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Kerry Group PLC's Preliminary Statement of Results for the year ended 31 December 2025 reported revenue of €6,758m, EBITDA of €1,208m with a 17.9% margin, adjusted EPS of 481.5 cent, basic EPS of 400.2 cent, and free cash flow of €643m. The Group announced a new €300m share buyback programme commencing on 17 February 2026 and proposed a final dividend of 98 cent per share, resulting in a total 2025 dividend of 140 cent, an increase of 10.1%; additionally, Mr. Tom Moran will retire as Chair and Director on 30 April 2026, with Ms. Fiona Dawson appointed Chair Designate.
| Date | 17 Feb 2026 |
| Time | 07:00:08 |
| Category | Results |
| ID | 1964T |
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17 February 2026 |
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LEI: 635400TLVVBNXLFHWC59
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KERRY GROUP |
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Preliminary Statement of Results for the year ended 31 December 2025 |
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Strong Market Outperformance and Continued Strategic Development |
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KEY HIGHLIGHTS |
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> Revenue of €6,758m > Volume growth of +3.0% (Q4: +2.8%) > Pricing of -0.3% (Q4: -1.3%) > EBITDA of €1,208m with EBITDA margin +80bps to 17.9% > Adjusted EPS of 481.5 cent, +7.5% in constant currency (+3.0% reported growth)¹ > Basic EPS of 400.2 cent (2024: 424.5 cent)¹ > Free cash flow of €643m reflecting 81% cash conversion > ROACE of 10.6% (2024: 10.6%) > New €300m share buyback programme announced today > Final dividend of 98 cent per share (total 2025 dividend +10.1% to 140 cent) > Good progress on sustainability commitments including increasing nutritional reach to 1.46 billion consumers |
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Edmond Scanlon, Chief Executive Officer |
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"We delivered another year of strong end market volume outperformance and margin expansion, supporting high-single-digit constant currency adjusted earnings per share growth. We achieved Group revenue of €6.8bn and EBITDA of €1.2bn, as we extended our nutritional reach of positive and balanced solutions to 1.46 billion consumers.
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Volume growth was driven by a strong performance in the Americas throughout the year. This was led by foodservice innovation and increased nutritional renovation across a broad range of customers, given our positioning as a leader in sustainable nutrition, with customers looking to address nutrition, taste, cost or sustainability aspects.
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We continued to strategically evolve our business, including further developing our Biotechnology Solutions and Taste capabilities, expanding our manufacturing footprint in emerging markets and strengthening our customer innovation centre network, while executing on our Accelerate programme.
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As we look to 2026, Kerry remains well positioned for strong market outperformance, supporting our customers as their innovation and renovation partner. We expect to deliver continued volume growth and margin expansion, resulting in constant currency adjusted earnings per share growth of 6% to 10%." |
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¹ Prior year comparatives includes Kerry Dairy Ireland, which was disposed on 31 December 2024 |
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See Future Prospects section for full guidance detail |
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Food and beverage markets in the year reflected soft overall consumer demand, given macroeconomic and geopolitical uncertainty. Customer innovation centred around new and differentiated flavour combinations, products with functional health benefits and relative value options. Renovation activity continued to be a key feature of customer engagement, focused on enhancing product nutritional profiles, cleaner labels, and solutions for supply constrained raw materials. |
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Against this backdrop, Kerry delivered strong volume growth significantly ahead of food and beverage end markets, driven by good innovation activity in the foodservice channel and continued product renovation activity in the retail channel, addressing a variety of customer needs. Good growth was achieved across a broad range of technologies, including savoury taste, Tastesense™ salt and sugar reduction technologies, botanicals, natural extracts, proactive health ingredients, taste solutions for high-protein applications, enzymes and bio-fermented ingredients. |
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Reported revenue for the year was €6,758 million, comprising volume growth of 3.0%, an overall pricing reduction of 0.3%, favourable transaction currency of 0.1%, unfavourable translation currency of 3.9%, and a reduction from disposals net of acquisitions of 1.4%, resulting in an overall decrease of 2.5%. |
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EBITDA for the year was €1,208m (2024: €1,188m), with EBITDA margin increasing by 80bps to 17.9% primarily driven by benefits from Accelerate Operational Excellence, portfolio developments, operating leverage and mix. Constant currency adjusted earnings per share increased by 7.5%¹ to 481.5 cent (2024: +9.7%) and 3.0%¹ in reported currency (2024: +8.7%). Basic earnings per share in the year was 400.2 cent (2024: 424.5 cent¹). |
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Research and development expenditure increased to €314m (2024: €304m) and net capital expenditure was €301m (2024: €350m¹) as the Group continued to invest to develop its capabilities and global footprint. Free cash flow was €643m (2024: €766m¹) representing cash conversion of 81%.
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The Board proposes a final dividend of 98 cent per share, an increase of 10.1% on the final 2024 dividend. Together with the interim dividend of 42 cent per share, this brings the total dividend for the year to 140 cent, an increase of 10.1% on 2024. During 2025, the Group paid €215m in dividends and repurchased €500m of A ordinary shares as part of its share buyback programmes. Aligned to the Group's Capital Allocation Framework, Kerry is announcing today it will commence a new share buyback programme of up to €300 million of Kerry Group plc ordinary shares. The programme has been approved by the Board and will commence today. A separate announcement has been issued today with full details. |
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Good progress was made in the year against Kerry's Beyond the Horizon sustainability strategy and commitments, including increasing its nutritional reach to 1.46 billion consumers globally. Kerry achieved a 52% reduction² in Scope 1 & 2 carbon emissions and a 54% reduction² in food waste across the Group's operations. |
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Strategic Developments |
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In the year, the Group continued to strategically evolve its business through targeted capital investments and continued portfolio development activity. This included further development of its biotechnology and taste capabilities, a broad range of new technology innovations, expansion of its manufacturing footprint in emerging markets and extending its customer innovation centre network. 2025 also marked the successful completion of the Accelerate Operational Excellence programme and the commencement of Accelerate 2.0.
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Key technology developments included the opening of the new Biotechnology Centre in Leipzig, Germany; enzyme capacity expansion in Cork, Ireland; enhancement of Kerry's cocoa taste capabilities in Grasse, France; and enhancement of its coffee extraction capability in Pennsylvania, USA.
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Through continued investment in its science and technology eco-system, Kerry delivered a broad range of new technology innovations in the year, which supported growth and business development. Key technology innovations included the next generation of fermentation-derived Tastesense™ sweet and salt-reduction technology ranges, the launch of Kerry's new Plenibiotic postbiotic for digestive and skin health, a breakthrough enzyme system which delivers significantly more effective natural sweetness, new fermentation-based solutions under the KerryXperience™ portfolio - which delivers premium natural savoury taste experiences, and new natural cocoa replacement systems which replicate authentic cocoa taste using less than half the cocoa raw materials.
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The Group expanded its geographical presence across APMEA with its first manufacturing facility in Egypt, a new facility in Rwanda and expanded capacity in the Middle East and Southeast Asia. It also strengthened its customer innovation network with the addition of new centres in Frankfurt, Germany; Dubai, UAE; and in South Jakarta, Indonesia, complementing the recently developed state-of-the-art manufacturing facility in Karawang, Indonesia.
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2025 marked the completion of Kerry Accelerate Operational Excellence, which focused on manufacturing and supply chain excellence. The programme's successful completion, delivering recurring annual benefits ahead of projections, has established a strong foundation for Accelerate 2.0, which will drive footprint optimisation and digital excellence across the organisation. The Accelerate 2.0 programme was initiated during the year and will run until 2028. Good progress was made in both North America and Europe with the commencement of footprint optimisation, including the disposal of some related business activities. A number of digital initiatives were launched as planned during the year in manufacturing operations, commercial enablement activities and global business service centres. |
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¹ Prior year comparatives includes Kerry Dairy Ireland, which was disposed on 31 December 2024 ² Progress vs 2017 baseline |
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Business Review |
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Continued strong end market outperformance and EBITDA margin expansion |
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2025 |
Performance |
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Revenue |
€6,758m |
+3.0%1 |
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EBITDA margin |
17.9% |
+80bps |
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¹ Volume growth |
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> Volume growth of 3.0% (Q4: +2.8%) - well ahead of food and beverage end markets > Growth led by Snacks, Bakery & Beverage > Pricing -0.3% (Q4: -1.3%) reflecting overall input cost deflation in Q4 > EBITDA of €1,208m with margin +80bps driven by efficiencies, portfolio developments, operating leverage and mix |
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Reported revenue of €6,758m reflected volume growth of 3.0%, an overall pricing reduction of 0.3%, favourable transaction currency of 0.1%, unfavourable translation currency of 3.9% and a reduction from disposals net of acquisitions of 1.4%.
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Business volume growth in the year was significantly ahead of food and beverage end markets, driven by good innovation activity and continued product renovation activity addressing a variety of customer needs. Foodservice delivered another year of strong performance, with volume growth in the channel of 4.6% against a backdrop of 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.
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Business volumes in emerging markets increased by 5.3% in the year, led by a strong performance in Southeast Asia and LATAM.
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Within the Pharma & other EUM, good volume growth was achieved, with strong performances across proactive health ingredients into supplement applications, with cell nutrition also performing well. |
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Americas Region |
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2025 |
Performance |
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Revenue |
€3,674m |
+3.8%1 |
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EBITDA margin |
20.3% |
+60bps |
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¹ Volume growth |
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> Volumes +3.8% (Q4: +4.4%) > Growth led by Snacks, Dairy and Bakery > Strong growth across both foodservice and retail channels > LATAM achieved strong growth led by Brazil > EBITDA margin increase primarily driven by operating leverage, mix and Accelerate Operational Excellence benefits |
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Reported revenue in the Americas region was €3,674m reflecting volume growth of 3.8%, an overall pricing reduction of 0.1%, favourable transaction currency of 0.1%, unfavourable translation currency of 5.2% and a reduction from disposals net of acquisitions of 1.0%. This strong volume performance included a good finish to the year supported by customer innovation activity.
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Within North America, Snacks delivered strong growth with global and emerging brands through innovations utilising Kerry's range of savoury taste profiles and Tastesense™ salt-reduction technologies, underpinned by increased customer focus on improving product nutritional profiles and higher-protein options. Growth in Dairy was led by the strong performance of taste technologies, while growth in Bakery was driven by taste and texture solutions as well as enzymes. In Beverage, good performance was achieved in refreshing and low/no alcohol categories through botanicals, coffee and other natural extracts.
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Within the retail channel, growth was led by increased innovation and renovation activity with global, regional and retailer brands, while foodservice growth was led by performance with quick service and fast casual restaurants.
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Within LATAM, strong growth was achieved in Brazil and Central America, led by the Snacks and Meals end markets. |
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Europe Region |
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2025 |
Performance |
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Revenue |
€1,440m |
-0.5%1 |
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EBITDA margin |
17.5% |
+90bps |
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¹ Volume growth |
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> Volumes -0.5% (Q4: -2.6%) > Beverage & Snacks performed well, with mixed performance across Food EUMs > Foodservice growth offset by retail performance > EBITDA margin increase primarily driven by Accelerate Operational Excellence and portfolio benefits |
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Reported revenue in the Europe region was €1,440m reflecting adverse volumes of 0.5%, unfavourable translation currency of 0.1% and a reduction from disposals net of acquisitions of 3.7%.
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Volume performance in the retail channel reflected subdued market conditions, while foodservice achieved good overall growth despite a soft finish to the year. Growth in foodservice was led by seasonal and new launch activity with quick service restaurants.
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Performance in the region was led by Beverage, with good growth in nutritional and refreshing beverages through Kerry's integrated taste technologies and proactive health ingredients. Growth in Snacks was supported by innovation across global and regional customers, with lower volumes in Meals and Dairy reflecting a soft performance in Western Europe. |
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APMEA Region |
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2025 |
Performance |
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Revenue |
€1,644m |
+4.2%1 |
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EBITDA margin |
16.7% |
+70bps |
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1 Volume growth |
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> Volumes +4.2% (Q4: +4.2%) > Growth led by Bakery, Meat and Meals > Foodservice achieved strong growth with solid growth in retail > EBITDA margin increase driven by Accelerate Operational Excellence benefits, operating leverage and product mix |
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Reported revenue in the APMEA region was €1,644m reflecting volume growth of 4.2%, an overall pricing reduction of 0.7%, favourable transaction currency of 0.2%, unfavourable translation currency of 4.6% and a reduction from disposals net of acquisitions of 0.1%.
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Performance in the region was led by strong growth in Southeast Asia, with the Middle East and Africa delivering solid growth, and volumes in China remaining challenged.
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Growth in Bakery was driven by food protection and preservation systems, enzymes and reformulation activity in areas including cocoa. Performance in Meat was led by innovations using Kerry's taste and texture systems, as well as smoke and grill technologies, while growth in Meals was driven by solutions incorporating Kerry's savoury taste portfolio.
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Foodservice delivered strong volume growth with leading regional coffee chains and quick service restaurants. Volume growth in the retail channel was driven by Kerry's range of local authentic taste profiles with regional leaders.
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Financial Review |
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Strong financial performance through disciplined execution |
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The Financial Review provides an overview of the Group's financial performance for the year ended 31 December 2025 and the Group's financial position at that date. |
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In 2025, the Group delivered volume growth significantly ahead of our markets, and strong margin expansion of 80bps driven by the successful execution of our Accelerate programmes and continued strategic portfolio optimisation. These were key drivers of our constant currency adjusted EPS growth of 7.5%.
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Our consolidated balance sheet and cash generation are strong, providing the financial flexibility to support ongoing investment and future strategic development. |
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Analysis of financial performance |
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2025 |
2024 |
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Continuing operations |
€'m |
€'m |
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Revenue |
6,758 |
6,929 |
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EBITDA |
1,208 |
1,188 |
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EBITDA margin |
17.9% |
17.1% |
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Depreciation (net) |
(220) |
(212) |
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Software and digital assets amortisation |
(30) |
(29) |
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Finance costs (net) |
(52) |
(53) |
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Other income |
7 |
- |
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Share of joint ventures' results after taxation |
(1) |
(1) |
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Adjusted earnings before taxation |
912 |
893 |
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Income taxes (excluding non-trading items) |
(120) |
(117) |
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Adjusted earnings after taxation |
792 |
776 |
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Brand related intangible asset amortisation |
(59) |
(59) |
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Non-trading items (net of related tax) |
(74) |
(44) |
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Profit from continuing operations |
659 |
673 |
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Discontinued operations |
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Profit from discontinued operations |
- |
61 |
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Profit after taxation |
659 |
734 |
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2025 |
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2024 |
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EPS |
Performance |
EPS |
Performance |
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Continuing and Discontinued operations |
cent |
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cent |
% |
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Basic earnings per share |
400.2 |
(5.7%) |
424.5 |
3.4% |
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Brand related intangible asset amortisation |
36.0 |
- |
33.9 |
- |
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Non-trading items (net of related tax) |
45.3 |
- |
9.1 |
- |
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Adjusted earnings per share |
481.5 |
3.0% |
467.5 |
8.7% |
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Impact of exchange rate translation |
4.5% |
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1.0% |
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Growth in adjusted earnings per share on a constant currency basis |
7.5% |
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9.7% |
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See Financial Definitions section for definitions, calculations, and reconciliations of Alternative Performance Measures.
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Revenue |
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Group revenue for the year was €6,758m (2024: €6,929m), comprising volume growth of 3.0%, an overall pricing reduction of 0.3%, favourable transaction currency of 0.1%, unfavourable translation currency of 3.9%, and the effect from disposals net of contribution from acquisitions of 1.4%, resulting in an overall reported decrease of 2.5%.
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EBITDA and Margin % |
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Continuing Group EBITDA of €1,208m (2024: €1,188m), with organic growth partially offset by the impact of disposals net of acquisitions and adverse currency translation. Group EBITDA margin increased by 80bps to 17.9%, driven by benefits from the Accelerate programmes, portfolio developments, operating leverage, and product mix. |
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Software and digital assets Amortisation |
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Software and digital assets amortisation increased to €30m (2024: €29m) reflecting continued investment in our digital enablement initiatives. |
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Brand Related Intangible Asset Amortisation |
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Brand related intangible asset amortisation was in line with the prior year at €59m (2024: €59m), which is reflective of recent acquisition activity. |
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Finance Costs |
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Net finance costs for the year are comparable to prior year at €52m (2024: €53m). The Group's average cost of finance for the year was 3.0% (2024: 2.8%). The increase in finance costs paid is reflective of the timing of interest payments year-on-year. |
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Taxation |
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The tax charge for the year before non-trading items was €120m (2024: €117m) representing an effective tax rate of 14.1% (2024: 14.1%) reflecting the geographical mix of profits. |
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Non-Trading Items |
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2025 marked the completion of Kerry's Accelerate Operational Excellence programme, which focused on manufacturing and supply chain excellence. The programme's successful completion, delivering recurring annual benefits ahead of projections, has established a strong foundation for Accelerate 2.0, which will drive footprint optimisation and digital excellence across the organisation. The Accelerate 2.0 programme was initiated during the year and will run until 2028. Good progress was made in both North America and Europe with the commencement of footprint optimisation, including the disposal of some related business activities. A number of digital initiatives were launched as planned during the year in manufacturing operations, commercial enablement activities and global business service centres. During the year, the Group incurred a non-trading items charge from continuing operations of €74m (2024: €44m) net of tax. The net charge relates to investments in the Accelerate programmes of €54m (2024: €34m), Acquisition Integration costs of €7m (2024: €4m) and a loss on disposal of business and assets of €13m (2024: €6m). |
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Foreign Exchange |
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Group results are impacted by year-on-year fluctuations in exchange rates versus the Euro. The primary rates driving the currency impact in the figures above were US Dollar, Brazilian Real and Mexican Peso which had average rates of 1.13 (2024: 1.09), 6.31 (2024: 5.78) and 21.67 (2024: 19.74) respectively. |
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Cash and Returns |
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Free Cash Flow |
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In 2025, the Group achieved a strong free cash flow of €643m (2024: €766m) reflecting 81% cash conversion in the year. |
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Free Cash Flow |
2025 |
20242 |
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Continuing and Discontinued operations |
€'m |
€'m |
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EBITDA |
1,208.1 |
1,250.8 |
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Movement in average working capital |
(74.6) |
28.9 |
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Pension contributions paid less pension expense |
(8.6) |
(12.1) |
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Finance costs paid (net) |
(73.9) |
(43.9) |
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Income taxes paid |
(107.3) |
(108.2) |
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Purchase of non-current assets |
(302.5) |
(344.3) |
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Sales proceeds on disposal of non-current assets (net of disposal costs) |
1.9 |
(5.6) |
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Free cash flow |
643.1 |
765.6 |
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Cash conversion1 |
81% |
95% |
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1 Cash conversion is free cash flow expressed as a percentage of adjusted earnings after tax 2 2024 comparatives includes Kerry Dairy Ireland, which was disposed on 31 December 2024
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Returns |
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2025 |
2024 |
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Continuing and Discontinued operations |
€'m |
€'m |
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Adjusted profit |
836.9 |
862.7 |
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Average capital employed |
7,909.4 |
8,172.3 |
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Return on average capital employed (ROACE) |
10.6% |
10.6% |
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Further detail is set out within the Supplementary Information section - Financial Definitions.
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ROACE is similar year-on-year primarily due to the underlying organic improvement in returns being offset by the translation impact on underlying assets. |
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Share Buyback |
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In line with the Company's Capital Allocation Framework, in April 2025, the Board approved an additional share buyback programme of up to €300m, which commenced on 20 June 2025 on completion of the previous programme. These programmes are underpinned by the Group's strong balance sheet and cash flow.
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During 2025, the total number of shares acquired from these programmes was 5,698,393, returning €500m to shareholders. Since the year end, and up to 31 January 2026, the Company has purchased an additional 395,175 shares equating to an additional capital return of €29.2m |
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Net Debt |
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Net debt at the end of the year was €2,244m (2024: €1,926m), reflecting strong business cash generation and the share buyback programme. |
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Key Financial Ratios |
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Our credit metrics remain strong and we have a well spread debt maturity profile. Our strong balance sheet, combined with the EMTN programme positions Kerry very well for the continued strategic development of our business. |
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|
|
|
2025 |
2024 |
|||||||||||||
|
|
|
Times |
Times |
|||||||||||||
|
|
Net debt:EBITDA |
1.9 |
1.6 |
|||||||||||||
|
|
EBITDA:Net interest |
22.2 |
21.7 |
|||||||||||||
|
|
The Net debt:EBITDA and EBITDA:Net interest ratios disclosed are calculated using an adjusted EBITDA, adjusted finance costs (net of finance income), other income and an adjusted net debt value to adjust for the impact of acquisitions net of disposals and deferred payments in relation to acquisitions. |
|||||||||||||||
|
|
Financing |
|||||||||||||||
|
|
Undrawn committed facilities at the end of the year were €1,500m (2024: €1,500m) while undrawn standby facilities were €325m (2024: €344m). During 2025, the Group exercised the second of the two 1-year extension options on the €1,500m revolving credit facility extending maturity until June 2030. In August 2025, the Group completed the annual update of the €3bn EMTN programme for future Euro public bond issuances. In September 2025, the Group repaid in full €950m of its 2025 Senior Notes.
|
|||||||||||||||
|
|
Dividend and Annual General Meeting |
|||||||||||||||
|
|
During the year, the Group paid an interim dividend of 42.0 cent per A ordinary share, which was an increase of 10.2% versus the 2024 interim dividend. The Board has proposed a final dividend of 98.0 cent per A ordinary share, payable on 8 May 2026 to shareholders registered on the record date of 10 April 2026. When combined with the interim dividend, the total dividend for the year amounts to 140.0 cent per share (2024: 127.1 cent per share), which is an increase of 10.1% over last year's dividend. The Group's aim is to have double-digit dividend growth each year. Over 39 years as a listed company, the Group has grown its dividend at a compound rate of 16%.
|
|||||||||||||||
|
|
Kerry's Annual General Meeting is scheduled to take place on 30 April 2026. |
|||||||||||||||
|
|
Board Changes |
|||||||||||||||
|
|
Mr. Tom Moran will retire as Chair and as a Director of the Company at the conclusion of the Annual General Meeting on 30 April 2026. The Company is pleased to announce that Ms. Fiona Dawson has been appointed by the Board of Directors as Chair Designate. |
|||||||||||||||
|
|
Having served his three-year term of appointment, Mr. Patrick Rohan will retire from the Board at the conclusion of the 2026 AGM and will not seek re-election. |
|||||||||||||||
|
|
A separate announcement with further details on these Board changes has been published today. |
|||||||||||||||
|
|
Future Prospects |
|||||||||||||||
|
|
Kerry's continued strong end market outperformance highlights the strength and relevance of its strategic positioning across its markets, channels and customer base. |
|||||||||||||||
|
|
The Group will continue to further advance its strategic business development, while supporting its customers as their innovation and renovation partner. |
|||||||||||||||
|
|
Kerry remains strongly positioned for volume growth and margin expansion, supported by a good innovation pipeline, recognising the soft consumer demand environment. |
|||||||||||||||
|
|
The Group expects to deliver constant currency adjusted earnings per share guidance of 6% to 10% growth in 2026. |
|||||||||||||||
|
|
Note: Foreign currency translation is expected to be a headwind of ~4% on earnings per share in 2026 | Guidance based on an average number of shares in issue of ~160m. |
|||||||||||||||
|
|
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. |
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CONTACT INFORMATION |
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|||||||||
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|
INVESTOR RELATIONS |
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|||||||||
|
|
Marguerite Larkin, Chief Financial Officer |
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+353 66 7182292 | [email protected] |
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William Lynch, Head of Investor Relations |
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+353 66 7182292 | [email protected] |
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MEDIA |
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|
Catherine Keogh, Chief Corporate Affairs Officer |
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+353 45 931000 | [email protected] |
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WEBSITE |
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|||||||||
|
|
www.kerry.com |
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|||||||||
|
Consolidated Income Statement |
|||||||||||||||||||||||||||||||||||||||||||||||||
|
for the financial year ended 31 December 2025 |
|||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
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|
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|
|
Before |
|
|
Before |
|
|
|||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
Non- |
Non- |
|
Non- |
Non- |
|
|||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
Trading |
Trading |
|
Trading |
Trading |
|
|||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
Items |
Items |
Total |
Items |
Items |
Total |
|||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
2025 |
2025 |
2025 |
2024 |
2024 |
2024 |
|||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
Notes |
€'m |
€'m |
€'m |
€'m |
€'m |
€'m |
|||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Continuing operations |
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Revenue |
2 |
6,757.6 |
- |
6,757.6 |
6,929.1 |
- |
6,929.1 |
||||||||||||||||||||||||||||||||||||||||||
|
Earnings before interest, tax, depreciation and amortisation |
2 |
1,208.1 |
- |
1,208.1 |
1,188.0 |
- |
1,188.0 |
||||||||||||||||||||||||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
|
Depreciation (net) and intangible asset amortisation |
|
(309.0) |
- |
(309.0) |
(299.4) |
- |
(299.4) |
||||||||||||||||||||||||||||||||||||||||||
|
Non-trading items |
3 |
- |
(94.5) |
(94.5) |
- |
(55.8) |
(55.8) |
||||||||||||||||||||||||||||||||||||||||||
|
Operating profit |
|
899.1 |
(94.5) |
804.6 |
888.6 |
(55.8) |
832.8 |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
|
Finance income |
|
33.2 |
- |
33.2 |
34.8 |
- |
34.8 |
||||||||||||||||||||||||||||||||||||||||||
|
Finance costs |
|
(85.4) |
- |
(85.4) |
(88.3) |
- |
(88.3) |
||||||||||||||||||||||||||||||||||||||||||
|
Other income |
|
7.5 |
- |
7.5 |
- |
- |
- |
||||||||||||||||||||||||||||||||||||||||||
|
Share of joint ventures' results after taxation |
|
(1.2) |
- |
(1.2) |
(0.9) |
- |
(0.9) |
||||||||||||||||||||||||||||||||||||||||||
|
Profit before taxation |
|
853.2 |
(94.5) |
758.7 |
834.2 |
(55.8) |
778.4 |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
|
Income taxes |
|
(120.0) |
20.1 |
(99.9) |
(117.2) |
12.2 |
(105.0) |
||||||||||||||||||||||||||||||||||||||||||
|
Profit from continuing operations |
|
733.2 |
(74.4) |
658.8 |
717.0 |
(43.6) |
673.4 |
||||||||||||||||||||||||||||||||||||||||||
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|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||
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|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Discontinued operations |
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Profit from discontinued operations |
|
- |
- |
- |
33.2 |
27.8 |
61.0 |
||||||||||||||||||||||||||||||||||||||||||
|
Profit after taxation |
|
733.2 |
(74.4) |
658.8 |
750.2 |
(15.8) |
734.4 |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Attributable to: |
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Equity holders of the parent - continuing operations |
|
|
|
658.5 |
|
|
673.4 |
||||||||||||||||||||||||||||||||||||||||||
|
Equity holders of the parent - discontinued operations |
|
|
|
- |
|
|
61.0 |
||||||||||||||||||||||||||||||||||||||||||
|
Non-controlling interests - continuing operations |
|
|
|
0.3 |
|
|
- |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
658.8 |
|
|
734.4 |
|||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Earnings per A ordinary share - attributable to equity holders of the parent |
Cent |
|
|
Cent |
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||
|
Basic Earnings Per Share (cent) |
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||
|
Continuing operations |
4 |
|
400.2 |
|
|
389.2 |
|||||||||||||||||||||||||||||||||||||||||||
|
Discontinued operations |
4 |
|
- |
|
|
35.3 |
|||||||||||||||||||||||||||||||||||||||||||
|
|
400.2 |
|
|
424.5 |
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Diluted Earnings Per Share (cent) |
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Continuing operations |
4 |
|
399.3 |
|
|
388.6 |
|||||||||||||||||||||||||||||||||||||||||||
|
Discontinued operations |
4 |
|
- |
|
|
35.2 |
|||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
399.3 |
|
|
423.8 |
|||||||||||||||||||||||||||||||||||||
|
Consolidated Statement of Comprehensive Income |
|||||||||||||||||||||||||||||||||||||||||||||||||
|
for the financial year ended 31 December 2025 |
|||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
2024 |
|||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
Notes |
€'m |
€'m |
|||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
|
Profit after taxation |
|
658.8 |
734.4 |
||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||
|
Other comprehensive income: |
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||
|
Items that are or may be reclassified subsequently to profit or loss: |
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||
|
Fair value movements on cash flow hedges |
|
0.3 |
1.8 |
||||||||||||||||||||||||||||||||||||||||||||||
|
Cash flow hedges - reclassified to profit or loss from equity |
|
0.1 |
(1.9) |
||||||||||||||||||||||||||||||||||||||||||||||
|
Net change in cost of hedging |
|
0.8 |
0.6 |
||||||||||||||||||||||||||||||||||||||||||||||
|
Deferred tax effect of fair value movements on cash flow hedges |
|
0.1 |
(0.5) |
||||||||||||||||||||||||||||||||||||||||||||||
|
Exchange difference on translation of foreign operations |
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||
|
- Continuing operations |
9 |
(494.5) |
206.9 |
||||||||||||||||||||||||||||||||||||||||||||||
|
Cumulative exchange difference on translation recycled on disposal |
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||
|
- Continuing operations |
9 |
(0.9) |
0.4 |
||||||||||||||||||||||||||||||||||||||||||||||
|
- Discontinued operations |
|
- |
(0.6) |
||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
|
Items that will not be reclassified subsequently to profit or loss: |
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||
|
Re-measurement on retirement benefits obligation |
|
(22.7) |
10.8 |
||||||||||||||||||||||||||||||||||||||||||||||
|
Deferred tax effect of re-measurement on retirement benefits obligation |
|
3.8 |
(2.9) |
||||||||||||||||||||||||||||||||||||||||||||||
|
Net (expense)/income recognised directly in total other comprehensive income |
|
(513.0) |
214.6 |
||||||||||||||||||||||||||||||||||||||||||||||
|
Total comprehensive income |
|
145.8 |
949.0 |
||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
|
Attributable to: |
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||
|
Equity holders of the parent - continuing operations |
|
145.5 |
888.6 |
||||||||||||||||||||||||||||||||||||||||||||||
|
Equity holders of the parent - discontinued operations |
|
- |
60.4 |
||||||||||||||||||||||||||||||||||||||||||||||
|
Non-controlling interests - continuing operations |
|
0.3 |
- |
||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
145.8 |
949.0 |
|||||||||||||||||||||||||||||||||||||
|
Consolidated Balance Sheet |
|||||||||||||||||||||||||||||||||||||||||||||||||
|
as at 31 December 2025 |
|||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
31 December |
31 December |
||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
2025 |
2024 |
||||||||||||||||||||||||||||||||||||||||||||||
|
|
Notes |
€'m |
€'m |
||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||
|
Non-current assets |
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||
|
Property, plant and equipment |
|
2,021.2 |
2,106.7 |
||||||||||||||||||||||||||||||||||||||||||||||
|
Intangible assets |
|
5,444.3 |
5,778.1 |
||||||||||||||||||||||||||||||||||||||||||||||
|
Financial asset investments |
|
54.6 |
59.2 |
||||||||||||||||||||||||||||||||||||||||||||||
|
Investments in joint ventures |
|
37.7 |
38.9 |
||||||||||||||||||||||||||||||||||||||||||||||
|
Other non-current financial instruments |
|
166.2 |
295.7 |
||||||||||||||||||||||||||||||||||||||||||||||
|
Retirement benefits asset |
|
90.7 |
100.7 |
||||||||||||||||||||||||||||||||||||||||||||||
|
Deferred tax assets |
|
84.2 |
93.3 |
||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
7,898.9 |
8,472.6 |
|||||||||||||||||||||||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||
|
Current assets |
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||
|
Inventories |
|
958.9 |
1,050.7 |
||||||||||||||||||||||||||||||||||||||||||||||
|
Trade and other receivables |
|
1,280.6 |
1,235.5 |
||||||||||||||||||||||||||||||||||||||||||||||
|
Cash at bank and in hand |
|
348.9 |
1,610.0 |
||||||||||||||||||||||||||||||||||||||||||||||
|
Other current financial instruments |
|
152.6 |
113.6 |
||||||||||||||||||||||||||||||||||||||||||||||
|
Tax assets |
|
23.3 |
26.6 |
||||||||||||||||||||||||||||||||||||||||||||||
|
Assets classified as held for sale |
|
5.9 |
3.5 |
||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
2,770.2 |
4,039.9 |
|||||||||||||||||||||||||||||||||||||
|
Total assets |
|
10,669.1 |
12,512.5 |
||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
|
Current liabilities |
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||
|
Trade and other payables |
|
1,486.6 |
1,742.5 |
||||||||||||||||||||||||||||||||||||||||||||||
|
Borrowings and overdrafts |
|
0.5 |
950.3 |
||||||||||||||||||||||||||||||||||||||||||||||
|
Other current financial instruments |
|
5.1 |
32.3 |
||||||||||||||||||||||||||||||||||||||||||||||
|
Tax liabilities |
|
154.7 |
179.0 |
||||||||||||||||||||||||||||||||||||||||||||||
|
Provisions |
|
5.7 |
7.0 |
||||||||||||||||||||||||||||||||||||||||||||||
|
Deferred income |
|
0.9 |
1.0 |
||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
1,653.5 |
2,912.1 |
||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||
|
Non-current liabilities |
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||
|
Borrowings |
|
2,485.6 |
2,482.7 |
||||||||||||||||||||||||||||||||||||||||||||||
|
Other non-current financial instruments |
|
0.1 |
0.5 |
||||||||||||||||||||||||||||||||||||||||||||||
|
Retirement benefits obligation |
|
34.6 |
33.4 |
||||||||||||||||||||||||||||||||||||||||||||||
|
Other non-current liabilities |
|
128.0 |
134.2 |
||||||||||||||||||||||||||||||||||||||||||||||
|
Deferred tax liabilities |
|
373.1 |
400.9 |
||||||||||||||||||||||||||||||||||||||||||||||
|
Provisions |
|
30.7 |
50.6 |
||||||||||||||||||||||||||||||||||||||||||||||
|
Deferred income |
|
9.9 |
10.8 |
||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
3,062.0 |
3,113.1 |
|||||||||||||||||||||||||||||||||||||
|
Total liabilities |
|
4,715.5 |
6,025.2 |
||||||||||||||||||||||||||||||||||||||||||||||
|
Net assets |
|
5,953.6 |
6,487.3 |
||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
|
Equity |
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||
|
Share capital |
6 |
20.1 |
20.8 |
||||||||||||||||||||||||||||||||||||||||||||||
|
Share premium |
9 |
398.7 |
1,879.2 |
||||||||||||||||||||||||||||||||||||||||||||||
|
Other reserves |
|
(251.9) |
205.6 |
||||||||||||||||||||||||||||||||||||||||||||||
|
Retained earnings |
|
5,784.9 |
4,380.2 |
||||||||||||||||||||||||||||||||||||||||||||||
|
Equity attributable to equity holders of the parent |
|
5,951.8 |
6,485.8 |
||||||||||||||||||||||||||||||||||||||||||||||
|
Non-controlling interests |
|
1.8 |
1.5 |
||||||||||||||||||||||||||||||||||||||||||||||
|
Total equity |
|
5,953.6 |
6,487.3 |
||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||
|
Consolidated Statement of Changes in Equity |
|||||||||||||||||||||||||||||||||||||||||||||||||
|
for the financial year ended 31 December 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 |
- |
- |
- |
734.4 |
734.4 |
- |
734.4 |
||||||||||||||||||||||||||||||||||||||||||
|
Other comprehensive income |
- |
- |
207.2 |
7.4 |
214.6 |
- |
214.6 |
||||||||||||||||||||||||||||||||||||||||||
|
Total comprehensive income |
- |
- |
207.2 |
741.8 |
949.0 |
- |
949.0 |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
|
Shares issued during the financial year |
6 |
2.1 |
1,480.5 |
- |
- |
1,482.6 |
- |
1,482.6 |
|||||||||||||||||||||||||||||||||||||||||
|
Shares (purchased)/cancelled during the financial year |
6 |
(3.2) |
- |
3.2 |
(2,301.7) |
(2,301.7) |
- |
(2,301.7) |
|||||||||||||||||||||||||||||||||||||||||
|
Dividends paid |
5 |
- |
- |
- |
(205.2) |
(205.2) |
- |
(205.2) |
|||||||||||||||||||||||||||||||||||||||||
|
Share-based payment expense |
|
- |
- |
39.8 |
- |
39.8 |
- |
39.8 |
|||||||||||||||||||||||||||||||||||||||||
|
At 31 December 2024 |
20.8 |
1,879.2 |
205.6 |
4,380.2 |
6,485.8 |
1.5 |
6,487.3 |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
|
Profit after taxation |
- |
- |
- |
658.5 |
658.5 |
0.3 |
658.8 |
||||||||||||||||||||||||||||||||||||||||||
|
Other comprehensive expense |
- |
- |
(494.2) |
(18.8) |
(513.0) |
- |
(513.0) |
||||||||||||||||||||||||||||||||||||||||||
|
Total comprehensive (expense)/income |
- |
- |
(494.2) |
639.7 |
145.5 |
0.3 |
145.8 |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
|
Shares issued during the financial year |
|
|
6 |
- |
- |
- |
- |
- |
- |
- |
|||||||||||||||||||||||||||||||||||||||
|
Shares (purchased)/cancelled during the financial year |
|
|
6 |
(0.7) |
- |
0.7 |
(500.3) |
(500.3) |
- |
(500.3) |
|||||||||||||||||||||||||||||||||||||||
|
Share premium reduction |
|
|
9 |
- |
(1,480.5) |
- |
1,480.5 |
- |
- |
- |
|||||||||||||||||||||||||||||||||||||||
|
Dividends paid |
|
|
5 |
- |
- |
- |
(215.2) |
(215.2) |
- |
(215.2) |
|||||||||||||||||||||||||||||||||||||||
|
Share-based payment expense |
|
|
|
- |
- |
36.0 |
- |
36.0 |
- |
36.0 |
|||||||||||||||||||||||||||||||||||||||
|
At 31 December 2025 |
|
|
|
20.1 |
398.7 |
(251.9) |
5,784.9 |
5,951.8 |
1.8 |
5,953.6 |
|||||||||||||||||||||||||||||||||||||||
|
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/(expense) |
|
- |
- |
- |
206.7 |
(0.1) |
0.6 |
207.2 |
|||||||||||||||||||||||||||||||||||||||||||||||
|
Shares cancelled during the financial year |
|
3.2 |
- |
- |
- |
- |
- |
3.2 |
|||||||||||||||||||||||||||||||||||||||||||||||
|
Share-based payment expense |
|
- |
- |
39.8 |
- |
- |
- |
39.8 |
|||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||
|
At 31 December 2024 |
|
5.1 |
0.3 |
191.7 |
5.2 |
4.1 |
(0.8) |
205.6 |
|||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||
|
Other comprehensive (expense)/income |
|
- |
- |
- |
(495.4) |
0.4 |
0.8 |
(494.2) |
|||||||||||||||||||||||||||||||||||||||||||||||
|
Shares cancelled during the financial year |
|
0.7 |
- |
- |
- |
- |
- |
0.7 |
|||||||||||||||||||||||||||||||||||||||||||||||
|
Share-based payment expense |
|
- |
- |
36.0 |
- |
- |
- |
36.0 |
|||||||||||||||||||||||||||||||||||||||||||||||
|
At 31 December 2025 |
|
5.8 |
0.3 |
227.7 |
(490.2) |
4.5 |
- |
(251.9) |
|||||||||||||||||||||||||||||||||||||||||||||||
|
Consolidated Statement of Cash Flows |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
for the financial year ended 31 December 2025 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
2024 |
|||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
Notes |
€'m |
€'m |
|||||||||||||||||||||||||||||||||||||||||||
|
Cash flows from operating activities |
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Profit before taxation |
|
758.7 |
841.8 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Adjustments for: |
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Depreciation (net) |
|
220.0 |
234.8 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Intangible asset amortisation |
|
89.0 |
87.8 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Share of joint ventures' results after taxation |
|
1.2 |
0.9 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Non-trading items income statement charge |
3 |
94.5 |
31.6 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Finance costs (net) |
|
52.2 |
53.9 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other income |
|
(7.5) |
- |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Change in working capital |
|
(190.0) |
(43.4) |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Pension contributions paid less pension expense |
|
(8.6) |
(12.1) |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Payment on non-trading items |
|
(75.7) |
(50.7) |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Exchange translation adjustment |
|
2.9 |
(3.8) |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Cash generated from operations |
|
936.7 |
1,140.8 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Income taxes paid |
|
(107.3) |
(108.2) |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Finance income received |
|
23.9 |
23.8 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Finance costs paid |
|
(97.8) |
(67.7) |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Net cash from operating activities |
|
755.5 |
988.7 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Investing activities |
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Purchase of assets |
|
(261.6) |
(305.8) |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Inflow/(outflow) from the sales of assets (net of disposal expenses) |
|
1.9 |
(5.6) |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Capital grants received |
|
0.1 |
2.3 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Purchase of businesses (net of cash acquired) |
|
(29.7) |
(166.4) |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Payments relating to previous acquisition |
|
(9.6) |
(1.6) |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Purchase of investments |
|
- |
(1.8) |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Disposal of businesses (net of disposal expenses) |
|
37.6 |
(27.7) |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Net cash used in investing activities |
|
(261.3) |
(506.6) |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Financing activities |
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Dividends paid |
5 |
(215.2) |
(205.2) |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Purchase of own shares |
|
(500.3) |
(556.5) |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Payment of lease liabilities |
|
(41.0) |
(40.8) |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Issue of share capital |
|
- |
- |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Repayment of borrowings |
|
(950.0) |
(2.5) |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Cash inflow from interest rate swaps on repayment of borrowings |
|
8.0 |
3.3 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Proceeds from borrowings |
|
- |
994.0 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Net cash movements due to financing activities |
|
(1,698.5) |
192.3 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Net (decrease)/increase in cash and cash equivalents |
|
(1,204.3) |
674.4 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Cash and cash equivalents at beginning of the financial year |
|
1,607.6 |
909.0 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Exchange translation adjustment on cash and cash equivalents |
|
(54.9) |
24.2 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Cash and cash equivalents at end of the financial year |
|
348.4 |
1,607.6 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Reconciliation of Net Cash Flow to Movement in Net Debt |
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Net (decrease)/increase in cash and cash equivalents |
|
(1,204.3) |
674.4 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Cash flow from debt financing |
|
942.0 |
(994.8) |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Changes in net debt resulting from cash flows |
|
(262.3) |
(320.4) |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Fair value movement on interest rate swaps (net of adjustment to borrowings) |
|
(0.9) |
3.4 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Exchange translation adjustment on net debt |
|
(34.8) |
13.3 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Movement in net debt in the financial year |
|
(298.0) |
(303.7) |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Net debt at beginning of the financial year - pre lease liabilities |
|
(1,839.2) |
(1,535.5) |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Net debt at end of the financial year - pre lease liabilities |
|
(2,137.2) |
(1,839.2) |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Lease liabilities |
|
(107.0) |
(86.6) |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Net debt at end of the financial year |
|
(2,244.2) |
(1,925.8) |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
2024 includes both continuing and discontinued operations. |
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
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Notes to the Financial Statements |
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for the financial year ended 31 December 2025 |
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1. |
Statement of accounting policies |
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The financial information included within this statement has been extracted from the audited financial statements of Kerry Group plc for the financial year ended 31 December 2025. The financial information set out in this document does not constitute full statutory financial statements for the financial years ended 31 December 2025 or 2024 but is derived from same. The consolidated financial statements of Kerry Group plc have been prepared in accordance with International Financial Reporting Standards as issued by the IASB ('IFRS Accounting Standards'), International Financial Reporting Interpretations Committee ('IFRIC') interpretations and those parts of the Companies Act, 2014 applicable to companies reporting under IFRS Accounting Standards. The financial statements comprise the Consolidated Income Statement, the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Consolidated Statement of Changes in Equity, the Consolidated Statement of Cash Flows and the notes to the financial statements. The Group's financial statements have also 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. IFRS adopted by the EU differs in certain respects from IFRS Accounting Standards issued by the IASB. References to IFRS hereafter refer to IFRS adopted by the EU. |
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The consolidated financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain financial assets and liabilities (including derivative financial instruments) and financial asset investments which are held at fair value. Assets and liabilities classified as held for sale are stated at the lower of carrying value or fair value less costs to sell. The investments in joint ventures are accounted for using the equity method. |
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In these 2025 consolidated financial statements, 2024 balances were represented in note 2 'Analysis of results' as a result of the change in operating and reportable segments. |
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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, have been presented within profit from discontinued operations in the consolidated income statement. |
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Certain income statement headings and other financial measures included in the consolidated financial statements are not defined by IFRS such as earnings before interest, other income, tax, depreciation and amortisation ('EBITDA'), non-trading items and net debt. The Group makes this distinction to enhance the understanding of the financial performance of the business as outlined in the Financial Definitions. |
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The consolidated 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 and the potential impacts of climate, geopolitical, technological and macroeconomic environment related risks on profitability, including tariffs. The going concern of the Group was also assessed by considering the potential impact of climate-related risks on profitability and liquidity, macroeconomic and geopolitical developments, customer inventory management and changing interest rates during the period. There are no material uncertainties that cast significant doubt on the Group's ability to continue as a going concern over a period of at least 12 months from the date of approval of these financial statements. |
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Segmental analysis |
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The Group's operating segments are regions. Operating segments are reported in a manner consistent with the internal management structure of the Group and 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, and monitoring and assessing the performance of each segment. EBITDA as reported internally 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, borrowings, net finance costs, income and deferred tax expenses, and software and digital assets are primarily managed on a centralised basis and therefore, these items are not allocated between operating segments and are not reported per segment in note 2. |
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Effective 1 January 2025, the Group's reportable segments changed to the following three segments: Europe, Americas and APMEA (Asia Pacific, Middle East and Africa), following the sale of Kerry Dairy Ireland in 2024. In the Group's financial reporting for 2025, comparative information for 2024 has been re-presented to reflect the changes in reportable segments. |
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The geographical split of the business into Europe, North America, LATAM (Latin America) and APMEA meets the definition of operating segments, as these are components of the Group whose operating results are regularly reviewed by the CODM to make decisions about resources to be allocated to the segment and assess its performance. 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 EBITDA margins, products, production processes, type of customers and distribution channels. Further, despite there being differing political, currency and interest rate risks and profiles in LATAM and North America, because the nature of operations and product offering is consistent across the LATAM and North America operating segments, management have determined that there are similar customer profiles and competitive, operating and financial risks such as liquidity risk and credit risk across the two segments. This determination, including the aforementioned indicators, support the conclusion that the LATAM and North America operating segments share similar economic characteristics. |
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Critical accounting estimates and judgements |
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The preparation of the Group consolidated financial statements requires management to make certain estimations, assumptions and judgements that affect the reported profits, assets and liabilities. |
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Estimates and underlying assumptions are reviewed on an ongoing basis. Changes in accounting estimates may be necessary if there are changes in the circumstances on which the estimate was based or as a result of new information or more experience. Such changes are recognised in the period in which the estimate is revised. |
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In particular, information about significant areas of estimation and judgement that have the most significant effect on the amounts recognised in the consolidated financial statements are described in the respective notes to the consolidated financial statements. |
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New standards and interpretations |
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Certain new and revised accounting standards and new International Financial Reporting Interpretations Committee ('IFRIC') interpretations have been issued. The Group intends to adopt the relevant new and revised standards when they become effective and endorsed by the EU. The Group's assessment of the impact of these standards and interpretations is set out below. |
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The following Standards and Amendments are effective from 1 January 2026 and 1 January 2027 but are not expected to have a material effect on the results or financial position of the Group: |
Effective Date |
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- |
IFRS 7 & IFRS 9 (Amendments) |
Classification and Measurement of Financial Instruments |
1 January 2026 |
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- |
IFRS 7 & IFRS 9 (Amendments) |
Contracts referencing Nature-dependent Electricity |
1 January 2026 |
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- |
IFRS 19 |
Subsidiaries without Public Accountability: Disclosures |
1 January 2027 |
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The Group is currently evaluating the impact of the following Standards and Amendments on future periods: |
Effective Date |
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- |
IFRS 18 |
Presentation and Disclosure in Financial Statements |
1 January 2027 |
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IFRS 18 is the new standard on presentation and disclosure in financial statements (replacing IAS 1), with a focus on updates to the income statement. Even though IFRS 18 will not impact the recognition or measurement of items in the financial statements, its impacts on presentation and disclosure are expected to be pervasive, in particular those related to the classification of income and expenses into operating, investing and financing categories on the face of the income statement and providing management-defined performance measures within the financial statements. |
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2. |
Analysis of results |
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For the period ended 31 December 2025, the Group has determined it has three operating and reportable segments: Europe, Americas and APMEA which are leading providers of taste and nutrition solutions for the food, beverage and pharmaceutical markets. The Group uses a broad range of taste and biotechnology 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. |
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With effect from 1 January 2025, following the sale of Kerry Dairy Ireland (which formed the Dairy Ireland segment), the Group's reportable segments have changed 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 1 January 2025 following the sale of the Dairy Ireland segment. In the tables below, comparative information for 2024 has been re-presented to reflect the changes in reportable segments and the impact of discontinued operations. |
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Re-presented |
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Unallocated |
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Unallocated |
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Europe |
Americas |
APMEA |
Corporate |
Total |
Europe |
Americas |
APMEA |
Corporate |
Total |
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2025 |
2025 |
2025 |
2025 |
2025 |
2024 |
2024 |
2024 |
2024 |
2024 |
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€'m |
€'m |
€'m |
€'m |
€'m |
€'m |
€'m |
€'m |
€'m |
€'m |
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Revenue |
1,440.1 |
3,673.6 |
1,643.9 |
- |
6,757.6 |
1,504.5 |
3,763.5 |
1,661.1 |
- |
6,929.1 |
||||||||||||||||||||||||||||||||||||||||||||
|
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EBITDA1 |
251.6 |
745.3 |
275.2 |
(64.0) |
1,208.1 |
250.0 |
741.1 |
265.0 |
(68.1) |
1,188.0 |
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|
|
Depreciation (net) |
(42.9) |
(116.5) |
(60.3) |
(0.3) |
(220.0) |
(43.8) |
(116.5) |
(51.2) |
(0.3) |
(211.8) |
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|
|
Intangible asset amortisation |
(15.6) |
(29.9) |
(15.0) |
(28.5) |
(89.0) |
(14.1) |
(30.5) |
(14.9) |
(28.1) |
(87.6) |
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|
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Non-trading items |
- |
- |
- |
(94.5) |
(94.5) |
- |
- |
- |
(55.8) |
(55.8) |
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|
|
Operating profit |
193.1 |
598.9 |
199.9 |
(187.3) |
804.6 |
192.1 |
594.1 |
198.9 |
(152.3) |
832.8 |
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Finance income |
33.2 |
|
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|
|
34.8 |
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Finance costs |
(85.4) |
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|
|
(88.3) |
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Other income |
7.5 |
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- |
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|
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Share of joint ventures' results after taxation |
(1.2) |
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|
|
(0.9) |
||||||||||||||||||||||||||||||||||||||||||||||||
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Profit before taxation |
758.7 |
|
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|
|
778.4 |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
Income taxes |
(99.9) |
|
|
|
|
(105.0) |
||||||||||||||||||||||||||||||||||||||||||||||||
|
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Profit after taxation from continuing operations |
658.8 |
|
|
|
|
673.4 |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
Profit after taxation from discontinued operations |
- |
|
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|
|
61.0 |
||||||||||||||||||||||||||||||||||||||||||||||||
|
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Profit after taxation |
658.8 |
|
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|
734.4 |
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Attributable to: |
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||||||||||||||||||||||||||||||||||||||||||||||||
|
|
Equity holders of the parent - continuing operations |
658.5 |
|
|
|
|
673.4 |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
Equity holders of the parent - discontinued operations |
- |
|
|
|
|
61.0 |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
Non-controlling interests |
0.3 |
|
|
|
|
- |
||||||||||||||||||||||||||||||||||||||||||||||||
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|
|
658.8 |
|
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|
734.4 |
|||||||||||||||||||||||||||||||||||||||||||
|
|
1 EBITDA represents profit before taxation and before finance income, costs and other income, depreciation (net of capital grant amortisation), intangible asset amortisation, non-trading items and share of joint ventures' results after taxation. |
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Segment assets and liabilities |
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|
|
Segment assets and liabilities are not provided to the CODM to assess segment performance or to allocate resources. However, the Group discloses segment assets and liabilities by segment on a voluntary basis. |
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Re-presented |
|||||||||||||||||||||||||||||||||||||||||||||||
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|
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|
|
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Unallocated |
|
|
|
|
Unallocated |
|
|||||||||||||||||||||||||||||||||||||||||||
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|
|
|
Europe |
Americas |
APMEA |
Corporate |
Total |
Europe |
Americas |
APMEA |
Corporate |
Total |
|||||||||||||||||||||||||||||||||||||||||||
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|
|
|
2025 |
2025 |
2025 |
2025 |
2025 |
2024 |
2024 |
2024 |
2024 |
2024 |
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|
|
|
|
€'m |
€'m |
€'m |
€'m |
€'m |
€'m |
€'m |
€'m |
€'m |
€'m |
|||||||||||||||||||||||||||||||||||||||||||
|
|
Assets |
1,931.5 |
6,197.1 |
1,714.0 |
826.5 |
10,669.1 |
1,901.3 |
6,853.5 |
1,743.7 |
2,014.0 |
12,512.5 |
||||||||||||||||||||||||||||||||||||||||||||
|
|
Liabilities |
(473.0) |
(995.7) |
(327.1) |
(2,919.7) |
(4,715.5) |
(467.7) |
(1,142.1) |
(355.9) |
(4,059.5) |
(6,025.2) |
||||||||||||||||||||||||||||||||||||||||||||
|
|
Net assets |
1,458.5 |
5,201.4 |
1,386.9 |
(2,093.2) |
5,953.6 |
1,433.6 |
5,711.4 |
1,387.8 |
(2,045.5) |
6,487.3 |
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|
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|||||||||||||||||||||||||||||||||||||||||||
|
|
Other segmental information |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
Raw materials and consumables |
(649.2) |
(1,726.0) |
(888.5) |
- |
(3,263.7) |
(668.6) |
(1,777.5) |
(915.0) |
- |
(3,361.1) |
||||||||||||||||||||||||||||||||||||||||||||
|
|
Other general overheads |
(253.4) |
(550.2) |
(192.4) |
(9.1) |
(1,005.1) |
(264.1) |
(573.4) |
(200.5) |
(9.5) |
(1,047.5) |
||||||||||||||||||||||||||||||||||||||||||||
|
|
Revenue analysis |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
Disaggregation of revenue from customers is analysed by primary geographic market and by End Use Market (EUM), which is the primary market in which Kerry's products are consumed. 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 |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
Restated |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
Europe |
Americas |
APMEA |
Total |
|
Europe |
Americas |
APMEA |
Total |
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
2025 |
2025 |
2025 |
2025 |
|
2024 |
2024 |
2024 |
2024 |
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
€'m |
€'m |
€'m |
€'m |
|
€'m |
€'m |
€'m |
€'m |
|||||||||||||||||||||||||||||||||||||||||||||
|
|
Food |
1,027.2 |
2,355.5 |
1,066.3 |
4,449.0 |
|
1,132.6 |
2,371.7 |
1,066.4 |
4,570.7 |
|||||||||||||||||||||||||||||||||||||||||||||
|
|
Beverage |
275.3 |
1,026.4 |
497.3 |
1,799.0 |
|
252.5 |
1,090.3 |
515.5 |
1,858.3 |
|||||||||||||||||||||||||||||||||||||||||||||
|
|
Pharma & other |
137.6 |
291.7 |
80.3 |
509.6 |
|
119.4 |
301.5 |
79.2 |
500.1 |
|||||||||||||||||||||||||||||||||||||||||||||
|
|
Revenue |
1,440.1 |
3,673.6 |
1,643.9 |
6,757.6 |
|
1,504.5 |
3,763.5 |
1,661.1 |
6,929.1 |
|||||||||||||||||||||||||||||||||||||||||||||
|
|
2024 revenue has been restated to include inter-segment revenue of €50.1m following the sale of Kerry Dairy Ireland. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
Information about geographical areas |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
The revenue from continuing operations and non-current assets (as defined in IFRS 8 'Operating Segments') attributable to the country of domicile and all foreign countries of operation, for which revenue exceeds 10% of total external Group revenue, are set out below. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
Kerry Group plc is domiciled in the Republic of Ireland and the revenues in the Republic of Ireland were €99.4m (2024: €92.3m). The non-current assets at 31 December 2025 located in the Republic of Ireland are €2,095.8m (2024: €2,245.0m). |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
Revenues include €2,840.0m (2024: €2,929.9m) in the USA. The non-current assets in the USA are €2,889.0m (2024: €3,264.0m). |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
Revenues consists of €2,241.6m (2024: €2,243.4m) in emerging markets and €4,516.0m (2024: €4,685.7m) in developed markets. Revenues in the foodservice channel was €2,173.3m (2024: €2,224.6m) and €4,584.3m (2024: €4,704.5m) in the non-foodservice channels. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
There are no material dependencies or concentrations on individual customers which would warrant disclosure under IFRS 8 'Operating Segments'. The accounting policies of the operating segments are the same as the Group's accounting policies as outlined in the Statement of Accounting Policies. Under IFRS 15 'Revenue from Contracts with Customers' revenue is primarily recognised at a point in time. Revenue recorded over time during the period was not material to the Group. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
3. |
Non-trading items |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
2025 |
2024 |
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Gross |
|
Net |
Gross |
|
Net |
|||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
cost |
Tax |
Cost |
(cost)/profit |
Tax |
(cost)/profit |
|||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
Notes |
€'m |
€'m |
€'m |
€'m |
€'m |
€'m |
|||||||||||||||||||||||||||||||||||||||||||||||
|
|
Acquisition integration costs |
(i) |
(9.3) |
1.9 |
(7.4) |
(4.8) |
0.9 |
(3.9) |
|||||||||||||||||||||||||||||||||||||||||||||||
|
|
Accelerate Operational Excellence |
(ii) |
(71.4) |
16.9 |
(54.5) |
(43.3) |
9.3 |
(34.0) |
|||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
(80.7) |
18.8 |
(61.9) |
(48.1) |
10.2 |
(37.9) |
|||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
|
Loss on disposal of businesses and assets |
(iii) |
(13.8) |
1.3 |
(12.5) |
(7.7) |
2.0 |
(5.7) |
|||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
|
Non-trading items - continuing operations |
|
(94.5) |
20.1 |
(74.4) |
(55.8) |
12.2 |
(43.6) |
|||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
|
Profit on disposal of businesses and assets - discontinued operations |
(iv) |
- |
- |
- |
24.2 |
3.6 |
27.8 |
|||||||||||||||||||||||||||||||||||||||||||||||
|
|
Non-trading items - Total |
|
(94.5) |
20.1 |
(74.4) |
(31.6) |
15.8 |
(15.8) |
|||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
(i) Acquisition integration costs |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
These net costs of €7.4m (2024: €3.9m) reflect the relocation of resources, the restructuring of operations in order to integrate the acquired businesses into the existing Kerry operating model and external costs associated with deal preparation, integration planning and due diligence. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
(ii) Accelerate Operational Excellence |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
These net costs of €54.5m (2024: €34.0m) reflect cost of streamlining operations, project management costs and consultancy fees incurred in the year 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 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. The Accelerate 2.0 programme net costs were €47.1m and is expected to run for a period of 3 years. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
(iii) Loss on disposal of businesses and assets |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
During the year, the Group disposed of non-core businesses and assets primarily in Europe and North America for a consideration of €7.4m resulting in a net loss of €10.2m. In addition, a final settlement of €2.3m was recorded reflecting the movement in working capital and disposal related costs following the finalisation of the completion accounts relating to the sale of the Group's shareholding in Kerry Dairy Holdings (Ireland) Limited. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
In 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 net loss of €5.7m including an impairment of €1.4m in the Americas. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
(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 resulting in a net profit of €27.8m. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
4. |
Earnings per A ordinary share - attributable to equity holders of the parent |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
Continuing |
Discontinued |
|
Continuing |
Discontinued |
|
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
Operations |
Operations |
Total |
Operations |
Operations |
Total |
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
2025 |
2025 |
2025 |
2024 |
2024 |
2024 |
|||||||||||||||||||||||||||||
|
|
Basic earnings per share |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||
|
|
Profit after taxation (€'m) |
658.5 |
- |
658.5 |
673.4 |
61.0 |
734.4 |
||||||||||||||||||||||||||||||||||
|
|
Basic earnings per share (cent) |
400.2 |
- |
400.2 |
389.2 |
35.3 |
424.5 |
||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
Continuing |
Discontinued |
|
Continuing |
Discontinued |
|
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
Operations |
Operations |
Total |
Operations |
Operations |
Total |
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
2025 |
2025 |
2025 |
2024 |
2024 |
2024 |
|||||||||||||||||||||||||||||
|
|
Diluted earnings per share |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||
|
|
Profit after taxation (€'m) |
658.5 |
- |
658.5 |
673.4 |
61.0 |
734.4 |
||||||||||||||||||||||||||||||||||
|
|
Diluted earnings per share (cent) |
399.3 |
- |
399.3 |
388.6 |
35.2 |
423.8 |
||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
2024 |
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
Note |
m's |
m's |
|||||||||||||||||||||||||||||
|
|
Number of Shares |
|
|
|
|||||||||||||||||||||||||||||||||||||
|
|
Basic weighted average number of shares |
164.55 |
172.99 |
||||||||||||||||||||||||||||||||||||||
|
|
Impact of share options outstanding |
0.35 |
0.30 |
||||||||||||||||||||||||||||||||||||||
|
|
Diluted weighted average number of shares |
164.90 |
173.29 |
||||||||||||||||||||||||||||||||||||||
|
|
Actual number of shares in issue as at 31 December |
6 |
161.10 |
166.44 |
|||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
|
5. |
Dividends |
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
2024 |
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
€'m |
€'m |
|||||||||||||||||||||||||||||
|
|
Group and Company: |
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
|
Amounts recognised as distributions to equity shareholders in the financial year |
|
|
||||||||||||||||||||||||||||||||||||||
|
|
Final 2024 dividend of 89.0 cent per A ordinary share paid 9 May 2025 |
147.0 |
140.4 |
||||||||||||||||||||||||||||||||||||||
|
|
(Final 2023 dividend of 80.8 cent per A ordinary share paid 10 May 2024) |
|
|
||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
|
Interim 2025 dividend of 42.0 cent per A ordinary share paid 7 November 2025 |
68.2 |
64.8 |
||||||||||||||||||||||||||||||||||||||
|
|
(Interim 2024 dividend of 38.1 cent per A ordinary share paid 8 November 2024) |
|
|
||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
215.2 |
205.2 |
|||||||||||||||||||||||||||||
|
|
Since the financial year end the Board has proposed a final 2025 dividend of 98.0 cent per A ordinary share which amounts to €157.9m based on ordinary shares in issue at 31 December 2025. The payment date for the final dividend will be 8 May 2026 to shareholders registered on the record date as at 10 April 2026. The consolidated financial statements do not reflect this dividend. |
||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
6. |
Share capital |
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
2024 |
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
€'m |
€'m |
|||||||||||||||||||||||||||||
|
|
Group and Company: |
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
|
Authorised |
||||||||||||||||||||||||||||||||||||||||
|
|
280,000,000 A ordinary shares of 12.50 cent each |
35.0 |
35.0 |
||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
|
Allotted, called-up and fully paid (A ordinary shares of 12.50 cent each) |
|
|
||||||||||||||||||||||||||||||||||||||
|
|
At beginning of the financial year |
20.8 |
21.9 |
||||||||||||||||||||||||||||||||||||||
|
|
Shares issued during the financial year |
- |
2.1 |
||||||||||||||||||||||||||||||||||||||
|
|
Shares cancelled during the financial year |
(0.7) |
(3.2) |
||||||||||||||||||||||||||||||||||||||
|
|
At end of the financial year |
20.1 |
20.8 |
||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
|
The Company has one class of ordinary share which carries no right to fixed income. The total number of shares in issue at 31 December 2025 was 161,102,087 (2024: 166,440,652). |
||||||||||||||||||||||||||||||||||||||||
|
|
Shares issued |
||||||||||||||||||||||||||||||||||||||||
|
|
During 2025 a total of 359,828 (2024: 264,089) 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. |
||||||||||||||||||||||||||||||||||||||||
|
|
Share exchange pursuant to Kerry Dairy Ireland Sale |
||||||||||||||||||||||||||||||||||||||||
|
|
On 31 December 2024, the Company redeemed and cancelled Kerry Co-Operative Creameries Limited's entire shareholding of 19,045,396 A Ordinary Shares and the Company issued a total of 16,187,024 A Ordinary Shares directly to the members of Kerry Co-Operative Creameries Limited and to satisfy fractional share entitlements, as implementation of the share exchange as part of Phase 1 of the sale of Kerry Dairy Ireland. The Company's issued share capital reduced by 2,858,372 shares as a result. |
||||||||||||||||||||||||||||||||||||||||
|
|
Share Buyback Programme |
||||||||||||||||||||||||||||||||||||||||
|
|
In April 2025, the Board approved an additional €300 million Share Buyback Programme. 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 31 December 2025 the company purchased 3,160,500 shares at a total cost of €257.3m and transaction costs of €0.3m. At 31 December 2025 there was no financial liability recorded in relation to the Share Buyback Programme. Since the period end, and up to 31 January 2026, the Company has announced the purchase of an additional 395,175 shares at a total cost of €29.2m. |
||||||||||||||||||||||||||||||||||||||||
|
|
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. |
||||||||||||||||||||||||||||||||||||||||
|
|
All shares acquired as part of the above Share Buyback Programmes were A ordinary shares with a nominal value of 12.50 cent. The shares acquired were cancelled immediately following their repurchase. |
||||||||||||||||||||||||||||||||||||||||
|
|
The buyback programme is conducted in accordance with the relevant provisions of the Market Abuse Regulation 596/2014/EU ('MAR' and including MAR as in force in the UK and as amended by the Market Abuse (Amendment) (EU Exit) Regulations 2019) and the Commission Delegated Regulation (EU) 2016/1052 (including as in force in the UK and as amended by the FCA's Technical Standards (Market Abuse Regulation) (EU Exit) Instrument 2019) as well as the rules of the Central Bank of Ireland. |
||||||||||||||||||||||||||||||||||||||||
|
7. |
Business Combinations |
||||||||||||||||||||||||||||||||||||||||
|
|
The following acquisitions were completed by the Group during 2025: |
||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Completion |
Percentage |
Segment |
Principal |
Strategic |
||||||||||||||||||||||||||||||||||
|
|
Acquisition |
Type |
date |
acquired |
|
activity |
rationale |
||||||||||||||||||||||||||||||||||
|
|
Certain assets of Martin Bauer Group |
Asset |
April 2025 |
Carve-out business acquisition |
Americas |
Coffee extraction capabilities |
Enhancement of coffee extraction capabilities for food and beverage taste applications. |
||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||
|
|
GSF Egypt LLC |
Share |
October 2025 |
90% |
APMEA |
Culinary food systems |
Expansion of Kerry's production footprint and capabilities in the Middle East. |
||||||||||||||||||||||||||||||||||
|
|
The table below provides details of the identifiable net assets, including adjustments to provisional fair values, in respect of the acquisitions completed during the year ended 31 December 2025: |
||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
Total |
||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
2025 |
||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
€'m |
||||||||||||||||||||||||||||||||||
|
|
Recognised amounts of identifiable assets acquired and liabilities assumed: |
|
|||||||||||||||||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
|
Non-current assets |
|
|||||||||||||||||||||||||||||||||||||||
|
|
Property, plant and equipment |
13.8 |
|||||||||||||||||||||||||||||||||||||||
|
|
Brand related intangibles |
8.4 |
|||||||||||||||||||||||||||||||||||||||
|
|
Current assets |
|
|||||||||||||||||||||||||||||||||||||||
|
|
Cash at bank and in hand |
2.0 |
|||||||||||||||||||||||||||||||||||||||
|
|
Inventories |
4.6 |
|||||||||||||||||||||||||||||||||||||||
|
|
Trade and other receivables |
3.9 |
|||||||||||||||||||||||||||||||||||||||
|
|
Current liabilities |
|
|||||||||||||||||||||||||||||||||||||||
|
|
Trade and other payables |
(2.9) |
|||||||||||||||||||||||||||||||||||||||
|
|
Other current liabilities |
(0.6) |
|||||||||||||||||||||||||||||||||||||||
|
|
Non-current liabilities |
|
|||||||||||||||||||||||||||||||||||||||
|
|
Other non-current liabilities |
(5.4) |
|||||||||||||||||||||||||||||||||||||||
|
|
Total identifiable assets |
23.8 |
|||||||||||||||||||||||||||||||||||||||
|
|
Goodwill |
9.1 |
|||||||||||||||||||||||||||||||||||||||
|
|
Total consideration |
32.9 |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
|
Satisfied by: |
|
|||||||||||||||||||||||||||||||||||||||
|
|
Cash |
31.1 |
|||||||||||||||||||||||||||||||||||||||
|
|
Deferred payment1 |
1.8 |
|||||||||||||||||||||||||||||||||||||||
|
|
|
32.9 |
|||||||||||||||||||||||||||||||||||||||
|
|
1The deferred payment of €1.8m (US$2.1m) relating to the GSF Egypt LLC acquisition is payable in 2026 and will result in the acquisition of the remaining 10% shares outstanding. |
||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
|
Net cash outflow on acquisition: |
|
|||||||||||||||||||||||||||||||||||||||
|
|
|
Total |
|||||||||||||||||||||||||||||||||||||||
|
|
|
2025 |
|||||||||||||||||||||||||||||||||||||||
|
|
|
€'m |
|||||||||||||||||||||||||||||||||||||||
|
|
Cash |
31.1 |
|||||||||||||||||||||||||||||||||||||||
|
|
Less: cash and cash equivalents acquired |
(2.0) |
|||||||||||||||||||||||||||||||||||||||
|
|
Plus: debt acquired (included in other current liabilities) |
0.6 |
|||||||||||||||||||||||||||||||||||||||
|
|
|
29.7 |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||
|
|
The acquisition method has been used to account for businesses acquired in the Group's 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'. None of the acquisitions completed during the period were considered material to warrant separate disclosure. |
||||||||||||||||||||||||||||||||||||||||
|
|
The goodwill is attributable to the expected profitability, revenue growth, future market development and assembled workforce of the acquired businesses and the synergies expected to arise within the Group after the acquisition. €5.8m of the goodwill recognised is expected to be deductible for income tax purposes. |
||||||||||||||||||||||||||||||||||||||||
|
|
Transaction expenses related to these acquisitions of €0.9m were charged in the Group's Consolidated Income Statement during the financial year. The fair value of the financial assets acquired includes trade and other receivables with a fair value of €3.5m and a gross contractual value of €3.9m. |
||||||||||||||||||||||||||||||||||||||||
|
|
The revenue and profit after taxation attributable to equity holders of the parent to the Group contributed from date of acquisition for all business combinations effected during the financial year is as follows: |
||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
Total |
||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
2025 |
||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
€'m |
||||||||||||||||||||||||||||||||||
|
|
Revenue |
2.4 |
|||||||||||||||||||||||||||||||||||||||
|
|
Profit after taxation attributable to equity holders of the parent |
0.4 |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||
|
|
The revenue and profit after taxation attributable to equity holders of the parent to the Group determined in accordance with IFRS as though the acquisition date for all business combinations effected during the financial year had been the beginning of that financial year would be as follows: |
||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
Kerry Group |
Consolidated |
||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
excluding |
Group |
||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
2025 |
2025 |
including |
||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
acquisitions |
acquisitions |
acquisitions |
||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
€'m |
€'m |
€'m |
||||||||||||||||||||||||||||||||||
|
|
Revenue |
22.6 |
6,755.2 |
6,777.8 |
|||||||||||||||||||||||||||||||||||||
|
|
Profit after taxation attributable to equity holders of the parent |
3.6 |
658.1 |
661.7 |
|||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||
|
8. |
Events after the balance sheet date |
||||||||||||||||||||||||||||||||||||||||
|
|
Since the financial year end, the Group: |
||||||||||||||||||||||||||||||||||||||||
|
|
- |
proposed a final dividend of 98.0 cent per A ordinary share (note 5); |
|||||||||||||||||||||||||||||||||||||||
|
|
- |
has announced the purchase of 395,175 shares at a cost of €29.2m up to 31 January 2026 on the existing programme (note 6); and |
|||||||||||||||||||||||||||||||||||||||
|
|
- |
has announced an additional Share Buyback Programme of up to €300.0m. |
|||||||||||||||||||||||||||||||||||||||
|
|
There have been no other significant events, outside the ordinary course of business, affecting the Group since 31 December 2025. |
||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||
|
9. |
Reserves |
||||||||||||||||||||||||||||||||||||||||
|
|
Capital redemption reserve |
||||||||||||||||||||||||||||||||||||||||
|
|
Capital redemption reserve represents the nominal cost of the cancelled shares in 2007, 2023, 2024 and 2025. |
||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||
|
|
Other undenominated capital |
||||||||||||||||||||||||||||||||||||||||
|
|
Other undenominated capital represents the amount transferred to reserves as a result of renominalising the share capital of the Parent Company due to the euro conversion in 2002. |
||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||
|
|
Share-based payment reserve |
||||||||||||||||||||||||||||||||||||||||
|
|
The share-based payment reserve relates to invitations made to employees to participate in the Group's Long-Term and Short-Term Incentive Plans and the All Employee Share Plan for participating employees. |
||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||
|
|
Translation reserve |
||||||||||||||||||||||||||||||||||||||||
|
|
Exchange differences relating to the translation of the balance sheets of the Group's foreign currency operations from their functional currencies to the Group's presentation currency (euro) are recognised directly in other comprehensive income and accumulated in the translation reserve. The movement in the US dollar from $1.04 at 31 December 2024 to $1.18 at 31 December 2025 relative to euro is the primary driver of the movement in the translation reserve in the year. |
||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||
|
|
Hedging reserve |
||||||||||||||||||||||||||||||||||||||||
|
|
The hedging reserve represents the effective portion of gains and losses on hedging instruments from the application of cash flow hedge accounting for which the underlying hedged transaction is not impacting profit or loss. The cumulative deferred gain or loss on the hedging instrument is reclassified to profit or loss only when the hedged transaction affects the profit or loss. |
||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||
|
|
Cost of hedging reserve |
||||||||||||||||||||||||||||||||||||||||
|
|
The cost of hedging reserve arises from where the Group has entered into cross currency interest rate swaps. Such cross currency interest rate swaps have basis risk as there are characteristics in the cross currency interest rate swap contracts that are not present in the hedged item, being currency basis spreads. |
||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||
|
|
Retained earnings |
||||||||||||||||||||||||||||||||||||||||
|
|
Retained earnings refers to the portion of net income, which is retained by the Group rather than distributed to shareholders as dividends. |
||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||
|
|
Non-controlling interests |
||||||||||||||||||||||||||||||||||||||||
|
|
Non-controlling interests represent the portion of the equity of a subsidiary not attributable either directly or indirectly to the Group. |
||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||
|
|
Share premium account |
||||||||||||||||||||||||||||||||||||||||
|
|
Share premium represents the excess of proceeds received over the nominal value of new shares issued. |
||||||||||||||||||||||||||||||||||||||||
|
|
During the year, the share premium reserve of Kerry Group plc decreased by €1,480.5m to €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. |
||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||
|
10. |
General information |
||||||||||||||||||||||||||||||||||||||||
|
|
The financial information in this preliminary announcement does not constitute the full statutory financial statements of Kerry Group plc, a copy of which is required to be annexed to the annual return filed with the Registrar of Companies and will be published on www.kerry.com. The statutory financial statements of Kerry Group plc for the financial year ended 31 December 2025, to which an unqualified audit opinion was received, were approved by the Board of Directors and authorised for issue on 16 February 2026. A copy of the statutory financial statements of Kerry Group plc for the financial year ended 31 December 2025 will be annexed to the annual return for 2025 and will be filed with the Registrar of Companies following the annual general meeting. The statutory financial statements of Kerry Group plc for the financial year ended 31 December 2024 were annexed to the annual return for 2024 and filed with the Registrar of Companies and are available on www.kerry.com. |
||||||||||||||||||||||||||||||||||||||||
|
Supplementary Information |
|||||||||||||||||||||||||||||||||||||||||
|
FINANCIAL DEFINITIONS |
|||||||||||||||||||||||||||||||||||||||||
|
(not covered by independent auditors' report) |
|||||||||||||||||||||||||||||||||||||||||
|
Kerry uses a number of financial and non-financial key performance indicators (KPIs) to measure performance across its business. These KPIs help inform decision making, assist effective goal setting and track progress in achieving the Group's strategic objectives. Kerry believes that long-term sustainable success will be achieved by generating value for all stakeholders, while developing and monitoring strategy, managing the risks that face the organisation and embedding the Group's purpose and values. Principal financial definitions used by the Group, together with reconciliations where the non-IFRS measures are not readily identifiable from the financial statements, are as follows: |
|||||||||||||||||||||||||||||||||||||||||
|
1. Revenue |
|||||||||||||||||||||||||||||||||||||||||
|
Volume performance |
|||||||||||||||||||||||||||||||||||||||||
|
This represents the sales performance year-on-year, 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. |
|||||||||||||||||||||||||||||||||||||||||
|
Following the disposal of Kerry Dairy Ireland and change in segments, the revenue reconciliation has been restated to reflect a geographical split which aligns to the revised segmental disclosures. |
|||||||||||||||||||||||||||||||||||||||||
|
Revenue Reconciliation |
|||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
Reported |
||||||||||||||||||||||||||||||||||
|
|
|
Volume |
|
Transaction |
Acquisitions/ |
Translation |
revenue |
||||||||||||||||||||||||||||||||||
|
2025 |
|
performance |
Price |
currency |
Disposals |
currency |
performance |
||||||||||||||||||||||||||||||||||
|
|
Europe |
(0.5%) |
- |
- |
(3.7%) |
(0.1%) |
(4.3%) |
||||||||||||||||||||||||||||||||||
|
|
APMEA |
4.2% |
(0.7%) |
0.2% |
(0.1%) |
(4.6%) |
(1.0%) |
||||||||||||||||||||||||||||||||||
|
|
Americas |
3.8% |
(0.1%) |
0.1% |
(1.0%) |
(5.2%) |
(2.4%) |
||||||||||||||||||||||||||||||||||
|
Group - continuing operations |
3.0% |
(0.3%) |
0.1% |
(1.4%) |
(3.9%) |
(2.5%) |
|||||||||||||||||||||||||||||||||||
|
2024 |
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||
|
|
Europe |
0.4% |
(3.2%) |
- |
(1.4%) |
0.9% |
(3.3%) |
||||||||||||||||||||||||||||||||||
|
|
APMEA |
4.8% |
(2.3%) |
0.6% |
0.5% |
(2.8%) |
0.8% |
||||||||||||||||||||||||||||||||||
|
|
Americas |
4.1% |
(1.6%) |
- |
(1.5%) |
(1.2%) |
(0.2%) |
||||||||||||||||||||||||||||||||||
|
Group - continuing operations |
3.4% |
(2.1%) |
0.2% |
(1.0%) |
(1.2%) |
(0.7%) |
|||||||||||||||||||||||||||||||||||
|
Disposal revenue in Europe in 2025 primarily reflects the exit of a manufacturing agreement post the finalisation of the Kerry Dairy Ireland separation in the current year. |
|||||||||||||||||||||||||||||||||||||||||
|
2. EBITDA |
||||||||||||
|
EBITDA represents profit before taxation and before finance income and costs, other income, depreciation (net of capital grant amortisation), intangible asset amortisation, non-trading items and share of joint ventures' results after taxation. EBITDA is reflective of underlying trading performance and allows comparison of the trading performance of the Group's businesses, either year-on-year or with other businesses. |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
2024 |
|
Continuing operations |
€'m |
€'m |
||||||||||
|
Profit before taxation |
758.7 |
778.4 |
||||||||||
|
Share of joint ventures' results after taxation |
1.2 |
0.9 |
||||||||||
|
Finance income |
(33.2) |
(34.8) |
||||||||||
|
Finance costs |
85.4 |
88.3 |
||||||||||
|
Other income |
(7.5) |
- |
||||||||||
|
Non-trading items |
94.5 |
55.8 |
||||||||||
|
Intangible asset amortisation |
89.0 |
87.6 |
||||||||||
|
Depreciation (net) |
220.0 |
211.8 |
||||||||||
|
EBITDA |
1,208.1 |
1,188.0 |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3. EBITDA Margin |
||||||||||||
|
EBITDA margin represents EBITDA expressed as a percentage of revenue. |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
2024 |
|
Continuing operations |
€'m |
€'m |
||||||||||
|
EBITDA |
1,208.1 |
1,188.0 |
||||||||||
|
Revenue |
6,757.6 |
6,929.1 |
||||||||||
|
EBITDA margin |
17.9% |
17.1% |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4. Operating Profit |
||||||||||||
|
Operating profit is profit before income taxes, finance income, finance costs, other income and share of joint ventures' results after taxation. |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
2024 |
|
Continuing operations |
€'m |
€'m |
||||||||||
|
Profit before taxation |
758.7 |
778.4 |
||||||||||
|
Finance income |
(33.2) |
(34.8) |
||||||||||
|
Finance costs |
85.4 |
88.3 |
||||||||||
|
Other income |
(7.5) |
- |
||||||||||
|
Share of joint ventures' results after taxation |
1.2 |
0.9 |
||||||||||
|
Operating profit |
804.6 |
832.8 |
||||||||||
|
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 year-on-year. The performance in adjusted earnings per share on a constant currency basis is calculated by comparing current year adjusted earnings per share to the prior year adjusted earnings per share retranslated at current year average exchange rates. |
||||||||||||
|
|
|
|
|
|
|
|
|
|
2025 |
|
2024 |
|
|
|
|
|
|
|
|
|
|
|
EPS |
Performance |
EPS |
Performance |
|
Continuing and Discontinued operations |
|
cent |
% |
cent |
% |
|||||||
|
Basic earnings per share |
|
400.2 |
(5.7%) |
424.5 |
3.4% |
|||||||
|
Brand related intangible asset amortisation |
|
36.0 |
- |
33.9 |
- |
|||||||
|
Non-trading items (net of related tax) |
|
45.3 |
- |
9.1 |
- |
|||||||
|
Adjusted earnings per share |
|
481.5 |
3.0% |
467.5 |
8.7% |
|||||||
|
Impact of retranslating prior year adjusted earnings per share at current year average exchange rates1 |
4.5% |
|
1.0% |
|||||||||
|
Growth in adjusted earnings per share on a constant currency basis |
7.5% |
|
9.7% |
|||||||||
|
1 Impact of 2025 translation was (21.1)/467.5 cent = 4.5% (2024: 1.0%). |
||||||||||||
|
6. Free Cash Flow |
|||||||||||||||||||||||||
|
Free cash flow is EBITDA plus movement in average working capital, capital expenditure net (purchase of assets, payment of lease liabilities, inflow/(outflow) from the sale of assets (net of disposal expenses) and capital grants received), pension contributions paid less pension expense, finance costs paid (net), other income and income taxes paid. |
|||||||||||||||||||||||||
|
Free cash flow is seen as an important indicator of the strength and quality of the business and of the availability to the Group of funds for reinvestment or for return to shareholders. Movement in average working capital is used when calculating free cash flow as management believes this provides a more accurate measure of the increase or decrease in working capital needed to support the business over the course of the year 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 12 months adjusted for the impact of acquisitions and disposals. The following table is a reconciliation of free cash flow to the nearest IFRS measure, which is 'Net cash from operating activities'. |
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
2024 |
|||||||||||||
|
Continuing and Discontinued operations |
€'m |
€'m |
|||||||||||||||||||||||
|
Net cash from operating activities |
755.5 |
988.7 |
|||||||||||||||||||||||
|
Difference between movement in monthly average working capital and movement in the financial year end working capital |
115.4 |
72.3 |
|||||||||||||||||||||||
|
Payments on non-trading items |
75.7 |
50.7 |
|||||||||||||||||||||||
|
Purchase of assets |
(261.6) |
(305.8) |
|||||||||||||||||||||||
|
Payment of lease liabilities |
(41.0) |
(40.8) |
|||||||||||||||||||||||
|
Inflow/(outflow) from the sale of assets (net of disposal expenses) |
1.9 |
(5.6) |
|||||||||||||||||||||||
|
Capital grants received |
0.1 |
2.3 |
|||||||||||||||||||||||
|
Exchange translation adjustment |
(2.9) |
3.8 |
|||||||||||||||||||||||
|
Free cash flow |
643.1 |
765.6 |
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
7. Cash Conversion |
|||||||||||||||||||||||||
|
Cash conversion is defined as free cash flow, expressed as a percentage of adjusted earnings after taxation. Cash conversion is an important metric as it measures how much of the Group's adjusted earnings is converted into cash. |
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
2024 |
|||||||||||||
|
Continuing and Discontinued operations |
€'m |
€'m |
|||||||||||||||||||||||
|
Free cash flow |
643.1 |
765.6 |
|||||||||||||||||||||||
|
Profit after taxation attributable to equity holders of the parent |
658.5 |
734.4 |
|||||||||||||||||||||||
|
Brand related intangible asset amortisation |
59.3 |
58.6 |
|||||||||||||||||||||||
|
Non-trading items (net of related tax) |
74.4 |
15.8 |
|||||||||||||||||||||||
|
Adjusted earnings after taxation |
792.2 |
808.8 |
|||||||||||||||||||||||
|
Cash Conversion |
81% |
95% |
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
8. Average Capital Employed |
|||||||||||||||||||||||||
|
Average capital employed is the average of total capital employed over the last three reported balance sheets. Total capital employed is calculated as shareholders' equity, less the vendor loan note relating to the Sweet Ingredients Portfolio, less the Retained Investment in Kerry Dairy Ireland, plus net debt. |
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
2025 |
H1 2025 |
20241 |
2024 |
H1 2024 |
2023 |
|||||||||||||
|
|
|
|
|
|
|
|
€'m |
€'m |
€'m |
€'m |
€'m |
€'m |
|||||||||||||
|
Equity attributable to equity holders of the parent |
5,951.8 |
5,907.6 |
6,485.8 |
6,485.8 |
6,512.8 |
6,521.3 |
|||||||||||||||||||
|
Vendor loan note - Sweet Ingredients Portfolio |
(143.2) |
(129.4) |
(124.6) |
(124.6) |
(128.0) |
(124.3) |
|||||||||||||||||||
|
Retained Investment in Kerry Dairy Ireland |
(148.5) |
(148.5) |
(148.5) |
- |
- |
- |
|||||||||||||||||||
|
Net debt |
2,244.2 |
2,055.8 |
1,925.8 |
1,925.8 |
1,843.9 |
1,604.1 |
|||||||||||||||||||
|
Total capital employed |
7,904.3 |
7,685.5 |
8,138.5 |
8,287.0 |
8,228.7 |
8,001.1 |
|||||||||||||||||||
|
Average capital employed |
7,909.4 |
|
|
8,172.3 |
|
|
|||||||||||||||||||
|
1 Restated as at 1 January 2025 following the disposal of Kerry Dairy Ireland. |
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
9. Return on Average Capital Employed (ROACE) |
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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, costs and other income expressed as a percentage of average capital employed. ROACE is a key measure of the return the Group achieves on its investment in capital expenditure projects, acquisitions and other strategic investments. |
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2025 |
2024 |
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Continuing and Discontinued operations |
€'m |
€'m |
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Profit after taxation attributable to equity holders of the parent |
658.5 |
734.4 |
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Non-trading items (net of related tax) |
74.4 |
15.8 |
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Brand related intangible asset amortisation |
59.3 |
58.6 |
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Net finance costs |
52.2 |
53.9 |
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Other income |
(7.5) |
- |
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Adjusted profit |
836.9 |
862.7 |
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Average capital employed |
7,909.4 |
8,172.3 |
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Return on average capital employed |
10.6% |
10.6% |
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10. Total Shareholder Return |
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Total shareholder return represents the change in the capital value of Kerry Group plc shares plus dividends in the financial year expressed as a percentage of the opening capital value. |
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2025 |
2024 |
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Share price (1 January) |
€93.25 |
€78.66 |
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Interim dividend (cent) |
42.0 |
38.1 |
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Dividend paid (cent) |
89.0 |
80.8 |
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Share price (31 December) |
€78.00 |
€93.25 |
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Total shareholder return |
(14.9%) |
20.1% |
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11. Market Capitalisation |
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Market capitalisation is calculated as the share price times the number of shares in issue. |
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2025 |
2024 |
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Share price (31 December) |
€78.00 |
€93.25 |
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Shares in issue ('000) |
161,102.1 |
166,440.7 |
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Market capitalisation (€'m) |
12,566.0 |
15,520.6 |
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12. Enterprise Value |
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Enterprise value is calculated as per external market sources. It is market capitalisation plus reported borrowings less total cash and cash equivalents. |
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13. Net Debt |
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Net debt comprises borrowings and overdrafts, interest rate derivative financial instruments, lease liabilities and cash at bank and in hand. |
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