered on the record date of 11 April 2025. When combined with the interim dividend, the total dividend for the year amounts to 127.1 cent per share (2023: 115.4 cent per share), which is an increase of 10.1% over last year's dividend. The Group's aim is to have double-digit dividend growth each year. Over 38 years as a listed company, the Group has grown its dividend at a compound rate of 16%.

Kerry's Annual General Meeting is scheduled to take place on 1 May 2025.

FY 2025 Outlook

Kerry remains well positioned for strong market outperformance given its unique positioning with customers as an innovation and renovation partner.

Kerry will continue to evolve strategically and develop its taste and nutrition portfolio in areas where it can create the most value.

While recognising uncertain market conditions, we expect to deliver good volume growth and strong margin expansion, resulting in constant currency adjusted earnings per share growth of 7% to 11%, net of dilution from the Kerry Dairy Ireland disposal.

Note: Guidance range based on adjusted earnings per share of €467.5 cent for FY 2024  |  Guidance range stated post ~2% dilution in 2025 from the Phase 1 disposal of Kerry Dairy Ireland, which completed on 31 December 2024  |  Foreign currency translation expected to be a tailwind of +1% to +2% on earnings per share in 2025  |  Guidance based on average number of shares in issue of ~165m.

Financial Targets Post Divestment of Kerry Dairy Ireland

Following the divestment of Kerry Dairy Ireland on 31 December, the Group is refreshing its current medium-term financial targets for 2022-26 to reflect Kerry's new business profile as a pure-play Taste & Nutrition company. It is also introducing an expanded 2028 Group EBITDA margin target of 19-20% and a target for adjusted earnings per share growth.

Following the successful completion of the Accelerate Operational Excellence programme, which has delivered savings ahead of schedule, Kerry is commencing its business efficiency programme Accelerate 2.0. This will focus on driving enhanced business performance and productivity through a combination of footprint optimisation and Kerry digital excellence enablement initiatives across operations, commercial, research & development and global business services. It is expected to deliver projected recurring annual savings of €100m by 2028 with a cost of €140m. This programme will be a key enabler of achieving the Group's 2028 EBITDA margin target.

Going forward, the Group is targeting high single digit constant currency adjusted earnings per share growth, following the significant portfolio transformation in recent years.

⁸ Taste & Nutrition business volume growth target assumes end market growth of 1%+.

⁹ Assumes neutral currency and raw materials.

¹⁰ Average adjusted earnings per share growth in constant currency terms (2025-2028).

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

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.