Kerry Group (KRZ) Q4 2025 earnings summary

Executive summary

• Achieved strong end-market outperformance with 3% volume growth and 7.5% constant currency EPS growth in 2025, despite subdued overall market volumes.

• EBITDA margin expanded by 80 basis points to 17.9%, driven by operational efficiencies, portfolio developments, and operating leverage.

• Strategic investments included new biotechnology centers, technology developments, and manufacturing expansions in key regions, supporting innovation and customer value.

• Continued focus on sustainable nutrition, innovation in taste and health solutions, and expansion in emerging markets.

Financial highlights

• Group revenue reached EUR 6.8 billion, with EBITDA of EUR 1.2 billion and EBITDA margin just under 18%.

• Adjusted EPS was 481.56c, up 7.5% in constant currency; basic EPS was 400.2c.

• Free cash flow was EUR 643 million, representing 81% cash conversion.

• Return on capital employed was 10.6%, with a 20 basis point negative currency effect.

• Share buybacks totaled EUR 500 million, with dividends paid of EUR 215 million; a new EUR 300 million buyback announced.

Outlook and guidance

• Expecting constant currency, adjusted EPS growth of 6%-10% in 2026, with a 4% FX headwind.

• Margin expansion of at least 60 basis points anticipated in 2026, with all regions contributing.

• Limited input cost deflation and limited deflationary pricing expected in 2026.

• Disposal revenues of circa EUR 60 million expected in 2026, with limited further disposals planned.