KERRY GROUP INTERIM MANAGEMENT REPORT 2025

RNS Number : 0807T

Kerry Group PLC

30 July 2025

30 July 2025

LEI: 635400TLVVBNXLFHWC59

KERRY GROUP PLC
Half Year Results 2025

Volume Growth and Strong Margin Expansion
HIGHLIGHTS¹


> Group revenue increased to €3.5bn > Volume growth of 3.0% (Q2: +3.0%) > EBITDA margin increased by 100bps to 16.1% (Q2: +110bps) > Group EBITDA of €556m (H1 2024: €517m) > Adjusted EPS of 209.2 cent - up 9.8% on a constant currency basis (7.8% reported growth) > Free cash flow of €309m reflecting 89% cash conversion > Interim dividend per share increase of 10.2% to 42.0 cent > Full year constant currency adjusted EPS guidance maintained

¹ Continuing operations (post divestment of Kerry Dairy Ireland, which is presented as discontinued operations in the financial statements). Adjusted EPS growth is based on total adjusted group earnings in the prior year of 194.1 cent.

Edmond Scanlon, Chief Executive Officer
"The first half of the year reflected a good performance particularly given market conditions, where we delivered volume growth and strong margin expansion, driving constant currency EPS growth of 9.8%. Volume growth was led by a strong performance in the Americas, with Europe in line with expectations, and growth in APMEA reflective of variable market dynamics. Our strong EBITDA margin expansion was driven by efficiencies delivered through Accelerate Operational Excellence as well as portfolio and product mix benefits. We continued to strategically develop our business, including expanding our capacity within APMEA and LATAM, and further investing in our taste and bio-fermentation technology capabilities across the business. Looking to the remainder of the year, while recognising a heightened level of market uncertainty, we remain well positioned for volume growth and strong margin expansion, as we continue to support our customers as an innovation and renovation partner."
Markets and Performance
The demand environment across food and beverage markets remained soft through the period, reflective of cautious consumer behaviour, given the level of macroeconomic and geopolitical uncertainty across different geographies. Customer innovation centred around new and differentiated flavour combinations, products with functional health benefits and relative value options. Renovation activity around enhancing nutritional characteristics of products continued to be a key area of focus for customers, particularly in the North American market. Reported revenue increased by 1.3% to €3.5bn in the period, comprising volume growth of 3.0%, pricing of 0.2%, a favourable transaction currency impact of 0.3%, unfavourable translation currency of 1.9%, contribution from acquisitions of 0.6% and the effect from disposals of 0.9%. EBITDA increased by 7.5% to €556m, with EBITDA margin increasing by 100bps to 16.1%, driven by benefits from the Accelerate Operational Excellence programme, operating leverage, product mix, and the positive effect from acquisitions and disposals. Constant currency adjusted earnings per share increased by 9.8% to 209.2 cent and an increase of 7.8% in reported currency. Basic earnings per share increased by 9.4% to 182.4 cent. Free cash flow was €309m with cash conversion of 89%² reflective of an investment in working capital lapping a significantly favourable working capital benefit in the comparative period (H1 2024: Free Cash Flow €445m³). Cash generated from operations was €459m (H1 2024: €431m³). The interim dividend of 42.0 cent per share reflects an increase of 10.2% over the 2024 interim dividend. During the period, the Group repurchased €256m of Kerry Group plc 'A' ordinary shares under its share buyback programmes.

² Cash conversion calculated based on average working capital.
³ Note: H1 2024 includes Kerry Dairy Ireland.

Business Review
Continued strong end market outperformance
> Volume growth of 3.0% > Growth led by Beverage, Bakery and Snacks EUMs > Pricing of 0.2% reflected limited overall input cost inflation
Business volume growth in the period was well ahead of food and beverage end markets, supported by continued product renovation activity in the retail channel and continued innovation in the foodservice channel. Growth in the period was led by Beverage, Bakery and Snacks end markets, supported by strong growth in savoury taste and Tastesense^TM salt and sugar reduction technologies, as well as integrated solutions and Kerry's botanicals, natural extracts and proactive health ingredients. Volume growth in foodservice of 4.6% represented a significant channel outperformance in the period, given soft traffic data. This growth was driven by strong innovation activity including new menu items, seasonal launches and continued product renovation. Growth in the retail channel was supported by a step-up in retailer brand innovation and nutritional enhancement renovation activity with a range of customers. Business volumes in emerging markets increased by 5.6% in the period, led by a strong performance in Southeast Asia and LATAM. Within the Pharma & other EUM, volume growth was driven by cell nutrition and proactive health ingredients for supplement applications.

Regional Review

Americas Region
																												H1 2025											Performance
Revenue																												€1,911m											+3.7%⁴
EBITDA margin																												18.5%											+90bps
⁴ volume performance

> Volume growth of +3.7% (Q2: +3.9%) led by Snacks, Bakery and Beverage EUMs > Retail achieved good growth with Foodservice performing well > LATAM growth led by Brazil and Central America > EBITDA margin increase driven by Accelerate Operational Excellence benefits, operating leverage and product mix
Reported revenue in the region increased by 1.1% to €1,911m reflecting volume growth of 3.7%, pricing of 0.1%, a favourable transaction currency impact of 0.4%, an unfavourable translation currency impact of 3.2%, contribution from acquisitions of 0.4% and the effect from disposals of 0.3%. Growth in the first half of the year reflected good performances in both North America and LATAM. Within North America, Snacks delivered strong growth through innovations utilising Kerry's range of savoury taste profiles and Tastesense^TM salt-reduction technologies with global and emerging brands, given continued customer focus on improving the nutritional profiles of their products. Growth in Bakery was driven by taste and texture solutions as well as enzymes, while performance within the Meat end market reflected softer overall category volumes. In Beverage, good performance was achieved within the refreshing and low/no alcohol categories through botanicals and natural extracts. Business developments within the region included the continued investment in enhancement of coffee extraction capabilities for food and beverage taste applications. Within the retail channel, growth was supported by renovation activity across customer and retailer brands, while foodservice growth was led by performance with quick service and fast casual restaurants. Within LATAM, strong growth was achieved in Brazil and Central America across the Snacks and Meals end markets in particular.

Europe Region
																												H1 2025											Performance
Revenue																												€731m											+0.2%⁴
EBITDA margin																												15.2%											+90bps
⁴ volume performance

> Volume growth of +0.2% (Q2: +0.3%) > Beverage and Bakery performed well > Foodservice delivered good growth > EBITDA margin increase primarily driven by Accelerate Operational Excellence and portfolio benefits
Reported revenue in the region decreased by 0.4% to €731m reflecting volume growth of 0.2%, pricing of 0.6%, a favourable translation currency impact of 0.4%, contribution from acquisitions of 1.4% and the effect from disposals of 3.0%. Performance in the region was driven by growth in foodservice through seasonal and new launch activity with quick service restaurants, while performance in the retail channel reflected continued soft market dynamics. Within Beverage, good growth was achieved in nutritional beverages with Kerry's integrated taste technologies and proactive health ingredients. Growth in Bakery was led by texture systems, with performance in Meals reflecting softer overall market dynamics. Business developments in the period included strong progress in the development of the new Biotechnology Innovation Centre in Leipzig, Germany, enzyme capacity expansion in Cork, Ireland, and the expansion of Kerry's cocoa taste capabilities in Grasse, France.

APMEA Region
																												H1 2025											Performance
Revenue																												€821m											+4.2%⁴
EBITDA margin																												15.0%											+60bps
⁴ volume performance

> Volumes +4.2% (Q2: +3.2%) > Bakery, Beverage and Meals delivered good growth > Foodservice achieved very good growth with a solid performance in retail > EBITDA margin increase driven by Accelerate Operational Excellence benefits, operating leverage and product mix
Reported revenue in the region increased by 3.3% to €821m, reflecting volume growth of 4.2%, a pricing reduction of 0.1%, a favourable transaction currency impact of 0.2%, an unfavourable translation currency impact of 1.0%, contribution from acquisitions of 0.4% and the effect from disposals of 0.4%. Performance in the region was primarily driven by strong growth in Southeast Asia, solid growth in the Middle East and Africa, with volumes in China remaining challenged. Growth in Bakery was driven by food protection and preservation systems, as well as reformulation activity in cocoa to address supply challenges. Beverage continued to achieve good growth across refreshing, nutritional and functional beverages through integrated solutions incorporating Kerry's natural extracts, botanicals and Tastesense^TM sugar reduction technologies with local and regional customers. Performance in Meals was supported by growth in local culinary taste innovations, while performance in Snacks was impacted by disruption to order patterns during the period. Foodservice delivered strong volume growth with leading regional coffee chains and quick service restaurants, while growth in the retail channel was driven by Kerry's range of local authentic taste profiles. Business developments in the period included continued investment and expansion of Kerry's local taste capacity in the Middle East and East Africa.
Financial Review
																		%											H1 2025										H1 2024
																		change											€'m										€'m
Continuing operations
Revenue																		1.3%											3,463.1										3,419.2
EBITDA																		7.5%											555.9										517.2
EBITDA margin																													16.1%										15.1%
Depreciation (net)																													(109.3)										(101.6)
Computer software amortisation																													(17.9)										(18.0)
Finance costs (net)																													(26.5)										(27.8)
Share of joint ventures' results after taxation																													(0.9)										(1.0)
Adjusted earnings before taxation																													401.3										368.8
Income taxes (excluding non-trading items)																													(53.6)										(49.5)
Adjusted earnings after taxation																													347.7										319.3
Brand related intangible asset amortisation																													(29.6)										(27.5)
Non-trading items (net of related tax)																													(15.0)										(20.2)
Profit from continuing operations																													303.1										271.6

Discontinued operations
Profit from discontinued operations																													-										19.9
Profit after taxation																													303.1										291.5

Attributable to:
Equity holders of the parent - continuing operations																													302.8										271.6
Equity holders of the parent - discontinued operations																													-										19.9
Non-controlling interests																													0.3										-
																													303.1										291.5

																													EPS										EPS
Continuing and Discontinued operations																													cent										cent
Basic EPS																		9.4%											182.4										166.7
Brand related intangible asset amortisation																													17.8										15.8
Non-trading items (net of related tax)																													9.0										11.6
Adjusted EPS																		7.8%											209.2										194.1
Impact of exchange rate translation																		2.0%
Adjusted EPS growth in constant currency																		9.8%
See Financial Definitions section for definitions, calculations, and reconciliations of Alternative Performance Measures.

Revenue
Continuing Group revenue for the period was €3,463.1m (H1 2024: €3,419.2m), comprising volume growth of 3.0%, an overall pricing increase of 0.2%, favourable transaction currency of 0.3%, unfavourable translation currency of 1.9%, contribution from acquisitions of 0.6% and the effect from disposals of 0.9%, resulting in an overall increase of 1.3%. In Europe disposal revenue primarily reflects the exit of a manufacturing agreement post the finalisation of the Kerry Dairy Ireland separation in the current year.

Revenue Reconciliation
Continuing operations
																																												Reported
							Volume						Transaction																					Translation										revenue
H1 2025							performance			Price			currency							Acquisitions									Disposals					currency										performance
Europe							0.2%			0.6%			-							1.4%									(3.0%)					0.4%										(0.4%)
APMEA							4.2%			(0.1%)			0.2%							0.4%									(0.4%)					(1.0%)										3.3%
Americas							3.7%			0.1%			0.4%							0.4%									(0.3%)					(3.2%)										1.1%
Group							3.0%			0.2%			0.3%							0.6%									(0.9%)					(1.9%)										1.3%

EBITDA & Margin %
Group EBITDA on a continuing basis increased by 7.5% to €555.9m (H1 2024: €517.2m). Continuing EBITDA margin of 16.1% (H1 2024: 15.1%) increased by 100bps primarily driven by the benefits from the Accelerate Operational Excellence Programme, operating leverage, product mix and the positive effect from portfolio developments.

Finance Costs (net)
Finance costs (net) were €26.5m (H1 2024: €27.8m). Interest income increased year on year due to interest on the vendor loan note, fixed dividend income from the retained investment in Kerry Dairy Ireland and higher deposit interest rates on a higher cash balance, offset by interest on the €1bn senior notes issued in September 2024.

Taxation
The tax charge for the period before non-trading items was €53.6m (H1 2024: €49.5m) representing an effective tax rate of 14.4% (H1 2024: 14.5%) and is reflective of the geographical mix of earnings.

Non-Trading Items
During the period, the Group incurred an overall non-trading charge of €15.0m (H1 2024: €20.2m charge) net of tax. The charge in the period is primarily related to the completion of the Accelerate Operational Excellence Transformation Programme and the launch of the Accelerate 2.0 programme.

Foreign Exchange Rates
Group results are impacted year on year by fluctuations in exchange rates versus the euro which resulted in an adverse translation impact of 1.9% on revenue. The impact was more pronounced on the retranslation of net assets primarily due to the weakening of the USD versus the EUR through the period. The primary rates driving the currency impact on net assets were USD, CNY and GBP which had closing rates of 1.17 (FY 2024: 1.04), 8.39 (FY 2024: 7.53) and 0.85 (FY 2024: 0.83) respectively.

Free Cash Flow
The Group achieved free cash flow of €308.6m (H1 2024: €445.4m) reflecting 89% cash conversion in the period.
Continuing and Discontinued operations																										H1 2025												H1 2024
Free Cash Flow																										€'m												€'m
EBITDA																										555.9												552.2
Movement in average working capital																										(65.6)												79.5
Pension contributions paid less pension expense																										(1.8)												(2.4)
Finance costs paid (net)																										(11.5)												(14.2)
Income taxes paid																										(47.8)												(49.5)
Capital expenditure (net)																										(120.6)												(120.2)
Free cash flow																										308.6												445.4
Cash conversion																										89%												131%
Cash conversion is free cash flow expressed as a percentage of adjusted earnings after taxation.
H1 2024 includes Kerry Dairy Ireland which was divested on 31 December 2024.

Return on Average Capital Employed (ROACE)
Group ROACE at the period end was 10.7% (H1 2024: 10.3%) reflective of the increase in profits in the period and the movement in average capital employed.

Net Debt
Net debt at the end of the period was €2,055.8m (31 December 2024: €1,925.8m). The increase relative to December reflects strong business cash generation offset by the dividends and the Share Buyback Programme.

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.

Liquidity Analysis
The Group's balance sheet is in a strong position with a Net debt to EBITDA ratio of 1.7 times.
																H1 2025																	H1 2024
																Times																	Times
Net debt:EBITDA																1.7																	1.6
EBITDA:Net interest																22.7																	23.2

Principal Risks and Uncertainties
Details of the principal risks and uncertainties facing the Group can be found in the 2024 Annual Report on pages 49 to 54 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, business acquisition and divestiture, climate change and environmental, people, food safety and quality, healthy & safety, margin management, cyber security and ICT resilience, operational and supply chain resilience, intellectual property, legal, regulatory and ethical compliance, 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 42.0 cent per share, compared to the prior year interim dividend of 38.1 cent, payable on 7 November 2025 to shareholders on the record date 10 October 2025.

Share Buyback Programme
In April 2025, 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 commenced on 20 June 2025 and will end no later than 27 February 2026. In the period from 20 June 2025 to 30 June 2025 the Company purchased 144,699 shares at a total cost of €13.5m.

The previous Share Buyback Programme announced in November 2024, commenced on 12 November 2024, and was completed on 20 June 2025. In the period to 30 June 2025, the Company acquired 2,537,893 shares at a cost of €242.7m resulting in a total number of shares acquired as part of this programme of 3,181,972 at a total cost of €300.3m including transaction costs of €0.3m.

Board & Management Changes
The Board announces the intention of Mr. Gerry Behan to retire from his position at Kerry Group plc and as an Executive Board Director as of 31 December 2025, and over the coming months will be transitioning his responsibilities to members of the Executive leadership team. Chairman Tom Moran commented "on behalf of the Board, I would like to extend our gratitude to Gerry for his exceptional contribution to the growth and development of Kerry across a long and distinguished career since joining in 1986, and we wish him the very best for the future".

Future Prospects
Kerry's strong end market outperformance in the first half of the year demonstrates the strength of its strategic positioning within its markets, channels and across its customer base.

Looking to the remainder of the year, while recognising a heightened level of market uncertainty, Kerry remains well positioned for volume growth and strong margin expansion, as it supports its customers as an innovation and renovation partner.

Kerry expects volume growth for the full year to be similar to the first half, with margin expansion in the second half ahead of expectations, and maintains its constant currency adjusted earnings per share guidance of 7% to 11% growth in the full year.

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 headwind of 4%-5% on adjusted earnings per share in 2025 \| Guidance based on average number of shares in issue of ~165m.

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 2025 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 2025, 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

29 July 2025


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
+353 66 7182292 \| [email protected]

William Lynch, Head of Investor Relations
+353 66 7182292 \| [email protected]

MEDIA
Catherine Keogh, Chief Corporate Affairs Officer
+353 45 931 000 \| [email protected]

WEBSITE
www.kerry.com


RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2025
Kerry Group plc
Condensed Consolidated Income Statement
for the half year ended 30 June 2025

															Before																						Re-presented*
												Non-Trading												Non-Trading						Half year							Half year										Year
															Items									Items						ended							ended										ended
															30 June 2025									30 June 2025						30 June 2025							30 June 2024										31 Dec. 2024
															Unaudited									Unaudited						Unaudited							Unaudited										Audited
												Notes			€'m									€'m						€'m							€'m										€'m

Continuing operations
Revenue												2			3,463.1									-						3,463.1							3,419.2										6,929.1
Earnings before interest, tax, depreciation and amortisation												2			555.9									-						555.9							517.2										1,188.0

Depreciation (net) and intangible asset amortisation												2			(156.8)									-						(156.8)							(147.1)										(299.4)
Non-trading items												3			-									(18.1)						(18.1)							(24.3)										(55.8)
Operating profit															399.1									(18.1)						381.0							345.8										832.8

Finance income												5			23.9									-						23.9							11.4										34.8
Finance costs												5			(50.4)									-						(50.4)							(39.2)										(88.3)
Share of joint ventures' results after taxation															(0.9)									-						(0.9)							(1.0)										(0.9)
Profit before taxation															371.7									(18.1)						353.6							317.0										778.4

Income taxes															(53.6)									3.1						(50.5)							(45.4)										(105.0)
Profit from continuing operations															318.1									(15.0)						303.1							271.6										673.4

Discontinued operations

Profit from discontinued operations															-									-						-							19.9										61.0
Profit after taxation															318.1									(15.0)						303.1							291.5										734.4
Attributable to:
Equity holders of the parent - continuing operations																														302.8							271.6										673.4
Equity holders of the parent - discontinued operations																														-							19.9										61.0
Non-controlling interests																														0.3							-										-
																														303.1							291.5										734.4

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

Basic Earnings Per Share (cent)
Continuing operations												6																		182.4							155.4										389.2
Discontinued operations												6																		-							11.3										35.3
																														182.4							166.7										424.5

Diluted Earnings Per Share (cent)
Continuing operations												6																		182.0							155.2										388.6
Discontinued operations												6																		-							11.3										35.2
																														182.0							166.5										423.8
* As re-presented to reflect the impact of discontinued operations. See note 4 for further information.

Condensed Consolidated Statement of Comprehensive Income
for the half year ended 30 June 2025

																																Re-presented*
																								Half year								Half year										Year
																								ended								ended										ended
																								30 June 2025								30 June 2024										31 Dec. 2024
																								Unaudited								Unaudited										Audited
																								€'m								€'m										€'m

Profit after taxation																								303.1								291.5										734.4
Other comprehensive income:
Items that are or may be reclassified subsequently to profit or loss:
Fair value movements on cash flow hedges																								2.2								6.3										1.8
Cash flow hedges - reclassified to profit or loss from equity																								(0.2)								(0.3)										(1.9)
Net change in cost of hedging																								0.6								0.3										0.6
Deferred tax effect of fair value movements on cash flow hedges																								(0.3)								(1.0)										(0.5)
Exchange difference on translation of foreign operations
- Continuing operations																								(493.6)								90.6										206.9
- Discontinued operations																								-								0.3										-
Cumulative exchange difference on translation recycled on disposal
- Continuing operations																								-								-										0.4
- Discontinued operations																								-								-										(0.6)
Items that will not be reclassified subsequently to profit or loss:
Re-measurement on retirement benefits obligation																								(8.7)								9.8										10.8
Deferred tax effect of re-measurement on retirement benefits obligation																								0.9								(2.4)										(2.9)
Net (expense)/income recognised directly in total other comprehensive income																								(499.1)								103.6										214.6
Total comprehensive (expense)/income																								(196.0)								395.1										949.0
Attributable to:
Equity holders of the parent - continuing operations																								(196.3)								374.9										888.6
Equity holders of the parent - discontinued operations																								-								20.2										60.4
Non-controlling interests - continuing operations																								0.3								-										-
																								(196.0)								395.1										949.0
* As re-presented to reflect the impact of discontinued operations. See note 4 for further information.

Condensed Consolidated Balance Sheet
as at 30 June 2025

																						30 June 2025										30 June 2024									31 Dec. 2024
																						Unaudited										Unaudited									Audited
														Notes								€'m										€'m									€'m

Non-current assets
Property, plant and equipment																						1,961.0										2,199.7									2,106.7
Intangible assets																						5,466.5										5,859.4									5,778.1
Financial asset investments																						52.9										52.4									59.2
Investments in joint ventures																						38.0										38.8									38.9
Other non-current financial instruments														8								295.9										138.3									295.7
Retirement benefits asset														9								92.5										100.3									100.7
Deferred tax assets																						93.6										82.9									93.3
																						8,000.4										8,471.8									8,472.6

Current assets
Inventories																						995.4										1,185.0									1,050.7
Trade and other receivables																						1,123.4										1,380.3									1,235.5
Cash at bank and in hand														10								1,460.0										659.5									1,610.0
Other current financial instruments																						31.4										5.3									113.6
Tax assets																						23.1										-									26.6
Assets classified as held for sale																						1.0										1.1									3.5
																						3,634.3										3,231.2									4,039.9
Total assets																						11,634.7										11,703.0									12,512.5

Current liabilities
Trade and other payables																						1,518.1										1,904.6									1,742.5
Borrowings and overdrafts														10								950.8										0.4									950.3
Other current financial instruments																						12.9										8.8									32.3
Tax liabilities																						173.8										165.4									179.0
Provisions																						5.9										13.0									7.0
Deferred income																						1.0										4.3									1.0
																						2,662.5										2,096.5									2,912.1

Non-current liabilities
Borrowings														10								2,484.2										2,434.1									2,482.7
Other non-current financial instruments														10								-										13.6									0.5
Retirement benefits obligation														9								28.1										40.4									33.4
Other non-current liabilities																						101.1										123.4									134.2
Deferred tax liabilities																						388.6										410.5									400.9
Provisions																						50.5										55.8									50.6
Deferred income																						10.3										14.4									10.8
																						3,062.8										3,092.2									3,113.1
Total liabilities																						5,725.3										5,188.7									6,025.2
Net assets																						5,909.4										6,514.3									6,487.3

Equity
Share capital														12								20.5										21.5									20.8
Share premium																						398.7										398.7									1,879.2
Other reserves																						(264.1)										68.5									205.6
Retained earnings																						5,752.5										6,024.1									4,380.2
Equity attributable to equity holders of the parent																						5,907.6										6,512.8									6,485.8
Non-controlling interests																						1.8										1.5									1.5
Total equity																						5,909.4										6,514.3									6,487.3

Condensed Consolidated Statement of Changes in Equity
for the half year ended 30 June 2025

												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 2024												21.9						398.7						(44.6)					6,145.3				6,521.3						1.5									6,522.8

Profit after taxation												-						-						-					291.5				291.5						-									291.5
Other comprehensive income												-						-						97.2					6.4				103.6						-									103.6
Total comprehensive income												-						-						97.2					297.9				395.1						-									395.1

Shares (purchased)/cancelled during the financial period												(0.4)						-						0.4					(278.7)				(278.7)						-									(278.7)
Dividends paid										7		-						-						-					(140.4)				(140.4)						-									(140.4)
Share-based payment expense												-						-						15.5					-				15.5						-									15.5
At 30 June 2024 - unaudited												21.5						398.7						68.5					6,024.1				6,512.8						1.5									6,514.3

Profit after taxation												-						-						-					442.9				442.9						-									442.9
Other comprehensive income												-						-						110.0					1.0				111.0						-									111.0
Total comprehensive income												-						-						110.0					443.9				553.9						-									553.9

Shares issued during the financial period												2.1						1,480.5						-					-				1,482.6						-									1,482.6
Shares (purchased)/cancelled during the financial period												(2.8)						-						2.8					(2,023.0)				(2,023.0)						-									(2,023.0)
Dividends paid										7		-						-						-					(64.8)				(64.8)						-									(64.8)
Share-based payment expense												-						-						24.3					-				24.3						-									24.3
At 31 December 2024 - audited												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										13		-						(1,480.5)						-					1,480.5				-						-									-
Dividends paid										7		-						-						-					(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

Other Reserves comprise the following:
																										Share-
											Capital						Other									Based																		Cost of
											Redemption						Undenominated									Payment				Translation							Hedging							Hedging
											Reserve						Capital									Reserve				Reserve							Reserve							Reserve					Total
											€'m						€'m									€'m				€'m							€'m							€'m					€'m
At 1 January 2024											1.9						0.3									151.9				(201.5)							4.2							(1.4)					(44.6)

Other comprehensive income											-						-									-				90.9							6.0							0.3					97.2
Shares cancelled during the financial period											0.4						-									-				-							-							-					0.4
Share-based payment expense											-						-									15.5				-							-							-					15.5
At 30 June 2024 - unaudited											2.3						0.3									167.4				(110.6)							10.2							(1.1)					68.5

Other comprehensive income/(expense)											-						-									-				115.8							(6.1)							0.3					110.0
Shares cancelled during the financial period											2.8						-									-				-							-							-					2.8
Share-based payment expense											-						-									24.3				-							-							-					24.3
At 31 December 2024 - audited											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)

Condensed Consolidated Statement of Cash Flows
for the half year ended 30 June 2025

																									Half year							Half year											Year
																									ended							ended											ended
																									30 June 2025							30 June 2024											31 Dec. 2024
																									Unaudited							Unaudited											Audited
																			Notes						€'m							€'m											€'m

Cash flows from operating activities
Profit before taxation																									353.6							340.5											841.8
Adjustments for:
Depreciation (net)																									109.3							113.0											234.8
Intangible asset amortisation																									47.5							45.6											87.8
Share of joint ventures' results after taxation																									0.9							1.0											0.9
Non-trading items income statement charge																			3						18.1							24.3											31.6
Finance costs (net)																			4/5						26.5							27.8											53.9
Change in working capital																									(86.9)							(87.6)											(43.4)
Pension contributions paid less pension expense																									(1.8)							(2.4)											(12.1)
Payments on non-trading items																									(12.2)							(27.2)											(50.7)
Exchange translation adjustment																									3.6							(4.3)											(3.8)

Cash generated from operations																									458.6							430.7											1,140.8
Income taxes paid																									(47.8)							(49.5)											(108.2)
Finance income received																									14.8							6.6											23.8
Finance costs paid																									(26.3)							(20.8)											(67.7)
Net cash from operating activities																									399.3							367.0											988.7

Investing activities
Purchase of assets																									(101.2)							(103.4)											(305.8)
Inflow/(outflow) from the sale of assets (net of disposal expenses)																			3/4						0.4							-											(5.6)
Capital grants received																									0.1							-											2.3
Purchase of businesses (net of cash acquired)																			11						(14.8)							(78.4)											(166.4)
Payments relating to previous acquisitions																									-							(0.1)											(1.6)
Purchase of investments																									-							(1.8)											(1.8)
Disposal of businesses (net of disposal expenses)																									42.8							(6.8)											(27.7)
Net cash used in investing activities																									(72.7)							(190.5)											(506.6)
Financing activities
Dividends paid																			7						(147.0)							(140.4)											(205.2)
Purchase of own shares																			12						(255.9)							(278.7)											(556.5)
Payment of lease liabilities																									(19.9)							(16.8)											(40.8)
Issue of share capital																			12						-							-											-
Repayment of borrowings																									-							(2.4)											(2.5)
Cash inflow from interest rate swaps on repayment of borrowings																									-							-											3.3
Proceeds from borrowings																									-							-											994.0
Net cash movement due to financing activities																									(422.8)							(438.3)											192.3
Net (decrease)/increase in cash and cash equivalents																									(96.2)							(261.8)											674.4
Cash and cash equivalents at beginning of the period																									1,607.6							909.0											909.0
Exchange translation adjustment on cash and cash equivalents																									(52.3)							11.9											24.2
Cash and cash equivalents at end of the period																			10						1,459.1							659.1											1,607.6

Reconciliation of Net Cash Flow to Movement in Net Debt
Net (decrease)/increase in cash and cash equivalents																									(96.2)							(261.8)											674.4
Cash flow from debt financing																									-							2.4											(994.8)
Changes in net debt resulting from cash flows																									(96.2)							(259.4)											(320.4)
Fair value movement on interest rate swaps (net of adjustment to borrowings)																									-							10.3											3.4
Exchange translation adjustment on net debt																									(31.7)							6.2											13.3
Movement in net debt in the financial period																									(127.9)							(242.9)											(303.7)
Net debt at beginning of the financial period - pre lease liabilities																									(1,839.2)							(1,535.5)											(1,535.5)
Net debt at end of the financial period - pre lease liabilities																									(1,967.1)							(1,778.4)											(1,839.2)
Lease liabilities																									(88.7)							(65.5)											(86.6)
Net debt at end of the period																			10						(2,055.8)							(1,843.9)											(1,925.8)

Notes to the Condensed Consolidated Interim Financial Statements
for the half year ended 30 June 2025

1. Accounting policies
These Condensed Consolidated Interim Financial Statements for the half year ended 30 June 2025 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 2024 Annual Report.

Following the disposal of 70% of Kerry Dairy Holdings (Ireland) Limited ('Kerry Dairy Ireland') and related assets, and in accordance with the requirements of IFRS 5 'Non-current assets held for sale and discontinued operations', the results of Kerry Dairy Ireland to 31 December 2024, the date of disposal, and the results at 30 June 2024 have been presented within profit from discontinued operations in the Consolidated Income Statement.

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 2024.

Segmental analysis
Effective 1 January 2025, the Group's reportable segments changed from two to the following three segments: Europe, Americas and APMEA (Asia Pacific, Middle East and Africa), following the sale of Kerry Dairy Ireland in 2024. The Americas operating and reportable segment is an aggregate of the North America and LATAM operating segments which share similar economic characteristics. Judgement has been applied in concluding that these operating segments share similar economic characteristics, which is supported by the assessment that these operating segments share similar EBITDA margins, products, production processes, type of customers and distribution channels. In the Group's financial reporting for 2025, comparative information for 2024 has been restated to reflect the changes in reportable segments. Operating segments are reported in a manner consistent with the internal financial information provided to the Group's Chief Operating Decision Maker (the Executive Directors) who is responsible for making strategic decisions, allocating resources, monitoring and assessing the performance of each segment. EBITDA by segment is the key measure utilised in assessing the performance of operating segments within the Group. Other Corporate activities, such as the cost of corporate stewardship, are reported under the heading 'Unallocated Corporate'. Non-trading items, net finance costs, income taxes, borrowings, deferred tax balances and intangible assets are managed on a centralised basis and therefore, these items are not allocated between operating segments and are not reported per segment in note 2.

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 10 and the potential impacts of climate, geopolitical, technological and macroeconomic environment related risks on profitability. 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 2025 but do not have a material effect on the results or financial position of the Group:																																						Effective Date
- IAS 21 (Amendments)								The Effects of Changes in Foreign Exchange Rates																														1 January 2025

The Group is currently evaluating the impact of the following Standards and Amendments on future periods:																																						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 18								Presentation and Disclosure in Financial Statements																														1 January 2027
- IFRS 19								Subsidiaries without Public Accountability: Disclosures																														1 January 2027

2. Analysis of results
For the period ended 30 June 2025 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.

Following the sale of Kerry Dairy Ireland (which formed the Dairy Ireland segment) as described in note 4, effective from 2025 the Group's reportable segments have changed from two to the following three segments: Europe, Americas and APMEA. This realignment reflects the way resources are allocated and performance is assessed by the Chief Operating Decision Maker from 2025 following the discontinuation of the Dairy Ireland segment. In the tables below, comparative information for 2024 have been restated to reflect the changes in reportable segments and the impact of discontinued operations.

		Half year ended 30 June 2025 - Unaudited										Half year ended 30 June 2024 - Unaudited																		Year ended 31 December 2024 - Unaudited
						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	731.4		1,910.9	820.8		-			3,463.1		734.6			1,890.2					794.4					-				3,419.2			1,504.5					3,763.5					1,661.1						-		6,929.1
EBITDA*	111.0		352.7	123.1		(30.9)			555.9		105.0			332.3					114.0					(34.1)				517.2			250.0					741.1					265.0						(68.1)		1,188.0
Depreciation (net)	(20.9)		(58.1)	(29.5)		(0.8)			(109.3)		(18.7)			(54.5)					(27.1)					(1.3)				(101.6)			(43.8)					(116.5)					(51.2)						(0.3)		(211.8)
Intangible asset	-		-	-		(47.5)			(47.5)		-			-					-					(45.5)				(45.5)			-					-					-						(87.6)		(87.6)
amortisation
Non-trading items	-		-	-		(18.1)			(18.1)		-			-					-					(24.3)				(24.3)			-					-					-						(55.8)		(55.8)
Operating profit	90.1		294.6	93.6		(97.3)			381.0		86.3			277.8					86.9					(105.2)				345.8			206.2					624.6					213.8						(211.8)		832.8
Finance income									23.9																			11.4																					34.8
Finance costs									(50.4)																			(39.2)																					(88.3)
Share of joint ventures' results after taxation									(0.9)																			(1.0)																					(0.9)
Profit before taxation									353.6																			317.0																					778.4
Income taxes									(50.5)																			(45.4)																					(105.0)
Profit after taxation from continuing operations									303.1																			271.6																					673.4
Profit after taxation from discontinued operations									-																			19.9																					61.0
Profit after taxation									303.1																			291.5																					734.4
Attributable to:
Equity holders of the parent - continuing operations									302.8																			271.6																					673.4
Equity holders of the parent - discontinued operations									-																			19.9																					61.0
Non-controlling interests									0.3																			-																					-
									303.1																			291.5																					734.4
* EBITDA represents profit before taxation and before finance income and costs, depreciation (net of capital grant amortisation), intangible asset amortisation, non-trading items and share of joint ventures' results after taxation.

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 2025 - Unaudited										Half year ended 30 June 2024 - Unaudited																					Year ended 31 December 2024 - Unaudited
			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			527.3		1,198.3	523.6		2,249.2				547.5					1,185.5							512.1				2,245.1								1,132.6				2,371.7								1,066.4		4,570.7
Beverage			137.6		561.4	258.7		957.7				128.5					554.3							240.2				923.0								252.5				1,090.3								515.5		1,858.3
Pharma & other			66.5		151.2	38.5		256.2				58.6					150.4							42.1				251.1								119.4				301.5								79.2		500.1
Revenue			731.4		1,910.9	820.8		3,463.1				734.6					1,890.2							794.4				3,419.2								1,504.5				3,763.5								1,661.1		6,929.1

Analysis by primary geographic market
Disaggregation of revenue from external customers is analysed by geographical split, refer to the first table.
Revenues from external customers in Europe include €48.4m (30 June 2024: €37.4m; 31 December 2024: €92.3m) in the Republic of Ireland.
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
																																			Re-presented*
																											Half year								Half year										Year
																											ended								ended										ended
																											30 June 2025								30 June 2024										31 Dec. 2024
																											Unaudited								Unaudited										Audited
																					Notes						€'m								€'m										€'m
Acquisition integration costs																					(i)						(3.1)								(2.9)										(4.8)
Accelerate Operational Excellence																					(ii)						(12.2)								(22.3)										(43.3)
																											(15.3)								(25.2)										(48.1)
(Loss)/profit on disposal of businesses and assets																					(iii)						(2.8)								0.9										(7.7)
Non-trading items (before tax)																											(18.1)								(24.3)										(55.8)
Tax on above																											3.1								4.1										12.2
Non-trading items (net of related tax) - continuing operations																											(15.0)								(20.2)										(43.6)

Profit on disposal of businesses and assets - discontinued operations																					(iv)						-								-										24.2
Tax on above																											-								-										3.6
Non-trading items (net of related tax) - discontinued operations																											-								-										27.8
Non-trading items (net of related tax) - total																											(15.0)								(20.2)										(15.8)
* As re-presented to reflect the impact of discontinued operations. See note 4 for further information.

(i) Acquisition integration costs
These costs of €3.1m (30 June 2024: €2.9m; 31 December 2024: €4.8m) 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. A tax credit of €0.6m (30 June 2024: €0.4m; 31 December 2024: €0.9m) arose due to tax deductions available on acquisition related costs.

(ii) Accelerate Operational Excellence
These costs of €12.2m (30 June 2024: €22.3m; 31 December 2024: €43.3m) predominantly reflect cost of streamlining operations, project management costs and consultancy fees incurred in the period relating to the completion of the Accelerate Operational Excellence transformation programme and the launch of the Accelerate 2.0 programme, which will focus on footprint optimisation and enabling digital excellence across the organisation. Under footprint optimisation the Group will be leveraging the capacity utilisation benefits realised under the Accelerate Operational Excellence programme to support in the reduction of its manufacturing footprint across all regions aligned to the Group's business development and growth ambitions. Kerry Digital Excellence will focus on driving enhanced business performance and productivity through digital enablement initiatives across operations, global business services, commercial and research & development. A tax credit of €2.4m (30 June 2024: €4.1m; 31 December 2024: €9.3m) arose due to tax deductions available on accelerate operational excellence costs.

(iii) (Loss)/profit on disposal of businesses and assets
The Group disposed of property, plant and equipment primarily in the Americas for a consideration of €2.7m resulting in a loss of €0.3m during the period ended 30 June 2025. A tax credit of €0.1m arose on the disposal of assets for the period. In addition, there was a final settlement of €2.5m 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 Kerry Dairy Holdings (Ireland) Limited.

In the period ended 30 June 2024, the Group disposed of property, plant and equipment primarily in North America and Europe for a consideration of €2.2m resulting in a profit of €0.9m. A tax charge of €0.4m arose on the disposal of assets for the period.

In the year ended 31 December 2024, the Group disposed of a non-core business and assets in Europe, APMEA and North America for a combined consideration of €4.6m resulting in a loss of €7.7m including an impairment of €1.4m in the Americas. A tax credit of €2.0m arose on the disposals.

(iv) Profit on disposal of businesses and assets - discontinued operations
In the year ended 31 December 2024, the Group entered into an agreement with Kerry Co-Operative Creameries Limited (the 'Co-Op') in relation to the sale of the Group's shareholding in Kerry Dairy Holdings (Ireland) Limited ('Kerry Dairy Ireland') resulting in a profit of €27.8m (see note 8 in the 2024 Annual Report for more details).

4. Discontinued operations
Following the disposal of 70% of Kerry Dairy Holdings (Ireland) Limited ('Kerry Dairy Ireland') and related assets, and in accordance with the requirements of IFRS 5 'Non-current assets held for sale and discontinued operations', the results of Kerry Dairy Ireland to 31 December 2024, the date of disposal, and the results at 30 June 2024 have been presented within profit from discontinued operations in the Consolidated Income Statement.

(i) Income Statement extract
																																			Half year											Year
																																			ended											ended
																																			30 June 2024											31 Dec. 2024
																																			Unaudited											Audited
																																			€'m											€'m
Revenue																																			461.2											1,051.5
Earnings before interest, tax, depreciation and amortisation																																			35.0											62.8

Depreciation (net):
- property, plant and equipment																																			11.4											23.1
- right-of-use assets																																			0.3											0.8
- capital grants amortisation																																			(0.3)											(0.9)
Intangible asset amortisation																																			0.1											0.2
Non-trading items																																			-											(24.2)
Operating profit																																			23.5											63.8
Finance costs																																			-											(0.4)
Profit before taxation																																			23.5											63.4
Income taxes																																			(3.6)											(2.4)
Profit from discontinued operations																																			19.9											61.0

(ii) Other comprehensive income movement from discontinued operations
																																			Half year											Year
																																			ended											ended
																																			30 June 2024											31 Dec. 2024
																																			Unaudited											Audited
																																			€'m											€'m
Profit from discontinued operations																																			19.9											61.0
Exchange difference on translation of foreign operations																																			0.3											-
Cumulative exchange difference on translation recycled on disposal																																			-											(0.6)
Total comprehensive income																																			20.2											60.4

(iii) Cash flows (used in)/from discontinued operations
																																				Half year										Year
																																				ended										ended
																																				30 June 2024										31 Dec. 2024
																																				Unaudited										Audited
																																				€'m										€'m
Net cash from operating activities																																				(59.6)										27.6
Net cash used in investing activities																																				(6.5)										(27.7)
Net cash used in financing activities																																				(0.3)										(0.8)
Net cash flows for the period																																				(66.4)										(0.9)

5. Finance income and costs
																															Re-presented*
																							Half year								Half year														Year
																							ended								ended														ended
																							30 June 2025								30 June 2024														31 Dec. 2024
																							Unaudited								Unaudited														Audited
																							€'m								€'m														€'m
Finance income:
Interest income on deposits																							14.3								6.4														24.5
Interest income on vendor loan note																							5.8								5.0														10.3
Other financial asset at FVPL - fair value movement**																							3.8								-														-
Finance income																							23.9								11.4														34.8
Finance costs:
Interest payable and finance charges																							(48.8)								(37.7)														(85.9)
Interest on lease liabilities																							(2.8)								(1.5)														(3.8)
Interest rate derivative																							-								(0.7)														-
																							(51.6)								(39.9)														(89.7)
Net interest income on retirement benefits obligation																							1.2								0.7														1.4
Finance costs																							(50.4)								(39.2)														(88.3)
Net finance costs																							(26.5)								(27.8)														(53.5)
* As re-presented to reflect the impact of discontinued operations. See note 4 for further information.
** The €3.8m relates to the fixed dividend receivable from Kerry Dairy Ireland measured at fair value through profit or loss (FVPL).

6. Earnings per A ordinary share - attributable to equity holders of the parent
		30 June 2025 - Unaudited											30 June 2024 - Unaudited																			31 December 2024 - Audited
		Continuing				Discontinued							Continuing							Discontinued												Continuing									Discontinued
		Operations				Operations					Total		Operations							Operations								Total				Operations									Operations													Total
Basic earnings per share
Profit after taxation (€'m)		302.8				-					302.8		271.6							19.9								291.5				673.4									61.0													734.4
Basic earnings per share (cent)		182.4				-					182.4		155.4							11.3								166.7				389.2									35.3													424.5

		30 June 2025 - Unaudited											30 June 2024 - Unaudited																			31 December 2024 - Audited
		Continuing				Discontinued							Continuing							Discontinued												Continuing									Discontinued
		Operations				Operations					Total		Operations							Operations								Total				Operations									Operations													Total
Diluted earnings per share
Profit after taxation (€'m)		302.8				-					302.8		271.6							19.9								291.5				673.4									61.0													734.4
Diluted earnings per share (cent)		182.0				-					182.0		155.2							11.3								166.5				388.6									35.2													423.8

																								Half year								Half year														Year
																								ended								ended														ended
																								30 June 2025								30 June 2024														31 Dec. 2024
																								Unaudited								Unaudited														Audited
																								m's								m's														m's
Number of Shares
Basic weighted average number of shares																								166.0								174.8														173.0
Impact of share options outstanding																								0.4								0.3														0.3
Diluted weighted average number of shares																								166.4								175.1														173.3

7. Dividends
																								Half year								Half year														Year
																								ended								ended														ended
																								30 June 2025								30 June 2024														31 Dec. 2024
																								Unaudited								Unaudited														Audited
																								€'m								€'m														€'m
Amounts recognised as distributions to equity shareholders in the period
Final 2024 dividend of 89.0 cent per A ordinary share paid 9 May 2025																								147.0								140.4														140.4
(Final 2023 dividend of 80.8 cent per A ordinary share paid 10 May 2024)

Interim 2024 dividend of 38.1 cent per A ordinary share paid 8 November 2024																								-								-														64.8
																								147.0								140.4														205.2

Since the end of the period, the Board has declared an interim dividend of 42.0 cent per A ordinary share which amounts to €68.9m based on ordinary shares in issue at 30 June 2025. The payment date for the interim dividend will be 7 November 2025 to shareholders registered on the record date as at 10 October 2025. The Condensed Consolidated Interim Financial Statements do not reflect this dividend.

8. Other non-current financial instruments
																								Half year								Half year														Year
																								ended								ended														ended
																								30 June 2025								30 June 2024														31 Dec. 2024
																								Unaudited								Unaudited														Audited
																								€'m								€'m														€'m
Vendor loan note																								129.4								128.0														124.6
Forward foreign exchange contracts																								-								0.1														0.3
Interest rate swaps																								-								10.2														-
Phase 1 vendor loan receivable																								17.8								-														20.4
Other financial asset																								148.5								-														148.5
Forward commodity contracts																								0.2								-														1.9
Total other non-current financial instruments																								295.9								138.3														295.7

As of 30 June 2025, the Group holds 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 is €129.4m, this represents the amount due from third parties, and is initially recognised at fair value of €125.0m and interest capitalised on a bi-annual basis.

The Phase 1 vendor loan note receivable of €17.8m arose on the completion of Phase 1 of the sale of Kerry Dairy Ireland 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 Kerry Dairy Ireland of €150m net of a downwards adjustment through profit and loss for associated credit risk of €1.5m.

9. Retirement benefits obligation
																								Schemes								Schemes
																								in Surplus								in Deficit														Total
																								Half year								Half year														Half year
																								ended								ended														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

At 30 June 2025, the net surplus before deferred tax for the defined benefit post-retirement schemes was €64.4m (30 June 2024: €59.9m; 31 December 2024: €67.3m). This was calculated by rolling forward the defined benefit post-retirement schemes' liabilities at 31 December 2024 to reflect material movements in underlying assumptions over the period while the defined benefit post-retirement schemes' assets at 30 June 2025 are measured at market value. The decrease in the net surplus before deferred tax of €2.9m was driven by lower asset values which were partially offset by favourable movements in financial assumptions.

The surplus at 30 June 2025, 31 December 2024 and 30 June 2024 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								Schemes
																								in Surplus								in Deficit														Total
																								Half year								Half year														Half year
																								ended								ended														ended
																								30 June 2024								30 June 2024														30 June 2024
																								Unaudited								Unaudited														Unaudited
																								€'m								€'m														€'m
Net recognised surplus/(deficit) before deferred tax																								100.3								(40.4)														59.9
Net related deferred tax (liability)/asset																								(12.5)								9.9														(2.6)
Net recognised surplus/(deficit) after deferred tax																								87.8								(30.5)														57.3

																								Schemes								Schemes
																								in Surplus								in Deficit														Total
																								Year								Year														Year
																								ended								ended														ended
																								31 Dec. 2024								31 Dec. 2024														31 Dec. 2024
																								Audited								Audited														Audited
																								€'m								€'m														€'m
Net recognised surplus/(deficit) before deferred tax																								100.7								(33.4)														67.3
Net related deferred tax (liability)/asset																								(12.6)								8.2														(4.4)
Net recognised surplus/(deficit) after deferred tax																								88.1								(25.2)														62.9

10. 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:

														Financial										Assets/
														Assets/										(Liabilities) at												Derivatives
												(Liabilities) at												Fair Value												Designated as
														Amortised										through Profit												Hedging
														Cost										or Loss												Instruments													Total
														€'m										€'m												€'m													€'m
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														-										-												10.2													10.2
Cash at bank and in hand														659.5										-												-													659.5
														659.5										-												10.2													669.7
Liabilities:
Interest rate swaps														-										-												(13.6)													(13.6)
Bank overdrafts														(0.4)										-												-													(0.4)
Bank loans														2.3										-												-													2.3
Senior Notes														(2,441.8)										5.4												-													(2,436.4)
Borrowings and overdrafts														(2,439.9)										5.4												-													(2,434.5)
Net debt - pre lease liabilities														(1,780.4)										5.4												(3.4)													(1,778.4)
Lease liabilities														(65.5)										-												-													(65.5)
Net debt at 30 June 2024 - unaudited														(1,845.9)										5.4												(3.4)													(1,843.9)
Assets:
Interest rate swaps														-										-												-													-
Cash at bank and in hand														1,610.0										-												-													1,610.0
														1,610.0										-												-													1,610.0
Liabilities:
Interest rate swaps														-										-												(16.2)													(16.2)
Bank overdrafts														(2.4)										-												-													(2.4)
Bank loans														2.0										-												-													2.0
Senior Notes														(3,435.9)										3.3												-													(3,432.6)
Borrowings and overdrafts														(3,436.3)										3.3												-													(3,433.0)
Net debt - pre lease liabilities														(1,826.3)										3.3												(16.2)													(1,839.2)
Lease liabilities														(86.6)										-												-													(86.6)
Net debt at 31 December 2024 - audited														(1,912.9)										3.3												(16.2)													(1,925.8)
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.

In June 2025 the Group exercised the second of two "plus one" extension options on its €1,500m revolving credit facility to extend the maturity of this facility to June 2030.

As at 30 June 2025, the Group's debt portfolio included:
- €750m of Senior Notes issued in 2015 and €200m issued in April 2020 as a tap onto the original issuance (the 2025 Senior Notes). €175m of the issuance in 2015 were swapped, using cross currency swaps, to US dollar;
- €750m of Senior Notes issue in 2019 (the 2029 Senior Notes). No interest rate derivatives were entered into for this issuance;
- €750m of sustainability-linked bond notes issued in 2021 (the 2031 SLB Senior Notes). No interest rate derivatives were entered into for this issuance;
- €1,000m of Senior Notes issued in 2024 under a €3,000m EMTN programme - €500m 2033 Senior Notes and €500m 2036 Senior Notes.

The adjustment to Senior Notes classified under liabilities at fair value through profit or loss of €0.4m (30 June 2024: €5.4m; 31 December 2024: €3.3m) 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.

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:

				Total Pre CCS							Impact of CCS						Total after CCS
				Half year							Half year						Half year												Half year																Year
				ended							ended						ended												ended																ended
				30 June 2025							30 June 2025						30 June 2025												30 June 2024																31 Dec. 2024
				Unaudited							Unaudited						Unaudited												Unaudited																Audited
				€'m							€'m						€'m												€'m																€'m
Euro				(2,557.0)							175.0						(2,382.0)												(2,163.6)																(2,298.1)
Sterling				73.8							-						73.8												88.6																104.1
US Dollar				313.0							(175.0)						138.0												94.8																117.8
Others				106.1							-						106.1												134.3																163.3
				(2,064.1)							-						(2,064.1)												(1,845.9)																(1,912.9)

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													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													659.5										-					-									-												659.5
Interest rate swaps													-										(13.6)					-									10.2												(3.4)
Bank overdraft													(0.4)										-					-									-												(0.4)
Bank loans													-										-					2.3									-												2.3
Senior Notes													-										(946.7)					-									(1,489.7)												(2,436.4)
Net debt - pre lease liabilities													659.1										(960.3)					2.3									(1,479.5)												(1,778.4)
Lease liabilities (discounted)													(25.1)										(18.9)					(14.9)									(6.6)												(65.5)
At 30 June 2024 - unaudited													634.0										(979.2)					(12.6)									(1,486.1)												(1,843.9)
Cash at bank and in hand													1,610.0										-					-									-												1,610.0
Interest rate swaps													(16.2)										-					-									-												(16.2)
Bank overdraft													(2.4)										-					-									-												(2.4)
Bank loans													-										-					2.0									-												2.0
Senior Notes													(947.9)										-					(745.2)									(1,739.5)												(3,432.6)
Net debt - pre lease liabilities													643.5										-					(743.2)									(1,739.5)												(1,839.2)
Lease liabilities (discounted)													(31.1)										(23.0)					(26.4)									(6.1)												(86.6)
At 31 December 2024 - audited													612.4										(23.0)					(769.6)									(1,745.6)												(1,925.8)

At 30 June 2025, the Group had cash on hand of €1,460.0m. At the period end, the Group had an undrawn committed Syndicate revolving credit facility of €1,500m. Cash at bank and in hand includes an amount of €780.0m held on short-term deposit of which €229.3m was held under a Sustainable Deposits programme.

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:

																	Fair Value									30 June 2025										30 June 2024											31 Dec. 2024
																	Hierarchy									Unaudited										Unaudited											Audited
																										€'m										€'m											€'m
Interest rate swaps:							Non-current asset										Level 2									-										10.2											-
							Non-current liability										Level 2									-										(13.6)											-
							Current asset/(liability)										Level 2									7.9										-											(16.2)

Forward foreign exchange contracts:							Non-current asset										Level 2									-										0.1											0.3
							Non-current liability										Level 2									-										-											(0.5)
							Current asset										Level 2									23.5										5.3											10.1
							Current liability										Level 2									(12.9)										(8.8)											(16.1)

Forward commodity contracts:							Non-current asset										Level 3									0.2										-											1.9

Financial asset investments:							Fair value through profit or loss										Level 1									40.1										38.2											44.8
							Fair value through other										Level 3									12.8										14.2											14.4
							comprehensive income

Other financial asset:							Fair value through profit or loss										Level 3									152.3										-											148.5

Deferred payments on acquisition							Non-current liability										Level 3									-										(15.3)											(15.3)
of businesses:							Current liability										Level 3									(22.9)										(7.6)											(7.6)
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 Kerry Dairy Ireland measured at fair value through profit or loss (FVPL) and included in finance income. See note 5 for further information.
- Deferred payments on acquisition of businesses: The balance remained unchanged during the period, with the only movement being its ageing towards current classification.

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.

					Carrying					Fair					Carrying										Fair									Carrying													Fair
	Fair				Amount					Value					Amount										Value									Amount													Value
	Value				30 June 2025					30 June 2025					30 June 2024										30 June 2024									31 Dec. 2024													31 Dec. 2024
	Hierarchy				Unaudited					Unaudited					Unaudited										Unaudited									Audited													Audited
					€'m					€'m					€'m										€'m									€'m													€'m
Financial liabilities
Senior Notes - Public	Level 2				(3,436.2)					(3,255.9)					(2,441.8)										(2,185.2)									(3,435.9)													(3,242.3)

c) Valuation principles
Refer to note 25 of the 2024 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 2023 - audited			943.7					(34.7)				(9.5)			(2.4)									(2,432.6)					(1,535.5)											(68.6)											(1,604.1)

Cash flows			(296.1)					34.3				-			2.4									-					(259.4)											16.8											(242.6)
Foreign exchange adjustments			11.9					-				(5.7)			-									-					6.2											(0.6)											5.6
Other non-cash movements			-					-				11.8			-									(1.5)					10.3											(13.1)											(2.8)
At 30 June 2024 - unaudited			659.5					(0.4)				(3.4)			-									(2,434.1)					(1,778.4)											(65.5)											(1,843.9)
Cash flows			938.2					(2.0)				(3.3)			0.1									(994.0)					(61.0)											24.0											(37.0)
Foreign exchange adjustments			12.3					-				(5.1)			(0.1)									-					7.1											(0.6)											6.5
Other non-cash movements			-					-				(4.4)			(947.9)									945.4					(6.9)											(44.5)											(51.4)
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)
* Liabilities from financing activities.

11. Business combinations
The acquisition method has been used to account for businesses acquired in the Group's Condensed Consolidated Interim Financial Statements. Given that the valuation of the fair value of assets and liabilities recently acquired is still in progress, some of the values are determined provisionally, primarily values relating to property, plant and equipment and liabilities (as not all information is available at this point in time). The valuation of the fair value of assets and liabilities will be completed within the measurement period. For the acquisitions completed in 2024, there have been no material revisions of the provisional fair value adjustments since the initial values were established. The Group performs quantitative and qualitative assessments of each acquisition in order to determine whether it is material for the purposes of separate disclosure under IFRS 3 'Business Combinations'. The acquisition completed during the period was not considered material to warrant separate disclosure.

In April 2025, the Group completed an asset acquisition with coffee extraction capabilities, in the Americas segment for a total consideration of €14.8m, which was paid in full at closing. Net assets acquired from the Martin Bauer Group included brand related intangibles of €0.9m, property, plant & equipment of €6.9m with liabilities of €2.8m giving rise to goodwill of €9.8m.

12. Share capital
																Half year												Half year													Year
																ended												ended													ended
																30 June 2025												30 June 2024													31 Dec. 2024
																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																20.8												21.9													21.9
Shares issued during the financial period																-												-													2.1
Shares cancelled during the financial period																(0.3)												(0.4)													(3.2)
At end of the financial period																20.5												21.5													20.8
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 239,513 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 2025 was 163,997,573 (30 June 2024: 172,457,816; 31 December 2024: 166,440,652).

Share Buyback Programme
In April 2025, 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 commenced on 20 June 2025 and will end no later than 27 February 2026. In the period from 20 June 2025 to 30 June 2025 the company purchased 144,699 shares at a total cost of €13.5m including transaction costs. At 30 June 2025 there was no financial liability recorded in relation to the Share Buyback Programme. Since the period end, and up to 25 July 2025, the Company has announced the purchase of an additional 469,760 shares at a total cost of €42.9m.

The previous Share Buyback Programme announced in November 2024, commenced on 12 November 2024 and was completed on 20 June 2025. The total number of shares acquired during 2024 was 644,079 at a cost of €57.6m. During the period 1 January 2025 to 20 June 2025, an additional 2,537,893 shares were acquired at a cost of €242.7m, resulting in a total number of shares acquired as part of this programme of 3,181,972 at a total cost of €300.3m including transaction costs of €0.3m accrued for at the period end. All shares acquired were A ordinary shares with a nominal value of 12.50 cent. The shares acquired were cancelled immediately following their repurchase.

13. Reserves
Share premium account
Share premium represents the excess of proceeds received over the nominal value of new shares issued.

During the period, the share premium reserve of Kerry Group plc decreased by €1,480.5m to €398.7m (31 December 2024: €1,879.2m; 30 June 2024: €398.7m) increasing distributable reserves by the same amount. This capital reduction was approved by shareholders by way of a special resolution passed on 19 December 2024 and was confirmed by the High Court on 8 April 2025.

14. 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												Half year													Year
																ended												ended													ended
																30 June 2025												30 June 2024													31 Dec. 2024
																Unaudited												Unaudited													Audited
																€'m												€'m													€'m
Dividends received by the Parent Company																-												1,800.0													2,550.0
Cost recharges from subsidiaries of the Parent Company																20.1												13.6													31.0
Trade and other receivables to the Parent Company																1,715.3												1,800.0													2,039.5

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

																Half year												Half year													Year
																ended												ended													ended
																30 June 2025												30 June 2024													31 Dec. 2024
																Unaudited												Unaudited													Audited
																€'m												€'m													€'m
Sale of goods																0.2												0.2													0.4
Amounts receivable																5.4												5.1													4.8

(iii) Trading with other related parties
Following the Phase 1 of the sale of Kerry Dairy Ireland to Kerry Co-Operative Creameries Limited which completed on 31 December 2024, transactions in the period are as follows:

																												Half year													Year
																												ended													ended
																												30 June 2025													31 Dec. 2024
																												Unaudited													Audited
																												€'m													€'m
Sales - goods																												10.3													-
Sales - services																												6.0													-
Purchases - goods																												52.8													-
Trade receivables																												8.4													21.9
Trade payables																												(6.6)													(9.6)
Other receivables																												5.1													-
Fixed dividend receivable on retained investment*																												3.8													-
Other financial asset*																												148.5													252.0
Phase 1 vendor loan receivable*																												17.8													20.4
* See note 8 in these Condensed Consolidated Interim Financial Statements and note 25 in the 2024 Annual Report for further information.

15. Events after the balance sheet date
Since the financial period end, the Group has:
- declared an interim dividend of 42.0 cent per A ordinary share (see note 7); and
- the Company announced the repurchase of 469,760 shares at a cost of €42.9m up to 25 July 2025.

There have been no other significant events, outside the ordinary course of business, affecting the Group since 30 June 2025.

16. General information
These unaudited Condensed Consolidated Interim Financial Statements for the half year ended 30 June 2025 are not full financial statements and were not reviewed or audited by the Group's auditors, PricewaterhouseCoopers (PwC). These Condensed Consolidated Interim Financial Statements were approved by the Board of Directors and authorised for issue on 29 July 2025. The figures disclosed relating to 31 December 2024 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 2024 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 2024 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 five year 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 decreased by €145.7m to €1,961.0m (31 December 2024: €2,106.7m; 30 June 2024: €2,199.7m) due to acquisitions and additions of €126.3m offset by disposals of €1.4m, depreciation of €109.3m and the impact of foreign exchange translation of €161.3m.

Intangible assets decreased by €311.6m to €5,466.5m (31 December 2024: €5,778.1m; 30 June 2024: €5,859.4m) due to business acquisitions and computer software additions of €18.7m offset by the amortisation charge for the period of €47.5m and the impact of foreign exchange translation of €282.8m.

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 DEFINTIONS
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																								Translation										revenue
H1 2025					performance				Price				currency								Acquisitions							Disposals									currency										performance
Europe					0.2%				0.6%				-								1.4%							(3.0%)*									0.4%										(0.4%)
APMEA					4.2%				(0.1%)				0.2%								0.4%							(0.4%)									(1.0%)										3.3%
Americas					3.7%				0.1%				0.4%								0.4%							(0.3%)									(3.2%)										1.1%
Group - continuing operations					3.0%				0.2%				0.3%								0.6%							(0.9%)									(1.9%)										1.3%

H1 2024
Europe (re-presented**)					(0.1%)				(3.9%)				-								0.7%							(4.7%)									1.1%										(6.9%)
APMEA					5.5%				(4.0%)				0.7%								1.2%							(0.4%)									(5.4%)										(2.4%)
Americas					3.4%				(2.3%)				(0.3%)								0.5%							(3.6%)									(0.1%)										(2.4%)
Group - continuing operations					3.1%				(3.0%)				-								0.7%							(3.1%)									(1.1%)										(3.4%)
* Disposal revenue in Europe primarily reflects the exit of a manufacturing agreement post the finalisation of the Kerry Dairy Ireland separation in the current year.
** As re-presented to reflect the impact of discontinued operations. See note 4 for further information.

2. EBITDA
EBITDA represents profit before taxation and before finance income and costs, 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 2025															H1 2024
Continuing operations																													€'m															€'m
Profit before taxation																													353.6															317.0
Share of joint ventures' results after taxation																													0.9															1.0
Finance income																													(23.9)															(11.4)
Finance costs																													50.4															39.2
Non-trading items																													18.1															24.3
Intangible asset amortisation																													47.5															45.5
Depreciation (net)																													109.3															101.6
EBITDA																													555.9															517.2

3. EBITDA Margin
EBITDA margin represents EBITDA expressed as a percentage of revenue.

																													H1 2025															H1 2024
Continuing operations																													€'m															€'m
EBITDA																													555.9															517.2
Revenue																													3,463.1															3,419.2
EBITDA margin																													16.1%															15.1%

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

																													H1 2025															H1 2024
Continuing operations																													€'m															€'m
Profit before taxation																													353.6															317.0
Finance income																													(23.9)															(11.4)
Finance costs																													50.4															39.2
Share of joint ventures' results after taxation																													0.9															1.0
Operating profit																													381.0															345.8

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 2025															H1 2024
																							EPS					Performance										EPS									Performance
Continuing and Discontinued operations																							cent					%										cent									%
Basic earnings per share																							182.4					9.4%										166.7									(17.4%)
Brand related intangible asset amortisation																							17.8					-										15.8									-
Non-trading items (net of related tax)																							9.0					-										11.6									-
Adjusted earnings per share																							209.2					7.8%										194.1									7.8%
Impact of retranslating prior period adjusted earnings per share at current period average exchange rates*																												2.0%																			1.3%
Growth in adjusted earnings per share on a constant currency basis																												9.8%																			9.1%
* Impact of H1 2025 translation was (3.9)/194.1 cent = 2.0% (H1 2024: 1.3%).

																		Continuing																	Continuing							Discontinued
																		Operations									Total								Operations							Operations													Total
																		H1 2025									H1 2025								H1 2024							H1 2024													H1 2024
																		EPS									EPS								EPS							EPS													EPS
																		cent									cent								cent							cent													cent
Basic earnings per share																		182.4									182.4								155.4							11.3													166.7
Brand related intangible asset amortisation																		17.8									17.8								15.7							0.1													15.8
Non-trading items (net of related tax)																		9.0									9.0								11.6							-													11.6
Adjusted earnings per share																		209.2									209.2								182.7							11.4													194.1
Adjusted EPS Growth (%)																		14.5%									7.8%
Impact of exchange rate translation (%)																		2.0%									2.0%
Growth in adjusted earnings per share on a constant currency basis (%)																		16.5%									9.8%

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) 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 2025																	H1 2024
Continuing and Discontinued operations																																	€'m																	€'m
Net cash from operating activities																																	399.3																	367.0
Difference between movement in monthly average working capital and movement in the period end working capital																																	21.3																	167.1
Payments on non-trading items																																	12.2																	27.2
Purchase of assets																																	(101.2)																	(103.4)
Payment of lease liabilities																																	(19.9)																	(16.8)
Inflow from the sale of assets (net of disposal expenses)																																	0.4																	-
Capital grants received																																	0.1																	-
Exchange translation adjustment																																	(3.6)																	4.3
Free cash flow																																	308.6																	445.4

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 2025													H1 2024
Continuing and Discontinued operations																																							€'m													€'m
Free cash flow																																							308.6													445.4

Profit after taxation attributable to equity holders of the parent																																							302.8													291.5
Brand related intangible asset amortisation																																							29.6													27.6
Non-trading items (net of related tax)																																							15.0													20.2
Adjusted earnings after taxation																																							347.4													339.3
Cash Conversion																																							89%													131%

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 2025													H1 2024
																																							Times													Times
Net debt:EBITDA																																							1.7													1.6
EBITDA:Net interest																																							22.7													23.2

9. Average Capital Employed
Average capital employed is calculated by taking an average of the shareholders' equity less vendor loan note relating to the Sweet Ingredients Portfolio divestment and net debt over the last three reported balance sheets.

																			H1 2025								2024				H1 2024												2023										H1 2023
																			€'m								€'m				€'m												€'m										€'m
Equity attributable to equity holders of the parent																			5,907.6								6,485.8				6,512.8												6,521.3										6,356.5
Vendor loan note																			(129.4)								(124.6)				(128.0)												(124.3)										(125.0)
Net debt																			2,055.8								1,925.8				1,843.9												1,604.1										1,846.5
Total capital employed																			7,834.0								8,287.0				8,228.7												8,001.1										8,078.0
Average capital employed																			8,116.6								8,172.3				8,102.6

10. Return on Average Capital Employed (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 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 2025								H1 2024																		FY 2024
Continuing and Discontinued operations																						€'m								€'m																		€'m
Profit after taxation attributable to equity holders of the parent																						745.7								661.6																		734.4
Non-trading items (net of related tax)																						10.6								67.8																		15.8
Brand related intangible asset amortisation																						60.6								53.4																		58.6
Net finance costs																						52.6								50.6																		53.9
Adjusted profit																						869.5								833.4																		862.7
Average capital employed																						8,116.6								8,102.6																		8,172.3
Return on average capital employed																						10.7%								10.3%																		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 10 of these Condensed Consolidated Interim Financial Statements.

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IR ZZGZNRLNGKZM

TIDM	KYGA
Share Price	€84.40-1.86%
Market Cap	€13.35bn

TIDM	KYGA
Share Price	€84.40-1.86%
Market Cap	€13.35bn

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KERRY GROUP INTERIM MANAGEMENT REPORT 2025

Date	30 Jul 2025
Time	07:00:10
Category	Results
ID	0807T

Date	30 Jul 2025
Time	07:00:10
Category	Results
ID	0807T