Kerry Group reports soft consumer demand

Food and beverage markets in the year reflected soft overall consumer demand, given macroeconomic and geopolitical uncertainty, according to Irish ingredients supplier Kerry Group‘s annual results for the year ending 31 December 2025. 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.

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.

Reported revenue for the year was €6.7 billion, comprising volume growth of 3%, 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%.

EBITDA for the year was €1,2 billion (2024: €1.18 billion), 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% in reported currency (2024: +8.7%). Basic earnings per share in the year was 400.2 cents. Research and development expenditure increased to €314m (2024: €304m) and net capital expenditure was €301m (2024: €350m) as the group continued to invest to develop its capabilities and global footprint. Free cash flow was €643m (2024: €766m) representing cash conversion of 81%.

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 says 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. A separate announcement has been issued today with full details.

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% reduction in food waste across the group’s operations.