Irish dairy group Kerry delivered a strong first-half performance, achieving volume growth across all three regions, expanding margins, and maintaining its full-year earnings guidance, the company says. The highlights included group revenue of €3.3 billion, reflecting volume growth of 3.3% (second quarter was up by 3.5%) and continued strong end market outperformance. Its earnings before interest, taxes, depreciation and amortisation (EBITDA) is €558 million, representing a strong margin expansion of 60 basis points. The adjusted earnings per share (EPS) growth is 7.9%, on a constant currency basis as well.

Kerry also outlined its financial targets through 2030, reflecting confidence in its ability to continue outperforming food and beverage end markets and deliver sustainable, profitable growth. The company is targeting 3-5% annual volume growth, a 20-21% EBITDA margin by 2030, high-single-digit-plus adjusted EPS growth, with more than 85% cash conversion, plus a 12-13% return on average capital employed by 2030.

These targets are supported by growth opportunities across foodservice, emerging markets, biotechnology, taste innovation and product renovation, alongside continued productivity improvements and innovation-led growth.

Commenting on the results, Edmond Scanlon, CEO, said, “We are pleased to report a strong performance in the first half, reflecting a step up in volume growth in the second quarter and continued strong margin expansion. We delivered volume growth across all three regions, with strong growth and market outperformance in the Americas, a solid performance in Europe and good growth in the Asian Pacific and Middle Eastern markets.”

“We have updated our financial targets and earnings growth algorithm to 2030. Our revenue volume growth target range of 3-5% represents our confidence in continuing to deliver consistent strong market outperformance and is set in the context of current market conditions. This growth, combined with our EBITDA margin target of 2-–21% by 2030, will be the key drivers of delivering high-single-digit-plus earnings growth over the coming years.”