CBP023485
Kerry Group
Prince’s Street, Tralee,
Co. Kerry, V92 EH11, Ireland.
T: +353 66 718 2000
www.kerry.com
Kerry Group Annual Report 2025
SHAPING
HEALTHIER
FUTURES
Kerry Group
Annual Report
2025
Strategic Report
At a Glance 1
Chair's Statement 2
Chief Executive Offi cer’s Review 4
Our Markets 8
Our Strategy 9
Our Business Model 10
Our People 12
Science & Technology 16
Key Performance Indicators 18
Financial Review 20
Business Review 26
Risk Management Report 30
Directors’ Report
Board of Directors 42
Report of the Directors 46
Governance Report
Corporate Governance Report 53
Audit Committee Report 70
Governance and Nomination Committee Report 76
Sustainability Committee Report 82
Remuneration Committee Report 84
Sustainability Statement
Independent Practitioners’ Limited Assurance Report 114
Sustainability Statement 117
TCFD Compliance Statement 193
Financial Statements
Independent Auditors’ Report 196
Financial Statements 204
Notes to the Financial Statements 212
Supplementary Information
Financial Defi nitions 282
Our Performance in 2025
SUSTAINABILITY MEASURES
FINANCIAL PERFORMANCE MEASURES
Revenue Volume Growth
1,2
+3.0%
2024: +3.4%
17.9% +80bps
2024: 17.1%
Group EBITDA Margin
1,2
400.2c -5.7%
2024: 424.5c +3.4%
Basic EPS
€756m
2024: €989m
Net Cash from Operating Activities
140.0c +10.1%
2024: 127.1c +10.1%
Total Dividend Per Share
€643m 81%
2024: €766m 95%
Free Cash Flow
2
(cash conversion %)
10.6%
2024: 10.6%
Return on Average Capital Employed
2
Group EBITDA
1,2
€1.21bn
2024: €1.19bn
Constant Currency Adjusted EPS
2
481.5c +7.5%
2024: 467.5c +9.7%
€6.8bn
2024: €6.9bn
Group Revenue
1
1
Continuing operations (post divestment of Kerry Dairy Ireland, which is presented as discontinued
operations in the fi nancial statements).
2
See Key Performance Indicators section pages 18-19 for further information and the Supplementary
Information section pages 282-286 for fi nancial defi nitions, calculations and reconciliations of Alternative
Performance Measures.
3
See the Sustainability Statement on pages 117-192 for further information.
Consumers Reached with Positive
and Balanced Nutritional Solutions
3
1.46bn
2024: 1.36bn
Scope 1 & 2 Carbon Reduction
3
52%
2024: 50%
Reduction in Food Waste
2
54%
2024: 38%
Revenue analysis shown above
Our Global Business
Geography
Emerging
Developed
End Use Market Channel
7%
24%
55%
33%
67%
21%
66%
27%
68%
32%
At a Glance
Kerry is a world-leading provider of integrated
taste and nutrition ingredient solutions.
Using our unique capabilities, we enable
better food and beverage; partnering with
our customers to create healthier, tastier,
and more sustainable products that are
enjoyed by consumers all around the world.
OUR VISION
To be our customers’
most valued partner,
creating a world of
sustainable nutrition.
19,000+
Employees
1,200+
R&D Scientists
119
Manufacturing Facilities
60+
Technology and Innovation Centres
1.46 billion
Consumers Reached with Positive
and Balanced Nutritional Solutions
€6.8bn
Revenue
1Strategic ReportAt a Glance
CONTINUED
STRATEGIC
EXECUTION
EXECUTION
Kerry has a track record of
business evolution and a
drive to deliver long-term
sustainable results.
Overview
2025 represented another year of continued strong
end market volume outperformance and margin
progression, combined with business evolution aligned
to our strategy.
As I write my last report as Board Chair, I am proud of
Kerry’s journey and its achievements in recent years.
Strategic Update
Now fi rmly established as a pure-play taste and nutrition
company, the Group continued to evolve its business
through the year. This included further development
of our Biotechnology solutions and Taste capabilities,
expansion of our manufacturing footprint in emerging
markets, and extension of our customer innovation
centre network. This continued strategic execution
positions Kerry well for future success.
The Group will remain agile and fl exible in terms of
assessing the various capital allocation options available
and will prioritise those that will generate sustained
value over the long-term, taking account of prevailing
market conditions.
Sustainability
The Group’s 2030 Beyond the Horizon sustainability
strategy underpins Kerry’s future growth as we
continue to partner with our customers across the globe
to deliver positive impact through sustainable nutrition.
I am pleased with the strong progress we made across
our sustainability metrics in 2025.
As we approach the midpoint to 2030, we took the time
to review and refresh the plan (including commitments
therein). This refresh refl ects our strong performance to
date and reaffi rms our commitment to deliver better
nutrition for consumers through sustainable innovation,
managing our business and sourcing our materials
responsibly, while helping to reduce the environmental
impact of food production across the value chain.
Details regarding the Group’s sustainability strategy,
targets, performance, policies and programmes are
outlined in the Sustainability Committee Report on
pages 82-83, and the Sustainability Statement on
pages 117-192.
Corporate Governance
The Board is committed to maintaining the highest
standards of corporate governance. During 2025, the
Board reviewed the Company’s corporate governance
policies and procedures to monitor compliance with the
2024 UK Corporate Governance Code alongside the
latest developments in legal/regulatory requirements
and best practice.
We also engaged with our stakeholders during the year
as we believe that listening to their views and needs is
fundamental to building a sustainable business. Further
details of our stakeholder engagement activities are
outlined on pages 59-63.
Each year, the Board undertakes a formal performance
review of its own eff ectiveness and that of its Committees.
In 2025, the performance review was externally facilitated
and the outcome of this review is that both the Board and
its Committees are operating eff ectively.
Chair's
Statement
Strategic Report2 Chair's Statement
Board Changes
Mr. Gerry Behan retired from his executive position
and as a Director on 31 December 2025. I would like to
sincerely thank Gerry for his signifi cant commitment
and dedication over his forty years of service with Kerry.
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.
I would also like to thank Patrick for his strong
contribution to the Group over the last three years.
As part of the ongoing Board refreshment process, the
Governance and Nomination Committee will continue its
search for candidates with the required skills, experiences
and backgrounds to join the Board as vacancies arise.
Culture, Purpose and Values
Our Purpose, Inspiring Food, Nourishing Life, and our
values of Courage, Enterprising Spirit, Inclusiveness,
Open-mindedness and Ownership guide our actions
and behaviours, keeping us on the right path toward
achieving our goals and vision.
During 2025, the Board continued to assess and
monitor culture and how the desired culture has been
embedded across the organisation by overseeing how
management promotes our purpose and values to
unite the organisation across diff erent cultures and
geographies. Staying true to Kerry’s purpose, the
organisation has responded to the changing economic
and geopolitical landscape, demonstrating the signifi cant
agility, passion and resilience of our people by doing the
right thing for customers, shareholders, communities
and the environment.
People and Engagement
The hard work and commitment of all our employees
is central to Kerry’s success. During the year, the Board
ensured that employee interests were taken into account in
Board decision-making including recognising the impact of
the infl ationary environment that has prevailed in recent
years. In that regard, we are proud to have been formally
accredited as a living wage employer across Europe, North
America and LATAM covering more than 13,500 of our
colleagues. A full review is underway in our APMEA region
as we progress toward global accreditation.
The Board also recognises the importance of employee
engagement and continues to enhance our employee
engagement activities. During 2025, Ms. Emer Gilvarry,
the designated Workforce Engagement Director,
participated in a programme of activities where she
had the opportunity to assess the engagement levels
of our people, both in-person within our offi ces and
manufacturing sites as well as remotely. Details of these
activities are outlined in the Corporate Governance Report
on pages 53-69.
Operational Visits
In 2025, the Board held its June Board meeting in Brazil.
The visit aff orded Board members the opportunity to meet
and engage with key leaders and emerging talent from
the Latin American region. The Board also participated
in customer immersion experiences that showcased
the Group’s capabilities in helping customers to create
healthier, tastier, and more sustainable products.
I personally visited Group facilities in Ireland, Dubai, Saudi
Arabia, the US, Malaysia and China. During those visits,
I had the opportunity to meet and engage with the local
management teams and see fi rst-hand how the signifi cant
investments, which were approved by the Board, have
bolstered Kerry's presence in these countries.
Dividend and Share Buyback Programme
The Board recommends a fi nal dividend of 98.0 cent per
share, (an increase of 10.1% on the 2024 fi nal dividend)
payable on 8 May 2026 to shareholders registered on
the record date of 10 April 2026.
Together with the interim dividend of 42.0 cent per share
paid in November 2025, this brings the total dividend for
the year to 140.0 cent, an increase of 10.1% on 2024.
During the year, the Board approved an additional
share buyback programme of up to €300m, which
commenced in June 2025. This is in addition
to the €900m that was returned to shareholders via
buyback programmes executed since November 2023.
These programmes are underpinned by the Group’s
strong balance sheet and cash fl ow and are aligned
to the Company’s Capital Allocation Framework.
Prospects
The Board remains confi dent that the Group’s
business model, strategic priorities and capital
allocation decision-making will continue to deliver
growth, enhance shareholder value and benefi t our
stakeholders in the years to come. In this regard the
Group’s balance sheet is well placed to support our
objectives. The view of management regarding the
business outlook for 2026 is presented in the Chief
Executive Offi cer’s Review.
On behalf of the Board, I would like to sincerely thank
Edmond and the Executive Leadership Team for their
exceptional leadership and thank everyone throughout
the organisation for their contribution to the ongoing
success of the Group.
Conclusion
Having served in excess of ten years on the Board,
I will retire as Board Chair and as Director of the
Company at the upcoming AGM. I would like to thank
the members of the Board, our employees and all our
shareholders for their support during my years on the
Board and as Chair. Finally, I wish Fiona Dawson every
success when she assumes the role of Board Chair at
the conclusion of the 2026 AGM.
Tom Moran
Chair
16 February 2026
3Strategic ReportChair's Statement
STRONG MARKET
OUTPERFORMANCE
AND CONTINUED
STRATEGIC
DEVELOPMENT
AND CONTINUED
DEVELOPMENT
Strategic Report4 Chief Executive Offi cer’s Review
2025 represented another year of strong
market outperformance and continued
strategic business development.
consumers reached with
our positive and balanced
nutritional solutions globally
1.46bn
Volume growth was driven by
innovation and renovation activity,
given our positioning as a leader
in sustainable nutrition – with
customers looking to address
nutrition, taste, cost or sustainability
aspects of their products.
Chief Executive
Offi cer's Review
Dear shareholders and all stakeholders,
We are pleased to report another year of
strong end market volume outperformance,
margin expansion and high-single-digit
earnings per share growth
1
. We delivered
Group revenue of €6.8bn and EBITDA of
€1.2bn, as we extended our nutritional
reach to 1.46 billion consumers globally.
Volume growth was driven by a strong
performance in the Americas throughout
the year, supported by foodservice innovation
and increased nutritional renovation across
a broad range of customers. This growth
represented a signifi cant outperformance of
food and beverage markets, which refl ected
soft overall consumer demand in the year, given
macroeconomic and geopolitical uncertainty.
Customer innovation centred around new and
diff erentiated fl avour combinations, products
with functional health benefi ts and relative
value options. Renovation activity continued
to be a key feature of customer engagement,
focused on enhancing product nutritional
profi les, cleaner labels, and solutions for
supply constrained raw materials.
We continued to make good progress in
strategically evolving the business, including
further developing our Biotechnology
Solutions and Taste capabilities, expanding
our manufacturing footprint in emerging
markets and extending our customer
innovation centre network, while executing
on our Accelerate programme.
We maintain a proactive approach as regards
capital allocation, balancing reinvestment in
our business and capital returns aligned to
market conditions. In 2025 we invested €301m
in capital expenditure, paid €215m in dividends,
and repurchased €500m of shares as part of
our share buyback programmes.
I would like to recognise the contribution of
our people throughout the year. Every day
you bring our purpose to life by Inspiring Food,
Nourishing Life, aligned to our vision of being
our customers’ most valued partner, creating
a world of sustainable nutrition.
Strategic Report 5Chief Executive Offi cer's Review
Strategic Developments
We continued to strategically evolve the business in
the year through targeted capital investments and
continued portfolio development activity.
Key technology developments included the opening
of our new Biotechnology Centre in Leipzig, Germany,
enzyme capacity expansion in Cork, Ireland,
enhancement of our cocoa taste capabilities in Grasse,
France, and enhancement of our coff ee extraction
capability in Pennsylvania, USA.
Key technology innovations in the year included our
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, the breakthrough enzyme which delivers
signifi cantly more eff ective 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.
We expanded our geographical presence across APMEA
with our fi rst manufacturing facility in Egypt, a new
facility in Rwanda, while expanding capacity in the Middle
East and Southeast Asia.
We strengthened our customer innovation network
with the addition of new centres in Frankfurt, Germany;
Dubai, UAE; and South Jakarta, Indonesia.
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 benefi ts 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.
Business Performance
Reported revenue for the year was €6.8bn, with volume
growth of 3.0% signifi cantly ahead of food and beverage
markets. This growth was driven by good innovation
activity in the foodservice channel and continued
product renovation activity in the retail channel. Volume
growth was led by Snacks, Bakery and Beverage end
markets, supported by good performances 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.
EBITDA increased to €1,208m, with EBITDA margins
increasing by 80bps to 17.9%, primarily driven by benefi ts
from Accelerate programmes, portfolio developments,
operating leverage and mix. This strong volume
outperformance and EBITDA margin expansion
supported constant currency adjusted earnings
per share growth of 7.5%.
Good progress was made in the year against our Beyond
the Horizon sustainability strategy and commitments,
including increasing our nutritional reach to 1.46 billion
consumers globally. We achieved a 52% reduction in
Scope 1 & 2 carbon emissions and a 54% reduction in
food waste across our operations.
Regional Performance
The Americas reported revenue for the year of €3.7bn,
refl ecting continued strong volume growth of 3.8% led by
Snacks, Dairy and Bakery, with strong growth across both
foodservice and retail channels. LATAM achieved strong
growth led by Brazil.
In Europe, reported revenue was €1.4bn, with volumes
slightly lower than the prior year refl ecting subdued
market conditions, particularly in the retail channel.
Foodservice achieved good overall growth despite a
soft fi nish to the year. Performance in the region was
led by Beverage and Snacks, with lower volumes in
Meals and Dairy.
In APMEA, reported revenue was €1.6bn, with volume
growth of 4.2% primarily driven by strong growth in
Southeast Asia, solid growth in the Middle East and Africa,
with volumes in China remaining challenged. Growth in
the region was led by Bakery, Meat and Meals. Foodservice
delivered strong volume growth with leading regional
coff ee chains and quick service restaurants. Volume
growth in the retail channel was driven by Kerry’s range
of local authentic taste profi les with regional leaders.
Forward Looking Statement
We remain well-positioned for continued market
outperformance given our unique positioning with
customers as an innovation and renovation partner,
and will continue to strategically evolve and develop
our taste and nutrition portfolio in areas where we can
create the most value.
Edmond Scanlon
Chief Executive Offi cer
16 February 2026
On behalf of the Board and the Senior
Management team, I would like to acknowledge
the contribution of our outgoing Board Chair
Tom Moran, who will be retiring in 2026.
Throughout his tenure as Chair, Tom provided
strong Board leadership. We thank him
sincerely for his valued contribution to Kerry
as a Non-Executive Director over the last ten
years, and wish him well in the future.
Strategic Report6 Chief Executive Offi cer’s Review
Drivers of Earnings Growth
Volume Growth
300bps market
outperformance
Key Drivers:
• Foodservice
• Emerging markets
• Sustainable nutrition
• Reformulation
• Winning business model
• Leading technology
portfolio
Driven by:
• Accelerate 2.0
• Operating leverage and mix
• Portfolio development
Supported with:
• Consistent cash generation
• Strategic capital allocation
Growth
1
:
2025: +7.5%
2024: +9.7%
EBITDA Margin
Expansion
19-20% EBITDA
Margin by 2028
Cash Generation
Earnings Growth HSD+ EPS Growth
1
Combined With Continued Strategic Business Development
Cash generation
above 80%
Kerry Biotechnology Centre, Leipzig, Germany.
¹ Adjusted earnings per share growth in constant currency terms.
Full fi nancial defi nitions can be found on pages 282-286.
7Strategic ReportChief Executive Offi cer Review
Our Markets
This disclosure addresses ESRS 2 SBM-1 40 a ii as referenced in the
Sustainability Statement on page 182 – subject to limited assurance.
THE HIGHLY DYNAMIC SPECIALITY
INGREDIENTS AND FLAVOURS MARKETS
1. Consumer Dynamics Within Our Markets
Health and wellbeing
Natural trusted ingredients
Authentic local taste
Sustainability credentials
Convenience
Value
2. Product Renovation Opportunities
Nutritional enhancement
Cleaner labels
Sustainability enhancement
Cost reduction solutions
Supply challenges
3. Macro Trends
Growing world population
Urbanisation
Rising global incomes
Kerry provides speciality ingredients and flavour solutions for
food, beverage and pharma, an addressable market of c. €85bn.
Our Markets
Our markets are highly dynamic, with significant opportunities
for growth. The three main drivers of growth are:
1. The relentless need for innovation driven by a highly
dynamic consumer;
2. The increasingly complex needs of our customers
presenting new and significant opportunities for
product renovation; and
3. The macro trends supporting our end markets.
Strategic Report8
TASTE
Our leading portfolio of
differentiated Taste technologies,
natural from-food-for-food
capabilities and expertise in
sensory science enables us to
deliver complex authentic taste
experiences and overcome
nutritional, cost, and sustainability
challenges with no compromise
on taste.
• Solving our customers citrus and
cocoa supply challenges through
reformulation using flavour
extension solutions.
• Deploying new innovations in
fermentation technology to
unlock next level salt reduction
reformulations for our customers
using Kerry Tastesense
TM
.
• New investment in the
enhancement of coffee
extraction capability in the U.S.
NUTRITION
• Kerry Biotechnology Centre
opened in Leipzig, Germany,
further enhancing Kerry’s global
infrastructure in biotech solutions.
• Enzyme capacity expansion
in Cork, Ireland.
• Successful completion of a
consumer perception study
demonstrating that Kerry's
BC30™ probiotic contributes to
a positive experience among
GLP-1 medication users.
Our broad portfolio of Biotechnology
solutions enables products with
enhanced nutrition, cleaner labels,
science-backed proactive health
benefits, preservation and
sustainability. Integrated with our
Taste capabilities, we are uniquely
positioned to deliver these benefits
for customers.
EMERGING MARKETS
• Established a manufacturing
presence in Egypt and a new
plant in Rwanda, to further
support our growth ambitions
in the region.
• APMEA foodservice delivered
strong volume growth with
leading regional coffee chains
and quick service restaurants.
• Investing in a new regional
customer innovation centre
in Dubai, UAE.
We have a winning model in
emerging markets. Our local focus,
combined with our global expertise
and capabilities, supported by our
leading presence across emerging
markets, have been key to our
strong long-term track record of
growth in emerging markets.
Our Strategy
Aligned to our purpose of Inspiring Food, Nourishing Life,
we deliver integrated Taste and Nutrition solutions that
solve some of our customers’ most complex challenges.
Our focus is on food and beverage markets,
with our strategic priorities being Taste, Nutrition,
and Emerging Markets. These strategic priorities
align capital allocation to strategy, supporting
the delivery of our targets and value creation for
our shareholders over the longer term.
Through our consumer led approach, we identify
the key opportunities and challenges facing our
customers and deploy our leading technology
portfolio and business model to create differentiated
solutions. This is aligned to our vision of being our
customers’ most valued partner, creating a world
of sustainable nutrition.
STRATEGIC PRIORITIES
STRATEGY IN ACTION
See how strategy delivery is supported
by KerryAccelerate and Accelerate 2.0.
2025 marked the completion of Kerry Accelerate Operational
Excellence, which focused on manufacturing and supply
chain excellence. The success of the programme set the
foundation for Accelerate 2.0, which focuses on footprint
optimisation and enabling digital excellence across the
organisation. The Accelerate 2.0 programme was initiated
during the year and will run until 2028. It will be a key
underpin of future business enablement and effectiveness,
driving margin expansion and supporting growth.
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.
Manufacturing Excellence | Supply Chain Excellence
Footprint Optimisation | Digital Excellence
Our Strategy Strategic Report 9
WHAT WE DEPEND ON
1
Securing and developing the inputs that we
depend on is critical to the long-term sustainable
success of the Group. It is a key factor in our
strategic decision-making and is supported by
our capital allocation, stakeholder engagement
and risk management strategies.
Financial
€6.0bn Shareholders’ Equity
Investment grade credit rating
S&P BBB+, Moody’s Baa1
Social and Relationships
Relationships with global brands,
local communities, regulators
and industry bodies
60+ university and external
research partnerships
Manufacturing
Capital expenditure of 4-5%
of revenue per annum
119 manufacturing locations
across 34 countries
Natural
A global network of raw material
suppliers across 80 countries
Human
19,000+ talented employees across
185+ locations and 50+ countries,
bringing broad industry knowledge
and local expertise
Intellectual
60+ technology and innovation centres
1,200+ food scientists
€314m R&D spend
INPUTS
Our Business Model
Strategic Report10 Our Business Model
Elevated Nutrition
Clinical Health Benefi ts
Speed to Market
Extended Shelf Life
Operational Effi ciencies
Channel Diversifi cation
Cleaner Labels
Solving Our
Customers’ Challenges
Improved Taste
Process Improvement
Enhanced Sustainability
New Innovation Platforms
Novel Taste Experiences
Local Culinary Taste
Regulatory Support
With Diff erentiated
Solutions
1
This disclosure addresses ESRS 2 SBM-1 42 a as referenced in the Sustainability Statement on page 182 - subject to limited assurance.
2
This disclosure addresses ESRS 2 SBM-1 42 c as referenced in the Sustainability Statement on page 182 - subject to limited assurance.
3
This disclosure addresses ESRS 2 SBM-1 40 a i as referenced in the Sustainability Statement on page 182 - subject to limited assurance.
Kerry is a leading B2B specialty ingredients provider. We source our natural raw
materials from a global network of producers and suppliers. Using our unique
capabilities, we partner with customers to create healthier, tastier and more
sustainable products. Our value-add ingredient solutions deliver impact across
our large and diverse customer base which includes food, beverage and pharma
companies operating across both the retail and foodservice channels.
We integrate our broad technology portfolio across Taste and Biotechnology,
supported by our business model which is dedicated to co-creation with
customers to deliver customised solutions.
Our technologies are integrated using our extensive product process
technology expertise and leading global research, development &
application capabilities.
Our business model includes dedicated teams of market insights and
culinary experts who partner with our customers to create market
winning product concepts, supporting them through the product
development cycle from ideation to launch.
WHAT WE DO
2
HOW WE DO IT
Technology Focus Areas
3
Co-Creation Focused Business Model
Delivering Customised Solutions
Taste Biotechnology
• Natural Extracts
• Modulation
• Dairy & Non-Dairy fl avours
• Smoke & Reaction fl avours
• Encapsulation & Delivery Systems
• Fermentation
• Microbial Fermentation
- Enzymes
- Peptides & Organic Acids
- Probiotics, Postbiotics & Bioactives
• Antimicrobial Extracts
• Proteins & Protein Hydrolysates
• Enzymes & Growth Factors
THE IMPACT WE DELIVER
2
HOW WE CONTRIBUTE
2
This disclosure addresses ESRS 2 SBM-1 42 c as referenced in the Sustainability Statement on page 182 - subject to limited assurance.
4
This disclosure addresses ESRS 2 SBM-1 42 b as referenced in the Sustainability Statement on page 182 - subject to limited assurance.
Supporting our customers in creating great tasting products, with improved
nutrition and functionality, while ensuring a better impact for the planet.
WHO WE BENEFIT
Customers
and Consumers
Global reach, local
supply and a positive
impact portfolio
Community
External partnerships
supporting the
communities in
which we operate
Suppliers
Supporting
producers and local
economies through
responsible sourcing
Employees
Safe and inclusive workplace,
an equitable reward philosophy
and development supports
Shareholders
Long-term value
creation and consistent
dividend growth
Government
A source of tax revenues
and employment,
supporting economies
THE VALUE WE CREATE
4
Financial
€6.8bn Revenue
€1.2bn EBITDA
€643m Free Cash Flow
Social and Relationships
Concern Worldwide, the UN
World Food Programme and
the Fair Wage Network
Manufacturing
Global manufacturing footprint
and supply chain infrastructure
enabling Kerry solutions to reach
over one billion people around
the world
Natural
Responsible consumption and
production with sustainable
sourcing, emissions reduction
and waste recovery
Human
An inclusive workplace that
enables people to excel both
personally and professionally
Intellectual
Customer-specifi c innovation
combined with diff erentiated
new technologies and solutions
1,200+ Patents and patent
applications
OUTPUTS
Strategic Report 11Our Business Model
Our People
19,000+
People
185+
Locations
50+
Countries
INSPIRING FOOD,
NOURISHING LIFE
INSPIRING FOOD,
NOURISHING LIFE
12 Our PeopleStrategic Report
INSPIRING FOOD,
NOURISHING LIFE
INSPIRING FOOD,
NOURISHING LIFE
OurShare extended to
49 countries globally
49
Throughout 2025, we continued to promote this culture
through a series of focused initiatives as part of a leader-
championed integrated plan. We conducted extensive
employee safety perception surveys, ensuring that we
were capturing feedback directly from our colleagues
– assessing perceptions of progress made and identifying
further opportunities. As part of this continuous
improvement ethos, we continued to deploy our Safety
Guardians programme globally – a programme designed
to reinforce behaviours that help in proactively identifying
safety risks and opportunities. Allied to this theme, we
celebrated our annual Safety & Health At Work week in
April across every single Kerry location. This year, we
focused on the area of personal responsibility for safety
under the theme 'I Choose Safety'. Through this week,
we took the opportunity to encourage all employees to
refl ect on and reaffi rm the importance of safe behaviours
through a range of events, webinars and shared activities.
We strengthened our commitment to wellbeing by
continuing the rollout of our Emotional Wellbeing
Programme across all regions. We redesigned the
programme in 2025 to further tailor content for senior
leadership teams and people leaders, building knowledge
and skills to increase relevance and impact for colleagues
across the organisation. We will continue to build on this
momentum in 2026.
We recognise and celebrate the unique contributions
of every colleague, valuing the diverse backgrounds,
experiences, and perspectives that enrich Kerry’s
organisational capabilities. It is critically important to
us that the breadth and diversity of our team at Kerry
refl ects the diversity of the markets in which we operate.
With our colleagues working together in a dynamic and
supportive environment, they bring innovative and fresh
perspectives to help us best meet opportunities in
continually evolving markets. We will continue to
cultivate an inclusive culture where all individuals truly
belong – feeling welcomed, respected, and empowered
to contribute fully and confi dently in Kerry. To underpin
our commitments to inclusiveness, we ensure that we
provide equal opportunity to all colleagues, recognising
individual qualifi cations, performance, contribution,
motivation, skills and experience across all stages of
an employee lifecycle.
Through 2025, we had a range of celebrations, events
and learning opportunities to recognise our diversity,
and spotlight the importance of inclusion across Kerry in
creating meaningful impact for our people, partners and
customers. Informed by our three connected pillars of
focus – Inclusive Leadership, Education & Awareness and
Equitable Experience – local teams took accountability for
creating and leading out their respective plans – with
visible sponsorship from across our leadership teams. In
taking this approach, these plans were optimally aligned
to local priorities and opportunities, in line with local
regulations, and with Kerry’s values consistently at their
core. We continue to share learnings and celebrations
across our organisation, enabled by inclusive leadership
at the heart of what we do, and we will build on this
during 2026.
PEOPLE WITH PURPOSE
In 2025, Kerry’s continued success
was driven by a globally connected,
talented and committed team of
more than 19,000 individuals across
50 countries. We remain focused on
growing our business by winning
together with our customers, and
we move forward together with a
shared purpose of Inspiring Food,
Nourishing Life.
Our passionate colleagues combine deep expertise
across a range of functions and specialisms to
collaborate eff ectively with stakeholders through
our end-to-end value chain, inspiring and delivering
innovative solutions for our customers and making
a positive contribution to the communities in which
we operate. With our global reach and connected
capabilities, underpinned by strong leadership across
our markets, we continue to be at the forefront in
identifying new opportunities and creating sustainable
value together.
At the heart of everything we do are our values:
Courage, Enterprising Spirit, Inclusiveness,
Open-Mindedness, and Ownership. Without exception,
our shared values guide us in how we lead, how
we behave, and how we work. Our purpose and our
values together provide the drumbeat we use to sustain
a positive and dynamic environment in which our
colleagues can thrive.
SAFE. INCLUSIVE. TOGETHER.
Guided by our values, we work
to prioritise the safety, sense of
belonging, and wellbeing of everyone
across our global organisation.
Providing a safe workplace is not just a priority for our
organisation – it is a non-negotiable expectation and a
core element of how we operate. We are committed to
nurturing a strong and sustainable safety culture that
supports our colleagues, customers, communities,
and all stakeholders.
Our guiding principle of Safety First, Quality Always
reinforces our unwavering stance: we never compromise
on the safety, health, and wellbeing of our people.
This commitment is called out clearly within our
Health & Safety Policy, advocated visibly by every
leader in Kerry and continually reinforced across the
organisation as part of our safety culture mindset.
Strategic Report 13Our People
At year end, 35% of the senior leadership roles across
Kerry’s global footprint were held by female leaders
(2024: 35%). Having achieved our 2025 target one year
ahead of schedule, we continued to work to sustain
and build on this progress. Attheendof 2025, women
held 41% (2024: 39%) of our senior management roles.
We remain committed to achieving equal gender
representation in senior management roles across
Kerry’s global footprint by the end of 2030.
ENABLING LEARNING
EMPOWERING GROWTH
Providing the environment, tools and
learning support to enable professional
growth at every career stage equips
colleagues with the skills needed to
achieve our ambitions in a rapidly
evolving environment.
Through 2025, we continued to focus on our talent
and capability agenda, ensuring that we are building
the capabilities and skills required for today as well
as identifying and growing those capabilities and
skills needed in the future; sustaining and building
on our leadership succession depth. Alongside our
performance and development cycle through the
year, we use our global annual talent process to
ensure that we have an objective and timely view
of talent strength and depth across all parts of our
business. This approach allows us to ensure that
we are building visibility of areas of competency
and opportunity, as well as enabling us to take a
cross-enterprise view in developing and deploying
talent to meet business needs. In addition to
accelerating talent development, talent mobility
across our organisation helps us continue to
enhance transfer of Kerry knowledge and best
practices, as well as further embedding our
shared culture.
The advancement of our learning culture, enabled
through people-leader sponsorship and improved
access to best-in-class resources and tools, continued
to be an area of focus in 2025. Our Learning Academy
team (Leadership, Science & Technology, Commercial,
Integrated Operations and Business Functions)
continues to lead out the design and delivery of
learning and development solutions across all
functional areas, aligned with our growth priorities.
We launched and deployed globally our new online
learning platform, offering a host of cross-enterprise
and specifically curated learning modules tailored to
individual and business development priorities and
needs. This powerful resource has further enabled
self-directed learning by all colleagues to complement
essential on-the-job experience, people-leader
coaching and formal technical and leadership
development programmes.
Strategic Report14 Our People
REWARDING AND
RECOGNISINGOUR PEOPLE
Total Reward at Kerry is about more
than just pay and financial rewards.
Informed by our principles of fairness and equitability,
Total Reward encompasses career development,
personal growth and access to opportunities where all
our people can excel, both personally and professionally.
Our approach to reward supports us in striving to be
the first choice for the best talent by providing fair,
competitive offerings which our people value and which
drive an ownership mindset to achieve Kerry’s goals.
Our aim is to ensure that our reward programmes are
positioned as key enablers of business performance,
are appropriately aligned with the external market,
and are delivered in a way that makes them easily
understood and appreciated by our colleagues.
During 2025, we advanced the next phase of our Total
Rewards roadmap and achieved several important
milestones and enhancements including the following:
• We expanded OurShare, our award-winning global
employee share plan, to 25 additional countries.
Now live in 49 countries, the plan reaches 99.5%
of our colleagues, with full global coverage targeted
for 2026. One in six colleagues are now shareholders
and own part of Kerry. In 2025 we celebrated the
first vesting of matching shares for colleagues
who joined in the plan’s first phase of
implementation in 2023.
• During 2025 we partnered with the Fair Wage
Network, and following an independent assessment
process, we are proud to have been formally
accredited as a living wage employer across
Europe, North America, and LATAM, covering more
than 13,500 of our colleagues (70% of our global
employee population). This represents a significant
milestone in strengthening fairness, wellbeing and
responsible pay practices across our organisation.
A full review is already underway in our APMEA
region as we progress toward global accreditation.
• We deepened our culture of recognition through
our global Inspiring People recognition programme,
with over 12,000 recognition moments recorded in
2025. Our Executive Leadership Team hosted the
annual October global recognition event, celebrating
powerful stories of individual and team achievement,
with watch parties around the world ensuring every
finalist felt truly recognised.
WINNING TOGETHER
Building to better with our
committed global team.
We know that as our colleagues grow, so too does our
capacity to solve our customers’ challenges, bringing
our respective skills and capabilities together for the
best possible impact. With the clear commitment of our
Board (including through the agenda of our Workforce
Engagement Director) and our Executive Leadership
team, we work to ensure that we continue to evolve and
embed our winning culture. This is achieved through
hearing perspectives from our colleagues across the
globe through a range of engagement opportunities,
continuous dialogue and ongoing connectivity with our
employee representative groups. With both this clear
oversight and continued two-way communication and
listening mechanisms, our evolving culture continues to
be informed and inspired by our people, with a collective
ambition that is focused on growing our business
through winning together with our customers.
Strategic Report 15Our People
Science & Technology
INNOVATING FOR
PEOPLE AND PLANET
PEOPLE AND PLANET
Strategic Report16 Science & Technology
Science and technology providing
sustainable nutrition for people and planet.
Our taste and nutrition strategy is underpinned by the deployment of our leading taste and
biotechnology capabilities to address a multitude of customer and consumer needs across food
and beverage markets. Each technology area has dedicated teams focused on delivering the next
generation of these technologies, based on market and technology evolution and insights.
1
Cumulative 10 year operating and capital investment.
22
1,200+ ~1,200
34
~400 60+
60+
Core Technologies
Scientists Patents and
Patent Applications
End Use Markets
Development and
Applications Centres
PhDs and Masters University and
External Partnerships
Technology and
Innovation Centres
Leading Research, Development & Applications Capabilities
Our Global Science and Technology Eco-system
Our biotechnology capabilities comprises
core sciences that deliver impact into our taste,
enzyme, proactive health, food protection
& preservation and bio-pharma technologies.
We focus on the full array of sciences from
bioinformatics, untargeted and targeted
omics, strain engineering, microbial screening,
clinical studies and enzyme hydrolysis, to
deliver the next generation of products and
clinical results into targeted food, beverage
and biopharma markets.
Our taste expertise is built on a deep
understanding of how taste receptors work,
and how natural food components can
infl uence them. We focus on key areas such
as sweetness, salt, fat, mouthfeel and masking.
We are committed to creating ‘from-food,
for-food’ ingredients. This means using natural
extracts – like botanicals, coff ee, dairy, stocks
and meat – or fermentation-derived compounds
to deliver the building blocks that enhance
functionality and taste.
BIOTECHNOLOGYTASTE
1
Cumulative 10 year operating and capital investment.
€3bn+
investment in
science and technology
eco-system
1
Strategic Report 17Science & Technology
Key Performance Indicators
Kerry’s key performance measures include a combination of
growth, return and sustainability metrics, which have helped
the Group achieve its track record of long-term value creation.
We use a number of financial and non-financial
key performance indicators (KPIs) to measure
performance across our business.
GROWTH
Metric Volume Growth
1
+3.0%
EBITDA Margin
1
+80bps
Adjusted EPS Growth (Constant Currency)
+7.5%
Performance
Commentary Group volume growth of 3% in the year
represented a strong outperformance of
food and beverage end markets.
Group EBITDA margin increased primarily
driven by benefits from Accelerate
Operational Excellence, portfolio
developments, operating leverage and mix.
Group adjusted earnings per share increased on a
constant currency basis, with good underlying organic
earnings growth and the positive effect of share buybacks
more than offsetting the dilution from portfolio changes.
Target 4-6%
2
on average 2022–2026
18-19% by 2026
3
19-20% by 2028
3
HSD+ growth
on average 2025–2028
Strategic
Importance/
Link to
Remuneration
Volume growth is an important metric as
it is a key driver of organic top line business
improvement. It is a metric in the short-term
incentive plan and is a key driver of adjusted
EPS growth on a constant currency basis, which
is a metric for the long-term incentive plan.
EBITDA margin expansion is a key measure
of profitability. It is a metric in the short-term
incentive plan and is a key driver of adjusted
EPS growth on a constant currency basis, which
is a metric for the long-term incentive plan.
Constant currency EPS growth is a key performance
metric as it encompasses the components of growth
that are important to the Group’s stakeholders. It is a
performance metric for the long-term incentive plan.
Comparable
IFRS measure
Continuing revenue: €6,757.6m
(-2.5% vs prior year)
Continuing operating profit: €804.6m
(-3.4% vs prior year)
Basic EPS: 400.2c
(-5.7% vs prior year)
10.4%
2021
2022
2020
13.9%
6.1%
8.0%
(2.9%)
2021
2022
2020
€1,216m
€1,077m
€998m
14.7%
14.4%
2021
2022
2020
10.3%
10.5%
2021
2022
2020
82%
84%
67%
€640m
€566m
€412m
3.4%
3.0%
2024
2025
2024
2025
17.1%
17.9%
2024
2025
9.7%
7.5%
3.4%
3.0%
2024
2025
2024
2025
17.1%
17.9%
2024
2025
9.7%
7.5%
SUSTAINABILITY
Metric
Nutritional Reach
1.46 billion
Carbon Reduction
52%
Reduction in Food Waste
54%
Performance
Commentary Increased nutritional reach was delivered
through growth with enhanced product and
geographical mix.
Progress was achieved through increased use of
renewable electricity and cleaner fuels across
operations, as well as ongoing operational
efficiency programmes.
Strong progress in the year across operations globally
through increased waste avoidance and diversion.
Target
4
Reach over two billion people with sustainable
nutrition solutions
55% reduction in Scope 1 & 2 carbon emissions
versus 2017 base year
50% reduction in Food Waste across own operations
versus 2017 base year
Strategic
Importance/
Link to
Remuneration
As consumers seek healthier, more sustainable
diets, Kerry is ideally placed to support
customers in the development of products
that deliver sustainable nutrition. This is a
sustainability performance metric within the
long-term incentive plan.
At Kerry, we are addressing our operational
emissions as part of our total carbon footprint
and are committed to achieving Net Zero before
2050. This is a sustainability performance metric
within the long-term incentive plan.
We are committed to halving food waste across our
operations and supporting our customers in reducing
their food waste with sustainable solutions. This is a
sustainability performance metric within the long-term
incentive plan.
Comparable
IFRS measure
No comparable IFRS measure No comparable IFRS measure No comparable IFRS measure
1.36 billion
2024
2025
1.46 billion
50%
2024
2025
52%
38%
2024
2025
54%
1.36 billion
2024
2025
1.46 billion
50%
2024
2025
52%
38%
2024
2025
54%
1 Continuing operations.
2 Business volume growth target assumes end market growth of 1%+.
3 Assumes neutral currency and raw materials.
4
Sustainability targets to be achieved by 2030.
Strategic Report18 Key Performance Indicators
GROWTH
Metric Volume Growth
1
+3.0%
EBITDA Margin
1
+80bps
Adjusted EPS Growth (Constant Currency)
+7.5%
Performance
Commentary Group volume growth of 3% in the year
represented a strong outperformance of
food and beverage end markets.
Group EBITDA margin increased primarily
driven by benefits from Accelerate
Operational Excellence, portfolio
developments, operating leverage and mix.
Group adjusted earnings per share increased on a
constant currency basis, with good underlying organic
earnings growth and the positive effect of share buybacks
more than offsetting the dilution from portfolio changes.
Target 4-6%
2
on average 2022–2026
18-19% by 2026
3
19-20% by 2028
3
HSD+ growth
on average 2025–2028
Strategic
Importance/
Link to
Remuneration
Volume growth is an important metric as
it is a key driver of organic top line business
improvement. It is a metric in the short-term
incentive plan and is a key driver of adjusted
EPS growth on a constant currency basis, which
is a metric for the long-term incentive plan.
EBITDA margin expansion is a key measure
of profitability. It is a metric in the short-term
incentive plan and is a key driver of adjusted
EPS growth on a constant currency basis, which
is a metric for the long-term incentive plan.
Constant currency EPS growth is a key performance
metric as it encompasses the components of growth
that are important to the Group’s stakeholders. It is a
performance metric for the long-term incentive plan.
Comparable
IFRS measure
Continuing revenue: €6,757.6m
(-2.5% vs prior year)
Continuing operating profit: €804.6m
(-3.4% vs prior year)
Basic EPS: 400.2c
(-5.7% vs prior year)
RETURN
Return on Average Capital Employed
10.6%
Group return on average capital employed was the
same as the prior year, as an underlying improvement
was offset by a negative translation currency impact.
10-12%
on average 2022–2026
ROACE is a key measure of the return the Group
achieves on its investment in capital expenditure projects,
acquisitions and other strategic investments. It is a
performance metric for the long-term incentive plan.
No comparable IFRS measure
3.4%
3.0%
2024
2025
2024
2025
17.1%
17.9%
2024
2025
9.7%
7.5%
10.6%
10.6%
2024
2025
95%
81%
2024
2025
SUSTAINABILITY
Metric
Nutritional Reach
1.46 billion
Carbon Reduction
52%
Reduction in Food Waste
54%
Performance
Commentary Increased nutritional reach was delivered
through growth with enhanced product and
geographical mix.
Progress was achieved through increased use of
renewable electricity and cleaner fuels across
operations, as well as ongoing operational
efficiency programmes.
Strong progress in the year across operations globally
through increased waste avoidance and diversion.
Target
4
Reach over two billion people with sustainable
nutrition solutions
55% reduction in Scope 1 & 2 carbon emissions
versus 2017 base year
50% reduction in Food Waste across own operations
versus 2017 base year
Strategic
Importance/
Link to
Remuneration
As consumers seek healthier, more sustainable
diets, Kerry is ideally placed to support
customers in the development of products
that deliver sustainable nutrition. This is a
sustainability performance metric within the
long-term incentive plan.
At Kerry, we are addressing our operational
emissions as part of our total carbon footprint
and are committed to achieving Net Zero before
2050. This is a sustainability performance metric
within the long-term incentive plan.
We are committed to halving food waste across our
operations and supporting our customers in reducing
their food waste with sustainable solutions. This is a
sustainability performance metric within the long-term
incentive plan.
Comparable
IFRS measure
No comparable IFRS measure No comparable IFRS measure No comparable IFRS measure
1.36 billion
2024
2025
1.46 billion
50%
2024
2025
52%
38%
2024
2025
54%
Free Cash Flow Conversion
81%
Group free cash flow conversion of 81% represented
another of year of cash conversion aligned to our target.
80%+
on average 2022–2026
Cash conversion is an important metric as it
measures how much of the Group’s adjusted
earnings is converted into cash. It is a performance
metric for the short-term incentive plan.
Net cash from operating activities: €755.5m
(2024: €988.7m).
Full financial definitions can be found on pages 282-286.
Further information for the Nutritional Reach and Carbon Reduction metrics
can be found within the Sustainability Statement on pages 175-177 and 130-139.
10.6%
10.6%
2024
2025
95%
81%
2024
2025
These KPIs help inform decision-making, assist
effective goal setting and track progress in achieving
our strategic objectives.
Strategic Report 19Key Performance Indicators
Financial Review
Key Performance Indicators
The Financial Review outlines the Group’s fi nancial
performance for the year ended 31 December 2025
and fi nancial position at year-end.
Our results refl ect the strong fundamentals of our
business and the strategic positioning of Kerry across
our markets, channels, and customer base.
We are pleased to report in 2025, we delivered volume
growth signifi cantly 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%.
Our consolidated balance sheet and cash generation
are strong, providing the fi nancial fl exibility to support
ongoing investment and future strategic development.
We maintain a disciplined, balanced approach to capital
allocation, reinvesting in the business to drive long-term
growth while also returning capital to shareholders
through share repurchases and dividends. We will continue
to take a proactive, balanced approach to strategic
capital allocation, aligned to delivering shareholder value
while supporting the strategic priorities of the Group.
The key performance indicators outlined below are used
to track business performance and drive value creation.
Kerry has a long-term track record of consistent fi nancial
delivery, targeting continued strong growth, while
meeting return on investment objectives and delivering
on our sustainability commitments.
1
Continuing operations (post divestment of Kerry Dairy Ireland, which is presented as discontinued operations in the fi nancial statements).
2
2024 includes Kerry Dairy Ireland which was disposed on 31 December 2024.
Further detail is set out within the Key Performance Indicators section on pages 18-19 and within supplementary information section
– Financial Defi nitions on pages 282-286.
Growth Return Sustainability
+3.0%
2024: +3.4%
Revenue
Volume
Growth
1
10.6%
2024
2
: 10.6%
Return on
Average
Capital
Employed
52%
2024: 50%
2
Scope 1 & 2
Carbon
Reduction
1.46bn
2024: 1.36bn
Nutritional
Reach
17.9%
+80bps
2024: 17.1%
Group
EBITDA
Margin
1
81%
2024
2
: 95%
Free Cash
Flow
Conversion
481.5c
+7.5%
2024
2
: 467.5c +9.7%
Constant
Currency
Adjusted EPS
STRONG FINANCIAL
PERFORMANCE THROUGH
DISCIPLINED EXECUTION
PERFORMANCE THROUGH
DISCIPLINED EXECUTION
Strategic Report20 Financial Review
2025
€'m
2024
€'m
Continuing Operations
Revenue 6,758 6,929
EBITDA 1,208 1,188
EBITDA margin 17.9% 17.1%
Depreciation (net) (220) (212)
Software and digital assets amortisation (30) (29)
Finance costs (net) (52) (53)
Other Income 7
_
Share of joint ventures’ results after taxation
(1) (1)
Adjusted earnings before taxation 912 893
Income taxes (excluding non-trading items) (120) (117)
Adjusted earnings after taxation 792 776
Brand related intangible asset amortisation (59) (59)
Non-trading items (net of related tax) (74) (44)
Profi t from continuing operations 659 673
Discontinued operations
Profi t from discontinued operations
_
61
Profi t after taxation 659 734
2025 EPS cent Performance % 2024 EPS cent Performance %
Continuing and discontinued operations
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 exchange rate translation 4.5% 1.0%
Growth in adjusted earnings per share
on a constant currency basis
7.5% 9.7%
Revenue
Group revenue from continuing operations 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 eff ect from disposals net of contribution
from acquisitions of 1.4%, resulting in an overall
reported decrease of 2.5%.
EBITDA & Margin %
Continuing Group EBITDA of €1,208m (2024: €1,188m),
with organic growth partially off set by the impact of
disposals net of acquisitions and adverse currency
translation. Group EBITDA margin increased by 80bps
to 17.9%, driven by benefi ts from the Accelerate
programmes, portfolio developments, operating
leverage, and product mix.
Analysis of fi nancial performance
Strategic Report 21Financial Review
Software and digital assets amortisation
Software and digital assets amortisation increased to €30m (2024: €29m) reflecting continued investment in our
digital enablement initiatives.
Brand Related Intangible Asset Amortisation
Brand related intangible asset amortisation was in line with the prior year at €59m (2024: €59m), which is reflective
of recent acquisition activity.
Finance Costs
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.
Taxation
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.
Non-Trading Items
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).
Foreign Exchange
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.
Cash & Returns
Free Cash Flow
In 2025, the Group delivered free cash flow of €643m (2024: €766m) reflecting 81% cash conversion in the year.
Free Cash Flow
Continuing and discontinued operations
2025
€’m
2024
2
€’m
EBITDA 1,208.1 1,250.8
Movement in average working capital (74.6) 28.9
Pension contributions paid less pension expense (8.6) (12.1)
Finance costs paid (net) (73.9) (43.9)
Income taxes paid (107.3) (108.2)
Purchase of non-current assets (302.5) (344.3)
Sales proceeds on disposal of non-current assets (net of disposal costs) 1.9 (5.6)
Free cash flow 643.1 765.6
Cash conversion
1
81% 95%
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.
Strategic Report22 Financial Review
Returns
Continuing and discontinued operations
2025
€’m
2024
€’m
Adjusted profit 836.9 862.7
Average capital employed 7,909.4 8,172.3
Return on average capital employed (ROACE) 10.6% 10.6%
Further detail is set out within the Supplementary Information section – Financial Definitions being on pages 282-286.
ROACE is similar year on year primarily due to the underlying organic improvement in returns being offset by the
translation impact on underlying assets.
Share Buyback Programmes
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.
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. Further detail on share buyback programmes is included
in note 28 to the Consolidated Financial Statements.
Net Debt
Net debt at the end of the year was €2,244m (2024: €1,926m), reflecting strong business cash generation and the
share buyback programme.
Movement in Total Net Debt
2025
€’m
2024
€’m
Free cash flow
643.1 765.6
Acquisitions (including payments relating to previous acquisitions) net of disposal proceeds (1.7) (195.7)
Purchase of financial asset investments _ (1.8)
Difference between average working capital and year end working capital (115.4) (72.3)
Non-trading items (75.7) (50.7)
Dividends paid (215.2) (205.2)
Purchase of own shares (500.3) (556.5)
Exchange translation adjustment 2.9 (3.8)
Increase in net debt resulting from cash flows (262.3) (320.4)
Fair value movement on interest rate swaps (0.9) 3.4
Exchange translation adjustment on net debt (34.8) 13.3
Increase in net debt in the year (298.0) (303.7)
Net debt at beginning of year (1,839.2) (1,535.5)
Net debt at the end of the year – pre-lease liabilities (2,137.2) (1,839.2)
Lease liabilities (107.0) (86.6)
Net debt at end of year (2,244.2) (1,925.8)
Strategic Report 23Financial Review
Good Debt Maturity Profile and Strong Credit Metrics
Net Debt = €2,244m
Maturity Profile of 2025 Net Debt
The weighted average maturity of debt in years is 6.5.
€32m
Within
1 year
On
Demand
Between
1 and 2 years
Between
2 and 5 years
Over
5 years
€25m
(€348m)
€768m
€1,767m
Key Financial Ratios
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.
2025
Times
2024
Times
Net debt: EBITDA
1.9 1.6
EBITDA: Net interest
22.2 21.7
Full details of our credit metric definitions are disclosed in note 25 in the Consolidated Financial Statements.
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.
Full details of the Group’s financial liabilities, cash at bank and in hand and credit facilities are disclosed in notes 24
and 25 in the Consolidated Financial Statements.
Strategic Report24 Financial Review
Sustainability-Linked Bond Progress Report
In 2025, performance on the KPIs contained in our Sustainability-Linked Bond (SLB) continued to trend
positively, delivering a 52% (2024: 50%) reduction in our absolute Scope 1 & 2 greenhouse gas (GHG)
emissions and a 54% (2024: 38%) reduction in our food waste volumes, versus a 2017 baseline for both KPIs.
2024 comparatives include Kerry Dairy Ireland which was disposed on 31 December 2024.
The SLB KPIs relate to a €750 million, ten-year Sustainability-Linked Bond which Kerry issued in 2021, and is
aligned with the Sustainability-Linked Bond Principles (SLBPs) administered by the International Capital Markets
Association. The bond has a sustainability-linked feature that could result in an interest coupon step-up if certain
KPI targets are not met, as outlined below, by December 2030.
The KPIs that have been included in the SLB have been selected as they reflect material environmental
sustainability challenges for our industry and key focus areas under our Beyond the Horizon sustainability
strategy. These KPIs and targets are as follows:
KPI 1: 55% Absolute reduction in Scope 1 & 2 (GHG) emissions;
KPI 2: 50% Food waste reduction across our operations.
For more details on our progress in reducing emissions, see our Sustainability Statement on pages 117-192.
Financial Risk Management
Within the Group risk management framework as described in the Risk Management Report on page 31, the
Group has a Financial Risk Management Programme, which is approved by the Board of Directors and is subject
to regular monitoring by the Finance Committee and Group Internal Audit. The Group does not engage in
speculative trading.
Further details relating to the Group’s financial and compliance risks and their associated mitigation
processes are discussed in the Risk Management Report on pages 30-40 and in note 25 to the Consolidated
Financial Statements.
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.
Strategic Report 25Financial Review
Strategic Report26 Business Review
Business Review
Volume growth of 3.0% –
ahead of food and
beverage end markets.
EBITDA of €1,208m with margin
+80bps driven by efficiencies,
portfolio developments, operating
leverage and mix.
Strong growth in foodservice,
with good growth in retail.
Growth led by Snacks, Bakery
and Beverage EUMs.
Business volume growth in the year was 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.
Volume growth was led by Snacks, Bakery and Beverage
end markets, with a range of solutions 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.
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.
Business volumes in emerging markets increased by 5.3%
in the period, led by a strong performance in Southeast
Asia and LATAM.
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.
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%.
Continued strong end market
outperformance and EBITDA
margin expansion.
Strategic Report 27Business Review
REGIONAL REVIEW
Volume performance included a good finish to the
year supported by customer innovation activity.
Within North America, Snacks delivered strong
growth through innovations utilising Kerry’s
range of savoury taste profiles and Tastesense™
salt-reduction technologies with global and
emerging brands, 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.
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.
Within LATAM, strong growth was achieved in
Brazil and Central America, led by the Snacks
and Meals end markets.
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%.
Americas Region
Volumes +3.8% reflecting strong
market outperformance
Growth led by Snacks, Dairy
and Bakery EUMs
Strong growth across both
foodservice and retail channels
LATAM achieved strong growth
led by Brazil
EBITDA margin expansion of 60bps driven
by operating leverage, mix and Accelerate
Operational Excellence benefits
Continued strong
performance across both
North America and LATAM
Within North America, Snacks
delivered strong growth through
innovations utilising Kerry’s range
of savoury taste profiles and
Tastesense™ salt-reduction
technologies with global and
emerging brands, underpinned
by increased customer focus on
improving product nutritional
profiles and higher-protein options.
Strategic Report28 Business Review
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.
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.
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.
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%.
APMEA Region
Volumes +4.2% in the year
Growth led by Bakery, Meat and Meals
Foodservice achieved strong growth
with solid growth in retail
EBITDA margin expansion of 70bps
driven by Accelerate Operational
Excellence benefits, operating
leverage and product mix
Good overall performance, with
growth led by Southeast Asia
Volume performance in the retail channel reflected
subdued markets 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.
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.
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%.
Europe Region
Volume reduction of 0.5% in the year
Beverage and Snacks performed well, with
mixed performance across Food EUMs
Foodservice growth offset by retail
performance
EBITDA margin expansion of 90bps
primarily driven by Accelerate Operational
Excellence and portfolio benefits
Volumes reflected soft market
conditions, with strong margin
expansion in the year
Strategic Report 29Business Review
Risk Management Report
Our Approach
We are focused on conducting our business responsibly,
safely and legally, while making risk-informed decisions
aligned to our purpose and values. Our Enterprise Risk
Management framework provides a clear structure to
ensure that material risks affecting the Group’s viability
are identified and assessed, and that there is a consistent
approach to the oversight and management of these
risks. This integrated approach, which brings together
risk management, internal controls, and business
integrity, supports well-informed actions and
sustainable value creation.
The Board, supported by the Audit Committee, is
ultimately responsible for the Group’s risk management
programme. This includes determining the nature
and extent of the risks the Group is willing to accept
in pursuit of its strategic objectives and overseeing the
risk management framework to ensure that risks are
managed within the approved appetite levels.
A review of the effectiveness of the Group’s risk
management and internal control systems is conducted
annually. A detailed overview of the review process and
outcomes is provided in the Audit Committee Report
on pages 72-73. The Audit Committee is also overseeing
the Group’s work programme to ensure that it is
prepared to comply with the requirements of Provision
29 of the 2024 UK Corporate Governance Code, which
will be effective for 2026 reporting.
The Group’s comprehensive risk management
governance framework ensures that there is clear
ownership and delegation of responsibilities. We
employ a combined top-down and bottom-up
approach, delivering robust oversight from the Board
while capturing ongoing insights from operational
management. Using the Three Lines Model, we
define roles and responsibilities for all colleagues,
strengthening action, accountability, and assurance
across the organisation. By embedding a strong risk
culture across the business, this framework supports
the effective prioritisation and management of both
principal and emerging risks.
Our Group Risk team, part of the wider Internal Audit
and Risk function, facilitates the risk management process.
Effective risk management is essential
to achieving our strategy, supporting
our ambition to grow a sustainable and
resilient business in a dynamic market
environment.
Strategic Report30 Risk Management Report
ENTERPRISE RISK MANAGEMENT GOVERNANCE FRAMEWORK
Kerry Group Board of Directors
Executive Management
Management Internal Audit
First Line
Operational
Management
Responsible for
maintaining effective
internal controls and
for executing risk and
control procedures on
a day-to-day basis.
Second Line
Risk Management
& Oversight
Expertise, support,
monitoring and
challenge on risk-related
matters, e.g. Financial
Control, Food Safety,
Business Integrity, ICT.
Third Line
Assurance
Provide independent and
objective assurance and
advice on the adequacy
and effectiveness of
governance and risk
management.
Business
Integrity
Committee
Finance
Committee
Sustainability
Executive
Committee
Risk
Oversight
Committee
Governance &
Nomination
Committee
Remuneration
Committee
Audit
Committee
Sustainability
Committee
Three Lines
Model
Board of Directors
Overall responsibility for
risk management including
assessment of principal and
emerging risks, determination
of risk appetite and reviewing the
effectiveness of risk management
and internal control systems.
Oversight is achieved with the
support of the Audit Committee,
along with regular focused
reviews on selected risk areas.
Audit Committee
Supports the Board in the
assessment of risk and monitoring,
evaluating and reviewing the
principal and emerging risks,
and the effectiveness of risk
management and internal control
systems. The Audit Committee
provides support and challenge
to management on risk
management approaches.
Executive Management
Responsible for day-to-day risk
management activities with an
accountable executive for each
principal risk. Various executive
committees established to
support oversight in critical
areas such as cybersecurity,
food safety and business integrity.
The Three Lines Model embeds
risk management accountability
into operational activities.
Risk Oversight Committee
(ROC)
Chaired by the CFO and
comprising senior members
of Group leadership. Supports
the Audit Committee in the risk
management process through
ongoing monitoring of the
risk environment and the
effectiveness of internal controls,
in addition to the consideration
of emerging risks. The ROC
provides the Audit Committee
with updates on changes to
the risk landscape.
Accountability
Monitoring
Information
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Culture
Strategy
Oversight &
Governance
Strategic Report 31Risk Management Report
Risk Appetite
In order to deliver on the Group’s strategic objectives,
the Board recognises the need for balance and flexibility
in our risk management approach. Kerry uses a five-
point scale from Risk Averse to Risk Seeking which
provides guidance on how much or little risk the Group
is willing to accept in each circumstance. During 2025,
the risk appetite for each principal risk was reviewed
and approved by the Board, ensuring management
have scope to operate while also providing guardrails
to protect the Group, acknowledging a risk and reward
trade-off.
Our approach is to minimise exposure to reputational,
financial and operational risk while accepting that in
some circumstances taking calculated strategic,
commercial and investment risk is essential to seize
opportunities and drive business results. Our acceptance
of risk is contingent on fully understanding potential
benefits and risks and implementing appropriate
mitigation measures.
Principal Risks
The Board is satisfied that the Group has conducted a
robust assessment of its principal and emerging risks,
including those risks that could threaten the Group’s
business model, future performance, solvency or
liquidity and reputation. The table on pages 33-38
describes the principal risks and uncertainties, which
have been identified through the risk assessment
process along with the mitigating actions established
to manage these. Additionally, each risk is linked to
our strategy and financial targets as outlined in the
Strategic Report on pages 7-9. These risks form the
basis of Board and Audit Committee communications
and discussions.
The table presents the Board’s view of the Group’s
principal risks and uncertainties and is not an exhaustive
list of all the risks which may impact the Group.
There may be additional risks that have not yet been
considered material or are not yet known to the Board,
but which could become significant in the future.
Likewise, some of the current risks may reduce in
significance as management actions are implemented or
changes in the operating or external environment occur.
While there has been no significant change in the
principal risks in the last year, the Group operates in
a dynamic environment where risks continue to evolve.
As an example, the Board considered that based on
a reduced level of activity, business acquisition and
divestiture is not considered as a principal risk for
2025. In addition, our existing climate change and
environmental risk has been renamed as climate
change and nature to better reflect those risks related
to nature, of which biodiversity is a subset.
Cybersecurity and ICT resilience risk has been renamed
as digital, cybersecurity and ICT resilience reflecting the
Group’s ambitious digital strategy and significant
investment in digital technologies which are
transforming how we do business in many areas.
Based on the cybersecurity risk landscape continuing
to evolve, with threats becoming increasingly
sophisticated and aggressive, this risk has again been
highlighted as an increasing risk for this year. The Group
maintains a robust cybersecurity control framework and
has established appropriate governance structures to
oversee both cybersecurity and AI related risks. The
Board are responsible for oversight of these risks and
both it and the Audit Committee receive regular updates
during the year.
Emerging Risks
Emerging risks are considered during the risk
assessment process as well as being identified through
horizon scanning, continual dialogue with the business,
and keeping abreast of market, regulatory and industry
changes. Due to the uncertain nature of such risks,
they can be difficult to quantify. A summary of
emerging risks identified is presented to the Audit
Committee and the Board for consideration and these
risks continue to be monitored as part of our ongoing
risk management processes.
Key emerging risks that we are monitoring include the
implications of ongoing uncertainty in the geopolitical
environment and the risks associated with disruptive
technology and advanced social engineering techniques.
In addition, we continue to monitor evolving consumer
dynamics such as the accelerated use of anti-obesity drugs
and the risks and opportunities that this may present.
Climate Risk
The Board recognises the risks and opportunities
posed by climate change and the influence they may
have on the delivery of the Group’s business strategy.
The Sustainability Committee plays a lead role in
overseeing the Group’s actions on climate change and
is supported by the Audit Committee in assessing how
climate-related risks have been reviewed and integrated
within the risk management and financial and
sustainability reporting processes.
In 2025, we have reviewed our assessment of climate-
related impacts over a number of time horizons and
different temperature pathways. The assessment
approach is aligned with the overall Group Enterprise
Risk Management (ERM) process; however by its nature
the physical impacts of climate risk require a longer-
term view and therefore when assessing climate as a
discrete risk we have applied an extended time horizon
using 2030 (medium-term) and 2050 (long-term) as
our reference timeframes. Further information, in
accordance with European Sustainability Reporting
Standards and guidance from the Task Force on Climate-
related Financial Disclosures (TCFD), is available in the
Sustainability Statement on pages 117-192.
Strategic Report32 Risk Management Report
PRINCIPAL RISK
Risk Trend
Risk is unchanged
Risk has increased
Risk has decreased
Growth
Return
Sustainability
Link to strategy and financial targets
as per the Strategic Report
Principal Risks and Uncertainties – Strategic
Portfolio Management
Description and Impact
The Group’s future growth and profitability is
determined by how its portfolio of science backed
technologies, end use markets, geographies,
channels and customers evolve over time.
The Group’s focus on the execution of its business
transformation strategy to deliver a disciplined and
customer-focused commercial execution model with
an appropriate blend of innovation and technical
capability is critical to its long-term performance.
A failure to respond to changing market dynamics
and make optimal portfolio management and
investment decisions may impact on the Group’s
profitability and long-term growth.
Mitigations
• The Group’s strategic planning process is designed to ensure that
investment decisions consider both our financial and sustainability
targets. A robust portfolio management toolkit is in place to
support this process which uses multiple perspectives and data.
• Continued portfolio development activity during 2025 in key focus
areas such as the new Biotechnology Centre in Leipzig, Germany,
enzyme capacity expansion in Cork, Ireland, enhancement of
cocoa taste capabilities in Grasse, France and coffee extraction
capability in Pennsylvania, USA.
• Our integrated business model is differentiated in the
marketplace through our science and technology strategy
which leverages an extensive ecosystem and expertise to deliver
a leading product technology portfolio, with targeted deployment
to meet market needs.
• Continued investment in digital tools to enhance responsiveness,
speed and service for our customers.
Geopolitical, Emerging Markets and Macroeconomic Environment
Description and Impact
The global operating environment continues to be
unpredictable, driven by heightened geopolitical
tensions, trade wars and regional conflicts that
impact supply chain stability and commodity markets.
In parallel, macroeconomic uncertainty is amplified
by fluctuating interest rates, the impact of trade
tariffs, inflationary pressures and currency volatility
across key markets.
Failure to monitor and respond to change and
volatility across the Group’s markets may lead to
operational disruption or have an impact on the
future growth and profitability of the Group.
Mitigations
• The Board and Executive Leadership Team closely monitor
geopolitical and economic developments to inform decision-
making and implement appropriate responses if required.
• Rigorous due diligence is undertaken when commencing
business activities in new markets.
• Cross-functional working groups in place to minimise the
impact of trade tariffs for the Group and its customers.
• Group and local legal, regulatory and compliance teams
ensure adherence to applicable laws and regulations
– see Legal, Regulatory and Ethical Risk for further detail.
• The breadth of the Group’s portfolio and well-diversified
geographic reach help to mitigate exposure to localised risk.
• The Group has crisis management and business continuity
plans in place to deal with issues as they arise.
Strategic Report 33Risk Management Report
Principal Risks and Uncertainties – Strategic (continued)
Climate Change and Nature
Description and Impact
Climate and other nature-related risks may have
a significant impact on the Group’s operations.
Physical risks including extreme weather events, rising
temperatures, biodiversity loss and water scarcity may
result in operational disruption and increased volatility
in the supply of raw materials, which may increase
costs and have a negative impact on the Group’s assets,
revenue and profitability.
Transition risks such as changes in consumer demand,
carbon taxes or a failure to remain compliant with the
continuously evolving regulatory landscape may have a
negative impact on the Group’s revenue and profitability,
and may damage the reputation of the Group.
The failure of the business to meet our climate and
nature objectives could result in reputational damage
amongst customers, investors and other stakeholders.
Mitigations
• The Group’s cross-functional Sustainability Executive
Committee oversees progress in delivering against the
Group’s Beyond the Horizon sustainability strategy. Regular
updates are provided to the Sustainability Committee,
the Audit Committee and the Board. For further detail in
relation to sustainability risk governance please see pages
121-123 of our Sustainability Statement.
• Performance versus targets is monitored through
a suite of global KPIs. In addition, sustainability and
climate-related metrics are included as part of the
Long-Term Incentive Plan (LTIP) for Executive Directors
and senior management.
• Consideration of climate-related matters is embedded in
key investment decisions including capital, innovation and
mergers & acquisitions. In 2024, an internal carbon price
was introduced to aid assessment of large capital projects.
• In 2025, the Group has continued to keep its climate-
related risks and opportunities under review. Further
details, including our scenario analysis, are outlined in
the Sustainability Statement on pages 134-138.
• During 2025, significant work was completed to
enhance our understanding of the Group’s nature-related
dependencies, impacts, risks and opportunities and how
these can be addressed.
Strategic Report34 Risk Management Report
Principal Risks and Uncertainties – Operational
People
Description and Impact
The ability to attract, develop, engage and retain a
diverse, talented and skilled workforce in a competitive
labour market is critical if the Group is to continue to
compete and grow effectively.
Ongoing geopolitical and economic uncertainty, as well
as competition for key leadership and specialist talent,
continues to impact both the supply and cost of labour
in a number of markets in which the Group operates.
A failure to effectively manage talent, plan for leadership
succession, invest in critical skills development and adapt
to evolving employee needs may impact on the Group’s
ability to deliver on its strategic objectives.
Mitigations
• Robust talent management and succession planning processes
are in place, regularly reviewed by the Group Executive and
overseen by the Governance and Nomination Committee.
• Our global Talent Acquisition team, embedded across all
regions, ensures the Group is positioned to attract and select
talent with the requisite skills and experience for execution
of its strategy.
• Through its global Learning Academy, the Group invests
in and deploys learning and development programmes to
build core capabilities and leadership expertise aligned to
its strategic objectives.
• The Group nurtures and monitors employee engagement
through a combination of pulse surveys and a regular
group-wide employee experience survey.
• The Group’s Diversity, Inclusion and Belonging Taskforce
continues to guide and oversee progress in embedding
an inclusive culture across the Group and relevant KPIs
and measures are in place.
• Reward and recognition programmes are regularly reviewed
to ensure they remain competitive, incentivise and encourage
the right behaviour and provide fair and equitable pay across
all markets.
Food Safety and Quality
Description and Impact
Adherence to stringent food safety and quality controls is
critical to ensure the safety and integrity of raw materials
and products throughout the Group’s supply chain.
The Group must also ensure compliance with stringent
and continuously evolving legal and regulatory obligations
in the areas of food safety, quality and labelling.
A significant food safety, labelling or regulatory
compliance issue could impact public health and result
in a product recall, litigation, financial penalties and
costs, impact business performance and/or damage
the reputation of the Group.
Mitigations
• Industry-leading food safety and quality management
programmes are in place, and all manufacturing sites
comply with international food safety and quality
management standards. This is supported by a strong
quality culture embedded through the Group’s Safety
First, Quality Always approach.
• Comprehensive food safety training programmes are in
place for all relevant employees.
• Regular audits of manufacturing sites against recognised global
food safety standards are conducted by our Group Technical
Audit team, customers and other independent agencies.
• Stringent controls operate across our supply chain including
due diligence and audits of suppliers and third-party
manufacturers supported by rigorous quality checking
of all prioritised high-risk ingredients.
• Well-governed product recall procedures are in place,
incorporating mock recall exercises and crisis management plans.
• A dedicated regulatory function closely monitors the external
environment and engages industry organisations to identify
and understand emerging issues and address increasing
compliance requirements.
Growth Return Sustainability
Risk Unchanged Risk Increased Risk Decreased
Strategic Report 35Risk Management Report
Principal Risks and Uncertainties – Operational (continued)
Health and Safety
Description and Impact
The nature of the Group’s operations can expose
employees, sub-contractors, customers and other
individuals to potential health and safety risks.
The Group is also subject to local safety regulations
in multiple jurisdictions, compliance with which
is paramount.
A significant safety incident or failure to comply
with laws and regulations could result in accidents
leading to harm to individuals and expose the Group
to legal liability, significant costs and damage the
Group’s reputation.
Mitigations
• A global health and safety management system is in place,
which defines the global mandatory requirements for all sites.
• A rigorous second line auditing function is in place which verifies
the implementation of our global health and safety standards
across all sites and fosters a culture of continuous improvement.
• A strong health and safety culture has been driven by
management and employees at all levels supported by our
Safety First, Quality Always mindset. All employees are
empowered to challenge unsafe work conditions or practices.
• A standard suite of KPIs in place, aligned to industry benchmarks,
to monitor and manage performance across all sites.
• An ongoing programme of initiatives is in place to continue to
enhance the Group’s health and safety culture and processes.
Margin Management
Description and Impact
The Group’s cost base and margin may be impacted
by increases in commodities, freight, energy, labour,
trade tariffs and other input costs which are influenced
by global demand and supply chain disruption,
extreme weather events, political decisions and changes
in regulations.
While the unprecedented inflationary environment of
recent years has eased, volatility in input costs remains,
requiring the Group to navigate these challenges
through its pricing mechanisms.
If not appropriately managed through the Group’s
strategic pricing model, these dynamics may result
in loss of business or reduced margins.
Mitigations
• A strong commercial focus on procurement, pricing and cost
improvement initiatives is maintained along with continuous
monitoring of the commercial implications of commodity
price and other input cost movements.
• Risk management processes such as taking purchasing cover
on a back-to-back basis and exchange rate hedging have been
implemented where necessary.
• Contractual mechanisms to pass through fluctuations
in commodity prices are in place with many customers.
Operational and Supply Chain Resilience
Description and Impact
The Group’s manufacturing operations and global
supply chain network is potentially exposed to adverse
events such as physical disruptions, environmental and
industrial accidents, cybersecurity incidents, widespread
health events, trade restrictions or disruptions at a
key supplier which could impact on our ability to
service customers.
An uncertain geopolitical environment combined with
an increase in the number of extreme weather events
has highlighted the need for continued focus on building
a resilient supply chain which is responsive to changing
internal and external pressures.
Failure to effectively respond to a significant operational
or supply chain disruption could adversely affect the
Group’s operations and financial performance.
Mitigations
• Crisis management and business continuity plans are in
place to enable effective recovery from a major disruption.
The diversified nature of the Group’s manufacturing footprint
facilitates the transfer of production if required.
• Robust inventory management processes are in place including
the maintenance of appropriate safety stock levels and our
sourcing model includes dual supply for critical raw materials.
In addition, a more agile and connected global supply chain
organisation is being enabled by digital solutions to support
enhanced decision making.
• All facilities have insurance cover to mitigate the impact
of significant disruption.
• The Group works with third-party experts to understand and
address climate and nature-related risks and opportunities.
For details on climate resilience, including our scenario analysis
and transition plans refer to the Sustainability Statement on
pages 134-138.
Strategic Report36 Risk Management Report
Principal Risks and Uncertainties – Operational (continued)
Digital, Cybersecurity, and ICT Resilience
Description and Impact
The Group relies on a secure and resilient ICT infrastructure,
both within its own network and through partnerships
with third-party service providers, to support daily business
operations, internal communications, controls, reporting,
and interactions with customers and suppliers.
Ongoing geopolitical tensions and technological
advancements, such as digital enablement and Artificial
Intelligence (AI), mean that the Group, similar to other large
global companies, is increasingly susceptible to sophisticated
cyber-attacks or other information security breaches.
A successful cyber-attack, internal breach or other systems
failure, either within the Group or at a third-party service
provider, could result in theft or misappropriation of critical
assets and/or personal data and disruption to core business
operations including manufacturing and supply chain. This
could result in a significant customer, financial, reputational
and/or regulatory impact for the Group.
Mitigations
• Formally documented policies in relation to cyber
security and AI usage are in place, supported by a robust
governance structure, including an Executive Information
Security Management Committee and the ROC.
Cybersecurity strategy and actions are a major focus
area for the Board and Audit Committee who this year
received two formal updates from the Chief Information
Security Officer.
• A dedicated ICT Security team is in place who, in
conjunction with selected external technical specialists,
use industry-leading tools, technology and processes
aligned to global best practice cybersecurity frameworks.
We have deployed robust, industry leading multi-layered
cybersecurity defences. Additionally, we conduct
assurance and compliance checks on our cloud-hosted
ICT service providers.
• The Group continues to invest significantly to strengthen
its ICT security posture and ensure it is compliant with
all regulatory obligations.
• Incident response and disaster recovery plans are in
place for critical applications which are routinely tested.
• All employees are required to complete mandatory
cybersecurity training. In addition, an ongoing
communications programme is in place to further
enhance the information security culture across the Group.
• Cybersecurity audits are conducted by a team of internal
ICT auditors in addition to the engagement of external
experts on a biennial basis to conduct cyber resilience
assessments against the National Institute of Standards
and Technology (NIST) 2.0 framework.
• No material information or cybersecurity breaches have
been noted over the last three years.
Intellectual Property
Description and Impact
The Group’s unique mix of Intellectual Property (IP) is
created by combining fundamental scientific knowledge,
carefully managed material sourcing, recipe formulation
and process technology expertise. The protection of IP is
critical given it is a key component of the Group’s value
creation model and supports its unique and differentiated
position in the marketplace.
If IP owned by the Group is not adequately protected it
may result in the loss of commercially sensitive and/or Kerry
proprietary information which may have an adverse impact
on revenue and profitability.
Mitigations
• A global centre of expertise exists to provide legal and
technical support in the area of IP protection.
• Policies, procedures and training programmes are in place
to provide guidance in relation to the capture, exploitation
and protection of IP.
• Strong physical and system access controls are in place to
prevent unauthorised access or download of sensitive data.
• Third-party misuse of intellectual property is monitored in
both traditional and digital environments and appropriate
action is taken when issues are identified.
Growth Return Sustainability
Risk Unchanged Risk Increased Risk Decreased
Strategic Report 37Risk Management Report
Principal Risks and Uncertainties – Financial and Compliance
Legal, Regulatory and Ethical Risk
Description and Impact
The Group must comply with a complex and constantly
evolving framework of local and international laws
and regulations in such diverse areas as product
safety and labelling, the environment, health & safety,
employment law, human rights, data privacy,
sustainability, international sanctions, anti-bribery
and corruption, anti-money laundering, competition
law, company law, taxation, corporate governance
and stock exchange listing rules.
Acting in a legal, ethical and socially responsible
manner, consistent with our purpose, the expectations
of customers, consumers and other stakeholders,
is essential for the protection of the reputation of
the Group.
A material failure to comply with applicable legal,
regulatory and ethical standards or best practices
could result in litigation or investigations, the
imposition of significant fines, sanctions, adverse
operational impact and reputational damage.
Changes to laws and regulations could also have
a material impact on the cost of doing business.
Mitigations
• Dedicated legal, company secretarial and regulatory teams
supported by specialised functions and external advisors ensure
compliance with applicable laws and regulations and provide
support and advice on upcoming changes.
• A Group Code of Conduct is in place underpinned by policies,
processes and controls in relevant areas.
• A Supplier Code of Conduct outlines the standards expected
from those we do business with and our responsible sourcing
programme focuses on key impact areas such as deforestation
and human rights.
• The Legal function manages the Group’s business integrity
programme incorporating a global Speak Up channel with robust
mechanisms in place to ensure issues are properly investigated
and remedial actions taken. The Business Integrity Committee
oversee the Business Integrity Programme with regular updates
provided to the Audit Committee.
• A group-wide mandatory compliance training programme
is in place supplemented with regular, targeted training and
awareness sessions.
• Disputes and litigation are managed by the Litigation team
within the Legal department, with General Counsel oversight
of significant matters.
Taxation
Description and Impact
Given the Group’s global network, it is exposed to a
complex and evolving international tax environment.
The Group’s tax liability or reporting requirements
may be negatively impacted by local or international
legislative changes, evolving legal interpretations,
tax audits or transfer pricing judgements.
Mitigations
• A team of dedicated tax experts is employed to ensure
compliance with all global taxation requirements. A programme
of continuous professional development ensures that the team
is up to date on tax law changes.
• In-house expertise is supplemented by external taxation
advisors where required.
Treasury
Description and Impact
The international nature of the Group’s operations
means that it has transactions and activities across
many jurisdictions which exposes it to liquidity, foreign
exchange, interest rate and counterparty risks.
Failure to manage these risks could negatively impact
on the financial performance of the Group.
Mitigations
• The Group Finance Committee monitors treasury risk on an
ongoing basis.
• The Group has a strong investment grade credit rating and
maintains access to global debt markets. Significant cash
balances and long-dated debt facilities are in place to ensure
the Group’s liquidity requirements are met.
• The Treasury function actively manages treasury risks through
cashflow forecasts, monitoring funding requirements, foreign
currency exposure netting and hedging, interest rate hedging
and management of counterparty risk.
Growth Return Sustainability
Risk Unchanged Risk Increased Risk Decreased
Strategic Report38 Risk Management Report
GOING CONCERN
AND VIABILITY ASSESSMENT
The Board, taking into consideration the Group’s
principal risks and uncertainties, including emerging
risks, assessed the going concern and longer-term
viability of the Group in line with the requirements
of the 2024 UK Corporate Governance Code. Its
conclusions on these assessments are outlined below.
Going Concern
The Consolidated Financial Statements have been
prepared on the going concern basis of accounting.
The Directors 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 the potential impact of climate-related risks on
profitability and liquidity, as described in the Business
Review on pages 26-29.
The Group’s 2026 budget was reviewed and approved
at the December 2025 Board meeting. The Directors have
also examined the financial position of the Group,
including cash flows, liquidity position, borrowing facilities,
financial instruments and financial risk management, as
described on pages 20-25 and additionally as described in
note 25 to the financial statements.
As a result of this review, the Directors report that they
have satisfied themselves and consider it appropriate
that the Group and the Company are a going concern,
having adequate resources to continue in operational
existence for the foreseeable future and have not
identified any material uncertainties that cast a
significant doubt on the Group’s and the Company’s
ability to continue as a going concern over a period
of at least 12 months.
Viability Assessment
Assessment of Prospects
In line with Provision 31 of the 2024 UK Corporate
Governance Code, the Directors have carried out a
rigorous review of the prospects of the Group over the
medium term. In assessing the prospects of the Group
and its ability to meet its liabilities as they fall due, the
Board has taken account of the Group’s medium-term
strategic planning cycle, capital investment plans,
sources of funding, the business model, its broad
portfolio and the innovation pipeline. The Directors have
also considered the Group’s strong cash generation and
debt maturity profile in addition to the principal risks
and uncertainties detailed on pages 33-38. This included
a consideration of the potential impact of climate-related
risks on profitability and liquidity. The financial position
of the Group, its cash flows, liquidity position and
borrowing facilities are outlined in the Financial Review
on pages 20-25.
Scenario 1:
External and Macroeconomic Risks
Depressed economic performance,
increased pricing pressure, fluctuating
inflation rates and interest rates, increased
competition, loss of key talent, loss of IP,
supply chain disruption, political unrest,
global pandemic
Scenario 3:
Additional Income Statement Expense
Impact of a catastrophic event such as a
large-scale cyber-attack, significant
product contamination, disruption to
operations or demand shock
Scenario 2:
Climate Change and Nature Risk
1
Impacts of extreme weather events, water stress or
other climate-related physical or transition risks
• Climate Change and Nature
• Geopolitical, Emerging Markets & Macroeconomic Environment
• Operational and Supply Chain Resilience
• Legal, Regulatory and Ethical Risk
• Margin Management
• Portfolio Management
• People
• Taxation
• Treasury
• Intellectual Property
• Climate Change and Nature
• Portfolio Management
• Operational and Supply Chain Resilience
• Margin Management
• Climate Change and Nature
• Digital, Cybersecurity, and ICT Resilience
• Operational and Supply Chain Resilience
• Food Safety and Quality
• Legal, Regulatory and Ethical Risk
• Portfolio Management
• Taxation
• Treasury
• Intellectual Property
Relevant Principal RisksScenario Modelled
Viability Assessment Scenarios
1
This scenario was modelled based on a three-year time horizon. For a longer-term assessment of climate risk please see the Climate
Resilience Analysis on pages 134-138 of the Sustainability Statement.
Strategic Report 39Risk Management Report
Period of Viability Assessment
The Board has considered the length of time to be
reviewed in the context of the viability assessment.
Although the Group’s strategic planning cycle covers
a period of fi ve years, the Board considers that three
years is the most appropriate period to assess the
longer-term viability of the Group as current capital
expenditure plans, commercial arrangements and
fi nancial projections are considered to be more
reliable and robust over this period.
Assessment of Viability
The viability of the Group has been assessed, considering
the Group’s current fi nancial position, including external
funding in place over the assessment period, and after
modelling the impact of certain scenarios arising from
the Group’s principal risks and uncertainties as outlined
on pages 33-38.
While each of the principal risks and uncertainties
could have an impact on the Group’s performance, three
severe but plausible scenarios were modelled that the
Board assessed would have the most direct and material
impact on the Group. The three scenarios as outlined on
the previous page were stress tested both individually
and in combination to assess their potential impact
on the Group’s solvency, liquidity and cash fl ow.
This analysis indicated that signifi cant liquidity
headroom existed in all scenarios tested. In addition,
the Board considers that the diverse nature of the
Group’s geographies, markets, customer base,
and product portfolio provide signifi cant mitigation
against the impact of a serious business interruption.
Viability Statement
Based on their assessment of prospects and viability,
the Directors have concluded that they have a
reasonable expectation that the Group will be able
to continue in operation and meet its liabilities as they
fall due over the three-year period of the assessment.
Strategic Report40 Risk Management Report
Directors' Report
DELIVERING
SUSTAINABLE
NUTRITION
Directors' Report
DELIVERING
SUSTAINABLE
NUTRITION
Directors' Report 41
Experience:
Tom is an experienced
leader who brings extensive
knowledge of the food
and agriculture industries,
combined with a broad range
of international diplomacy
skills. He has been a member
of numerous Irish Government
food strategy committees
including the most recent Agri-
Food 2030 Strategy Group.
Tom had a long and
distinguished career within
the Irish Public Sector where
he served for 10 years as
Secretary General of the Irish
Department of Agriculture,
Food and the Marine and also
held a number of international
policy and trade negotiation
leadership roles.
Tom is currently Vice Chair
of the Origin Green Global
Sustainability Council. He
is also Chairman of the
Irish Government Public
Appointments Service. Tom is
a registered Chartered Director.
Tom was a Board member of
Bord Bia, the Irish Food Board,
for 8 years and chaired its
Dairy Subsidiary Board.
Tom joined the Board in
September 2015 and was
appointed Board Chair in
April 2022. He joined the
Governance and Nomination
Committee in November 2020
and was appointed Chair of
that Committee in April 2022.
Appointed:
29 September 2015 and as
Chair 28 April 2022
Committee Membership
G
Experience:
Edmond is a highly
experienced leader in the
global food and beverage
industry, having held a variety
of senior leadership roles
across multiple geographies
and functions, playing a
pivotal role in Kerry Group’s
growth, global expansion
and strategic evolution.
Since his appointment as
CEO in 2017, Edmond has
led Kerry’s transformation
into a pure-play taste and
nutrition company, redefi ning
its fi nancial and strategic
direction through signifi cant
portfolio developments;
including the divestment
of legacy businesses and
40 strategic acquisitions,
strengthening capabilities in
Authentic Taste, expanding
in emerging markets, and
building a Biotechnology
Solutions platform.
Edmond was appointed
Executive Director and Group
Chief Executive Offi cer in
October 2017.
Appointed:
1 October 2017
Experience:
Marguerite brings extensive
fi nancial knowledge and
risk management expertise
as well as being a highly
experienced business
leader with over 30 years'
international experience.
As a senior partner in Deloitte
Ireland, she held a number
of leadership roles including
Audit & Risk Advisory Leader,
and Head of Consumer
Business Industry practice.
She also served as lead client
partner for a number of
multinationals operating in
a broad range of industries
including food and beverage,
pharma and technology.
As Group CFO, Marguerite
has overseen the fi nancial
transition of the Group to
a pure-play B2B taste and
nutrition player as well as the
transformation of the Global
Business Services organisation.
Marguerite is a Fellow of
Chartered Accountants
Ireland and holds a Bachelor
of Commerce degree and a
Masters degree in Accountancy.
Marguerite was appointed
Executive Director and Group
Chief Financial Offi cer in
September 2018.
Appointed:
30 September 2018
Chair & Executive Directors
Mr. Tom Moran
(70)(M)
Chair of the Board
Mr. Edmond Scanlon
(52)(M)
Executive Director
Chief Executive Offi cer
Ms. Marguerite Larkin
(54)(F)
Executive Director
Chief Financial Offi cer
BOARD OF DIRECTORS
Committee Membership Key
Audit Committee
A
Governance and Nomination Committee
G
Remuneration Committee
R
Sustainability Committee
Indicates Committee Chair
S
Directors' Report42 Board of Directors
Experience:
Christopher is an experienced
non-Executive Director with
a broad business leadership
background who also brings
extensive knowledge of the
foodservice industry together
with fi nancial and risk
management expertise.
He was formerly an Executive
Director of Whitbread plc for
11 years, serving as Finance
Director for 7 years and then
as Global Managing Director
of Costa Coff ee.
Christopher is currently
Chairman of Wickes Group plc
and Mitie Group plc. He was
previously a non-Executive
Director at Sanderson Design
Group plc.
Christopher is a Fellow of
Chartered Accountants
England and Wales.
Christopher joined the Board
and was appointed Chair
of the Audit Committee in
May 2018. He stepped down
as Chair on 31 October
2025 but continues to be a
member of the Committee.
He joined the Remuneration
Committee in April 2020 and
the Sustainability Committee
in August 2023. He was
appointed to the Governance
and Nomination Committee
and as Senior Independent
Director in May 2024 and
stepped down from the
Sustainability Committee
on the same date.
Appointed:
8 May 2018
Committee Membership
G RA
Experience:
Genevieve is a global
science leader having
served as Director General
of the Centre National de
la Recherche Scientifi que,
one of the world’s largest
research organisations, and
who during her executive
career held roles as the
Chief Science Offi cer at
Firmenich International SA
as well as the Chief Research
& Development Offi cer and
Chief Science Offi cer at
Unilever plc. In addition to
being a medical doctor, she
holds two other doctorates,
a PhD in Physics and one in
Human Biology.
Genevieve brings to the
Board expertise in the areas
of human health, nutrition
and food ingredients.
Genevieve is currently a non-
Executive Director of Dassault
Systèmes SE and previously
served on the boards of Air
Liquide SA, AstraZeneca plc
and Smith & Nephew plc.
Genevieve joined the Board
on 1 November 2023 and
was appointed to the
Sustainability Committee
in May 2024.
Appointed:
1 November 2023
Committee Membership
S
Experience:
Fiona has over 30 years of
experience in the consumer
food and beverage sector
having retired after a long
and successful career with
Mars Inc. culminating in her
fi nal role as Global President
Food, Customers and
Multisales Markets.
She brings to the Board
a deep knowledge of the
consumer food and beverage
sector, an understanding of
global markets, customers
and general management
experience on a global scale.
Fiona also has a strong track
record in sustainability, health
and wellbeing, particularly
in the areas of women’s
entrepreneurship and human
rights. In May 2021, Fiona was
awarded a CBE for services to
women and the UK economy.
Fiona is currently a non-
Executive Director of Lego
Group A/S, Marks and Spencer
Group plc and Reckitt Benckiser
Group plc. She is a board
member of The Social Mobility
Foundation and the Chartered
Management Institute.
Fiona joined the Board
in January 2022 and
was appointed to the
Remuneration Committee
in February 2022. She was
appointed as a member and
Chair of the Sustainability
Committee in August
2023 and joined the Audit
Committee in May 2024.
Appointed:
4 January 2022
Committee Membership
A R
S
Experience:
Emer is a highly experienced
professional who brings legal,
business, governance and
climate expertise to the Board.
Emer is a former senior partner
of law fi rm Mason Hayes and
Curran where she served as
Head of the Litigation group
from 2001 to 2008, Managing
Partner from 2008 to 2014 and
Chair from 2014 to 2017.
Emer is currently the Senior
Independent Director at
Greencoat Renewables plc and
is Chair of its Remuneration
Committee. She is also a
director of a number of
private companies.
She previously served as a non-
Executive Director of Aer Lingus
plc from 2014 to 2015 and
as a Council Member of The
Economic and Social Research
Institute from 2014 to 2020.
Emer brings experience on
climate impact through her
patronage of Chapter Zero
Ireland, the Irish Chapter of the
Climate Governance Initiative,
developed in collaboration with
the World Economic Forum.
Emer joined the Board in 2020
and was appointed Chair of
the Remuneration Committee
in April 2022 having been a
member of the Committee
since June 2021. She was
appointed to the Governance
and Nomination Committee
and as Workforce Engagement
Director in May 2024. She
stepped down from the Audit
Committee on the same date.
Appointed:
1 November 2020
Committee Membership
R
G
Independent Non-Executive Directors
Mr. Christopher Rogers
(65)(M)
Senior Independent
Non-Executive Director
Dr. Genevieve Berger
(71)(F)
Independent
Non-Executive Director
Ms. Fiona Dawson
(59)(F)
Independent
Non-Executive Director
Ms. Emer Gilvarry
(68)(F)
Independent
Non-Executive Director
Directors' Report 43Board of Directors
Experience:
Catherine has an
international reputation in
scientifi c research gained
through a long and successful
academic career in the US,
Switzerland and at University
College Dublin (UCD).
She brings to the Board
knowledge across human
health and is a global expert
on diabetes as well as
infl ammation, cardiovascular
and kidney diseases.
Catherine is the Associate
Dean, Research and
Innovation at UCD’s School
of Medicine as well as being
Director of the Diabetes
Complications Research
Centre at the UCD Conway
Institute and the UCD School
of Medicine. During her time
with UCD she held a variety
of senior management roles
including Vice President,
Innovation. She currently
serves as a Trustee of Barts
Charity, London.
Catherine was appointed to
the Board in November 2023
and joined the Sustainability
Committee in May 2024.
Appointed:
1 November 2023
Committee Membership
S
Experience:
Liz has over 30 years’
experience in executive and
non-executive positions.
She brings to the Board
signifi cant and wide-ranging
business leadership as well
as non-executive director and
audit committee experience
gained in complex multi-
national listed companies.
Liz holds a BSc in Economics
from University College
London and is a Fellow of
Chartered Accountants
England and Wales.
Liz is currently a non-Executive
Director of Glencore plc.
She was formerly Director
of Corporate Aff airs at 3i
Group and Group Director
of Corporate Aff airs at Smith
& Nephew plc.
She previously served as non-
Executive Director of Novo-
Nordisk A/S, National Grid plc,
Melrose Industries plc, Savills
plc and Synergy Health plc.
Liz was appointed to
the Board and the Audit
Committee on 1 March 2024.
She was appointed Audit
Committee Chair on
31 October 2025.
Appointed:
1 March 2024
Committee Membership
A
Experience:
Michael has over 36 years
of investment management
experience having retired
after a long and successful
career with Capital Group,
one of the world’s oldest
and largest investment
management organisations.
He brings to the Board a
detailed knowledge of global
equity capital markets,
fi nance knowledge, extensive
business leadership skills
and insights into the North
American market.
Michael is currently a non-
Executive Director with
EOG Resources Inc, which
is listed on the New York
Stock Exchange.
Michael joined the Board in
May 2021 and was appointed
to the Audit Committee
in November 2021. He
joined the Governance and
Nomination Committee
in August 2022 and the
Remuneration Committee
in May 2024.
Appointed:
3 May 2021
Committee Membership
G RA
Independent Non-Executive Directors
Prof. Catherine Godson
(64)(F)
Independent
Non-Executive Director
Ms. Liz Hewitt
(69)(F)
Independent
Non-Executive Director
Mr. Michael Kerr
(66)(M)
Independent
Non-Executive Director
Committee Membership Key
Audit Committee
A
Governance and Nomination Committee
G
Remuneration Committee
R
Sustainability Committee
Indicates Committee Chair
S
Directors' Report44 Board of Directors
Experience:
Patrick has considerable
experience in the food
industry, in particular the
dairy and agribusiness
sectors. He has held a
number of local and national
roles in a leading Irish dairy
representation body through
which he has knowledge in
dealing with environmental
sustainability matters
relevant to the dairy sector.
He brings insights to the
Board that are refl ective of
the Group’s heritage.
Patrick joined the Board
in January 2023 and was
appointed to the Sustainability
Committee in August 2023.
Appointed:
16 January 2023
Committee Membership
S
Experience:
Jinlong is an experienced
leader with more than 30
years’ experience in global
business development,
consumer branding and
general management. His
in-depth understanding of
Asian markets, coupled with
his extensive knowledge of
the food and beverage
industry, brings a key set
of skills to the Board.
Jinlong holds a Bachelor’s
degree in international
economics and trade from
the University of International
Economics and Trade in
Beijing and a Juris Doctor
degree from Columbia
University School of Law.
He was formerly President of
Starbucks Coff ee Asia Pacifi c
having served as Chairman
and President of Starbucks
Greater China Region. He also
served as Operating Partner
of Hony Capital Limited
and as Group Chairman
and Chief Executive Offi cer
of PizzaExpress. He was
previously a non-Executive
Director on the Boards of
Sonova Holdings AG and
Swire Properties Limited.
Jinlong joined the Board
in January 2021 and was
appointed to the Audit
Committee in May 2021.
Appointed:
5 January 2021
Committee Membership
A
Independent Non-Executive Directors
Mr. Patrick Rohan
(51)(M)
Independent
Non-Executive Director
Mr. Jinlong Wang
(68)(M)
Independent
Non-Executive Director
Diverse Leadership
Executive/Non-Executive Split
1
2024: 23% Executive, 77% Non-Executive
Board Age Profi le (years)
Board Tenure (years)
Board Gender Profi le
Executive
17%
Non-Executive
83%
56-65,
25%
66-75,
50%
40-55,
25%
0-2,
8%
10-15,
8%
2-5,
50%
5-10,
34%
Female
50%
Male
50%
1
This disclosure addresses ESRS 2 GOV-1 21 a as referenced in the Sustainability Statement on page 182 – subject to limited assurance.
Directors' Report 45Board of Directors
DIRECTORS AND OTHER INFORMATION
Report of the Directors
Directors
Tom Moran, Chair
Edmond Scanlon, Chief Executive Officer*
Marguerite Larkin, Chief Financial Officer*
Gerry Behan, President & CEO Kerry Taste & Nutrition* (Retired 31/12/25)
Christopher Rogers
Genevieve Berger
Fiona Dawson
Emer Gilvarry
Catherine Godson
Liz Hewitt
Michael Kerr
Patrick Rohan
Jinlong Wang
*Executive Director
Secretary and Registered Office
Ronan Deasy
Kerry Group plc
Prince’s Street
Tralee
Co. Kerry
V92 EH11
Ireland
Registrar and Share Transfer Office
Ronan Deasy
Registrar’s Department
Kerry Group plc
Prince’s Street
Tralee
Co. Kerry
V92 EH11
Ireland
Website
kerry.com
Directors' Report46 Report of the Directors
The Directors submit their Annual Report together with
the audited Consolidated Financial Statements and the
Sustainability Statement with limited assurance for the
year ended 31 December 2025.
Principal Activities
Kerry is a world leading provider of taste and nutrition
solutions across food and beverage markets. It
innovates 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.
Listed on the Euronext Dublin and London Stock
Exchanges, Kerry has an international presence with
119 manufacturing facilities across the world.
Results and Review of the Business
The Directors are pleased to report a strong performance
across our financial metrics and sustainability measures
for 2025.
Group reported revenue
1
was €6.8bn (2024: €6.9bn)
and EBITDA
1
was €1.21bn (2024: €1.19bn) reflecting
an 80bps increase in EBITDA margin
1
to 17.9% (2024:
17.1%). This resulted in growth in adjusted EPS on a
constant currency basis of 7.5% (2024: 9.7%) to 481.5c
(2024: 467.5c). The Basic EPS was 400.2c (2024: 424.5c).
The free cash flow generated was €643m (2024: €766m)
and from a balance sheet perspective, Shareholders'
equity was €6bn (2024: €6.5bn) and Return on Average
Capital Employed (ROACE) was 10.6% (2024: 10.6%). Our
main sustainability measures showed our nutritional
reach increased to 1.46bn (2024: 1.36bn). The absolute
carbon reduction was 52% (2024: 50%) and the food
waste reduction was 54% (2024: 38%).
Further details of the financial results for the year are set
out in the Consolidated Financial Statements and further
details of the sustainability results are set out in the
Sustainability Statement on pages 117-192. The Group’s
financial and sustainability key performance indicators
are discussed on pages 18-19.
The Chair’s Statement, the Chief Executive Officer’s
Review, the Business Review and the Financial Review,
which are included in the Strategic Report on pages
2-29, report on the assets and liabilities and financial
position as well as the performance of the Group’s
business, including M&A activity during the year, and
on future developments.
Dividends
On 16 February 2026, the Directors recommended a
final dividend totalling 98.0 cent per share in respect
of the year ended 31 December 2025 (see note 11 to
the financial statements). This final dividend per share
is an increase of 10.1% over the final 2024 dividend per
share paid on 9 May 2025. This dividend is in addition
to the interim dividend of 42.0 cent per share paid to
shareholders on 7 November 2025.
The payment date for the final dividend is 8 May 2026
to shareholders registered on the record date of
10 April 2026.
Principal Risks and Uncertainties
In accordance with Section 327(1)(b) of the Companies
Act 2014 and the Central Bank (Investment Market
Conduct) Rules, a description of the principal risks and
uncertainties facing the Group are outlined in the Risk
Management Report on pages 30-38.
Research and Development
The Group is committed to delivering sustainable
nutrition to our customers. Research, Development
and Application capability and infrastructure are critical
to achieving this. At a customer level, development and
application teams leverage the Group’s broad and
deep portfolio to design solutions that meet customer
challenges delivering great tasting, sustainable and
nutritious products for their markets. At a technology
level, Kerry food scientists are leveraging deep science
to understand the specific taste, functionality and
nutrition attributes of food and then leverage this to
design new products that can further enhance the
solutions we deliver to our customers. To facilitate
this, the Group has invested in leading research,
development and application centres of excellence
with a strategically located Global Innovation Centre,
based in Naas, Ireland, which is supported by Regional
Technology & Innovation Centres and a global
knowledge management infrastructure. Expenditure
on research and development applications and technical
support amounted to €314.2m in 2025 (2024: €304.4m
1
).
1
Continuing operations (post divestment of Kerry Dairy Ireland, which is presented as discontinued operations in the financial statements).
Directors' Report 47Report of the Directors
Sustainability
The Group’s Beyond the Horizon sustainability strategy
underpins Kerry’s future growth as we continue to
partner with our customers across the globe to create
a world of sustainable nutrition. As part of our Beyond
the Horizon sustainability strategy, Kerry works with
customers to promote healthier and more sustainable
diets through positive and balanced nutrition, aiming to
reach over two billion people by 2030. The strategy also
includes ambitions to deliver for people, society and the
planet with associated targets across material topics
including climate change, responsible employer and
consumer health. The Board, through the Sustainability
Committee, is responsible for governance and oversight
of the Group’s sustainability strategy and its
implementation. Details regarding the Group’s
sustainability strategy, targets, performance, policies
and programmes are outlined in the Sustainability
Statement on pages 117-192.
Details of our climate-related risks, opportunities and
other climate-related disclosures including those
relating to the Task Force on Climate-related Financial
Disclosures (TCFD) are outlined on page 193.
The Sustainability Statement is prepared in accordance
and compliance with the European Sustainability
Reporting Standards (ESRS) issued by the EU
Commission and transposed and adopted into the
Companies Act 2014 and details Kerry’s strategic
management of the impacts, risks and opportunities
identified for our material topics based on our double
materiality assessment.
Share Capital
Details of the share capital are shown in note 28 of the
financial statements. The authorised share capital of
the Company is €35,000,000 divided into 280,000,000 A
ordinary shares of 12.5 cent each, of which 161,102,087
shares were in issue as at 31 December 2025.
The A ordinary shares rank equally in all respects.
There are no limitations on the holding of securities
in the Company.
There are no restrictions on the transfer of fully paid
shares in the Company, but the Directors have the
power to refuse the transfer of shares that are not fully
paid. There are no deadlines for exercising voting rights
other than proxy votes, which must be received by the
Company at least 48 hours before the time of the
meeting at which a vote will take place.
There are no restrictions on voting rights except:
• where the holder or holders of shares have failed to
pay any call or instalment in the manner and at the
time appointed for payment; or
• the failure of any shareholder to comply with the
terms of Article 14 of the Company’s Articles of
Association (disclosure of beneficial interest).
The Company is not aware of any agreements between
shareholders which may result in restrictions on the
transfer of securities or on voting rights.
The Directors have the authority to issue new shares
in the Company up to a maximum aggregate nominal
value of €6,834,774 (representing approximately 33% of
the A Ordinary Shares in issue as at the date of the 2025
Annual General Meeting). This authority will expire on
the earlier of the conclusion of the 2026 Annual General
Meeting (AGM) and close of business on 31 July 2026 and
it is intended to seek shareholder approval to renew the
authority at the AGM to be held on 30 April 2026.
Shareholders approved the authority for the Directors to
allot shares for cash on a non-pro rata basis up to an
aggregate nominal amount of €1,035,572 (representing
approximately 5% of the A Ordinary Shares in issue) at
the AGM held on 1 May 2025. Shareholders also
approved an authority to allot additional shares up to an
aggregate nominal amount of €1,035,572 (representing
approximately 5% of the A Ordinary Shares in issue) for
cash on a non-pro rata basis provided the additional
authority will only be used for the purpose of an
acquisition or specified capital investment announced
contemporaneously with the issue or which has taken
place in the preceding six-month period and is disclosed
with the announcement of the issue. Neither authority
has been exercised to date and both authorities will
expire on the earlier of the conclusion of the 2026 AGM
and close of business on 31 July 2026. It is intended to
seek shareholder approval for their renewal at the
2026 AGM.
During 2025, 359,828 shares were allotted pursuant
to the Company’s share-based Incentive Plans and All
Employee Share Plan, as a result of shares which vested
and options which were exercised. Further details are
shown in note 28 of the financial statements.
The Company may purchase its own shares in
accordance with the Companies Act 2014 and the
Company’s Articles of Association. At each AGM,
shareholders pass a resolution authorising the Company
to purchase up to 10% of its own issued share capital
as at the date of the AGM. The Company exercised this
authority during 2025 and purchased 5,698,393 shares
returning a total of €500m to shareholders.
All shares purchased under the share buyback
programmes are cancelled immediately. The current
authority is due to expire on the earlier of the conclusion
of the 2026 AGM and close of business on 31 July 2026
and it is intended to seek shareholder approval for its
renewal at the 2026 AGM.
Directors' Report48 Report of the Directors
Substantial Interests
The Directors have been notified of the following
shareholdings of 3% or more in the issued share capital
of the Company:
Shareholder Number Held %
Blackrock
Investment
Management
11,306,866 7.0%
Percentage held is based on the number of shares in issue
as at 31 December 2025.
Apart from the aforementioned, the Company has not
been notified of any interest of 3% or more in the issued
share capital of the Company.
Directors
The Board, at the date of this report, consists of a Chair,
two Executive and nine independent non-Executive
Directors. The names and biographical details of the
Directors are set out on pages 42-45. In accordance with
the Company’s Articles of Association and Provision 18
of the 2024 UK Corporate Governance Code, each of the
Directors individually retire at the AGM of the Company
and, where appropriate, submit themselves for
re-election.
No reappointment is automatic and all Directors who
intend to submit themselves for re-election are subject
to a full and rigorous performance review. One of the
main purposes of the review is to assess each Director’s
suitability for re-election. If a Director is not deemed
to be effective in carrying out his or her required
duties, the Board will not recommend that Director
for re-election. Following the individual performance
review of all Directors, as outlined in the Corporate
Governance Report on pages 67-68, the Board
recommends the re-election of all Directors seeking
re-election.
The Directors’ and Company Secretary’s interests
in shares and debentures are included in the
Remuneration Report on pages 107-108.
Board and Committee Changes
Mr. Gerry Behan retired as an Executive Director
on 31 December 2025.
Ms. Liz Hewitt succeeded Mr. Christopher Rogers as Chair
of the Audit Committee with effect from 31 October 2025.
The Articles of Association empower the Board to
appoint Directors, but also require such Directors to
retire and submit themselves for re-election at the next
AGM following their appointment. For the purposes of
the European Communities (Takeover Bids (Directive
2004/25/EC)) Regulations 2006 specific rules regarding
the appointment and re-election of Directors are
referred to in the Governance and Nomination
Committee Report.
Corporate Governance
The Corporate Governance Report on pages 53-69 sets
out the Company’s application of the Principles, and
compliance with the Provisions of the 2024 UK
Corporate Governance Code.
Non-Financial Statement
The Sustainability Statement in accordance with Part 28
of the Companies Act 2014 including the requirements
of the European Union (disclosure of Non-Financial and
Diversity Information by certain large undertakings and
groups) Regulations 2017 (as amended by Statutory
Instrument No. 410 of 2018) is included in pages
117-192 and forms part of this report.
Going Concern and Long-Term
Viability Statements
The going concern and long-term viability statements in
the Risk Management Report on pages 39-40 set out the
Company’s basis for the adoption of the going concern
basis of accounting in preparing the Consolidated
Financial Statements and the basis for the Directors’
conclusion that they have a reasonable expectation that
the Group will be able to continue in operation and meet
its liabilities as they fall due over the next three years.
Directors' Report 49Report of the Directors
Directors’ Responsibility Statement
Annual Report and Financial Statements
The Directors are responsible for preparing the Annual
Report and the financial statements in accordance with
applicable laws and regulations.
Irish Company Law requires the Directors to prepare
financial statements for each financial year, which give
a true and fair view of the assets, liabilities and financial
position of the Company and the Group, and of the
profit or loss of the Group for that period. Under that
law the Directors have elected to prepare Group
financial statements in accordance with International
Financial Reporting Standards as issued by the IASB
(‘IFRS Accounting Standards’) and International Financial
Reporting Standards (IFRS) as adopted by the European
Union and Article 4 of the IAS Regulation and have also
chosen to prepare the parent company financial
statements under IFRS Accounting Standards and IFRS
as adopted by the European Union. In preparing the
financial statements, the Directors are required to:
• select suitable accounting policies and then apply
them consistently;
• make judgements and estimates that are reasonable
and prudent;
• state that the financial statements comply with IFRS
Accounting Standards and IFRS as adopted by the
European Union; and
• prepare the financial statements on the going
concern basis unless it is inappropriate to presume
that the Group will continue in business.
The Directors are responsible for ensuring that the
Company keeps adequate accounting records which
correctly explain and record the transactions of the
Company, enabling at any time the assets, liabilities,
financial position and profit or loss of the Company to be
determined with reasonable accuracy and ensuring that
the financial statements are prepared in accordance with
IFRS Accounting Standards and IFRS as adopted by the
European Union, comply with the Companies Act 2014
and as regards to the Group financial statements, Article
4 of the IAS Regulation and enable the financial
statements to be audited.
The Directors are also responsible for safeguarding the
assets of the Company and hence for taking reasonable
steps for the prevention and detection of fraud and
other irregularities. The Directors are responsible for
the maintenance and integrity of the corporate and
financial information included on the Group’s website
kerry.com. Irish legislation governing the preparation
and dissemination of financial statements may differ
from legislation in other jurisdictions.
In accordance with the Central Bank (Investment Market
Conduct) Rules, the Directors are required to include a
management report containing a fair review of the
business and a description of the principal risks and
uncertainties facing the Group.
The Directors are also required by applicable law and
the Listing Rules issued by Euronext Dublin and the UK
Listing Authority to prepare a Directors’ Report and
reports relating to Directors’ remuneration and
corporate governance.
Each of the Directors, whose names and functions are
listed on page 46, confirms that, to the best of their
knowledge and belief:
• the Consolidated Financial Statements for the year
ended 31 December 2025 have been prepared in
accordance with IFRS Accounting Standards and IFRS
as adopted by the European Union and as applied in
accordance with the Companies Act 2014. They give
a true and fair view of the assets, liabilities, and
financial position of the Group and the undertakings
included in the consolidation, taken as a whole, as at
that date and its profit for the year then ended;
• the Company financial statements, prepared in
accordance with IFRS Accounting Standards and IFRS
as adopted by the European Union and as applied in
accordance with the Companies Act 2014, give a true
and fair view of the assets, liabilities and financial
position of the Company as at 31 December 2025;
• the Financial and Business Review on pages 20-29
include a fair review of the development and
performance of the business for the year ended
31 December 2025 and the position of the Company
and the Group at the year end;
• the Risk Management Report provides a description
of the principal risks and uncertainties which may
impact the future performance of the Company and
the Group at the year end; and
• the Annual Report and Consolidated Financial
Statements, taken as a whole, provides the
information necessary for shareholders to assess the
Company’s and Group’s position and performance,
business model and strategy and is fair, balanced
and understandable.
Sustainability Statement
The Directors are responsible for the preparation of the
Sustainability Statement in accordance with Part 28 of
the Companies Act 2014 and including the Sustainability
Statement in a clearly identifiable dedicated section of
the Directors’ Report.
The Directors are also responsible for designing,
implementing and maintaining such internal controls
that they determine are relevant to enable the
preparation of the Sustainability Statement in
accordance with Part 28 of the Companies Act 2014,
that is free from material misstatement, whether due
to fraud or error.
In preparing the Sustainability Statement, the Directors
are required to:
• prepare the statement in accordance with the
European Sustainability Reporting Standards
(ESRS) including the selection and application
of appropriate sustainability reporting methods;
Directors' Report50 Report of the Directors
• disclose the double materiality assessment process
performed to identify the information required to be
reported in the Sustainability Statement;
• prepare the disclosures within the environmental
section of the Sustainability Statement, in
compliance with Article 8 of EU Regulation 2020/852
(the “Taxonomy Regulations”);
• ensure that the Group maintains adequate records
for the preparation of the Sustainability Statement;
• make judgements and estimates that are reasonable
in the circumstances including the identification and
description of any inherent limitations in the
measurement or evaluation of information in the
Sustainability Statement; and
• prepare forward-looking information, where
applicable, on the basis of disclosed assumptions
about events that may occur in the future and
possible future actions by the Group.
Directors’ Compliance Policy Statement
It is the policy of the Company to comply with its relevant
obligations (as defined in the Companies Act 2014). The
Directors have drawn up a compliance policy statement
(as defined in section 225(3)(a) of the Companies Act
2014) and arrangements and structures are in place that
are, in the Directors’ opinion, designed to secure material
compliance with the Company’s relevant obligations. The
Directors confirm that these arrangements and structures
were reviewed during the financial year. As required by
Section 225(2) of the Companies Act 2014, the Directors
acknowledge that they are responsible for the Company’s
compliance with the relevant obligations. In discharging
their responsibilities under Section 225, the Directors
relied on the advice both of persons employed by the
Company and of third parties who the Directors believe
have the requisite knowledge and experience to advise
the Company on compliance with its relevant obligations.
Accounting Records
To ensure that proper accounting records are kept for
the Company in accordance with sections 281 to 285 of
the Companies Act 2014, the Directors employ
appropriately qualified accounting personnel and
maintain appropriate accounting policies and systems.
The accounting records of the Company are maintained
at the Company’s registered office.
Accountability and External Audit
A statement relating to the Directors’ responsibilities in
respect of the preparation of the Financial Statements is
set out on pages 50-51 with the responsibilities of the
Company’s external Auditors outlined on pages 202-203.
The Financial Statements on pages 204-281 have
been audited by PricewaterhouseCoopers (PwC),
Chartered Accountants, who were appointed in
March 2016.
During the 2025 financial year, the Company carried
out an audit tender process, details of which are set out
on pages 74-75. As a result of this process, the Company’s
auditors, PwC, will, in accordance with Section 383(2) of
the Companies Act 2014, continue in office and will retire
following the conclusion of the audit for the 2025
financial year. The Board has recommended that,
subject to shareholder approval at the 2026 AGM, KPMG,
Chartered Accountants, be appointed as the external
auditor for the financial year ending 31 December 2026.
Disclosure of Information to the
External Auditors
Each of the Directors, who were members of the Board
at the date of approval of this Report of the Directors,
confirms that:
• so far as they are aware there is no relevant audit
information of which the Company’s external
auditors are unaware; and
• they have taken all the steps that they ought to
have taken as a Director in order to make themselves
aware of any relevant audit information and to
establish that the Company’s external auditors
are aware of that information.
Memorandum and Articles of Association
The Company’s Memorandum and Articles of Association
set out the objects and powers of the Company. The
Articles of Association of the Company may only be
amended by way of special resolution approved by
shareholders in a general meeting.
A copy of the Memorandum and Articles of Association
can be obtained from the Company’s website kerry.com.
Directors' Report 51Report of the Directors
Change of Control Provisions
The Group’s revolving credit facility includes a ‘Change
of Control’ provision which requires the Group to notify
the lending institutions of a change of control event
occurring. Each lender has the option to withdraw their
facilities in the event of a change of control occurring.
Public senior bond notes issued by the Group contain a
provision that may require the Group to repurchase the
notes in the event that a change of control occurs which
leads to a downgrading of the credit rating assigned to
the notes to below investment grade.
Other than the ‘Change of Control’ provisions in those
arrangements, the Group is not a party to any other
signifi cant agreements which contain such a provision.
Events After the Balance Sheet Date
Since the fi nancial year end, the Group has:
• repurchased 395,175 shares at a cost of €29.2m
up to 31 January 2026;
• announced an additional Share Buyback
Programme of up to €300m; and
• proposed a fi nal dividend of 98.0 cent per
A Ordinary Share.
Political Donations
During the year, the Company made no political
contributions which require disclosure under the
Electoral Act, 1997.
Group Entities
The principal subsidiaries and associated undertakings
as at 31 December 2025 are listed in note 37 to the
fi nancial statements.
Financial Instruments
The fi nancial risk management objectives and
policies, along with a description of the use of
fi nancial instruments are set out in note 25 to
the fi nancial statements.
Information Required to be Disclosed
by Listing Rule 6.1.11, Republic of
Ireland Listing Authority
For the purposes of Listing Rule 6.1.11, the information
required to be disclosed can be found in the
following locations:
Cross References
All information cross-referenced in this report forms part
of the Report of the Directors.
Signed on behalf of the Board:
Tom Moran Edmond Scanlon
Chair Chief Executive Offi cer
16 February 2026 16 February 2026
Section
Topic Location
(1) Going Concern and
Long-Term Viability
Statements
Risk
Management Report
(2) Application of the 2024
UK Corporate
Governance Code
Corporate
Governance Report
(3) 2024 UK Corporate
Governance Code
Compliance Statement
Corporate
Governance Report
Directors' Report52 Report of the Directors
Dear Shareholder,
I am pleased to present the Kerry
Group Corporate Governance Report
for the year ended 31 December 2025.
The Corporate Governance Report describes how we
apply the main Principles of good governance as set out
in the 2024 UK Corporate Governance Code (the “Code”)
which continues to be the standard against which we
measure ourselves notwithstanding the recent
introduction of the 2024 Irish Corporate Governance
Code. On behalf of the Board, I can confi rm that for
the year under review, the Group has complied with
all applicable Provisions of the Code other than Provision
19 (Chair tenure). For further information refer to the
Compliance Statement on page 58.
The Board sets the tone and shared values for the way in
which the Group operates and recognises the importance
of culture to the success of the business model. During
2025, the Board continued to assess and monitor the
Group’s culture to ensure that it is aligned with the
Group’s strategy, business model and values and is
adequately embedded across the Group.
As a Board, we recognise the benefi ts of understanding
the views of all our stakeholders and we ensure that their
interests are taken into account in Board discussions and
decision making. Details of stakeholder engagement
activities during the year, including the work of the
designated Workforce Engagement Director, are outlined
on pages 59-64.
The Board, in conjunction with the Governance and
Nomination Committee, ensures that there are robust
plans in place to facilitate Board, Executive and senior
leadership succession.
Details of the Director and Committee changes that
occurred during the year are set out in the Governance
and Nomination Committee Report on page 79.
The Board recognises its role in providing guidance and
strategic oversight in relation to the development and
implementation of the Group’s Beyond the Horizon
sustainability strategy. During 2025, the Sustainability
Committee oversaw the refreshment of the Beyond the
Horizon sustainability strategy that occurred during the
year, monitored how the implementation of the strategy
is progressing, and reviewed performance achieved
versus sustainability commitments and targets. Together
with the Audit Committee, it also approved the
sustainability related reporting in the 2025 Annual Report,
including the Sustainability Statement arising from the
implementation of the Corporate Sustainability
Reporting Directive last year.
Diversity, inclusion and equal opportunity at Board level
has been a focus for the Governance and Nomination
Committee for a number of years and also continues to
be a key factor when considering Board and Committee
refreshment. Diversity at Board level, in terms of gender,
nationality and ethnic background have all improved in
recent years. I am pleased to say that the Board currently
has 50% female representation and plans to maintain
female representation at a minimum level of 40% going
forward in alignment with UK listing requirements.
During 2025, the Committee also monitored diversity
levels at senior leadership level to ensure the appropriate
level of skills and diversity exist, to support the delivery of
the Group’s strategy and fi nancial targets.
Improving and monitoring diversity, inclusion and equal
opportunity at and below Board level will continue to be
a key area of focus for the Board and the Executive
Leadership Team in 2026.
Each year, the Board undertakes a formal evaluation of its
eff ectiveness and that of its Committees. In 2025, as part
of this evaluation, a performance review was externally
facilitated and the outcome of this review is that the Board
and its Committees consider that they are performing
eff ectively. Details of the process and the resulting actions
from the evaluation are outlined on pages 67-68.
Details of the Group’s activities and the operations of
the Board, contained in the following report, outline
the manner in which the Group has achieved compliance
with the Code through the activities and operations of
the Board and its Committees during the year.
Tom Moran
Chair of the Board
GOVERNANCE REPORT
Corporate Governance Report
Directors' Report 53Corporate Governance Report
Board Leadership and Company Purpose
Kerry Group Governance Framework
Kerry Group has a clear Governance Framework with defined responsibilities and accountabilities
as outlined in the diagram below. This Governance Framework is designed to safeguard long-term
shareholder value and ensure that the Group contributes to wider society.
BOARD OF DIRECTORS
The Board’s role is to promote the
long-term sustainable success of the
Company, generating value for all its
stakeholders, including shareholders,
employees, customers, suppliers and
the communities in which it operates,
while developing and monitoring strategy,
and ensuring that the risks that face the
organisation are appropriately managed.
It is also responsible for embedding
the Company’s purpose, instilling the
appropriate values and behaviours as well
as monitoring how the desired culture has
been embedded across the organisation.
EXECUTIVE MANAGEMENT
The Executive Directors, led by the CEO, are
responsible for executing strategy and for
the day-to-day management of the business.
The Executive Directors and other senior
executives provide updates at Board meetings
and maintain a regular dialogue with the
Board to facilitate support and challenge.
BOARD COMMITTEES
The Board has four Committees, the Audit
Committee, the Governance and Nomination
Committee, the Sustainability Committee and
the Remuneration Committee, which support
the operation of the Board through their focus
on specific areas of governance.
Each Committee is governed by its Terms of
Reference, available from the Group’s website
kerry.com or upon request, which sets out
how it should operate including its role,
membership, authority and duties.
EXECUTIVE
MANAGEMENT FORUMS
The Executive Management Forums
support the governance framework on
specific topics as and when required.
Governance and
Nomination
Committee
Read more on page 76
Sustainability
Committee
Read more on page 82
Audit
Committee
Read more on page 70
Remuneration
Committee
Read more on page 84
Finance
Committee
Read more on page 69
Risk Oversight
Committee
Read more on page 31
Sustainability
Executive
Committee
Read more on page 121
Business
Integrity
Committee
Read more on page 65
Directors' Report54 Corporate Governance Report
Board Role and Operations
The Board currently comprises 12 members:
a non-Executive Chair, Chief Executive Officer, Chief
Financial Officer and nine non-Executive Directors.
The Directors are of the opinion that the size and
composition of the Board provides the extensive and
relevant business experience needed to oversee the
effective operation of the Group’s activities and that the
individual Directors bring a range of skills, knowledge
and experience, including financial as well as industry,
scientific and international experience, necessary to
provide effective governance and oversight of the
Group given its strategic objectives, size and
geographical spread.
Information Flow
The Chair ensures that all Directors have full and timely
access to the relevant, accurate and clear information
they require to discharge their responsibilities fully and
effectively and make a knowledgeable and informed
contribution to Board discussions. Board papers are
issued to each Director one week in advance of Board
meetings and include the meeting agenda, minutes of
the previous Board meeting and all papers relevant to
the agenda. Where necessary, additional papers are
shared with Directors between meetings. The Chair, in
conjunction with the Company Secretary, has primary
responsibility for setting the agenda for each meeting.
All Directors continually receive comprehensive reports
and documentation on all matters for which they have
responsibility to enable them to fulfil their duties as a
Director. All Directors participate in and contribute to
discussions relating to strategy, trading updates,
financial performance, significant risks and operational
activities, in addition to discussions on the Group’s
purpose, vision, values and culture.
Board meetings are of sufficient duration to ensure
that all agenda items and any other material non-
agenda items that may arise are adequately addressed.
In addition to formal meetings, the Chair and Chief
Executive Officer maintain regular contact with all
Directors. The Chair also holds informal meetings and
calls with non-Executive Directors without the Executive
Directors present to discuss issues affecting the Group.
All Directors have access to the advice and services of
the Company Secretary, who is responsible for advising
the Board on governance matters. In accordance with
an agreed procedure, in the furtherance of their duties,
each Director has the authority to engage independent
professional advice at the Company’s expense.
Schedule of Matters
Reserved for the Board
• Appointments to the Board;
• Ensuring compliance with corporate governance,
legal, statutory and regulatory requirements;
• Approval of the overall Group strategic and
operating plans;
• Monitoring and reviewing risk management
and internal control systems;
• Approval of the Group’s Digital, AI and
Cybersecurity strategies;
• Monitoring and assessing culture and how the
desired culture has been embedded;
• Reviewing and assessing the Speak Up Policy and the
adequacy of the Group’s whistleblowing arrangements;
• Monitoring implementation of the Group’s Beyond the
Horizon sustainability strategy;
• Approval of acquisitions and divestitures;
• Approval of significant capital expenditure;
• Approval of Treasury policy including changes to
the Group’s capital structure;
• Approval of dividend policy and dividends;
• Approval of annual budgets;
• Approval of preliminary results, interim management
statements and interim financial statements;
• Assessment of the long-term viability of the Group
and the going concern assumption; and
• The preparation and approval of, and confirmation
that, the annual report, financial statements and
sustainability statement present a fair, balanced
and understandable assessment of the Group and
Company's position, performance and prospects.
Directors' Report 55Corporate Governance Report
Strategy
The Board collaborated with Executive Management in
the development of the Group’s strategy and associated
medium-term financial targets including the additional
financial targets post the disposal of Kerry Dairy Ireland.
During 2025, the Board monitored progress in
implementing the strategies for volume growth, margin
expansion and return on investment as well as the
sustainability related goals and targets that underpin
the strategic plan. The Board also discussed and
approved the content for the refreshed Beyond the
Horizon sustainability strategy which was published
at the same time as the 2025 Annual Report.
The Board oversaw and approved the M&A transactions
completed during the year. M&A transactions have been
a significant factor in recent years as the Group evolves
its technology portfolio, investing in businesses more
aligned with the Group’s strategic growth priorities
and exiting non-strategic businesses. As a result of this
M&A activity, the Group has further strengthened its
sustainable nutrition capabilities and has better
positioned itself for long-term organic growth.
During the year, following presentations from internal
and external experts, the Board discussed matters such
as macroeconomic and emerging markets updates,
digital risks and opportunities, the potential positive and
negative impact of changes in food regulations, tariffs
and the increased usage of anti-obesity drugs, the
evolving geopolitical landscape, corporate governance
developments, the general M&A landscape as well as
corporate defence and shareholder activism. Through
these reviews and ongoing discussions on strategy, the
Board is confident that Kerry’s strategic priorities of taste,
nutrition and emerging markets will continue to be the
key drivers of growth and investment in the future.
The Board ensures that the decisions it makes are
aligned with the achievement of the Group’s strategy,
are made in the long-term interest of the Group and
its stakeholders and are aligned with the Group’s
sustainability strategy. This is particularly the case
when deciding how to prioritise the allocation of
resources (human and financial) across competing
research and development activities, acquisition
opportunities, major capital expenditure projects
and share buyback programmes.
During the year, the Board also reviewed the business
model and how it is executed. The Board is satisfied
that the business model is both sustainable in the
long-term and optimally structured to enable delivery
of the Group’s strategy. Details of the Group’s strategy
are outlined in Our Strategy on page 9.
Purpose, Values and Culture
Our Purpose, Inspiring Food, Nourishing Life
underpins our culture and is reflected in our values.
The Group’s purpose is guided by the Group’s Vision to
be our customers’ most valued partner, creating a world
of sustainable nutrition. The Board is satisfied that the
current strategy is aligned to the Group’s purpose which
is also guided by our values of Courage, Enterprising
Spirit, Inclusiveness, Open-mindedness and Ownership.
Our Purpose of Inspiring Food, Nourishing Life guided
the Board's strategic decision making in recent years.
The outcome of these key decisions resulted in a
significant portfolio shift as the Group exited non-core
businesses in order to focus investment and capabilities
behind our taste and sustainable nutrition ambitions.
The Group’s values, and in particular the values of
Courage, Enterprising Spirit and Open-mindedness,
guided our capital allocation decisions to further invest
in our biotechnology and taste technologies, combined
with capacity expansion in emerging markets. Further
details of the Group’s purpose and values are outlined
on pages 12-15.
The Group’s culture is based on a common
understanding of our values, underpinned by our
practices of Safety First, Quality Always and a robust
risk management framework consisting of policies and
procedures, including a Code of Conduct which defines
business conduct standards for anyone working for,
or on behalf of the Group. The Board is satisfied that
policies, practices and behaviours throughout the
business are aligned with the Group’s purpose, values,
business model and strategy.
The Board recognises the importance of its role in
setting the tone for Kerry’s culture and ensuring that
the desired culture is embedded across the Group.
In addition to the Board, the Executive Team has
responsibility to ensure that the policies and behaviours
set at Board level are effectively communicated and
implemented throughout the Group. The Group’s Code
of Conduct aligns with the Group’s purpose and values
and the MyKerry internal website provides a platform
for employees to access the Group’s policies.
The Board monitors and assesses culture and how the
desired culture has been embedded across the Group
through a number of mechanisms including oversight
of compliance with the Group’s Code of Conduct and
associated policies, internal audit reports, output from
the OurVoice employee experience survey and the
Group’s Speak Up arrangements as well as feedback
from the designated Workforce Engagement Director.
Board members also participate in the Group’s annual
Inspiring People Awards. This is a ceremony broadcast
to all employees, in which individuals and teams who
qualified for the global ceremony are recognised and
celebrated for role modelling the Group’s values and
demonstrating the Group’s culture at its best.
Directors' Report56 Corporate Governance Report
Board Activities
The Board’s activities during the year included
the items set out below:
Strategy
• monitored progress against the Group’s strategic
plan and approved the inclusion of additional
medium-term financial targets post the sale of
Kerry Dairy Ireland;
• reviewed and approved the Group’s digital strategy
as well as receiving updates on cybersecurity risks
and on the risks and opportunities associated with
AI initiatives;
• monitored the buildout of the Group’s Biotechnology
Solutions business as well as the enhancement of its
Science, Technology and Innovation capability and
approved the associated investment required;
• carefully considered the growth opportunities in
emerging markets and approved the associated
investment required, including the establishment of
the Group's first manufacturing facility in Egypt and
a new facility in Rwanda;
• reviewed and approved the Group’s strategy relating
to mergers, acquisitions and divestitures; and
• approved the refreshment of the Group’s Beyond
the Horizon sustainability strategy and the material
climate-related risks and opportunities facing the
Group as well as receiving confirmation that the
Group’s net zero target and interim targets to 2030
have been independently verified by SBTi.
Operational/Commercial
• following updates from the Executive Directors,
considered the mitigating actions taken to counter
the impact of subdued consumer demand following
a number of years of cost inflation;
• assessed the appropriateness of the structures,
processes and controls in place to ensure that Kerry
operates to the highest standards from a food safety
as well as an employee health and safety perspective
following briefings from the Chief Operations Officer,
the Food Safety and Quality team and the Employee
Health and Safety team;
• approved M&A transactions and considered the
learnings from completed acquisitions; and
• approved significant capital expenditure projects,
taking into consideration the impacts on financial
and sustainability performance criteria.
Financial/Sustainability
• at each meeting, discussed how the Group
was navigating through the current uncertain
economic environment following updates from
the Chief Financial Officer;
• monitored the progress against the targets included
in the Beyond the Horizon sustainability strategy;
• considered the progress being made under
Accelerate 2.0, and the completion of the
Group’s Operational Excellence programme;
• reviewed Investor Relations activities and share
price performance;
• approved the Group’s Preliminary Results, Annual
Report and Accounts, Interim Financial Statements
and Interim Management Statements;
• approved the payment of an interim dividend and
recommended the payment of a final dividend;
• approved the continuation of the share buyback
programme ensuring consistency with the Group’s
Capital Allocation Framework;
• approved the going concern basis of accounting
and the long-term viability statement; and
• approved the Group's Budget for the 2026 financial
year including both financial and sustainability targets.
Internal Controls and Risk Management
• confirmed that a robust assessment of the Group’s
principal risks and uncertainties, including emerging
risks, was completed and approved the risk appetite
for each of the principal risks;
• discussed the Group’s internal controls, risks and risk
management framework following updates from the
Chair of the Audit Committee;
• monitored the Group’s preparations for compliance
with Provision 29 of the 2024 UK Corporate
Governance Code which takes effect in 2026;
• received regular reports from business and
function leaders on the Group’s key risks; and
• considered and confirmed the effectiveness of the
internal control and risk management framework.
Directors' Report 57Corporate Governance Report
Governance and Stakeholders
• considered updates received from the Chair of
the Governance and Nomination Committee on
its activities;
• approved the appointment of Ms. Fiona Dawson
as Chair Designate of the Board;
• approved changes to the composition of
Board Committees;
• conducted the annual evaluation of the Board,
which included an externally facilitated Board
performance review, and considered its outcome;
• monitored compliance with the 2024 UK Corporate
Governance Code;
• confirmed that appropriate arrangements and
structures are in place to ensure material compliance
with the relevant obligations under Section 225 of
the Companies Act 2014;
• confirmed that appropriate structures are in place
for the proportionate and independent investigation
and follow-up of matters raised through the Group’s
whistleblowing arrangements; and
• participated in training on a range of corporate
governance and regulatory matters from
external advisors.
People and Culture
• considered updates received from the Chair of
the Remuneration Committee on its activities;
• approved the further rollout of the All Employee
Share Plan (which was approved by shareholders
at the 2023 AGM) to a further 25 countries;
• received and considered reports from the designated
Workforce Engagement Director on her activities
during the year. Details are outlined in Governance
in Action on page 64;
• assessed talent and succession planning activities
following presentations from the Chief Executive
Officer and the Chief Human Resources Officer;
• ensured actions were taken to support lower-paid
employees following a number of years of cost
inflation including Kerry obtaining accreditation as
a Living Wage Employer in three regions by the Fair
Wage Network; and
• monitored and assessed the culture of the Group
to ensure it promotes integrity and openness, is
aligned with strategy and is responsive to the views
of shareholders and wider stakeholders.
2024 UK Corporate Governance
Code – Compliance Statement
Kerry applied the main Principles of the 2024 UK
Corporate Governance Code (the “Code”) and
complied with all the applicable Provisions
throughout FY25, with the exception of:
– Provision 19 (Chair tenure). Mr. Tom Moran was
appointed as Chair in 2022 after having served
just over six years as a non-Executive Director.
Mr. Moran will continue as Chair until the AGM
in 2026 and will have served over ten years by
this time. Provision 19 requires the Chair to
serve no longer than nine years and therefore
for the period from September 2024 to April
2026, Kerry will not be compliant with this
provision. However, the Provision also notes
that to facilitate effective succession planning
this period can be extended, particularly where
the Chair was an existing non-Executive
Director on appointment. In 2023, having
conducted a rigorous review, the Governance &
Nomination Committee and the Board agreed,
subject to shareholder approval, that Mr. Moran
should continue as Chair until the AGM in 2026
to allow appropriate time for the new Senior
Independent Director to identify a successor
and to enable an orderly transition to the role.
The Committee also noted the need for stability
given the high level of Board refreshment that
occurred in 2023 and the additional
appointments/retirements that would occur in
2024. Mr. Moran’s re-election to the Board was
strongly supported by shareholders at the 2024
and 2025 AGMs. A Chair Succession Sub-
Committee which was led by Mr. Christopher
Rogers has completed a formal succession
process and, subject to shareholder approval,
Ms. Fiona Dawson will succeed Mr. Moran as
Chair following the conclusion of the 2026 AGM.
The Board recognises the importance of good
corporate governance in providing confidence in
our ability to deliver our strategic goals and also,
in building trust with our key stakeholders, both
of which are essential for the long-term
sustainable success of the Group. The table
below outlines the main Principles of the Code
and where in the Annual Report there is further
information on the application of the Principles.
Main Principles Pages
Board leadership 54-57
and company purpose
Division of 42-45 & 65
responsibilities
Composition, succession 67-68 & 76-81
and evaluation
Audit, risk and internal control 70-75
Remuneration 84-111
Directors' Report58 Corporate Governance Report
STAKEHOLDER ENGAGEMENT
The Board acknowledges the importance of considering the interests of all stakeholders in their discussions
and decision making. Strong engagement with stakeholders enables better, informed decision making, thereby
increasing the likelihood of long-term sustainable success for the Group. The Board also recognises the need to
maintain high standards of business conduct in its actions and decisions. Details of our stakeholder engagement
are set out below.
SHAREHOLDERS
Why We Engage
• Active engagement with shareholders ensures
continuous awareness of the Group’s business
environment, strategy, business model,
performance and sustainability targets.
• Shareholder input informs the strategic
decision making of the Board.
How We Engage
The Investor Relations team and Executive
Directors maintain ongoing engagement with
the investor community, through a variety of
different mediums including:
• Ongoing engagement with shareholders through
physical meetings, virtual meetings and calls on
a regular basis, outside of closed periods;
• Hosting investor events with members of the
broader Kerry team to give investors a deeper
understanding of Kerry’s business;
• Direct engagement with the Chief Executive
Officer and Chief Financial Officer through
presentation of the Group’s full year, half year
and interim management statements;
• Publication of results releases, presentations,
share price information and news releases which
are accessible to all shareholders on the Group’s
website kerry.com;
• The Company’s Annual General Meeting (AGM)
provides an opportunity for the Directors to deliver
presentations and to answer questions from
shareholders, both institutional and private; and
• Members of the Board attended a number of
investor engagements, including the AGM and the
investor day held in Naas in October. The Chair
engaged with various institutional shareholders
during the year to discuss governance related
matters. When necessary, the Committee Chairs
engage with shareholders on specific topics.
Details on the relevant topics covered in various
engagements with shareholders and the views of
shareholders are communicated to the Board
regularly to inform decision making.
What we believe matters most to Shareholders
• Performance updates and progress on
the execution of the Group’s strategic plan.
• Market outlook and continued strategic
development of the business.
• Capital allocation framework and
investment priorities.
• Progress against our sustainability
strategy and targets.
• Relative share price performances and
valuations across the sector, in the context
of broader equity markets.
Our Actions and Outcomes of Engagement
• The Group, through direction of the Board, has
continued to execute its strategic plan, including
embedding the positioning of the Group as a
pure-play taste and nutrition company and
enhancing the Group’s Biotechnology and
Fermentation capability.
• Throughout the year, the Board reviewed
performance updates and approved the quarterly
results releases to the market. It also reviewed
and approved various strategic business updates
through the year, including the CAGNY update
presentation, which incorporated Kerry’s
additional 2028 EBITDA margin and earnings
growth model.
• In line with the Group’s capital allocation
framework, the Board has approved investment
of funds in the best interest of the shareholders,
which included the continuation of the share
buyback programme, and focusing of investment
and capabilities behind our taste, nutrition and
emerging markets ambitions, including
investment in a Kerry Biotechnology Centre in
Leipzig, Germany; enzyme capacity expansion
in Cork, Ireland; and the establishment of the
Group's first manufacturing facility in Egypt and
a new facility in Rwanda.
• During 2025, the Sustainability Committee
oversaw the refreshment of the Beyond the
Horizon sustainability strategy, and reviewed
performance achieved versus sustainability
targets. Comprehensive reporting and
transparency disclosures on ESG matters are
provided in our Sustainability Statement.
Directors' Report 59Corporate Governance Report
EMPLOYEES
Why We Engage
• Consistently connecting with employees is crucial
for attracting, nurturing, and retaining a skilled,
committed, inspired and diverse workforce.
• Our people are critical to the successful delivery
of our strategy and achieving our purpose.
How We Engage
• Ms. Emer Gilvarry, the designated Workforce
Engagement Director, directly interacted with
employees through a variety of channels,
including participation at Kerry employee events
and site visits. Insights on these interactions are
regularly shared with the Board. Details of these
activities are outlined on page 64.
• Direct engagement with employees through
Director visits to Group locations during the year.
• Routine two-way dialogue with our 19,000+
employees through regular CEO townhalls.
• Additional engagement channels include our
employee experience survey, OurVoice and
Kerry’s Speak Up platform which enables
employees and other stakeholders to report
concerns confidentially and safely. Feedback from
these engagement channels is regularly shared
for discussion at a Board level.
• Further details on Kerry’s employee engagement
activities, under the direction of the Board, can
be found on pages 12-15 and 156-158.
What we believe matters most to Employees
• Health, Safety and Wellbeing at work
• Diversity, Inclusion and Belonging
• Reward framework
Our Actions and Outcomes of Engagement
• The Board received and discussed updates
on employee health, safety, and wellbeing,
reinforcing and fostering a proactive safety
culture through our Health and Safety
committees at a plant level.
• In line with our Safety First, Quality Always ethos,
the Board ensured that the existing structures,
processes and controls were appropriate to
reinforce a culture of safety at work. The Board
monitored the level of workplace incidents that
occurred in 2025 and noted that the Total
Recordable Incident Rate at 3.4 (based on 1
million hours, as required for CSRD reporting) has
improved year on year. Further details on Kerry’s
actions and performance, under the direction of
the Board, regarding health, safety and wellbeing
can be found on pages 13-14 and 159-160.
• The Board allocated resources for training,
internal communications, and initiatives to
streamline operations and improve the health,
safety and wellbeing of employees.
• In approving the Accelerate 2.0 Operational
Excellence programme, the Board considered the
impact on the employees affected and ensured
that appropriate actions were taken to mitigate,
as far as possible, any adverse consequences for
the employees involved.
• Diversity, Inclusion and Belonging (DI&B) remains
a priority with the Board monitoring gender
representation and pay equity and taking
corrective actions if required. Further details
on Kerry’s actions and performance regarding
DI&B, under the direction of the Board,
can be found on pages 13-14 and 158-159.
• During 2025, the Board approved Kerry’s
partnering with the Fair Wage Network, resulting
in formal accreditation as a living wage employer
across Europe, North America, and LATAM
following an independent assessment process.
A full review is underway in our APMEA region
as we progress toward global accreditation. The
Board also approved the rollout of the global
employee share plan ('OurShare') to an
additional 25 countries.
• The Board, through Kerry’s Total Reward strategy,
drives the Group’s commitment to being the first
choice for the best talent, enabling employee
attraction and retention as well as creating
engaging working conditions for our people.
2025 activity and initiatives reflect a deepened
focus on transparency, inclusion and equity in
how we reward and support our people. Further
details on Kerry’s actions and performance,
under the direction of the Board, regarding
Total Rewards can be found on pages 15 and
160-162.
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CUSTOMERS AND CONSUMERS
Why We Engage
• Our commitment to strong engagement with
customers and consumers is at the heart of our
business. This engagement is driven by a customer-
centric business model, which is crucial in achieving
our Vision of becoming our customers’ most valued
partner, creating a world of sustainable nutrition.
How We Engage
• Kerry has a community of experts who engage
with customers directly through dedicated
engagement sessions to enhance their experience
and build strong partnerships.
• Digital plays a key role to enhance the customer
experience and how we engage and communicate
through multiple different channels.
• Kerry actively participates in industry conferences
to engage with customers, share insights and
showcase how Kerry is leading the future of
sustainable nutrition.
• Kerry conducts an annual Voice of Customer
survey to listen and gather feedback so that we
identify areas of improvements for our customers.
• Market research teams analyse consumer
behaviours, attitudes, emerging trends and
combine cutting-edge technology with our
expertise in taste and nutrition to deliver holistic
insights to empower our customers to seize
opportunities, and lead in sustainable nutrition.
• The Kerry Health and Nutrition Institute® offers
scientific expertise to address challenges in the
food, beverage and pharma sector and delivers
impactful sustainable nutrition insights to
customers and consumers.
• Customer feedback from engagement activities
is reviewed and discussed at Board meetings,
thereby influencing decision-making.
• Further details on Kerry’s customer and consumer
engagement activities, under the direction of the
Board, can be found on pages 173-174.
What we believe matters most to
Customers and Consumers
• Evolving consumer dynamics and market changes
drive ongoing customer engagement and demand
for innovative, sustainable nutrition solutions.
• Customers seek products that enhance health
and wellbeing while addressing sustainability,
environmental criteria and nutrition. Customers
continue to prioritise reducing environmental
impact, particularly in relation to climate change
and food waste.
• Challenges include managing inflation, global
supply chain issues, shifting consumer
preferences, and regulatory changes related
to sustainable nutrition.
Our Actions and Outcomes of Engagement
• The Board approved the Group's research and
development budget. Research and development
expenditure for projects focused on meeting
customer needs, supporting revenue growth and
sustainability amounted to €314m.
• The Board approved continued investment in the
digital strategy and supply chain initiatives, which
aim to enhance customer experience through
improved information sharing and service levels.
This includes continued investment into a global
customer care portal which increases proactivity
and responsiveness in customer care to deliver
excellent customer service. These investments have
contributed to improved fulfilment reliability and
increased Net Promoter Scores (NPS). Further,
increased investment in the digital strategy also
aims to support customer product innovation
through an AI-powered product concept creator.
• To further strengthen Kerry's customer innovation
centre network, the Board approved the addition
of new centres in Frankfurt, Germany; Dubai, UAE;
and South Jakarta, Indonesia.
• The Board considered how the Group is
supporting key global customers and approved
additional investment in commercial team
resources to ensure Kerry is proactively helping
these customers to grow their businesses and
attain their sustainability objectives.
• As part of the annual off-site Board meeting trip,
the Board met with customers to see firsthand
how Kerry is helping customers to create healthier,
tastier and more sustainable products.
• In 2025, the Board approved acquisitions totalling
€32.9m and gross capital expenditure of €323m,
aligned with the Group’s strategic priorities to
provide innovative and sustainable nutrition
solutions to customers.
• The Group’s sustainability strategy, the execution
of which is overseen by the Board through the
Sustainability Committee, is funded and
integrated into its value proposition, with further
details available in the Sustainability Statement
and other documents on the Group’s website.
• Further details on Kerry’s actions and
performance, under the direction of the Board,
regarding expanding Kerry’s nutritional reach and
commitment to food safety and quality can be
found on pages 175-177.
• Further details on Kerry’s actions and
performance, under the direction of the Board,
regarding Kerry’s collaboration with customers
to reduce food waste can be found on page 151.
Directors' Report 61Corporate Governance Report
SUPPLIERS
Why We Engage
• By engaging with suppliers, we can ensure
they continue to meet Kerry’s high standards in
product safety, quality, and business ethics, while
respecting human rights and the environment.
How We Engage
• Kerry engages with suppliers daily through the
procurement and supply chain functions,
two-way communication, meetings, multi-
stakeholder collaborations and industry events.
• Suppliers can report concerns via the Group’s
Speak Up whistleblowing channel.
• The Board receives updates on supply
chain, quality and supplier interests from
key executives.
• Further details on Kerry’s supplier engagement
activities, under the direction of the Board, can
be found on pages 120 and 168-169.
What we believe matters most to Suppliers
• Key focus areas for suppliers include human
rights, quality and food safety, service levels,
business continuity, capacity, cost, innovation
and responsible sourcing requirements.
Our Actions and Outcomes of Engagement
• The Board ensures that long-term, sustainable
relationships are established with key suppliers
under mutually agreed terms.
• Increased investment in the digital strategy
approved by the Board has supported the supply
chain digital transformation programme.
• In line with the Beyond the Horizon sustainability
strategy, the Board ensures suppliers meet
safety, quality, and fair treatment standards.
• Building on our supplier training delivered in
China and India in 2024, the Board approved
the expansion of Kerry’s training programmes
to further enhance awareness of human rights
standards and build compliance capacity in
additional high-risk geographies.
• This year, the Board agreed for Kerry to engage
with a human rights consultancy firm to assess
human rights risks in conflict-affected and
high-risk areas. The Group also contributed to
an independent benchmark assessment on our
Responsible Sourcing Journey, which allowed
Kerry to be benchmarked against the wider food
and beverage industry on our human rights and
environmental due diligence. The findings from
this benchmark have enabled the Group to
identify areas where we are leading, and have
highlighted opportunities for future growth.
• The Board monitored and reviewed the progress
on ongoing supplier compliance with the Group’s
Supplier Code of Conduct.
• Further details on Kerry’s actions and
performance, under the direction of the Board,
regarding our responsible sourcing strategy can
be found on pages 130-132, 147-148 and 170.
Directors' Report62 Corporate Governance Report
COMMUNITY
Why We Engage
• By fostering strong relationships with the
communities in which we operate, we can help
support livelihoods and create a better society
whilst protecting the environment.
How We Engage
• Kerry partners with community groups, charities,
and NGOs across all its operating regions.
• Selected organisations are engaged to participate
in Kerry’s double materiality assessment, sharing
insights on social and environmental issues.
• The MyCommunity programme enables Kerry
to support and engage in a range of community
projects.
• Kerry encourages employees to engage in local
initiatives by providing paid volunteer hours.
• The Board receives regular updates on Kerry’s
involvement in local communities and charitable
partnerships.
What we believe matters most to Community
• Employment and local economic development,
social inclusion, access to nutrition, food security
and sustainable food production, as well as
environmental protection and community support.
Our Actions and Outcomes of Engagement
• The Board ensures that local community
engagement is integrated into Kerry’s overall
sustainability strategy, reflecting the commitment
to maintain and support relationships within the
communities in which Kerry operates.
• As a sustainable nutrition leader, the Board
commits to investing in our global manufacturing
network, which supports socio-economic
development across communities and the
delivery of positive and balanced nutrition for
over a billion consumers.
• In line with our broader sustainability goals,
climate and nature considerations are
increasingly embedded into capital expenditure
projects approved by the Board with benefits for
the environment.
• The Board approved funding for the Group to
continue to work in partnership with the World
Food Programme, Concern Worldwide and other
NGOs to improve livelihoods and increase food
security. Further detail on our charitable activities
is available under Kerry Community Initiatives on
our website kerry.com.
Directors' Report 63Corporate Governance Report
GOVERNANCE IN ACTION
Designated Workforce Engagement Director
– Activities in 2025
This year, the terms of reference for the Workforce
Engagement Director were refreshed to ensure the
scope of the role was accurately defined, reflective
of current practice and that it continues to be aligned
with the 2024 UK Corporate Governance Code. This
reaffirmed the core purpose of the role: gaining
insights into organisational culture and employee
experience across Kerry’s global footprint, to inform
and enhance Board decision making.
Ms. Emer Gilvarry continued to serve as the Board’s
Workforce Engagement Director throughout 2025,
participating in several Kerry employee events, as
detailed below:
• Visiting manufacturing and innovation centres
across multiple geographies;
• Presenting at our global annual Inspiring People
celebration, recognising employee achievements;
• Attending the European Commercial Conference,
with senior Commercial leaders from across
the region;
• Participating in a range of other initiatives
including Culture Week, Pride celebrations,
and Townhall events;
• Engaging with a subset of the 2025 European
Women in Leadership programme cohort, to
discuss the impact and key learnings from the
programme; and
• Meeting with relevant functional teams to
understand progress against Kerry’s employee
experience priorities.
An update on these activities was presented to the
Board at both the midpoint and conclusion of the
year. In 2026, Ms. Gilvarry will continue engaging
with teams across the organisation to ensure she
can accurately reflect employee perspectives and
advocate for their interests at Board meetings.
Global Priorities for Employee Engagement
in 2025
2025 was a year dedicated to making progress
against our employee engagement action plans,
as set out following our 2024 global Employee
Experience survey, OurVoice. We look forward to
conducting our next OurVoice survey in 2026, to
enable further meaningful positive impact with
our people.
to the adoption of the Directors and Auditors reports
and the financial statements. Details of the proxy votes
received for and against each resolution, together with
details of votes withheld are announced after the result
of the votes taken by a show of hands. These details are
published on the Group’s website following the conclusion
of the AGM. At the AGM held on 1 May 2025, there were
no material votes cast against any resolutions.
Annual General Meeting
All Directors attend the AGM and are available to meet
with shareholders and answer questions as required.
Notice of the AGM, Form of Proxy and the Annual Report
and financial statements are sent to shareholders at
least 20 working days before the meeting. A separate
resolution is proposed at the AGM on each substantially
separate matter including a particular resolution relating
Directors' Report64 Corporate Governance Report
1
This disclosure addresses ESRS 2 GOV-1 21 e as referenced in the Sustainability Statement on page 182 – subject to
limited assurance. When the Chair is included and considered independent, this assessment of independence is 83%
(2024: 77%).
Whistleblowing Arrangement
The Group’s whistleblowing arrangement includes an
externally facilitated multi-lingual reporting service
Speak Up through which all employees and third
parties can raise concerns in confidence about possible
wrongdoings in financial reporting and other matters.
These facilities are available 24 hours a day by phone
or online.
All whistleblowing incidents are reviewed by the Legal
and Ethical Compliance team, overseen by the Business
Integrity Director, and formally investigated by the
relevant function heads depending on the nature of
the concern raised.
In 2025, the Audit Committee routinely reviewed the
whistleblowing incidents and outcomes and provided
updates to the Board which enabled it to review the
Group's whistleblowing policy, to assess the adequacy
of the whistleblowing arrangements and to review the
reports arising from its operation. The Board is satisfied
that the Group’s whistleblowing arrangements are
operating effectively.
Division of Responsibilities
Chair and Chief Executive Officer
The roles of the Chair and Chief Executive Officer are
separate and the division of duties between them is
formally established, set out in writing and agreed by
the Board. The Chair is responsible for leadership of the
Board and ensuring its effectiveness in all respects. The
Executive Directors, led by the Chief Executive Officer, are
responsible for the management of the Group’s business
and the implementation of Group strategy and policy.
Senior Independent Director
The principal role of the Senior Independent Director
(SID) is to provide a sounding board for the Chair and to
act as an intermediary for other Directors as required.
The SID is responsible for the appraisal of the Chair’s
performance throughout the year.
The SID is also responsible for leading a formal
succession process for the role of Chair. The SID is
available to meet shareholders upon request, in particular
if they have concerns that cannot be resolved through the
Chair or the Chief Executive Officer.
Non-Executive Directors
The non-Executive Directors’ main responsibilities are to
review the performance of management and the Group’s
financial information, assist in strategy development,
provide constructive challenge in Board discussions and
ensure that appropriate and effective systems of internal
control and risk management are in place. The non-
Executive Directors review the relationship with external
auditors through the Audit Committee and monitor the
remuneration structures and policy through the
Remuneration Committee.
Company Secretary
Each Director has access to the advice and services of
the Company Secretary, whose responsibilities include
advising and supporting the Board on all governance
related matters, ensuring the Company complies with its
legal and regulatory obligations, facilitating appropriate
information flows between the business and the Board,
ensuring that Board procedures are followed, ensuring
accurate capture of Board meeting minutes (including
capturing any unresolved concerns about the operation
of the Board or the management of the Company should
they arise), facilitating Director induction, and assisting
with Director professional development.
Commitments
Under the terms of their appointment all Directors agreed
to the time commitment schedule which requires them to
allocate sufficient time to discharge their responsibilities
effectively. This matter is considered by the Governance
and Nomination Committee on an ongoing basis in
accordance with its Terms of Reference.
All Directors must seek prior approval of the Board in
advance of undertaking any additional external
appointments. Before approving any additional external
appointment, the Board considers the time commitment
required for the role. Each proposed external appointment
is reviewed independently.
Independence
The Board, as a whole, has assessed the non-Executive
Directors independence by considering the circumstances
set out in Provision 10 of the 2024 UK Corporate
Governance Code and confirmed that, in its opinion, all
non-Executive Directors, representing 82% (2024: 75%)
of the Board excluding the Chair
1
as at the date of this
report, are independent in judgement and character.
As disclosed in note 34 to the Financial Statements,
Mr. Patrick Rohan, in the ordinary course of business
as a farmer, traded on standard commercial terms with
Kerry Dairy Ireland. Given that the Group has disposed
of Kerry Dairy Ireland, the small quantum involved, the
fact that all trading is on standard commercial terms
and Mr. Rohan’s personal attributes, the Board, having
conducted a rigorous review, is satisfied that Mr. Rohan
applies objective and independent judgement to act in
the best interest of the Company.
Conflicts of Interest
Under the terms of their appointment all Directors have
continuing obligations to update the Chair as soon as
they become aware of a situation that could give rise to
a conflict or a potential conflict of interest.
Directors' Report 65Corporate Governance Report
Meetings and Attendance
The Board meets regularly to ensure that all its duties are discharged effectively. All Directors are expected
to prepare for and attend meetings of the Board, the Committees of which they are members and the AGM.
In the event that a Board member cannot attend or participate in the meeting, the Director may discuss
and share opinions on agenda items with the Chair, Chief Executive Officer, Senior Independent Director
or Company Secretary in advance of the meeting.
A total of 8 Board meetings were held in 2025. Individual attendance at the Board and Committee meetings
is set out in the following table:
Directors Board
Audit
Committee
Governance and
Nomination
Committee
Sustainability
Committee
Remuneration
Committee
Tom Moran 8/8 5/5
Edmond Scanlon
1
8/8
Marguerite Larkin
1
8/8
Gerry Behan
1,2
8/8
Genevieve Berger 8/8 3/3
Fiona Dawson 8/8 6/6 3/3 4/4
Emer Gilvarry 8/8 5/5 4/4
Catherine Godson 8/8 3/3
Liz Hewitt 8/8 6/6
Michael Kerr 8/8 6/6 5/5 4/4
Christopher Rogers 8/8 6/6 5/5 4/4
Patrick Rohan 8/8 3/3
Jinlong Wang 8/8 6/6
1
Executive Directors.
2
Mr. Gerry Behan retired on 31 December 2025.
Attendance statistics represent: Total number of meetings attended by the Director/Total number of meetings
held during the year which they were eligible to attend.
Directors' Report66 Corporate Governance Report
Composition,
Succession and Evaluation
Board Composition and Succession
For details on Board composition and succession, refer
to the Governance and Nomination Committee report
on pages 76-81.
Board Induction and Development
On appointment to the Board, each new non-Executive
Director undergoes a full formal induction programme
organised by the Chair and supported by the Company
Secretary. The purpose of the induction programme is to
enable new Directors to gain a full understanding of the
Group, governance-related matters and Directors’ duties
and responsibilities. The induction programme includes
presentations on the Group’s operations and results,
meetings with Executive Management and an outline of
the principal risks and uncertainties facing the Group.
Details of the induction programme undertaken by
Ms. Liz Hewitt are included below:
Throughout the year, the Board ensures its continued
development through a series of consultations with
subject matter experts on a range of topics including
corporate governance and strategy. Presentations are
also made by Executive Directors and senior
management on various topics in relation to
their areas of responsibility.
On an annual basis, an off-site Board meeting is
scheduled at a Group location and is combined with a
comprehensive schedule of activities over a week-long
period, to enable non-Executive Directors to further
develop their understanding of the Group’s activities
and to meet with local senior management and
emerging talent. In June 2025, the off-site Board
meeting took place in Brazil. During the visit, the Board
had the opportunity to meet and engage with the
LATAM Leadership team and emerging talent in both
formal and informal settings. The Board received
presentations on the dynamics and priorities of the
LATAM market and participated in a customer
immersion experience which showcased the Group’s
capabilities in helping customers to create healthier,
tastier, and more sustainable products.
As part of their personal development plans,
individual non-Executive Directors are also afforded
the opportunity to visit a number of the Group’s
international facilities and operations. Individual Board
members training requirements are reviewed with the
Chair and Company Secretary and training is provided
to address these needs.
Board Evaluation
1
In accordance with the Provisions of the Code,
a performance review of the Board is conducted
annually and facilitated externally every third year.
In 2025 the performance review was externally
facilitated and covered the Board, Committees, Chair
and Director performance. The review was led by
Sustainable Boards, a specialist in Board effectiveness
and governance having extensive experience of
reviewing the boards of major companies in Ireland,
the UK and Europe. Sustainable Boards has no other
connection to the Group or with any of the individual
directors, ensuring its independence.
The review was commissioned with a focus on the
planned transition of the Chair together with ongoing
Board refreshment. It also encompassed the Board’s
oversight of strategy and risk, the approach to
sustainability, Board composition (including diversity)
and succession planning, Board culture and dynamics
and the overall operations of the Board. The review
methodology included confidential interviews with
Directors and key executives, board documentation
review and meeting observations. The themes emerging
from the review were validated with the Chair, Senior
Independent Director (SID), Committee Chairs and
Company Secretary and the report was shared with
the Board. Observations on the Chair performance
were shared with the SID who incorporated those
into the overall assessment of the Chair led by the SID.
1
This disclosure addresses ESRS 2 GOV-1 23 as referenced in the Sustainability Statement on page 182 – subject to limited assurance.
Governance in Action (Example):
New Director Induction
Ms. Liz Hewitt was appointed to the Board on
1 March 2024. Following her appointment,
Ms. Liz Hewitt underwent a formal induction
programme which was tailored to her individual
requirements and included the following
induction activities.
Induction Activities
• provision of a detailed induction pack including
key corporate governance policies, Board
papers, financial and strategic documents
and information on directors’ duties and
responsibilities;
• meetings with the Executive Directors;
• meetings with the Board Chair, the Senior
Independent Director, Remuneration
Committee Chair, Sustainability Committee
Chair, Audit Committee Chair and the
Company Secretary;
• meetings with function leaders on matters
such as Board and corporate governance,
internal audit, strategy, investor relations,
human resources and sustainability;
• meetings with business leaders to obtain
an overview of each business;
• completed sustainability related training; and
• site visits to see first-hand the Group’s
operations while engaging with employees
and senior management.
Directors' Report 67Corporate Governance Report
In addition to the externally facilitated review, the Chair
met each of the non-Executive Directors individually
and appraised their performance. The key areas
reviewed were independence, contribution and
attendance at Board meetings, interaction with
Executive Directors and other non-Executive Directors,
the Company Secretary and senior management, ability
to communicate issues of importance and concern,
their knowledge and effectiveness at meetings and the
overall time and commitment to their role on the Board.
Similarly, the SID formally appraised the performance
of the Chair. He met with all of the Directors without the
presence of the Chair. The appraisal was similar to the
non-Executive Director performance review process and
included feedback from all Directors on the Chair’s
performance during the year.
During the year, the non-Executive Directors met without
the presence of the Executive Directors and led by the
Chair, undertook a formal review of the performance of
each Executive Director.
Overall, the Board concluded that the outcomes of the
Board evaluation, including the performance review
process, have been positive and have confirmed to the
Chair that the Board and its Committees are performing
well within a strong governance framework and that
each Director contributes to the overall effectiveness
and success of the Group. Board culture and dynamics
were highlighted as key strengths alongside Board
succession planning, diversity within the Board and
the integration of sustainability into the overall strategy
of the Group. The focus for future development of the
Board centres on leveraging these important strengths
to ensure continuity through Board refreshment, to
introduce alternative planning mechanisms to ensure
the Board continues to spend time on important
future-looking topics and to revisit committee
responsibilities to align with the current strategy,
opportunities and risks facing the Group.
Progress against recommendations from previous
Board evaluations were also considered and the Board
is satisfied that improvements have been made which
have enhanced the operation and effectiveness of both
the Board and its Committees.
The Board, together with the Chair/Chair Designate
and the Company Secretary, will ensure that areas for
improvement identified from the 2025 performance
review, and areas for consideration arising from the
Directors’ appraisal where identified, will be considered
during 2026.
In line with the requirements of the Code, the next
externally facilitated performance review of the Board
will occur in 2028, three years after the externally
facilitated review in 2025.
Audit, Risk and Internal Control
Risk Management and Internal Controls
The internal control framework in the Group
encompasses the policies, processes, tasks and
behaviours, which together facilitate the Group’s
effective and efficient operation by enabling it to
respond appropriately to significant business,
operational, financial, compliance and other risks
to achieve its business objectives.
The systems which operate in Kerry Group provide
reasonable, but not absolute, assurance on:
• the safeguarding of assets against unauthorised
use or disposition; and
• the maintenance of proper accounting records and
the reliability of the financial information produced.
The Board has delegated certain duties to the Audit
Committee in relation to the ongoing monitoring and
review of risk management and internal control systems.
The work performed by the Audit Committee is
described in its report on pages 70-75.
Full details of the risk management systems are described
in the Risk Management Report on pages 30-40.
The principal risks and uncertainties facing the Group,
including those that could threaten the business model,
future performance, solvency or liquidity are described
on pages 33-38. Emerging risks are also identified,
analysed and managed as part of the same process as
the Group’s other principal risks as described on page
32. The Directors confirm that they have carried out a
robust assessment of these risks and the actions that
are in place to mitigate them.
The Directors confirm that they have also reviewed the
effectiveness of the systems of risk management and
internal control which operated during the period
covered by the Sustainability Statement and financial
statements and up to the date of this report. Based on
the review performed, the Directors concluded that for
the year ended 31 December 2025, the Group’s systems
of risk management and internal control were effective.
The procedures adopted comply with the guidance
contained in Guidance on Risk Management, Internal
Control and Related Financial and Business Reporting
as published by the Financial Reporting Council in the UK.
Directors' Report68 Corporate Governance Report
Features of Internal Control in Relation
to the Financial Reporting Process
The main features of the internal control and risk
management systems of the Group in relation to
the financial reporting process include:
• the Board review and approve a detailed annual
budget and monitor performance against
the budget through periodic Board reporting;
• prior to submission to the Board with a
recommendation to approve, the Audit Committee
review the Interim Management Statements,
the Interim and Annual Consolidated Financial
Statements and all formal announcements relating
to these statements;
• adherence to the Group Code of Conduct and Group
policies published on the Group’s intranet ensures
the key controls in the internal control system are
complied with;
• monthly reporting and financial review meetings
are held to review performance at business level
ensuring that significant variances between the
budget and detailed management accounts are
investigated and that remedial action is taken
as necessary;
• the Group has a Financial Compliance function
to establish compliance policies and monitor
compliance across the countries in which the
Group operates;
• the Group operates an internal control self-
assessment process covering material finance,
operational and compliance controls across
the Group;
• a well-resourced and appropriately skilled
Finance function is in place throughout the Group;
• completion of key account reconciliations
at reporting unit and Group level;
• centralised Taxation and Treasury functions and
two Global Shared Service Centres established
to facilitate appropriate segregation of duties;
• the Group Finance Committee has responsibility
for raising finance, reviewing foreign currency risk,
making decisions on foreign currency and interest
rate hedging and managing the Group’s relationship
with its finance providers;
• the Board, through the Audit Committee,
completes an annual review of the effectiveness
of risk management and control systems;
• appropriate ICT security environment; and
• the Internal Audit function continually reviews
the internal controls and systems and make
recommendations for improvement which
are reported to the Audit Committee.
Fair, Balanced and Understandable
The Directors have concluded that the Annual Report
and Consolidated Financial Statements, taken as a whole,
provide the information necessary for shareholders
to assess the Group’s and Company’s position and
performance, business model and strategy and is fair,
balanced and understandable. This assessment was
completed by the Audit Committee and the activities
undertaken in reaching this conclusion are outlined
on page 72.
Directors' Report 69Corporate Governance Report
On behalf of the Audit Committee,
I am pleased to present the Committee’s
report which provides an overview of
how the Committee operates, an insight
into the Committee’s activities during
the year and its role in ensuring the
integrity of the Group’s published
fi nancial information and the
eff ectiveness of its risk management
and internal control systems.
This is my fi rst report as your new Audit Committee
Chair and on behalf of the Committee, I wish to express
appreciation to my predecessor, Mr. Christopher Rogers,
for his outstanding leadership and dedication as Chair
of the Audit Committee until 31 October 2025. We look
forward to his continued input as a valued member
of the Committee.
Year In Review
Notably during the year, in line with the mandatory ten
year rotation requirements, the Committee carried out a
rigorous and competitive external audit tender process
which was conducted in line with the requirements of
the Audit Committees and the External Audit: Minimum
Standard. Following this process, the Board, on the
recommendation of the Committee, endorsed the
appointment of KPMG as the Group’s external auditor
for the fi nancial year ending 31 December 2026, subject
to approval at the 2026 AGM. The Committee also
acknowledged the strong performance and ongoing
support provided by PwC as external auditor over the
past ten years.
In addition, other key activities during the year included:
• monitoring the integrity of fi nancial and sustainability
reporting and formal announcements related to the
Group’s performance;
• reviewing and monitoring the eff ectiveness of the
Group’s risk management and internal control systems,
including oversight of the Group’s readiness to meet
the enhanced requirements under Provision 29 of the
2024 UK Corporate Governance Code;
• monitoring ongoing regulatory developments,
particularly those relating to sustainability reporting;
• monitoring the activities of, and reviewing the
eff ectiveness of, the Group Internal Audit function;
• reviewing and monitoring whistleblowing and fraud
procedures and reports raised; and
• conducting in person interactions with colleagues
from across the Group, including visits by the Audit
Committee Chair to sites in China, Malaysia and the
United States.
The Year Ahead
In 2026, the Audit Committee will continue to focus
on its core responsibilities, including the Group’s
fi nancial reporting and disclosure obligations, and
on monitoring the eff ectiveness of internal controls
and risk management processes, particularly in the
context of the new Provision 29 obligations.
The Committee will also continue to oversee the
induction of KPMG as the Group's external auditor
and ensure that the fi rst year of their transition to
this role is as seamless as possible.
I hope this report is useful and informative for
shareholders in understanding the activities of
the Committee.
Ms. Liz Hewitt
Chair of the Audit Committee
GOVERNANCE REPORT
Audit Committee Report
Where to fi nd out more
Membership
• The Committee currently comprises fi ve independent
non-Executive Directors; Ms. Liz Hewitt (Chair),
Mr. Christopher Rogers, Mr. Jinlong Wang, Mr. Michael
Kerr and Ms. Fiona Dawson. Details of their attendance
at all meetings can be found on page 66.
• Information on the skills and experience of Committee
members can be found on pages 42-45.
Responsibilities
• The Terms of Reference, which were reviewed and
updated during the year, are available in the
governance section of the Group's website kerry.com.
Directors' Report70 Audit Committee Report
Committee Governance
Committee Composition
The Committee, at the date of this report, comprises
five independent non-Executive Directors. Both the Chair,
Ms. Liz Hewitt, and Mr. Christopher Rogers are Fellows
of Chartered Accountants England and Wales and have
significant financial experience in several sectors. Both
they and Mr. Michael Kerr are considered to meet the
specific requirements for recent and relevant financial
experience as set out in the Code.
The Board is satisfied that Committee members
collectively, through their broad range of relevant skills,
experience and expertise, have competence relevant
to the sectors in which the Group operates.
The Chair of the Sustainability Committee is a member
of the Audit Committee to support alignment with the
work of that Committee in sustainability reporting.
Committee Performance Review
As outlined on pages 67-68, an externally facilitated
performance review of the Board and its Committees
took place in 2025. The outcome of the review is
that the Audit Committee is considered to be
operating effectively.
Committee Meetings
The Committee held six scheduled meetings during
the year with agendas structured to reflect the
financial reporting cycle and particular matters for
the Committee’s consideration. Regular attendees
at Committee meetings include, the Board Chair,
the CFO, the CEO, the Company Secretary, the Group
Financial Controller, the Group Head of Internal Audit
and Risk, and senior representatives of the external
auditor. The Group General Counsel, the Group Business
Integrity & Legal Operations Director and other
members of management also attend meetings as
and when required.
Additionally, at least once a year the Committee meets
privately with each of the Group Head of Internal Audit
and Risk, the external auditors and Executive Directors
individually to ensure the effective flow of material
information between the Committee and management.
The Committee Chair provides a written report to
the Board outlining the key issues discussed at
each meeting.
Financial and Sustainability Reporting
A key priority for the Committee during 2025 was
ensuring the integrity of the Group’s financial and
sustainability reporting. The Committee reviewed and
recommended the approval of interim and full year
financial and sustainability statements and associated
announcements. Key areas of focus included, but were
not limited to:
• reviewing the appropriateness and consistency
of accounting policies and practices;
• considering compliance with applicable financial
and sustainability reporting standards, corporate
governance requirements, recommendations of
the Task Force on Climate-related Financial
Disclosures (TCFD), as well as the clarity and
completeness of disclosures;
• considering the outcomes of the external auditors'
reporting and limited assurance procedures
over the Sustainability Statement; and
• discussing and constructively challenging
management on the significant areas of complexity,
judgement and estimation that had been applied
in the preparation of the Consolidated Financial
Statements in accordance with the accounting policies.
The Committee considered the impact of climate
change on the Group’s Consolidated Financial
Statements and agreed that the disclosures set out
within the Sustainability Statement are appropriate,
and that the assumptions used, are consistent with
these disclosures. In addition, the Committee, together
with senior management, considered the reporting
which formed the basis of the Sustainability Statement
disclosures and evaluated whether management
had made reasonable judgements, estimates and
assumptions to ensure compliance with the European
Sustainability Reporting Standards.
With the support of PwC as external auditor, the
Committee reviewed the suitability of the financial
accounting policies adopted and assessed whether
management have made appropriate judgements
and disclosures. The table on the following page sets
out the significant matters considered by the Committee
in relation to the Consolidated Financial Statements
for the year ended 31 December 2025.
As a result, the Committee believes that the methods
employed as well as the judgements, estimates and
assumptions made in compiling the financial and
sustainability reporting disclosures are reasonable
and appropriate.
Directors' Report 71Audit Committee Report
Going Concern and Viability Statements
The Committee assessed the effectiveness of the process
undertaken by management to evaluate going concern
and longer-term viability, which included reviewing and
challenging management’s assumptions and modelling of
projected cash flows and in particular, those related to the
current macroeconomic conditions and climate-related
risks, and their potential impact on future profitability
and liquidity. The Committee also considered the Group’s
financing facilities and future funding plans. Based on
this, the Committee confirmed there were no material
uncertainties that cast a significant doubt on the Group’s
or the Company’s ability to continue as a going concern
and therefore the application of the going concern basis
for the preparation of the financial statements continued
to be appropriate and recommended the approval of
the viability statement. For further details, including
assessment periods and scenarios, see pages 39-40 of
the Risk Management Report.
Fair, Balanced and Understandable
As in previous years, at the request of the Board,
the Committee undertook a thorough assessment of
the 2025 Annual Report to ensure that, taken as a whole,
it is fair, balanced and understandable, and provides the
information necessary for shareholders to assess the
Group’s and the Company’s position, performance,
business model and strategy.
In fulfilling this responsibility, the Committee
considered the following:
• the robust governance framework with well
documented planning and procedures for the
preparation of the report and the collaborative
approach across all those who contribute
to the report;
• the systematic approach to review and sign-off
carried out by senior management with a focus
on consistency and balance; and
• a detailed report from senior finance management
outlining the process through which they assessed
the narrative, sustainability and financial sections
of the 2025 Annual Report to ensure that the
criteria of fair, balanced and understandable has
been achieved.
Having considered the above, in conjunction with
the consistency of the various elements of the reports,
the narrative reporting and the language used, the
Committee provided a recommendation to the Board to
assist it in making the fair, balanced and understandable
statement required of it under the Code, which is set out
on page 69.
Risk Management and Internal Control
During the year, the Audit Committee supported
the Board in its duties to monitor and review, on an
ongoing basis, the effectiveness of the Group’s risk
management and internal control systems, including
financial reporting, operational and compliance controls,
to ensure that they remain robust. An overview of the
Group’s risk management framework and approach to
risk management is set out on pages 31-38.
Throughout the year, the Committee reviewed,
discussed, and, where appropriate, challenged
the following:
• the comprehensive assessment of the Group’s
principal and emerging risks (including ESG risks),
Impairment
of Goodwill
and Indefinite
Life Intangible
Assets
Goodwill and indefinite life intangible assets, as disclosed in note 13 to the
Consolidated Financial Statements, represent the largest number on the Group
balance sheet at €4.7 billion. The Committee considered the process to complete
the annual impairment review of the Group’s goodwill and indefinite life intangible
assets and, specifically, the assumptions used for the future cash flows, discount
rates, terminal values and growth rates. This included consideration of the
impact of climate change and other external and macroeconomic risks on such
assessment, in addition to consideration of the sensitivity analysis run by
management. Following discussions with senior management and the external
auditor, the Committee concluded that the methodology used for the above
valuation and annual impairment review is appropriate and no impairment
was identified.
Taxation Significant judgement and estimation is required when arriving at the Group’s
tax charge and liability. The Committee, in conjunction with tax professionals,
reviewed and discussed the basis for the judgements in relation to uncertain tax
positions and challenged management on their assertions, and also considered
the outcome of the external auditors’ review of the tax charge and liability. As a
result, the Committee believes the impact of uncertain tax positions has been
appropriately reflected in the tax charge and liability.
Significant Areas of Focus
Directors' Report72 Audit Committee Report
as described on pages 32-38, and the determination
of risk appetite for each of these risks as described
on page 32;
• deep dive presentations received from senior
executives on a selection of principal risks, which
included digital, cybersecurity and ICT resilience,
supply chain and operational resilience, regulatory
and taxation;
• findings from internal investigations related to
fraud or other control matters together with the
plans to address and remediate the issues identified;
• updates from the General Counsel and the Business
Integrity & Legal Operations Director in relation
to the Group’s business integrity programme; and
• the results of the Kerry Control Self-Assessment
(the internal control self-assessment review of key
finance, operational and compliance controls) which
concluded that the controls are operating effectively.
The Committee also received and reviewed a
comprehensive report from the Head of Internal
Audit and Risk setting out the Group’s risk management
and internal control framework. The report outlined
how the framework complies with the FRC Guidance
on Risk Management, Internal Control and Related
Financial and Business Reporting and incorporated all
material financial, operational and compliance controls.
This assessment enabled the Committee to evaluate
the effectiveness of the Group’s overall risk management
and internal control environment and to consider
areas for continued enhancement.
At each meeting during the year, management
provided the Committee with updates on its ongoing
work programme related to material controls and
assurance which is overseen by the Group’s Risk
Oversight Committee. Provision 29 of the 2024 UK
Corporate Governance Code is effective for the
Group from 1 January 2026 and the Committee,
through its oversight of this work, is confident that
the Group is well placed to effectively report under
the new requirements.
Based on the above and on our other activities, including
consideration of the work of internal and external audit,
the Audit Committee is satisfied that the Group’s risk
management and internal control systems operated
effectively during the year.
Internal Audit
The Audit Committee is responsible for monitoring
and reviewing the operation and effectiveness of the
Group Internal Audit function including its focus,
plans, activities and resources. To fulfil these duties
the Committee:
• reviewed and approved the Internal Audit charter;
• considered and approved the 2025 risk-based audit
work plan and budget, and received regular updates
during the year on delivery against the function’s
three-year strategy;
• assessed and is satisfied that the competencies,
experience, and level of resources within the
Internal Audit team are adequate to achieve
the proposed plan;
• assessed the role and effectiveness of Internal
Audit in the overall context of the Group’s risk
management framework and is satisfied that the
function has appropriate standing within the Group;
• reviewed and discussed quarterly update reports
from the Head of Internal Audit and Risk on progress
against the 2025 plan, and on any significant control
or compliance issues identified, and the status of
management’s actions to remediate these issues;
• ensured that the Head of Internal Audit and Risk
had regular meetings with the Chair of the Audit
Committee and the Committee met with the Head
of Internal Audit and Risk, without management
present, to facilitate open dialogue; and
• ensured that the Head of Internal Audit and Risk
has access to the Chair of the Board if required.
In order to comply with the Global Internal Audit
Standards (GIAS) requirements of the Chartered
Institute of Internal Auditors (CIIA), an External Quality
Assessment (EQA) by a qualified, independent body
is conducted at least once every five years. The most
recent EQA was performed in 2022, and the next review
will be completed in 2027. On an annual basis, to ensure
ongoing compliance with the GIAS, the Group Internal
Audit function has an internal quality assessment
programme in place, the results of which are reported
to the Audit Committee.
On the basis of the above, the Committee concluded
that for 2025 the Group Internal Audit function operated
effectively and is satisfied that the quality, experience and
expertise of the function is appropriate for the Group.
External Auditor
On behalf of the Board, the Committee oversees the
relationship with, and performance of, the external
auditor, including recommendations to the Board
on their appointment, re-appointment, and removal,
assessing their independence and effectiveness,
and approving the audit fee. During the year, the
Committee ensured that the external auditor had full
access to Company staff and records and met with the
external auditor without management present to
discuss any issues that may have arisen, while actively
encouraging constructive challenge throughout. In
addition, the Committee Chair meets with the external
auditor on a regular basis.
Directors' Report 73Audit Committee Report
Independence and Provision of Non-Audit Services
PwC confirmed to the Audit Committee that they are
independent from the Group under the requirements
of the IAASA Ethical Standard for Auditors. PwC were
appointed as statutory auditors for the Group for the
financial year ended 31 December 2016, after the
tender process undertaken in 2015. Paul Barrie, who
was appointed in July 2023, continued as the lead
engagement partner at PwC.
In order to ensure full adherence to EU Audit Reform
requirements, as transposed into Irish legislation,
including the obligation to rotate the external auditor
at intervals not exceeding ten years, we completed an
external audit tender process during 2025, the details
of which are outlined on page 75.
In accordance with the Group’s policy on the hiring
of former employees of the current external auditor,
the Committee reviews and approves any senior
managerial appointments of individuals who were
employed by the external auditor within the
previous three years.
A formal policy governing the provision of non-audit
services by the external auditor is in place and is
reviewed and approved by the Audit Committee
annually. The policy outlines the services which can
be provided by the external auditor, the relevant
approval process for those services, and those services
which the external auditor is prohibited from providing.
In 2025, all non-audit services and fees as outlined in
note 3 to the financial statements, which were minimal,
were approved by the Committee in line with the policy.
Having considered all the above, the Committee concluded
that the Group’s external auditor is independent.
Effectiveness
The Audit Committee is committed to ensuring that
the Group receives a high-quality and effective external
audit. The Committee assesses the effectiveness of
the external auditor throughout the year, taking into
account its independence, objectivity and professional
scepticism, informed by the Committee’s own
interactions with the auditor, feedback from
management, and consideration of how effectively
the agreed audit plan and strategy are delivered.
In assessing the effectiveness of the external auditor,
the Committee considered the following:
• the quality of presentations and technical insights
provided to the Board and Audit Committee;
• their clear understanding of the Group’s
business and key risks; and
• their demonstration of appropriate professional
scepticism and the level of challenge to
management throughout the audit process.
At the April 2025 meeting, the Committee discussed
a detailed external audit effectiveness assessment
prepared by management. The evaluation considered
four key elements: skills, character and knowledge;
mindset and culture; quality control; and judgement.
Consistent with the guidance set out in the Audit
Committees and the External Audit: Minimum
Standard and the FRC’s Audit Quality Practice Aid
the assessment was informed by Committee and
management questionnaires, as well as additional
sources, including interactions with management
and key Company personnel, the most recent PwC
Transparency Report and the 2024 IAASA Quality
Assurance Review of PwC. Management concluded,
and the Committee supported this conclusion,
that the audit process had been effective, and
PwC continued to demonstrate independence,
objectivity and an appropriate level of
professional scepticism throughout the process.
Based on the output of management’s review and
the Committee’s ongoing monitoring throughout
the audit cycle, the Committee is satisfied with
the effectiveness of PwC as external auditors for
the financial year ended 31 December 2025.
External Audit Tender
The Committee's report in 2024 noted, in compliance with
mandatory rotation requirements, a new external auditor
would be appointed for the audit of the sustainability and
financial statements for the year ending 31 December
2026, upon the completion of PwC’s ten year term.
The audit tender process was led by the Audit Committee
Chair with all members appropriately involved and fully
briefed throughout. In establishing the process, the
Committee applied robust oversight measures to ensure
full compliance with the Audit Committees and the
External Audit: Minimum Standard. Clear and objective
criteria for assessing success were determined and
approved by the Committee. The criteria included the
expertise of the proposed global audit teams, audit
methodology and the use of audit technologies.
The process also included a review of each firm’s latest
IAASA Quality Assurance Review, an assessment of
potential conflicts of interest and independence, and
the identification of key individuals with the requisite
skills and experience to serve as potential lead partners.
The audit fee was not a factor in recommending one firm
over the other. The key steps undertaken in the tender
process are set out in the table across.
After careful deliberation, the Committee recommended,
and the Board endorsed, the recommendation to
appoint KPMG as the Group’s external auditor for the
financial year ending 31 December 2026. A resolution
will be put to shareholders at the 2026 AGM to approve
this appointment. As part of the tender process,
feedback was provided to all participating firms.
The lead audit partner for KPMG on appointment will
be Mr. Barrie O’Connell. A transition plan has been
agreed and is being overseen by the Audit Committee
to ensure that KPMG operate effectively from the
commencement of their appointment. The plan includes
confirmation of auditor independence, a review of
non-audit services, engagement with management,
attendance at Audit Committee meetings, and
shadowing PwC’s work on the 2025 audit.
Directors' Report74 Audit Committee Report
Tender Process
December 2024
to January 2025
Preparation of a detailed project
plan and review of the audit
market, including non-Big Four
firms, to determine their minimum
capability and capacity
requirements.
February 2025 Invitation sent to all participating
firms, to tender. Participating
firms confirmed intention to
submit a proposal.
March 2025 Established clear and objective
assessment criteria, issued a
request for proposal, provided
access to a data room for
information sharing, and
conducted a series of
management meetings
with participating firms.
April to May 2025 Firms submitted written proposals
for evaluation which were
reviewed prior to holding
meetings with the shortlisted
audit firms.
June 2025 Proposals and outcome of
meetings considered by the Audit
Committee with subsequent
recommendation to the Board.
July to December
2025
Ongoing Audit Committee
oversight of transition plan.
Directors’ Compliance Statement
During the year, the Audit Committee reviewed the
appropriateness of the Directors’ Compliance Policy
Statement and discussed the outcomes of a report
received from senior management on the review
undertaken during the financial year of the
compliance structures and arrangements in place
to ensure the Company’s material compliance with
its relevant obligations. Based on this review, the
Committee confirmed to the Board that in its
opinion the Company is in material compliance
with its relevant obligations.
Whistleblowing and Fraud
The Board has delegated responsibility to the
Audit Committee to ensure that the Group maintains
effective whistleblowing arrangements for its workforce
and third parties. Details of these arrangements are
outlined in the Corporate Governance Report on page 65
and are also described in our Code of Conduct, which is
available from the Group’s website kerry.com. During
the year, based on comprehensive reports received from
the Group Legal function, the Committee examined and
discussed reported concerns across various dimensions
including location, nature of concern and the outcomes
of investigations. The review also considered corrective
actions implemented to strengthen processes based on
lessons learned.
At the December 2025 Audit Committee meeting,
the Committee reviewed the Group’s Anti-Fraud
programme and discussed ongoing enhancements
to the Group’s procedures for fraud prevention and
detection which are managed by the Group Internal
Audit function. In addition, during the year the
Committee received detailed reports, where required,
on instances of fraud perpetrated against the Group and
were satisfied with the actions taken by management both
to pursue the perpetrators and to prevent recurrence.
On the basis of the above, the Audit Committee
concluded, and confirmed to the Board, that it was
satisfied that the Group’s whistleblowing and fraud
prevention and detection procedures were adequate and
allow for the proportionate and independent investigation
of such matters and appropriate follow up action.
Directors' Report 75Audit Committee Report
On behalf of the Governance and
Nomination Committee, I am pleased
to present our report for the year
ended 31 December 2025. This report
sets out the Committee’s main areas
of focus over the past fi nancial year.
The Committee is responsible for evaluating the
structure, size, composition and successional needs
of the Board and its Committees. Additionally, the
Committee is responsible for monitoring corporate
governance developments.
A Year In Review
During the year under review, the Committee continued
to lead the Board refreshment process, ensuring that the
composition of the Board and its Committees have the
appropriate balance of skills, knowledge, experience,
diversity and independence. To support this, the
Committee engaged with independent external search
consultants to identify an appropriate pipeline of new
independent non-Executive Directors to fi ll vacancies
on the Board as they arise.
I have served just over 10 years as a Director, including
four years as Chair, and in line with the Provisions of the
2024 UK Corporate Governance Code, will not seek
re-election at the 2026 AGM. A sub-committee of the
Board, led by Mr. Christopher Rogers as Senior
Independent Director, and supported by independent
advisors, undertook a formal and extensive succession
process which considered internal and external
candidates. Following the conclusion of the process,
Ms. Fiona Dawson was appointed as Chair Designate
and, subject to shareholder approval, will assume the
role of Board Chair at the conclusion of the 2026 AGM.
An externally facilitated performance review of the
Board and its Committees was conducted, the outcome
of which concluded that the Board and its Committees
are operating eff ectively.
The Committee also oversaw senior leadership
development and succession planning whilst having
regard to diversity below Board level and taking account
of business growth and geographic expansion.
During 2025, the Committee reviewed the Company’s
corporate governance policies and processes in the
context of the 2024 UK Corporate Governance Code and
ensured that the Company complied with the Provisions
of the new Code which took eff ect from 1 January 2025,
and is adequately prepared for the implementation
of Provision 29 of the Code which takes eff ect from
1 January 2026.
The Year Ahead
The Committee’s priorities for 2026 will continue to focus
on Board and Committee refreshment, taking account
of the skill sets required and planned retirements.
The Committee will ensure that senior management
development and succession planning can support the
delivery of Group strategy and will also continue to focus
on diversity and inclusion in the wider workforce.
In addition, the Committee will keep up to date with
evolving corporate governance requirements.
Tom Moran
Chair of the Governance
and Nomination Committee
Where to fi nd out more
Membership
• The Committee currently comprises four
independent non-Executive Directors; Mr. Tom Moran
(Chair), Mr. Christoper Rogers, Ms. Emer Gilvarry,
and Mr. Michael Kerr. Details of their attendance at
all meetings can be found on page 66.
• Information on the skills and experience of all
Committee members can be found on pages 42-45.
Responsibilities
• The Terms of Reference are available in the
governance section of the Group's website kerry.com.
GOVERNANCE REPORT
Governance and Nomination Committee Report
Directors' Report76 Governance and Nomination Committee Report
Board Refreshment Policy
On an ongoing basis, the Governance and Nomination
Committee reviews and assesses the structure, size,
composition, diversity and overall balance of the
Board and makes recommendations to the Board
regarding refreshment.
Appointments to the Board are for an initial three-year
term, subject to shareholder approval and annual
re-election, after consideration of an annual performance
review and statutory provisions relating to the removal
of a Director. The Board may appoint such Directors for
a further term not exceeding three years and may
consider an additional term if deemed appropriate.
During the year, the Chair conducted a rigorous
review of all other non-Executive Directors as part of
the Board performance review process, considering
the need for progressive refreshment of the Board.
The Board explains to shareholders, in the papers
accompanying the resolutions to elect and re-elect the
non-Executive Directors, why it believes each individual
Director should be re-elected based on the results of the
formal performance review. Details of Board refreshment
activities during the year are outlined on pages 79-81.
Governance and Nomination
Committee Advisors
The Governance and Nomination Committee is
authorised to appoint external advisors and Korn Ferry
assisted the Committee with Board refreshment during
2025. Korn Ferry also provides leadership and talent
consulting services to the Group through a separate
part of their business. They do not have any other
connections with the Group or with any of the individual
Directors that may impair their independence.
Nomination Process
There is a formal, rigorous and transparent procedure
when appointing new Directors to the Board. Details
of this process are outlined in the Governance in Action
table below.
The Committee also makes recommendations to the
Board concerning the re-appointment of any non-
Executive Director at the conclusion of their specified
term and the re-election of all Directors at the AGM.
The terms and conditions of appointment of non-
Executive Directors are set out in formal letters of
appointment, which are available for inspection at the
Company’s registered office during normal office hours
and at the AGM.
Governance in Action (example)
Non-Executive Director Appointment
The key stages of the nomination process for Directors are outlined below.
1. Assessment
The Committee assesses the skill set, knowledge, experience and diversity on the
Board, the requirements to meet the Group’s future growth plans, together with
the planned retirements from the Board in the future.
2. Requirement
The Committee prepares a detailed role profile; identifying the need for a new
non-Executive Director with a particular skill set and experience based on a review
of the Board’s Skills and Experience matrix. The Committee also considers the
Board’s commitment to promote diversity, inclusion and equal opportunity.
3. Search
The Committee instructs external search consultants to conduct a search for an
appropriate candidate for appointment to the Board based on the profile and
skill set requirements agreed by the Committee.
4. Screening
The Committee assesses a long list of candidates identified by the external
search consultants who meet the criteria.
5. Interview
A shortlist of potential candidates are interviewed by the external search
consultants, the Chair, the Committee and the Chief Executive Officer.
6. Approval
A formal recommendation is made by the Committee to the Board proposing
the appointment of the successful candidate. The Board approves the
appointment if the candidate has a balance of skills, knowledge and experience
that matches the requirements set. Appointment terms are drafted and agreed
with the successful candidate. In accordance with the Articles of Association
all newly appointed Directors are subject to election at the AGM following
their appointment.
Directors' Report 77Governance and Nomination Committee Report
Succession Planning
The Governance and Nomination Committee reviews
the succession plans for the Board and its Committees
on an ongoing basis to ensure an orderly refreshment
of membership, taking into account Group strategy,
challenges and opportunities facing the Group and
the skills, knowledge and experience required of
Board members.
The Committee also reviews succession plans for senior
leadership, which forms part of the Group’s overall
annual approach to succession planning and agrees
these with the Chief Executive Officer before they are
presented to the Board. The succession planning process
includes defining success criteria for key roles, identifying
and evaluating candidate pools and aligning successor
development activities with individual and business
needs to ensure leadership continuity and to strengthen
the quality of the leadership succession pipeline.
This process is fully documented and monitored
throughout the year in conjunction with the Committee.
Details of succession planning activities during the year
are outlined in Our People on page 14.
Corporate Governance Developments
During 2025 the Committee continued to monitor and
review existing and evolving corporate governance
requirements and ensured that Board and Committee
agendas were appropriately drafted to address same.
Diversity, Inclusion and Belonging Policy
At Kerry we strive to ensure that we reflect the
communities in which we operate across the globe.
We embrace, celebrate and harness our differences,
seeking to foster an inclusive and supportive work
environment which is positive and productive, and
respectful of everyone.
We recognise the value that different perspectives and
cultures bring to Kerry and encourage individuals to fully
participate and contribute meaningfully to the overall
success of the Group.
The Group’s Diversity, Inclusion and Belonging Policy
is an integral part of the Group’s Code of Conduct
ensuring that diversity and inclusion are embedded
in Kerry's core values.
Within this, the Group seeks to recruit and retain the
best talent from varied backgrounds who bring the
skills and experience necessary to drive innovative
thinking to enable Kerry to maintain a sustained
competitive advantage.
The Board believes in the benefits of having a diverse
Board and the value that it can bring to its effective
operation. In accordance with the Board and Board
Committee Diversity, Inclusion and Belonging Policy,
differences in background, gender, skills, experiences,
nationality, ethnicity and other attributes are considered
in determining the optimum composition of the Board
and its Committees with the aim being to achieve an
appropriate balance of different views and perspectives.
All Board appointments are made on merit, with due
regard to diversity.
The Board currently has a 50% female representation.
Diversity at Board level in terms of gender, nationality
and ethnic background have all improved in recent years.
In line with this policy, and UK Listing Rule requirements,
the Board is committed to maintaining a minimum of 40%
female representation on the Board. The Board has an
ambition to increase the representation of members
with diverse backgrounds such as nationality, ethnicity
and other attributes and to have an appropriate
representation on each of its Committees. As at
31 December 2025 and the date of this report, the
Company has met the UK Listing Rule requirements in
relation to Board diversity, as at least 40% of the Board
members are women, at least one of the senior Board
positions is held by a woman and at least one Board
member is from an ethnic minority background.
In reviewing Board composition and agreeing a job
specification for new non-Executive Director
appointments, the Committee considers any legal
obligations the Company has as well as the benefits of
all aspects of diversity including, but not limited to, those
described above, to make appointments that complement
the range and balance of skills, knowledge and
experience on the Board. As part of the identification
process, external search consultants present a list of
potential candidates who meet the stated specification
requirements, for consideration by the Committee.
The Board monitors the diversity profile of senior
leadership teams to ensure that internal candidate
pools better reflect the broader mix of capabilities and
cultures within the Group and take account of business
growth, geographic expansion and any relevant local
legal obligations. The Group is committed to continuing
to strengthen the diversity profile in its senior leadership
roles, building on the progress made to date in achieving
its 2025 goal of 35% female representation in senior
leadership roles.
Further details of the Group’s approach to Diversity,
Inclusion and Belonging, including our broader
organisational goals focused on building an inclusive
and diverse workplace, are outlined in our Sustainability
Statement on pages 154-166 and in Our People on
page 13.
Directors' Report78 Governance and Nomination Committee Report
A summary of the Group’s current position relating to Board and Executive Management diversity, in line with the UK
Listing Rule requirements, is provided in the table below:
Disclosure Table in the Format Prescribed by the UK Listing Rules
Number of
Board
Members
Percentage
of the Board
Number of senior
positions on the
Board (CEO, CFO,
SID and Chair)
Number in
Executive
Management
Percentage of
Executive
Management
Gender identity of sex
Men 6 50% 3 11 73%
Women 6 50% 1 4 27%
Not Specified/prefer not to say
_ _ _ _ _
Diversity of ethnicity
White British or other White (Including
minority-white Groups)
11 92% 4 15 100%
Mixed/Multiple Ethnic Groups
_ _ _ _ _
Asian/Asian British 1 8%
_ _ _
Black/African/Caribbean/Black British
_ _ _ _ _
Other Ethnic group, including Arab
_ _ _ _ _
• The reference date for the disclosures in this table is 31 December 2025. There has been no change in the data disclosed since that date.
• For the purpose of this disclosure Executive Management represents the Executive Leadership Team and the Company Secretary.
• The data in the table above was collected on the basis of self-reporting by the individuals concerned. When providing the data, the individuals
were asked to select the gender and ethnicity background applicable to them by selecting from the list in the table above.
Summary of non-Executive Directors skills and experience
1
1 This disclosure addresses ESRS 2 GOV-1 21 c, for the year ended 2025 and 2024, as referenced in the Sustainability Statement on page 182
– subject to limited assurance.
Changes to the composition of the Board and its Committees for the year ended 31 December 2025
Ms. Liz Hewitt
Mr. Gerry Behan
Appointed as Chair of the Audit Committee on 31 October 2025.
Retired as a Director on 31 December 2025.
Corporate Development & M&A
Sustainability
Board & Governance
Financial & Risk Management
Science, Technology & Innovation
Food & Beverage Industry
International Markets
Legal & Regulatory
Directors' Report 79Governance and Nomination Committee Report
On the Committee’s agenda in 2025
Subject Committee Activities
Board Size and
Composition
In 2025, as part of its remit, the Committee considered the size and composition
of the Board and concluded that both were appropriate given the Group's strategy,
size and geographical spread. On 31 December 2025, the Board comprised 12
members following the retirement of Mr. Gerry Behan on that date. The Committee
will continue to consider both Board size and composition during 2026, taking account
of planned retirements.
Chair
Succession
Mr. Tom Moran, who has served 10 and a half years as a Director and four of those years
as Board Chair, will not seek re-election at the 2026 AGM.
A separate sub-committee of the Board chaired by Mr. Christopher Rogers conducted
a formal process to identify and recommend a candidate to succeed Mr. Moran. The
sub-committee engaged Korn Ferry to assist in the process. Following the conclusion of
this process, the sub-committee recommended the appointment of Ms. Fiona Dawson
as Chair Designate, and this was endorsed by the Board at its meeting in February 2026.
She will assume the role of Board Chair at the conclusion of the AGM on 30 April 2026
and will be independent on appointment.
Board
Refreshment
Mr. Gerry Behan retired from the Board on 31 December 2025 after forty years
of service with the Group.
Mr. Patrick Rohan, having served over three years on the Board, will retire as a
non-Executive Director at the conclusion of the AGM to be held on 30 April 2026
and will not seek re-election.
The Committee engaged Korn Ferry during the year to identify an appropriate
pipeline of new independent non-Executive Directors to fill vacancies on the Board
as they arise.
Committee
Refreshment
As part of the Group’s ongoing Committee refreshment programme, Ms. Liz Hewitt,
on the Committee's recommendation, succeeded Mr. Christopher Rogers as Chair of
the Audit Committee on 31 October 2025. Mr. Rogers continues to be a member of
the Audit Committee. There were no other changes to the composition of the Board
Committees during year.
Following the appointment of Ms. Fiona Dawson as Board Chair, and the planned
retirement of Mr. Patrick Rohan as a Director, both of which will occur at the conclusion
of the AGM to be held on 30 April 2026, the Board, on the recommendation of the
Committee, has agreed to the following changes in Committee composition, both
of which will also take effect at the conclusion of the 2026 AGM:
Ms. Fiona Dawson will be appointed as Chair of the Governance and Nomination
Committee and will resign as a member of the Audit Committee.
The key activities of the Committee throughout the year are detailed below:
Directors' Report80 Governance and Nomination Committee Report
Subject Committee Activities (Cont.)
Following these changes the composition of the Board Committees will be as follows:
Governance and Nomination Committee: Ms. Fiona Dawson (Chair), Mr. Christopher
Rogers, Ms. Emer Gilvarry and Mr. Michael Kerr.
Remuneration Committee: Ms. Emer Gilvarry (Chair), Mr. Christopher Rogers,
Ms. Fiona Dawson and Mr. Michael Kerr.
Audit Committee: Ms. Liz Hewitt (Chair), Mr. Christopher Rogers, Mr. Michael Kerr
and Mr. Jinlong Wang.
Sustainability Committee: Ms. Fiona Dawson (Chair), Dr. Genevieve Berger and
Prof. Catherine Godson.
The Committee will continue to consider the role and composition of each
committee in 2026.
Re-appointment
of non-Executive
Directors
During the year, Mr. Christopher Rogers completed his current term of appointment
as a non-Executive Director. Following a rigorous review of his skills, knowledge,
experience and independence, the Board, on the recommendation of the Committee,
agreed that he continues to be effective and independent and makes a valuable
contribution to the Board, and re-appointed him to serve an additional term.
Board and
Committees
Performance
Reviews
As outlined in detail on pages 67-68, an externally facilitated performance review
of the Board and its Committees took place in 2025 in line with the provisions of
the 2024 UK Corporate Governance Code.
The Committee considered the outcome of this review. Each recommendation
was assessed, and an action plan was developed to address areas for potential
improvement. These recommendations will be reviewed and considered by the
Committee in 2026. The conclusion from the performance review, is that the
Board and its Committees are operating effectively.
Senior Leadership
Development and
Succession
During the year, the Committee reviewed senior leadership development
and succession plans to ensure the appropriate level of skills and diversity
will exist to support the delivery of the Group’s strategy.
Terms of
Reference
During the year, the Committee reviewed and updated its Terms of Reference.
A copy of these terms is available on the Group’s website kerry.com.
Directors' Report 81Governance and Nomination Committee Report
The Sustainability Committee
supports the Board by overseeing
the development and implementation
of the Group’s Beyond the Horizon
sustainability strategy as well as
reviewing performance versus agreed
sustainability-related commitments.
A Year In Review
As Chair of the Sustainability Committee, I am pleased
to provide an overview of the Committee’s main areas
of focus for the year ended 31 December 2025.
As we arrive at the midpoint of our 2030 Beyond the
Horizon sustainability strategy, Kerry now reaches 1.46bn
people with positive and balanced nutrition solutions as
we continue to support our customers in improving the
nutritional profi le of their products. Our Scope 1 and 2
carbon emissions have decreased by 52% and the food
waste reduction across our operations was 54% lower
versus our base year.
During the year we took the time to review and refresh
our strategy, including the commitments therein.
Refl ecting on our performance and progress to date
we are reaffi rming our commitment to deliver better
nutrition for consumers, enabling this through
sustainable innovation while helping to reduce the
environmental impact of food production across
the value chain.
I am pleased to share that during 2025 the Group
received the following external endorsements:
• Science Based Targets initiative (SBTi) approval for
our net zero target and interim targets to 2030; and
• Leadership-level ratings from CDP across Climate
Change, Forest and Water Security, in recognition
of our approach to addressing climate and nature-
related impacts, risks and opportunities.
Following the annual review of the double materiality
assessment, the Committee discussed and approved the
sustainability material topics for 2025, with the addition
of one new topic and refi nement of the recurring topics.
Refer to our Sustainability Statement on pages 123-125
for more information.
The Committee continued to monitor developments
in the evolving regulatory landscape and in conjunction
with the Audit Committee, reviewed and approved
the sustainability-related reporting in the 2025
Annual Report.
Finally, I would like to take this opportunity to thank the
members of the Committee for their input and support,
along with the Executive and all Kerry employees for their
contribution to our sustainability achievements to date.
I look forward to furthering our progress in 2026.
Fiona Dawson
Chair of the Sustainability Committee
GOVERNANCE REPORT
Sustainability Committee Report
Where to fi nd out more
Membership
• The Committee currently comprises four
independent non-Executive Directors;
Ms. Fiona Dawson (Chair), Dr. Genevieve Berger,
Prof. Catherine Godson and Mr. Patrick Rohan.
Details of their attendance at all meetings can
be found on page 66.
• Information on the skills and experience of all
Committee members can be found on pages 42-45.
Responsibilities
• The Terms of Reference are available in the
governance section of the Group's website kerry.com.
Where to fi nd more detail
• More detail on Kerry's Sustainability performance
is available in the Sustainability Statement on
pages 117-192.
Directors' Report82 Sustainability Committee Report
On the Committee’s agenda in 2025
Subject Committee Activities
Oversight of
the Group’s
Sustainability
Strategy
The Committee oversaw and provided guidance and input to the midpoint review and
refresh of the Group’s Beyond the Horizon sustainability strategy, having monitored the
implementation and progress to date. The Committee was supported in this work by
the Sustainability Executive Committee, whose members are invited to the Committee
meetings to share their expertise across key topics.
Performance Versus
Sustainability
Commitments
The Committee monitored progress against the commitments and targets
included in the Group’s Beyond the Horizon sustainability strategy and provided insight
and feedback as appropriate.
Sustainability
Reporting
The Committee, in conjunction with the Audit Committee, considered and approved
the sustainability-related reporting in the 2025 Annual Report.
Regulatory
Developments
The Committee monitored regulatory developments including horizon scanning for
future legislation and reporting requirements. The Committee approved the refresh
of the sustainability material topics for 2025 arising from the annual review of the
double materiality assessment.
Climate
and Nature
The Committee discussed and approved the material climate-related risks and
opportunities facing the Group and received confirmation that our net zero target
and interim targets to 2030 have been independently verified by the SBTi. The
Committee considered the Group’s nature assessment and the interrelationship
with climate change, acknowledging the strategic levers through which potential
risks and opportunities can be effectively managed.
Committee Training Training materials continue to be shared with the Committee for their general
update on sustainability matters as relevant to Kerry.
Committee
Performance
Review
As outlined on pages 67-68, an externally facilitated performance review
of the Board and its Committees took place in 2025. The outcome of the review is
that the Sustainability Committee is considered to be operating effectively.
Stakeholder
Engagement
The Committee considered important updates on shareholder feedback in relation
to sustainability-related topics and took these into account as we made decisions
during the year, for example when considering the refresh of our Beyond the
Horizon strategy and our nature assessment. The Committee discussed Kerry’s
participation in and engagement with customers during Climate Week in New
York, where Kerry reinforced its leadership in sustainable nutrition while
contributing to the discussion on the future of food.
Terms of Reference During the year, the Committee reviewed and updated its Terms of Reference. A copy
of these terms is available on the Group’s website kerry.com.
The key activities of the Committee throughout the year are detailed below:
Directors' Report 83Sustainability Committee Report
GOVERNANCE REPORT
Remuneration Committee Report
SECTION A
Chair’s Annual Statement
Dear Shareholder,
On behalf of the Remuneration
Committee, I am pleased to present
the Remuneration Committee Report
for the year ended 31 December 2025
which contains:
• The current Directors’ Remuneration Policy, which
was approved at the AGM on 2 May 2024; and
• The annual Remuneration Report, describing how
the Remuneration Policy has been put into practice
in 2025 and how it will be implemented in 2026.
Context for Remuneration
Decisions in 2025
2025 represented another important year for Kerry,
following the successful completion of the Kerry Dairy
Ireland divestment at the end of 2024, fi rmly
establishing Kerry as a pure-play taste and nutrition
company. In a year characterised by challenging
macro-economic conditions and soft consumer demand,
our Executive Directors have successfully led the Group
through continued market volume outperformance,
while advancing our strategic agenda.
Throughout 2025, we took important strategic steps
to deepen our capabilities and better position Kerry
for future success, in a continually evolving marketplace.
These actions included further investment in our broader
technology platforms, including biotechnology,
fermentation and taste, while expanding our capacity
in emerging markets. Together, these developments
further strengthen Kerry’s position as a dedicated and
deeply focused provider of taste and nutrition solutions
for our customers.
We could not have achieved this without the continued
and excellent leadership of our Executive Directors,
supported by our leadership teams and colleagues
across the business. Their commitment, agility and focus
have been vital in navigating ongoing external pressures
and advancing our long-term strategy.
Supporting our Colleagues
Throughout 2025, the Committee continued to
maintain a focus on our wider workforce. In the 2024
Remuneration Report, we outlined the targeted actions
taken to support our people. We have continued to
build on these actions in 2025, through the additional
measures and benefi ts highlighted below:
• Following on from a very successful Phase 1 and
2 launch, we expanded our award winning global
employee share plan ('OurShare'), to 25 additional
countries in 2025. Now live in 49 countries,
OurShare reaches 99.5% of colleagues, with full
global coverage targeted for 2026. One in six
colleagues are now shareholders and own part of
Kerry and, in 2025, we celebrated the fi rst vesting
of matching shares for colleagues who joined in
the plan’s fi rst phase implementation in 2023.
Where to fi nd out more
Membership
• The Committee currently comprises four
independent non-Executive Directors;
Ms. Emer Gilvarry (Chair), Mr. Christopher Rogers,
Ms. Fiona Dawson and Mr. Michael Kerr. Details
of their attendance at all meetings can be found
on page 66.
• Information on the skills and experience of all
Committee members can be found on pages 42-45.
Responsibilities
• The Terms of Reference are available in the
governance section of the Group's website kerry.com
Directors' Report84 Remuneration Committee Report
• We continued our partnership with the Fair Wage
Network, and following an independent assessment
process, we are proud to have been formally
accredited as a living wage employer across Europe,
North America, and LATAM, covering approximately
13,500 of our colleagues (approx 70% of our total
employee population). This represents a significant
milestone in strengthening fairness, wellbeing and
responsible pay practices across our organisation.
A full review is already underway in our APMEA
region, as we progress toward global accreditation.
• We strengthened leadership wellbeing by continuing
the rollout of our Emotional Wellbeing Programme
across all regions. We redesigned the programme
in 2025 to tailor content for senior leaders and
managers, ensuring greater relevance and impact.
• We deepened a culture of recognition through our
global Inspiring People programme, with over 12,000
recognition moments recorded in 2025. This
programme enables individuals and teams to be
recognised and celebrated for role modelling the
Group’s core values. The actions of the 25 global
finalists, celebrated at our annual awards hosted by
the Executive Leadership team in October, showcased
the Group’s culture at its best and demonstrated to
the Board the great progress that is being made on
embedding the desired culture across the organisation.
From a pay perspective, salary increases for the wider
workforce in 2026 will again be aligned to market
movements on a country-by-country basis. We continue
to have flexibility in our pay review process to facilitate
higher increases for lower-paid positions and to allow
for more frequent reviews in inflationary economies.
Remuneration Policy
2025 was the second year of operation of our current
Remuneration Policy, which is outlined in Section C on
pages 90-96. This Policy was approved by shareholders
at the 2024 AGM and provides the framework for
remuneration decisions made by the Committee
for the three-year period 2024 to 2026.
The Committee is confident that the Group’s
Remuneration Policy is aligned with shareholder
interests, promotes long-term sustainable success
and is in line with applicable market best practice.
Furthermore, it ensures that Executive Director
remuneration is aligned with the Group’s purpose
and values and can be clearly linked to the successful
delivery of the Group’s strategy and medium-term
financial targets.
The Committee is satisfied that the Policy has operated
as intended and that no changes are required to the
Policy, or its operation, for 2026.
Consistent with our three-year review cycle, the
Committee will undertake a full review of the Policy
in 2026 to ensure it remains appropriate and continues
to attract, retain and motivate individuals of the highest
quality on an international basis. Ahead of bringing
a new Policy to shareholders at the 2027 AGM, we will
engage with a range of key stakeholders on any material
changes proposed.
Remuneration Outturn 2025
In determining the Executive Directors’ remuneration
outturns for the financial year, the Committee
maintained a clear and rigorous focus on aligning
pay with performance.
2025 Short-Term Incentive Plan
For Executive Directors, the 2025 STIP was based on
financial metrics aligned with the Group’s strategy with
30% based on Volume Growth, 25% on EBITDA Margin
Expansion and 25% on Cash Conversion.
Performance against key Strategic Objectives formed
the remaining 20% of the overall STIP weighting.
The calculated outturn of the STIP for 2025 was 52%
of the maximum available opportunity as outlined in
further detail on page 100. The Committee reviewed the
formulaic outcome of the quantitative metrics, and its
assessment of the strategic component, in the context
of the Group’s strong market volume outperformance
and margin progression, combined with continued
strategic development of the business. In this context,
the Committee is satisfied that the overall formulaic
outturn is reflective of the Group’s and the Executive
Directors’ performance during the year.
In line with the Directors’ Remuneration Policy,
one-third of the STIP payout will be deferred into
shares/share options to be held for two years.
Kerry’s Remuneration Principles
Delivery of Group Purpose, Values and Strategy
The Group’s short-term and long-term remuneration
philosophy is to ensure that Executive Director
remuneration is aligned with the Group’s purpose,
values and culture, supports strategy and promotes
the long-term success of the Group.
Creating Sustainable, Long-Term Performance
Remuneration includes performance-related elements
designed to align Directors’ interests with those of
shareholders and to promote long-term sustainable
growth and performance at the highest levels, in line
with the Group’s strategy.
Attract, Motivate and Retain Talent
Market-competitive total remuneration is structured
to attract, motivate and retain individuals of the
highest quality on an international basis.
Stakeholder Interests
By linking a high proportion of Executive Directors’
potential remuneration to short-term and long-term
performance metrics with robust share ownership
requirements, the Remuneration Committee believes
that the interests and risk appetite of the Executive
Directors are properly aligned with the interests of
shareholders and other stakeholders.
Pay For Performance
The Committee ensures alignment with shareholders’
long-term interests by aligning remuneration metrics
with the Group’s business model and strategic objectives.
Directors' Report 85Remuneration Committee Report
Long-Term Incentive Plan 2023-2025 Outturn
The three-year performance period in respect of the
2023-2025 LTIP award ended on 31 December 2025.
The 2023 LTIP award was subject to growth in Adjusted
Earnings per Share (EPS), Total Shareholder Return (TSR),
Return on Average Capital Employed (ROACE) and
Sustainability Measures; with weightings of 40%, 25%,
15% and 20% respectively.
The final outturn of the 2023-2025 LTIP award was 60%
of the maximum opportunity as outlined in further detail
on pages 103-104.
The Committee reviewed the formulaic outcome of the
LTIP metrics and is satisfied that the overall outturn is
reflective of the Group’s underlying performance during
the three-year performance period. In line with the
Directors’ Remuneration Policy, 100% of the vested
award will be deferred into shares/share options to
be held for two years.
Remuneration Policy
Implementation 2026
Basic Salary
In reviewing the basic salaries for the Executive
Directors, the Committee was again mindful of the
broader external environment, the performance of
our Executive team, and in particular our wider
workforce experience as outlined previously.
For 2026, the basic salaries of the Executive Directors
will be increased by 3.0%. The increases for the Executive
Directors will be no greater than the 2026 increases
available for the wider workforce population in Ireland
(3.0%), with higher increases available for lower-paid
employees or where market adjustments are required
to maintain appropriate competitive positioning.
Pension
Executive Directors’ pension contributions will remain
aligned to those of Kerry’s wider workforce in Ireland.
Incentive Plans
We have consistently ensured there is a very strong
alignment between our short-term and long-term
incentive metrics and the Group’s business strategy
and financial targets.
During 2025, the Remuneration Committee reviewed
the incentive plan metrics and weightings to ensure
full alignment with the Group’s purpose, values,
culture, strategy and medium-term targets.
2026 Short-Term Incentive Plan
A review of the STIP design and metrics was completed
to ensure these remain aligned to strategy and
consistent with best practice, and the targets are
appropriately stretching.
The Committee concluded that the current metrics
and weightings continue to be appropriate and will
therefore remain unchanged for 2026. The annual STIP
maximum opportunity will also remain unchanged for
2026, at 200% of basic salary.
2026 Long-Term Incentive Plan
A review of the LTIP design and metrics was also
completed in 2025. The Committee concluded that
the current metrics and weightings continue to
closely align with key value drivers for the Group
(see page 93) and will therefore remain unchanged
for the 2026 award.
A review of the target calibrations for the 2026 award
was also completed and the Committee concluded that
the targets set for EPS, ROACE and TSR for the 2025
award continue to be appropriate for the 2026 award in
the context of the internal and market reference points
considered, as well as the award opportunities in place.
The Committee adjusted the target ranges for the
sustainability metrics as the Group moves another year
closer to the targets included in the Beyond the Horizon
sustainability strategy.
The annual LTIP maximum opportunity will remain
unchanged for 2026, at 375% of basic salary for the
CEO, and 300% of basic salary for the CFO.
Pay for Performance
Kerry has a strong track record of demonstrating
appropriate rigour and discipline when setting
stretching targets. The Committee is satisfied that
the targets set for the 2026 STIP and LTIP awards are
appropriately stretching, particularly given the current
uncertain macroeconomic environment and forecasts
for broadly flat end market growth rates.
Non-Executive Director Fees for 2026
For 2026, no substantive increases are proposed
and, in line with the Remuneration Policy, an annual
increase of 3.0% will be applied to the base fee
paid to the Chair and the non-Executive Directors.
This increase is in line with the increase for the CEO
and CFO and is no greater than the increase available
to the wider workforce in Ireland. No increases will be
applied to any additional fees payable, including for
membership or chairing of any Board committees.
Directors' Report86 Remuneration Committee Report
Other Matters
Board Changes
As announced in July 2025, Gerry Behan has retired
from his Executive position as President and CEO of
Kerry Taste & Nutrition and as a Director with effect from
31 December 2025, after almost 40 years’ employment
within the Group. Details of associated remuneration
decisions for Mr. Behan are described on page 106.
Committee Performance
An externally facilitated review of the Remuneration
Committee’s performance was undertaken during 2025
and the outcome of this review is that the Committee
is operating effectively.
Conclusion
The Committee continues to review the Group’s
Remuneration Policy to ensure that it remains aligned
to shareholders’ long-term interests and provides the
right framework to attract, retain and motivate Executive
Directors in line with the pay for performance principle.
As in previous years, the Remuneration Report is being
put to shareholders for an advisory vote. At last year’s
AGM, 94% of our shareholders who voted supported
the Remuneration Report, and I hope shareholders will
continue to provide their support at this year’s AGM.
Finally, I would like to take this opportunity to thank
the members of the Remuneration Committee for
their commitment and support during the year.
Emer Gilvarry
Chair of the Remuneration Committee
Directors' Report 87Remuneration Committee Report
Subject Committee Activities
Remuneration
Report
A review of best practice remuneration reporting was completed during 2025 to ensure
ongoing compliance with relevant legislation and reporting requirements.
Remuneration
Policy Review
The Committee reviewed the implementation of the Remuneration Policy and concluded
that it was operating as intended.
Basic Salary The Committee continued to monitor the level of basic salaries of the CEO and Executive
Directors in line with market practice.
STIP
1
The STIP was reviewed during 2025 to ensure that the metrics remained aligned with
Group strategy, purpose and values, the weightings are appropriate, and the associated
targets are appropriately stretching.
LTIP
1
The Committee kept under review the overall effectiveness of the LTIP structure in 2025
to ensure that it appropriately incentivises Executive Directors and senior managers across
the Group.
Chair &
non-Executive
Director Fees
As provided in the Remuneration Policy, the base fees for the Chair and non-Executive
Directors are reviewed annually.
Executive
Leadership Team
In accordance with the terms of the Code, the Committee set the remuneration
arrangements for the Executive Leadership Team and the Company Secretary.
Workforce
Remuneration and
Related Policies
During the year, the Committee received regular updates on pay policies and procedures
for the wider workforce to ensure alignment with the Executive Directors’ Remuneration
Policy. These updates included an overview of the approach for annual pay reviews across
the countries in which the Group operates. The Committee also considered updates on
gender pay gap reporting, CSRD reporting, living wage accreditation, and employee
wellbeing and recognition programmes.
All Employee
Share Plan
The Committee received regular updates on the expansion of Kerry’s All Employee Share
Plan (‘OurShare’), which was extended to a further 25 countries in 2025. This built on the
24 countries where OurShare was already in operation following rollouts in September
2023 and September 2024.
Workforce
Engagement
Activity
The Committee received updates from the Chief Human Resources Officer and the
designated Workforce Engagement Director (who is also the Chair of the Committee) on
discussions with the workforce concerning executive and workforce remuneration policies.
Feedback received from this engagement informed the Committee’s decision making in
relation to executive remuneration outcomes for 2025, as well as salary increases for
Executive Directors and the fee increase for the Chair and non-Executive Directors
applicable in 2026.
SECTION B
Remuneration Committee
and Key Activities
Role and Responsibilities
On behalf of the Board, the Remuneration Committee
is responsible for determining the Remuneration Policy
and its implementation for the Board Chair, the CEO,
other Executive Directors, members of the Executive
Leadership Team, and the Company Secretary on an
annual basis. The CEO is invited to attend Remuneration
Committee meetings but does not attend Committee
meetings when his own remuneration is discussed.
The Committee also has access to internal and external
professional advice as required. The Committee follows
an annual and tri-annual calendar with matters
scheduled and planned well in advance. Decisions are
made within agreed reference terms, with additional
meetings held as required. In considering the agenda,
the Committee gives due regard to overall business
strategy, the interests of shareholders, employees,
other stakeholders and the performance of the Group.
Remuneration Activities 2025
The key activities undertaken by the Committee in
discharging its duties during 2025 are set out below:
Directors' Report88 Remuneration Committee Report
1
This disclosure addresses ESRS 2 GOV-3 29 e as referenced in the Sustainability Statement on page 182
– subject to limited assurance.
Work of the Committee in
Determining Executive Director
Remuneration
The Committee considers the appropriateness of the
Executive Directors’ remuneration from multiple key
perspectives. These include the context of overall
business performance and environmental, social and
governance (ESG) matters, shareholder experience and
also wider workforce pay conditions (taking into account
workforce policies and practices) and external market
data. These reference points help to ensure that decision
making is fair and reward opportunities and outcomes
are appropriate for the role, experience of the individual,
responsibilities and performance delivered.
Remuneration Committee Advisors
The Remuneration Committee is authorised by the
Board to appoint external advisors and Ellason LLP
(“Ellason”) is the advisor to the Remuneration
Committee, having been appointed in 2023.
The Committee is satisfied that the advice provided by
Ellason is objective and independent and that Ellason
does not have connections with the Group or any of the
individual Directors that may impair its independence.
The fees incurred with Ellason for advising the
Committee in 2025 were €46,744 (2024: €58,549).
Statement on Shareholder Voting
Below is an overview of the voting which took place at the
most recent AGM to approve the Directors’ Remuneration
Policy and the Directors’ Remuneration Report.
Total Votes Cast
Votes For Votes Against
Votes Withheld/
Abstained
Directors’ Remuneration Policy (2024 AGM)
108,597,731 103,331,399 5,266,332 586,300
95.2% 4.8%
Directors’ Remuneration Report (2025 AGM)
83,636,834 78,902,918 4,733,916 5,471
94.3% 5.7%
VOTES ON REMUNERATION
The Committee values the strong level of support demonstrated by shareholders for both the Remuneration
Policy and Remuneration Report and remains committed to ongoing consultation with shareholders on the
Remuneration Policy.
Subject Committee Activities
Shareholder
Consultation
The Committee reviewed the results of the shareholder vote on the Remuneration Report
at the 2025 AGM, noting that 94% of shareholders who voted supported the Report.
The Committee also reviewed the additional feedback received from proxy advisors.
As 2025 was not a policy year, and considering the strong support received for the DRR
at the 2025 AGM, there was limited direct engagement with shareholders during the year.
Committee
Performance
Review
As outlined on pages 67-68 an externally facilitated performance review of the Board
and its Committees was conducted during 2025. The outcome of the review is that the
Remuneration Committee is operating effectively.
Terms of Reference During the year, the Committee reviewed and updated its Terms of Reference. A copy
of these terms is available on the Group website kerry.com.
Remuneration Activities Table (Cont.)
Directors' Report 89Remuneration Committee Report
SECTION C
Remuneration Policy
Remuneration Principles
The Group’s Executive Director remuneration philosophy
is to ensure that executive remuneration is: aligned to
the Group’s purpose, values and culture; supports
strategy; promotes the long-term success of the Group;
properly reflects the duties and responsibilities of the
Executives; and is structured to attract, retain and
motivate individuals of the highest quality from its
international talent market. Remuneration includes
performance-related elements designed to align
Directors’ interests with those of shareholders and to
promote long-term sustainable growth and performance
at the highest levels in line with the Group’s strategy.
A significant proportion of Executive Directors’ potential
remuneration is based on short-term and long-term
performance-related incentive programmes.
By incorporating these elements, the Remuneration
Committee believes that the interests and risk appetite
of the Executive Directors are properly aligned with the
interests of the shareholders and other stakeholders.
When approving remuneration outturns, the Committee
exercises independent judgement and discretion, taking
account of Group and individual performance as well as
the shareholder experience, environmental, governance
and social matters and wider workforce pay conditions
to ensure that they are fair and appropriate for the role,
experience of the individual, responsibilities and
performance delivered.
Drivers of Shareholder Return
As outlined in the Strategic Report on pages 18-19,
Volume Growth and Margin Expansion are the main
drivers of Adjusted Earnings Per Share (EPS) which
is the key performance metric for measuring growth.
Return on Average Capital Employed (ROACE) is a
key measure of how efficiently the Group employs
its available capital. Cash Conversion is an important
indicator of the cash the Group generates for
reinvestment or for return to shareholders.
These are the main Group metrics included in the
Executive Directors’ Short-Term Incentive Plan (STIP)
and Long-Term Incentive Plan (LTIP) underpinned by
the Group’s sustainability metrics. Together these
metrics drive positive Total Shareholder Return which
aligns the interests of the Executive Directors with
those of shareholders. Our remuneration philosophy
also supports our long-term approach by deferring
a significant part of short and long-term variable
remuneration into share awards, which provides clear
alignment with the long-term interests of shareholders,
together with requiring Executive Directors to acquire
and maintain significant shareholdings in the Group.
In line with best practice, malus and clawback provisions
apply to the Executive Directors’ STIP and LTIP awards.
Remuneration Policy
Consistent with the Group’s commitment to comply
with best corporate governance practice, and with our
existing three year cycle, Kerry’s current Remuneration
Policy was submitted to a non-binding advisory vote at
the 2024 Annual General Meeting, one year earlier than
required under the Shareholder Rights Directive as
enacted in Ireland.
As an Irish incorporated company, Kerry is not obliged
to comply with the UK legislation which requires UK
companies to submit their remuneration policies to a
binding shareholder vote every three years or earlier
if changes are required prior to this.
Similarly, Kerry is not required to comply with the
remuneration reporting regulation contained in
Schedule 8 of the Large and Medium-sized Companies
and Groups (Accounts and Reports) Regulations 2008
(as amended) but follows the requirements as a matter
of best practice unless they conflict with Irish or other
legal requirements or there are other reasons why it is
considered not practical to do so.
In setting remuneration levels, the Committee has
regard to FTSE 100 companies of comparable scale
and complexity, and also to US and European sector
peer companies (as secondary sources) to reflect the
markets in which we compete for leadership talent.
The Committee also considers workforce remuneration
and related policies and employment conditions
elsewhere in the Group.
The Company is operating its remuneration arrangements
in line with the approved Remuneration Policy, which
came into effect in 2024 and will apply for up to three
years. The Committee is comfortable that the Policy
remains appropriate in supporting the Group’s strategy
and that no changes are required prior to the triennial
vote at the 2027 AGM. The current Policy is reproduced
below for ease of reference.
Total
Shareholder
Return
Share
Price
Dividend/
Share
Buyback
Volume
Growth
Margin
Expansion
Growth
EPS
Return
ROACE
Cash
Conversion
Underpinned by Sustainability Measures
Directors' Report90 Remuneration Committee Report
Purpose and Link
to Strategy Operation Opportunity
Performance
Metrics
Basic Salary
Reflects the value of the
individual, their skills and
experience.
Competitive salaries are
set to promote the
long-term success of the
Group and attract, retain
and motivate Executive
Directors to deliver strong
performance for the Group
in line with the Group’s
strategic objectives.
• Remuneration Committee sets the
basic salary and benefits of each
Executive Director.
• Determined after taking into account
a number of elements including the
Executive Directors’ performance,
experience and level of responsibility.
• Paid monthly in Ireland and bi-weekly
in the US.
• Salary is referenced to job responsibility
and internal/external market data.
• Set at a level to attract,
retain and motivate
Executive Directors.
• Typically reviewed
annually with increases
normally set by reference
to the wider workforce in
the relevant market.
• Full review undertaken
every three years.
• Not
applicable.
Benefits
To provide a competitive
benefit package aligned
with the role and
responsibilities of
Executive Directors.
• These benefits primarily relate to the use
of a company car or a car allowance.
• Not
applicable.
• Not
applicable.
Pension
To provide competitive
retirement benefits to
attract and retain
Executive Directors.
• Pension arrangements may vary based
on the Executive Director’s location.
• Irish resident Executive Directors
participate in the general employee
defined contribution pension scheme
or receive a contribution to an after-tax
savings scheme (where the lifetime
earnings cap has been reached) or receive
a taxable cash alternative based on a
percentage of basic salary.
• The former Executive Director in the US
participated in the Group’s defined benefit
and defined contribution pension schemes.
• The pension contribution
rates for incumbent
Executive Directors are
set at 10% of basic salary,
in line with the wider
workforce rate in Ireland.
• The maximum company
pension contribution rate
for new Executive Director
appointments is aligned
to that of the wider
workforce rate.
• Not
applicable.
Remuneration Policy Table
The following table details the Remuneration Policy approved in 2024 for the Executive Directors for the period 2024 to 2026:
Directors' Report 91Remuneration Committee Report
Purpose and Link
to Strategy Operation Opportunity
Performance
Metrics
Short-Term Incentive Plan (STIP)
To incentivise the
achievement, on an annual
basis, of key performance
metrics and short-term
goals beneficial to the
Group, the delivery of the
Group’s strategy and value
creation for all stakeholders.
One third of the award is
deferred in shares/share
options providing a
two-year retention element
and aligns Executive
Directors' interests with
shareholders’ interests.
• Achievement of predetermined
performance targets set by the
Remuneration Committee.
• Performance targets aligned to the Group’s
published strategic goals with the targets
and weightings for financial and non-
financial metrics subject to annual review.
• Two thirds of the award is payable in cash.
• One third of the award is awarded by way of
shares/share options to be issued two years
after vesting following a deferral period.
• Malus and clawback provisions are in place
for awards under the STIP (see page 94).
• Maximum
opportunity is 200%
of basic salary.
• Target opportunity is
50% of maximum
opportunity for
on-target
performance.
• Threshold
performance results
in a STIP payable at
0% of maximum.
For FY 2026
• Volume Growth
• Margin
Expansion
• Cash Conversion
• Strategic
Objectives
Long-Term incentive Plan (LTIP)
Retention of key personnel
and incentivisation of
sustained performance
against key Group
strategic metrics over a
longer period of time.
Share-based to provide
alignment with
shareholder interests.
A two-year post vesting
deferral requirement aligns
Executive Directors’ interests
with shareholders’ interests.
• Conditional awards over shares or
share options.
• The awards vest depending on a number
of performance metrics being met over a
performance period of at least three years.
• Following vesting, 100% of the earned
award is deferred for a period of up to
two years (i.e. to ensure a combined
performance period and deferral period
of five years).
• Malus and clawback provisions are in place
for awards under the LTIP (see page 94).
• Maximum
opportunity is up to
375% of basic salary.
For FY 2026
• Adjusted
Earnings Per
Share “EPS”
• Total Shareholder
Return “TSR”
• Return on
Average Capital
Employed
“ROACE”
• Sustainability
Metrics
Shareholding Requirement
Maintain alignment of
the interests of the
shareholders and the
Executive Directors and
demonstrate commitment
over the long-term.
• Executive Directors are required to build
and to hold shares in the Company to a
minimum level set in relation to the LTIP
opportunity and expressed as a percentage
of their basic salary.
• Shareholding requirement to be satisfied
through retention of a minimum of 50% of
vested STIP and LTIP shares (excluding the
sale of shares to cover tax on vesting), until
the shareholding requirement is met.
• A post-employment shareholding
requirement obliges Executive Directors to
hold the lower of (i) their actual shareholding
and (ii) their in-service shareholding
requirement for two years post-employment.
Applies to shares acquired from awards
granted after 2021 and does not apply to
own purchased shares.
• 300%-375% of basic
salary.
• Not applicable.
Remuneration Policy Table (Cont.)
Directors' Report92 Remuneration Committee Report
SELECTION OF PERFORMANCE TARGETS
STIP
• Financial performance targets under the STIP
are set by the Remuneration Committee with
reference to the prior year, current year budget,
prevailing market conditions and medium-term
financial targets. They align with the Group’s
strategic objectives while also ensuring the
long-term operational and financial stability
of the Group. Targets are set at appropriately
stretching levels to achieve threshold, target
and maximum payout levels. Performance
targets are based predominately on the financial
metrics of Volume Growth, Margin Expansion
and Cash Conversion (amounting to 80% of
maximum opportunity).
• Volume Growth and EBITDA Margin Expansion
are key performance metrics as they are the
main drivers of Adjusted EPS Growth. Cash
Conversion is key to ensuring there are sufficient
funds available for reinvestment or for return
to shareholders.
• Strategic objectives (amounting to 20% of
maximum opportunity) are relevant to each
Executive Director’s specific area of responsibility
and are key in ensuring focus on the strategic
and functional priorities of the business including
relevant sustainability priorities.
• Due to commercial sensitivity, the Committee
believes it would be detrimental to the Company
to disclose targets in advance of or during the
relevant performance period. The Committee
will disclose the targets and performance
against them in the Remuneration Report
following the end of the performance year.
LTIP
• The performance targets under the LTIP are
set to reflect the Group’s longer-term growth
objectives and at a level where maximum vesting
represents genuine outperformance. The
performance measures are currently based
on Adjusted EPS Growth, TSR, ROACE and
Sustainability metrics.
• Adjusted EPS Growth is a key performance metric
encompassing all the components of growth
important to the Group’s stakeholders. EPS Growth
is driven by the STIP metrics, Volume Growth and
Margin Expansion. TSR is an important indicator
of how successful the Group has been in terms of
shareholder value creation. ROACE represents a
good perspective on the Group’s internal rate of
return and financial added value for shareholders.
ROACE supports the strategic focus on growth
and margins through ensuring cash is reinvested
to generate appropriate returns. Sustainability
metrics, which are core to maintaining our
strategy and long-term sustainable performance,
are reviewed at the time of each award.
Performance Measures
Strategic Priority Incentive Scheme
Volume Growth
Key driver of revenue growth STIP
Margin Expansion Key driver of profit growth STIP
Cash Conversion Cash generation for reinvestment or return to shareholders STIP
Strategic Objectives
Development and execution of business strategies STIP
Adjusted EPS Growth Delivery of the Group’s long-term growth strategy LTIP
TSR Delivery of shareholder value LTIP
ROACE
Balance growth and return LTIP
Sustainability
Core to our strategy and long-term sustainable performance LTIP
HOW REMUNERATION LINKS WITH STRATEGY
Directors' Report 93Remuneration Committee Report
Malus/Clawback
The Committee has the discretion to reduce or impose
further conditions on the STIP and LTIP awards prior
to vesting (malus). The Committee further has the
discretion to recover incentives paid within a period of
two years from vesting (clawback). The timeframe over
which clawback may apply is considered appropriate by
the Committee, as it reflects the period over which the
Group’s processes and systems are likely to flag any
occurrence of any of the key trigger events.
The key trigger events for the use of malus and clawback
provisions include material misstatement of the Group’s
audited financial results, serious wrongdoing, payment
made on the basis of erroneous data, gross misconduct,
serious reputational damage and corporate failure.
Any recalculation of the award shall be effected in such
manner and subject to such procedures as the Committee
determines to be measured and appropriate, including
repayment of any excess incentive or offset against any
amounts due or potentially due to the participant under
any vested or unvested incentive awards.
The Committee retains the right to apply the malus and
clawback provisions to STIP and LTIP awards held or vested
to former directors. Other elements of remuneration are
not subject to malus or clawback provisions.
Committee Discretion
The Committee has discretion to adjust the formulaic
outturns under STIP and LTIP, both upwards and
downwards, to ensure outturns are aligned to and
are reflective of the underlying business performance
of the Group.
In line with plan rules, the Committee may, at its
discretion, amend or vary the performance metrics
of the STIP and LTIP, the calculation methodology for
those performance metrics and the composition of
the TSR peer group when appropriate, in the interest
of alignment and fairness.
Service Contracts
The CEO and Executive Directors have service contracts
in place which can be terminated by either party giving
up to 12 months’ notice. In addition, all service contracts
include pay in lieu of notice, non-compete and non-
solicitation provisions of up to 12 months post
departure, accompanied by such payments as are
considered necessary or appropriate to sustain such
provisions, in order to protect the Group’s customer
base, employees and intellectual property.
No ex-gratia severance payments are provided for
in respect of the CEO or Executive Directors.
Payments for Loss of Office
In the event of a Director’s departure, the Group’s policy
on termination is as follows:
• the Group will pay any amounts it is required to make
in accordance with or in settlement of a Director’s
statutory employment rights and in line with their
employment agreement;
• the Group will seek to ensure that no more is paid
than is warranted in each individual case;
• STIP and LTIP awards will be paid out in line with plan
rules on exit (i.e. for good leavers as defined in the LTIP
rules), with awards normally prorated to reflect the
proportion of the performance period that has elapsed
on the date of cessation, and subject to performance
and a two-year deferral requirement; and
• other payments, such as legal or other professional
fees, repatriation or relocation costs and/or
outplacement fees, may be paid if it is considered
appropriate and at the discretion of the Committee.
A Director’s service contract may be terminated without
notice and without any further payment or compensation,
except for sums accrued up to the date of termination, on
the occurrence of certain events such as gross misconduct.
Remuneration Policy for Recruitment
of New Executive Directors
The Remuneration Committee will determine the
contractual terms for new Executive Directors, subject
to appropriate professional advice to ensure that these
reflect best practice and are subject to the limits specified
in the Group’s approved Policy as set out in this report.
Salary levels for new Executive Directors will take into
account the experience and calibre of the individual.
Where it is appropriate to offer a lower salary initially,
a series of increases to the desired salary positioning
may be made over subsequent years (even if higher
than the average increase awarded to the wider
workforce), subject to individual performance and
development in the role.
Pension and benefits will be provided in line with the
approved Policy, with relocation, travel or other expenses
provided if necessary.
The structure of the variable pay element will be in
accordance with and subject to the limits set out in
the Group’s approved Policy detailed above. Different
performance metrics may be set initially for STIP in the
year an Executive Director joins the Group taking into
account the responsibilities of the individual and the
point in the financial year they join the Board. Subject to
the rules of the scheme, an LTIP award may be granted
after joining the Group.
Directors' Report94 Remuneration Committee Report
If it is necessary to buyout incentive or benefit
arrangements (which would be forfeited on leaving
the previous employer) in the case of an external
appointment, this would be provided for taking into
account the payment vehicle (cash or shares), as well as
the timing and expected value (i.e. likelihood of meeting
any existing performance criteria) of the remuneration
being forfeited. The general policy is that payment should
be no more than the Committee considers is required to
provide reasonable compensation for remuneration being
forfeited. The Group’s policy is that the period of notice for
new Executive Directors should not exceed 12 months and
should include pay in lieu of notice, non-compete and
non-solicitation provisions to protect the Group.
The Committee will ensure that any arrangements agreed
will be in the best interests of the Group and shareholders.
Change of Control
Outstanding STIP and LTIP shares/share options would
normally vest and become exercisable on a change of
control, subject to plan rules, including the satisfaction
of any performance conditions and pro-rating. The
Committee may exercise its discretion to vary the level of
vesting having regard to the circumstances and reasons
for the events giving rise to the change of control.
Alignment with Workforce
Pay and Policies
There is strong alignment between how we set pay for
our Executive Directors and the wider workforce, as well
as clear alignment in the mechanics of how we operate
our pay review process and design our benefit and
incentive plans. The key difference in remuneration
structures is that, overall, the Remuneration Policy
for the Executive Directors is more heavily weighted
towards variable pay compared to other employees.
An update on wider workforce remuneration is tabled
as a specific agenda item at every Remuneration
Committee meeting to enable the Committee to
consider the wider workforce experience when setting
the Remuneration Policy for Executive Directors and
making executive remuneration decisions.
The Remuneration Policy provides an overview of the
structure that operates for the Group’s Executive Directors
and senior management. Differences in quantum will
depend on size of the role and responsibility, the location
of the role and local market practice. Senior management
are invited to participate in both the STIP and LTIP to
incentivise performance through the achievement of
short-term and long-term objectives and through the
holding of shares in the Group.
To further strengthen the alignment between Executive
Directors and the wider workforce, employees can
participate in an All Employee Share Plan (‘OurShare’)
which was launched in 2023 to 8 countries, further
expanded to an additional 16 countries in 2024, with an
additional 25 countries added in 2025. The Committee
and the Board believe that share ownership is a powerful
and important way of creating an ownership culture and
mindset. See page 15 for further details on the OurShare
All Employee Share Plan.
Consultation with Employees
Our approach to employee engagement is set out in detail
on page 60 including the approach to understanding the
views of our wider workforce. Ms. Emer Gilvarry, Chair of
the Remuneration Committee, is also the designated
Workforce Engagement Director, and she works closely
with our Chief Human Resources Officer to provide the
Committee with regular updates on engagement with,
and feedback from, employees.
When setting remuneration for Executive Directors
the Committee takes into account the remuneration
structures, policies and practices in the Group as a
whole, the feedback from employee engagement
activities and the information provided by our external
advisors. The Group has a number of different channels
for engagement including an engagement survey,
targeted pulse checks with specific employee groups,
regular town halls, a dedicated digital employee
communication platform and our Speak Up facility.
The Committee continually reviews and enhances these
channels to enable the Committee to engage more
effectively with the workforce to explain the alignment
between Executive Directors’ Remuneration Policy and
the pay policy and practices applicable to the wider
workforce. In addition, through OurShare, employees
are able to become shareholders in Kerry and exercise
their voting rights as shareholders on all resolutions
submitted for approval at the Annual General Meeting.
Consultation with Shareholders
The Committee considers the guidelines issued by major
institutional shareholders and the bodies representing
them, the guidelines and feedback provided by proxy
advisors and direct feedback from shareholders, when
completing its annual and triennial review of the Group’s
Executive Remuneration policies and practices.
The Committee is committed to continued consultation
with shareholders regarding the Remuneration Policy
and its implementation.
Directors' Report 95Remuneration Committee Report
Non-Executive Directors’
Remuneration Policy
Non-Executive Directors’ fees, (other than the Board
Chair’s fee, which is determined by the Committee),
are determined by the Executive Directors to fairly
reflect the responsibilities and time spent by the
non-Executive Directors on the Group’s affairs. In
determining the fees, which are set within the limits
approved by shareholders, consideration is given to
both the complexity of the Group and the level of
fees paid to non-Executive Directors in comparable
companies. Fees are reviewed on an annual basis
and the base fee is typically increased in line with the
increase available to the wider workforce in Ireland.
A detailed benchmark review is carried out on a
three- year basis and any recommendations are
presented to the Executive Directors for approval.
Non-Executive Directors do not participate in the
Group’s incentive plans, pension arrangements or other
elements of remuneration provided to the Executive
Directors. Non-Executive Directors are reimbursed for
travel and accommodation expenses (and any personal
tax that may be due on those expenses). Non-Executive
Directors are encouraged to build up a shareholding in
the Company.
Illustration of Remuneration Policy
The following diagrams show the minimum, target,
maximum and maximum +50% share appreciation,
composition balance between the fixed and variable
remuneration components for each Executive Director,
effective for 2026. For illustration purposes, target
performance for LTIP is reflected as 50% of maximum
opportunity. The innermost circle represents the
minimum potential scenario for remuneration, with
the second circle representing target, the third circle
representing maximum potential opportunity and
the outer circle representing maximum potential
opportunity plus 50% increase in the LTIP share value.
The charts above exclude the effect of any Company share price
appreciation except in the ‘maximum +50%’ scenario.
Edmond Scanlon
Marguerite Larkin
Basic Salary
STIP
Pension & Benefits
LTIP
64% 11%
54% 15%
47% 25%
25%
29%
23%
87%13%
2%
2%
3%
59%
13%
49%
16%
41% 27%
28%
33%
26%
87%
13%
2%
2%
4%
Directors' Report96 Remuneration Committee Report
SECTION D
Remuneration
Policy Implementation
Part I: Remuneration Policy
Implementation 2026
This section of the report sets out how the
Remuneration Policy, as described on pages 90-96,
will operate in 2026.
Basic Salary and Benefits
The salaries of the Executive Directors effective for the
year commencing on 1 March 2026, together with the
comparative figures for 2025, are as follows:
For 2026, the basic salaries of the CEO and CFO will
be increased by 3.0%. The increases for the Executive
Directors will be no greater than the 2026 increases
available for the wider workforce population in Ireland
(3.0%), with higher increases available for lower-paid
employees or where market adjustments are required
to maintain appropriate competitive positioning.
Benefits relate primarily to the use of a company car/
car allowance. Any travel arrangements or travel costs
required for business purposes will also be met by the
Group, on a net of tax basis.
Pensions
The CEO participates in the general employee Irish
defined contribution scheme. The CFO receives pension
benefits through a combination of participation in the
Irish defined contribution scheme, and a taxable cash
allowance based on a percentage of basic salary.
The total pension contribution rate for Executive
Directors is aligned to that of Kerry’s wider workforce
in Ireland (currently a rate of 10%).
Short-Term Incentive Plan (STIP)
A review of the STIP metrics was completed in 2025
to ensure that they remain appropriate, are linked
to strategy, consistent with best practice and that the
targets are appropriately calibrated. The Committee
concluded that no changes are required to the metrics
and weightings for 2026.
The maximum STIP opportunity remains the same
as 2025, at 200% of basic salary for the CEO and CFO.
The Committee is of the view that a 50% of maximum
award payout for on-target performance is appropriate,
taking into account the level of stretch in the targets
set. Due to the commercial sensitivity of the financial
metrics and strategic objectives, the Committee believes
it would be detrimental to the Company to disclose
the STIP targets in advance of, or during, the relevant
performance period. The Committee will disclose the
targets and performance against them in next year’s
Remuneration Report.
Directors
2026
€’000
1
2025
€’000
1
Increase
%
Edmond Scanlon
1,420 1,379
3.0%
Marguerite Larkin 878 853
3.0%
1
The numbers above reflect rounding
2026 STIP – Performance Metrics and Weightings
% of award
Group Metrics
Target Max
Volume Growth 15% 30%
Margin Expansion 12.5% 25%
Cash Conversion 12.5% 25%
Strategic Objectives 10% 20%
Total 50% 100%
Directors' Report 97Remuneration Committee Report
Long-Term Incentive Plan (LTIP)
A review of the LTIP design and metrics was also
completed in 2025. The Committee concluded that the
current metrics and weightings continue to be closely
aligned with the key value drivers for the Group and
will therefore remain unchanged for 2026.
Consistent with the Committee’s proven track record
of demonstrating rigour and discipline, a review of the
target calibrations for 2026 was also completed. The
Committee concluded that the targets set for EPS,
ROACE and TSR for the 2025 award continue to be
appropriate in the context of the award opportunities
in place, and reflect levels of performance that represent
genuine stretch in the context of our strategic plan and
external market conditions. Therefore, the financial
performance ranges set for the 2026 LTIP will remain
unchanged from those set for the 2025 award.
The Committee reviewed and adjusted the target
ranges for the sustainability metrics to reflect the
Group’s progress as it moves another year closer
to the targets included in the Beyond the Horizon
sustainability strategy.
1
Adjusted EPS is measured on a constant currency basis.
2
The TSR Peer Group companies are listed on page 103.
3
The sustainability metrics listed have a weighting of 8%, 6% and
6% respectively. This disclosure addresses ESRS 2 GOV-3 29 d as
referenced in the Sustainability Statement on page 182
– subject to limited assurance.
The Committee is satisfied that the target ranges are
appropriately stretching particularly given the current
uncertain macroeconomic environment as well as
subdued forecasts for market growth rates. When
setting the targets, the Committee also considered
market expectations for future performance, the impact
of M&A multiples on return-on-investment outcomes,
the level of capital expenditure required to support
future growth ambitions, performance achieved against
the previous targets set and the medium-term targets
included in the latest strategic plan (see pages 8-9).
See Group Key Performance Indicators (KPIs) on pages
18-19 for more information on the link between
performance metrics used for incentive purposes and
the Group’s Strategic Plan.
The maximum LTIP opportunity remains the same as
2025, at 375% of basic salary for the CEO and 300% of
basic salary for the CFO.
Non-Executive Director Remuneration Review
For 2026, no substantial increases are proposed and, in
line with the Remuneration Policy, an annual increase of
3.0% will be applied to the base fee paid to the Chair and
non-Executive Directors. This increase is in line with the
increase for the CEO and CFO and is no greater than the
increase available to the wider workforce in Ireland.
The following base fees will be effective 1 March 2026:
1
There are no changes to the fees payable for Committee
membership, chairing a Committee or any other additional
responsibilities. The numbers above reflect rounding.
LTIP Award Year
2026
Performance Metrics Threshold Maximum
EPS (40% weighting)
1
Kerry’s EPS growth per annum 5% 11%
% of award which vests 25% 100%
ROACE (15% weighting)
ROACE achieved 9% 13%
% of award which vests 25% 100%
Relative TSR (25% weighting)
Position of Kerry in peer group
2
Median
75th
percentile
and above
% of award which vests 25% 100%
Sustainability (20% weighting)
3
Nutrition Reach Goal 1.46bn 1.62bn
Carbon Reduction 52% 54%
Food Waste Reduction 50% 55%
% of award which vests 25% 100%
Fee Type
1
2026 Fees
€’000
2025 Fees
€’000
Chair Fee
448
435
Non-Executive
Director Base Fee
98 95
Directors' Report98 Remuneration Committee Report
Part II: Remuneration Policy Outturn 2025
Disclosures regarding Directors’ remuneration have
been drawn up on an individual Director basis in
accordance with the requirements of the 2014 Irish
Companies Act, the EU Shareholder Rights Directive,
the 2024 UK Corporate Governance Code, the Euronext
Dublin Stock Exchange and the UK Listing Authority.
The information in the tables 1, 4, 5, 6 and 7 below
including relevant footnotes (identified as audited)
forms an integral part of the audited consolidated
financial statements, as described in the basis of
preparation on page 212. All other information in the
Remuneration Report is additional disclosure and does
not form an integral part of the audited consolidated
financial statements.
Irish Based Directors
Euros
US Based Director
US Dollars
Edmond Scanlon
CEO
Mar
guerite Larkin
CFO
Gerry Behan
6
CEO T&N
2025
€’000
2024
€’000
2025
€’000
2024
€’000
2025
$’000
2024
$’000
Basic Salary
1
1,371 1,327 848 821 1,129 1,092
Benefits
2
61 74 46 35 87 87
Pensions
3
137 133
85 82 113 110
Total Fixed Remuneration 1,569 1,534 979 938 1,329 1,289
% Fixed v Total 32% 25% 34% 27% 34% 27%
STIP
4
1,426 2,601 882 1,608 1,174 2,141
LTIP
5
1,983 1,907 1,022 983 1,448 1,265
Total Variable Remuneration
3,409 4,508 1,904 2,591 2,622 3,406
% Variable v Total
68% 75% 66% 73% 66% 73%
Total Remuneration
4,978 6,042 2,883 3,529 3,951 4,695
€’000
€’000
3,497
4,307
Executive Directors’ Remuneration
TABLE 1: INDIVIDUAL REMUNERATION FOR THE YEAR ENDED 31 DECEMBER 2025 (AUDITED)
1
Annual pay increases are effective from 1st March each year.
2
These benefits primarily relate to the use of a company car or a car allowance.
3
The pension figure for Edmond Scanlon relates to Irish defined contribution pension benefits. Marguerite Larkin receives her pension
benefits through a combination of participation in the Irish defined contribution scheme and a taxable cash allowance. The pension
figure for Gerry Behan includes both defined benefit and defined contribution retirement benefits. The employer pension contribution
in 2025 for all Executive Directors was 10% of their basic salaries.
4
The 2025 STIP amount represents two thirds delivered in cash with one third delivered by way of shares/share options which are
deferred for two years.
5
The share price used to calculate the value of the LTIP is the average share price for the three months up to the end of the year being
reported. The negative share price movement versus that applicable at the date the conditional awards were granted has decreased
the valuation of the awards (that will vest in 2026) over the three years by (€338k) for Edmond Scanlon, (€174k) for Marguerite Larkin
and by (€219k) for Gerry Behan. The LTIP included in this table for 2025 was awarded in 2023.
6
The table shows the Executive Director’s pay in the currency of payment to ensure clarity in reflecting the year-on-year
payment comparisons.
7
The total remuneration for Executive Directors was €11,358k (2024: €13,878k) using a US dollar exchange rate of 1.13 (2024: 1.09).
Directors' Report 99Remuneration Committee Report
Basic Salary Increases
Effective 1 March 2025, the basic salaries for Edmond Scanlon, Marguerite Larkin and Gerry Behan were increased
by 3.3%. These increases were below the increases for the wider workforce in Ireland and the US (both at 3.5%).
Annual Incentive Outturns (STIP)
TABLE 2: STIP ACHIEVEMENT AGAINST TARGETS
Financial Metrics (CEO, CFO, and CEO T&N – 80% weighting)
Metric
1. Volume Growth
(30% weighting)
2. Margin Expansion
1
(25% weighting)
3. Cash Conversion
(25% weighting)
Group Group Group
Targets
Threshold 0% 0 bps 80%
Target 3.0% +60 bps 85%
Max
4.5% +100 bps 90%
Actual performance 3.0% +80 bps 81%
Bonus outturn 15% 19% 2%
Link to strategy Volume Growth is a key
performance metric as it
is one of the main drivers
of Adjusted EPS Growth
EBITDA Margin Expansion is
a key performance metric
as it is also a main driver of
Adjusted EPS Growth
Cash Conversion is key
to ensuring there are
sufficient funds available
for reinvestment or for
return to shareholders
1
The targets and actual performance for the EBITDA Margin Expansion metric are based on Continuing operations as reported
in the Financial statements.
When setting the targets above, the Committee
considered them to be appropriately stretching and, if
achieved, reflective of a good underlying performance.
The target level set for the volume metric took account
of a relatively flat end market volume growth rate
expected in 2025, given soft overall consumer demand
following a number of years of significant inflationary
pressures. The actual volume growth rate achieved was
3.0%, which, in the Committee’s opinion, reflects strong
market outperformance driven by success in innovation
and renovation across a wide customer base, combined
with strong growth in the foodservice channel.
The targets took account of the medium term plan,
planned investments (both capital and operational)
including Accelerate 2.0, that the Group is making to
enable delivery of its revenue growth and margin
expansion ambitions, as well as necessary working capital
investments to mitigate ongoing supply chain volatility.
Strategic Objectives – 20% weighting
The Executive Directors are also measured against
strategic objectives. Performance against these
objectives is determined by the Committee by reference
to key targets agreed with the Executives at the start
of the year. The table below sets out the performance
outturn for the strategic element of the STIP.
Metric
4. Strategic Objectives (All – 20% weighting)
CEO CFO CEO T&N
Targets
Threshold 0 0 0
Target 10 10 10
Max
20 20 20
Actual performance 16 16 16
Metric outturn 16% 16% 16%
Link to strategy Specific to the Executive Directors’ responsibilities and linked to strategic plan implementation.
Directors' Report100 Remuneration Committee Report
Details of Strategic Objectives
Strategic
Objective
Performance Assessment
CEO Achievement: 16% (80%)
Portfolio &
Strategy
• Further strategic development of Biotechnology and Taste capability, including new Biotechnology Centre
(Germany), expanded enzyme capability (Ireland), enhanced cocoa taste capabilities (France), and coffee
extraction capability (USA).
• Strong commercialisation of market-leading strategic technology innovation, including next generation
sweet and salt reduction technology, savoury taste experiences, enzyme technology solutions, natural
cocoa replacement, clean label preservation.
• Further expanded geographical presence across APMEA; first manufacturing facility in Egypt, new facility
in Rwanda, expanded capacity in the Middle East and Southeast Asia.
Operating
Model & Digital
Enablement
• Further strengthened Global Accounts and Global EUM (non-food) teams under the leadership of the
Group Chief Commercial Officer.
• Expanded rollout of the new KerryNow customer portal, delivering enhanced customer experience.
• Established Global Digital Centre of Excellence, driving enhanced performance across R&D, operations,
commercialisation and shared services.
• Completed the Kerry Accelerate Operational Excellence programme, delivering benefits ahead of projections.
Launch of Accelerate 2.0, progressing footprint optimisation in North America and Europe.
Stakeholder
Engagement
• Extensive engagement with shareholders, customers, management teams and employees across all Regions.
• Completed strategic refresh of Beyond the Horizon sustainability strategy, incorporating the comprehensive
nature assessment completed in 2025.
• All-Employee Share Plan expanded to 49 countries globally (99.5% of employees).
• Achieved Living Wage accreditation in North America, Europe and LATAM.
• Continued impact through Concern Worldwide partnership with expanded nutrition screening and improved
farm incomes.
Leadership
Team and
Succession
Planning
• Led a structured transition of CEO T&N accountabilities in advance of his end of 2025 retirement.
• Seamless succession into key Executive Leadership roles including Group Chief Commercial Officer,
President & CEO, Biotechnology Solutions & Transformation, and Regional CEO roles.
• Sustained our 2025 target of 35% female representation at senior leadership, advanced female
representation at senior management to 41% (+2ppt).
CFO Achievement: 16% (80%)
Portfolio &
Strategy
• Further strategic development of Biotechnology and Taste capability, including new Biotechnology Centre
(Germany), expanded enzyme capability (Ireland), enhanced cocoa taste capabilities (France), and coffee
extraction capability (USA).
• Strong commercialisation of market-leading strategic technology innovation, including next generation
sweet and salt reduction technology, savoury taste experiences, enzyme technology solutions, natural
cocoa replacement, clean label preservation.
• Further expanded geographical presence across APMEA; first manufacturing facility in Egypt, new facility
in Rwanda, expanded capacity in the Middle East and Southeast Asia.
Operating
Model & Digital
Enablement
• Completed the Kerry Accelerate Operational Excellence programme, delivering benefits ahead of
projections. Launch of Accelerate 2.0, progressing footprint optimisation in North America and Europe.
• Successfully enabled the separation of Kerry Dairy Ireland following the divestment at end of 2024.
• Expanded Global Business Services (GBS), with 20% year-on-year increase in scope and establishment
of multi-year value roadmap.
• Significant advancement in digital and automation initiatives across finance and enabling functions
to improve productivity, reporting and business enablement.
The Committee reviewed progress against these objectives and concluded that strong progress was made
by the Executive Directors against the objectives outlined below, which resulted in an above-target outcome.
Directors' Report 101Remuneration Committee Report
Discretion
The Committee concluded that there was no requirement to exercise discretion as the formulaic outcomes
under the 2025 STIP reflected the overall performance and strategic development of the business, as well
as the performance of the Executive Directors and their delivery against the strategic objectives set.
In addition, no application of malus or clawback provisions was required.
Final Outturn for 2025
The targets for the Executive Directors, which were set by the Remuneration Committee, were challenging
and stretching in the context of the economic environment and subdued market growth rates. For 2025 a
payout of 52% of maximum opportunity was achieved by each Executive Director.
Under the Remuneration Policy, two thirds of the award is payable in cash and one third is awarded by way
of shares/share options to be issued two years after vesting following a deferral period.
Strategic
Objective
Performance Assessment
CFO Cont. Achievement: 16% (80%)
Stakeholder
Engagement
• Extensive engagement with shareholders, financial institutions, management teams and employees
across all Regions.
• Implemented the Group Funding Strategy, including extension of the €1.5bn RCF to 2030, renewal
of the €3bn EMTN programme, and additional €300m share buyback programme.
• Completed strategic refresh of the Beyond the Horizon sustainability strategy, incorporating the
comprehensive nature assessment completed in 2025.
• All-Employee Share Plan expanded to 49 countries globally (99.5% of employees).
• Achieved Living Wage accreditation in North America, Europe and LATAM.
Leadership
Team and
Succession
Planning
• Further strengthened the Global Finance Leadership Team through targeted development and
succession planning.
• Enhanced Global Procurement capability through key strategic internal and external appointments.
• Sustained our 2025 target of 35% female representation at senior leadership, advanced female
representation at senior management to 41% (+2ppt).
CEO T&N Achievement: 16% (80%)
Portfolio &
Strategy
• Further strategic development of Biotechnology and Taste capability, including new Biotechnology Centre
(Germany), expanded enzyme capability (Ireland), enhanced cocoa taste capabilities (France), and coffee
extraction capability (USA).
• Advanced Supplements, Pet and Clinical, Infant & Adult Nutrition growth strategies.
• Progressed clinical trial programme, achieving positive results across priority health categories.
Operating
Model & Digital
Enablement
• Built enhanced business development and technical sales capability across priority platforms; proactive
health, clean label preservation, enzymes, authentic taste, sodium & salt reduction.
• Established specialist commercial leadership teams for Global EUMs (non-food), namely Pharma, Pet
and Clinical, Infant & Adult Nutrition.
• Evolved fermentation manufacturing and process technology capability to support future growth.
Stakeholder
Engagement
• Extensive customer engagement reinforcing Kerry’s leadership in Sustainable Nutrition and expanding
our customer base and channel reach.
• Strengthened Kerry’s external profile through leadership participation at key industry forums, including
Vitafoods, Supply Side West, Expo West and IPPE.
Leadership
Team and
Succession
Planning
• Developed and executed a phased and structured leadership transition in advance of end of 2025
retirement.
• Further strengthened Technology Leadership through key appointments and robust succession planning.
• Sustained our 2025 target of 35% female representation at senior leadership, advanced female
representation at senior management to 41% (+2ppt).
Directors' Report102 Remuneration Committee Report
Long-Term Incentive Plan (LTIP)
The terms and conditions of the plan were approved
by shareholders at the 2021 AGM. The Remuneration
Committee approves the terms, conditions and
allocation of conditional awards under the Group’s LTIP
to Executive Directors and senior management. Under
this plan, Executive Directors and senior management
are invited to participate in conditional awards over
shares or share options in the Company.
The proportion of each conditional award which vests
will depend on the Adjusted EPS Growth, TSR, ROACE
and Sustainability performance during the three-year
performance period.
2023 LTIP Award
2023 LTIP awards were made in March 2023. The market
price of the shares at the date of the award to Executive
Directors was €91.26.
The vesting of the 2023 LTIP is subject to the performance
metrics being met over a three-year performance period,
and the continued employment of a participant to the
vesting date. To the extent that these conditions are met,
awards shall vest in March 2026 and be subject to a
further two-year deferral period. This provides for a
combined performance period and deferral period of
five years for the award to the extent it vests.
Set out below is the performance against targets for
the 2023 LTIP award where the three-year performance
period ended on 31 December 2025 and the award vests
in March 2026.
EPS Performance Test
40% of the award vests according to the Group’s average
adjusted EPS growth (‘EPS metric‘) over the performance
period. This measurement is determined by reference to
the Group’s adjusted EPS growth calculated on a
constant currency basis in each of the three financial
years in the performance period in accordance with the
vesting schedule outlined in the following table:
Below threshold none of the award vests. Vesting between threshold
and maximum points is on a straight line basis.
Vesting Level for EPS Metric
The outturn of the EPS performance test is an average
adjusted EPS growth of 8.3% which results in an award
outcome of 31% out of a possible maximum of 40%.
When calculating the outturn for this metric, the
adjusted EPS growth % achieved used for 2023, 2024
and 2025 excludes the dilutive effect which the
significant business disposals completed during the
performance period (the Russian business, the Sweet
Ingredients Portfolio and Kerry Dairy Ireland) had on the
reported result for the adjusted EPS growth metric as
these disposals were not anticipated when the targets
were originally set three years ago. The reported
adjusted EPS growth for 2023 at 1.2%, 2024 at 9.7% and
2025 at 7.5% recognised a dilution impact of these
disposals of 3.0%, 0.1% and 3.4% respectively.
TSR Performance Test
25% of the award vests according to the Group’s TSR
performance over the period measured against the TSR
performance of a peer group of listed companies over
the same three-year performance period. The peer
group consists of Kerry and the following companies:
1
The peer group for the 2023 LTIP award originally included
Chr. Hansen and Novozymes which have since been replaced
by the combined Novonesis group for relevant awards.
2
For awards granted from 2024 onwards, Greencore and Premier
Foods have been removed from the peer group, and DSM-
Firmenich has been added to the peer group.
The awards vest in line with the following table:
Below Median none of the award vests. Vesting between
median and 75th percentile is on a straight line basis.
Average
Adjusted EPS
Growth
Percentage
of the Award
which vests
Threshold
4%
25%
Maximum
10%
100%
Barry Callebaut Sensient Technologies
McCormick & Co. Glanbia
Corbion Symrise
Nestlé Greencore
2
Ingredion Tate & Lyle
Novonesis
1
Danone
General Mills Unilever
Premier Foods
2
IFF
Givaudan
Position of Kerry in
the Peer Group
Percentage of the
Award which vests
Below median
0%
Median
25%
75th percentile and above 100%
Directors' Report 103Remuneration Committee Report
Vesting Level for TSR Metric
The outturn of the measurement of the TSR metric in
relation to the 2023 award is below median, resulting
in an award outturn of 0% out of a possible maximum
of 25% as the threshold performance level for this
metric was not achieved.
ROACE Performance Test
15% of the award vests according to the Group’s ROACE
over the performance period. ROACE represents a good
perspective on the Group’s internal rate of return and
financial added value for shareholders. It also supports
the strategic focus on growth and margins through
ensuring cash is reinvested to generate appropriate
returns. This measurement is determined by reference
to the ROACE in each of the three financial years
included in the performance period:
Below threshold none of the award vests. Vesting between threshold
and maximum points is on a straight line basis.
Vesting Level for ROACE Metric
The outturn of the measurement of the ROACE metric in
relation to the 2023 award is a ROACE of 10.4% resulting
in an award outturn of 9% out of a maximum of 15%.
Sustainability Performance Test
20% of the award vests according to the Group’s
performance versus the commitments set out in its Beyond
the Horizon sustainability strategy. This measurement is
determined by reference to three key sustainability metrics
over the three-year performance period:
Below threshold none of the award vests. Vesting between threshold
and maximum points is on a straight line basis.
The sustainability metrics listed above for the 2023 LTIP award had
a weighting of 8%, 6% and 6% respectively.
Vesting Level for Sustainability Metrics
The outturn of the measurement of the sustainability
metrics over the three-year period is an award outturn
of 20%. This was achieved through above maximum
performance for Nutritional Reach (1.46bn), Carbon
Reduction (52%) and Food Waste Reduction (54%).
The strong outcomes achieved reflect the significant
progress being made against our Beyond the Horizon
sustainability commitments.
The targets for the Sustainability metrics in the 2023
LTIP award were stretching and challenging when
agreed by the Committee and were aligned to the
Group’s original Beyond the Horizon sustainability
commitments which were set in 2020. Since then, the
Group has accelerated its commitments on emissions
reduction, aligning its Scope 1 and 2 target with the 1.5
degree pathway under the Paris Accord. The Group also
fast-tracked certain activities, including transition to
renewable electricity, all of which improved the Group’s
performance in relation to Carbon Reduction versus the
target set. In addition, the targeted deployment of our
Reduce, Reuse, Repurpose, Recycle strategy improved our
performance in relation to Food Waste versus the
anticipated progress in 2020. Performance against the
Nutritional Reach metric was also strong, reflecting the
profile of the products we are developing in partnership
with customers to deliver better nutritional outcomes
for consumers. This enhanced performance was further
supported by the expansion of our geographical
markets, enabling us to grow our overall reach.
TABLE 3: OVERALL OUTTURN OF THE 2023
LTIP AWARD VESTING IN 2026
The Committee is satisfied that the Executive Directors
did not benefit from a windfall gain taking into account
the share price at grant and share price performance
over the performance period.
Discretion
The Committee concluded that there was no
requirement to exercise discretion as the 2023–2025
LTIP outturn reflected the underlying business
performance and the broader stakeholder experience
during the three-year performance period.
In addition, no application of malus or clawback
provisions was required.
Return on
Average Capital
Employed
Percentage of
the Award
which vests
Threshold
9%
25%
Maximum
12%
100%
Sustainability
Metrics
Percentage of
the Award
which vests
Nutrition
Reach
Threshold
1.2bn
25%
Maximum
1.4bn
100%
Carbon
Reduction
Threshold 48% 25%
Maximum 50% 100%
Food Waste
Reduction
Threshold 35% 25%
Maximum 40% 100%
LTIP Metric
Weighting % Actual Vesting %
EPS 40% 31%
TSR 25% 0%
ROACE 15% 9%
Sustainability 20% 20%
Total 100% 60%
Directors' Report104 Remuneration Committee Report
Summary of outstanding LTIP awards
The following table shows the Executive Directors’ and Company Secretary’s interests under the LTIP.
Conditional awards at 1 January 2025 relate to awards made in 2022, 2023 and 2024 which have a three-year
performance period. The 2022 awards vested in 2025. The 2023 and 2024 awards will potentially vest in 2026
and 2027 respectively. The market price of the shares on the date of each award is disclosed in note 29 to the
financial statements.
Executive Directors’ and Company Secretary’s Interests in Long-Term Incentive Plan
TABLE 4: INDIVIDUAL INTEREST IN LTIP (AUDITED)
LTIP
Scheme
Conditional
Awards at 1
January 2025
Share
Awards
Vested
During
the Year
Share
Option
Awards
Vested
During
the Year
Share/
Option
Awards
Lapsed
During
the Year
Conditional
Awards
Made
During
the Year
Conditional
Awards
at 31
December
2025
Share Price at
Date of
Conditional
Award Made
During the Year
Directors
Edmond Scanlon 2021 137,188
_
(20,919) (17,820) 52,326 150,775 €98.80
Marguerite Larkin 2021 69,848
_
(10,781) (9,183) 25,887 75,771 €98.80
Gerry Behan
1
2021 85,449 (12,726)
_
(10,841) 32,931 94,813 €98.80
Company Secretary
Ronan Deasy 2021 11,471
_
(1,818) (1,548) 3,753 11,858 €98.80
1
Conditional awards shown at 31 December 2025 for Gerry Behan reflect his maximum LTIP awards which will be prorated to reflect employment
to 31 December 2025 and remain eligible to vest on the normal vesting date.
LTIP Vesting and Conditional Awards
Conditional LTIP awards made on 5 March 2025, under the 2021 LTIP Plan, have a three-year performance period
and will potentially vest in March 2028. Under the 2021 LTIP Plan, 100% of the shares/share options which potentially
vest under the 2025 LTIP will be issued to Executive Directors following a two-year deferral period in March 2030.
The following table shows the share options which are held by the Executive Directors and the Company Secretary
under the STIP and LTIP:
TABLE 5: SHARE OPTIONS HELD UNDER THE STIP AND LTIP (AUDITED)
Share Options
Outstanding
at 1 January
2025
Share Options
Exercised During
the Year
Share Options
Vested During
the Year
1
Share Options
Outstanding
at 31 December
2025
Exercise Price
Per Share
Directors
Edmond Scanlon 75,446 (50,698) 29,695
54,443 €0.125
Marguerite Larkin 30,834
_
16,208
47,042 €0.125
Company Secretary
Ronan Deasy 9,246
_
1,818 11,064 €0.125
1
Share options which vested in March 2025 related to 2022 LTIP awards, and in the case of the Executive Directors also includes one third
of the 2024 STIP (paid in March 2025).
Once vested, share options under the LTIP can be exercised for up to seven years before they lapse. For share
options subject to the two-year deferral period, they can be exercised for up to five years following the end of the
two-year deferral period, before they lapse i.e., seven years following the vest date.
Directors' Report 105Remuneration Committee Report
Executive Directors’ Pensions
The pension benefits under the defined benefit pension plan for Gerry Behan during the year are outlined
in the following table.
TABLE 6: DEFINED BENEFIT – PENSIONS INDIVIDUAL SUMMARY (AUDITED)
Accrued Benefits on Leaving Service at End of Year
Annual Pension Accrued During
Year (Excluding Inflation)
$’000
Total Annual Accrued
Pension at End of Year
$’000
Transfer Value of Increase
in Accrued Pension
$’000
Gerry Behan
2025 181 1,147
2,909
2024 115 966 1,904
Note: The table shows the Executive Director’s pension in the currency of payment to ensure clarity in reflecting year-on-year
payment comparisons.
Note: Contributions were made to an Irish defined contribution plan in respect of Edmond Scanlon. Marguerite Larkin receives
her pension benefits through a combination of participation in the Irish defined contribution scheme and a taxable cash allowance.
These contributions are reflected in the single figure table (table 1) on page 99.
Payments for Loss of Office
No payments for loss of office were made in 2025 (2024: €nil)
Payments to Former Directors
No payments were made to former Directors during 2025 (2024: €nil) in respect of their duties as Directors.
Gerry Behan is entitled to payments following his retirement as an Executive Director on 31 December
2025, pursuant to the terms of his employment contract and the shareholder-approved Directors’
Remuneration Policy.
Mr. Behan’s remuneration in respect of 2025 is set out in full in the single figure table on page 99, including
the estimated value of the 2023 LTIP award due to vest in early 2026, and his 2025 STIP. In line with the
Directors’ Remuneration Policy, Mr. Behan is treated as a good leaver for the purposes of his outstanding
LTIP awards. Mr. Behan’s interests in the 2024 and 2025 LTIP awards, pro-rated to 31 December 2025, remain
eligible to vest at the normal date, subject to performance conditions. All post-vesting deferral periods will
continue to apply to STIP and LTIP awards and the post-employment shareholding requirement provided for
by the Remuneration Policy will apply to Mr. Behan for a period of two years ending 31 December 2027.
Mr. Behan is subject to a twelve-month non-compete and non-solicitation restriction under the terms of
his service contract designed to protect the Group’s customer base, employees, and intellectual property,
for which he is entitled to an associated payment of $2.29m. This payment is equivalent to 12 months’
on-target annual cash opportunity, plus health insurance cover for the same period, payable in monthly
instalments throughout 2026.
No other payments have, or will be, made in connection with Mr. Behan’s retirement other than tax
preparation support capped at €5,000 plus VAT per annum for five years corresponding to the periods
during which deferred STIP and LTIP awards may vest and be released. Malus and clawback provisions
will apply to all relevant elements of remuneration as outlined in the Directors’ Remuneration Policy.
Directors' Report106 Remuneration Committee Report
Non-Executive Director Remuneration and Shareholdings
TABLE 7: REMUNERATION PAID TO NON-EXECUTIVE DIRECTORS IN 2025
AND SHAREHOLDINGS (AUDITED)
Fees 2025
€’000
1
Fees 2024
€’000
1
31 December 2025
Ordinary Shares
Number
1
31 December 2024
Ordinary Shares
Number
Directors in 2025
Tom Moran 433 419 1,029 1,029
Genevieve Berger
104 98
_ _
Fiona Dawson 139 133 1,607 167
Emer Gilvarry
141 134 850 850
Catherine Godson
104 98
_ _
Liz Hewitt
107 85 1,810 1,810
Michael Kerr
154 148 20,000 20,000
Christopher Rogers
152 146 1,640 1,640
Patrick Rohan
104
101
5,511
5,511
Jinlong Wang
134
131
_ _
Directors Retired in 2024
Hugh Brady
_
42
6,850
6,850
Karin Dorrepaal
_
44
_ _
1,572
1,579
1
Non-Executive Directors fees are reflective of when the individuals were appointed to or retired from the Board (see page 79). Year-on-year
fee level variances arise due to annual fee increases in line with the wider workforce and additional fees paid for appointments to different
Committees/Chair roles. Shareholdings for retired non-Executive Directors are reflected as of their date of retirement.
Non-Executive Directors are reimbursed for travel and accommodation expenses and any personal tax that may be
due on those expenses. The gross amount of these expenses that were deemed to be taxable is €42,115.
Directors' Report 107Remuneration Committee Report
Directors’ and Company Secretary’s Interests
There have been no contracts or arrangements with the Company or any subsidiary during the year, in which a
Director of the Company was materially interested and which were significant in relation to the Group’s business.
The interests of the Executive Directors and the Company Secretary of the Company and their spouses and
minor children in the share capital of the Company, all of which were beneficial unless otherwise indicated,
are shown in Table 8.
TABLE 8: EXECUTIVE DIRECTORS AND COMPANY SECRETARY SHAREHOLDINGS
31 December
2025
Ordinary
Shares
Number
31 December
2025
Share
Options
Number
31 December
2025
Total
Number
31 December
2024
Ordinary
Shares
Number
31 December
2024
Share
Options
Number
31 December
2024
Total
Number
Directors
Edmond Scanlon 95,504
_
95,504 44,806
41,283 86,089
– Deferred
1
54,443 54,443
_
34,163 34,163
Marguerite Larkin
4,335 17,176
21,511
4,335
12,046 16,381
– Deferred
1
_
29,866 29,866
_
18,788 18,788
Gerry Behan 53,845
_
53,845 62,588
_
62,588
– Deferred
1
35,028
_
35,028 21,805
_
21,805
Company Secretary
Ronan Deasy
3,230 11,064 14,294 3,230
8,966 12,196
– Deferred
1
_ _ _ _
280 280
1
The deferred shares and share options above, relate to one third of the awarded amount of the Executive Directors’ 2023 and 2024 STIP
awards, 100% of the 2021 LTIP award (vested in March 2024), and 100% of the 2022 LTIP Award (vested in March 2025). These awards
are subject to a two-year deferral period and will be delivered in shares/share options in March 2026 and March 2027 respectively.
Shareholding Guidelines
The table below sets out the Executive Directors’ shareholding at 31 December 2025 shown as a multiple
of basic salary. Refer to the Remuneration Policy Table on page 92 in Section C for details of the Executive
Director shareholding requirements.
TABLE 9: INDIVIDUAL SHAREHOLDING AS A MULTIPLE OF BASIC SALARY
Directors
As a Multiple of Basic Salary
1
Edmond Scanlon 9x
Marguerite Larkin 5x
Gerry Behan
2
7x
1
The share price used to calculate the above is the share price as at 31 December 2025 and the shareholding is based on all shares held
and vested option awards (including deferred) reflected in table 8.
2
Gerry Behan will be subject to a post-employment shareholding requirement for two years ending 31 December 2027 as set out on
page 106 in Section D.
Directors' Report108 Remuneration Committee Report
TSR Performance and Chief Executive Officer Remuneration
The graph below illustrates the TSR performance of the Group over the past ten years showing the increase in
value of €100 invested in the Group’s shares from 31 December 2015 to 31 December 2025. The remuneration
of the Chief Executive Officer is calculated in line with the methodology captured under legislation which was
enacted for UK incorporated companies and is outlined in Table 11 on page 110.
The indices below have been selected as appropriate indices as they comprise other companies within the
same broad sector as Kerry.
10 YEAR SHAREHOLDER RETURN (VALUE OF €100 INVESTED ON 31/12/2015)
TABLE 10: REMUNERATION PAID TO THE CEO 2016 – 2025
The Committee believes that the Policy and the supporting reward structure provide a clear alignment with
the strategic objectives and performance of the Group. To maintain this relationship, the Committee regularly
reviews the business priorities and the environment in which the Group operates. The table below shows the
CEO’s total remuneration over the last 10 years and the achieved annual variable and long-term incentive pay
awards as a percentage of the plan maximum.
Total
Remuneration
€'000
Annual incentive
achieved as a
% of maximum
LTIP achieved
as a % of
maximum
CEO – Stan McCarthy 2016 3,625
62% 29.4%
2017 5,285 75% 62.3%
CEO – Edmond Scanlon
2017
808
75% 62.3%
2018
2,577
60% 63.7%
2019
3,991
76% 62.8%
2020
2,323
0% 32.5%
2021
3,855
72% 22.0%
2022
3,899
78% 21.3%
2023
4,594
71% 61.0%
2024 6,042 98% 54.0%
2025 4,978 52% 60.0%
1
Edmond Scanlon was appointed CEO and to the Board on 1 October 2017 and his remuneration reflected in the table above relates to
remuneration from that date.
€0
€20
€40
€60
€80
€100
€120
€140
€160
€180
€200
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
€112.5
Kerry MSCI Europe Food Producers E300 Food & Beverage
Directors' Report 109Remuneration Committee Report
Executive Directors
2025
€’000
2024
€’000
2024
to 2025
Change %
2023 to
2024
Change %
2022 to
2023
Change %
2021 to
2022
Change %
2020 to
2021
Change %
Edmond Scanlon*
4,978 6,042 (18%) 32% 18% 1% 66%
Marguerite Larkin*
2,883 3,529 (18%) 35% 17% 1% 98%
$’000 $’000
Gerry Behan* 3,951 4,695 (16%) 38% 13% (0.1%) 44%
Non-Executive Directors
1
€’000 €’000
Hugh Brady
_
42 (100%) (66%) 2% 6% 24%
Genevieve Berger 104 98 6% 553% 100%
_ _
Gerard Culligan
_ _ _ _
(100%) (67%) 15%
Fiona Dawson 139 133 5% 22% 15% 100%
_
Karin Dorrepaal
_
44 (100%) (65%) 10% 10% 13%
Emer Gilvarry 141 134 5% 9% 6% 16% 581%
Catherine Godson 104 98 6% 553% 100%
_ _
Liz Hewitt 107 85 26% 100%
_ _ _
Michael Kerr 154 148 4% 7% 6% 67%
_
Tom Moran 433 419 3% 3% 32% 144% 22%
Con Murphy
_ _ _ _
(100%) (67%) 15%
Christopher Rogers 152 146 4% 14% 6% 2% 17%
Patrick Rohan 104 101 3% 9% 100%
_ _
Philip Toomey
_ _ _ _
(100%) (66%) 15%
Jinlong Wang 134 131 2% 2% 2% 5%
_
All Group Employees
2
54 57 (5%) 4% 2% 19% 2%
TABLE 11: ANNUAL CHANGE IN PAY FOR DIRECTORS AND ALL EMPLOYEES
In line with the implementation of Articles 9a and 9b of European Directive 2017/828/EC1 (commonly known as
the Revised Shareholder Rights Directive or SRDII) into the Irish Companies Act 2014, the table below shows the
percentage change in each Director’s total remuneration and the global average total remuneration of an employee
from the year ended 31 December 2024 to the year ended 31 December 2025.
Year-on-year change in pay for Directors compared to the global average employee
*
The table shows each Executive Director’s pay in the currency of payment to ensure clarity in reflecting the year-on-year
payment comparisons.
1
Non-Executive Directors’ fees are reflective of when the individuals were appointed to or retired from the Board (see page 79). Year-on-year
fee level variances arise due to annual increases in line with the wider workforce and additional fees paid for appointments to different
Committees/Chair roles.
2
Calculated by dividing the aggregate payroll costs of employees in 2025 (excluding social welfare costs and costs related to Executive
Directors) by the average number of employees in 2025, as disclosed in note 4 to the consolidated financial statements. The year-on-year
reduction is primarily attributable to movements in the US dollar exchange rate and the impact of the Kerry Dairy Ireland divestment.
3
The Company performance can be seen in the 10 Year Total Shareholder Return graph on page 109.
Directors' Report110 Remuneration Committee Report
Relative Importance of Spend on Pay
The total amount spent on Executive Director remuneration (including the LTIP) and overall employee
pay is outlined below in relation to retained profit, dividends paid and taxation paid.
Dilution
The Group offers Executive Directors and senior management the opportunity to participate in share-based
schemes as part of the Group’s Remuneration Policy. In line with best practice guidelines, the Company
ensures that the level of share awards granted under all share schemes does not exceed 10% of the Group’s
share capital over a rolling ten-year period, with a further limitation of 5% in any ten-year period in respect
of discretionary schemes. The dilution resulting from all vested shares/share options for the ten-year period
to 31 December 2025 is 1.3%. This level of dilution is well below the maximum dilution level recommended
for executive share-based incentive plans.
The potential future dilution level from unvested shares/share options as a result of these schemes is
a further 1.1%.
CEO Ratio
The UK Companies (Miscellaneous Reporting) Regulations 2018 mandate that certain UK-incorporated
companies disclose the ratio of CEO remuneration to UK staff pay. Although Kerry, as an Irish-incorporated
company, is not obligated to publish this ratio, we voluntarily reported the ratio of CEO remuneration to Irish
employees from 2019 to 2023.
In 2024, based on our sustainability disclosures in compliance with the Corporate Sustainability Reporting
Directive (CSRD), we revised the basis of our reporting to disclose the ratio of CEO remuneration to our
global employees as the standard for our CEO pay ratio reporting. For 2025, the ratio on a total
remuneration basis is 155:1 (2024: 118:1), and the ratio excluding variable pay elements is 41:1 (2024: 39:1).
Further information is available in our Sustainability Statement on page 161, along with the calculation
methodology on page 165.
Director Remuneration (0.6%)
Profit after tax before NTIs (30.0%)
Dividends Paid (8.2%)
Taxation Paid (11.2%)
Employee Costs (50%)
Director Remuneration (0.5%)
Profit after tax before NTIs (31.6%)
Dividends Paid (9.3%)
Taxation Paid (11.8%)
Employee Costs (46.8%)
20242025
Directors' Report 111Remuneration Committee Report
112 Sustainability Statement Subsection Title Here
112
Sustainability Statement
AND PLANET
BETTER FOR
PEOPLE, S
PLANET
PEOPLE, S
OCIETY
PLANET
PEOPLE, S
PLANET
PEOPLE, S
AN
Subsection Title Here Sustainability Statement 113
CONTENTS
Independent Practitioners’ Limited Assurance Report 114
Executive Summary 117
General
Our Sustainability Strategy 119
Governance 121
Double Materiality Assessment Process 123
Basis for Preparation 125
Environmental
Climate Change (E1) 128
Water and Marine Resources (E3) 143
Biodiversity and Ecosystems (E4) 146
Resource Use and Circular Economy (E5) 150
Social
Human Rights Overview 153
Own Workforce (S1) 154
Workers in the Value Chain (S2) 167
Consumers and End-Users (S4) 171
Business Conduct
Business Conduct (G1) 179
Appendix
1. Index of Compliance with Disclosure Requirements and 182
Incorporation by Reference
2. Disclosures for which phase-in reliefs have been availed 184
of within this Sustainability Statement
3. EU Taxonomy 185
4. Additional Information - Double Materiality Assessment Process 190
5. ESRS 2 Appendix B - Datapoints from other EU legislation 190
Sustainability Statement
113
Sustainability Statement
114 Sustainability Statement Independent Practitioners’ Limited Assurance Report
Limited assurance conclusion
We have conducted a limited assurance engagement on the
consolidated Sustainability Statement of Kerry Group plc
(the “Group”), included in the Sustainability Statement section
on pages 117-192 (the “Sustainability Statement”), as at
31 December 2025 and for the year then ended, prepared
in accordance with Part 28 of the Companies Act 2014.
Certain required disclosures have been presented
elsewhere in the Annual Report, rather than in the
Sustainability Statement. These are cross referenced from
the Sustainability Statement and are identified as subject
to limited assurance.
Based on the procedures we have performed and the evidence
we have obtained, nothing has come to our attention that
causes us to believe that the Sustainability Statement is not
prepared, in all material respects, in accordance with Part 28
of the Companies Act 2014, including:
• compliance of the sustainability reporting with the
European Sustainability Reporting Standards (“ESRS”);
• the process carried out by the Group to identify the
information reported pursuant to the sustainability
reporting standards (the “Process”), is in accordance
with the description set out in the Double Materiality
Assessment Process section of the Sustainability
Statement; and
• compliance of the disclosures in the Environmental
Section and Appendix 3 – “EU Taxonomy” of the
Sustainability Statement with Article 8 of EU Regulation
2020/852 (the “Taxonomy Regulation”).
Basis for conclusion
We conducted our limited assurance engagement in
accordance with International Standard on Assurance
Engagements (Ireland) 3000, Assurance engagements other
than audits or reviews of historical financial information
- assurance of sustainability reporting in Ireland (“ISAE
(Ireland) 3000”), issued by the Irish Auditing & Accounting
Supervisory Authority (IAASA). The procedures in a limited
assurance engagement vary in nature and timing from,
and are less in extent than for, a reasonable assurance
engagement. Consequently, the level of assurance obtained
in a limited assurance engagement is substantially lower
than the assurance that would have been obtained had a
reasonable assurance engagement been performed.
We believe that the evidence we have obtained is sufficient
and appropriate to provide a basis for our conclusion.
Our responsibilities under this standard are further
described in the Practitioners’ responsibilities section of
our report.
Our independence and quality management
We have complied with the independence and other
ethical requirements of the International Code of Ethics
for Professional Accountants (including International
Independence Standards) issued by the International Ethics
Standards Board for Accountants (IESBA Code), which is
founded on fundamental principles of integrity, objectivity,
professional competence and due care, confidentiality and
professional behaviour and the independence requirements
of the Companies Act 2014 and the Code of Ethics issued
by Chartered Accountants Ireland that are relevant to
our limited assurance engagement of the Sustainability
Statement in Ireland.
The firm applies International Standard on Quality
Management (Ireland) 1, which requires the firm to design,
implement and operate a system of quality management
including policies or procedures regarding compliance with
ethical requirements, professional standards and applicable
legal and regulatory requirements.
Responsibilities for the Sustainability
Statement
As explained more fully in the Directors’ Responsibility
Statement as set out on pages 50-51, the Directors are
responsible for designing and implementing a process
to identify the information reported in the Sustainability
Statement in accordance with the ESRS and for disclosing
this process in the Double Materiality Assessment Process
section of the Sustainability Statement. This responsibility
includes:
• understanding the context in which the Group’s activities
and business relationships take place and developing an
understanding of its affected stakeholders;
• the identification of the actual and potential impacts
(both negative and positive) related to sustainability
matters, as well as risks and opportunities that affect,
or could reasonably be expected to affect, the Group’s
financial position, financial performance, cash flows,
access to finance or cost of capital over the short,
medium, or long-term;
• the assessment of the materiality of the identified
impacts, risks and opportunities related to sustainability
matters by selecting and applying appropriate
thresholds; and
• making assumptions that are reasonable in the
circumstances.
Independent Practitioners’ Limited
Assurance Report on Kerry Group plc’s
Consolidated Sustainability Statement
To the Directors of Kerry Group plc
115Independent Practitioners’ Limited Assurance Report Sustainability Statement
The Directors are further responsible for the preparation of
the Sustainability Statement, in accordance with Part 28 of
the Companies Act 2014, including:
• compliance with the ESRS;
• preparing the disclosures in the Environmental section
and Appendix 3 – “EU Taxonomy” of the Sustainability
Statement, in compliance with the Taxonomy Regulation;
• designing, implementing and maintaining such internal
control that the Directors determine is necessary to
enable the preparation of the Sustainability Statement
that is free from material misstatement, whether due to
fraud or error; and
• the selection and application of appropriate
sustainability reporting methods and making
assumptions and estimates that are reasonable in the
circumstances.
Inherent limitations in preparing the
Sustainability Statement
Certain metrics reported within the Sustainability Statement
may be subject to inherent limitations, for example, value
chain information relating to emissions data provided by
third parties (as discussed in section - Climate Change (E1),
subsection 7 – Methodology Notes, Scope 3 Emissions
Methodology Limitations, of the Sustainability Statement)
and third party data used in the nutritional reach metric
(as discussed in section - Consumers and End-Users (S4),
subsection 5 – Methodology Notes, Nutritional Reach, of
the Sustainability Statement).
In reporting forward-looking information in accordance
with ESRS, the Directors are required to prepare the
forward-looking information on the basis of disclosed
assumptions about events that may occur in the future and
possible future actions by the Group. Actual outcomes are
likely to be different since anticipated events frequently do
not occur as expected.
Practitioners’ responsibilities
Our responsibility is to plan and perform the assurance
engagement to obtain limited assurance about whether the
Sustainability Statement is free from material misstatement,
whether due to fraud or error, and to issue a limited
assurance report that includes our conclusion. Misstatements
can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be
expected to influence decisions of users taken on the basis
of the Sustainability Statement as a whole.
As part of a limited assurance engagement in accordance
with ISAE (Ireland) 3000, we exercise professional judgement
and maintain professional scepticism throughout the
engagement. Our responsibilities in respect of the
Sustainability Statement, in relation to the Process, include:
• Obtaining an understanding of the Process, but not
for the purpose of providing a conclusion on the
effectiveness of the Process, including the outcome
of the Process;
• Considering whether the information identified
addresses the applicable disclosure requirements
of the ESRS; and
• Designing and performing procedures to evaluate
whether the Process is consistent with the Group’s
description of its Process set out in the Double
Materiality Assessment Process section of the
Sustainability Statement.
Our other responsibilities in respect of the Sustainability
Statement include:
• Identifying where material misstatements are likely to
arise, whether due to fraud or error; and
• Designing and performing procedures responsive to
where material misstatements are likely to arise in
the Sustainability Statement. The risk of not detecting
a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud
may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
Summary of the work performed
A limited assurance engagement involves performing
procedures to obtain evidence about the Sustainability
Statement. The procedures in a limited assurance
engagement vary in nature and timing from, and are less
in extent than for, a reasonable assurance engagement.
Consequently, the level of assurance obtained in a limited
assurance engagement is substantially lower than the
assurance that would have been obtained had a reasonable
assurance engagement been performed.
The nature, timing and extent of procedures selected depend
on professional judgement, including the identification of
disclosures where material misstatements are likely to arise in
the Sustainability Statement, whether due to fraud or error.
In conducting our limited assurance engagement, with
respect to the Process, we:
• Obtained an understanding of the Process by:
– performing inquiries to understand the sources of the
information used by management (e.g., stakeholder
engagement, business plans and strategy documents);
and
– reviewing the Group’s internal documentation of its
Process.
• Evaluated whether the evidence obtained from our
procedures with respect to the Process implemented
by the Group was consistent with the description of the
Process set out in the Double Materiality Assessment
Process section of the Sustainability Statement.
116
In conducting our limited assurance engagement, with
respect to the Sustainability Statement, we:
• Obtained an understanding of the Group’s reporting
processes relevant to the preparation of its Sustainability
Statement by:
– obtaining an understanding of the Group’s control
environment, processes and information systems
relevant to the preparation of the Sustainability
Statement, but not for the purpose of providing
a conclusion on the effectiveness of the Group’s
internal control.
• Evaluated whether the information identified by the
Process is included in the Sustainability Statement;
• Evaluated whether the structure and the presentation of
the Sustainability Statement is in accordance with the ESRS;
• Performed inquiries of relevant personnel and analytical
procedures on selected information in the Sustainability
Statement;
• Performed substantive assurance procedures on selected
information in the Sustainability Statement;
• Where applicable, compared disclosures in the
Sustainability Statement with the corresponding
disclosures in the Annual Report;
• Evaluated the methods, assumptions and data for
developing estimates and forward-looking information;
• Obtained an understanding of the Group’s process
to identify taxonomy-eligible and taxonomy-aligned
economic activities and the corresponding disclosures in
the Sustainability Statement; and
• Performed substantive assurance procedures on
selected information with respect to the EU Taxonomy
disclosures.
Other Matter - Compliance with
the requirement to mark-up the
Sustainability Statement
Section 1613(3)(c) of the Companies Act 2014 requires us to
report on the compliance by the Group with the requirement
to mark-up the Sustainability Statement in accordance with
Section 1600 of that Act. Section 1600 of the Companies
Act 2014 requires that the Directors’ Report is prepared
in the electronic reporting format specified in Article 3 of
Delegated Regulation (EU) 2019/815 and that the directors
shall mark-up the Sustainability Statement. However, at the
time of issuing our limited assurance report, the electronic
reporting format has not been specified nor become
effective by Delegated Regulation. Consequently, the Group
is not required to mark-up the Sustainability Statement.
Our conclusion is not modified in respect of this matter.
Other Matter - References to external
sources or websites
The references to external sources or websites in the
Sustainability Statement are not part of the Sustainability
Statement and therefore are not within the scope of our
limited assurance engagement.
Use of this report
Our report is made solely in accordance with Section 1613 of
the Companies Act 2014 to the Directors of Kerry Group plc.
Our assurance work has been undertaken so that we
might state to the Directors those matters we are required
to state to them in a limited assurance report and for no
other purpose. To the fullest extent permitted by law, we do
not accept or assume responsibility to anyone other than
Kerry Group plc and its Directors, as a body, for our limited
assurance work, for this report, or for the conclusions we
have formed.
Paul Barrie
For and on behalf of PricewaterhouseCoopers
Chartered Accountants and Statutory Audit Firm
Dublin
16 February 2026
Sustainability Statement Independent Practitioners’ Limited Assurance Report
117
Kerry’s purpose, Inspiring Food, Nourishing Life, is the foundation of everything we do. It reflects our commitment to improving
global nutrition while protecting people and the planet. Our vision is to be our customers’ most valued partner, creating a world of
sustainable nutrition, which builds on this purpose by guiding how we innovate, collaborate, and grow.
Through our Beyond the Horizon sustainability strategy, we take a holistic approach to sustainability and this Sustainability
Statement details Kerry’s strategic management of the material impacts, risks and opportunities identified for our business. We
keep this strategy under ongoing review to reflect any evolution of these topics or our business and the content throughout
indicates where our targets have been refreshed.
In 2025, we continued to make progress towards our targets across key areas of impact and these include the following:
EXECUTIVE SUMMARY
BEYOND THE HORIZON
Sustainable
Nutrition
Through science and innovation we co-create solutions that deliver improved
nutrition for consumers with no compromise on taste or affordability
Our 2030 goal is to reach over two billion people with solutions that
maintain good health while protecting people and the planet
Through our values, culture and commitment to doing business with integrity,
we seek to make a positive impact on all those with whom we engage
Through dedicated actions and our innovation and technology expertise,
we are helping to lower the climate and nature impact of our customers’
food and beverage products
Better for
Planet
Better for
People
Better for
Society
1.46bn
Consumers reached with positive
and balanced nutrition solutions
35%
of Senior Leadership roles held
by Women
-52%
Reduction in Scope 1 & 2 emissions
2
>80%
of our Taste & Nutrition portfolio
delivering positive and balanced
nutrition
3.4
Continuous year-on-year
improvement in Total Recordable
Incident Rate (TRIR)
1
-10%
Reduction in Scope 3 emissions
3
10 years of making the science of
healthier food more accessible
>100
High-risk Suppliers engaged on
Human Rights training
-16%
Reduction in Water
Withdrawal Intensity
2
BETTER FOR PEOPLE BETTER FOR SOCIETY BETTER FOR PLANET
1
Calculation based on one million hours
2
v 2017 base year
3
v 2022 base year
General Sustainability Statement
118 Sustainability Statement General
External Recognition
At Kerry, we are proud of our progress in delivering better nutrition for consumers, enhancing the lives of those with
whom we engage and minimising our environmental impact. During 2025, we are pleased to have received the following
external recognition:
CDP
Kerry has achieved an ‘A’ rating for Climate, the highest score available, placing Kerry
among the top 4% of companies assessed globally. This was combined with leadership-
level ratings for both Forest (A-) and Water Security (A-), demonstrating continued progress
in managing these issues across Kerry’s operations and wider value chain.
MSCI
We have retained our AAA rating, demonstrating a high level of performance on a range of
ESG issues.
ISS
We have maintained our Prime ESG rating from ISS, placing us in the top 10% of
companies within our industry.
Morningstar Sustainalytics
We have been assessed as being at low risk of experiencing material financial impacts from
ESG factors, and are included in the fourth percentile of food products industry peers.
EcoVadis
We were assessed to be in the 95
th
percentile of companies assessed by EcoVadis in 2025.
FTSE4Good
Kerry is a constituent of the FTSE4Good Index which measures the performance of
companies demonstrating strong Environmental, Social and Governance practices.
World Benchmarking Alliance
We are proud that Kerry is among the top 10 food and agriculture companies in the 2026
Food and Agriculture Benchmark, recognising our contribution to the United Nations
Sustainable Development Goals (UN SDGs).
119 General Sustainability Statement
CDP
Kerry has achieved an ‘A’ rating for Climate, the highest score available,
placing Kerry among the top 4% of companies assessed globally. This
This was combined with leadership-level ratings for both Forest (A-)
and Water Security (A-), demonstrating continued progress in managing
these issues across Kerry’s operations and wider value chain.
MSCI
We have retained our AAA rating, demonstrating a high level of
performance on a range of ESG issues.
ISS
We have maintained our Prime ESG rating from ISS, placing us in the
top 10% of companies within our industry.
Morningstar Sustainalytics
We have been assessed as being at low risk of experiencing material
financial impacts from ESG factors, and are included in the fourth
percentile of food products industry peers.
FTSE4Good
Kerry is a constituent of the FTSE4Good Index which measures
the performance of companies demonstrating strong Environmental,
Social and Governance practices.
World Benchmark Alliance
We are proud that Kerry is among the top 10 food and agriculture
companies in the 2026 Food and Agriculture Benchmark, recognising our
contribution to the United Nations Sustainable Development Goals (UN SDGs).
External Recognition
At Kerry, we are proud of our progress in delivering better nutrition for consumers, enhancing the lives
of those with whom we engage and minimising our environmental impact. During 2025, we are pleased
to have received the following external recognition:
Ecovadis
We were assessed to be in the 95th percentile of companies assessed by EcoVadis in 2025.
ecovadis logo
119 General Sustainability Statement
CDP
Kerry has achieved an ‘A’ rating for Climate, the highest score available,
placing Kerry among the top 4% of companies assessed globally. This
This was combined with leadership-level ratings for both Forest (A-)
and Water Security (A-), demonstrating continued progress in managing
these issues across Kerry’s operations and wider value chain.
MSCI
We have retained our AAA rating, demonstrating a high level of
performance on a range of ESG issues.
ISS
We have maintained our Prime ESG rating from ISS, placing us in the
top 10% of companies within our industry.
Morningstar Sustainalytics
We have been assessed as being at low risk of experiencing material
financial impacts from ESG factors, and are included in the fourth
percentile of food products industry peers.
FTSE4Good
Kerry is a constituent of the FTSE4Good Index which measures
the performance of companies demonstrating strong Environmental,
Social and Governance practices.
World Benchmark Alliance
We are proud that Kerry is among the top 10 food and agriculture
companies in the 2026 Food and Agriculture Benchmark, recognising our
contribution to the United Nations Sustainable Development Goals (UN SDGs).
External Recognition
At Kerry, we are proud of our progress in delivering better nutrition for consumers, enhancing the lives
of those with whom we engage and minimising our environmental impact. During 2025, we are pleased
to have received the following external recognition:
Ecovadis
We were assessed to be in the 95th percentile of companies assessed by EcoVadis in 2025.
ecovadis logo
119 General Sustainability Statement
CDP
Kerry has achieved an ‘A’ rating for Climate, the highest score available,
placing Kerry among the top 4% of companies assessed globally. This
This was combined with leadership-level ratings for both Forest (A-)
and Water Security (A-), demonstrating continued progress in managing
these issues across Kerry’s operations and wider value chain.
MSCI
We have retained our AAA rating, demonstrating a high level of
performance on a range of ESG issues.
ISS
We have maintained our Prime ESG rating from ISS, placing us in the
top 10% of companies within our industry.
Morningstar Sustainalytics
We have been assessed as being at low risk of experiencing material
financial impacts from ESG factors, and are included in the fourth
percentile of food products industry peers.
FTSE4Good
Kerry is a constituent of the FTSE4Good Index which measures
the performance of companies demonstrating strong Environmental,
Social and Governance practices.
World Benchmark Alliance
We are proud that Kerry is among the top 10 food and agriculture
companies in the 2026 Food and Agriculture Benchmark, recognising our
contribution to the United Nations Sustainable Development Goals (UN SDGs).
External Recognition
At Kerry, we are proud of our progress in delivering better nutrition for consumers, enhancing the lives
of those with whom we engage and minimising our environmental impact. During 2025, we are pleased
to have received the following external recognition:
Ecovadis
We were assessed to be in the 95th percentile of companies assessed by EcoVadis in 2025.
ecovadis logo
119 General Sustainability Statement
CDP
Kerry has achieved an ‘A’ rating for Climate, the highest score available,
placing Kerry among the top 4% of companies assessed globally. This
This was combined with leadership-level ratings for both Forest (A-)
and Water Security (A-), demonstrating continued progress in managing
these issues across Kerry’s operations and wider value chain.
MSCI
We have retained our AAA rating, demonstrating a high level of
performance on a range of ESG issues.
ISS
We have maintained our Prime ESG rating from ISS, placing us in the
top 10% of companies within our industry.
Morningstar Sustainalytics
We have been assessed as being at low risk of experiencing material
financial impacts from ESG factors, and are included in the fourth
percentile of food products industry peers.
FTSE4Good
Kerry is a constituent of the FTSE4Good Index which measures
the performance of companies demonstrating strong Environmental,
Social and Governance practices.
World Benchmark Alliance
We are proud that Kerry is among the top 10 food and agriculture
companies in the 2026 Food and Agriculture Benchmark, recognising our
contribution to the United Nations Sustainable Development Goals (UN SDGs).
External Recognition
At Kerry, we are proud of our progress in delivering better nutrition for consumers, enhancing the lives
of those with whom we engage and minimising our environmental impact. During 2025, we are pleased
to have received the following external recognition:
Ecovadis
We were assessed to be in the 95th percentile of companies assessed by EcoVadis in 2025.
ecovadis logo
119 General Sustainability Statement
CDP
Kerry has achieved an ‘A’ rating for Climate, the highest score available,
placing Kerry among the top 4% of companies assessed globally. This
This was combined with leadership-level ratings for both Forest (A-)
and Water Security (A-), demonstrating continued progress in managing
these issues across Kerry’s operations and wider value chain.
MSCI
We have retained our AAA rating, demonstrating a high level of
performance on a range of ESG issues.
ISS
We have maintained our Prime ESG rating from ISS, placing us in the
top 10% of companies within our industry.
Morningstar Sustainalytics
We have been assessed as being at low risk of experiencing material
financial impacts from ESG factors, and are included in the fourth
percentile of food products industry peers.
FTSE4Good
Kerry is a constituent of the FTSE4Good Index which measures
the performance of companies demonstrating strong Environmental,
Social and Governance practices.
World Benchmark Alliance
We are proud that Kerry is among the top 10 food and agriculture
companies in the 2026 Food and Agriculture Benchmark, recognising our
contribution to the United Nations Sustainable Development Goals (UN SDGs).
External Recognition
At Kerry, we are proud of our progress in delivering better nutrition for consumers, enhancing the lives
of those with whom we engage and minimising our environmental impact. During 2025, we are pleased
to have received the following external recognition:
Ecovadis
We were assessed to be in the 95th percentile of companies assessed by EcoVadis in 2025.
ecovadis logo
119General Sustainability Statement
GENERAL
Our Sustainability Strategy
ESRS 2 SBM-1 – Strategy, business model and value chain
ESRS 2 SBM-3 – Material impacts, risks and opportunities and
their interaction with strategy and business model
As a global player in the food industry, Kerry acknowledges
that clear action, collaboration and innovation are key
to addressing the adverse effects food production
and consumption can have on both society and the
environment. Recognising the magnitude of the task at
hand, encompassing issues like deforestation, greenhouse
gas emissions, food waste, obesity and malnutrition, we are
committed to working with others to develop and execute
solutions that promote a more environmentally responsible
and resilient future.
Kerry has an important role to play in influencing positive
change, both within our own operations and across our
supply chain. Kerry is uniquely placed to influence the impact
of business partners downstream and to that effect, we
partner with customers to co-create solutions that provide
positive and balanced nutrition to consumers globally, while
minimising negative environmental impacts.
Launched in 2020, our Beyond the Horizon sustainability
strategy is built on three pillars; Better for People, Better for
Society and Better for Planet. In 2025, we reached the mid-
point and refreshed this strategy, reaffirming our commitment
to deliver better nutrition for consumers, manage our business
and source our materials responsibly, while helping to reduce
the environmental impact of food production across the value
chain. Details of our targets to 2030 are included in the relevant
topical sections throughout this Sustainability Statement and
more information can be found on our website.
Contribution to the UN Sustainable
Development Goals
Kerry is committed to using its global reach and influence
to drive positive change in support of the UN SDGs. Good
nutrition is fundamental to realising many of the SDGs.
Through our Beyond the Horizon sustainability strategy, we
anticipate that Kerry can have most impact on areas covered
by the following SDGs:
We provide a broad portfolio of products that support
customers as they seek to innovate to win in today’s food
and beverage markets. Our broad technology foundation,
customer-centric business model and integrated solutions
capability are core to the achievement of our vision, of
creating a world of sustainable nutrition.
Our ambition is to reach over two billion people with
sustainable nutrition solutions by the end of 2030. At Kerry,
we define sustainable nutrition as the ability to provide
positive and balanced nutrition solutions that help maintain
good health, while protecting people and the planet.
We have reviewed the material risks and opportunities
identified and assessed as part of the double materiality
assessment process on pages 123-125 and considered the
current financial effects on our performance for the current
year. The opportunity to expand nutritional reach through
sustainable nutrition is reflected in increased sales volume
growth and geographical reach in 2025. While there have been
some climate-related costs associated with the transition to
net zero in line with our Climate Transition Plan, there was no
material effect on our current business performance.
We considered the current impact on the financial judgements
and estimates and as a result determined there is no material
impact on the valuations of the Group’s assets and liabilities
from these risks as at 31 December 2025. We have not
identified a significant risk of a material adjustment within the
next annual reporting period to the carrying amounts of assets
and liabilities reported in the related financial statements.
Some of our identified Impacts, Risks and Opportunities
(IROs) have been covered by Kerry-specific disclosures,
including IROs relating to our Kerry-defined material topics of
Consumer Health and Food Waste. We have further defined
additional metrics and targets to measure and track progress
against IROs in each topical European Sustainability Reporting
Standards (ESRS) section. Please refer to the topical sections
for more information.
120 Sustainability Statement General
Stakeholder Engagement
ESRS 2 SBM-2 – Interests and views of stakeholders
Through the convergence of our scientific, technological and innovative capabilities, we strive to develop new and enhanced taste
and nutrition solutions for consumers worldwide, contributing to the transformation of global food production.
To effectively address the complex challenges within our industry, it is clear that a collaborative approach is essential. We are
committed to forming strategic partnerships aimed at delivering tangible results. Our engagement with stakeholders is focused
on understanding their perspectives, as they relate to our strategy and business model, and integrating them into our decision-
making processes, considered by our senior leadership, including the Board, on a regular basis.
Conducting stakeholder analysis allows us to identify groups impacted by our activities, as well as those that influence Kerry. We
engage with these key stakeholders through various channels, including direct interactions, engagement with representative bodies,
and participation in relevant multi-stakeholder platforms. Kerry also maintains channels that enable stakeholders to directly engage
where appropriate. Relevant stakeholders across Kerry’s value chain participated in Kerry’s double materiality assessment process,
providing valuable perspectives and insights on sustainability matters relevant to Kerry. See the stakeholder engagement disclosure,
as the third step to our double materiality process on page 124 for more details.
Our Engagement and Purpose Outcomes from Engagements
Stakeholder: Customers and Consumers
Strong engagement with our customers and consumers
enables us to operate a customer-centric business model and
act as our customers’ most valued partner, creating a world of
sustainable nutrition. Our commercial and sustainability teams
have ongoing engagement with our customers through day-
to-day operations, customer conferences and industry events.
Scientific and thought leadership is enabled through research
and collaboration, including the Kerry Health and Nutrition
Institute®, in our Biotechnology centres and at events such
as Climate Week in New York.
• Improved the visibility of sustainability impacts from
our products and our customers’ products through
tools such as Kerry NutriGuide, Kerry Food Waste
Estimator and Kerry CarbonGuide.
• Enhanced awareness around the importance of
sustainable nutrition topics e.g. climate, sodium
reduction, human rights, etc.
• Building partnerships to address industry challenges,
leading to the co-creation and innovation of healthier
products.
Stakeholder: Employees
Regular and ongoing engagement with our employees is key
to attracting, developing and retaining a skilled and talented
workforce to successfully deliver our strategy and bring our vision
to life. We are committed to fostering an environment where
our people are highly engaged and collaborate to shape Kerry’s
successful growth. We engage employees through leadership,
learning and development, our regular employee experience
survey, leadership pulse checks and physical and/or virtual town
halls. We encourage all of our people to have the courage to
speak up, creating a safe environment in which everyone feels
comfortable to do so.
• Focused learning and career development
opportunities.
• Inclusion of OurVoice employee experience feedback
in action planning and delivery.
• Improved employee health, safety and wellbeing.
• Enhanced rewards and recognition.
• Awareness of supports like our Employee Assistance
Programme and Speak Up platform.
Stakeholder: Shareholders
Active engagement with our shareholders ensures they are
aware of the Group’s business, environmental and social
performance. Engagement occurs throughout the year through
investor meetings, conferences, our annual and quarterly
reporting process, published materials and analysts’ briefings.
This process allows us to receive feedback across a range of key
topics and shareholder focus areas.
• Increased awareness of our growth strategy leveraging
sustainable nutrition and innovation across channels
and regions.
• Clarity on social and environmental performance and
targets.
• Improved understanding of marketplace dynamics.
Stakeholder: Suppliers
We engage with our suppliers regularly through day-to-day
operations to ensure the quality, safety and sustainability of our
raw materials. This is facilitated through direct engagement,
supplier assessments, audits and training. We also engage
through industry events and multi-stakeholder platforms
focused on areas such as carbon reduction, deforestation
and regenerative agriculture. These platforms include the
Sustainable Agriculture Initiative (SAI), the Palm Oil Collaboration
Group, AIM-Progress and more. We use these platforms to
engage collaboratively with peers, customers and suppliers
on challenges that are common to our industry and where
collaboration is essential to ensure progress.
• Adherence to Kerry’s Supplier Code of Conduct.
• Improved product safety, quality and sustainability
standards including certifications.
• Reducing climate and nature impacts in line with our
sustainable nutrition objectives.
• Promoting the rights of workers throughout the
supply chain.
• Contingency supply arrangements in response to
ongoing global challenges.
121
More information on engagement with our stakeholders
during 2025 can be found in the topical sections throughout
this Sustainability Statement.
Governance
Sustainability Governance Structure
ESRS 2 GOV-1 – The role of the administrative, management and
supervisory bodies
Our strategy puts sustainable nutrition at the core of what
we do every day and enables us to deliver on our purpose,
Inspiring Food, Nourishing Life. The Group’s Board has
overseen the continued evolution of our business in line
with our purpose, including the review and approval of
the Group’s Beyond the Horizon sustainability strategy and
commitments. The commitments encompass a clear focus
on environmental and social impact. The Board has ongoing
responsibility for overseeing performance and strategies to
deliver our commitments.
The Sustainability Committee, a committee of the Board, is
responsible for overseeing the Group’s sustainability objectives
and performance, including delivery of the Group’s Beyond the
Horizon sustainability strategy, as outlined in the Committee’s
Terms of Reference, available on kerry.com. Membership of
this Committee includes Board members with deep experience
across food and beverage, as well as experience in addressing
sustainability-related matters.
The Audit Committee supports the Board by overseeing the
Group’s external reporting, reviewing and monitoring the
effectiveness of the Group’s risk management and internal
control processes, including compliance with the ESRS.
At Executive level, there is a Sustainability Executive Committee
which supports the Board Sustainability Committee. Its role
is to steer the Group’s execution of its sustainability strategy
including investment decisions and resource allocation
towards our 2030 commitments and roadmap to Net Zero
before 2050. Membership of the Sustainability Executive
Committee includes Kerry’s CEO, CFO and other members
of our Executive Leadership Team who meet throughout the
year to consider our strategy, review progress and prioritise
activities and investment. Refer to our Business Conduct
(G1) disclosure on page 178 for further details on how our
corporate culture is shaped and governed.
The Sustainability Executive Committee is supported
by additional governance forums embedded into our
operational management cycle, at global and regional levels,
comprising functional forums and cross-functional councils,
which have accountability for specific environmental and
social areas, as represented in the Sustainability Governance
and Oversight graphic below. Each forum is led by a
member of our Executive Leadership Team or a senior
leader and meets regularly throughout the year. These
forums oversee strategies and initiatives that are helping
to reach the targets we have stipulated in our Beyond
the Horizon sustainability strategy, as well as reviewing
performance against those strategies and initiatives.
Sustainability Governance and Oversight
Executive Level
Sustainability Executive Committee
Global and Regional Level
General Sustainability Statement
Stakeholder: Government
Through our engagement with government and state authorities,
we outline our contribution to sustainable development at local,
regional and national level. We inform them of our corporate
position on the concerns facing our industry and we increase
our understanding of wider issues, enabling us to engage as
appropriate in relevant policy and regulatory debates.
• Understanding of policy development and outcomes.
• Preparation for adherence to legislative changes.
• Transparent reporting.
• Access to supports that enable our climate transition.
Stakeholder: Community
We play an important role in the socio-economic development of
communities where we operate and source our materials. This
goes beyond our business activities through financial support
for community projects, our sponsorships and employee
volunteering initiatives. By fostering strong relationships within
these communities, we can work together to promote positive
outcomes for our business, society and the environment.
• Continued economic development.
• Improved access to services and/or facilities.
• Enhanced nutrition for targeted communities.
• Employee engagement and local community
involvement through volunteering and
charitable activities.
• Promoting sport and active lifestyles.
Remuneration Committee
Audit Committee
Sustainability Committee
Councils
Functional Leadership
Performance Management Forums
Board Level
Board of Directors
122 Sustainability Statement General
Oversight
ESRS 2 GOV-1 – The role of the administrative, management and
supervisory bodies
ESRS 2 GOV-2 – Information provided to and sustainability
matters addressed by the undertaking’s administrative,
management and supervisory bodies
The Board, along with the Sustainability and Audit
Committees, receive regular updates from senior executives
led by the Chief Corporate Affairs Officer, the Group Head of
Sustainability and the Sustainability Reporting team. During
2025, these included:
• Kerry’s Beyond the Horizon sustainability strategy
refresh, which leveraged functional expertise and
external insights, was reviewed and approved by the
Sustainability Committee and Board;
• The increasing focus on nature and biodiversity and its
integration into our strategy aligned with existing and
updated targets;
• The Group’s performance against our goals, targets and
strategy. The Board considered climate-related metrics
as part of the Group’s financial and business planning
cycle. Climate-related metrics were incorporated within
the budget review process, alongside indicators on
growth, financial performance and returns. Potential
climate impacts were considered by the Board in a range
of areas including decisions on major capital expenditure
and business portfolio decisions; and
• The output of our double materiality assessment refresh
(including climate-related risks and opportunities
associated with identified impacts). For details of the
material IROs for each material topic, refer to the
respective topical sections throughout this statement.
The Sustainability Committee evaluated updates to the
expected contributions from our decarbonisation levers in
line with Kerry’s Climate Transition Plan. The Sustainability
Committee engaged with Executive Leadership on
the annual assessment of climate-related risks and
opportunities, reviewing how the risks and potential impact
were determined as part of the overall risk management
process in 2025. The output of the assessment was also
shared with the Audit Committee. In addition, details
relating to climate change are provided to the Board and
the Committees by other leaders as part of their functional
updates, ensuring that it is increasingly integrated into
the broader strategic decision-making process. Input
from the Chief Corporate Affairs Officer, the Group Head
of Sustainability and the Sustainability Reporting team is
also included for respective relevant sustainability matters
reported to other committees of the Board as needed – for
example, updates on living wage coverage and other metric
performance to the Remuneration Committee. In relation
to Board representation of employees and related
activities, the Board:
• Received and considered reports from the designated
Workforce Engagement Director on her activities during
the year. Details are outlined in Governance in Action on
page 64;
• Assessed talent and succession planning activities
following presentations from the Chief Executive Officer
and Chief Human Resources Officer;
• Approved the further rollout of the All Employee Share
Plan (which was adopted by shareholders at the 2023
AGM) to an additional 25 countries;
• Ensured actions were taken to support lower-paid
employees following a number of years of cost inflation,
including Kerry obtaining accreditation as a living wage
employer in three regions by the Fair Wage Network; and
• Monitored and assessed the culture of the Group to
ensure it promotes integrity and openness, is aligned
with strategy and is responsive to views of shareholders
and wider stakeholders.
The Group Internal Audit and Risk function incorporate the
audit of sustainability processes, controls and reporting in
their assurance engagement planning and audit
execution each year.
The Board’s average gender ratio was 46% to 54%,
female to male for the year ending 31 December 2025
(2024: 46% to 54%).
Sustainability and Remuneration
ESRS 2 GOV-3 – Integration of sustainability-related performance
in incentive schemes
Kerry’s remuneration philosophy ensures that executive
remuneration is aligned to the Group’s purpose, culture
and values, supports strategy and promotes the long-term
success of the company. The Long-Term Incentive Plan
(LTIP) for Executive Directors and senior management
reflects this through the three key areas of growth, return
and sustainability. The incentive plan considers core
sustainability metrics linked to our Beyond the Horizon
sustainability strategy. The metrics used include Nutritional
Reach, Carbon Reduction (specifically the progress towards
our science-based targets on Scope 1 and 2 GHG emissions)
and Food Waste Reduction.
Due Diligence
ESRS 2 GOV-4 – Statement on due diligence
All identified material sustainability topics are considered
in the definition and underpinning of Kerry’s sustainability
strategy. This is supported by specific strategies on climate
change, environment, ethics, culture and people. The
following table provides a mapping of how Kerry applies
the core elements of due diligence and where they are
presented in this Sustainability Statement.
As a member of the UN Global Compact (UNGC), we submit
our annual Communication on Progress (CoP) and are listed
as a participating company on the UNGC website.
123General Sustainability Statement
Core Elements of Due Diligence Description
a) Embedding due diligence in governance, strategy
and business model
In this section under Our Sustainability Strategy (page 119)
and Governance (page 121).
Refer to the Environmental topical section (page 127),
Social disclosures (pages 153-170) and Business Conduct
disclosures (page 178).
b) Engaging with affected stakeholders in all key steps
of the due diligence
In this section under Stakeholder Engagement (page 120)
and Double Materiality Assessment Process (page 123).
Refer to the Environmental topical section (page 127) and
the Social Engagement Process disclosures (pages 156, 168
and 173).
c) Identifying and assessing adverse impacts In this section under Double Materiality Assessment
Process (page 123).
Refer to the Environmental IROs (pages 128, 143, 146
and 150).
Human Rights Overview (page 153), Social IROs (pages 154,
167 and 171) and Business Conduct IROs (page 179).
d) Taking actions to address those adverse impacts Refer to the Actions and Performance disclosures for each
material topic in the Environmental (page 127) and Social
(page 152) topical sections throughout the Sustainability
Statement.
Refer to the Business Conduct disclosures (page 178).
e) Tracking the effectiveness of these efforts and
communicating
Risk Management
ESRS 2 GOV-5 – Risk management and internal controls over
sustainability reporting
The Audit Committee is responsible for providing structured
and systematic oversight of the Group’s risk management
and internal control systems. The Group’s risk assessment
process is a coordinated bottom-up and top-down group-
wide approach that facilitates the identification and
evaluation of risks, as well as assessing how the risks
are monitored, managed and mitigated. This process is
facilitated annually by our Internal Audit and Risk function
and overseen by the Risk Oversight Committee.
The Group’s risk appetite is agreed annually with the Board
and as a result provides a framework to support informed
decision making aligned to our overall strategy and
objectives. We seek to manage sustainability-related risks
such as climate and food safety and quality risks, according
to our risk appetite, to ensure the ongoing success of our
business. The management of sustainability-related risks is
undertaken within the function where the risk may occur.
The identification, assessment and management of climate-
related risks follow the Group’s existing risk management
framework. However, the time horizons have been extended
to allow for the longer-term impacts of climate change.
Further information on our risk appetite can be found on
page 32.
We also continue to plan for emerging non-financial
reporting regulations across multiple jurisdictions. The
divergence in approach, scope and timelines across
different frameworks pose a risk for businesses. We
have engagement with our Board, Executive Leadership
and functional teams to ensure they understand these
forthcoming requirements and that the business can be
prepared to respond appropriately.
Double Materiality Assessment
Process
Double Materiality Assessment
ESRS 2 IRO-1 – Description of the processes to identify and assess
material impacts, risks and opportunities
Introduction
Double materiality has two dimensions, namely, impact
materiality and financial materiality. Impact materiality
assessment involves evaluating the impact of Kerry
on environmental, social and governance (ESG) issues
(inside-out) while financial materiality assessment involves
evaluating the impact of these issues on Kerry (outside-in).
The double materiality assessment identifies Kerry’s most
relevant ESG topics and their related impacts, risks and
opportunities (IROs), at which we direct appropriate action
and resources, through our policies and programmes. It
informs the continued evolution of our Beyond the Horizon
sustainability strategy and provides input into our risk
management processes.
Kerry considers materiality on an annual basis. We perform
a full double materiality assessment every three years, or
earlier, if required due to a significant change to Kerry or
the industry in which we operate. In the intervening years
an annual review is undertaken. Our five-step full double
materiality process, through which our material topics are
defined, is outlined in the following graphic and described
below. This process was underpinned by a robust governance
structure, led by a core group of senior leaders, an Executive-
led steering committee and a Decision-Making Authority who
represent a smaller cohort of steering committee members.
124 Sustainability Statement General
1. Understand the Context
To understand the sustainability context within which we
operate, we conducted a landscape assessment to identify
potential material sustainability topics that may arise in relation
to our business and value chain. The assessment was based
on knowledge of our operations, business relationships, and
relevant sector and regulatory factors. It incorporated media
and regulatory reviews, and analysis of our peers and value
chain to gain deep insight into sustainability topics which
matter most to Kerry’s stakeholders. The landscape assessment
resulted in the identification of sustainability matters that could
potentially be material for Kerry. For further information on
screening environmental impacts, risks and opportunities, refer
to Appendix 4 on page 190. More details on our approach to
identifying climate-related risks and opportunities are included
in the Climate Change (E1) section on pages 128 and 134.
2. Topic Selection
Our next step was to refine and consolidate matters from
the landscape assessment into thematic sustainability topics
and map them to each of the matters listed within the ESRS.
These were further validated and refined where necessary,
before definitions were assigned to each topic to capture
the anticipated IROs, ensuring alignment with relevant ESRS
sub-topics and sub-sub-topics. The topics were validated
by the Executive-led steering committee, comprising senior
management, functional executives and other key internal
stakeholders. The objective of this phase was to generate
an appropriate list of topics and related IROs to allow for
meaningful engagement with a wider group of internal and
external stakeholders.
3. Stakeholder Engagement
To capture stakeholder perspectives, relevant stakeholders
were identified and mapped against the value chain and
an engagement approach was defined for each (e.g. by
survey and/or interview). To ensure we engaged a broad
set of stakeholders, we developed a double materiality
survey based on the long-list of topics and issued that to
our selected external and internal stakeholders. The survey
required respondents to score the topics and allowed them to
provide further context to explain their choice. For a deeper
understanding of the sustainability matters we selected a
sub-set of external and internal stakeholders across our
value chain for in-depth interview. Stakeholders engaged
in the assessment process included employees in various
functions, suppliers, customers, industry bodies, shareholders
and representative groups such as non-governmental
organisations (NGOs). While we did not engage directly with
communities potentially affected by potential IROs under
water, biodiversity and ecosystems, resource use and circular
economy or pollution, owing to the dispersed nature of these
groups, the engagement with a wide range of stakeholders,
particularly NGOs, has enabled us to incorporate relevant
perspectives into our assessment.
4. Double Materiality Assessment
Stakeholder input was carefully assessed, and the IROs were
scored using defined thresholds for both impact and financial
materiality. These thresholds are translated to a five-point
scale, aligning with our broader enterprise risk management
framework. The thresholds and overall scoring approach,
including the weighting of survey and interview responses and
the process to assign numerical scores to interview data, was
reviewed and approved by the Decision-Making Authority.
Impact Materiality
The evaluation of impact materiality involved gathering
insights from surveys and interviews with internal and
external stakeholders. Numerical scores from the survey
and qualitative interview data were combined to generate
an overall survey and interview score for each topic. This
accounted for positive and negative impacts, as well as
whether an impact was actual or potential.
The severity of impacts was evaluated, considering the scale,
scope, and irremediable nature of each impact for affected
stakeholders across short, medium and long-term time
horizons. This evaluation determined the impact materiality
score for actual impacts. For potential impacts, an additional
parameter of ‘likelihood’ was scored.
Financial Materiality
Financial materiality scores were determined through a
financial materiality workshop involving finance, strategy,
and sustainability leaders. During the workshop, material
dependencies and impacts were considered in the
identification of risks and opportunities. The scale used to
determine the financial materiality score was calibrated
against Kerry’s Enterprise Risk Management (ERM) financial
threshold scale and assessed across short, medium and
long-term time horizons using both financial magnitude and
likelihood scores.
Validation
On completion of the scoring, we held validation workshops
with the Decision-Making Authority to review the results.
Topics that scored close to the impact and financial
materiality thresholds warranted additional review and
consideration.
The assessment was conducted without reference to
existing or future mitigations, however, consideration was
given to Kerry’s current controls and processes to help
inform the likelihood of potential risks and opportunities.
5. Review and Report
Following the completion of the process, the final results
went through the appropriate governance process and,
finally, were approved by the Sustainability Committee.
Our Double Materiality Process:
1. Understand
the Context
2. Topic Selection 3. Stakeholder
Engagement
4. Double Materiality
Assessment
5. Review and
Report
Assessment of the
external environment
to determine
universe of topics.
Refined topic list
developed with
reference to ESG
standards and
definitions agreed.
Detailed feedback
received across
varied stakeholder
groups.
Qualitative and
quantitative inputs
used to determine
material topics
and IROs.
Topics validated
through internal
governance process
and disclosed.
125General Sustainability Statement
Annual Review
During Q4 2024, each of our material topics were reviewed in detail to consider any actual or potential effects from the
sale of Kerry Dairy Ireland on 31 December 2024 and it was concluded that no changes were required to the list of material
topics or the underlying IROs as a result of this transaction. As there were no other significant changes to our organisational
or operational context, the outcome of our 2024 full double materiality assessment formed the basis for our review and
refresh in 2025. We reviewed the IROs to confirm whether they continued to be material. This was informed by updated desk
research materials, to identify new or emerging trends or issues of relevance and engagement with internal stakeholders to
consider subject matter experts’ insights.
Key changes arising from the refresh were:
• Updated presentation of material impacts, risks and opportunities, which enables disclosure of our management of these
topics more concisely. For example, we refined the description of certain IROs and the IROs for the Consumers and End-
Users (S4) topical standard have been grouped under one material topic rather than two; and
• In recognition of the increasing scale of investment across our operations and evolving regulations that put emphasis
on the importance of corporate culture and ethics in enabling responsible business practices, Business Conduct (G1) is a
material topic for the year ended 31 December 2025.
The results of the materiality assessment refresh were presented and approved through a validation workshop with the
Decision-Making Authority and were considered and approved by the Sustainability Committee.
Our Material Topics
This matrix represents the topics that were deemed to be material, along with those that were deemed not to be material
following the annual review, as described above. For details of the material IROs for each material topic, refer to the
respective topical sections throughout this statement where time horizon and value chain mapping are denoted for each
along with details of whether impacts are actual or potential, positive or negative.
Basis for Preparation
General Basis for Preparation
ESRS 2 BP-1 – General basis for preparation of sustainability statements
The Sustainability Statement is prepared in accordance with Part 28 of the Companies Act 2014 and in compliance with the
ESRS issued by the EU Commission. The purpose of the General section is to provide stakeholders with an understanding of
the material sustainability-related impacts, risks, and opportunities and our principles for sustainability reporting which form
the basis for preparation of this Sustainability Statement.
Financial Materiality
Impact Materiality
Environmental Topic Social Topic Governance Topic
Financial Material Topics
Not Material Topics
Impact and Financial Material Topics
Impact Material Topics
Pollution (E2)
Waste and Circular Economy (E5)
Community Relations (S3)
Water Stewardship (E3)
Responsible Employer (S1)
Climate Change (E1)
Biodiversity and Ecosystems (E4)
Food Waste (E5)
Working Conditions in the Upstream Value
Chain (S2)
Consumer Health (S4)
Business Conduct (G1)
The topics are illustrated in order of E, S and G topics and by the numerical order of the topics within each ESRS topical
standard. This order is not intended to represent the topics’ relative materiality within each quadrant.
126 Sustainability Statement General
This Sustainability Statement is prepared on a consolidated
basis for the Group for the year ended 31 December 2025. Joint
ventures are not included in the consolidated sustainability
data. The consolidation scope and reporting period is consistent
with that used for the Financial Statements unless otherwise
disclosed. This Sustainability Statement discloses information
related to Kerry’s value chain and to its own operations. Where
information relates to activities outside of the direct control of
the Group, such as Kerry’s upstream and downstream value
chain, it is clearly identified as such.
In accordance with section 1613 of the Companies Act 2014,
this Sustainability Statement, set out on pages 117-192, has
been subject to limited assurance by PricewaterhouseCoopers,
Chartered Accountants and Sustainability Assurance Service
Providers. The elements of the Annual Report outside the
Sustainability Statement that are covered by their limited
assurance procedures are clearly indicated by reference to the
ESRS disclosure requirement in conjunction with Appendix 1 to
the Sustainability Statement, where data points that are covering
ESRS disclosure requirements are incorporated by reference.
Their limited assurance procedures do not extend to any links
or references to material outside of the Annual Report nor to
other sections of the Annual Report unless clearly indicated.
Their limited assurance report is included on pages 114-116 of
the Annual Report and should be read in conjunction with this
Sustainability Statement.
Our broad technology foundation, customer-centric business
model, and recognised integrated solutions capability are
core to the achievement of our vision. Our business model
fundamentally depends on inputs across our business, including
key intangible resources such as brand reputation, employee
expertise, intellectual property and technology innovation.
Guided by our vision, these key intangible resources drive our
engagements with our customers and our stakeholders.
By leveraging these, we continue to embed sustainability into
all aspects of our business, driving sustainable nutrition.
Kerry Group plc is located in Ireland which is an EU member
state. It allows the exemption from disclosure of impending
developments or matters in the course of negotiation, as
provided for in Articles 19a(3) and 29a(3) of Directive 2013/34/
EU. We declare that this exemption has not been used as it
is not applicable to the Group. During the preparation of this
statement, the option to omit any applicable specific pieces of
information corresponding to intellectual property, know-how or
the results of innovation in accordance with ESRS 1 section 7.7
has not been used.
Disclosures in relation to Specific
Circumstances
ESRS 2 BP-2 – Disclosures in relation to specific circumstances
Time Horizons
In disclosing certain sustainability information, Kerry considers
sustainability matters over future timeframes. Kerry defines
short, medium and long-term time horizons as follows:
• Short-term: within one year;
• Medium-term: from the end of the short-term reporting
period up to five years; and
• Long-term: more than five years.
These time horizon definitions apply throughout this
Sustainability Statement, unless otherwise stated.
Metric Estimation and Measurement Uncertainty
Kerry has processes in place governing the collection, review
and validation of financial and non-financial data included in
this statement. As we evolve our data collection and reporting
processes, we are incorporating increased automation where
suitable. Our operating companies and data owners report fairly
and in accordance with agreed procedures and instructions,
however entities within our value chain are at different levels
of maturity in sustainability reporting. We will continue to look
for opportunities to minimise our use of data estimated using
indirect sources.
As part of determining the measurement of metrics, where
exact information is not available, Kerry relies on estimates,
assumptions and/or judgements. These include:
• Management experience where the information is not
available due to timing (i.e. Scope 1 and 2 GHG emissions
page 139);
• External information (i.e. Adequate Wages) and assumptions
where information assesses behaviour in the marketplace
(i.e. Nutritional Reach page 177); and
• Industry factors where information is not available directly
from suppliers or customers (i.e. Scope 3 GHG emissions
where the primary data is not available page 139 and
Deforestation and Conversion page 149).
The Scope 3 GHG emissions metric, on pages 130-133, and the
Nutritional Reach metric, on page 175, have a higher level of
estimation uncertainty. Methodology Notes, which describe
the key aspects of the basis for preparation of each metric,
accompany our metric disclosures and are located at the
end of each topical sections’ disclosure with the exception of
the Working Conditions in the Value Chain (S2) and Business
Conduct (G1). Our reported metrics are subject to limited
assurance procedures by our assurance provider and are
not further validated by another external body, unless
specifically identified.
Comparative Information
The Group completed the sale of Kerry Dairy Ireland on 31
December 2024. The 2024 prior year comparative figures
throughout this Sustainability Statement are as reported in the
2024 Sustainability Statement and include data for Kerry Dairy
Ireland up to the date of divestment. Descriptions of the year-on-
year movements for metric performance will indicate where the
divestment of Kerry Dairy Ireland has been material. To allow for
comparability, where a base year is used to measure progress
against a target, the base year has been adjusted to reflect the
disposal of Kerry Dairy Ireland. The detail of adjustments to base
year are reported in the topical sections, where relevant.
Disclosure Requirements Overview
For a table:
• Disclosing the disclosure requirements complied with
within this Sustainability Statement and certain mandatory
disclosures included in other parts of the Annual Report,
and therefore incorporated by reference, please refer to
Appendix 1 to this Sustainability Statement;
• Outlining the disclosure requirements phase-in provisions
apply, as specified in ESRS 1 Appendix C and have been
availed of by Kerry, please refer to Appendix 2 to this
Sustainability Statement; and
• Disclosing all data points that derive from other EU
legislation, as listed in ESRS 2 Appendix B, please refer
to Appendix 5 to this Sustainability Statement.
Environmental Sustainability Statement 127
Environmental
Climate Change (E1) 128
Water and Marine Resources (E3) 143
Biodiversity and Ecosystems (E4) 146
Resource Use and Circular Economy (E5) 150
EU Taxonomy 185
128 Sustainability Statement Climate Change (E1)
Climate change is increasingly challenging the resilience
of the food system and poses a significant threat to food
security. This, in turn, jeopardises the achievement of the
United Nations Sustainable Development Goals, many of
which are intrinsically linked to the availability and stability of
food supplies. Despite growing recognition of climate change
impacts and risks, the global response to reducing greenhouse
gas (GHG) emissions has been too slow, contributing to
accelerating ecosystem change. Nonetheless, the increased
awareness among stakeholders, coupled with a broad
consensus on the need for action present an opportunity for
collaborative efforts to address these challenges.
GHG emissions associated with our business arise in several
ways; directly through the fuels we use at our facilities (Scope
1), indirectly through the electricity and heat we purchase
(Scope 2) and from activities that occur across our value chain
(Scope 3). Achieving net zero emissions is central to our vision
of creating a world of sustainable nutrition, ensuring we make
a positive impact on people and society while mitigating our
environmental impact and potential future risk to help secure
Kerry’s long-term success. Kerry’s holistic view of the food
and beverage industry, from the farm to consumer and every
stage in between, means we are uniquely positioned to help
our customers mitigate potential climate impacts and advance
towards a more sustainable future.
CLIMATE CHANGE (E1)
1 . Material Impacts, Risks 128
and Opportunities
2. Strategy and Policies 129
3. Governance 129
4. Climate Transition Plan 129
5. Actions and Performance 130
6. Climate Resilience Analysis 134
7. Methodology Notes 139
1. Material Impacts, Risks and Opportunities
ESRS 2 IRO-1 – Description of the processes to identify and assess material climate-related impacts, risks and opportunities
As part of Kerry’s double materiality assessment, we identified material climate-related impacts, risks and opportunities
(IROs), as outlined in the following table. Our approach to double materiality assessment is described in the General section
on pages 123-125.
Climate Change
IRO HEADING IRO DESCRIPTION
IRO
CATEGORY
VALUE
CHAIN
TIME
HORIZON
Products
with Lower
Environmental
Impact
Reducing GHG emissions across the value chain
through technologies and/or innovations that create
products with a lower carbon footprint.
PI (A) DU O
As a leader in Sustainable Nutrition, Kerry can benefit
from increased consumer and customer demand for
products with a lower environmental impact, leading
to increased demand/revenue associated with Kerry’s
sustainable solutions.
O D
GHG Emissions
The emission of GHGs across our value chain have
a negative environmental impact through their
contribution to climate change.
NI (A) DU O
Climate-Related
Risk
The transition to a lower carbon economy may result
in risks relating to regulatory, policy and technology
shifts which could increase operating costs.
R DU O
Acute and chronic physical risk due to climate change
may affect Kerry’s ability to operate and negatively
impact cost and/or revenue.
R U O
IRO Category: PI: Positive Impact NI: Negative Impact (A): Actual (P): Potential O: Opportunity R: Risk
Value Chain:
U
Upstream
O
Own Operations
D
Downstream Time Horizon: Short Medium Long All
129Climate Change (E1) Sustainability Statement
2. Strategy and Policies
E1-2 – Policies related to climate change mitigation and
adaptation
Kerry’s strategy for managing climate-related IROs is
aligned with the Paris Agreement goal of limiting the global
average increase in temperatures to +1.5⁰C. In order to
mitigate the most significant impacts of climate change, our
approach prioritises lowering GHG emissions within
our operations and wider value chain.
Our Environmental Responsibility Policy supports our
strategy and outlines our commitment to climate change
mitigation, including:
• Reducing emissions across our operations and value
chain;
• Collaborating with stakeholders to reduce Scope 3
emissions;
• Promoting energy efficiency and renewable electricity
across our operations; and
• Investing in research and development to create lower-
carbon products.
Our policy recognises, and is informed by guidelines and
third-party standards, including the Paris Agreement,
RE100, Science Based Target initiative (SBTi), United
Nations Global Compact (UNGC), applicable United Nations
Sustainable Development Goals (UN SDGs), and several
industry-wide initiatives.
Our policy outlines the key activities we undertake
to manage our material climate-related IROs and
encompasses climate change mitigation and adaptation
measures. These activities support the achievement of our
climate-related targets as outlined in our Beyond the Horizon
sustainability strategy. The actions we take in relation to
climate change mitigation help reduce both transition risk,
e.g. those arising from policy changes, and risk associated
with the physical impacts of climate change, such as
extreme weather events which could affect raw material
availability and operational facilities.
Responsibility for implementing the Environmental
Responsibility Policy rests with our Chief Operating Officer
(COO), who oversees the execution of our strategy and
monitors progress toward our climate commitments. The
policy applies to Kerry Group plc, its subsidiaries, partners
and suppliers, across all business locations and activities.
Key stakeholders impacted by the policy include Kerry
employees, suppliers, customers, and the local communities
in which we operate, and we seek to incorporate their
interests in our policy. For more information on our
stakeholder engagement please see our General section
on pages 120-121.
Kerry’s Environmental Responsibility Policy is available on
our intranet and on kerry.com.
3. Governance
The Sustainability Committee of the Board guides and
oversees Kerry’s Beyond the Horizon sustainability strategy,
including our climate initiatives. It is supported by the
Sustainability Executive Committee, which is chaired by
the Chief Corporate Affairs Officer and includes Kerry’s
CEO, CFO, and other members of our Executive Leadership
Team. Together, they review climate-related IROs, determine
climate strategy, assess progress against targets, and
prioritise actions. The COO, as head of the Group’s Climate
Council, alongside our Procurement and Integrated
Operations teams, leads on climate action across our
business and broader supply chain, supported by
functional leaders and sustainability teams.
These efforts are aligned with Kerry’s Climate Transition
Plan (CTP), the development of which was steered by the
Sustainability Executive Committee with extensive cross-
functional support. The CTP was reviewed and approved
by the Group’s Board of Directors in 2024, with progress
against our plan monitored by the Sustainability Executive
Committee. For further information on climate governance,
see pages 121-123 in the General section.
Kerry’s approach to executive remuneration is designed
to align with the Group’s purpose, culture and values,
reinforcing our strategy and supporting the company’s long-
term success. This is reflected through the incorporation
of core sustainability metrics in the performance linked
remuneration for Executive Directors and senior leaders.
For further information regarding Kerry’s remuneration
policies, including those linked to climate change, please
refer to the General section on page 122.
4. Climate Transition Plan
E1-1 – Transition plan for climate change mitigation
Our Pathway to Net Zero
Our Climate Transition Plan (CTP) outlines our roadmap
to net zero, including actions we will take to achieve our
interim 2030 science-based targets for Scope 1 and 2 and
Scope 3. Our net zero target and interim targets have been
independently verified by the Science Based Target initiative
(SBTi) as aligned with a +1.5°C pathway.
Addressing climate change and transitioning to a low-
carbon economy is highly complex and presents both risks
and opportunities for our sector. To respond effectively, we
have modelled projected changes in our GHG emissions,
factoring in business growth and planned climate actions.
Our CTP identifies a focused set of decarbonisation actions
to reduce our total carbon footprint and recognises that
working collaboratively across our value chain will be central
to driving meaningful change for our industry.
As we progress towards our interim targets and our
longer-term ambition of net zero, our CTP directs our
efforts, provides focus and ensures we prioritise actions
in areas of impact. We assess the effectiveness of our
decarbonisation actions as we deploy and scale initiatives
across our operations and supply chain. We will continue
to evaluate and integrate new technologies and innovative
solutions that offer emission reductions, ensuring we
enhance our approach in line with best practice.
We have direct control over a very limited portion of
our value chain emissions and driving transformation
requires leadership and collaboration with suppliers,
farmers, ingredient and packaging producers, transport
providers, and customers. In 2025, in line with our
commitment to achieving our GHG reduction targets and
reflecting the dynamic and evolving nature of estimated
future reductions, we reviewed and updated the expected
130 Sustainability Statement Climate Change (E1)
contributions from our decarbonation levers. Details
of our planned decarbonisation actions, including their
estimated contributions towards our interim reduction
targets, can be found in the Actions and Performance
section, on pages 130-132.
Integrating our CTP into our Strategy,
Business Model and Investments
Our Beyond the Horizon sustainability strategy, which
includes our response to climate change IROs, is embedded
within our overall business strategy. Through our
established partnerships with our customers, we develop
products that are healthier, tastier, and more sustainable,
thereby helping our organisation mitigate climate risks and
adapt to climate change. We will continue to evolve our
actions and make investments that are aligned with our
overall strategic priorities. Our CTP and climate action plans
identify key areas of focus across our operations and wider
value chain that are integrated into our business decisions
and financial planning. We will evolve our approach as
we implement initiatives, gain insights, and adopt new
technologies, recognising that there will be challenges
along the journey. Our CTP will ultimately strengthen the
resilience of our business and support our growth.
We continue to develop and invest in the initiatives
necessary to achieve our 2030 and longer-term net
zero targets. Energy efficiency, carbon reduction and
sustainability impacts are considerations in our investment
programmes. In 2025, we invested €10m of capital
expenditure in projects that directly contribute to improved
energy efficiency and carbon reduction (2024: €13m),
including actions outlined on page 131, with €3m of this
expenditure eligible under EU taxonomy and €0.9m eligible
and aligned. This capital expenditure is included in the
additions line within note 12 of the Financial Statements.
We anticipate that elements of our future capital
expenditure, particularly those relating to energy efficiency
projects (e.g. heat pumps and heat recovery) will meet the
alignment and/or eligibility criteria under the EU Taxonomy.
These investments are directly linked to our efforts to
reduce Scope 1 and 2 emissions, in line with the EU
Taxonomy’s focus on sustainable economic activities.
The implementation of climate-related actions is closely linked
to the availability and allocation of resources, particularly
financial resources. Based on our CTP we estimate that,
on average, the level of investment to realise future Scope
1, 2, and 3 actions will be up to 1% of revenue per annum
in the period to 2030, with funding expected to come from
free cash flow. This estimate is based on several assumptions
regarding the future of our business, associated GHG emission
levels and the potential cost of reducing these. Investments
associated with new initiatives or projects we might undertake
are not fixed or predetermined and these will be influenced,
particularly for Scope 3, by policy supports, collaborative
funding opportunities and the outcome of engagement with
stakeholders in our value chain.
Locked-in GHG emissions are future emissions that will occur
over the lifetime of an asset or product due to choices we
make today. Our CTP sets out how we will reduce the majority
of our emissions, while recognising that some residual
emissions will remain. Any potential locked-in Scope 1 and
2 GHG emissions are expected to be small, as we anticipate
being able to decarbonise 90% or more of our operational
emissions. By 2050, we may have some remaining hard-
to-reduce Scope 3 GHG emissions. To achieve our net zero
targets, we will offset these remaining GHG emissions as
necessary, in line with SBTi guidelines utilising natural or
technical solutions that remove CO₂ from the atmosphere and
provide secure, long-term storage.
Kerry is not excluded from the EU Paris-aligned Benchmarks
in accordance with the exclusion criteria stated in Articles 12.1
(d) to (g) and 12.2 of Commission Delegated Regulation (EU)
2020/1818 (Climate Benchmark Standards Regulation).
5. Actions and Performance
E1-3 – Actions and resources in relation to climate change
policies
E1-4 – Targets related to climate change mitigation and
adaptation
2030 GHG Emission Reduction Targets
Performance
To deliver on our climate objectives, Kerry has set
SBTi-approved interim targets that will contribute to
the achievement of net zero emissions before 2050.
Scope 1 and 2 GHG Emissions
Base Year
2017
1
ktCO₂e
2025
ktCO₂e
Target
reduction by
2030
Performance
vs Base Year
Total Scope 1 and 2 (market-based) GHG
Emissions
755.6 361.3 -55% -52%
Scope 3 GHG Emissions
Base Year
2022
1
ktCO₂e
2025
ktCO₂e
Target
reduction by
2030
Performance
vs Base Year
Total Scope 3 Emissions 7,440.6 6,708.9 -10%
FLAG Emissions in Scope of 2030 Target 2,933.7 2,743.0 -30% -7%
Non-FLAG Emissions in Scope of 2030 Target 1,952.7 1,693.3 -25% -13%
1
To allow for comparability with our current reporting period, the base years reported in 2024 have been adjusted in 2025 to reflect the disposal
of Kerry Dairy Ireland. Reported in 2024 as follows: Scope 1 and 2, reported as 926.4 ktCO₂e, Total Scope 3, reported as 9,316.4 ktCO₂e, FLAG,
reported as 4,235.5 ktCO₂e, and non-FLAG, reported as 2,072.5 ktCO₂e.
131Climate Change (E1) Sustainability Statement
Scope 1 and 2 Emissions
(Own Operations)
We have an ambitious target to achieve a 55% absolute
reduction in Scope 1 and 2 GHG emissions (market-based)
by end of 2030, compared to our 2017 base year, rising to a
90% reduction before 2050. This target aligns with the global
ambition to limit warming to +1.5°C, is set in accordance with
the SBTi Corporate Net Zero Standard and is SBTi approved.
The target was set following a cross-sectoral decarbonisation
pathway, using the absolute contraction approach (ACA). This
approach provides a robust scientific basis for our emission
reduction strategy.
In 2025, we recorded a 52% reduction in absolute Scope 1 and
2 GHG emissions, versus our 2017 base year (2024: 50%), with
renewable energy continuing to play an important role in our
progress. During 2025, we received the first Energy Attribute
Certificates (EACs) from the Power Purchase Agreements (PPAs)
signed with our UK provider in 2024. These PPAs are for a
period of 11 years and covered 40% of Kerry’s current annual
UK electricity consumption. In 2025, more than 99% of our
electricity purchases were sourced from renewables or covered
by EACs (2024: 99%).
Through the use of PPAs and market-based certification, we
align our electricity consumption with certified renewable
energy sources, which contributed a 255 ktCO₂e reduction in
our Scope 1 and 2 GHG emissions (2024: 279 ktCO₂e).
Building on our existing investments in renewable energy, in
2025 we signed a new 15-year Certificate Purchase Agreement
(CPA) to support the development of a wind farm in North
America. The EACs to be received from this agreement are
modelled to cover over 80% of our current electricity usage in
the region, with the project expected to come into service in
early 2029. Our investments in renewable electricity not only
contribute to the achievement of Kerry’s CTP but also support
the transition to lower carbon electricity, helping to fund the
development of renewable energy projects. We are actively
assessing additional PPA and CPA opportunities in other
regions and continue to ensure our electricity is backed by
renewable generation.
Alongside our efforts to ensure electricity consumed at our
manufacturing sites is contributing to renewable energy
generation, we continue to invest in projects that improve
energy efficiency. In 2025, these initiatives included investments
in steam traps that reduce energy requirements within our
manufacturing systems and contribute to a reduction in water
withdrawals. We also invested in plasma technology, which uses
electric fields to oxidise volatile organic compounds, replacing
traditional methods that rely on high heat from combustion.
These types of investments underscore our commitment to
operational sustainability and energy efficiency.
The energy efficiency projects completed in 2025, are estimated
to deliver full year GHG reductions of 5 ktCO₂e. Accurately
measuring the actual reductions achieved is challenging,
particularly when efficiencies are expected from investments in
specific equipment within a site, as total energy requirements
are influenced by a range of equipment and production factors.
Nonetheless, we are confident that these investments have
contributed to the offset of carbon from growth within the
business and overall carbon reductions realised in 2025. For
projects that are ongoing at the end of 2025 it is estimated that,
upon completion, they will contribute 6 ktCO2e to full year GHG
reductions.
The key future actions to address Scope 1 and 2 GHG emissions,
over the short (S), medium (M) and long (L) term include:
Continuous Improvement and Energy Efficiency (S/M/L):
Maintain our focus on continuous improvement and
investment in energy efficiency measures . We estimate
that these activities can contribute a potential 60 ktCO₂e
reduction to 2030.
Electrification and Lower Carbon Energy (M/L): Pilot
and scale new lower carbon thermal energy sources across
our manufacturing sites, such as biofuel and hydrogen, and
work to increase electrification of our processes. We estimate
that these activities can contribute a potential 25 ktCO₂e
reduction to 2030.
Other Indirect Emissions (Scope 3)
Kerry’s Scope 3 emissions include all other indirect emissions
across our value chain, including emissions from purchased
goods and services, employee commuting, transportation
and distribution, and end-of- life treatment of sold products.
Approximately 95% of our emissions are generated outside
of our direct operations, with over 70% attributable to the
procurement of goods and services.
We have set near term and net zero Scope 3 targets for
FLAG emissions, using the SBTi Forest, Land, and Agriculture
(FLAG) guidelines, as well as for Energy & Industry (non-FLAG)
emissions using the ACA cross-sectoral decarbonisation
pathway. Both our FLAG and non-FLAG targets are aligned
with climate and policy scenarios that support a +1.5°C
pathway and were SBTi approved in 2025.
• FLAG Emissions: Achieve a 30% absolute reduction by
2030 compared to a 2022 base year, and a 72% reduction
before 2050.
• Non-FLAG Emissions: Achieve a 25% absolute reduction
by 2030 compared to a 2022 base year, and a 90%
reduction before 2050.
In 2025, we achieved a 10% reduction in our total Scope
3 emissions, compared with our 2022 base year (2024:
5%). Reductions achieved within our FLAG and non-FLAG
boundaries contribute to the overall decrease in total Scope
3 emissions.
Within our FLAG target boundary, absolute emissions were
reduced by 7% (2024: 1%) compared with our 2022 base
year. Our approach to tackling impacts within our supply
chain is to prioritise areas where we can collaborate with
stakeholders to develop and implement interventions that
will contribute to lower GHG emissions. We have raw material
categories which are at risk of contributing to deforestation.
To tackle this, we have increased the volume of verified
deforestation and conversion-free (DCF) materials we
purchase. The proportional increase in DCF volumes, along
with a change in product mix, have contributed to a reduction
in our total FLAG emissions. For further information on
our DCF performance and actions taken please refer to E4
Biodiversity and Ecosystems.
In 2025, following the completion of the first phase of our
regenerative agriculture projects in North America, initiated
in 2024, we maintained our collaboration on selected projects
and launched a new regenerative agriculture project in Europe,
with participant enrolment to begin in 2026. These projects
incentivise farmers to implement practices, such as no-till
farming and cover cropping. The projects initiated in 2024
recorded net carbon removals and reductions of 11.7 ktCO₂e,
132 Sustainability Statement Climate Change (E1)
in line with modelled outcomes. As standards relating to
carbon removal are still in development, we have not included
these outcomes in our reported Scope 3 emissions. Achieving
our net zero target will require the utilisation of carbon
removals and we remain committed to piloting projects that
will help refine our approach and inform our strategy. The
projects initiated in 2025 are estimated to deliver full year
net carbon reductions and removals in the range of 1.0 to
4.0 ktCO2e, with the potential outcomes dependent on final
enrolments and participant performance.
Within our non-FLAG target boundary, absolute emissions
decreased by 13% (2024: 11%) compared with our 2022
base year. Reduction in emissions relating to upstream
transportation, from improved route management and global
fleet improvements, and increased use of recyclable plastic have
contributed to the reduced non-FLAG emissions at end of 2025.
Our CTP outlines our roadmap to net zero, detailing key
decarbonisation actions to achieve our 2030 science-based
targets and form the foundation of our long-term net zero
journey. The key future actions to address Scope 3 GHG
emissions, over the short (S), medium (M) and long (L) term
include:
Climate Smart Agriculture (S/M/L): Support increased
adoption of practices to reduce emissions, restore soil
health and increase biodiversity, e.g. regenerative practices
such as no- and low-till farming, optimised fertiliser use and
reduction of livestock methane emissions through better
herd and feed management. These actions are estimated to
contribute a potential 870 ktCO₂e reduction by 2030.
Land Use & Deforestation (S/M): Prevent deforestation and
land conversion in our supply chain and, where appropriate,
incorporate agroforestry measures in suitable areas to
reduce emissions related to raw material inputs. These
actions are estimated to contribute a potential 180 ktCO₂e
reduction by 2030.
Product Reformulation (S/M/L): Innovate with new
and lower carbon raw materials, in partnership with
customers, to reduce the carbon footprint of our portfolio
and customer solutions. These actions are estimated to
contribute a potential 420 ktCO₂e reduction by 2030.
Logistics (S/M): Optimise transport and distribution,
including encouraging greater use of renewable energy
among logistics partners. These actions are estimated to
contribute a potential 250 ktCO₂e reduction by 2030.
Energy Management (M/L): Improved energy management
and use of renewable downstream energy in the further
processing of sold products. These actions are estimated to
contribute a potential 180 ktCO₂e reduction by 2030.
Other (S/M): Optimise product design, for other non-
renewable inputs, targeting lower carbon solutions and
increasing use of renewable inputs, including those relating
to plastic packaging. These actions are estimated to
contribute a potential 70 ktCO₂e reduction by 2030.
Gross Scopes 1, 2, 3 and Total GHG Emissions
E1-6 – Gross Scopes 1, 2, 3 and total GHG emissions
GHG Emissions
2025
ktCO₂e
2024
ktCO₂e
% 2025/
2024
Scope 1
Gross Scope 1 GHG emissions 334.3 433.6 77%
Scope 1 GHG emissions from regulated emissions trading scheme (%) 7% 26% -
Scope 2
Gross location-based Scope 2 GHG emissions 282.1 307.5 92%
Gross market-based Scope 2 GHG emissions 27.0 28.7 94%
Scope 3
Total Gross indirect (Scope 3) GHG emissions 6,708.9 8,855.9 76%
1. Purchased goods and services 5,324.5 7,362.2 72%
2. Capital goods 87.4 88.7 98%
3. Fuel and energy-related activities (not included in Scope1 or Scope 2) 135.2 148.4 91%
4. Upstream transportation and distribution 427.2 437.6 98%
5. Waste generated in operations 13.0 13.9 94%
6. Business traveling 32.0 43.0 74%
7. Employee commuting 10.2 11.8 86%
9. Downstream transportation 137.9 156.5 88%
10. Processing of sold products 272.7 302.8 90%
11. Use of sold products 168.6 203.3 83%
12. End-of-life treatment of sold products 73.6 82.7 89%
15. Investments 26.6 5.0 536%
Total GHG Emissions
Total GHG emissions (location-based) 7,325.3 9,597.0 76%
Total GHG emissions (market-based) 7,070.2 9,318.2 76%
133Climate Change (E1) Sustainability Statement
On 31 December 2024, Kerry Group completed the sale of Kerry Dairy Ireland. In 2025, this has resulted in material year-
on-year variances in the profile of our Scope 1, 2 and 3 emissions and energy consumption and mix.
The actions taken within our continuing operations to reduce emissions across all Scopes are detailed above in sections
Scope 1 and 2 Emissions (Own Operations) and Other Indirect Emissions (Scope 3).
In 2025, unbundled EACs accounted for 85% of our overall approach to managing Scope 2 emissions (2024: 83%).
The market-based Scope 2 GHG emissions associated with electricity purchased and bundled with these certificates
represented 5% of our total Scope 2 emissions (2024: 8%). In 2025, the percentage of Scope 3 GHG emissions calculated
using primary data was 11% (2024: 18%).
Biogenic CO₂ emissions from the combustion or biodegradation of biomass, which are not included in Scope 1 GHG emissions,
were 41.3 ktCO₂e in 2025 (2024:103.3 ktCO₂e). In 2025, we carried out tests on biofuel used at select manufacturing sites to
assess the fuels energy density, as the biofuel is a byproduct of on-site manufacturing processes. The results revealed that the
energy density of the biofuel was lower than previously estimated. The revised energy density figures have led to a year-on-year
reduction in our reported biogenic CO₂ emissions not included in Scope 1 GHG emissions and energy from renewable biomass,
reported in our energy table.
In 2025, total GHG emissions intensity (location-based) per €m net revenue
1
, was 1.1 ktCO₂e (2024: 1.2 ktCO₂e) and total GHG
emissions intensity (market-based) per €m net revenue
1
, was 1.0 ktCO₂e (2024: 1.2 ktCO₂e).
Energy Consumption and Mix
E1-5 – Energy consumption and mix
The table below presents a summary of Kerry’s energy consumption and energy mix:
Types of energy consumption Unit 2025 2024
Fuel consumption from crude oil and petroleum products MWh 26,583 44,241
Fuel consumption from natural gas MWh 1,728,369 2,214,874
Consumption of purchased or acquired electricity, heat, steam, and cooling
from fossil sources MWh 132,254 134,965
Total fossil energy consumption MWh 1,887,206 2,394,080
Share of fossil sources in total energy consumption % 70% 70%
Fuel consumption for renewable sources, including biomass (also comprising
industrial and municipal waste of biologic origin, biogas, renewable
hydrogen, etc.) MWh 116,385 298,743
Consumption of purchased or acquired electricity, heat, steam, and cooling
from renewable energy sources MWh 678,977 724,107
The consumption of self-generated non-fuel renewable energy MWh 207 272
Total renewable energy consumption MWh 795,569 1,023,122
Share of renewable sources in total energy consumption % 30% 30%
Total energy consumption MWh 2,682,775 3,417,202
In 2025, energy intensity per net revenue
1
in high climate impact sectors was 397 MWh/€m (2024: 428 MWh/€m). The amount
of internally generated non-renewable energy was 15,558 MWh (2024: 332,434 MWh).
Other Climate-Related Targets
In addition to our Scope 1 and 2, and Scope 3 GHG emission reduction targets, we also have targets relating to renewable
electricity in our operations and DCF supply chains for priority raw materials.
To advance our carbon reduction objectives, Kerry is a member of RE100, a global initiative bringing together leading
businesses committed to using 100% renewable energy by the end of 2025. In line with this commitment, more than 99% of
the electricity we purchased in 2025 was backed by renewable electricity generation (2024: 99%), reflecting our commitment
to renewable energy use in support of our broader net zero ambition.
For information regarding our DCF targets, please refer to E4 Biodiversity and Ecosystems on pages 146-149.
1
Net revenue used as denominator is equal to total net revenue reported in the 2025 Financial Statements, €6,757.6m (2024: €7,980.6m), and is
equal to revenue from high climate impact sectors, as defined in ESRS. The 2024 prior year comparative includes Kerry Dairy Ireland, up to the
date of divestment.
134 Sustainability Statement Climate Change (E1)
GHG Removals and GHG Mitigation
Projects Financed Through Carbon
Credits
E1-7 – GHG removals and GHG mitigation projects financed
through carbon credits
As part of the actions we take to support our customers,
two of our sites in APMEA have attained carbon neutrality.
These carbon neutral claims have been made with the
support of carbon credits, which offset the residual GHG
emissions from their direct operations. In 2025, a total of 3.5
ktCO₂e of carbon credits were cancelled in relation to these
claims. We plan to cancel 1.6 ktCO₂e of carbon credits, which
were not contracted in 2025.
All carbon credits cancelled in 2025 are carbon reduction
projects and certified under the Gold Standard for the Global
Goals, ensuring they originate from clearly defined and
independently audited sources, and avoid double counting.
Carbon credits contracted in 2025, and planned to be cancelled
in 2026, hold Gold Standard certification, providing the same
assurances regarding their integrity and traceability. None
of the carbon credits have been issued from projects within
the European Union and do not qualify as corresponding
adjustments under Article 6 of the Paris Agreement.
The use of carbon credits is not deducted from site
performance, nor from the emissions reported in our
E1 Climate Change disclosure, and they are not included
when tracking progress towards our emission reduction
targets. As a result, this limited use of carbon credits does
not impact progress towards achieving our GHG emission
reduction goals and our overall net zero target.
We have initiated pilot projects in our supply chain which
result in carbon removals. We have not incorporated
these removals into our reported Scope 3 emissions.
We will continue to monitor evolving guidance regarding
the recording and reporting of carbon removals and refine
our approach in the future.
Internal Carbon Pricing
E1-8 – Internal Carbon Pricing
We use an internal carbon pricing scheme, applying a
shadow price for Scope 1 and 2 GHG emissions associated
with capital expenditure projects valued over €1 million.
The approach is designed to help with the alignment of
our financial and environmental decisions when approving
capital expenditure. The volume at stake in 2025 was
16 ktCO₂e (2024: 0.1 ktCO₂e). The internal shadow price
is €70 per tonne of CO₂e, which has been set taking
into consideration i) carbon prices applied in existing
mandatory emission trading schemes, ii) the expected
development in price, using external sources, and iii) current
implementation across relevant jurisdictions.
Reporting
Continuous monitoring of GHG emissions is essential for
achieving our climate objectives. We systematically track
our performance against established targets, with progress
reported through the relevant functional sustainability
councils, the Sustainability Executive Committee and the
Board’s Sustainability Committee. We also provide updates
on performance versus our 2030 targets in our Annual
Report, making this information accessible to external
stakeholders.
We align our reporting with recognised standards
and frameworks to maintain consistency and enable
meaningful comparisons of our progress over time. These
standards include the European Sustainability Reporting
Standards (ESRS), the Greenhouse Gas (GHG) Protocol,
Task Force on Climate-related Financial Disclosures (TCFD)
and the EU Taxonomy.
6. Climate Resilience Analysis
Identifying Climate-Related Risks and
Opportunities
ESRS 2 IRO-1 – Description of the processes to identify
and assess material climate-related impacts, risks and
opportunities (IROs)
Kerry’s process for identifying and assessing climate-
related IROs in our operations and across our value
chain, is performed in line with ESRS requirements. Our
comprehensive approach incorporated several critical inputs:
• ESRS Double Materiality Assessment: As part of
Kerry’s double materiality assessment, we identified
material climate-related IROs as outlined on page 128;
• Previous Climate Risk Assessment: Insights from
our previous detailed assessments provided the
foundation for understanding potential climate risks
and opportunities relevant to our business;
• Peer Benchmarking and Gap Analysis: We conducted
a benchmarking analysis of industry peers, identifying
areas where our approach could be strengthened;
• Screening of Actual and Potential GHG Emissions
Sources: We analysed Kerry’s value chain to identify
actual and potential future GHG emission sources
including consideration of Kerry’s decarbonisation
pathway; and
• Climate Hazards: We considered the 28 climate hazards
listed in ESRS E1 AR11, ensuring a thorough assessment
of potential climate-related physical risks across our
operations.
135Climate Change (E1) Sustainability Statement
Annual Review: In 2024, we completed a comprehensive
update of our climate scenario analysis. In 2025, we carried
out a review to consider any actual or potential material
effects on the analysis arising from the annual review
of the double materiality assessment, disposal of Kerry
Dairy Ireland, acquisitions, any changes to key inputs or
assumptions and insights gained from peer reviews. Key
changes arising from the review were:
• Regulation, Technology and Policy risk were combined,
reflecting the use of carbon pricing as a key indicator of
financial risk across these categories.
• Reputation risk was removed based on uncertainties in
translating this to a quantified financial impact and in
alignment with broader industry disclosures.
Climate Hazard Screening Process: We employed a structured
approach to identify relevant climate-related hazards and
assessed our exposure across economic activities and assets:
• Hazard Review: Reviewed the climate hazards
listed in ESRS E1 AR11 and filtered hazards based
on geographical relevance to our global operating
locations. Hazards which are applicable from a
geographical and business perspective were taken into
consideration in the physical risk scenario analysis. All
categories of transition risks as per ESRS E1 AR12 were
analysed to define significant transition risks for Kerry;
• Significance Evaluation: Assessed the remaining
hazards to identify those representing potentially
significant adverse effects on our economic activities.
For physical risks, third-party climate data was employed
to help assess the potential impact on sites through
projection of exposure to extreme weather events. For
transition risks, we evaluated the Group’s exposure and
sensitivity to identified transition events, considering the
likelihood, magnitude, and duration of these events;
• Data Collection: Gathered data on historical exposure
and projected changes for the identified hazards for our
operating locations;
• Future Intensity Screening: Filtered hazards and assets
potentially exposed to significant increases in hazard
intensity in the future; and
• Risk Integration: Integrated the results with
information on new assets and those with potential
financial exposure, based on our previous climate
scenario analysis.
Identified risks and opportunities were categorised in line
with the ESRS requirements: physical risks, encompassing
the direct impacts of climate change on Kerry’s operations
and value chain, and transition risks, arising from the
global transition to a low-carbon economy and evolving
carbon policies. The risks were further classified by risk
types, distinguishing between physical risks (acute and
chronic) and transition risks (policy, regulation, technology,
and market). Further details on the methodology used to
assess climate-related hazards are provided in the sections
Assessment of Physical Risks and Assessment of Transition
Risks and Opportunities on pages 136-137.
Through a process of stakeholder engagement, regulatory
guidance, Kerry’s established group risk management
practices and expert judgement, we defined and
documented a prioritised set of risks and opportunities for
detailed quantitative assessment. This work was governed by
a Decision-Making Authority and the outputs were reviewed
by the Sustainability Executive Committee, the Sustainability
Committee and the Audit Committee.
Assessing Climate-Related Risks
and Opportunities
Time Horizons and Climate Scenario Analysis
Approach
Within our climate scenario analysis, we used short,
medium and long-term time horizons, which are consistent
with the time horizons used in our double materiality
assessment. These timeframes are aligned with the
expected lifespan of our assets, our strategic planning
cycles, and capital allocation strategies:
• Short term (1 year): This horizon is aligned with our
annual operational planning and budgeting cycle,
focusing on immediate physical risk impacts affecting
our operational assets;
• Medium term (2–5 years): This period corresponds to
our mid-term strategic planning and the initial phases of
capital allocation, addressing emerging risks that may
influence asset performance and resource allocation; and
• Long term (6–25 years): The long-term horizon reflects
the anticipated operational lifespan of our key assets
and supports our long-range strategic objective to
achieve net zero before 2050.
We evaluated the prioritised climate-related risks and
opportunities using recognised state-of-the-art scientific
sources to inform climate scenarios. This analysis drew on
three climate scenarios informed by the Intergovernmental
Panel on Climate Change (IPCC), Shared Socioeconomic
Pathways (SSPs) and two International Energy Agency (IEA)
World Energy Outlook (WEO) scenarios.
The climate scenario analysis covered Kerry’s entire value
chain, encompassing manufacturing sites in our own
operations, and upstream and downstream activities.
Climate Scenario Selection
The following climate scenarios were selected to
assess potential physical risks and transition risks and
opportunities over the short, medium, and long term:
• High Carbon Scenario; +4.3°C: IPCC Representative
Concentration Pathway (IPCC SSP5-8.5);
• Medium Carbon Scenario; +2.4°C: IPCC Shared
Socio-Economic Pathway (SSP2-4.5); IEA Stated Policies
Scenario (STEPS); and
• Low Carbon Scenario; +1.5°C Transition/<+2°C Physical:
IPCC Shared Socio-Economic Pathway (SSP1- 1.9 &
SSP1-2.6); IEA WEO Net Zero Emissions by 2050 (NZE).
SSP1-2.6 was used to assess physical risk due to limited
integration of SSP1-1.9 within existing risk models.
136 Sustainability Statement Climate Change (E1)
The three scenarios represent the potential outcomes
of temperature increases exceeding different specific
thresholds by the end of this century. Additionally, data
from sources such as the Network for Greening the
Financial System (NGFS), World Bank, World Resources
Institute (WRI) Aqueduct, and Copernicus were used,
among others, to assess risk and opportunity impacts
across different climate scenarios.
By incorporating a Low Carbon Scenario (IPCC SSP1- 1.9)
and a High Carbon Scenario (IPCC SSP5-8.5) for both
transition and physical risks, along with a Medium Carbon
Scenario (IPCC SSP2-4.5), we have comprehensively
assessed the combined potential impacts on our business.
Assessment of Physical Risks
The scope of our physical risk assessment focused on
identified risks across our operations and upstream value
chain and was based on the high-emission climate scenario
IPCC SSP5-8.5, which identified relevant climate-related
hazards under a worst-case scenario. The types of physical
risks assessed were:
• Acute physical risks refer to those risks that are event
driven, including increased severity of extreme weather
events; and
• Chronic physical risks refer to longer-term shifts in
climate patterns that may lead to impacts such as rising
sea levels or water-stress.
To understand the potential exposure and sensitivity of
our assets and business activities to relevant climate-
related hazards, we considered the likelihood, magnitude,
and duration of these hazards. We screened all our
manufacturing sites for exposure across defined time
horizons using third-party climate models and geospatial
coordinates specific to each of our locations, while risks
to key raw materials were assessed on a global basis
using independent published data, including World Bank
commodity prices.
Operations
To assess risks to our manufacturing footprint, we reviewed
the list of climate hazards and filtered these based on
geographical relevance to our global operating locations.
We assessed which remaining hazards could potentially
have adverse effects on our economic activities and where
there was potential for significant increases in hazard
intensity over time. By combining this data with outputs
from our previous risk assessment, we prioritised a subset
of sites for further analysis of exposure to the following
hazards:
Extreme Weather and Coastal Inundation: To assess the
potential impact on operational sites, we combined site
revenue and asset information with third-party climate data
to help quantify value at risk and/or losses associated with
potential business interruption.
Water-Stress: Sites with higher exposure to water risk were
identified using inputs including water use and data from
the World Resource Institute’s Aqueduct tool. By modelling
potential impacts on production at these sites as a result of
variations in precipitation patterns, we determined potential
revenue losses due to limited water availability.
Raw Material Supply Chain
We examined how future physical climate changes may
impact global raw material availability, focusing on a
selected basket of key agricultural inputs – corn, soy, wheat,
and dairy – used across our business. To assess potential
cost increases, we modelled forecasted purchase volumes
and potential price increases considering anticipated
climate change impacts. While the assessment indicated the
potential for some acute impacts to agricultural output, with
impacts varying by commodity, the most significant impacts
for the selected raw materials are not anticipated to take
effect within the period examined. Given the uncertainty
relating to these impacts, we will continue to keep this
assessment under review.
Physical Risk Assessment – Key Findings
We assessed the physical risks outlined across a range
of scenarios, including a high emissions scenario, and
while we identified a small number of sites with higher
levels of exposure to climate hazards, our assessment has
indicated a low level of financial risk across the period to
2050. Therefore, as the scenario analysis performed has not
shown these risks to be material either individually or
in aggregate, we have not disclosed these separately.
This quantitative modelling provides important insights
into climate-related risks while being subject to inherent
uncertainties and limitations. These models depend on
numerous assumptions, such as future GHG emission
trajectories, the success of climate mitigation measures,
and the complex responses of natural systems to rising
temperatures. Consequently, forecasts for physical risks,
including floods, storms, heatwaves, and sea-level rise, can
differ considerably based on the scenario applied, reflecting
the range of potential future climate conditions and the
challenges in predicting specific outcomes with precision.
Our double materiality assessment incorporates the results
of the scenario analysis, while acknowledging its limitations,
and also considering the views of stakeholders on the scale,
scope and irremediable character of risks.
Assessment of Transition Risks and
Opportunities
Transitioning to a lower-carbon economy may entail
extensive policy, regulation, technology and market
changes. Depending on the nature, speed and focus of
these changes, transition risks may pose varying levels of
financial risk or opportunity to Kerry. In this analysis, we
evaluated the Group’s exposure and sensitivity to identified
transition events, considering the likelihood, magnitude
and duration of these events. Climate-related scenario
analysis was used for the assessment of transition risks
and opportunities over the short, medium and long-term.
The analysis focused on a +1.5°C pathway consistent with
the Paris Agreement, based on IPCC (SSP1-1.9) and IEA (Net
Zero Emissions by 2050) scenarios.
As part of our assessment of transition risks and
opportunities, we reviewed assets and activities that may
present challenges in aligning with a climate-neutral
economy. With 5% of total emissions arising from Scope 1
and 2 (market-based) sources, Kerry’s exposure to locked-in
emissions is limited.
137Climate Change (E1) Sustainability Statement
Policy, Regulation and Technology
Policy and regulatory risks, both existing and emerging, are
a key climate consideration for the Group. Given our global
footprint, Kerry is exposed to a diverse range of regulatory
frameworks across multiple jurisdictions, each with varying
degrees of scope, scale, and speed of implementation.
Navigating these will pose a challenge for all global
organisations. Among the most prominent policy risk for our
business is the expansion of carbon pricing by governments
aiming to align emission reductions with the Paris Agreement.
Our CTP outlines our roadmap to net zero, involving asset
upgrades and deployment of new interventions within our
own operations, as well as supporting the development of
new processes, technologies and innovations across our value
chain. The pace and success of technological innovation is
closely connected to the level of ambition and consistency
of government policy and regulation worldwide. At present,
one of our manufacturing facilities is within scope of the UK
Emissions Trading Scheme. The potential expansion of such
schemes, introduction of similar carbon pricing mechanisms
in other regions, the extension of carbon pricing to raw
material inputs or insufficient policy ambition to incentivise
technological advancement, may result in significant future
costs for our business.
Market
While climate change presents potential significant risks to
our industry, it also creates considerable opportunities for
Kerry, particularly as customer and consumer preferences
shift. Our assessment considered how consumer sentiment
may drive demand for lower-carbon alternatives across the
food and beverage sector. Proprietary research indicates
that consumers increasingly favour healthier products with a
reduced environmental impact. This increased consumer and
customer demand for lower-carbon products may lead to a
material increase in demand and revenue associated with
Kerry’s sustainable solutions and lower-carbon products.
The Impact of Climate Change Risks on
Our Financial Statements
We considered the potential impacts of individual climate
change risks when preparing our Consolidated Financial
Statements and have determined that there is no material
impact on the financial reporting judgements and estimates
and as a result there is no impact on the valuations of the
Group’s assets and liabilities from these risks as at
31 December 2025. The impact of some of the climate-related
scenarios have been considered in the impairment testing of
goodwill and indefinite life intangible assets, using the outputs
of the climate scenario analysis. The Group performed a
number of sensitivity scenarios to incorporate climate-related
risks and opportunities including impacts on revenue and
profitability, future capital expenditure and investments, as
well as volatility associated with other risks identified. The
useful lives of assets are based on historical experience with
similar assets, as well as anticipation of future events, which
may impact their life, such as changes in technology or the
location of the asset and its climate-related risk.
Potential Financial Effects of Material Transition-Related Risks and Opportunities
Risk/Opportunity Type
Risk/Opportunity
Description
Description of +1.5⁰C Scenario
Modelled
Short-Term: 2026
Medium-Term: 2027 - 2030
(Cumulative Impact)
Long-Term: 2031 - 2049
(Cumulative Impact)
Policy,
Regulation &
Technology
Risk Policy changes and
the introduction of
regulation designed
to constrain emissions
have the potential
to add cost to our
operations.
We modelled the potential impact
of a carbon price across both
our operations and selected raw
materials, using projections from
the IEA (Net Zero Emissions by 2050
scenario). This modelling approach
also served as an estimate for
the level of investment required
to implement new processes,
technologies and innovations
aligned with the low carbon scenario.
Low High High
Market Opportunity Increased consumer and
customer demand for
lower-carbon products
lead to increased
demand/revenue
associated with Kerry’s
sustainable solutions.
We modelled a potential uplift in
revenue for selected lower-carbon
technologies, due to anticipated
shifts in consumer buying
preferences.
Med High High
Note: Climate risks and opportunities are considered separately, and the potential impacts are not cumulative.
138 Sustainability Statement Climate Change (E1)
As outlined in our Climate Transition Plan, Kerry does not
anticipate significant levels of locked-in GHG emissions. By
2050, we may have some remaining hard-to-reduce emissions
across Scope 1, 2, and 3. We will offset these emissions as
necessary, in line with SBTi guidelines using carbon removals,
i.e. natural or technical strategies that remove CO₂ from the
atmosphere and provide secure long-term storage.
Strategy and Business Model
ESRS 2 SBM-3 – Material impacts, risks and opportunities and
their Interaction with strategy and business model
Scope of the Resilience Analysis
In 2025, we undertook a review of our resilience analysis,
initially conducted in 2024, incorporating consideration of any
actual or potential impacts to our findings from updates to our
climate scenario analysis and changes to our group structure,
including disposal of Kerry Dairy Ireland. The resilience analysis
takes account of the key drivers outlined on page 141 and
covers our full value chain, considering the raw materials we
source, locations where we manufacture our products and the
potential for changing customer and consumer demands.
Strategy and Business Model Resilience
When reviewing our strategy, considering various climate-
related scenarios, including a +1.5°C scenario for transition
risk, we observe a high level of resilience. Kerry acknowledges
the significant risks posed by climate change to its operations
and supply chain. Where risks are identified, we implement
mitigating actions to ensure long-term resilience and
sustainability.
The overall resilience analysis was conducted on a Group-wide
basis and used the outputs of our scenario analysis and CTP as
key inputs.
To address physical climate-related risks across our sites, our
integrated operations teams assess risks and manage these
at site level or through engagement with stakeholders such
as our insurance providers and expert partners. Our extensive
geographic footprint and strategy of co-locating operations
close to our customers results in a more limited exposure to
climate-related physical hazards at any single location.
In our value chain, while acute weather impacts on crop
production have the potential to create short-term disruptions
and/or price increases of raw materials, these are managed
through our diversified global sourcing strategy and pricing
model. We assessed the potential for more chronic climate-
related changes on raw material production in our scenario
analysis and expect these to emerge over a longer time
horizon. We acknowledge the uncertainty within climate
models and the potential for impacts to materialise more
quickly and will keep these risks under ongoing review.
We are increasingly engaged with our raw material suppliers
on climate change and exploring how raw materials can
be produced with lower impacts. This work helps us to
better understand climate risks within specific raw material
categories. The interventions we have identified for lowering
emissions, like regenerative agriculture, can also help farms
become more resilient to the future impacts of climate change.
Transition risks and opportunities may emerge more quickly,
and Kerry’s net zero ambition and CTP are crucial to managing
these effectively. The implementation of this plan will support
us in lowering our total emissions thereby mitigating the
impacts of policy, regulation and technology risks.
Our strategy and business model are centred on partnering
with customers to create healthier, tastier, and more
sustainable products. Given sustainable nutrition is core to
our strategy, climate-related considerations are increasingly
integrated into our strategic planning and investment
decisions. This positions us to capture the market opportunity
for lower-carbon alternatives as customers and consumers
continue to integrate climate considerations, and/or adapt to
impacts of climate change, in their product choice.
Adaptability of Strategy and Business Model to
Climate Change
We consider our current strategy and business model to be
well positioned to manage risks and capture opportunities
presented by climate change over the short, medium, and
long-term. Our assessment of climate-related risks and
opportunities enables us to identify potential impact areas and
necessary actions.
The global and diverse nature of our business, combined with
our capacity to innovate at pace in response to customer and
consumer needs, supports our ability to adapt to evolving
external conditions and industry requirements. This allows us
to ensure continued access to finance at an affordable cost
of capital, to redeploy, upgrade, or decommission assets as
needed, to shift our product and service offerings, and to invest
in reskilling our workforce to remain responsive and resilient in
a changing climate landscape.
Prioritisation of Sustainability-Related Risks
Within our risk management framework, we adopt an
integrated approach to assessing and managing climate-
related risks across our business and wider value chain, which
involves a dual approach:
• We include ‘climate change’ as a standalone principal risk
for our business, considering the longer-term systemic
nature of the risk and the requirements for shorter-term
action to mitigate and plan for this; and
• We also consider how discrete climate-related impacts can
affect other risk areas and integrate climate considerations
within additional principal risks, for example, the potential
impacts of extreme weather on raw material availability.
As part of the Group’s enterprise risk management framework,
we have defined parameters under which we quantify potential
impact. The significance of risks is determined using a standard
risk scoring methodology to ensure consistency in reporting
and evaluation of risks. For more see our Risk Management
Report on page 30.
Areas of Uncertainty
Our resilience analysis is global in nature and areas of risk
considered are included within our broader business strategy
and investment decisions, with our CTP helping to identify
relevant mitigations. The analysis is informed by relevant
climate scenarios and is subject to certain limitations relating
to the assumptions we have made about the future of our
business, the climate models used to assess physical risk and
timing and scope of transition impacts. Further details are
available on page 142.
139Climate Change (E1) Sustainability Statement
7. Methodology Notes
Targets (E1-4)
Key Assumptions in Target Setting
When setting GHG emission reduction targets, we made
several critical assumptions related to potential future
developments, including the anticipated increase in sales
volumes and associated impact on emissions. We also
considered the potential impact of regulatory changes,
changes to customer preferences and the advent of new
technologies that will help to advance our climate transition.
In doing so, we ensure our targets and CTP are more
robust and responsive to evolving market, regulatory,
and technological trends.
Our targets cover our operations and value chain and are
informed by ongoing engagement with both internal and
external stakeholders, through various avenues and forums,
including surveys and interviews conducted as part of the
double materiality assessment.
The targets were set using a combination of cross-sector
and sectoral pathways available from SBTi to ensure they
are compatible with limiting global temperature increase
to +1.5°C, with SBTi validation ensuring alignment with the
objectives of the Paris Agreement.
We use a range of primary and secondary data to
calculate our GHG emissions and set our targets and this
can require us to make assumptions for certain Scope 3
categories, for example, on the processing of our products
by customers. All our GHG emissions targets are measured
in kilotons of CO₂ equivalents. The GHG emission reduction
targets are gross targets, meaning that Kerry does not
include carbon credits or avoided emissions as a means
of achieving our targets.
Target Boundaries
In line with SBTi requirements, Kerry has defined
boundaries for the application of GHG emission reduction
targets, with coverage increasing over time. Our Scope
1 and 2 targets include all emissions. For Scope 3, the
following boundaries apply and are consistent with SBTi
guidance:
• Near-Term Boundary (2030): Includes 67% of FLAG and
69% non-FLAG emissions.
• Long-Term Boundary (before 2050): Covers 90% of our
FLAG and non-Flag emissions for comprehensive long-
term reduction.
Kerry’s target boundaries focus on categories contributing
most to our emissions, emphasising a strategic approach
to reductions.
Base Year and Baseline Value
Scope 3 targets were submitted to SBTi in 2024 and
approved in 2025. When setting the base year, we
considered previous acquisitions, divestments and the
impacts of COVID-19 and determined that 2022 best
represented a normal operating environment. Our Scope 1
and 2 target to 2030, developed in 2019, has a base year of
2017 as it represented a normal operating period when the
target was set. Our Scope 1 and 2 target before 2050 used
the same 2017 base year for consistency.
Gross Scopes 1, 2 and 3 (E1-6)
Scope 1 and 2 Emissions: Methodology and
Key Assumptions
We report our Scope 1 and 2 emissions in line with the
Greenhouse Gas Protocol (GHGP) Corporate Accounting
and Reporting Standard. Our primary sources of GHG
emissions are from stationary and mobile combustion and
refrigerants. Our Scope 1 and 2 emissions are generally
calculated using primary activity data along with secondary
emission factors. Primary activity data includes utility bills,
invoices and on-site metering data.
Our Scope 1 emission factors are sourced from the
Department for Energy Security and Net Zero (DESNZ).
For Scope 2 emissions, we source location-based emission
factors from the EPA for the United States, Department
of Climate Change, Energy, the Environment and Water
(DCCEEW) for Australia and from the International Energy
Agency (IEA) for all other countries. To calculate market-
based emissions, we deduct all emissions from electricity
which is covered by bundled or unbundled EACs from
location-based emissions for that site. Emission factors
used in our reporting utilise Global Warming Potential
(GWP) values from IPCC Assessment Report 5 and 6. The
sources of emission factors were chosen as we consider
them to be reliable sources of secondary emission factors
that are publicly available and are issued from recognised
governmental or intergovernmental organisations.
Kerry uses EACs to confirm that the electricity we consume is
backed by renewable electricity generation. These certificates
follow US Green-e programme guidelines, so they may not
always align precisely with specific sites or exact times of use
and are typically applied on a country or market level rather
than electricity delivered to individual locations.
Scope 3 Emissions Methodology and Key
Assumptions
We report our Scope 3 emissions in accordance with the
methodology set out in the GHG Protocol (GHGP) Corporate
Value Chain (Scope 3) Accounting and Reporting Standard.
We gather and use primary activity data from suppliers to
calculate Scope 3 emissions whenever possible and combine
this with the most relevant emission factors. If primary
data is unavailable, we employ average-data or spend-
based methods for estimation. Methodologies are reviewed
annually to ensure alignment with industry best practices
and accuracy in emissions reporting.
Our Scope 3 footprint consists of 12 relevant Scope 3
emission categories (out of 15 defined by the GHGP). The 12
relevant categories are set out in the table on page 132 and
include categories 1-7, 9-12 and 15. Category 8 (operation
of leased assets) is included within our Scope 1 and 2
reporting. Category 13 (Downstream Leased Assets) is not
applicable due to the absence of asset leasing to customers.
Category 14 (Franchises) is not applicable as Kerry does not
operate franchises as part of its operating model.
To calculate Kerry’s Scope 3 emissions, we have defined
and documented the boundaries and exclusions after a
thorough review of our operations and value chain. Our
assessment includes the full scope of Kerry’s operations and
value chain, covering all sites under our control or influence.
140 Sustainability Statement Climate Change (E1)
Scope 3 Emissions Methodology Limitations
Obtaining accurate Scope 3 data is a challenge across industries. In the absence of verified supplier data, we use estimates
for the emissions in our value chain. These estimates are based on industry standard emission factors. Using standardised
factors creates barriers to fully understanding our emissions profile, measuring progress and identifying opportunities for
reduction.
The GHGP Corporate Value Chain (Scope 3) methodology allows flexibility in calculation methods, which can result in varying
estimations between companies and make accurate comparisons of Scope 3 data challenging.
The following table outlines the methodologies, assumptions, and emission factor sources employed in calculating our Scope
3 emissions. Emission factors are selected from internationally recognised databases that provide comprehensive, sector-
specific coverage relevant to Kerry’s value chain.
Category Methodology
Emission Factor
Sources
Category 1 –
Purchased Goods and
Services:
1a. Kerry applies a volume-based calculation. Kerry utilises both
primary and secondary emission factor sources for this category. For
secondary emissions, we utilise global emission factors and where
available country and/or regional specific emission factors. Kerry’s
emission factors are sourced from World Food LCA Database (WFLDB),
Ecoinvent and DESNZ.
1b. Spend-based calculations are applied, multiplying the spend
relevant to these categories by emission factors from Environmentally
Extended Input-Output (EEIO) models.
WFLDB
Ecoinvent
Primary Data
from Suppliers
DESNZ
EEIO
Category 2 –
Capital Goods:
Spend-based calculations are applied by multiplying the expenditure
for these categories by the applicable EEIO emission factor.
EEIO
Category 3 –
Fuel and Energy Related
Emissions:
An energy usage-based approach is used to calculate the kWh of
energy by applying the corresponding energy emission factor from
DESNZ or IEA
DESNZ
IEA
Category 4 –
Upstream Transportation
and Distribution:
Spend-based calculations are applied to relevant outbound
transport, intercompany transport and warehousing expenditure by
multiplying the expenditure for these categories by the applicable
DESNZ or EEIO emission factor. We use a fixed distance-based
method to calculate emissions from transportation of materials
from suppliers’ country to Kerry.
DESNZ
EEIO
Category 5 –
Waste Generated in Own
Operations:
Emissions from waste within our operations is calculated based on
the volume of waste generated. The emission factor assigned is
determined based on the disposal method of the waste.
DESNZ
Category 6 –
Business Travel:
Spend-based calculations are applied by multiplying the expenditure
for these categories by the applicable DESNZ and EEIO emission factor.
Flight data is used to calculate emissions from flying for business travel.
DESNZ
EEIO
Category 7 –
Employee Commuting:
Employee commuting uses an average data method to estimate
emissions from employee commute to Kerry work locations.
DESNZ
Category 9 –
Downstream Transportation
and Distribution:
A fixed distance-based method is used to calculate emissions based
on the distance the product travels, the mode of transport, and the
shipping or transportation conditions, from suppliers’ country to Kerry.
DESNZ
Category 10 –
Processing of Sold
Products:
An average data method is used to calculate emissions processing and
use of sold goods and end-of-life treatment of the sold products.
IEA
DESNZ
Category 11 –
Use of Sold Products:
Category 12 –
End-of- life Treatment of
Sold Products:
Category 15 –
Investments:
We apply two methods to calculate emissions relating to our
investments (i) volume-based calculation, using volume of production
in investment or (ii) reported Scope 1 and 2 emissions.
Primary EF Data
141Climate Change (E1) Sustainability Statement
Biogenic CO₂ Emission
Biogenic CO₂ emissions relating to Scope 2 and Scope 3 are not reported separately due to an industry-wide challenge
around availability of appropriate emission factors. We will continue to make efforts to obtain the required information to
enable reporting of biogenic CO₂ emissions relating to Scope 2 and 3 in a future year.
Energy Consumption and Mix (E1-5)
In accordance with Commission Delegated Regulation (EU) 2022/1288, high climate impact sectors encompass those listed
under NACE Sections A to H and Section L. As Kerry activities fall under NACE Section C: Manufacturing, we have utilised the
Group’s total revenue to determine the required energy intensity, as outlined in paragraph 40 of the regulation. We convert
all energy related information to MWh using conversion factors sourced from the DESNZ public databases.
Climate Scenario Analysis (ESRS 2 IRO-1)
Climate Scenarios - Key Forces and Drivers
The three carbon scenarios reflect varying levels of policy commitment and technological advancement. The Low Carbon scenario
(+1.5°C/below +2.0°C) anticipates stringent global policies and rapid renewable energy advancements, while the Medium Carbon
scenario (+2.4°C) projects moderate policy coordination and technology progression. The High Carbon scenario (+4.3°C) represents
limited policy action and a slower pace in sustainable technology adoption, leading to substantial increases in GHG emissions.
Scenario
Name
+1.5°C/below +2.0°C
Low Carbon Scenario
+2.4°C
Medium Carbon Scenario
+4.3°C
High Carbon Scenario
Description Global collaboration achieves Paris
Agreement targets, limiting warming
to below +1.5°C for transition or
below +2.0°C for physical risks by
2100.
Uncoordinated response based
on announced policies leads to
warming above +2.4°C by 2100.
Fossil-fuel driven economic
growth with minimal climate
action could see warming exceed
+4.3°C by 2100.
Sources Used IPCC SSP1-1.9 (Transition Risks) IPCC
SSP1-2.6 (Physical Risks) IEA Net
Zero Emissions by 2050 (NZE2050)
IPCC SSP2-4.5
IEA Stated Policies Scenario
(STEPS)
IPCC SSP5-8.5
Policy and
Regulation
Aggressive global climate policies
and regulation.
Moderate and fragmented
climate policies and regulation.
Minimal or ineffective climate
policies and regulation.
Technology Rapid advancements and
deployment of new climate
technology.
Moderate progress in renewables
and efficiency technologies.
Technology focus on fossil fuel
extraction and consumption
efficiency.
Energy
Consumption
Global energy consumption growth
slows down.
Global energy demand continues
to rise.
Global energy consumption sees
significant increases.
Energy Mix Major shift to renewables and
reduced fossil fuel dependency.
Renewables grow, but fossil fuels
remain prominent.
Fossil fuels dominate the energy
mix.
Energy Prices Renewable costs fall while fossil fuel
prices rise.
Renewable costs decrease while
fossil fuel prices remain stable.
Renewable costs are stable
with fossil fuels remaining
competitive.
Environment Lower GHG emissions result in
fewer physical climate impacts.
Increasing GHG emissions result
in more frequent climate impacts.
High GHG emissions result in
severe climate impacts.
Economy Initial transition costs incurred, but
long-term gains from green jobs,
lower health costs and improved
energy security.
Growth continues with regional
disparities; climate disruptions
impact supply chains and
economic stability.
Growth increasingly hindered
by climate impacts, resource
scarcity, and rising costs.
142 Sustainability Statement Climate Change (E1)
Constraints and Areas of Uncertainty
The selected climate scenarios offer meaningful insights
but are subject to inherent limitations. The complex
array of variables impacting future outcomes introduces
unavoidable uncertainties. To navigate these challenges and
address data gaps, we have made strategic assumptions
regarding the future trajectory of our business. These
assumptions are grounded in credible third-party data
sources and expert judgement. While third-party climate
models provide tools for evaluating physical risks, the
transition to a low-carbon economy remains uncertain,
as differing approaches are adopted by governments,
consumers, and industries at varied timelines.
The effectiveness of our climate scenario analysis is
contingent upon several key inputs and assumptions:
• Geospatial Specificity: Our analysis incorporates
geospatial coordinates specific to our operational
locations. This allows for a more granular assessment
of physical climate-related risks, enabling us to identify
localised hazards such as extreme weather, coastal
inundation, and water-stress that could impact our
assets and operations;
• Value Chain Interaction with Suppliers: In assessing
raw materials risk, we have assumed that suppliers will
transfer all potential carbon emission-related costs to
Kerry, leading to increased costs for the Group;
• Impact of Global Warming on Crop Yields: Global
warming may impact the yields of certain key crops
sourced by Kerry. Nevertheless, crop response to
warming remains uncertain, with effects likely to vary
significantly by region and over time;
• Cost of Net Zero Transition Across Value Chain:
The cost of interventions across Kerry’s value chain is
expected to vary significantly based on intervention
type and geographic region. Our analysis considers CO₂
pricing impacts as an indicator of potential worst-case
scenarios, allowing us to quantify the financial risks
associated with increasing carbon prices;
• Macroeconomic Assumptions: CO₂ prices, energy costs,
consumer demand and other scenario assumptions
vary across climate scenario sources and are subject to
evolving market and policy conditions; and
• Timing and Scale of Interventions: The timing and
scope of policy measures aimed at reducing emissions
will vary. For transition risks, we assume a level of
intervention aligned with a +1.5°C temperature
pathway, even where the likelihood and timing of these
interventions remain uncertain.
143Water and Marine Resources (E3) Sustainability Statement
Water plays a crucial role in the food and beverage industry’s
direct operations, cultivation of raw materials, and in some
instances the use of products.
As climate change impacts and nature loss accelerate, they
are contributing to rising temperatures, changing rainfall
patterns and increased water risk in some regions. These
shifts pose challenges for water availability, quality, and
equitable access. In this context, it is important that we
use water responsibly, recognising that water is a shared
resource and access to it a fundamental human right, as
reflected in the UN Sustainable Development Goals (SDGs).
Our approach to managing our potential impacts on water
is designed to support the resilience of our business and the
health of natural ecosystems.
WATER AND MARINE
RESOURCES (E3)
1 . Material Impacts, Risks 143
and Opportunities
2. Strategy and Policies 143
3. Actions and Performance 144
4. Methodology Notes 145
1. Material Impacts, Risks and Opportunities
ESRS 2 IRO-1 Description of the process to identify and assess material water and marine resources-related impacts, risks and
opportunities.
As part of Kerry’s double materiality assessment, we identified material water-related impacts, as outlined in the following
table. Details on our approach to double materiality is described in the General section on pages 123-125.
Water
IRO HEADING IRO DESCRIPTION
IRO
CATEGORY
VALUE
CHAIN
TIME
HORIZON
Water
Withdrawal
Impact on water availability due to water withdrawals
at Kerry’s own operations and/or upstream in the
value chain.
NI (P) U O
Wastewater
Discharge
Wastewater from our sites and discharges in the
upstream value chain have the potential for adverse
environmental consequences.
NI (P)
U O
IRO Category: PI: Positive Impact NI: Negative Impact (A): Actual (P): Potential O: Opportunity R: Risk
Value Chain:
U
Upstream
O
Own Operations
D
Downstream Time Horizon: Short Medium Long All
2. Strategy and Policies
E3-1 – Policies related to water and marine resources
Our strategy for managing water-related impacts centres
on two key pillars, improving water efficiency and the
responsible management of water discharges.
These priorities are embedded in the water stewardship
section of our Environmental Responsibility Policy, which
outlines our commitments to:
• Reduce water withdrawal intensity within our
operations;
• Limit the impact of our water withdrawals on the needs
of local communities and other water users;
• Prevent water pollution and uphold water quality
standards across our operations, ensuring equitable
access for all users, particularly in areas with high or
extremely high water-stress; and
• Reduce water consumption at sites located in areas of
high water-stress, to help preserve water resources and
ensure their quality.
Our policy also sets out the key activities we undertake
to manage our material water-related impacts including
those affecting local communities and stakeholders in
the upstream value chain. These actions support the
achievement of our water-related targets under our Beyond
the Horizon sustainability strategy.
Responsibility for implementing the Environmental
Responsibility Policy lies with our Chief Operating Officer. The
policy is informed by ISO 14001, an internationally recognised
standard for environmental management, and applies to
Kerry Group plc, its subsidiaries, partners and suppliers,
across all business locations and activities. Key stakeholders
impacted by the policy include Kerry employees, suppliers,
customers, and the local communities in which we operate,
and we seek to incorporate their interests in our policy.
Kerry’s Environmental Responsibility Policy is available on
our intranet and on kerry.com.
144 Sustainability Statement Water and Marine Resources (E3)
3. Actions and Performance
E3-2 – Actions and resources related to water and marine
resources
E3-3 – Targets related to water and marine resources
Water Withdrawal – Own Operations
We withdraw, use and discharge water across our
manufacturing sites, including those located in areas with
high or extremely high water-stress. To help manage the
potential impact of water withdrawals, we set a target of a
15% reduction in water withdrawal intensity per tonne of
production by the end of 2025, versus our 2017 base year.
In 2025, we exceeded our target by achieving a 16%
reduction in water withdrawal intensity per tonne of
production (2024: 11%). This strong performance resulted
from targeted capital investments at key sites with
significant water withdrawals, complemented by a range
of smaller efficiency initiatives across our sites, including
use of steam traps, improved metering and optimisation
of clean-in-place processes.
Building on the progress achieved to date, Kerry will
continue to implement targeted initiatives aimed at
managing the potential impacts of water withdrawal and
advancing our policy objectives. In 2025, we conducted a
detailed nature assessment which helped to determine
our water dependencies and impacts across our
operations and upstream value chain, including those
relating to water. The findings of this assessment helped
inform the identification of priority manufacturing sites
in water-stressed locations where we will focus on further
improving water efficiency. As part of the refresh of our
Beyond the Horizon sustainability strategy, we have set a
target to reduce water withdrawal intensity even further
at priority manufacturing sites in water-stressed locations.
Specifically, we aim to achieve a 15% reduction in water
withdrawal intensity across these priority sites by the end
of 2030, versus a 2023 base year.
In the short and medium-term, we will maintain our focus on
water efficiency across our manufacturing sites. Additionally,
we will commence engagement with stakeholders potentially
impacted by our manufacturing sites located in areas of high
or extremely high water-stress. This engagement will be
piloted at select sites and our approach will seek to align with
the Alliance for Water Stewardship.
Water Discharge – Own Operations
Water discharged from our sites undergoes a range
of screening and treatment, to meet water quality
requirements and minimise potential negative impacts
on local ecosystems.
As part of our ongoing capital investment programme, we
upgrade and maintain water treatment infrastructure across
our operations. In 2025, we made investments at several
sites to protect water quality, including an investment at
our site in Chicago, Illinois to help ensure discharges had
a more balanced pH level, and an investment at our site in
Manitowoc, Wisconsin which reduces the levels of organic
matter in the wastewater and enables automatic quarantine
of out-of-limit wastewater.
We continue to increase the proportion of our sites
certified under ISO 14001 Environmental Management
Systems. Certification supports the implementation of
structured environmental controls, helping sites manage
water discharges more effectively and reduce potential
environmental impacts.
At the end of 2025, 87% of Kerry’s manufacturing sites
were certified under ISO 14001 (2024: 74%), reflecting
continued progress in embedding environmental
management practices across our global footprint. The
increase in the percentage of sites which have received
ISO 14001 certification is a result of the continuing efforts
of our Environmental, Health and Safety teams and their
commitment to our environmental policy objectives.
Our sites monitor water quality through established
compliance processes. We continue to evolve our
monitoring and performance management systems,
piloting digital tools which can improve decision making
and provide real-time insight into site performance.
These improvements aim to strengthen our ability to
manage water discharge impacts consistently across our
global operations and further reduce the risk of potential
environmental impacts.
Water Withdrawal and Discharge -
Upstream
Within our upstream value chain, we evaluated the water
use associated with our raw materials, estimating the level
of water intensity during agricultural production.
In the short-term, we will use this information to enhance
our understanding of our water-related impacts and
integrate targeted interventions within farm-level
programmes, encouraging farmers to adopt practices that
mitigate water-related impacts by reducing on-farm water
consumption and preventing or minimising water pollution,
including from nutrient runoff.
The development and scaling of regenerative agriculture
programmes will support the roll-out of appropriate actions
in the medium-term, aimed at helping to mitigate water-
related impacts within our upstream value chain.
145Water and Marine Resources (E3) Sustainability Statement
4. Methodology Notes
Targets (E3-3)
Water Withdrawal Intensity
Kerry’s water withdrawal intensity targets are set on a
voluntary basis. The targets are informed by outputs
from our materiality assessment, which involved
engagement with a range of stakeholders, and Sustainable
Development Goal (SDG) 6.4, which aims to sustainably
increase water-use efficiency across all sectors. Our target
to the end of 2025 covers all manufacturing sites, including
those in areas with high or extremely high water-stress.
When setting our target to the end of 2030 for priority
manufacturing sites in water-stressed locations, our nature
assessment was also considered.
In 2025, total water withdrawal intensity was 5.90 m
3
per
tonne of production (2024
1
: 6.07 m
3
) compared to 7.04 m
3
per tonne in our 2017 base year. To allow for comparability
with our current reporting period, our 2017 base year has
been adjusted to reflect the disposal of Kerry Dairy Ireland,
reported as 6.78 m
3
in 2024
1
.
Total water withdrawal intensity is calculated as the total
volume of water withdrawn divided by total tonnes of
production. Data is collected monthly at site level, with
progress against our target reported through the Climate
Council to the Sustainability Executive Committee and the
Board’s Sustainability Committee.
While the targets we have set are not science-based, we
continue to monitor developments in environmental target-
setting frameworks. Initiatives taken as part of our plan to
reduce water withdrawal intensity, included actions at sites
located in areas with high or extremely high water-stress.
Water Discharge in our Own Operations
We track the number of sites certified to ISO 14001 and
report progress annually. The percentage of certified
sites is calculated by dividing the number of certified
manufacturing sites by the total number of manufacturing
sites. We do not currently have a target for water discharge
in our own operations.
1
In 2024 the volume was reported as megalitres, the correct volume is m
3
.
146 Sustainability Statement Biodiversity and Ecosystems (E4)
The food and beverage industry depends on a healthy and
functioning ecosystem to provide essential services. For
Kerry, our from-food-for-food heritage and commitment to
sustainable nutrition means the availability of high-quality raw
materials is central to our continued success.
Current industrial farming practices and the expansion
of agricultural land are major contributors to biodiversity
loss, often leading to encroachment on natural habitats
and promotion of monocultures. Deforestation and land
conversion, particularly in tropical regions, further threatens
some of the world’s most biodiverse areas.
Kerry’s approach, informed by our nature assessment,
seeks to address and mitigate these impacts and risks.
We recognise that agricultural production can have
significant impacts on biodiversity and ecosystems,
which extends beyond our direct control.
We work collaboratively with our suppliers and industry
partners to promote sustainable agricultural practices
and identify opportunities for positive change, including
implementation of regenerative agriculture practices. Through
these efforts, we aim to protect biodiversity and foster long-
term resilience across our value chain.
BIODIVERSITY AND
ECOSYSTEMS (E4)
1 . Material Impacts, Risks 146
and Opportunities
2. Strategy and Policies 147
3. Actions and Performance 147
4. Biodiversity Resilience Analysis 148
5. Methodology Notes 149
1. Material Impacts, Risks and Opportunities
ESRS 2 IRO-1 – Description of the processes to identify and assess material biodiversity and ecosystem-related impacts, risks,
dependencies and opportunities
As part of Kerry’s double materiality assessment, we identified material impacts, risks and opportunities (IROs) relating to
biodiversity and ecosystems, as outlined in the following table. Details on our approach to double materiality is described in the
General section on pages 123-125.
IRO HEADING IRO DESCRIPTION
IRO
CATEGORY
VALUE
CHAIN
TIME
HORIZON
Ecosystem
Degradation
Production of agricultural raw materials relies on
land-use and expansion can lead to deforestation and
further land-use change.
NI (P) U
Emission of GHGs from our operations and raw
material production have a negative environmental
impact through their contribution to climate change.
NI (A) U O
The impact of water withdrawals and discharges
across our operations and supply chain can have a
negative environmental impact, particularly in water-
stressed regions.
NI (P) U O
Ecosystem degradation in key sourcing locations
could lead to lower levels of agricultural production
and raw material availability.
R U
Sustainable
Raw Materials
Limited availability of sustainably produced
agricultural raw materials due to constrained supply
may impact negatively on operating cost or revenue.
R U
Market
Expansion
Increased consumer and customer demand for
products with a lower environmental impact, leading
to increased demand/revenue associated with Kerry’s
innovation expertise and sustainable solutions.
O D
IRO Category: PI: Positive Impact NI: Negative Impact (A): Actual (P): Potential O: Opportunity R: Risk
Value Chain:
U
Upstream
O
Own Operations
D
Downstream Time Horizon: Short Medium Long All
147Biodiversity and Ecosystems (E4) Sustainability Statement
2. Strategy and Policies
E4-2 – Policies related to biodiversity and ecosystems
Kerry recognises the importance of protecting nature and is
committed to managing biodiversity and ecosystem-related
impacts, risks, and opportunities (IROs).
Our strategy prioritises mitigating the potential negative
impacts arising from our raw material sourcing, notably
deforestation, land conversion, land-use change, ecosystem
degradation, and the effects of climate change on
biodiversity.
Eliminating deforestation and conversion for directly
sourced priority raw materials and minimising biodiversity
risks in our direct operations through robust environmental
management practices are key commitments within our
Environmental Responsibility Policy.
Kerry’s Environmental Responsibility Policy summarises the
activities we undertake to address our material biodiversity
and ecosystem related IROs, supporting delivery of
our biodiversity targets under the Beyond the Horizon
sustainability strategy.
Our Chief Operating Officer provides ongoing oversight
of our metrics, strategy and progress toward achieving
our biodiversity and ecosystem commitments. The policy
is informed by third-party standards and initiatives such
as the Accountability Framework Initiative (AFI), which
guides our approach to managing deforestation and
conversion impacts in the supply chain, and is aligned with
the objectives of the Kunming-Montreal Global Biodiversity
Framework.
The policy applies globally across Kerry Group plc, including
our subsidiaries, partners and suppliers. The policy also
covers all business locations and activities, including
sustainable land and agriculture practices. Key stakeholders
impacted by this policy include Kerry employees, suppliers,
customers, and the local communities in which we operate,
and we seek to incorporate their interests in our policy. For
more information on our stakeholder engagement please
see our General section on pages 120-121.
Kerry’s Environmental Responsibility Policy is available on
our intranet and on kerry.com.
For more details on Kerry’s Deforestation and Conversion-
Free (DCF) sourcing programmes, which encompass
environmental and social consequences of biodiversity loss,
including our stated requirement for suppliers to respect
human rights, land rights of communities and the rights of
indigenous and forest dependent people, please see Kerry’s
Deforestation and Conversion-Free Policy on kerry.com.
3. Actions and Performance
E4-3 – Actions and resources related to biodiversity and
ecosystems
E4-4 – Targets related to biodiversity and ecosystems
E4-5 – Impact metrics related to biodiversity and ecosystems
change
Ecosystem Degradation and Raw
Material Supply Risk
At Kerry, our business depends on the availability of high-
quality agricultural raw materials. We recognise that their
cultivation and production can negatively impact nature,
resulting in land-use change, greenhouse gas (GHG)
emissions and impacting the availability and quality of water
resources. To address these, we have established targets
and developed action plans to mitigate the material impacts
and risks associated with priority raw materials.
For details on targets and actions related to GHG emissions,
see E1 Climate Change on pages 130-132; for water, see E3
Water and Marine Resources on page 144.
To mitigate the potential impact of land-use change we set
targets for the raw materials we purchase that are at high-
risk of contributing to deforestation and conversion, namely:
palm oil, soy and paper and pulp-based products. Our target
is for all directly sourced volumes in these categories to be
deforestation and conversion free (DCF), from the end of 2025.
We have made strong progress on the proportion of DCF
compliant palm oil and paper and pulp-based volumes we
source as a result of the actions we have undertaken. For
soy, the level of traceability and co-mingling across the value
chain makes progress in this category more challenging and
we have ongoing engagement with relevant suppliers to
progress practical solutions that support our commitment.
The proportion of DCF compliant volumes we sourced
during 2025 are:
• 87% of our palm oil (2024: 78%);
• 59% of the soy (2024: 34%); and
• 96% of the paper and pulp-based products (2024: 84%).
In line with our target, we continue to work with our
suppliers to increase the proportion of DCF materials
entering our business from 2026.
Collaboration throughout our value chain is key to us
achieving our DCF targets. We focus our efforts on two
key areas: supplier engagement, where we can directly
influence behaviour; and participation in multi-stakeholder
platforms to engage on challenges that are industry related.
Direct Supplier Engagement
We proactively work with suppliers of raw materials that
are at risk of contributing to deforestation or conversion.
Since establishing our targets, we have engaged directly
with our suppliers to communicate our DCF sourcing
requirements, address the challenges they face in
supporting our objectives, and identify opportunities
for collaboration to co-develop effective solutions. As a
result of our engagements, where effective DCF sourcing
solutions are available, we now prioritise sourcing from
partners who can meet our requirements.
148 Sustainability Statement Biodiversity and Ecosystems (E4)
The ability to trace and verify the DCF status of raw
materials varies by category and region. For example,
within our palm supply chain, we work with suppliers who
are advanced in their DCF commitments, learning from
their experiences and leveraging that knowledge to deliver
an increased proportion of DCF palm oil from suppliers in
North and South America.
While transparency and traceability in soy supply chains
continue to improve, certain regions still lack the necessary
infrastructure to deliver segregated products. In these
areas, we are working closely with our suppliers, drawing
on our experience across other categories and regions to
co-develop practical solutions.
Direct interaction with suppliers has also been crucial for our
paper and pulp-based products, enabling us to confirm DCF
status by verifying the country of harvest, the percentage of
material sourced from recycled fibres and where necessary,
the proportion sourced from FSC or PEFC certified forests.
Participation in Multi-Stakeholder Platforms
Beyond direct supplier engagement, Kerry takes an active
role in multi-stakeholder groups such as the Palm Oil
Collaboration Group (POCG) and the Sustainable Agriculture
Initiative (SAI). Participation in these platforms help to
address shared challenges and accelerate achievement of
DCF commitments within the food and beverage industry,
improving supply chain traceability, and encouraging
collective solutions to mitigate ecosystem degradation.
In 2025, we engaged in the POCG Implementation
Reporting Framework (IRF) Active Working Group. The
working group provides support for those seeking to
understand upcoming updates to the IRF, which will expand
the scope, improve traceability and enhance verification
protocols. These updates are intended to assist users
of IRF profiles align more closely with European Union
Deforestation Regulation (EUDR) requirements.
We also continued our active involvement in both SAI’s
Dairy Working Group and Crops Working Group, where
collaborative initiatives are being developed within the
food and beverage sector to advance sustainable sourcing
practices and regenerative agriculture.
The actions we take to mitigate the potential impact from
land-use change, GHG emissions and water resource
availability directly help to mitigate the potential risk
associated with limited availability of sustainably produced
agricultural raw materials.
We are taking action to avoid biodiversity loss through our
continuing commitment to sourcing DCF material across
targeted categories. Direct supplier engagement, active
participation in multi-stakeholder platforms and supporting
the production of DCF volumes by purchasing verified
volumes, will remain our primary strategies for maintaining
and increasing the percentage of DCF volumes in the short
and medium-term.
Market Expansion Action Plan
As a leader in sustainable nutrition, we have identified
a market opportunity from the transition to a lower
carbon economy. Our strategy centres on partnering
with customers to innovate and create more nutritious
products with reduced environmental footprints. Kerry’s
technologies allow us to partner with our customers to
develop products with a better environmental outcome,
reformulating existing products to reduce negative
impacts and adapt to changes in the availability or quality
of specific raw materials.
Our nature assessment, completed in 2025, identified
key raw material categories with the highest impact on
nature. In response, we are developing and implementing
interventions, including regenerative agriculture projects,
that aim to protect or restore ecosystems, and lower
carbon emissions. Additionally, we work collaboratively
with customers to innovate and reformulate around
products that rely on high-impact raw materials, helping
our customers to reduce pressure on important natural
resources and ecosystems.
Through direct engagement with customers, we also
develop solutions that anticipate and pro-actively respond
to changes in raw material availability. Our technologies and
innovation capability enable customers to adapt through
reformulation when they experience difficulty in sourcing
raw materials, as demonstrated recently with citrus and
cocoa. These initiatives not only help address sustainability
challenges in the industry but also create new opportunities
for business growth.
For further details on our regenerative agricultural
programmes and related market expansion initiatives, see
E1 Climate Change on pages 131-132.
4. Biodiversity Resilience
Analysis
E4-1 – Transition plan and consideration of biodiversity and
ecosystems in strategy and business model
We assessed the resilience of our strategy and business
model based on the material biodiversity and ecosystem
risks identified. The assessment considered risks to raw
material supply, resulting from either ecosystem degradation
or constrained supply of sustainably produced agricultural
raw materials, and the consequent potential impact on the
Group’s strategy and business model. The findings from
our nature assessment completed in 2025 and input from
relevant internal stakeholders were also considered as part
of the process. The time horizons considered align with those
used for our double materiality assessment.
Raw material supply risk resulting from ecosystem
degradation: In the medium-term, we see potential
seasonal or temporary disruption in specific raw material
categories, driven by factors such as disease or other
ecosystem challenges. Over the longer term, if key impact
drivers causing ecosystem degradation are not addressed,
we expect this disruption to increase. Such scenarios may
lead to increased scarcity of natural raw materials and
higher costs.
Supply risk due to capacity constraints from ecosystem
degradation: Over the medium to long-term, we see the
potential for reduced availability of sustainably produced
agricultural raw materials due to challenges in scaling
new approaches. As the economy transitions to a lower
carbon model and demand for sustainable and resilient
raw materials increase, constrained supply of these raw
materials could negatively affect revenue or result in
increased operating costs.
149Biodiversity and Ecosystems (E4) Sustainability Statement
Proactively addressing these challenges through supplier
engagement on sustainable sourcing practices and
promoting responsible land-use strategies will be critical for
Kerry to support supply chain resilience and mitigate risk.
Our strategy and business model are centred on partnering
with customers to create healthier, tastier, and more
sustainable products. Given our diversified portfolio
and global sourcing strategy, we are well positioned to
overcome potential risks that may emerge. Our innovation
capabilities, global presence and leading product
portfolio enable us to integrate new solutions where raw
material challenges emerge, supporting our customers to
reformulate products and adapt to changes in availability.
We are also increasingly engaged with our raw material
suppliers on biodiversity issues, working to reduce the
potential impact from the raw materials we purchase and
prevent deforestation and conversion associated with
selected inputs.
We consider our current strategy and business model to be
well positioned to manage risks and capture opportunities
identified over the medium and long-term. The Group’s
focus on sustainable nutrition, combined with our capacity
to innovate at pace in response to customer and consumer
needs or sourcing constraints, positions us well to adapt to
evolving external conditions and industry requirements.
Key assumptions used in the qualitative assessment of
the resilience of our strategy and business model to the
material risks related to biodiversity and ecosystems are as
follows:
• We will continue to source sufficient volumes of DCF
palm oil, soy, and paper and pulp-based products,
meeting customer demand;
• Stakeholders including customers, regulators and
investors will demand greater transparency and
accountability for biodiversity impacts; and
• Supply of sustainably produced agricultural raw
materials may not grow at the same rate of demand for
products with a lower nature impact.
Assessing Our Operations
SBM 3 – Material impacts, risks and opportunities and their
interaction with strategy and business model
We have conducted an assessment of our direct operations
informed by a number of external resources, including
the Integrated Biodiversity Assessment Tool and WRI
Aqueduct Tool. This analysis identified manufacturing sites
located in or near biodiversity-sensitive areas. Based on our
assessments, we confirmed that these sites do not directly
impact the biodiverse areas or threatened species and as a
result it was concluded that it is not necessary to implement
additional mitigation measures at these locations. Our
Environmental Responsibility Policy, which applies to all
locations where Kerry operates, sets out our commitments
to the protection of biodiversity and ecosystems.
5. Methodology Notes
Targets (E4-4, E4-5)
The outputs from materiality assessments, which involved
engagement with various stakeholders, were considered
when setting our DCF targets. These targets apply to all
Kerry’s direct operations and biodiversity offsets were
not used in the target setting process. Progress towards
our targets is reported through the Responsible Sourcing
Council, to the Sustainability Executive Committee and the
Sustainability Committee.
The volume of key raw materials we source that are DCF
compliant is recorded monthly or annually depending on
the source of information. Performance against our DCF
targets is assessed by calculating the proportion of our
palm oil, soy, and paper and pulp-based products that
meet their respective category-specific DCF requirements,
divided by the total volume of each raw material. Metrics
are reviewed at least quarterly and may be evaluated more
frequently as required.
Our DCF targets are intended to help avoid deforestation
and conversion and as a result are aligned with the
objectives of the Kunming-Montreal Global Biodiversity
Framework and the EUDR. The absolute nature of these
targets and their alignment with Science Based Targets
initiative (SBTi) FLAG requirements support a science- based
approach, albeit the targets were not originally set using
specific ecological thresholds.
Palm Oil
During 2025, 87% of our palm oil volumes complied with
our DCF requirements (2024: 78%), with 18% certified by
the Roundtable on Sustainable Palm Oil (RSPO) Segregated
(SG) or Identity Preserved (IP) (2024: 29%), 68% verified DCF
through supplier Implementation Reporting Framework
(IRF) profiles, version 5.8, which have third-party verified
compliance with No Deforestation, No Peat, No Exploitation
(NDPE) standards (2024: 49%) and 1% verified through a
supplier programme.
Soy
During 2025, 59% of our directly sourced soy complied with
our DCF requirements (2024: 34%). During the year, 42% of
the soy products identified as originating from countries
with a low risk of deforestation and conversion (2024: 34%)
and 17% sourced from third party certified programmes.
Paper and Pulp-Based Products
During 2025, 96% of the paper and pulp-based products
we purchased complied with our DCF requirements (2024:
84%). During the year, supplier engagement confirmed
that 37% of the volumes were from Forest Stewardship
Council (FSC) or Programme for the Endorsement of Forest
Certification (PEFC) certified forests (2024: 55%), with an
additional 16% coming from recycled fibre (2024: 22%), and
43% manufactured in countries which are considered at low
risk of deforestation and conversion (2024: 7%).
Assessing Our Operations (SBM 3)
To identify manufacturing sites near a biodiversity-sensitive
area, we used a radius of 5km, aligned with guidance from
the Integrated Biodiversity Assessment Tool.
150 Sustainability Statement Resource Use and Circular Economy (E5)
The global food system is dependent on a healthy ecosystem,
which provides essential resources to produce food and
beverages enjoyed by people worldwide. However, a
significant portion of food is wasted at the retail and consumer
stages of the value chain, meaning valuable raw materials
invested in this food production is wasted. This food waste
is estimated to account for 8%-10% of human generated
greenhouse gas emissions, while also contributing to
ecosystem degradation
1
.
By enabling a transition towards more sustainable
production and consumption practices, Kerry can contribute
to building a food system that is more resilient, equitable
and environmentally sustainable. As a leading supplier of
food protection and preservation technologies, Kerry plays
an important role in food waste reduction downstream in
our value chain.
RESOURCE USE AND
CIRCULAR ECONOMY (E5)
1 . Material Impacts, Risks 150
and Opportunities
2. Strategy and Policies 150
3. Actions and Performance 151
4. Methodology Notes 151
1. Material Impacts, Risks and Opportunities
ESRS 2 IRO-1 – Description of the processes to identify and assess material resource use and circular economy-related impacts, risks
and opportunities
As part of Kerry’s double materiality assessment, we identified material impacts and opportunities relating to resource use and
circular economy, as outlined in the following table. Details on our approach to double materiality is described in the General
section on pages 123-125.
Food Waste Downstream
IRO HEADING IRO DESCRIPTION
IRO
CATEGORY
VALUE
CHAIN
TIME
HORIZON
Food Waste
Reducing the level of food loss and waste generated
downstream through customer use of Kerry’s food
technologies.
PI (A) D
Increased revenue due to expansion and development
of the market for longer product shelf-life through
food waste technologies and innovations.
O D
IRO Category: PI: Positive Impact NI: Negative Impact (A): Actual (P): Potential O: Opportunity R: Risk
Value Chain:
U
Upstream
O
Own Operations
D
Downstream Time Horizon: Short Medium Long All
2. Strategy and Policies
E5-1 – Policies related to resource use and circular economy
Kerry’s strategy for managing food waste downstream in
our value chain is designed to support our customers to
avoid food loss and reduce their environmental impact.
Our approach focuses on the provision of established and
innovative new food preservation solutions, helping our
customers to address the challenge of food waste.
Our Environmental Responsibility Policy reflects Kerry’s
commitment to reduce food waste and in line with the
waste hierarchy principles, our technology solutions reflect
the priority to prevent or minimise waste production over
waste treatment.
By collaborating with our customers, we aim to contribute
to the UN Sustainable Development Goal 12: Responsible
Consumption and Production, which seeks to halve per
capita global food waste by 2030.
Responsibility for implementing the food waste section of our
Environmental Responsibility Policy lies with our Chief Science
and Technology Officer and Chief Operating Officer. The food
waste section of the policy applies to our operations as it
outlines the key activities we will undertake in relation to the
material impact and opportunity identified downstream in our
value chain. Key stakeholders impacted by the policy include
Kerry employees, suppliers, customers and consumers, and
we seek to incorporate their interests in our policy.
Kerry’s Environmental Responsibility Policy is available on
our intranet and on kerry.com.
As part of our Beyond the Horizon sustainability strategy,
reducing food waste is an important topic for Kerry. As
identified through our double materiality assessment,
the impact is greatest in our downstream value chain,
partnering with customers to manage and reduce their
food waste. While the impact from our own operations has
become less material over time, we retain a focus on halving
food waste across our manufacturing sites by end of 2030.
1
UN Environment Programme: Food Waste Index Report 2024
151Resource Use and Circular Economy (E5) Sustainability Statement
3. Actions and Performance
E5-2 – Actions and resources related to resource use and
circular economy
E5-3 – Targets related to resource use and circular economy
To maximise the positive impact from food waste reduction
and the associated opportunity this creates for Kerry, we
focus on proactively engaging with our customers and
raising awareness of the benefits of food waste reduction
for their business and the food and beverage industry.
We recognise that it is only through partnership with our
customers that we can achieve meaningful progress on food
waste reduction. By working closely with our customers, we
develop a detailed understanding of their specific product
challenges, allowing us to co-create solutions that address
their needs and help reduce downstream food waste. In
2025, we engaged directly with 552 customers, to help
support their food waste reduction efforts, representing a
46% year on year increase (2024: 377).
Our dedicated technology hub for food protection, situated
on the Wageningen University campus in the Netherlands,
continues to support the work undertaken in Kerry’s
Global Innovation Centre. The technology hub provides
accelerated innovation and validation studies by identifying
shelf-life limiting factors in customer products, validating
the effectiveness of Kerry’s food waste technologies and
assisting with timely delivery of food waste prevention
solutions to the market.
In 2025, we collaborated with our customers to implement
a range of innovative food preservation and protection
solutions across food categories, including bakery, meat,
and dairy. Three examples of our success in the year are:
• Developing a preservative for a fresh snacking product,
which successfully doubles its shelf-life, supports our
customers export business and contributes to reduced
food waste;
• In the dairy sector, our work on extending the shelf-life
of cottage cheese not only helps reduce food waste but
also enables our customer to pursue additional revenue
opportunities through broader market access; and
• Our preservation solutions in food service contribute
to food waste reduction by minimising spoilage in the
meat supply chain, helping our customer reduce their
food waste and costs.
In addition to direct customer engagement, we share
industry insights through a diverse range of platforms and
channels. Our proprietary digital tools, such as the Kerry
Food Waste Estimator and the Kerry Bakery Shelf-Life Model,
are publicly accessible on kerry.com and can be used to
understand how shelf-life optimisation can reduce food
waste, lower the environmental impact of food production
and reduce costs.
The Kerry Food Waste Estimator showcases the potential
impact of extending shelf-life, allowing users to quantify
and understand the potential economic and environmental
benefits of reducing food waste.
The Kerry Bakery Shelf-Life Model, launched in 2025, predicts
mould-free shelf life within the bakery industry. It helps
streamline recipe formulation and reduce validation time,
while maintaining product quality.
We also continued to engage in broader industry initiatives
aimed at educating and raising awareness about the
impacts of food waste and the benefits of food protection
and preservation. In 2025, we showcased our food waste
prevention solutions and thought leadership, alongside
our proprietary models, at leading industry trade fairs,
including:
• Food Ingredients China – Shanghai, China: Asia’s
largest trade fair on food ingredients;
• IFFA – Frankfurt, Germany: A world leading trade fair
for meat and alternative protein technology; and
• International Association for Food Protection –
Cleveland, USA: One of the world’s leading conferences
on food safety.
In the short and medium-term, building on our suite of
proprietary models, we will continue to collaborate with
stakeholders across our value chain to provide valuable
insight that contributes to shelf-life extension and food
waste reduction. We will also continue to co-create with
customers, supporting their efforts to reduce food waste
through their use of Kerry’s technologies.
4. Methodology Notes
Targets (E5-3)
We monitor and record the number of unique customer
engagements to help measure our impact and business
objectives. This measure is calculated by recording the
number of unique customer engagements focused on food
protection and preservation in the reporting year, excluding
those which are employed for use in animal and/or pet
nutrition. We continue to explore the development of other
outcome-focused metrics and targets, which can assist in
providing additional insight into the effectiveness of our
policies and actions relating to food waste.
Sustainability Statement Social152
Social
Human Rights Overview 153
Own Workforce (S1) 154
Workers in the Value Chain (S2) 167
Consumers and End-Users (S4) 171
153Human Rights Overview Sustainability Statement
HUMAN RIGHTS OVERVIEW
Our Approach to Human Rights
Kerry is committed to respecting and upholding human
rights across our value chain. Kerry’s human rights
commitments are enshrined in our Human Rights Policy, our
Group Code of Conduct (page 180), Responsible Employer
Policy (page 155) and Supplier Code of Conduct (page 168),
amongst others as part of how we do business.
Our Human Rights Policy
Kerry is dedicated to maintaining the highest standards of
business and ethical conduct, ensuring compliance with
applicable laws, regulations, and internal policies. Kerry’s
Human Rights Policy, available on our intranet and website,
outlines our commitment to upholding internationally
recognised human rights throughout our value chain. Our
Human Rights Policy aligns with internationally recognised
frameworks, including the UN Guiding Principles on Business
and Human Rights, the International Labour Organization’s
(ILO) Declaration on Fundamental Principles and Rights at
Work, UN Sustainable Development Goals (UN SDGs) and
the OECD Guidelines for Multinational Enterprises, amongst
others. This policy underscores our commitment to uphold
essential human rights through ongoing human rights due
diligence within our own workforce and throughout our
entire value chain, explicitly opposing human trafficking,
forced labour, and child labour. It also outlines key activities to
address material impacts and risks related to salient human
rights issues in our own operations and upstream value chain.
Kerry is committed to the continuous review and
enhancement of our due diligence processes. The Chief
Human Resources Officer (CHRO) and Chief Operating Officer
(COO), who are members of the Executive Leadership Team,
are jointly accountable for the implementation of our Human
Rights Policy. Our Social Sustainability Council, supported
by the Social Sustainability Working Group, oversees the
implementation of our policy throughout our operations
and in our supply chain. This cross-functional working
group is responsible for delivering on the Group’s human
rights commitments, including the creation, administration,
updating, and communication of related policies and training.
We are committed to engaging with key stakeholders,
including our employees, business partners, primary
producers, and local communities to better understand
our impacts and incorporate these perspectives into our
business activities. Kerry is a member of a number of trade
organisations and multi-stakeholder groups through which we
engage with key stakeholders and interested parties.
On an annual basis, we publish Modern Slavery statements
in compliance with the Australian, Canadian, Californian
and UK requirements. These statements explain the steps
we take to prevent, detect and respond to modern slavery
impacts in our business and value chain, which is aligned to
our position and approach more generally on human rights.
Human Rights Management
As part of our human rights management, we identify material
human rights risks most likely to be impacted by our business
activities. Through a formalised human rights assessment with
a third-party, we identified and prioritised our salient human
rights issues, focusing on those with the potential for causing
the most severe negative impacts on rightsholders across our
value chain, which are primarily concentrated in our upstream
value chain and operational activities.
We maintain grievance mechanisms to capture any
potential negative impacts, ensure access to remedy, and
continuously improve our processes so that human rights
are upheld in our own operations and value chain activities.
For further details on our grievance mechanisms, please
refer to our Own Workforce (S1), Workers in the Value Chain
(S2) and Business Conduct (G1) disclosures on pages 154,
167 and 178 respectively.
We use an independent platform, Supplier Ethical Data
Exchange (Sedex), which offers a robust social audit
methodology SMETA (Sedex Members Ethical Trade
Audit), to support our due diligence approach in both
our operations and upstream value chain.
Human Rights Management
(Own Operations)
At Kerry, we integrate human rights into our policies and
processes, prioritising integrity and ethical conduct in our
business activities. Our practices align with internationally
recognised human rights frameworks and focus on
safeguarding worker rights across all geographies. Kerry
manufacturing sites are registered on Sedex and undertake
a regular Self-Assessment Questionnaire (SAQ), which
focuses on areas such as business practices, management
systems, policies, and information about our own
workforce. Designated personnel at each site evaluate their
sites’ compliance with health and safety, business ethics,
environmental and labour standards, while also identifying
potential areas for improvement.
We use SMETA and other independent social compliance
audits to enable comprehensive risk monitoring, focusing
on the prioritisation of SMETA audits in own operations
located in high-risk countries. High-risk countries are those
that are identified as having a heightened risk of forced or
compulsory and/or child labour, as assessed on an annual
basis using the Sedex Radar platform. Through our use
of Sedex SAQ and SMETA audit findings, we identify and
prioritise areas for ongoing improvement to enhance our
due diligence processes within our own operations. Using
these insights, during 2025, we also focused on enhanced
Sedex awareness and training for our global integrated
operations leadership teams. For more information on how
we manage and mitigate human rights issues within our
operations, please refer to the Own Workforce (S1) section
on pages 154-166.
Human Rights Management
(Upstream Value Chain)
Our approach to embedding due diligence to manage and
mitigate human rights risks within our upstream value chain
is described in the Workers in the Value Chain (S2) section
on pages 167-170.
Human Rights Management
(Downstream Value Chain)
Downstream value chain partners are deemed to be lower
risk, as determined by our third-party assessment. In
addition, we have not become aware of any significant
human rights risks amongst our downstream value chain
partners. Our grievance mechanisms, such as the Speak
Up platform, are available to downstream partners and will
continue to be monitored for potential issues.
154 Sustainability Statement Own Workforce (S1)
At Kerry, our people are the foundation of our organisation.
They are the driving force behind our purpose, Inspiring
Food, Nourishing Life, and the foundation of our success
in delivering world-class taste and nutrition solutions. We
believe that when our people thrive, our business thrives.
Our people practices are built on a comprehensive
framework that supports performance excellence,
engagement, and career growth. From setting clear
expectations and delivering results through others, to
fostering a positive environment and building effective
relationships, our management approach is designed to
unlock the full potential of our teams.
We also believe that investing in our people is essential to
unlocking their full potential and driving sustainable business
success. Our approach to employee development is grounded
in our values and designed to support growth at every stage
of the career journey. We are committed to ensuring that our
reward practices are fair, transparent, and equitable with pay
equity being a cornerstone of our broader commitment to
diversity, inclusion, and belonging, and we continuously review
and refine our processes to uphold this principle. We are also
proud of our rich diversity and inclusive culture, where every
individual is valued, respected, and empowered.
OWN WORKFORCE (S1)
1 . Material Impacts, Risks 154
and Opportunities
2. Strategy and Policies 155
3. Engagement Process 156
4. Actions and Performance 158
5. Methodology Notes 165
1. Material Impacts, Risks and Opportunities
ESRS 2 SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model
As part of Kerry’s double materiality assessment, we identified material own workforce-related impacts, as outlined in the
table below. Our approach to double materiality is described in the General section on pages 123-125.
Responsible Employer
IRO HEADING IRO DESCRIPTION
IRO
CATEGORY
VALUE
CHAIN
TIME
HORIZON
Health, Safety
and Wellbeing
Adverse impacts on the physical health, safety and/
or mental wellbeing of our people are possible within
the work-related environment.
NI (A/P) O
Working
Conditions
Creating positive and engaging working conditions
for our people. Safeguarding employee rights and
respecting employee representation in all regions,
according to local law, by maintaining active
relationships with employee representatives and
direct dialogue with employees.
PI (A) O
Employee
Attraction,
Retention and
Development
Employee attraction, retention, and development
through flexibility, upskilling and career advancement
opportunities.
PI (A) O
Equal
Opportunity
and Inclusion
Creating an inclusive environment based on equal
treatment and opportunities for all, including
those from different cultures and abilities and pay
employees equally for work of equal value.
PI (P) O
IRO Category: PI: Positive Impact NI: Negative Impact (A): Actual (P): Potential O: Opportunity R: Risk
Value Chain:
U
Upstream
O
Own Operations
D
Downstream Time Horizon: Short Medium Long All
155Own Workforce (S1) Sustainability Statement
2. Strategy and Policies
ESRS 2 SBM-3 – Material impacts, risks and opportunities and
their interaction with strategy and business model
S1-1 – Policies related to own workforce
At the foundation of Kerry’s purpose, vision, and values lies
a strong commitment to our people and our responsible
employer practices. We create positive and engaging
working conditions to attract, develop and retain a diverse
and talented workforce, which underpins our sustainable
innovation, quality and performance. As a responsible
employer, we prioritise a culture of Safety First, Quality
Always across every Kerry location, which includes a focus
on our manufacturing facilities along with wellbeing for all.
Kerry’s Diversity, Inclusion and Belonging (DI&B) initiatives
are designed to promote a workforce that reflects our broad
customer and community base. Our inclusive practices
and equitable compensation foster an environment where
our people feel a sense of belonging and respect. Our
reward philosophy supports us in striving to be the first
choice for the best talent by providing fair, transparent, and
competitive offerings that our employees value and that
drive an ownership mindset to achieve Kerry’s goals.
The terms ‘own workforce’ and ‘our people’ encompass
both employees and non-employees of the Group and will
be used interchangeably throughout this disclosure. The
terms ‘employee’ and ‘colleague’ refer specifically to Kerry’s
direct employees, as described in note S1-6 on page 162,
while the term ‘non-employees’ describes individuals
who supply their labour to Kerry under non-contractual
employment arrangements.
Our commitment to respecting human rights at Kerry
operations and Kerry’s approach to Human Rights Due
Diligence can be found in the Human Rights Overview
on page 153. Our material impacts inform our strategic
activities, including expanding safety initiatives, enhancing
employee engagement programmes, and staying focused
on DI&B initiatives to meet our business and sustainability
goals. Kerry’s OurVoice employee experience survey
enhances our understanding of the employee journey and
how strategic decisions may influence our people. Insights
gathered from the survey inform targeted actions aimed
at proactively strengthening outcomes, understanding
what is working well, and addressing feedback to improve
the overall employee experience. Non-employees are
engaged through ongoing local management initiatives,
such as town halls, role-specific training, and other relevant
communication and involvement activities.
As we transition to more sustainable operations, we are
investing in upskilling programmes focused on building
sustainability skills and fostering job creation in roles
dedicated to enabling sustainable nutrition.
Our Responsible Employer Policies
We have an established Code of Conduct including a
comprehensive set of responsible employer-related
policies, which are publicly available on our website and
internally on our intranet and apply to our workforce
worldwide (including directors, contracted personnel,
part-time workers, casual workers, agency workers,
interns, etc.). Our Chief Human Resources Officer (CHRO),
who is a member of the Executive Leadership Team, is
ultimately accountable for the implementation of the
following policies (unless otherwise stated) and exercises
ongoing oversight of performance and strategies aimed at
delivering our people commitments.
Health & Safety Policy
We responsibly manage our business in accordance with the
Group’s Health and Safety Policy, which outlines our health
and safety commitments and establishes guiding principles
for our people.
To enable this, we define health and safety responsibilities
and accountabilities at all levels of the organisation, and
ensure that our people have the awareness, skills and
capabilities they need to deliver health and safety excellence
in every part of our business. We use a single standardised
global Environmental, Health & Safety (EHS) Management
System to comply with a set of risk-based global workplace
standards that we deem essential across every Kerry
location. Our EHS Management System includes global
standards for hazard identification and risk assessment,
emergency preparedness as well as more technical
standards which support our LIFE (Life changing Injury
and Fatality Events) saving rules.
Accountability for the implementation of our Health and
Safety Policy sits with our Global Environmental, Health
& Safety Vice President, who ensures compliance with
local laws and relevant standards while guiding our
performance and strategies. In line with our Health and
Safety Policy, our ‘Eye for Safety’ is a one-page statement,
endorsed by our Chief Executive Officer, summarising how
we deliver on our commitment to our Safety First, Quality
Always guiding principle of never compromising on the
safety of our people and providing a safe and healthy
workplace. This is prominently displayed in local languages
at Kerry locations. All our people have a role in delivering
on our health and safety commitments, and everyone is
expected to challenge any conditions or behaviours that
are considered to be unsafe.
Our global travel and expense policy, available on our
intranet, details information on our comprehensive duty
of care which protects and supports employees who travel
on company business. This includes access to medical,
security, and travel assistance, and real-time support as
required. From health and security preparedness and health
insurance, to emergency coordination, we strive to ensure
that every Kerry employee is equipped with the resources
they need to travel safely and confidently.
Responsible Employer Policy
At Kerry, open dialogue is central to our culture and a key
part of our relationships between management, trade
unions, and employee representatives. We are passionate
about creating positive working conditions that inspire all our
people to give their best, enabled by ongoing direct dialogue.
We are committed to safeguarding employee rights and
contributing to their wellbeing as we grow our business
together. Our commitment also extends to active social
dialogue frameworks, ensuring effective consultation and
information-sharing processes, through a range of employee
representative bodies, including works councils and unions.
Kerry aims to foster a collaborative environment that benefits
both the Group and its employees.
156 Sustainability Statement Own Workforce (S1)
Kerry’s policies and processes ensure that we consistently
provide our employees with fair and compliant compensation
and working conditions, meeting or exceeding all federal and
local laws, including those relating to:
• Adequate wages;
• Freedom of association, social dialogue and collective
bargaining;
• Secure employment;
• Work-life balance; and
• Working time.
Pay equity is fundamental to Kerry’s reward philosophy.
Our ongoing relationship and partnership with the
Fair Wage Network demonstrates our commitment to
strengthening fairness, wellbeing and responsible pay
practices across our organisation.
To facilitate career management and progression, Kerry
has established a robust annual career and talent review
process. This comprehensive approach aims to support
employees in their development planning for both their
current position and when planning for future roles within
the Group. Kerry is dedicated to implementing necessary
policies, structures, and systems designed to empower
employees to take charge of their development and
enhance their skills as they advance their careers within the
organisation, irrespective of their location, function, or role.
To further support our employees, we provide access to an
Employee Assistance Programme (EAP) for all employees at
every location, offering an additional confidential third-party
support mechanism for employees to discuss issues relating
to their working or personal life. We also track any formally
reported concerns or complaints through our systems
(AskHR and Speak Up), ensuring that they are investigated
thoroughly in a timely manner and with any necessary
remediations taken.
Our Diversity, Inclusion &
Belonging Policy
Our Diversity, Inclusion and Belonging (DI&B) Policy
ensures respectful and professional treatment for all
employees, with their uniqueness and perspectives valued
including (but not limited to), backgrounds, experiences,
and viewpoints, fostering an inclusive culture where
everyone can belong. This policy is part of Kerry’s standard
employment-related policies and practices. It is shared
with employees when they join the business as part of their
onboarding process and is available to all Kerry employees
through the employee intranet.
We follow all related laws in employment decisions in
the different locations in which we operate, and do not
discriminate based on age, colour, disability, ethnic origin,
gender identity, political opinion, racial origin, religion, sex,
sexual orientation, social origin, any other status unrelated
to the ability to perform the job, or any other category
protected by law. Employees’ terms and conditions of
employment, including hiring, training, working conditions,
compensation, benefits, or promotions are based on the
individual’s qualifications, performance, contribution, skills,
and experience. Kerry is committed to providing equal
access to people in all aspects of employment. This includes
ensuring that people with disabilities have full access to
employment, training, promotion, and career development
in the organisation, and, where feasible, alteration to
workstations and the adjustment or modification of
equipment. We monitor the effectiveness of our DI&B
initiatives through recurring employee experience reviews,
annual talent and succession processes, timely investigation
of reported complaints, and ongoing efforts to build
awareness and skills for an inclusive organisation.
Bullying, Harassment and Violence-Free
Workplace Policies
At Kerry Group, we have a zero tolerance for bullying,
harassment and violence of any kind towards any
individual or group. Our focus is on developing a highly
engaged workforce and a safe work environment where
we treat each other with dignity and respect and where all
workplaces are safe and free from harmful situations. All
employees have an important role to play in preventing
bullying, harassment and violence, both through their
behaviour and by being alert to the actions of others. Any
behaviour which disrespects an employee or is at odds
with our commitment to a respectful and dignified work
environment will not be tolerated. We adhere to legal and
regulatory requirements within our operations for working
conditions that foster wellbeing, respect, and growth for
all members of our teams.
Kerry promptly investigates all allegations of bullying,
harassment and violence in the workplace. For more
information, see our human rights related complaints
disclosure on page 164.
3. Engagement Process
ESRS 2 SBM-2 – Interests and views of stakeholders
S1-2 – Processes for engaging with own workforce and workers’
representatives about impacts
At Kerry, we acknowledge our people as key stakeholders
whose interests, perspectives, and rights must be
considered in our decision-making processes and reflected
in how we operate. We are committed to embedding these
considerations, including the respect and protection of
human rights, into our strategic direction and business
model. The CHRO oversees the overall strategy and
standards for employee engagement, while the Executive
Leadership Team is accountable for its implementation.
At the Board level, our designated Workforce Engagement
Director ensures employee voices are actively considered in
shaping strategic decisions. We employ multiple approaches
to ensure the voices of our employees and non-employee
workers throughout our organisation are heard and
considered in our decision-making. Our approach includes
the following key mechanisms:
• Kerry’s employee experience survey;
• Regular town hall meetings;
• Ongoing two-way engagement through our employee
network groups;
• Our people health and safety forums; and
• A designated Workforce Engagement Non-Executive
Board Director.
157Own Workforce (S1) Sustainability Statement
Kerry’s Employee Experience Survey
Kerry’s employee experience survey, OurVoice, serves as
a vital tool for understanding engagement and gathering
insights across key areas such as Safety, Rewards, Talent
Development and Inclusion. During 2025, our employee
engagement focus continued to drive meaningful impact,
through the execution of Employee Experience Action Plans
developed in response to OurVoice 2024 insights. These
plans, designed at site, regional, and functional levels, target
the most critical areas for progress aligned to our ‘Making it
Better, Easier and Clearer’ campaign, with recurring tracking
and leadership visibility highlighting success stories inspired
by employee feedback. We are committed to running our
next Group-wide employee survey in 2026.
Regular Town Hall Meetings
We hold regular town hall meetings at both regional
and local site level, providing dedicated forums for open
communication, sharing business updates and reinforcing
key messages such as the importance of safety within the
organisation. These forums also provide opportunities
for employees to raise questions and suggestions with
leadership team members. In addition, as part of ongoing
communication and social dialogue at regional and site
level, we engage with the European Employee Forum
(EEF), works councils, trade unions and other employee
representative groups across our business.
Ongoing Two-Way Engagement
Through Our Employee Network Groups
During 2025, our passionate employees continued to play
their role in actively contributing to our DI&B agenda
right across the globe. This included active and positive
participation through our Employee Networks Groups
(ENGs) – voluntary, employee-led groups that are open to
all, representing a range of areas of interest. In addition
to their many engagement activities throughout the year,
our ENGs were central to celebrations for key events such
as International Women’s Day, World Day for Cultural
Diversity for Dialogue, Pride, and International Day for
People with Disabilities. With commitment, energy and
a spirit of inclusiveness right across all regions spanning
offices and manufacturing facilities worldwide, extensive
colleague involvement and participation was both enabled
and strengthened through celebratory events with our
local teams – including facilitation of multi-speaker panel
sessions – sharing diverse perspectives and welcoming
external speakers to share their experiences.
Our People Health and Safety Forums
To promote safety engagement and foster a proactive
safety culture, all Kerry manufacturing locations are
required to establish a Health and Safety Committee.
Chaired by the Plant Leader, each committee ensures
balanced representation from both management and non-
management employees, including union and non-union
members. Regular meetings are held as part of our global
safety governance framework. These committees play
a collaborative role in driving continuous improvement,
supporting both local initiatives and global programmes,
such as our ‘Eight LIFE Saving Rules’, which are designed
to prevent life-changing injuries and fatalities.
To support our LIFE Saving Rules and strengthen our Safety
Culture pillar, we have implemented the LIFE Programme
across Kerry locations. This includes comprehensive
deployment toolkits, available in local languages, that
feature animated content, posters, banners, commitment
boards, and training materials. These resources are
designed to engage employees, reinforce critical safety
behaviours, and promote consistent standards globally.
Each April, we mark the World Day for Safety & Health at
Work with a dedicated week of activities across our global
operations. This year, the theme ‘I Choose Safety’ served as
a powerful reminder that safety is a shared responsibility.
The campaign encouraged individuals to take ownership of
their actions while reinforcing the collective role we all play
in creating a safe and healthy workplace.
A Designated Workforce Engagement
Non-Executive Board Director
Our designated Workforce Engagement Director, a Non-
Executive Director, plays a key role in elevating employee
voices within Board-level conversations and fostering
meaningful dialogue through direct engagement across
a variety of workplace settings. This year, Emer Gilvarry
continued in this capacity, contributing valuable reflections
from her participation in manufacturing and office site visits
across multiple geographies, our global annual ‘Inspiring
People’ employee recognition celebration, hosted in
Naas Ireland and broadcast to all employees globally, the
European Commercial Conference held in Dublin, Ireland,
and a range of other initiatives including Culture Week,
Pride celebrations, and Townhall events, providing the
Board with rich insight into the lived employee experience.
To ensure that our peoples’ perspectives were represented
in our double materiality assessment, we involved employee
representatives from key functional areas, together with
representatives from our HR function, in the assessment
process. Their views and perspectives were crucial input in
determining the impact of Kerry on sustainability matters
and the impact of sustainability matters on Kerry. For details
on our two-way employee engagement approach, refer to
the Stakeholder Engagement section on page 120.
Employee Support Channels
S1-3 – Processes to remediate negative impacts and channels for
own workforce to raise concerns
Kerry strives to create an environment where open and
honest communications are the expectation, not the
exception. We want our people to feel comfortable in
approaching their line manager, a senior manager, an HR
Partner, our Ethics and Compliance team or in utilising our
systems to report where they believe potential violations
of our Code of Conduct, policies, regulations, industry
standards or applicable laws have occurred.
To support our employees globally we provide access to
an Employee Assistance Programme (EAP), offering an
additional confidential third-party support mechanism for
employees to discuss and gain advice on issues relating to
their working and/or personal life.
158 Sustainability Statement Own Workforce (S1)
Kerry’s AskHR platform (available internally to employees in
18 languages) allows our employees to log their concerns or
incidents. In addition, our Speak Up platform also provides
a safe and confidential means for employees to raise
concerns or report issues as per our Speak Up Policy while
ensuring their anonymity, where permitted by local laws.
For further information on Kerry’s Speak Up platform, refer
to the Protection of Whistleblowers section on page 180.
We track any reported complaints, ensuring that they
are investigated in line with established processes,
and appropriate action taken where complaints are
substantiated. These are effective reporting systems,
which support and enhance our efforts to foster a culture
of integrity and ethical decision-making. By creating open
channels of communication, we promote a positive work
environment and maximise productivity.
4. Actions and Performance
S1-4 – Taking action on material impacts on own workforce, and
approaches to managing material risks and pursuing material
opportunities related to own workforce, and effectiveness of
those actions
S1-5 – Targets related to managing material negative impacts,
advancing positive impacts, and managing material risks and
opportunities
Diversity, Inclusion and Belonging
at Kerry
S1-9 – Diversity Metrics
Kerry’s commitment to DI&B underpins every aspect of our
organisation’s operations including our ambition to create
an inclusive environment based on equal treatment and
opportunities for all. Over the years, we have consistently
recognised that embracing the diverse backgrounds,
perspectives, and experiences of our employees is critical
to sustained success. Guided by our core values of Courage,
Enterprising Spirit, Inclusiveness, Open-mindedness, and
Ownership, and underpinned in our Global DI&B policy,
Kerry strives to sustain a workplace where every individual
is empowered to contribute fully, enabling our employees
to bring their best self to work. To continue our progress in
this area, Kerry is committed to integrating and reinforcing
DI&B principles across all processes and practices, whilst
ensuring at all times that this is done in compliance with
regional law and regulations.
Our Global DI&B Taskforce, made up of cross-functional
representation from our Regions and our Global Centres
of Excellence (CoEs) including Talent Acquisition,
Leadership, Learning & Talent continued to evolve our
progress through our DI&B Framework. This framework
focuses on Inclusive Leadership, Equitable Experience
and Education & Awareness. In addition to a cross-
functional and cross-cultural representation internally, our
Global DI&B Taskforce is also informed by our external
partnerships, highlighting evolving best practices and
external perspectives. As an example, we continue to
leverage the expertise and guidance provided through
the United Nations Women’s Empowerment Principles
– hearing from experts and learning from organisations
around advancing gender equality in the workplace,
marketplace and community. Our active participation with
the Partnership for Global LGBTIQ+ Equality has been a
key relationship in advancing our commitment to creating
a culture of growth and development for our people.
As part of ongoing talent data tracking, we review gender
distribution and movement at all levels of our organisation
to understand trends and progress. We see this as critical to
building our balanced leadership pipeline for the future. We
continue to strengthen our recruitment activity by educating
our managers around objective decision-making through
the selection processes, thereby reducing any potential for
bias – fully committing to equal opportunity for all, based on
merit. Through our ongoing talent processes, we evaluate
our leadership and capability pipelines with a diversity lens,
working to ensure that our talent pools are representative
of the highly valued different perspectives, experiences,
and backgrounds that reflect our global business and the
markets in which we operate.
At year end, 35% (2024: 35%) of senior leadership roles
were held by female leaders. Having achieved our target
of 35% by 2025, one year ahead of schedule, we continued
to work to sustain and build on this progress. At the
end of 2025, women held 41% (2024: 39%) of our senior
management roles. We remain committed to achieving
equal gender representation in senior management roles
across Kerry’s global footprint by the end of 2030.
Diversity Metrics
Gender Distribution
Senior Management
2025
Number
2025
Percentage
2024
Number
2024
Percentage
Female 548 41% 569 39%
Male 797 59% 874 61%
Other - - - -
Not Disclosed - - - -
Total 1,345 100% 1,443 100%
Age Distribution
All Employees
2025
Number
2025
Percentage
2024
Number
2024
Percentage
Under 30 years old 3,697 19% 4,357 20%
30 - 50 years old 11,564 60% 12,599 58%
Over 50 years old 4,159 21% 4,772 22%
Total 19,420 100% 21,728 100%
159Own Workforce (S1) Sustainability Statement
Our commitment to fostering an inclusive and diverse
workplace where our people can thrive, innovate and bring
their best selves to work is also enabled through continual
evaluation of how our people policies and systems can
progress this throughout the organisation in line with
prevailing local regulations and evolving best practices.
Our Inclusion Index allows us to understand employee
perception across important externally validated dimensions
of inclusion: Psychological Safety, Belonging, Fair Treatment,
Inclusion and Integrating Difference. In 2024, we scored in
the third quartile, reporting an increase of four percentage
points within the third quartile from the previous year,
reinforcing our confidence in the approach we are taking to
building and sustaining a truly inclusive workplace globally.
The next assessment will take place in 2026.
Our Learning & Development offerings incorporate our
commitment to inclusive leadership, wholly leveraging
the contributions and potential of all our people
worldwide, encouraging, celebrating and recognising the
unique contributions of every individual. Our leadership
development catalogue will continue to be extended
through 2026, underpinned by our values and our
leadership competencies.
• In 2025, we launched our new sales leader development
programme for colleagues globally, with a range of
prioritised modules focused on further building our
sales leader capability and growing our business;
• Our Women in Leadership Programme continued in
Europe and LATAM, with the objective of continuing to
further advance the skills and strength of internal and
external networks that contribute to driving strong
participation from our female colleagues as part of a
robust and balanced talent pipeline;
• Our Managing People @Kerry (MPAK) Programme
was made available to People Leaders through 2025.
Focused on cultivating a positive employee experience,
MPAK introduces inclusive leadership concepts aligned
to our manager framework, covering areas such
as promoting a positive environment, setting clear
expectations and enabling people development. People
leader development will be further extended through
2026 in line with our regional plans; and
• During 2025, we also deployed a new third-party
digital learning platform for all connected colleagues.
This provides colleagues with a host of development
offerings on demand, with structured learning pathways
providing ease of navigation. In addition to this launch,
we relaunched Kerry’s ‘HR Hub’ for our HR community,
providing improved access to talent inclusion-related
resources and related curated learning pathways.
Health and Safety
S1-14 – Health and safety metrics
Kerry locations operate under a robust Global
Environmental, Health & Safety (EHS) Management System,
which covers 100% of our people, and clearly defines
responsibilities and accountabilities at every level of the
organisation. The system is designed to prevent and
mitigate risks to our people and enables full engagement
with EHS programmes and initiatives.
It empowers employees to actively contribute to a safer
working environment by reporting observations of
potentially unsafe conditions and behaviours. The system
also incorporates processes for reviewing and monitoring
locally relevant health and safety regulations, which inform
the design and modification of equipment, processes,
materials, products, and procedures to ensure compliance
and safety. Embedded within this framework is our LIFE
Programme, which is primarily focused on manufacturing
locations due to the nature and risk profile of activities in
these environments. The programme plays a critical role in
preventing life-changing injuries and fatalities, supporting
our commitment to continuous improvement and a
proactive safety culture.
Our 2025 target was to achieve a Total Recordable Incident
Rate (TRIR) of less than five. Having achieved our target of
less than five by 2025, one year ahead of schedule, and in
line with our principle of Safety First, Quality Always, we
made further improvements to our TRIR performance this
year, reducing this to 3.4 (2024: 4.5). As part of our refresh
of the Beyond the Horizon sustainability strategy, we have set
an updated target to achieve a TRIR of less than 2.5 by the
end of 2030, demonstrating our ongoing commitment to
provide a safe and healthy workplace for our people.
In 2025, aligned with evolving business priorities, we
enhanced Kerry’s Global EHS Management System by
developing new standards and refining existing ones. A
key example is the introduction of our Global Incident
Insight Standard, designed to proactively facilitate the
communication of EHS incidents and the sharing of critical
learnings for our people across the organisation. This
initiative aims to strengthen our culture of prevention and
continuous improvement by helping to reduce the risk of
incident recurrence.
During 2024, we initiated a multi-year maturity assessment
programme to strengthen our safety culture by capturing
employee perspectives on current safety practices through
a comprehensive Safety Perception Survey. This effort
continued into 2025, providing valuable insights into
frontline experiences and attitudes. Based on the analysis
of survey findings, we will implement targeted action plans
to address key themes and drive continuous improvement
across our operations.
As part of our Safety Culture pillar, the Global Safety
Guardians programme, which was launched in 2024
with comprehensive toolkits, was fully deployed across
all manufacturing sites during the year. This initiative
has played a pivotal role in elevating safety standards,
reinforcing our LIFE Saving Rules, and embedding proactive
strategies to manage safety risks more effectively.
Total hours worked by our people during 2025 were
42,776,523 (2024: 46,398,729).
160 Sustainability Statement Own Workforce (S1)
Health and Safety Metrics Unit 2025 2024
Total work-related injuries/accidents rate Injuries per million hours worked 3.4 4.5
Employees Injuries per million hours worked 3.3 4.5
Non-employees Injuries per million hours worked 4.9 4.6
Total work-related injuries/accidents Number 147 208
Employees Number 134 195
Non-employees Number 13 13
Total work-related ill health rate Injuries per million hours worked - -
Employees Injuries per million hours worked - -
Non-employees Injuries per million hours worked - -
Total work-related ill health Number - -
Employees Number - -
Non-employees Number - -
Lost days due to fatality, illness or injury
from work-related injuries and ill health
Number 2,969 5,847
Employees Number 2,800 5,698
Non-employees Number 169 149
Fatality Number - 1
Employees Number - 1
Non-employees Number - -
Wellbeing
Kerry recognises that in order for our colleagues to be at
their best and deliver superior performance, they need an
environment that helps them lead balanced lives. Placing a
high priority on the health and wellbeing of our employees,
Kerry offers a balanced set of programmes under its Health
and Wellbeing Framework. These programmes provide
resources and promote physical, emotional, nutritional, and
financial wellbeing for employees at various life stages.
• Our Employee Assistance Programme (EAP), a
confidential, 24/7 service available to all employees and
their families, offering expert support across a range of
areas such as life, work, family and wellbeing.
• Agile Working Principles, which empower employees
to flex their schedules and work environments to better
balance life and work demands.
• A Global Sabbatical Leave Policy, enabling employees
to take extended time away to recharge, pursue
personal goals, or support family needs.
• The rollout of Emotional Wellbeing Training for people
leaders, equipping them with the tools to support
their teams with empathy and confidence. In 2025,
we continued the rollout of our Emotional Wellbeing
Programme for people leaders across all regions. The
programme was redesigned in 2025 to better tailor
content for both senior leadership teams and people
leader groups, ensuring relevance and impact. We
have seen strong feedback from participants, with over
350 leaders completing the programme to date. These
efforts reinforce our commitment to creating a balanced
and supportive environment, equipping leaders with
practical tools to foster resilience and wellbeing across
their teams. Looking ahead, we will continue the rollout
in 2026, building on this momentum and deepening our
focus on employee wellbeing.
• Participation in Global Wellbeing Awareness Days,
including World Mental Health Day and World Safety
and Wellbeing Day, which help foster a culture of
openness and care for our people.
• The MyCommunity programme supports Kerry
employees giving back to their local community,
aligning to our purpose of Inspiring Food, Nourishing Life.
All employees are entitled to one paid volunteering day
each year.
These initiatives foster a culture of continuous learning,
personal growth, and holistic wellbeing, ensuring our people
are not only equipped to lead but also supported to thrive.
Total Rewards at Kerry
S1-10 – Adequate wages
S1-11 – Social protection
S1-16 – Remuneration metrics (pay gap and total remuneration)
S1-13 – Training and skills development metrics
Our Total Reward strategy is a cornerstone of our
commitment to being the first choice for the best talent,
driving employee attraction and retention as well as
creating engaging working conditions for our employees.
Our 2025 activity and initiatives reflect a deepened focus on
transparency, inclusion and equity in how we reward and
support our people.
Our Total Reward philosophy is built on fairness,
competitiveness, and flexibility. It is designed to:
• Recognise and reward high performance;
• Support employees and their families through different
life stages; and
• Drive an ownership mindset that contributes to Kerry’s
long-term success.
161Own Workforce (S1) Sustainability Statement
As a responsible employer we ensure that every employee
is paid fairly and supported through life’s key moments.
That’s why:
• All employees are protected through a combination of
national social protection systems and/or Kerry benefits.
This ensures financial security and peace of mind, for
sickness, redundancy, unemployment starting from
when the own worker is working for the undertaking,
employment injury and acquired disability, parental
leave and retirement, no matter where our employees
are in the world; and
• All employees receive an Adequate Wage (2024: All
employees) which allows for a decent standard of living
for them and their families.
These commitments reflect our belief that financial
wellbeing, inclusion, and dignity at work are non-negotiable.
During 2025 we partnered with the Fair Wage Network,
and following an independent assessment process, we are
proud to have been formally accredited as a living wage
employer across Europe, North America, and LATAM (2024:
the UK), covering approximately 13,500 of our colleagues
(approximately 70% of our global employee population).
This represents a significant milestone in strengthening
fairness, wellbeing and responsible pay practices across our
organisation. A full review is already underway in our APMEA
region as we progress toward global accreditation.
Our People Leaders play an integral role in cultivating the
culture of fairness and openness around pay. The annual pay
cycle serves as a strategic checkpoint for People Leaders to
foster that culture as they ensure our compensation practices
remain competitive, equitable and aligned with business
performance. It also provides a valuable opportunity to
engage with our teams on reward, performance, and career
progression. We uphold these same values and principles
for workers whose pay progression is managed through the
construct of collectively bargained arrangements. While the
processes may differ, our commitment to fairness, transparency,
and alignment with business outcomes remains consistent
across all employee groups. All People Leaders are equipped
with briefing materials and channels, such as the “PayTalk”
guide, to support meaningful conversations with their teams
and reinforce Kerry’s commitment to transparency, recognition,
and career development. Performance management and
career development conversations allow for timely reflection
on recent performance and career development, ensuring
they are meaningfully connected to pay decisions and future
development planning. These conversations are not only critical
enablers of individual development but also of Kerry’s business
performance and future growth. All employees participate in
formal performance and career conversations, supported by
structured processes. The outputs of these reviews are recorded
centrally in our Global HR Information System, ensuring
consistency and transparency.
In the 2025 annual performance cycle of the 52% (2024:
51%) of our total workforce that had access to our online
performance review process 98% (2024: 97%) completed
performance reviews. There are a number of roles that
are not included in the online process due to the nature
of their roles and contractual agreements. Performance
assessment typically happens through locally established
key performance indicators and is managed offline. In the
2025 annual career development cycle of the 55% (2024:
52%) of our total workforce that had access to our online
career development review process 69% (2024: 63%)
completed career development reviews. Participation rates
are disaggregated by gender and expressed as a percentage
of all employees and those recorded in our online systemised
process in the following table:
Together these efforts reflect our commitment to being a
responsible employer, one that invests in its people and
supports their growth.
The gender pay gap for 2025 is favourable to female
employees by 4.9% (2024: 4.8%). The annual CEO total
remuneration ratio provides insight into the equity and
fairness of our compensation practices. For 2025 the annual
CEO total remuneration ratio is 155x (2024: 118x). A significant
portion of the CEO’s remuneration is delivered through Kerry’s
short-term and long-term incentive plans where awards are
linked to Group performance and share price movements over
time. This means that ratios will depend significantly on short-
term and long-term incentive outturns and may fluctuate
from year to year as a result. As the median employee does
not typically participate in Kerry’s short-term or long-term
performance-related incentive plans, the CEO pay ratio has
also been calculated to exclude these variable pay elements
which results in a ratio of 41x (2024: 39x).
We are also proud to spotlight several key initiatives that
further support our people strategy:
• OurShare: Now in its third year and available in 49 (2024:
24) countries and to 99.5% (2024: 94%) of our colleagues.
Performance and Career Development Reviews
2025 2024
Female Male Other
Not
Disclosed Total Female Male Other
Not
Disclosed Total
Employees who Participated in Performance Reviews - % Participation based on:
Total Headcount 25% 26% - - 51% 25% 25% - - 50%
Our Online
Systemised
Process 49% 49% - - 98% 47% 50% - - 97%
Employees who Participated in Career Development Reviews - % Participation based on:
Total Headcount 20% 18% - - 38% 17% 16% - - 33%
Our Online
Systemised
Process 36% 33% - - 69% 33% 30% - - 63%
162 Sustainability Statement Own Workforce (S1)
The programme continues to empower employees to
become shareholders and own part of Kerry. In 2025,
OurShare received two awards, ‘Best International Share
Plan’ (ProShare) and ‘Best Communication Plan’ (Global
Equity Organisation), recognising its clear and inclusive
content and well executed approach that empowered
employees to invest in their future. This year marks a
significant milestone: colleagues who joined in the first
phase of the programme are now beginning to receive
their matched shares as a benefit of the programme,
offering a tangible way to share in the value they help
create. We are targeting full global coverage in 2026.
• Clarity at Kerry: Is our heightened commitment to
building a fair, transparent, and empowering workplace
for our employees. Clarity enhances visibility into how
roles are structured, how careers progress, and how
reward decisions are made. Through refreshed job
architecture, clearer career pathways, and better access
to core reward data via our Global HR Information
System, Clarity enables more meaningful conversations
between people leaders and their teams.
• Inspiring People: Our global recognition programme
continues to thrive, with over 12,000 recognition
moments recorded in the year, celebrating individuals
and teams who embody our values and purpose. The
October Inspiring People event, hosted by our Executive
Leadership Team and broadcast globally, showcased
powerful stories of achievement across Kerry, with
watch parties across the globe ensuring every finalist
felt truly celebrated.
Employee Development and Growth
S1-13 – Training and skills development metrics
At Kerry, we are passionate about growing our people as we
grow our business. Given the dynamic nature of our external
environment and evolving organisational opportunities, we
continually seek to advance our learning and development
offerings and approach. Our Learning & Development teams
are aligned to core functional areas, with specialist Kerry
academies in place to lead out our learning agenda globally.
This enables our teams to be best positioned in planning
with agility and in line with relevant business drivers in
partnership with local leadership and teams. We have five
core academies in place, covering Integrated Operations,
Science & Technology, Commercial, Business Functions and
Leadership. These academies leverage both external best
practices and internal Kerry expertise to ensure that our
learning communities have the required knowledge and skills,
as well as the tools and systems needed to transfer learning
easily, at pace and at scale. Our learning culture continues to
leverage the 70:20:10 learning model (70% of learning and
development from job-related experience: 20% from feedback,
project/stretch experience interactions and working with
others: 10% from formal learning experiences). Our average
number of formally recorded training hours for all employees
of 14 hours during 2025 has increased year-on-year (2024:
nine hours), see a split by gender in the following table.
Training Hours by Gender
2025
Hours
2024
Hours
Female 14 9
Male 15 9
Other - -
Not Disclosed 4 11
Average Number of Training
Hours per Employee 14 9
Our Learning Academy team continues to lead out
the design and delivery of learning offerings across all
functional areas, aligned with our growth priorities. As part
of this, we further expanded the adoption of our new online
knowledge platform, offering a range of learning modules
across leadership, functional and technical skill areas. This
has further enabled self-directed and just in time learning
for all connected employees, complementing on the job
experience, people leader coaching and formal functional
and leadership development programmes.
Our graduate talent has had an impact at every level of our
organisation over many decades, and we are truly proud
of the heritage and ongoing impact of our early careers
programme across the organisation. We continue to work
on evolving and increasing the effectiveness of our early
career attraction, development and retention processes.
We were honoured that our graduate programme was
recognised at the 2025 gradireland Graduate Recruitment
Awards, winning Graduate Employer of the Year in our
intake category. The award recognised ‘the excellent detail
on the programme structure and learning supports’ as
well as recognising how it focused on ‘strategic thinking,
entrepreneurial spirit and fostering of curiosity’. During
2025, we further enhanced and evolved our programme
across all regions, reflecting our global business needs and
local market opportunity. As planned, we also launched our
early career activity in LATAM and APMEA.
Our Employee Profile
S1-6 – Characteristics of the undertaking’s employees
This section provides details of our people, including
the total headcount with gender, regional and country
breakdowns, amongst others.
Employee Headcount
by Gender 2025 2024
Female 6,586 7,205
Male 12,833 14,522
Other - -
Not Disclosed 1 1
Total Employees 19,420 21,728
Note: The majority of the year-on-year employee headcount movement
results from the transfer of employees arising from the sale of Kerry
Dairy Ireland, along with other plant optimisation decisions.
163Own Workforce (S1) Sustainability Statement
Employee Headcount by Gender and Contract Type
2025 2024
Number of: Female Male Other
Not
Disclosed Total Female Male Other
Not
Disclosed Total
Employees 6,586 12,833 - 1 19,420 7,205 14,522 - 1 21,728
Permanent
Employees 6,359 12,459 - 1 18,819 6,922 14,077 - 1 21,000
Temporary
Employees 227 374 - - 601 283 445 - - 728
Non-guaranteed
hours employees - - - - - - - - - -
Full-time
employees 6,394 12,753 - 1 19,148 7,023 14,437 - 1 21,461
Part-time
Employees 192 80 - - 272 182 85 - - 267
Employee Headcount by Contract Type and Region
2025 2024
Number of: Europe Americas APMEA Total Europe Americas APMEA Total
Employees 4,327 9,021 6,072 19,420 6,021 9,468 6,239 21,728
Permanent
employees 4,181 8,821 5,817 18,819 5,781 9,284 5,935 21,000
Temporary
employees 146 200 255 601 240 184 304 728
Non-guaranteed
hours employees - - - - - - - -
Full-time
employees 4,107 8,974 6,067 19,148 5,788 9,440 6,233 21,461
Part-time
employees 220 47 5 272 233 28 6 267
The following table displays all countries in which Kerry has employees representing at least 10% of our total workforce:
Employee Headcount by Country 2025 2024
United States 4,816 5,009
Republic of Ireland - 2,290
Malaysia 2,077 2,213
Other Headcount 12,527 12,216
Total Headcount 19,420 21,728
Note: For 2025, employee headcount for the Republic of Ireland no longer meets the threshold for disclosure due to the sale of Kerry Dairy
Ireland.
Employee Turnover
The sale of Kerry Dairy Ireland resulted in a transfer of all employees associated with that business on 1 January 2025 which,
along with other plant optimisation decisions, led to a significant year-on-year increase in our employee turnover. Total
employee turnover in 2025 was 5,508 (2024: 4,332), representing an annual employee turnover rate of 29.3% (2024: 20.6%).
164 Sustainability Statement Own Workforce (S1)
Collective Bargaining Coverage and Social Dialogue
S1-8 – Collective bargaining coverage and social dialogue
At Kerry, we recognise the importance of freedom of association and maintaining constructive employee relations. We respect
our employees’ right to form, join or not join a labour union, or a trade union or to have recognised employee representation
in accordance with local law without fear of reprisal, intimidation, harassment, or discrimination. Direct communication and
consultation sessions are held locally with employees and their representatives to discuss relevant social issues.
Collective Bargaining Agreements (CBA) can be negotiated at group, regional or country level. At year end, 27% (2024: 30%) of
all Kerry employees are covered by CBAs. For those employees not part of a CBA, we have a formal pay planning process in all
locations covering terms and conditions for all employees.
Collective Bargaining Coverage Social Dialogue
Coverage Rate
Employees -
EEA (Country)
Employees -
Non EEA (Region)
Workplace Representation
EEA only (Country)
2025 2024 2025 2024 2025 2024
0 - 19% - - APMEA APMEA - -
20 - 39% -
Republic of
Ireland Americas Americas - -
40 - 59% - - - - - -
60 - 79% - - - - - -
80 - 100% - - - - -
Republic of
Ireland
Note: For 2025, the Republic of Ireland is no longer disclosed for collective bargaining coverage and social dialogue as it no longer meets the
threshold for disclosure due to the sale of Kerry Dairy Ireland.
Social Dialogue
The Kerry European Employees Forum (EEF), long established by Kerry, enables social dialogue at a European level. This
forum respects Irish regulations, which are aligned with the European Works Councils Directives. The EEF aims to ensure that
employees across Europe have a voice in company matters (including sustainability practices), which promotes transparency
and collaboration between employees and management.
Additionally, Kerry has local Works Council and Trade Union representation across multiple locations, which provides for
ongoing social dialogue, including collective bargaining at company, sector or cross-industry level.
Human Rights Related Complaints
S1-17 – Incidents, complaints and severe human rights impacts
In 2025, we received 258 complaints (2024: 171), of which 50 (2024: 56) related to incidents of discrimination including
harassment. Of the total incidents/complaints received, 100% were reviewed and 92% (2024: 91%) have been closed following
review and relevant action.
During 2025, there were no (2024: zero) severe human rights issues or incidents connected to our people that were cases
of non-respect of UN Guiding Principles and OECD Guidelines for Multinational Enterprises, and no complaints were filed to
National Contact Points for OECD Multinational Enterprises (2024: zero).
We monitor any fines and penalties to ensure they are promptly identified and addressed and there were zero fines,
penalties, or compensation related to reported incidents in 2025 (2024: zero). We remain dedicated to complying with all
relevant regulations and upholding the integrity of our business practices.
165Own Workforce (S1) Sustainability Statement
5. Methodology Notes
Diversity Metrics (S1-9)
Employee data is reported as at 31 December as recorded in
our central HR system. Gender is disclosed as specified by the
employees themselves and recorded in our central HR system.
Senior management encompasses approximately the top
1,400 (2024: 1,500) employees and is inclusive of senior
leadership. Kerry has defined our senior management
group and this is Kerry’s equivalent of the ‘top management’
term under ESRS.
Health and Safety (S1-14)
TRIR for our own workforce combines work-related injuries
and ill health. In the past we have used the term Total
Incident Rate (TIR), which has the same definition as TRIR,
internally we now use the term TRIR to align to industry
terminology. Rate calculations are based on 1,000,000 hours.
Total recordable injuries and ill-health are captured
according to the Occupational Safety and Health
Administration (OSHA) and International Labour
Organisation (ILO) Occupational Diseases definitions.
Lost days refers to the total number of calendar days that
were lost as a result of workplace injuries, illnesses or
fatalities during the reporting period. We only use personal
information in accordance with the law.
Our Employee Data Protection Policy outlines the types of
personal data we hold about employees and may include
information about health, including any medical conditions,
health and sickness records. We have appropriate
security measures in place to prevent employee personal
information from being accidentally lost, used or accessed
in an unauthorised way, altered or disclosed.
Adequate Wages (S1-10)
To ensure that our own employees receive an adequate
wage, Kerry has compared actual pay to local minimum
wage requirements on a country-by-country basis. Where a
local statutory requirement does not exist, an appropriate
alternative wage standard was identified as a benchmark
for those countries. We engaged the Fair Wage Network,
an independent third-party, to supply these alternative
wage standards. The payroll data used for comparison of
pay levels was base salary, fixed allowances and variable
pay while payments related to overtime were excluded. The
payroll data, for base pay and any fixed allowances, was an
annualised figure based on May, which incorporated the
latest annual salary adjustments occurring every March as
part of our annual pay planning review cycle.
Social Protection (S1-11)
Kerry’s policies and processes ensure that we, at the very
least, comply with social protection requirements in all
locations. The scope and structure of these benefits differ
by location, informed by local market insights, government
provisions, and other factors such as workforce size.
Remuneration Metrics (Gender Pay Gap and
Total Remuneration S1-16)
Gender Pay Gap
The gender pay gap is calculated by comparing the average
pay levels between female and male employees, expressed
as a percentage of the average pay level of male employees.
For key assumptions refer to the ‘Payroll Data’ information
included in the ‘Adequate Wages (S1-10)’ methodology note
on this page.
Total Remuneration – CEO : Median Employee
The annual total remuneration ratio is calculated by
comparing the CEO’s remuneration (highest paid individual)
to the median annual total remuneration for all Kerry’s own
employees (excluding the CEO).
Payroll Data: The payroll data used for comparison of pay
levels was base salary, fixed allowances and variable pay
while payments related to overtime were excluded. The
payroll data, for base pay and any fixed allowances, was an
annualised figure based on May, which incorporated the
latest annual salary adjustments occurring every March as
part of our annual pay planning review cycle. Variable pay
was aggregated across a twelve-month period.
Training and Skills Development (S1-13)
Performance and Career Development Reviews
Participation based on Total Headcount Percentage:
Participation in performance and career development
reviews calculated by setting out the number of employees
who participated in our annual performance and career
development cycle recorded centrally in our Global HR
Information system divided by the total number of employees.
Participation based on our Online Systemised Process:
Participation in performance and career development
reviews calculated by setting out the number of employees
who participated in our annual performance and career
development cycle recorded centrally in our Global HR
Information system divided by the number of employees
who have the ability to engage with the process online,
being 52% (2024: 51%) and 55% (2024: 52%) of the total
number of employees respectively.
Training Hours
We define formal learning experiences as planned activities
designed to develop skills, knowledge or behaviours. This
includes e-learning and other self-paced learning such as
engagement with digital content. We include instructor-led
training events conducted both online and/or in-person.
Average training hours are calculated as the total number
of training hours completed by employees per gender
category, divided by the total number of employees per
gender category. Gender as specified by the employees
themselves.
Our Employee Profile (S1-6)
Employee data is reported based on headcount as at 31
December, as recorded in our central HR system. The figures
include Kerry employees and exclude non-employee workers.
For corresponding information in our Financial Statements
relating to our headcount, see note 4 on page 226 which
presents headcount as an average. Permanent employees
include those full-time and part-time employees on
permanent contracts. Where there is country specific
legislation or country practices, contracts will be considered
166 Sustainability Statement Own Workforce (S1)
permanent accordingly. Temporary employees include
those full-time and part-time employees on fixed-term
contracts or specified purpose contracts. Non-guaranteed
hours employees are those with zero contracted weekly
hours. Kerry has no employees with zero contracted hours.
Full-time employees are those whose standard weekly hours
and contract weekly hours per week are equal. Part-time
employees are those whose standard weekly hours and
contract weekly hours vary.
Employee turnover is defined as the number of permanent
employees who leave voluntarily or due to dismissal,
retirement, or death in service during the year. Employees
who leave voluntarily are those who resign or retire. At
Kerry, dismissal is defined as an employee contract being
terminated based on underperformance, misconduct,
redundancy, restructuring or compromise agreement.
Employee turnover rate is defined as the number of
permanent employees who left the company voluntarily,
or due to dismissal, retirement, or death in service during
the year divided by the number of permanent employees at
year end, multiplied by 100.
Collective Bargaining Coverage and Social
Dialogue (S1-8)
The table on page 164 displays the CBA coverage rate in
percentage terms for all Kerry employees in the European
Economic Area (EEA) and non-EEA and the percentage of
workplace representation for the EEA only, for countries and
regions in which Kerry has employees representing at least
10% of our total workforce.
Human Rights Related Complaints (S1-17)
This metric addresses work-related incidents, complaints,
and severe human rights impacts affecting our people as
captured and managed through our AskHR and Speak Up
platform. For more information on our employee support
channels and our Speak Up platform, refer to page 157
and the Protection of Whistleblowers section on page 180,
respectively.
Complaints may include incidents of discrimination based
on gender, race or ethnicity, nationality, religion or belief,
disability, age, sexual orientation, or other relevant factors
involving both internal and external stakeholders, related to
our own operations, during the reporting period. Additionally,
it covers harassment as a distinct form of discrimination.
167Workers in the Value Chain (S2) Sustainability Statement
The complex nature of global supply chains in the food
industry heightens the potential for human rights
infringements and underlines the importance of proactive
human rights management. By embedding human rights
due diligence into our policies, supplier engagement, and
traceability systems, we can contribute to a more equitable
and sustainable global food system. Our Human Rights
Overview on page 153 outlines our approach to Human
Rights. This section details our role and commitment to
the management of material impacts and risks, relating to
work-related rights, concentrated within our upstream value
chain, through our due diligence process.
WORKERS IN THE
VALUE CHAIN (S2)
1 . Material Impacts, Risks 167
and Opportunities
2. Strategy and Policies 168
3. Engagement Process 168
4. Actions and Performance 170
1. Material Impacts, Risks and Opportunities
ESRS 2 SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model
As part of Kerry’s double materiality assessment, we identified material impacts and risks relating to working conditions in
the upstream value chain, as outlined in the following table. Our approach to double materiality is described in the General
section on pages 123-125.
Working Conditions in the Upstream Value Chain
IRO HEADING IRO DESCRIPTION
IRO
CATEGORY
VALUE
CHAIN
TIME
HORIZON
Child and
Forced Labour
Potential for incidents of child labour or forced labour
to occur, particularly in higher-risk geographies, in
our upstream value chain breaching children’s and
workers’ rights.
NI (P) U
Health and
Safety
Poor health and safety practices in the work
environment of our upstream value chain can lead
to adverse impacts on workers’ physical and mental
health and safety.
NI (P) U
Working
Conditions
Adverse working conditions, particularly in
geographies with poor labour laws, may affect
workers in our upstream value chain in areas such as
representation, working hours or wages.
NI (P) U
Reputation and
Legal Risk
Potential risk to reputation and exposure to legal
action arising from business relationships with
suppliers who may breach workers’ rights and/or
health and safety requirements.
R U
IRO Category: PI: Positive Impact NI: Negative Impact (A): Actual (P): Potential O: Opportunity R: Risk
Value Chain:
U
Upstream
O
Own Operations
D
Downstream Time Horizon: Short Medium Long All
168 Sustainability Statement Workers in the Value Chain (S2)
2. Strategy and Policies
ESRS 2 SBM-3 – Material impacts, risks and opportunities and
their interaction with strategy and business model
S2-1 – Policies related to value chain workers
At Kerry, we source a range of raw materials to produce
value-add ingredient solutions for customers. This wide
range of sourcing in our upstream value chain may open
our business to potential negative impacts, including risks
of forced, compulsory and child labour. These challenges
can relate to wider issues within specific supply chains,
such as poverty and inadequate regulatory oversight. The
multifaceted nature of our global supply chain and these
challenges could potentially lead to reputational and/or
legal risks arising from supplier non-conformance with
human rights laws undermining stakeholder trust.
Our material impacts and risks relating to working
conditions and other work-related rights in the value chain
are concentrated within our upstream value chain. As part
of our human rights due diligence process, we follow a
risk-based approach to identify, monitor, and address these
risks effectively. We conduct an annual risk assessment
using the independent Sedex Radar platform to identify
suppliers with a high potential for human rights risks. This
assessment considers inherent manufacturing risks, forced
or compulsory labour, children and young workers, and
commodity country risks. We directly engage with suppliers
newly identified as high-risk to evaluate their compliance
and to provide them with clarity on our expectations around
human rights. Countries associated with a heightened
risk of human rights infringements linked to raw material
sourcing include India, Malaysia and Thailand. Suppliers
that are classified as high-risk are expected to become
Sedex members, initiate and maintain an active link with
Kerry, complete SAQs, and undergo independent SMETA
audits. This provides us with an opportunity to identify
issues, and support our suppliers to cease, mitigate, and
remediate or co-operate in remediation for those issues
should they arise. We continuously monitor and engage
with suppliers to improve adherence to these requirements.
The risks associated with negative impacts on working
conditions in Kerry’s upstream value chain are managed
through our human rights framework which incorporates
our due diligence approach. Potentially impacted workers
include those engaged in raw material processing and
production, particularly in high-risk commodities and
geographies. While our efforts and direct influence are
largely on our supplier base, we also leverage industry
collaborations and engagements with our suppliers who
can influence our wider supply chain.
Our suppliers are required to adhere to the standards
outlined in our Supplier Requirements Manual, which
incorporates our Supplier Code of Conduct. Both
documents were updated in 2025 outlining clear
expectations for suppliers to meet our standards, aligned
with our Human Rights Policy, including provisions on
worker safety, reasonable working hours, fair wages,
human trafficking, and the prohibition of forced,
compulsory or child labour. These documents are shared
with our existing suppliers and are provided to new
suppliers as part of their onboarding process. Suppliers
are expected to communicate and apply the Code of
Conduct requirements throughout their supply chain.
3. Engagement Process
Interests and Views of Upstream Value
Chain Workers
ESRS 2 SBM-2 – Interests and views of stakeholders
At Kerry, we are keen to understand impacts experienced
by workers in the upstream value chain while working for
our suppliers. This allows us to enhance how we support
and engage with our supplier base on areas of focus for
continuous improvement. We continue to increase our
collaboration with multi-stakeholder groups to ensure we have
the best tools, resources and knowledge needed to influence
human rights due diligence with our suppliers, and further up
the value chain throughout supply chain tiers.
As part of our engagement processes, we routinely review
the SMETA audit detail to indirectly gather perspectives and
views from workers in our upstream value chain. Value chain
workers, including those that may be deemed to be most at
risk, such as migrant workers, are interviewed as part of the
audit process. This process provides insight into potential
issues in both suppliers’ operations and further on in their
value chain.
Our Procurement and Responsible Sourcing teams actively
engage with new and existing suppliers to embed human
rights due diligence activities into the upstream value chain.
This supplier engagement ranges from engaging suppliers
on our expectations around human rights, to ensuring the
swift implementation of corrective actions identified in SMETA
audits. For suppliers operating in a Conflict-Affected and High-
Risk Area (CAHRA), we have conducted additional due diligence
to ensure risks are adequately understood and suppliers are
engaged to prevent and mitigate human rights issues.
Kerry also engages with multi-stakeholder groups and
industry bodies to gain insights into best practices, including
those that can support strengthened remediation efforts.
Additionally, relevant stakeholders including upstream value
chain representatives participated in Kerry’s double materiality
assessment process, providing valuable perspectives and
views on sustainability matters material to Kerry. For more
details on Kerry’s stakeholder engagement approach, please
refer to the Stakeholder Engagement section on page 120.
Processes for Engaging with Upstream
Value Chain Workers
S2-2 – Processes for engaging with value chain workers about
impacts
Our Executive Leadership Team supports Kerry’s
engagement processes with upstream value chain workers
by providing governance, resource and support through our
CHRO and COO.
The Procurement team have day-to-day responsibility for
engaging with upstream value chain partners who supply
materials to our manufacturing facilities in line with our
Supplier Requirements Manual and Supplier Code of
Conduct. Core to these supplier requirements is upholding
human rights and these are discussed with suppliers as we
engage them to undertake audits, seek to resolve audit non-
conformances and through supplier training on human rights.
169Workers in the Value Chain (S2) Sustainability Statement
To ensure the Procurement team is supported to lead
engagement on human rights, regular human rights
governance meetings and training events are provided to
build capability on:
• Our expectations for suppliers on human rights due-
diligence;
• The value of SMETA audit engagement for suppliers’
operations and human rights practices; and
• Our expectations of suppliers on Sedex and SMETA
audit protocols, particularly related to corrective action
planning and issue remedy.
These ongoing engagement initiatives play a crucial role
in integrating human rights management into our core
procurement business practices and allow for feedback
from our suppliers to ensure continuous improvement.
The independent SMETA audit process, a key component of
our human rights’ due diligence process, involves interviews
with a representation of all workers including migrant
workers, casual, temporary, seasonal workers, and women.
These interviews explore critical issues such as workplace
conditions, forced labour indicators such as workers’ access
to legal documentation, discrimination based on race,
gender, and disability amongst others. Insights gathered
through this process are shared through the Sedex
platform, reviewed by Kerry, and play a vital role in shaping
how we engage with suppliers to uphold human rights for
workers in the upstream value chain.
Kerry is a member of various trade organisations
and multi-stakeholder groups, fostering dialogue
with key upstream value chain stakeholders and their
representatives. Our involvement spans several industry
initiatives, including the Roundtable on Sustainable
Palm Oil (RSPO), Palm Oil Collaboration Group (POCG),
Sustainable Agriculture Initiative (SAI), Sustainable Spices
Initiative (SSI), AIM-Progress and the Centre for Child
Rights in Business (CRIB). This comprehensive engagement
strategy enables Kerry to better influence human rights
and environmental due diligence (HREDD) risks, and
best practices and improve both direct and indirect
engagement with our value chain partners.
Our approach for engaging with workers in our
upstream value chain is designed to further a mutual
understanding of human rights requirements with
our suppliers and enhance their compliance. This
engagement highlights the challenges and opportunities,
informing actions for continuous improvement in our
suppliers’ due diligence practices.
Grievance Mechanisms
S2-3 – Processes to remediate negative impacts and channels for
value chain workers to raise concerns
Everybody has a responsibility for managing human rights.
If a Kerry employee believes potential negative human
rights impacts may be occurring in our upstream value
chain, they are encouraged to report this to their line
manager, a member of the Procurement or Responsible
Sourcing teams. The Responsible Sourcing team will
assess the incident in line with our due diligence process,
investigating the severity and will work with the supplier,
where appropriate and applicable, to cease, prevent and/or
mitigate the potential negative impact on workers’ human
rights. Third-party input may be sought to support our
efforts in investigating and providing remedy for an issue.
For example, if we identify child labour in the upstream
value chain, we can engage the services of a specialist
third-party, leveraging their expertise to effectively manage
remediation, including provision of support for the victim,
and prevention planning to avert recurrence.
Employees of our suppliers have an opportunity through
SMETA audit interviews to raise a grievance which can be
viewed through the Sedex platform and remedied by the
supplier or with intervention by Kerry directly with our
supplier, through our due diligence process. Alternatively,
our Speak Up platform also provides a safe and confidential
means for upstream value chain workers to raise concerns
or report issues while ensuring their anonymity (where
permitted by local laws). For further information on Kerry’s
Speak Up platform, refer to the Protection of Whistleblowers
section on page 180.
We currently assess value chain workers’ awareness of our
Speak Up platform by engaging with upstream employee
representatives during the onboarding process, when we
share our Supplier Code of Conduct. Our existing suppliers
are reminded of our Speak Up platform as they reconfirm
their adherence to our Supplier Code of Conduct during a
tendering process.
Our Human Rights Policy, on page 153 and our Supplier Code
of Conduct provide information on how to raise a grievance,
including the availability of our Speak Up platform.
170 Sustainability Statement Workers in the Value Chain (S2)
4. Actions and Performance
S2-4 – Taking action on material impacts on value chain workers,
and approaches to managing material risks and pursuing
material opportunities related to value chain workers, and
effectiveness of those actions
S2-5 – Targets related to managing material negative impacts,
advancing positive impacts, and managing material risks and
opportunities
Tracking Human Rights Issues and
Incidents in the Upstream Value Chain
using Sedex and SMETA Audits
For suppliers that are classified as operating in areas of
highest risk for human rights infringements, we use the
Sedex platform to monitor registrations and SMETA audit
findings. The methodology of our annual risk assessment
is outlined in our Strategy and Policies section on page 168.
In 2025, our suppliers assessed as high-risk that are linked
with Kerry on the Sedex platform based on spend compared
with our supplier spend of all high-risk suppliers is 91%
(2024: 88%). Additionally, high-risk suppliers that are linked
with Kerry that have completed a SMETA audit within the
past three years, based on spend compared with our spend
of all high-risk suppliers is 80% (2024: 72%).
The SMETA audits cover four pillars; labour standards,
health and safety, business ethics and environmental.
Through a review of these audit findings, we evaluate the
outcomes of supplier conformance with human rights
standards, identify areas for improvement and monitor
the implementation of corrective action where necessary,
to manage and mitigate potential human rights risks and
impacts in the upstream value chain.
These supplier non-conformances may serve as indicators
of potential human rights issues and in 2025 they primarily
related to working conditions and living standards (2024:
occupational health and safety, working conditions and
living standards). We engage directly and indirectly with
suppliers to facilitate the implementation of corrective
actions for identified non-conformances, ensuring that
these corrective actions are sufficiently robust.
Aligned to the characteristics of severity outlined in the
UNGP Reporting Framework in the form of scale, scope,
or irremediable character, in 2025 zero (2024: zero) severe
human rights issues or incidents were reported in the
upstream value chain through either the SMETA audit
process or Speak Up platform.
We continue to explore the development of other outcome-
focused metrics and targets to allow us to measure the
effectiveness of our policies and actions relating to workers
in the value chain.
Human Rights Issues in Conflict-
Affected Areas
During the year, we have evolved our due diligence activities
to consider scenarios where there is greater risk to human
rights. With the support of a human rights expert body,
we developed a framework to consider human rights due
diligence in a CAHRA. This now provides us with clarity on
the human rights implications connected to our business
in such zones where human rights risks are greater due
to conflict. To address these risks, supplier engagement
remains key to further embedding responsible sourcing
practices across our upstream value chain.
Supplier Training and Capability
Building
Building on our supplier training delivered in China and
India in 2024, we have expanded the reach of our training
programmes to further enhance awareness of human rights
standards and build compliance capability in additional
high-risk geographies.
Through our membership of AIM-Progress, we co-sponsored
four supplier human rights due diligence capability training
programmes in India, Malaysia, Mexico and Thailand
commencing in 2025. These programmes combine online
webinars and in-person workshops, with over 100 of our
suppliers having registered for this training.
These programmes are led by local implementation
partners, focused on developing suppliers’ understanding
and implementation of human rights due diligence in
their operations and value chain activities. This training is
delivered in the local language and allows for local culture
and regulatory context to be considered. We will continue
to expand our training and capability initiatives, with a focus
on improving our suppliers’ ability to identify, manage and
mitigate potential human rights risks and impacts in the
upstream value chain.
Expanded Engagement with
Industry Bodies
We continue to work with the wider industry to share best
practices and gain perspectives on common challenges
in human rights and responsible sourcing. This year, we
engaged with a human rights consultancy to assess human
rights risk in a CAHRA.
We attended in person working group meetings to
participate in converged due diligence approaches for the
food and beverage industry, and to gain deeper insights
into specific market challenges and opportunities for
improvement, particularly on issues relating to child and
forced labour.
We contributed to an independent benchmark assessment
on our Responsible Sourcing Journey, which allowed us to be
benchmarked against the wider food and beverage industry
on our HREDD. The findings from this benchmark have
allowed us to identify areas where we are leading and have
highlighted some opportunities for future growth in HREDD.
171Consumers and End-Users (S4) Sustainability Statement
Our aim to deliver better nutrition in a way that protects
both people and the planet is central to Kerry’s purpose of
Inspiring Food, Nourishing Life. As a Business-to-Business
(B2B) organisation, Kerry is a partner in the global food and
beverage industry, where we seek to support improvements
in consumer health through our products and solutions,
including in food protection, cleaner labels, and nutritional
optimisation. We engage with customers, suppliers,
and other stakeholders to advance reformulation and
innovation, with the aim of contributing to broader efforts
to address diet-related health challenges and promote
environmental sustainability across the food system.
This section sets out the key ways in which Kerry can
influence consumer health, and the means by which we
ensure a positive impact in that regard.
CONSUMERS AND END-
USERS (S4)
1 . Material Impacts, Risks 171
and Opportunities
2. Strategy and Policies 172
3. Engagement Process 173
4. Actions and Performance 175
5. Methodology Notes 177
1. Material Impacts, Risks and Opportunities
ESRS 2 SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model
As part of Kerry’s double materiality assessment, we identified material impacts, risks and opportunities relating to
consumers and end-users. Our approach to double materiality is described in the General section on pages 123-125.
Consumer Health
IRO HEADING IRO DESCRIPTION
IRO
CATEGORY
VALUE
CHAIN
TIME
HORIZON
Access to
Sustainable
Nutrition
Access to sustainable and healthy nutrition through
Kerry’s portfolio of products that contribute positive
and balanced nutrition to consumer products.
PI (A) D
Evolving customer and regulatory demands provides
an opportunity to increase revenue through
innovation, reformulation and the integration
of Kerry’s sustainable solutions to help optimise
consumer facing products.
O D
Food Safety and
Quality
Impact on consumer health resulting from failure to
achieve our stringent food safety standards and high
product quality.
NI (P) D
Regulatory Risk
Regulatory and compliance risk due to possible
non-compliance with food ingredients and labelling
regulations resulting in fines and legal consequences.
R O D
Responsible
Communications
Provide accurate and substantiated information and
increased transparency on nutritional label and other
claims to our customers (large food and beverage
companies), thereby enabling end consumers to make
more informed consumption decisions.
PI (A) D
IRO Category: PI: Positive Impact NI: Negative Impact (A): Actual (P): Potential O: Opportunity R: Risk
Value Chain:
U
Upstream
O
Own Operations
D
Downstream Time Horizon: Short Medium Long All
172 Sustainability Statement Consumers and End-Users (S4)
2. Strategy and Policies
ESRS 2 SBM-3 – Material impacts, risks and opportunities and
their interaction with strategy and business model
S4-1 – Policies related to consumers and end-users
Our Beyond the Horizon sustainability strategy sets out
our goal to reach over two billion people with sustainable
nutrition solutions by the end of 2030. Led by our
purpose of Inspiring Food, Nourishing Life, we recognise
the significant role we can play in shaping the health of
consumer diets, to help deliver better nutrition in a way
that protects both people and the planet. Our sustainable
nutrition spectrum, as above, sets out the actions we
can take to realise our ambition. As a B2B organisation,
enabling sustainable nutrition for our customers and
their consumers underpins our broader strategy, and our
business model supports us in delivering on our goals
and positive impact for the consumer. Communication
is key to increasing customers’ awareness of product-
level sustainability challenges and solutions available to
address these. Understanding the nutritional profile of
products and what can influence this profile enables us
to partner with our customers to reformulate, innovate
and co-create healthier products. The material impacts,
risks and opportunities related to consumer health apply
to consumers of products that contain Kerry ingredients.
Global nutrition and health concerns predominantly revolve
around obesity and non-communicable diseases, largely
attributed to excessive consumption of fat, salt, and sugar
in modern diets. Nutritional profiling of Kerry’s Taste
& Nutrition portfolio shows that more than 80% of the
portfolio is positive and balanced with regards to the levels
of sugar, salt and fat that they contribute to customers’ final
products.
We recognise a potential material negative impact from any
incidents that arise if we fail to achieve our stringent food
safety and high product quality standards. Kerry manages
this potential impact through our Food Safety and Quality
Policy and associated processes and controls.
A changing regulatory landscape has the potential to create
non-compliance risks. To avoid this, Kerry maintains a robust
horizon scanning approach to monitor changes in relevant
regulations, and to ensure preparation for timely compliance.
Kerry communicates responsibly to ensure we maintain
the trust of customers, end-users (the public) and all
stakeholders. Our approach to verifying that what we
communicate externally is accurate and substantiated
enables interested parties to rely on information we provide.
Our strategy for communicating responsibly and effectively
with customers and consumers can produce an actual
positive impact, by providing information on a product’s
nutritional composition, which can lead to more informed
consumer choices.
Our Kerry NutriGuide tool can help customers to understand
key impact areas in the nutritional profile of products, and
we partner with them on innovation and reformulation
to create healthier products. Being clear on the potential
impact of our technologies is essential for our customers’
product development and onward messaging to consumers.
By ensuring accurate and transparent communication, we
can enable more informed consumer choice and support a
shift to healthier diets.
The following policies which guide our operational conduct
are available on our intranet and website.
Our Consumer Health Policy
Kerry’s Consumer Health Policy establishes Kerry’s
commitment to contribute towards the health of consumers
through our products and to work with customers to co-
create and innovate for more sustainable and nutritious
consumer products.
The policy applies to Kerry Group plc and all its subsidiaries,
associated companies, joint venture partners, and all
employees worldwide, and includes all locations where Kerry
conducts business. It may be augmented or adjusted by other
local jurisdictional laws, policies, and processes. In such cases,
the stricter guideline applies. The Chief Science and Technology
Officer and the Chief Commercial Officer, who are members of
the Executive Leadership Team, are jointly accountable for this
policy’s implementation and review. Key stakeholders impacted
by this policy include Kerry employees, suppliers, customers,
and consumers. The policy outlines Kerry’s commitment to
respecting internationally recognised guidelines and third-
party standards, including those of the Food and Agriculture
Organization, the Consumer Goods Forum, the International
Organization of the Flavor Industry, the World Health
Organization, and FoodDrinkEurope.
Climate
Action
Customer
Sustainable
Nutrition
Environmental
& Social
Nutrition
Food Safety
& Security
Clean
Label
Social
Impact
Protecting
Nature
Circular
Solutions
Positive & Balanced
Nutrition
Proactive
Nutrition
Personalised
Nutrition
Taste Affordability Accessibility
Sustainable Nutrition Spectrum
173Consumers and End-Users (S4) Sustainability Statement
Our Food Safety and Quality Policy
Kerry’s Food Safety and Quality (FSQ) Policy outlines our
commitment to ensuring that our products meet the
highest standards of safety, integrity, and consumer
satisfaction. It sets guiding principles and ambitions
regarding managing Kerry’s FSQ, providing a holistic
enterprise perspective encompassing our end-to-end supply
chain. The policy is deployed through the implementation
of the Kerry Global Quality and Food Safety (Q&FS) Food
Protection Systems Standard and a Global Hazard Analysis
Critical Control Point (HACCP) Standard. The Kerry Global
Q&FS Food Protection Systems Standard is leveraged by all
sites to develop, implement, and maintain an appropriate
food safety plan.
The policy applies to all Kerry management, facilities, and
functions, including but not limited to manufacturing sites,
Research, Development and Application (RD&A) facilities,
pilot plants, raw material supply, shared services (purchasing,
quality, supply chain, regulatory), warehouses, distribution
centres and joint ventures. All Kerry facilities and functions
are required to comply with this policy. The policy may be
augmented or adjusted by other local jurisdictional laws,
policies, and processes. In such cases, the stricter guideline
applies. The Global Food Safety and Quality Officer is
ultimately accountable for this policy’s implementation.
The policy sets out Kerry’s commitment to respecting
select internationally recognised guidelines and third-party
standards. These include the Global Food Safety Initiative
(GFSI) Benchmarked Standards, specifically BRCGS, FSSC
22000, SQF; and ISO/TS 22002-1 Prerequisite Programmes on
Food Safety. Key stakeholders impacted by this policy include
Kerry’s own workforce, suppliers, and customers. This policy
is published on Kerry’s website, where it is accessible to all
potentially affected stakeholders. Kerry leverages the ‘Eye for
Food Safety and Quality’ document, a one-page commitment
statement, signed by our Chief Executive Officer, available
in local languages in Kerry locations, to communicate and
achieve the objectives of this policy.
Responsible Communications Policy
Our Responsible Communications Policy aims to ensure
that communications from the channels outlined within the
scope of the policy are truthful, accurate, and substantiated,
thereby protecting stakeholders from inaccurate or
misleading information.
Kerry is dedicated to adhering to industry standards and
best practices to safeguard the wellbeing of consumers and
promote healthy choices. The policy outlines our key activities
and the actions required of employees and business partners
to ensure responsible communication principles are adhered
to. The Chief Corporate Affairs Officer, who is a member
of the Executive Leadership Team, is accountable for the
implementation and review of this policy.
The Responsible Communications Policy references several
third-party standards that have informed its approach,
including the International Chamber of Commerce Code,
the International Food & Beverage Alliance 2021 Global
Policy on Marketing Communications to Children, and
the Advertising Standards Authority for Ireland Code of
Standards advertising and marketing communications in
Ireland. The Corporate Affairs team are responsible for
investigating any potential breach of this policy and for
working with business function leaders to ensure that
appropriate mitigation and remediation steps are taken.
These may include reporting breaches of law to the relevant
authorities, as required by applicable laws.
3. Engagement Process
ESRS 2 SBM-2 – Interests and views of stakeholders
Interests and Views of Consumers and
End-Users
Kerry gathers perspectives and views from consumers and
end-users of our products through ongoing engagement
to better understand their needs and perspectives and
respond more effectively to any potential impacts or risks
that are identified. The rights of consumers continue to
be a core component of our strategy and business model,
and our commitment is seen through our continued
contributions to food safety and the health of consumers.
Additionally, a selection of Kerry’s customers and consumer
representatives participated in Kerry’s double materiality
assessment process, providing valuable perspectives and
views on sustainability matters material to Kerry from an
impact perspective through surveys and interviews. For
more details on Kerry’s stakeholder engagement approach,
please refer to the Stakeholder Engagement section on
page 120.
For Kerry, our customers and the consumers of finished
products are a key group of affected stakeholders, and we
are committed to incorporating their interests, views, and
rights into our strategy and business model.
Processes for Engaging with our
Consumers and End-Users
S4-2 – Processes for engaging with consumers and end-users
about impacts
While Kerry primarily operates as a B2B organisation,
understanding the end consumer is vital to our success.
By fostering ongoing engagement with customers and
consumers from pre-innovation to product manufacture
and beyond, we operate a customer-centric business
model, positioning ourselves as a trusted innovation
partner. Through proprietary insights gathered by our
commercial and insights teams, participation in market
forums, and initiatives led by the Kerry Health and Nutrition
Institute® (KHNI), we drive growth, deliver value, and
provide distinctive perspectives that result in innovation
for a dynamic and evolving consumer. Leveraging our
extensive RD&A and regulatory expertise, we build strategic
partnerships with customers to accelerate innovation and
deliver differentiated sustainable nutrition solutions, while
aligning with national and international legislation. Our
regulatory team are well recognised as experts across
our customer base due to the guidance they provide in
helping our customers to understand and meet evolving
industry requirements such as changes in legislation. To
showcase our innovation capabilities, we engage customers
and industry partners through campaigns, conferences,
tradeshows, podcasts, and webinars. These efforts are
designed to inspire customers and industry partners to
develop healthier products without compromising on
174 Sustainability Statement Consumers and End-Users (S4)
consumer preferences. We use platforms such as the
KHNI and customer innovation workshops to apply our
knowledge and expertise early in the development cycle,
during the ideation of new concepts and innovations to
co-create tastier, healthier, more sustainable and cost-
optimised products.
The KHNI delivers impactful sustainable nutrition insights
to customers, academics, employees, and consumers.
Supported by a network of >1,200 scientists, external
collaborators, and the Scientific Advisory Council, KHNI
shares its ‘Science for Healthier Food’ insights with
subscribers and social media followers. These insights
inform decision-making by providing a comprehensive
understanding of the views of our customers and
consumers. We published our annual edition of the
‘Top 10 Health and Nutrition’ trends for 2025 on KHNI
website with the next edition due in 2026. In 2025, the
KHNI celebrated its ten-year anniversary with a customer
event in Singapore, ‘The Future of Sustainable Nutrition’,
featuring an expert panel discussion on trends relevant
to South East Asia, including sodium reduction, accessible
nutrition and women’s health, followed by technical
workshops and tastings demonstrating innovation related
to each trend. Over 50 customers attended the event live
including strategic accounts for the region and the event
was also broadcast as a public webinar to view on the KHNI
website. Furthermore, in collaboration with HowGood,
the KHNI also hosted an interactive, educational event for
over 80 customers and industry peers at Climate Week in
New York in September. The purpose of the ‘Smart Bites
Showdown’ event was to spotlight 2025 trends in policy
shifts, reformulation, weight management, and accessible
nutrition, through quiz style educational questions, expert
speakers and tasting concepts. HowGood is a sustainability
data platform that offers real-time modelling of product
sustainability, ingredient swaps, and science-backed claims
across carbon, water, land use, and sourcing.
Additionally, we hosted three high impact scientific
KHNI webinars targeting food industry scientists and
professionals. These webinars covered topics such as the
future of food, personalised nutrition, biotechnology,
and GLP-1 medications, providing actionable insights
in innovation and new product development for our
customers. In October 2025, the KHNI posted its first
podcast titled ‘Ashwagandha Under the Microscope’ to
dispel the myths surrounding the safety and efficacy of
Ashwagandha leaves, by using the latest scientific evidence.
At Kerry, our cross-functional teams work collaboratively
with customers to co-develop innovative solutions,
enabling us to make a meaningful contribution to the
UN SDGs, particularly Goal 3: Good Health and Well-being.
Through our technology portfolio and Kerry NutriGuide
and Kerry NutriMap tools, we create products optimised
for consumer health in alignment with regional nutrition
profiling guidelines.
In addition to our science-based capabilities, our offerings
include sustainability services, product and application
impact calculators, expert commercial teams, and customer
engagement platforms such as our website and Customer
Portal. The Kerry Food Waste Estimator helps manufacturers
and end-users understand the environmental and economic
impact of waste; and our Kerry CarbonGuide ensures our
customers can better understand product carbon footprints.
Facilitating the availability of trusted information via these
tools helps users to make more informed purchasing
decisions. Through data and science-based tools, Kerry
Group communicates information which supports a holistic
understanding of the benefits of sustainable nutrition and
aids customers and consumers to make informed choices.
Responsibility for Kerry’s engagement processes with
consumers and end-users’ rests with the Chief Science and
Technology Officer, the Chief Commercial Officer and the
Chief Corporate Affairs Officer.
Our processes, such as our internal employee survey and
external customer survey, are designed to receive feedback
from those with whom we communicate so that we can
understand how those communications are being received.
We can assess the effectiveness of our engagement,
based on the nature of queries we receive through direct
engagement with our customers on an ongoing basis
and via queries raised via the publicly accessible contact
information on our materials and on our website, to
facilitate contact from the public and other stakeholders.
For further detail on our two-way stakeholder engagement,
please see the Stakeholder Engagement section on page
120. For a comprehensive overview of the results of our
engagement with consumers and end-users regarding
sustainability matters, as well as our assessment of the
associated impacts, risks, and opportunities, please see the
double materiality assessment on pages 123-125.
Grievance Mechanisms
S4-3 – Processes to remediate negative impacts and channels for
consumers and end-users to raise concerns
Kerry is committed to providing effective remedies where
we have caused or contributed to material negative impacts
on consumers. We provide several channels, including our
Speak Up platform, for consumers, individuals conducting
business with Kerry and other indirect stakeholders to raise
concerns directly with us.
Our customers can contact their account manager,
through regular business dealings, to raise any queries or
concerns they may have. These queries and concerns will be
investigated and dealt with promptly. Kerry’s Customer Care
team serves as the primary point of contact for customer
complaints and concerns, including quality and consumer-
related issues. The Customer Care team will investigate
and respond to these complaints and concerns in line with
our processes. To facilitate contact from the public and
other stakeholders, we provide publicly accessible contact
information in our materials and on our website.
For further details on Kerry’s Speak Up platform, please see
the Protection of Whistleblowers section on page 180.
175Consumers and End-Users (S4) Sustainability Statement
4. Actions and Performance
S4-4 – Taking action on material impacts on consumers and end-
users, and approaches to managing material risks and pursuing
material opportunities related to consumers and end-users, and
effectiveness of those actions
S4-5 – Targets related to managing material negative impacts,
advancing positive impacts, and managing material risks and
opportunities
The quality of the food we produce is a key priority and
an enabler of Kerry achieving our vision. Our Sustainable
Nutrition Spectrum integrates nutritional, environmental,
and social measures, enabling us to act in key impact
areas and strategically evolve our portfolio to support our
customers in reaching their sustainable nutrition goals. Our
targets are guided by ongoing engagement with consumers
to understand and address their evolving nutritional needs.
Our internal responsible communication processes guide
and enable our sustainable nutrition engagement with
customers and other stakeholders.
Nutritional Reach and Innovating for
Impact
Our 2030 target is to reach over two billion people with
sustainable nutrition solutions that contribute to and
maintain good health for consumers and end-users. In
2025, we expanded our reach with positive and balanced
nutrition solutions to 1.46 billion people (2024: 1.36 billion),
by expanding into new markets and developing regions,
through customer partnerships and the availability of new
technologies within our portfolio. We also continue to
maintain a Taste & Nutrition portfolio of more than 80%
(2024: more than 80%) positive and balanced nutrition. Our
progress towards our target is in line with expectations and
is monitored by our Portfolio Council.
By combining our deep expertise in innovation, food science,
nutrition and biotechnology, we are helping customers to
address complex sustainability challenges. We do this through
enhancing nutritional profiles, maintaining or improving taste
and applying biotechnology to unlock new possibilities. As we
continue to create industry-leading solutions, our commitment
to sustainable nutrition and our proprietary impact assessment
tools will help shape the development of new innovation that
generates value for our customers, consumers and the planet.
Nutritional Reformulation to Create Healthier
Products
At Kerry, nutritional reformulation and optimisation are core
capabilities, leveraging our deep expertise and technology
portfolio to enhance nutritional profiles, reducing salt,
sugar and fat while maintaining exceptional taste, reaching
over 1.46 billion consumers worldwide. Each year, the KHNI
publishes ‘Top 10 Health and Nutrition’ trends, and one of
the new trends for 2025 was the ‘Processing Paradox’. The
processed food debate has grown increasingly complex
in recent years. While the nutritional value of food is
undeniably linked to our health, the implications tied to
processing remain unclear. In many regions, processed
foods that are high in salt, fat and sugar are targeted for
reformulation and nutritional optimisation. Using Kerry
Sustainable Nutrition tools, we support our customers to
identify which products should be renovated.
In 2025, Kerry continued to lead customer engagements
with reformulation value propositions globally, including
the launch of a dedicated online Reformulation Hub; a
go-to space customised per region for customers seeking
advice and guidance – from strategies to reduce costs,
to navigating constant change in an evolving regulatory
landscape. Kerry Smart Taste™ empowers customers to
innovate and reformulate cost-effectively while maintaining
consumer preferred taste profiles. Through market-leading,
differentiated taste solutions in Dairy Taste, Fire, Salt
Reduction, Sweetness Optimisation, Cocoa, and Citrus, Kerry
addresses customers’ most pressing challenges, from supply
chain disruptions to sustainability objectives, nutritional
enhancement and evolving regulatory requirements.
In September 2025, Kerry launched our Better Dairy
campaign which promotes Kerry’s Lactase Enzyme and
Kerry Smart Taste™ technologies. Better Dairy showcases
the impact Kerry can deliver, creating dairy products that
are lactose-free, lower in sugar, and are still rich in taste
and mouthfeel, meeting growing consumer demand for
better nutrition without compromise.
The Kerry NutriGuide tool enables optimisation of front
of pack nutrition labelling systems for 17 countries,
enabling our RD&A teams to identify opportunities for
enhancing customers’ products within these regions. We
regularly review and update the Kerry NutriGuide and Kerry
NutriMap tools to account for any changing requirements
surrounding these labelling systems and national legislation
requirements. This tool was updated in 2025 to comply
with the latest calculation algorithm for Nutri-Score which
is used in several European countries. The Kerry NutriMap
tool demonstrates country-level nutritional guidelines, salt
regulations and sugar taxes across 57 countries globally,
equipping our commercial teams with the latest information
that impacts their customers across regions. These actions
help to empower stakeholders with reliable information and
enable consumers to make informed choices.
Scientific Advisory Council Expansion
To support Kerry’s strategic direction for consumer health,
the KHNI welcomed two new academic experts to its
Scientific Advisory Council. Prof Martin Bloem of Johns
Hopkins University (United States) brings expertise in public
health nutrition, food systems, food security and affordable
nutrition. Prof Imed Gallouzi of King Abdullah University
of Science and Technology (Saudi Arabia) brings expertise
in biosciences, smart health, personalised nutrition
and healthy ageing. The council review Kerry’s research
programme, providing recommendations according to the
latest cutting-edge scientific evidence, to identify emerging
technologies and ingredients that can support sustainable
nutrition innovation with our customers.
Research Supporting Consumer Health
Scientific and clinical validation of Kerry’s ProActive Health
portfolio brings trust and credibility to the claims and
health benefits across digestive, immune, cognitive and
women’s health platforms. In 2025, Kerry continued to
invest in clinical research supporting distinct consumer
health needs. A key milestone was the publication of a
peer-reviewed study in the Journal of Menopausal Medicine,
demonstrating the impact of our Sensoril® ashwagandha
botanical in supporting symptom management and quality
of life in post-menopausal women.
176 Sustainability Statement Consumers and End-Users (S4)
Additionally, individuals using Glucagon-Like Peptide-1
Receptor Agonists (GLP-1 RAs) based medications for diabetes
and weight loss may experience dose related side effects
when dose increases occur too quickly. We conducted an
open-label consumer perception study which found that use
of our BC30 probiotic contributed to a positive experience
among users of GLP-1 RA drugs by enhancing gastrointestinal
(GI) comfort and improving quality of life. These studies
enable the opportunity to innovate and reformulate science-
backed targeted products for distinct consumer groups,
deepening our partnership with customers.
In 2025, while obesity and non-communicable diseases
(NCDs) remain a significant public health issue globally,
scientific advancements in obesity and diabetes therapies
have resulted in a dramatic growth in the use of GLP-1 RAs
by consumers. Kerry has invested in a number of consumer
research studies to better understand how this disruptive
medical advancement is shifting consumer behaviour,
attitudes and relationships with food and beverage. This
research was presented on a global KHNI webinar, ‘Adapting
Appetites; Scientific and Industry perspectives on the rise of
GLP-1 medications’, sharing insights on how our customers
can identify opportunities for innovation within this targeted
consumer group.
Innovation in Biotechnology
Innovation is central to what we do at Kerry, a catalyst for
sustainable nutrition enabling the development of cutting-
edge solutions that enhance taste, nutrition, affordability
and environmental impact across global food systems. In line
with our continual investment in biotechnology capabilities,
in 2025, we opened the Kerry Biotechnology Centre in
Leipzig, Germany which will further advance Kerry’s global
infrastructure in this space. Kerry’s existing portfolio of
biotech capabilities, together with this Biotechnology Centre
will enable our network of scientists to access state-of-the-
art bioinformatics, enzyme engineering, machine learning
and artificial intelligence (AI) modelling to deliver new-to-
world technologies that meet customer needs around taste,
consumer health, clean label, sustainability and cost. To mark
the opening of this centre, KHNI hosted a scientific webinar
‘Biotech at the Table’ where three of our expert scientists
translated complex scientific advances into accessible
insights for customers, showcasing how enzyme engineering
and AI can drive product innovation, reinforcing Kerry’s role
as a trusted voice in sustainable nutrition.
Food Safety and Quality
The quality of the food we produce is a key priority and
an enabler of Kerry achieving our vision of becoming
our customers’ most valued partner, creating a world of
sustainable nutrition. As a global organisation, we apply
consistent food safety and quality standards through
agreed global processes and structures. Our Global Food
Safety and Quality Risk Management approach is proactive
and risk-based, which begins with identifying potential
risks, implementing preventative controls, and monitoring
their effectiveness.
Kerry is an active member of the Global Food Safety
Initiative (GFSI), which utilises several schemes to ensure
food safety is maintained throughout the global food
supply chain. Kerry is an active member of the GFSI, an
industry initiative that reduces food safety risk by delivering
equivalence between effective food safety management
systems. We abide by the principles laid out by ISO
22000, which includes food safety requirements that are
standardised and to be maintained across organisations
to assist in controlling hazards to food safety. In addition,
Kerry is an active member of the global non-profit SSAFE,
which works to strengthen food safety and improve
wellbeing for humans, animals, and plants.
Kerry recognises the importance of the certification of
our manufacturing sites to GFSI-benchmarked standards
and requires that they obtain certification against these
standards, which include Brand Reputation through
Compliance Global Standards (BRCGS), Food Safety System
Certification 22000 (FSSC 22000), or Safe Quality Food
(SQF) schemes. In 2025, 98% (2024: 97%) of Kerry food
manufacturing sites were certified as compliant against
GFSI-recognised benchmarked standards. We will maintain
certification while also supporting and guiding our non-
certified sites toward achieving certification, ensuring that
the safety and quality of our products is always assured.
In 2025, we facilitated in excess of 700 (2024: >800) external
food safety and quality audits across our global manufacturing
facilities, which includes customer and certification audits,
in addition to those from our internal Global Technical Audit
team, which are key to maintaining and improving our food
safety and quality standards.
In recognition of our responsibility to ensure food safety
and integrity is treated with the utmost importance, in
addition to our food safety and quality standards, we have
well developed processes to manage potential significant
incidents which are practiced at regular intervals and, our
target is for zero product recalls annually. In 2025, there
was one product recall (2024: one) due to the presence of a
non-declared allergen. This was an isolated incident, and the
root cause was identified through our internal processes.
The resulting lessons learned, and best practices were shared
with all relevant parties to enhance preventative measures.
Our teams continuously work to further embed and
improve our culture of Safety First, Quality Always across
the organisation. Examples of activities in 2025 which
embed these principles included:
• As active members of the Consumer Goods Forum, we
were honoured to host fellow members and over 50
valued customers for a GFSI Kerry Discovery Tour during
the GFSI conference held at our Global Innovation Centre
in Naas, Ireland in March. This year’s conference theme
was ‘Global resilience: Forging a Sustainable Food Safety
Future’, allowing for collaboration amongst industry
leaders, as we remain focused on building a more
resilient, sustainable, and safe global food system; and
• To celebrate World Food Safety Week, a series of videos
shared on our intranet demonstrated our robust food
safety controls in practice at each stage of the food safety
process, from raw material and supplier approval to final
product dispatch. As an example, the supplier approval
video demonstrated how we evaluate and approve
suppliers based on rigorous food safety criteria, conduct
risk assessments and audits. Our leaders helped to
highlight the power of safe, high-quality food to nourish
communities everywhere, aiming for every ingredient we
deliver supporting health, trust, and sustainability.
We continue to assess and elevate the food safety and
quality maturity of our manufacturing facilities through the
standardisation of food safety requirements and the Global
Technical Audit programme.
177Consumers and End-Users (S4) Sustainability Statement
Regulatory Risk
In 2025, Kerry continues to monitor and evaluate regulatory
developments that may influence its product portfolio and
customer applications. As an example, Kerry is working
to update its labels according to the latest changes in EU
Reg. 1272/2008 (CLP Regulation), which will come into force
by end of 2026, to ensure label and product details are
correctly displayed and avoid any trade disruption. These
efforts reflect Kerry’s commitment to supporting customers
through timely insights and collaborative planning.
Summary updates from horizon scanning activities are
shared with strategic partners, complemented by Kerry’s
RegAware bulletin, which provides accessible overviews of
emerging regulatory topics. These resources are designed
to enhance internal awareness and strengthen external
partnerships. In addition, Kerry is closely monitoring
regulatory changes in the US, where evolving frameworks,
particularly around nutrition labelling, present both
compliance considerations and strategic opportunities.
These shifts, alongside global trends in front-of-pack
labelling, are informing Kerry’s innovation pipeline and
customer engagement strategies.
To support our processes to ensure compliance with
regulatory changes, Kerry maintains active engagement
across many national, regional and global trade associations,
providing coverage across our product portfolio. Through
these platforms, Kerry contributes to industry-wide dialogue
on regulatory developments, supporting collaborative efforts
to ensure public policy objectives are reached through
balanced and practical measures.
5. Methodology Notes
Nutritional Reach
Our Nutritional Reach metric calculates the number of
consumers reached with positive and balanced nutrition
solutions.
We apply nutritional profile scoring to our products, which is
then categorised into positive, balanced and poor nutrition.
The revenue associated with each product is then categorised
in the same way and the total of positive and balanced is
compared to the overall Taste & Nutrition revenue.
The calculation methodology includes:
Step 1 - Nutritional Profiling:
• Each of Kerry’s ingredient solutions are nutritionally
analysed, including through the use of objective
nutritional databases that calculate the specific nutrient
levels based on the raw materials used and their
contribution in the product formulation;
• These nutrient levels are compared to the UK traffic
light food and beverage thresholds for salt, sugar, fat,
saturated fat, and trans fat; and
• Each ingredient is categorised into; ‘positive’, ‘balanced’
or ‘poor’ nutrition in application.
Step 2 - Quantifying Nutritional Reach:
• Allocating the revenue associated with those products
that have positive or balanced nutrition solutions within
each end use market in each country;
• Leveraging third-party data and expertise to estimate
the number of people who consume a product with
positive or balanced Kerry technology; and
• Eliminating double counting through the use of
statistical methods. For more information,
see Kerry’s nutrition profiling methodology
whitepaper at kerry.com.
Product Recalls
Product recalls measure the number of product recall
events relating to products that may cause adverse health
consequences to consumers and/or end-users, aligned
to the Food & Drug Administration definitions for recall
classification.
Global Food Safety Initiative
Certification
GFSI establishes globally applicable, and industry agreed
benchmark requirements defining Food Safety standards
throughout the global food supply chain. These benchmark
requirements are incorporated into compliance standards
by scheme owners; and Kerry are assessed against these
standards by Certification Bodies. Thus, certification to a
GFSI-benchmarked standard demonstrates compliance with
the GFSI benchmark requirements.
This metric represents the number of Kerry food and
beverage manufacturing sites holding valid certification
against one or more of the GFSI-recognised standards
on 31 December of the reporting year, expressed as a
percentage of the total number of Kerry food and beverage
manufacturing sites.
Business Conduct
Business Conduct (G1) 179
178 Sustainability Statement Business Conduct
179Business Conduct (G1) Sustainability Statement
Conducting our business with integrity and achieving our
results ethically and legally is fundamental to everything we do
at Kerry. It is critical to maintaining our reputation as a trusted
partner to our various stakeholders. Kerry’s Code of Conduct
is key to promoting and communicating our culture of
integrity. Our Code of Conduct, among other things,
sets out our values of ‘Courage, Ownership, Inclusiveness,
Open-mindedness and Enterprising Spirit’.
Our values are the behavioural compass for everyone at
Kerry. They keep us on the right path and keep us united
across all the cultures and geographies that Kerry operates
in, as we live our purpose of Inspiring Food, Nourishing Life.
In addition to our Code of Conduct, Kerry’s culture of integrity
is supported by a system of policies, processes, and controls
to equip all employees with tools to understand and apply
our ethical standards to what they do every day. Together,
our Code of Conduct, policies, procedures and controls form
a risk management framework that brings Kerry’s business
integrity standards into our daily operations.
Related to our commitment to the highest standards of
integrity and ethical behaviour is Kerry’s zero-tolerance
policy for bribery and corruption in our own operations
and in the operations of the suppliers that we work with.
This is enshrined in our Code of Conduct, our Anti-Bribery
and Corruption Policy and our Supplier Code of Conduct,
and we take appropriate measures to detect and prevent
bribery and corruption. Underpinned by our value to
show Courage, key to these efforts is our Speak Up
programme that empowers employees to raise concerns
free from retaliation.
BUSINESS CONDUCT (G1)
Material Impacts, Risks 179
and Opportunities
Corporate Culture 180
Our Anti-Bribery and 181
Corruption Programme
Material Impacts, Risks and Opportunities
As part of Kerry’s double materiality assessment, we identified material impacts, risks and opportunities relating to business
conduct. Our approach to double materiality is described in the General section on pages 123-125.
Business Conduct
IRO HEADING IRO DESCRIPTION
IRO
CATEGORY
VALUE
CHAIN
TIME
HORIZON
Corporate
Culture
Unethical or non-compliant behaviour that violates
Kerry’s code of conduct in our own operations may
result in reputational and financial consequences for
Kerry.
R
O
Protection of
Whistleblowers
Corruption, fraud or environmental violations can be
brought to light through appropriate whistleblower
channels and processes, without fear of retaliation,
giving Kerry the ability to respond to potential risks
and improve organisational governance practices.
NI (P) DOU
Corruption
and Bribery
Breaches of ethics and compliance within the
company, or our supply chain, leading to acts of
corruption or bribery can divert resources from
sustainable development and erode trust.
NI (P) OU
Misconduct within the company, or our supply chain,
leading to acts of corruption or bribery may result in
legal, reputational and financial consequences for Kerry.
R OU
IRO Category: PI: Positive Impact NI: Negative Impact (A): Actual (P): Potential O: Opportunity R: Risk
Value Chain:
U
Upstream
O
Own Operations
D
Downstream Time Horizon: Short Medium Long All
180 Sustainability Statement Business Conduct (G1)
Corporate Culture
ESRS 2 GOV-1 The role of administrative, supervisory and
management bodies
G1-1– Business conduct policies and corporate culture
At Kerry, we believe that promoting the highest standards of
governance benefits all our stakeholders and underpins our
long-term sustainable success. Our Code of Conduct and
the policies, processes, and controls that underpin it are the
foundation of our ethical standards and apply to everyone
who works for Kerry Group, including all employees,
officers, and executive and non-executive directors. Our
Code of Conduct is available in multiple languages and
designed to be readily applied by employees in their day-
to-day work. Our Code of Conduct and business integrity
policies are subject to regular review cycles, and we plan to
review and refresh our Code of Conduct in 2026.
Our Code and relevant policies, including our Speak Up
and Anti-Bribery and Corruption policies, are also made
available publicly as we seek to work with suppliers and
other business partners who share our commitment to the
highest ethical standards, as enshrined in our Supplier Code
of Conduct.
Kerry corporate culture is shaped by its leadership, including
the Board of Directors (the Board) and the Executive
Leadership Team. The Board assesses and monitors culture
and how the desired culture has been embedded. Where it is
not satisfied that policy, practices or behaviour throughout
the organisation are aligned with the Group’s purpose,
values and strategy it seeks assurance that management
have taken corrective action. The Board, through its Audit
Committee, are ultimately responsible for overseeing Kerry’s
business integrity programme and ethical practices, while the
Executive Leadership Team, led by the Chief Executive Officer,
is responsible for implementing, embedding and enforcing
them throughout the organisation.
To support good governance and oversight, Kerry’s Group
General Counsel and Kerry’s Business Integrity Director
report twice yearly to the Board’s Audit Committee on
Kerry’s business integrity programme, including having
appropriate arrangements in place to manage and
investigate speak up reports.
Through the Business Integrity Committee, which meets
quarterly and is chaired by Kerry’s Group General Counsel,
Kerry’s executives exercise oversight and direction of Kerry’s
business integrity programme, its governance, and Kerry’s
compliance activities. Supporting the work of the Business
Integrity Committee, the Business Integrity Working Group,
comprised of senior representatives within the business, are
tasked with supporting and championing business integrity
policies and processes across functions and regions.
Business Integrity Training
To foster a strong compliance culture, Kerry promotes
global mandatory training courses as part of the business
integrity programme. These training courses cover
essential topics including Kerry’s Code of Conduct, Speak
Up, Anti-Bribery and Corruption and targeted training on
Sanctions Compliance and Fair Competition for employees
working in higher-risk roles. This training is provided in
multiple languages and, through scenario-based content
and knowledge assessments, equips employees with an
understanding of the practical application of Kerry’s policies
and what is expected of them as they conduct their role.
We conduct annual mandatory training for all office-based
employees and have tailored training for those site-level
employees working in manufacturing sites who do not
have access to our e-learning platform. Completion of
training is tracked, and we follow up with employees who
fail to complete mandatory training. In 2025, the business
integrity suite of training courses underwent a redesign
for a global launch in 2026 that aims to deliver a more
enhanced and engaging learning experience.
Protection of Whistleblowers
As per Kerry’s Speak Up Policy, Kerry does not tolerate
retaliation against those who speak up in good faith in
relation to potential, perceived or actual wrongdoing,
no matter what channel they use to speak up. Kerry
strives to create an environment where open and honest
communications are the expectation, not the exception.
We want our people to feel comfortable in approaching
their line manager, a senior manager, a HR Partner, the
Ethics and Compliance team or in utilising Kerry’s Speak Up
platform to report where they believe potential violations of
our Code or Code policies or applicable laws have occurred.
Kerry’s independent Speak Up platform (available as a
website and hotline to employees and third parties 24
hours a day, seven days a week in multiple languages)
enables employees and third parties to report concerns
confidentially, safely, and anonymously (where permitted
by local laws). The Speak Up platform allows for confidential
communication between a reporter and investigator,
including acknowledgement of their report, for follow-up
questions or updates on an investigation.
All employees receive regular communications about
the Speak Up platform and how to report concerns;
furthermore, this information is also incorporated in
other training and company policies and displayed at sites
through physical and digital signage. We encourage all our
people and stakeholders throughout our value chain to have
the courage to speak up, creating a safe environment in which
everyone feels comfortable doing so.
All reports received on the Speak Up platform are reviewed by
Kerry’s Ethics and Compliance team and are treated promptly
and confidentially. We track any reported complaints, ensuring
that they are reviewed and where admissible, investigated in
line with established processes, and appropriate action taken
where complaints are substantiated.
The Speak Up programme is overseen by Kerry’s Business
Integrity Director, who reports directly to the Group General
Counsel. Key updates on the programme and summary
reporting information are also provided to the executive-
led Business Integrity Committee and the Board’s Audit
Committee. The Board through the Audit Committee
routinely reviews and assesses the Speak Up Program
ensuring appropriate arrangements are in place to manage
and investigate speak up reports.
All reports received on the Speak Up platform are reviewed
and followed up on, and where admissible, an investigation
will be conducted. In 2025, substantiated reports primarily
concerned harassment (including sexual harassment),
conflicts of interest and workers’ rights related issues. Refer
to page 164 for details of human rights reports related
181Business Conduct (G1) Sustainability StatementBusiness Conduct (G1) Sustainability Statement
to our own operations. Remediations for substantiated
reports are managed by the local management team where
the incident arose with the guidance of the Ethics and
Compliance team, and can include process improvements,
training and communication and disciplinary action. We
continue to monitor the Speak Up data for trends, which can
assist in providing additional insight into the effectiveness
of our business conduct programme areas and policies.
Our Anti-Bribery and
Corruption Programme
G1-3 – Prevention and detection of corruption and bribery
G1-4 – Incidents of corruption or bribery
Kerry takes a comprehensive, risk-based approach to
detecting and preventing bribery and corruption in its
operations and throughout Kerry’s upstream value chain.
Kerry is committed to a culture of integrity and ethical
business practices and expects the same of its employees,
suppliers, and other business partners. Kerry is committed
to complying with all applicable Anti-Bribery and Corruption
laws including the U.S. Foreign Corrupt Practices Act 1977
(as amended) and the UK Bribery Act 2010 (as amended).
Kerry’s Code of Conduct and Anti-Bribery and Corruption
Policy specifically set out Kerry’s approach to bribery and
corruption, available on kerry.com and to Kerry employees
on our intranet. The Anti-Bribery and Corruption Policy is
also supplemented and supported by Kerry’s internal Gifts
and Entertainment Policy and Kerry’s Conflicts of Interest
Policy available on our intranet. Employees are encouraged
to talk to their managers or contact the Ethics and
Compliance Team if they have questions or concerns about
any of Kerry’s policies.
In 2025, Kerry conducted a risk assessment that included
several workshops to identify and address possible anti-
bribery and corruption risks in our organisation. Through
that process, we identified and implemented operational
controls to further enhance compliance with our policies
and procedures. All Kerry employees are required to
submit disclosures of relevant gifts and entertainment
and all potential or actual conflicts of interest in line with
our policies. These are disclosed via a centralised platform
and are reviewed by the Ethics and Compliance Team for
compliance with our policies.
In 2025, Kerry implemented a robust third-party risk
management platform to enhance our ability to monitor
and manage supplier compliance with relevant laws
and regulations, including anti-bribery and corruption.
This includes conducting compliance screening and due
diligence of suppliers in higher-risk countries and industries
for bribery and corruption risk.
All office-based employees (considered ‘functions at risk’ in
Kerry), including employees in administrative, managerial
and executive functions, are required to complete
Kerry’s Anti-Bribery and Corruption learning module
upon joining Kerry, and complete the annual compliance
training thereafter, which includes a focus on bribery and
corruption. Certain managerial and administrative roles
at Kerry are likely more exposed to the risk of bribery
or corruption and can benefit from additional guidance
and support. In 2025, Kerry developed and delivered
supplemental targeted Anti-Bribery and Corruption
Training for employees in higher-risk roles across Kerry’s
global footprint, including procurement, human resources,
supply chain and plant leadership, to help ensure they
have the knowledge and resources necessary to recognise
potential bribery and corruption and report it through the
appropriate channels. Further targeted training will be
delivered in 2026.
There have been no incidents of bribery or corruption
resulting in convictions or fines for Kerry Group companies
due to violation of applicable anti-bribery or anti-corruption
laws in 2025 (2024: zero).
182 Sustainability Statement Appendix 1
1. Index of compliance with disclosure requirements and
incorporation by reference
ESRS 2 IRO-2 – Disclosure Requirements in ESRS covered by the undertaking’s sustainability statement
The following table covers general disclosure requirements and disclosure requirements for the topics that were deemed to
be material following the double materiality assessment. * Indicates disclosures that are incorporated by reference.
ESRS Material DR Description
Page
Number
ESRS 2 – General Disclosures
ESRS 2 BP-1 General basis for preparation of sustainability statements 125
BP-2 Disclosures in relation to specific circumstances 126
GOV-1 The role of the administrative, management and supervisory bodies 45*, 65*,
67*, 79*,
122
GOV-2 Information provided to and sustainability matters addressed by the
undertaking’s administrative, management and supervisory bodies
122
GOV-3 Integration of sustainability-related performance in incentive
schemes
88*, 98*,
122
GOV-4 Statement on due diligence 122
GOV-5 Risk management and internal controls over sustainability reporting 123
SBM-1 Strategy, business model and value chain 8*, 10-
11*, 119,
162
SBM-2 Interests and views of stakeholders 120
SBM-3 Material impacts, risks and opportunities and their interaction with
strategy and business model
119
IRO-1 Description of the processes to identify and assess material impacts,
risks and opportunities
123
IRO-2 Disclosure Requirements in ESRS covered by the undertaking’s
sustainability statement
182
E1 – Climate Change
ESRS E1 ESRS 2 GOV-3 – E1 Integration of sustainability-related performance in incentive
schemes
122
E1-1 Transition plan for climate change mitigation 129
ESRS 2 SBM-3 – E1 Material impacts, risks and opportunities and their interaction with
strategy and business model
138, 141
ESRS 2 IRO-1 – E1 Description of the processes to identify and assess material climate-
related impacts, risks and opportunities
128, 134,
141
E1-2 Policies related to climate change mitigation and adaptation 129
E1-3 Actions and resources in relation to climate change policies 131
E1-4 Targets related to climate change mitigation and adaptation 130, 139
E1-5 Energy consumption and mix 133, 141
E1-6 Gross Scopes 1, 2, 3 and Total GHG emissions 132, 139
E1-7 GHG removals and GHG mitigation projects financed through carbon
credits
134
E1-8 Internal carbon pricing 134
E3 – Water and Marine Resources
ESRS E3 ESRS 2 IRO-1 – E3 Description of the processes to identify and assess material water and
marine resources-related impacts, risks and opportunities
143
E3-1 Policies related to water and marine resources 143
E3-2 Actions and resources related to water and marine resources 144
E3-3 Targets related to water and marine resources 144, 145
183Appendix 1 Sustainability Statement
ESRS Material DR Description
Page
Number
E4 – Biodiversity and Ecosystems
ESRS E4 E4-1 Transition plan and consideration of biodiversity and ecosystems in
strategy and business model
148
ESRS 2 SBM-3 – E4 Material impacts, risks and opportunities and their interaction with
strategy and business model
149
ESRS 2 IRO-1– E4 Description of processes to identify and assess material biodiversity
and ecosystem-related impacts, risks and opportunities
146
E4-2 Policies related to biodiversity and ecosystems 147
E4-3 Actions and resources related to biodiversity and ecosystems 147
E4-4 Targets related to biodiversity and ecosystems 147, 149
E4-5 Impact metrics related to biodiversity and ecosystems change 147, 149
E5 – Resource Use and Circular Economy
ESRS E5 ESRS 2 IRO-1 – E5 Description of the processes to identify and assess material resource
use and circular economy-related impacts, risks and opportunities
150
E5-1 Policies related to resource use and circular economy 150
E5-2 Actions and resources related to resource use and circular economy 151
E5-3 Targets related to resource use and circular economy 151
S1 – Own Workforce
ESRS S1 ESRS 2 SBM-2 – S1 Interests and views of stakeholders 156
ESRS 2 SBM-3 – S1 Material impacts, risks and opportunities and their interaction with
strategy and business model
154
S1-1 Policies related to own workforce 155
S1-2 Processes for engaging with own workforce and workers’
representatives about impacts
156
S1-3 Processes to remediate negative impacts and channels for own
workforce to raise concerns
157
S1-4 Taking action on material impacts on own workforce, and
approaches to managing material risks and pursuing material
opportunities related to own workforce, and effectiveness of those
actions
158
S1-5 Targets related to managing material negative impacts, advancing
positive impacts, and managing material risks and opportunities
158, 165
S1-6 Characteristics of the undertaking’s employees 162, 165
S1-8 Collective bargaining coverage and social dialogue 164, 166
S1-9 Diversity metrics 158, 165
S1-10 Adequate wages 160, 165
S1-11 Social protection 160, 165
S1-13 Training and skills development metrics 160, 162,
165
S1-14 Health and safety metrics 159, 165
S1-16 Remuneration metrics (pay gap and total remuneration) 160, 165
S1-17 Incidents, complaints and severe human rights impacts 164, 166
184 Sustainability Statement Appendix 1 and 2
ESRS Material DR Description
Page
Number
S2 – Workers in the Value Chain
ESRS S2 ESRS 2 SBM-2 – S2 Interests and views of stakeholders 168
ESRS 2 SBM-3 – S2 Material impacts, risks and opportunities and their interaction with
strategy and business model
167
S2-1 Policies related to value chain workers 168
S2-2 Processes for engaging with value chain workers about impacts 168
S2-3 Processes to remediate negative impacts and channels for value
chain workers to raise concerns
169
S2-4 Taking action on material impacts on value chain workers, and
approaches to managing material risks and pursuing material
opportunities related to value chain workers, and effectiveness of
those actions
170
S2-5 Targets related to managing material negative impacts, advancing
positive impacts, and managing material risks and opportunities
170
S4 – Consumers and End-Users
ESRS S4 ESRS 2 SBM-2 – S4 Interests and views of stakeholders 173
ESRS 2 SBM-3 – S4 Material impacts, risks and opportunities and their interaction with
strategy and business model
171
S4-1 Policies related to consumers and end-users 172
S4-2 Processes for engaging with consumers and end-users about impacts 173
S4-3 Processes to remediate negative impacts and channels for consumers
and end-users to raise concerns
174
S4-4 Taking action on material impacts on consumers and end-users,
and approaches to managing material risks and pursuing material
opportunities related to consumers and end-users, and effectiveness
of those actions
175
S4-5 Targets related to managing material negative impacts, advancing
positive impacts, and managing material risks and opportunities
175, 177
G1 – Business Conduct
ESRS G1 ESRS 2 GOV-1 The role of the administrative, supervisory and management bodies 180
ESRS 2 IRO-1 – G1 Description of the processes to identify and assess material impacts,
risks and opportunities
125
G1-1 Business conduct policies and corporate culture 180
G1-3 Prevention and detection of corruption and bribery 181
G1-4 Incidents of corruption or bribery 181
2. Disclosures for which phase-in reliefs have been availed of
within this Sustainability Statement
ESRS Disclosure Requirement Full name of Disclosure Requirement
ESRS 2 SBM-1 40 b and c Strategy, business model and value chain
ESRS 2 SBM-3 48 e Material impacts, risks and opportunities and their interaction with strategy and
business model
E1-9 Anticipated financial effects from material physical and transition risks and potential
climate-related opportunities
E3-5 Anticipated financial effects from water and marine resources-related risks and opportunities
E4-6 Anticipated financial effects from biodiversity and ecosystem-related risks and opportunities
E5-6 Anticipated financial effects from resource use and circular economy-related risks and
opportunities
S1-7 Characteristics of non-employees in the undertaking’s own workforce
S1-12 Persons with disabilities
S1-15 Work-life balance
185Appendix 3 Sustainability Statement
3. EU Taxonomy
1. Assessment and Methodology
The following EU Taxonomy report details our assessment of
the extent to which Kerry Group’s operations are associated
with taxonomy eligible (eligible) and taxonomy eligible
and aligned (aligned) activities in accordance with the EU
Taxonomy, Regulation (EU) 2020/852, and supplementary
Delegated Regulations (Climate and Environmental
Delegated Acts). Kerry has applied the updated disclosure
requirements as set out in the Delegated Regulation Act
2026/73, with an application date from 1 January 2026.
At present, the Climate and Environmental Delegated
Acts, which detail the classification criteria under six
environmental objectives, do not include activities
specifically related to the food and beverage sector. As a
result, the number of activities to be assessed for eligibility
and alignment under the EU taxonomy is limited.
Following the assessment of our Operating Expenditure
(OpEx) denominator we have determined that the allowable
omission from disclosing the OpEx KPI, under Delegated
Regulation (EU) 2021/2178, is applicable.
The evaluation of eligible and aligned activities for Turnover
and Capital Expenditure (CapEx) was conducted by a cross-
functional group, involving members of the Sustainability
Reporting, Engineering, Integrated Operations, Commercial
Finance and Research, Development and Application teams.
Eligibility Assessment
The cross-functional group conducted a comprehensive
review of all activities defined under the Climate and
Environmental Delegated Acts. The purpose was to identify
activities that may be relevant to Kerry’s current operations
based on the activity description, taking into consideration
sector classification and associated NACE Codes. This
process led to the development of a shortlist of activities
that were applicable or potentially applicable to Kerry. The
shortlist of activities then underwent a more detailed review
to confirm those activities with actual revenue or spend in
the current year.
For turnover, Kerry’s technologies were reviewed to identify
any that would meet the eligibility requirements of the
shortlisted activities. This included a full review of all entities
acquired in the year. Following identification of our eligible
turnover, it was determined that it was not material and as a
result was not further assessed for alignment.
For CapEx, each individual investment project description
and associated asset classification was assessed in detail
to identify those that met eligibility requirements of the
shortlisted activities.
Alignment Assessment –
Technical Screening Criteria
After identifying the eligible activities under CapEx, the
eligible spend was assessed for alignment, against the
specific Technical Screening Criteria (TSC) as defined in the
Climate and Environmental Delegated Acts.
The TSC assessment included a detailed review of the
Substantial Contribution (SC) criteria to verify whether the
activity satisfied the specific requirements. For activities
meeting the SC criteria, we then evaluated the Do No
Significant Harm (DNSH) criteria. Only those activities that
fulfilled both the SC and DNSH criteria were considered to
have met the TSC for that activity.
Under the EU Taxonomy, we have only reported aligned
activities under the climate change mitigation objective. As
a result, there is no double counting with the six objectives
that are in scope. In order to avoid any double counting in
the numerator across economic activities, we reconcile the
total value of each KPI’s numerator back to our Financial
Statements to ensure values have only been allocated once.
Alignment Assessment –
Minimum Safeguards
An economic activity can only be classified as
environmentally sustainable within the meaning of the
Taxonomy if it is also conducted in accordance with certain
minimum standards based on international frameworks.
Kerry has policies and processes in place to align our
activities with the minimum safeguards, as set out in Article
18 of the EU Taxonomy:
• Human Rights: Our approach to human rights is
outlined in our Human Rights Overview on page 153
and in the topical disclosures related to Own Workforce
(S1) on pages 154-166 and Workers in the Value Chain
(S2) on pages 167-170.
• Anti-Bribery and Corruption: Kerry’s zero tolerance
approach to bribery and corruption is outlined in the
Business Conduct (G1) disclosure on page 179.
• Fair Competition: Our Group Code of Conduct, along
with our Fair Competition Policy and related training,
sets out our commitment to free and fair competition
and clearly defines the expectations of all employees to
uphold our compliance standards.
• Taxation: We ensure compliance with tax laws through
our responsible tax practices, see note 7 in the Financial
Statements for further details.
Kerry has not been convicted for material violations of
human rights, anti-bribery and corruption, fair competition,
or taxation laws.
186 Sustainability Statement Appendix 3
2. Capital Expenditure
In 2025, the proportion of eligible activities was 25.3% (2024: 23.7%) and aligned activities was 6.8% (2024: 2.6%). We undertook
five activities which were aligned under the Climate Change Mitigation (CCM) objective. These activities related to (i) acquisition
of heating, ventilation and air-conditioning systems (CCM 7.3), (ii) charging stations for electric vehicles (CCM 7.4), (iii) building
automation and control systems and energy management systems (CCM 7.5), (iv) installation, maintenance and repair of
renewable energy technologies (CCM 7.6), all of which are classified as property, plant and equipment additions, and (v) acquisition
and ownership of buildings (CCM 7.7), which are classified as right-of- use assets. The year-on-year increase in aligned activities
reflects higher investment in the acquisition and ownership of buildings (CCM 7.7), specifically commercial offices.
The denominator used for the CapEx KPIs is calculated based on additions and businesses acquired for property, plant, and
equipment (IAS 16), leases (IFRS 16) and intangible assets (IAS 38) as reported in the Financial Statements. The denominator
does not include any investment property (IAS 40) or agriculture (IAS 41) assets, as they are not applicable to Kerry. As defined
in the EU Taxonomy, goodwill is not included in the CapEx KPI. In determining the KPIs for CapEx, the amount that is either
aligned (numerator) or eligible (numerator) is divided by the CapEx denominator.
EU Taxonomy - Capital Expenditure
Reference to
Financial Statements
2025
€m
2024
€m
Property, plant and equipment – Additions Note 12 i 229.7 266.1
Property, plant and equipment - Businesses acquired Note 12 i 10.5 43.0
Right of use assets – Additions Note 12 ii 64.6 64.2
Right of use assets - Businesses acquired Note 12 ii 3.3 0.1
Intangible assets – Additions Note 13 35.4 27.5
Intangible assets - Businesses acquired -
Brand-related intangibles
Note 13 8.4 86.8
Capital expenditure denominator 351.9 487.7
3. Turnover
Kerry’s ordinary operations, the manufacture of food and beverage products, are currently not defined as activities within the
Climate and Environmental Delegated Acts. As part of the assessment and methodology outlined above, we identified 0.2% of
eligible turnover in the manufacturing sector (2024: 0.2%). As our eligible turnover is below 10% of the turnover denominator,
we have not further assessed this for alignment, as allowable under Delegated Regulation (EU) 2021/2178.
The turnover denominator of €6,757.6 m (2024
1
: €7,980.6m) is equal to total revenue as reported in our Financial Statements.
For further details on Kerry’s revenue accounting policy, see note 1 of the Financial Statements.
4. Operating Expenditure (OpEx)
Within our OpEx denominator, the largest component is research and development (R&D) costs which are recorded as an
expense in our Consolidated Income Statement, see note 3 to the Financial Statements. In 2025, R&D costs represent 50%
of the total OpEx denominator (2024: 45%). This expenditure supports Kerry’s turnover generating activities, which are not
materially in scope of the activities currently defined in the Climate and Environmental Delegated Acts, and does not support
other taxonomy activities reaching their substantial contribution thresholds.
Short-term leases, as detailed in note 12 iii.i, repairs and maintenance and other direct expenditure relating to the day-to-
day servicing of assets of property, plant and equipment, including the internal and external people cost for the Engineering
teams maintaining buildings and equipment, included in other general overheads and staff costs in note 3 to the Financial
Statements is equal to 4.5% of Group OpEx in 2025 (2024: 4.2%), and is considered not material.
The limited scope of the Climate and Environmental Delegated Acts relative to our ordinary operations is also demonstrated
by the fact that 99.8% of our turnover is taxonomy non-eligible (2024: 99.8%).
Following assessment of our OpEx denominator, we have determined that the allowable omission from disclosing the OpEx
KPI under Delegated Regulation (EU) 2021/2178, is applicable.
EU Taxonomy – Operating Expenditure
2025
€m
2024
€m
Research and development costs 250.6 235.5
Short-term leases 3.6 3.7
Maintenance and repairs 123.4 141.1
Other direct expenditures 121.0 137.3
Operating expenditure denominator 498.6 517.6
1
The 2024 prior year comparative includes Kerry Dairy Ireland, up to the date of divestment.
187Appendix 3 Sustainability Statement
Annex 2
Proportion of turnover, CapEx, OpEx from products or services associated with Taxonomy-eligible or Taxonomy-aligned
economic activities – disclosure covering year (N)(summary KPIs)
Financial year 2025 (N)
KPI (1) Total (2)
Proportion of Taxonomy eligible activities (3)
Taxonomy aligned activities (4)
Proportion of Taxonomy aligned activities (5)
Breakdown by environmental objectives of
Taxonomy aligned activities
Proportion of enabling activities (12)
Proportion of transitional activities (13)
Not assessed activities considered non-
material (14)
Taxonomy aligned activities in previous
financial year (N-1) (15)
Proportion of Taxonomy aligned activities in
previous financial year (N-1) (16)
Climate Change Mitigation (6)
Climate Change Adaptation (7)
Water (8)
Circular Economy (9)
Pollution (10)
Biodiversity (11)
€m % €m % % % % % % % % % % €m %
Turnover 6,757.6 0.2% 0 0% 0% 0% 0% 0% 0% 0% 0% 0% 0.2% 0 0%
CapEx 351.9 25.3% 23.7 6.8% 6.8% 0% 0% 0% 0% 0% 0.3% 0% 0% 12.7 2.6%
OpEx 498.6 0.0% 0 0% 0% 0% 0% 0% 0% 0% 0% 0% 100% 0 0%
188 Sustainability Statement Appendix 3
CapEx KPI
Proportion of CapEx from products or services associated with Taxonomy-eligible or Taxonomy-aligned economic activities –
disclosure covering year (N) (activity breakdown)
Reported KPI ( CapEx) Financial year 2025 (N)
Economic Activities (1) Code (2)
Taxonomy eligible KPI
(Proportion of Taxonomy
eligible CapEx) (3)
Taxonomy aligned KPI
(monetary value of
CapEx) (4)
Taxonomy aligned
KPI (Proportion of
Taxonomy aligned
CapEx) (5)
Environmental objective of Taxonomy aligned
activities
Enabling activity (12)
Transitional activity (13)
Proportion of
Taxonomy aligned in
Taxonomy eligible (14)
Climate Change
Mitigation (6)
Climate Change
Adaptation (7)
Water (8)
Circular
Economy (9)
Pollution (10)
Biodiversity
(11)
% €m % % % % % % % (E where
applicable)
(T where
applicable)
%
Installation and operation
of electric heat pumps
CCM 4.16 0.0% - - - - - - - - - - -
Co-generation of heat/cool
from Bioenergy
CCM 4.2 0.0% - - - - - - - - - - -
Production of heat/cool
using waste heat
CCM
4.25
0.4% - - - - - - - - - - -
Electricity Generation from
Fossil Gaseous Fuels
CCM
4.29
0.1% - - - - - - - - - - -
Construction, extension
and operation of waste
water collection and
treatment
CCM 5.3 0.9% - - - - - - - - - - -
Transport by motorbikes,
passenger cars and light
commercial vehicles
CCM 6.5 0.9% - - - - - - - - - - -
Freight transport services
by road
CCM 6.6 0.4% - - - - - - - - - - -
Renovation of existing
buildings
CCM 7.2
/ CE 3.2
0.6% - - - - - - - - - - -
Installation, maintenance
and repair of energy
efficiency equipment
CCM 7.3 1.6% 0.5 0.1% 0.1% - - - - - E - 9%
Installation, maintenance
and repair of charging
stations for electric vehicles
in buildings (and parking
spaces attached to buildings)
CCM 7.4 0.0% 0.0 0.0% 0.0% - - - - - E - 100.0%
189Appendix 3 Sustainability Statement
Reported KPI ( CapEx) Financial year 2025 (N)
Economic Activities (1) Code (2)
Taxonomy eligible KPI
(Proportion of Taxonomy
eligible CapEx) (3)
Taxonomy aligned KPI
(monetary value of
CapEx) (4)
Taxonomy aligned
KPI (Proportion of
Taxonomy aligned
CapEx) (5)
Environmental objective of Taxonomy aligned
activities
Enabling activity (12)
Transitional activity (13)
Proportion of
Taxonomy aligned in
Taxonomy eligible (14)
Climate Change
Mitigation (6)
Climate Change
Adaptation (7)
Water (8)
Circular
Economy (9)
Pollution (10)
Biodiversity
(11)
% €m % % % % % % % (E where
applicable)
(T where
applicable)
%
Installation, maintenance
and repair of instruments
and devices for measuring,
regulation and controlling
energy performance of
buildings
CCM 7.5 0.1% 0.2 0.1% 0.1% - - - - - E - 100.0%
Installation, maintenance
and repair of renewable
energy technologies
CCM 7.6 0.1% 0.2 0.1% 0.1% - - - - - E - 100.0%
Acquisition and ownership
of buildings
CCM 7.7 19.4% 22.8 6.5% 6.5% - - - - - - - 33.4%
Production of alternative
water resources for
purposes other than
human consumption
CE 2.2 0.2% - - - - - - - - - - -
Sorting and material
recovery of non-hazardous
waste
CE 2.7 0.1% - - - - - - - - - - -
Provision of IT/OT data-
driven solutions
CE 4.1 0.5% - - - - - - - - - - -
Sum of alignment per objective 6.8% 0% 0% 0% 0% 0%
Total KPI (CapEx) 25.3% 23.7 6.8% 6.8% 0% 0% 0% 0% 0% 0.3% 0% 26.9%
190 Sustainability Statement Appendix 4 and 5
4. Additional Information - Double Materiality Assessment Process
We screened our operations, and upstream and downstream value chain, to help identify actual and potential impacts, risks
and opportunities related to water, biodiversity and resource use and circular economy.
Water
Across our operations, we assessed manufacturing sites based on several factors including the volume of water withdrawals,
source of withdrawals, discharges and consumption, destination of discharges, and any overlap with areas of high or extremely
high water-stress (based on sites’ geolocation and using the World Resources Institute’s Aqueduct Tool). Exposure to water-
related risks were considered, incorporating the outputs from climate scenario analysis as water-stress was considered as a
physical risk in the climate scenario analysis, details of which can be found in Climate Change (E1) section on page 136. Outside
of our direct operations, we screened our upstream and downstream value chain to identify actual or potential impacts, risks
and opportunities (IROs), including those related to raw materials used in our processes, technologies and products.
Biodiversity
Through our assessment, we identified several areas of impact upstream in our value chain including specific raw material
categories such as palm oil and soy. The impacts on communities from our direct operations or value chain activities were
not deemed material. We assessed transition and physical risks and opportunities based on the impacts and dependencies
identified through a detailed analysis of our direct operations and upstream supply chain, which helped inform the refresh of
our double materiality process. The assessments incorporated key drivers of biodiversity loss and included engagement with
relevant stakeholders. Within the food and beverage industry, dependencies commonly include soil health, water quantity
and quality and a stable climate that are needed for production of agriculture raw materials. Intensive resource extraction
and unsustainable land use practices can degrade these ecosystem services, resulting in limited availability of raw materials
and potentially creating systemic risks over the longer term. These have the potential to impact Kerry and the wider industry.
Conversely, innovations and creating products with ingredients which have a lower nature impact can also present an
opportunity for Kerry with customers seeking to address these risks. The identified risks and opportunities included an
assessment of their potential financial implications for Kerry, considering the likelihood, magnitude and time-horizon over
which they may occur.
Resource Use and Circular Economy
Within our operations we assessed the outflows from our sites, taking into account the types of products and materials
generated by our production processes, and customers’ use of our products. We also considered various factors relating to
waste originating from our operations, including the volumes and types of waste, and the waste disposal methods available
to our sites. Outside of our operations, these factors were also considered as part of our screening of our downstream value
chain. In addition, we screened our upstream value chain, considering the volumes and types of packaging and raw materials
used as inputs in our production processes.
Pollution
Pollution was a topic for consideration through the double materiality assessment process and we consulted with
stakeholders ahead of determining that this was not material at Group level. Our assessment of this topic included a high-
level consideration of our operations and key activities across the value chain.
5. ESRS 2 Appendix B - Datapoints from other EU legislation
The following table illustrates the datapoints that derive from other EU legislation, as listed in ESRS 2 Appendix B, indicating a
page reference for the related disclosure where the datapoint is material or indicating not material, as applicable.
EU Legislation Legend:
BRR Benchmark Regulation Reference NM Not material SFDR Sustainable Finance Disclosure Regulation
EUCL European Union Climate Law P3 Pillar 3
Disclosure
Requirement
Related
Datapoint Description EU Legislation
Page
Number
ESRS 2 – General Disclosures
GOV-1 21 (d) Board’s gender diversity SFDR/BRR 122
21 (e) Percentage of board members who are independent BRR 65
GOV-4 30 Statement on due diligence SFDR 122
191Appendix 5 Sustainability Statement
Disclosure
Requirement
Related
Datapoint Description EU Legislation
Page
Number
SBM-1 40 (d) i Involvement in activities related to fossil fuel activities SFDR/P3/BRR NM
40 (d) ii Involvement in activities related to chemical
production
SFDR/BRR NM
40 (d) iii Involvement in activities related to controversial
weapons
SFDR/BRR NM
40 (d) iv Involvement in activities related to cultivation and
production of tobacco
BRR NM
ESRS E1 – Climate Change
E1-1 14 Transition plan to reach climate neutrality by 2050 EUCL 129
16 (g) Undertakings excluded from Paris-aligned Benchmarks P3/BRR 130
E1-4 34 GHG emission reduction targets SFDR/P3/BRR 130-132
E1-5 38 Energy consumption from fossil sources disaggregated
by sources (only high climate impact sectors)
SFDR 133
37 Energy consumption and mix SFDR 133
40 to 43 Energy intensity associated with activities in high
climate impact sectors
SFDR 133
E1-6 44 Gross Scope 1, 2, 3 and Total GHG emissions SFDR/P3/BRR 132
53 to 55 Gross GHG emissions intensity SFDR/P3/BRR 133
E1-7 56 GHG removals and carbon credits EUCL 134
E1-9 66 Exposure of the benchmark portfolio to climate-related
physical risks
BRR 184
66 (a) Disaggregation of monetary amounts by acute and
chronic physical risk
P3 184
66 (c) Location of significant assets at material physical risk P3 184
67 (c) Breakdown of the carrying value of its real estate
assets by energy-efficiency classes
P3 184
69 Degree of exposure of the portfolio to climate- related
opportunities
BRR 184
ESRS E2 – Pollution
E2-4 28 Amount of each pollutant listed in Annex II of the E-PRTR
Regulation (European Pollutant Release and Transfer
Register) emitted to air, water and soil
SFDR NM
ESRS E3 – Water and Marine Resources
E3-1 9 Water and marine resources SFDR 143
13 Dedicated policy SFDR 143
14 Sustainable oceans and seas SFDR NM
E3-4 28 (c) Total water recycled and reused SFDR NM
29 Total water consumption in m
3
per net revenue on own
operations
SFDR NM
ESRS E4 – Biodiversity and Ecosystems
ESRS 2 SBM-3
- E4
16 (a) i - SFDR NM
16 (b) - SFDR NM
16 (c) - SFDR NM
E4-2 24 (b) Sustainable land/agriculture practices or policies SFDR 147
24 (c) Sustainable oceans/seas practices or policies SFDR NM
24 (d) Policies to address deforestation SFDR 147
ESRS E5 – Resource Use and Circular Economy
E5-5 37 (d) Non-recycled waste SFDR NM
39 Hazardous waste and radioactive waste SFDR NM
192
Disclosure
Requirement
Related
Datapoint Description EU Legislation
Page
Number
ESRS S1 – Own Workforce
ESRS 2 SBM-3
- S1
14 (f) Risk of incidents of forced labour SFDR NM
14 (g) Risk of incidents of child labour SFDR NM
S1-1 20 Human rights policy commitments SFDR 153, 155
21 Due diligence policies on issues addressed by the
fundamental International Labor Organisation
Conventions 1 to 8
BRR 153
22 Processes and measures for preventing trafficking in
human beings
SFDR 153
23 Workplace accident prevention policy or management
system
SFDR 155
S1-3 32 (c) Grievance/complaints handling mechanisms SFDR 157
S1-14 88 (b) and (c) Number of fatalities and number and rate of work-
related accidents
SFDR/BRR 160
88(e) Number of days lost to injuries, accidents, fatalities or
illness
SFDR 160
S1-16 97 (a) Unadjusted gender pay gap SFDR/BRR 161
97 (b) Excessive CEO pay ratio SFDR 161
S1-17 103 (a) Incidents of discrimination SFDR 164
104 (a) Non-respect of UNGPs on Business and Human Rights
and OECD Guidelines
SFDRS/BRR 164
ESRS S2 – Workers in the Value Chain
ESRS 2 SBM-3
- S2
11 (b) Significant risk of child labour or forced labour in the
value chain
SFDR 167
S2-1 17 Human rights policy commitments SFDR 153, 168
18 Policies related to value chain workers SFDR 168
19 Non-respect of UNGPs on Business and Human Rights
principles and OECD guidelines
SFDR/BRR 153, 168
19 Due diligence policies on issues addressed by the
fundamental International Labor Organisation
Conventions 1 to 8
BRR 168
S2-4 36 Human rights issues and incidents connected to its
upstream and downstream value chain
SFDR 170
ESRS S3 – Affected Communities
S3-1 16 Human rights policy commitments SFDR NM
17 Non-respect of UNGPs on Business and Human Rights,
ILO principles or OECD guidelines
SFDR/BRR NM
S3-4 36 Human rights issues and incidents SFDR NM
ESRS S4 – Consumers and End-Users
S4-1 16 Policies related to consumers and end-users SFDR 172
17 Non-respect of UNGPs on Business and Human Rights
and OECD guidelines
SFDR/BRR NM
S4-4 35 Human rights issues and incidents SFDR NM
ESRS G1 – Business Conduct
G1-1 10 (b) United Nations Convention against Corruption SFDR 181
10 (d) Protection of whistle-blowers SFDR 180
G1-4 24 (a) Fines for violation of anti-corruption and anti-bribery
laws paragraph
SFDR/BRR 181
24 (b) Standards of anti-corruption and anti-bribery SFDR 181
Sustainability Statement Appendix 5
193TCFD Compliance Statement
TCFD Compliance Statement
As required by the UK Financial Conduct Authority Listing rule UKLR 6.6.6(8), Kerry has complied with the climate-related
financial disclosures and is consistent with all four recommendations and 11 disclosures in the Task Force on Climate-related
Financial Disclosures (TCFD). The required disclosures are included within our Sustainability Statement. The table below sets
out the specific location of each disclosure within the Annual Report.
Theme Recommended Disclosures
Location in
Kerry Annual
Report Section Page
Governance The Board’s oversight of climate-related risks
and opportunities
Sustainability
Statement
Climate Change (E1) –
Governance
129
Describe management’s role in assessing
and monitoring climate-related risks and
opportunities
Sustainability
Statement
Climate Change (E1) –
Governance
129
Strategy Describe the climate-related risks and
opportunities the organisation has identified
over the short, medium, and long-term
Sustainability
Statement
Climate Change (E1) -
Material Impacts, Risks
and Opportunities
Climate Change (E1)
- Climate Resilience
Analysis
128
136-
137
Describe the impact of climate-related risks
and opportunities on the organisation’s
business, strategy, and financial planning
Sustainability
Statement
Climate Change (E1)
- Climate Resilience
Analysis
136-
138
Describe the resilience of the organisation’s
strategy, taking into consideration different
climate-related scenarios, include a 2°C or
lower scenario
Sustainability
Statement
Climate Change (E1)
- Climate Resilience
Analysis
138
Risk
Management
Describe the organisation’s process for
identifying and assessing climate-related risks
Sustainability
Statement
Climate Change (E1)
- Climate Resilience
Analysis
Climate Change (E1) -
Methodology Notes
134-
137
141-
142
Describe the organisation’s process for
managing climate-related risks
Sustainability
Statement
Climate Change (E1) -
Strategy and Policies
Climate Change
(E1) - Actions and
Performance
129
130-
134
Describe how processes for identifying,
assessing, and managing climate-related risks
are integrated into the organisations overall
risk management
Sustainability
Statement
Climate Change
(E1) - Prioritisation of
Sustainability-Related
Risks
138
Metrics and
Targets
Disclose the metrics used by the organisation
to assess climate-related risks and
opportunities in line with strategy and risk
management process
Sustainability
Statement
Climate Change
(E1) - Actions and
Performance
Climate Change (E1) -
Methodology Notes
130-
134
139-
140
Disclose Scope 1, Scope 2, and, if appropriate,
Scope 3 greenhouse gas emissions (GHG) and
the related risks
Sustainability
Statement
Climate Change (E1) -
Gross Scope 1, 2, 3 and
Total GHG Emissions
132-
133
Describe the targets used by the organisation
to manage climate-related risks and
opportunities and performance against
targets
Sustainability
Statement
Climate Change
(E1) - Actions and
Performance
Climate Change (E1) -
Methodology Notes
130-
134
139
Financial Statements194
195Financial Statements
Independent Auditors' Report 196
Consolidated Income Statement 204
Consolidated Statement of Comprehensive Income 205
Consolidated Balance Sheet 206
Company Balance Sheet 207
Consolidated Statement of Changes in Equity 208
Company Statement of Changes in Equity 209
Consolidated Statement of Cash Flows 210
Company Statement of Cash Flows 211
Notes to the Financial Statements
1. Statement of accounting policies 212
2. Analysis of results 223
3. Operatingprofit–continuingoperations 225
4. Totalstaffnumbersandcosts 226
5. Non-trading items 226
6. Financeincome,costsandotherincome–
continuingoperations 227
7. Income taxes 228
8. Discontinued operations 230
9. ProfitattributabletoKerryGroupplc 232
10. EarningsperAordinaryshare–attributable
to equity holders of the parent 233
11. Dividends 233
12. Property, plant and equipment 233
13. Intangibleassets 237
14. Financial asset investments 239
15. Investments in joint ventures 240
16. Investmentsinsubsidiaries 240
17. Inventories 240
18. Deferredtaxassetsandliabilities 241
19. Assetsclassifiedasheldforsale 242
20. Tradeandotherreceivables 242
21. Tradeandotherpayables 243
22. Deferred income 244
23. Othernon-currentliabilities 244
24. Analysisoffinancialinstrumentsbycategory 245
25. Financial instruments 247
26. Provisions 262
27. Retirementbenefitsobligation 262
28. Share capital 267
29. Share-basedpayments 268
30. Cashflowcomponents 271
31. Businesscombinations 272
32. Contingentliabilities 274
33. Otherfinancialcommitments 274
34. Related party transactions 274
35. Eventsafterthebalancesheetdate 276
36. Reserves 276
37. Groupentities 277
FinancialDefinitions
(notcoveredbyindependentauditors’report)
1. Revenue 282
2. EBITDA 283
3. EBITDA Margin 283
4. OperatingProfit 283
5. Adjusted Earnings Per Share and
PerformanceinAdjustedEarningsPerShare
on a Constant Currency Basis 284
6. Free Cash Flow 284
7. Cash Conversion 285
8. Average Capital Employed 285
9. ReturnonAverageCapitalEmployed(ROACE) 286
10. Total Shareholder Return 286
11. Market Capitalisation 286
12. Enterprise Value 286
13. NetDebt 286
CONTENTS
Financial Statements
Financial Statements Independent Auditors’ Report196
INDEPENDENT AUDITORS' REPORT
Independent auditors’ report to
the members of Kerry Group plc
Report on the audit of the
financialstatements
Opinion
Inouropinion,KerryGroupplc’sConsolidatedfinancial
statementsandCompanyfinancialstatements
(the‘financialstatements’):
• giveatrueandfairviewoftheGroup’sandthe
Company’sassets,liabilitiesandfinancialpositionas
at31December2025andoftheGroup’sprofitand
theGroup’sandtheCompany’scashflowsforthe
yearthenended;
• havebeenproperlypreparedinaccordancewith
InternationalFinancialReportingStandards(‘IFRSs’)
asadoptedbytheEuropeanUnionand,asregards
theCompany’sfinancialstatements,asappliedin
accordance with the provisions of the Companies
Act2014;and
• havebeenproperlypreparedinaccordancewith
the requirements of the Companies Act 2014 and,
asregardstheConsolidatedfinancialstatements,
Article4oftheIASRegulation.
Wehaveauditedthefinancialstatements,includedwithin
theAnnualReport,whichcomprise:
• the Consolidated and Company Balance Sheets as at
31December2025;
• the Consolidated Income Statement and Consolidated
Statement of Comprehensive Income for the year
thenended;
• the Consolidated and Company Statements of Cash
Flowsfortheyearthenended;
• the Consolidated and Company Statements of Changes
inEquityfortheyearthenended;and
• thenotestothefinancialstatements,whichinclude
adescriptionoftheaccountingpolicies.
Our opinion is consistent with our reporting to the
AuditCommittee.
Separate opinion in relation to
IFRSAccountingStandardsasissued
bytheInternationalAccounting
Standards Board
Asexplainedinnote1tothefinancialstatements,
theGroup,inadditiontoapplyingIFRSsasadoptedby
theEuropeanUnion,hasalsoappliedIFRSAccounting
StandardsasissuedbytheInternationalAccounting
StandardsBoard(IASB).Inouropinion,theConsolidated
financialstatementshavebeenproperlypreparedin
accordance with IFRS Accounting Standards as issued
bytheIASB.
Basis for opinion
We conducted our audit in accordance with International
StandardsonAuditing(Ireland)(‘ISAs(Ireland)’)and
applicablelaw.OurresponsibilitiesunderISAs(Ireland)
arefurtherdescribedintheAuditors’responsibilitiesfor
theauditofthefinancialstatementssectionofourreport.
Webelievethattheauditevidencewehaveobtained
issufficientandappropriatetoprovideabasisfor
ouropinion.
Independence
WeremainedindependentoftheGroupinaccordance
with the ethical requirements that are relevant to our
auditofthefinancialstatementsinIreland,whichincludes
IAASA’sEthicalStandardasapplicabletolistedpublic
interestentities,andwehavefulfilledourotherethical
responsibilitiesinaccordancewiththeserequirements.
Tothebestofourknowledgeandbelief,wedeclarethat
non-auditservicesprohibitedbyIAASA’sEthicalStandard
were not provided.
Otherthanthosedisclosedinnote3tothefinancial
statements, we have provided no other services to the
Company or its controlled undertakings in the period
underaudit.
Financial Statements 197Independent Auditors’ Report
Our audit approach
Overview
Audit scope
• We conducted audit work in 21 reporting components. We selected these components due to their size or characteristics
andtoensureappropriateauditcoverage.Anauditofthecompletefinancialinformationof12componentswas
performed.Specificauditproceduresoncertainbalancesandtransactionswerealsoperformedatafurther9components.
WehaveauditedcentrallytheexternaldebtandderivativeswhicharemanagedbythecentralTreasuryfunctionandthe
definedbenefitpost-retirementschemeswithinIrelandandtheUKandkeyauditmattersincludingimpairmenttesting
ofgoodwillandindefinitelifeintangibleassetsanduncertaintaxpositions.Wealsoperformedauditworkateachofthe
Group’sprincipalsharedservicecentres.
• Thereportingcomponentswhereanauditofthecompletefinancialinformationwasperformedaccountedforinexcess
of75%ofconsolidatedrevenueandinexcessof80%ofconsolidatedprofitbeforetaxationandnon-tradingitems.
Key audit matters
• Goodwillandindefinitelifeintangibleassetsimpairmentassessment(Group).
• Incometaxes(Group).
• Recoverabilityofinvestmentsinsubsidiaries(Company).
Materiality
• OverallGroupmateriality:€42.6million(2024:€41.7million)basedonapproximately5%ofprofitbeforetaxationand
non-trading items.
• OverallCompanymateriality:€24.8million(2024:€31.5million)basedonapproximately1%ofnetassets.
• Performancemateriality:€31.9million(2024:€31.2million)(Group)and€18.6million(2024:€23.6million)(Company).
The scope of our audit
Aspartofdesigningouraudit,wedeterminedmaterialityandassessedtherisksofmaterialmisstatementinthefinancial
statements.Inparticular,welookedatwherethedirectorsmadesubjectivejudgements,forexampleinrespectofsignificant
accounting estimates that involved making assumptions and considering future events that are inherently uncertain. As in
all of our audits we also addressed the risk of management override of internal controls, including evaluating whether there
wasevidenceofbiasbythedirectorsthatrepresentedariskofmaterialmisstatementduetofraud.
Keyauditmatters
Keyauditmattersarethosemattersthat,intheauditors’professionaljudgement,wereofmostsignificanceintheaudit
ofthefinancialstatementsofthecurrentperiodandincludethemostsignificantassessedrisksofmaterialmisstatement
(whetherornotduetofraud)identifiedbytheauditors,includingthosewhichhadthegreatesteffecton:theoverallaudit
strategy;theallocationofresourcesintheaudit;anddirectingtheeffortsoftheengagementteam.Thesematters,andany
commentswemakeontheresultsofourproceduresthereon,wereaddressedinthecontextofourauditofthefinancial
statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Thisisnotacompletelistofallrisksidentifiedbyouraudit.
Key audit matter How our audit addressed the key audit matter
Goodwill and indefinite life intangible assets impairment assessment (Group)
Refertonote1‘Statementofaccountingpolicies’–
‘Intangibleassets’,‘Impairmentofnon-financialassets’,
‘Criticalaccountingestimatesandjudgements’andnote13
‘Intangibleassets’.
TheGrouphasgoodwillandindefinitelifeintangibleassets
of€4,691.4millionat31December2025representing
approximately44%oftheGroup’stotalassetsatyearend.
Goodwillandindefinitelifeintangibleassetsaresubjectto
impairmenttestingonanannualbasisormorefrequentlyif
there are indicators of impairment. Management carried out
animpairmenttestasat31December2025andconcluded
there was no impairment.
Ourauditteam,assistedbyourin-housevaluationexperts,
consideredtheGroup’simpairmentmodelsandevaluated
the methodology followed and key assumptions used.
We tested the mathematical accuracy of the underlying
calculations in the models.
We assessed and tested the mathematical accuracy of the
reallocation of goodwill using a relative value approach
betweentheLATAMandNorthAmericaCGU’sfollowingthe
change in segments at the start of the year.
Weassessedmanagement’sfuturecashflowforecasts,
andtheprocessbywhichtheyweredrawnup,including
comparingthemtothelatestboardapprovedbudgets.
Inevaluatingtheseforecasts,weconsideredtheGroup’s
historic performance and its past record of achieving
strategicobjectives,andmanagement’sassessmentofthe
likely impact the current macro-economic environment and
climaterelatedrisksmayhaveonfinancialperformance.
Financial Statements Independent Auditors’ Report198
Key audit matter How our audit addressed the key audit matter
Wedeterminedthistobeakeyauditmattergiventhescale
oftheassetsandbecausethedeterminationofwhetheran
impairmentchargeforgoodwillorindefinitelifeintangible
assetswasnecessaryinvolvessignificantjudgement
inestimatingthefutureresultsofthebusiness,which
includesthecashflows(includingrevenuegrowthratesand
EBITDAmarginpercentages),thelongtermgrowthrate
assumptions, and determining the appropriate discount
ratetouse.
WeassessedtheappropriatenessoftheGroup’slongterm
growth rate assumptions used to calculate terminal values
atyearfive,bycomparingthemtoindependentsources
(forexampleOECDstatistics)ofprojectedgrowthratesfor
each region.
We used our in-house valuation experts in assessing
management’scalculationofthediscountrates.Ourexperts
developedarangeofdiscountrates(adjustedtoreflectrisks
associatedwitheachgroupofCGUs)usingobservableinputs
from independent external sources.
Wealsoconsideredmanagement’ssensitivityanalysiswhich
included the potential impact of the current macro-economic
environment and climate related events and performed
our own sensitivity analysis on the impact of changes in key
assumptions on the impairment assessment, for example
thecashflows(includingrevenuegrowthratesandEBITDA
marginpercentages),discountratesandthelongtermrates
ofgrowthassumedbymanagement.
Basedonourprocedureswedeterminedthatmanagement’s
conclusionthattherewasnogoodwillorindefinitelife
intangibleassetsimpairmentwasreasonable.
We assessed the appropriateness of the related disclosures
withinthefinancialstatementsandconsiderthedisclosures,
including the assessed impact of climate change on the
impairmentassessmenttobereasonable.
Income taxes (Group)
Refertonote1‘Statementofaccountingpolicies’–‘Income
taxes’and‘Criticalaccountingestimatesandjudgements’,
note7‘Incometaxes’andnote18‘Deferredtaxassets
andliabilities’.
TheglobalnatureoftheGroupmeansthatitoperatesacross
manyjurisdictionsandissubjecttoperiodicchallenges
bylocaltaxauthoritiesonarangeoftaxmattersduring
thenormalcourseofbusiness.Taxlegislationisopento
differentinterpretationsandthetaxtreatmentsofmany
items are uncertain. Tax audits can require several years
toconcludeandjudgementsmadebytaxauthoritiesmay
impacttheGroup’staxliabilities.
Management judgement and estimation is required in the
measurement of uncertain tax positions in the context of the
recognitionofcurrentanddeferredtaxassets/liabilities.
Wedeterminedthistobeakeyauditmatterduetoits
inherent complexity and the estimation and judgement
involved in the measurement of uncertain tax positions in
the context of the recognition of current and deferred tax
assets/liabilities.
WeobtainedanunderstandingoftheGrouptaxstrategy
throughdiscussionswithmanagementandtheGroup’s
in-house tax specialists.
Theteam,assistedbyPwCInternationalandIrishtaxation
specialists, challenged judgements used and estimates made
bymanagementtomeasureuncertaintaxpositionsinthe
context of the recognition of current and deferred tax assets/
liabilities.Thisincludedobtainingexplanationsregardingthe
tax treatment applied to material transactions and evidence
tocorroboratemanagement’sexplanations.Suchevidence,
whereappropriate,includedmanagement’scommunications
with local tax authorities and copies of the tax advice
obtainedbymanagementfromitsexternaltaxadvisors
including transfer pricing studies.
We also considered any tax developments during the
financialyear,includingoutcomesofconcludedtax
authorityaudits.
Basedontheevidenceobtained,whilenotingtheinherent
uncertainty with such tax matters, we determined the
measurement of uncertain tax positions in the context of
therecognitionofcurrentanddeferredtaxassets/liabilities
asat31December2025tobewithinanacceptablerange
ofreasonableestimates.
Financial Statements 199Independent Auditors’ Report
How we tailored the audit scope
We tailored the scope of our audit to ensure that we
performedenoughworktobeabletogiveanopinionon
thefinancialstatementsasawhole,takingintoaccountthe
structureoftheGroupandtheCompany,theaccounting
processes and controls, and the industry in which
theyoperate.
TheGroupisstructuredalongthreeoperatingand
reportablesegments:Europe,AmericasandAPMEA
(AsiaPacific,MiddleEastandAfrica).
ThemajorityoftheGroup’scomponentsaresupportedby
oneofeitheroftheGroup’sprincipalsharedservicecentres
in Malaysia and Mexico.
Wedeterminedthatanauditofthecompletefinancial
information(a‘fullscope’audit)shouldbeperformedat
12componentsduetotheirsizeorriskcharacteristicsand
toensureappropriatecoverage.Specificauditprocedures
oncertainbalancesandtransactionswerealsoperformed
at a further 9 components. The reporting components
whereanauditofthecompletefinancialinformationwas
performed accounted for in excess of 75% of Consolidated
revenuesandinexcessof80%ofConsolidatedprofitbefore
taxation and non-trading items.
TheGroupteamperformedtheauditofcertainGroupand
central functions. These procedures included, amongst
others,proceduresoverITsystems,externaldebtand
derivatives,definedbenefitpost-retirementschemes
withinIrelandandtheUK,theconsolidationprocessand
key audit matters including impairment testing of goodwill
andindefinitelifeintangibleassetsanduncertaintax
provisions. Component auditors within PwC ROI and from
otherPwCnetworkfirms,operatingunderourinstruction,
performed the audit on all other in scope components and
therequiredsupportingauditworkateachoftheGroup’s
principal shared service centres.
TheGroupteamwasresponsibleforthescopeand
direction of the audit. Where the work was performed
bycomponentauditors,wedeterminedthelevelof
involvementtheGroupteamneededtohavetobeable
toconcludewhethersufficientappropriateauditevidence
hadbeenobtainedasabasisforouropiniononthe
Consolidatedfinancialstatementsasawhole.
Inthecurrentyear,theGroupteamcontinuedaprogramme
of site visits which are designed so that senior team
membersregularlyvisitthefullscopeauditlocationson
arotationalbasis.During2025,theGroupteamvisited
componentlocationsinIreland,theUnitedStates,
UnitedKingdomandMalaysia.Inadditiontositevisits,
seniormembersoftheGroupengagementteamusedvideo
conferencing to facilitate our oversight of the component
auditor work and had video meetings and discussions
with certain management and component audit teams
inlocationsthatwedidnotvisitinthecurrentyear.
Themeetings,bothphysicalandvirtual,withour
componentteamsconfirmedtheirauditapproach.
Themeetingsalsoinvolveddiscussingandunderstanding
thesignificantauditriskareasandobtainingupdateson
local laws and regulations and other relevant matters.
Inadditiontothemeetingsnotedabove,theGroupteam
interacted regularly with the component teams during all
stages of the audit. We received a detailed memorandum
ofexaminationonworkperformedandrelevantfindings
in addition to an audit report that supplemented our
understandingoftheindividualcomponents.TheGroup
engagement team also reviewed certain audit working
papersincomponentauditfiles.Conferencecallswere
held with all full scope audit teams to discuss their
auditfindings.
This,togetherwithauditproceduresperformedby
theGroupteamgaveustheevidenceweneededfor
ouropinionontheConsolidatedfinancialstatements
asawhole.
Key audit matter How our audit addressed the key audit matter
Recoverability of investments in subsidiaries (Company)
Refertonote1‘Statementofaccountingpolicies’–
‘Investmentsinsubsidiaries’andnote16‘Investments
insubsidiaries’.
TheCompanyhasinvestmentsinsubsidiariesof
€1,049.8millionat31December2025.Thecarryingvalue
oftheinvestmentsinsubsidiariesneedstobeconsidered
for impairment where any indicators arise that suggest
that the carrying value of these investments would not
berecoverable.
Wedeterminedthistobeakeyauditmatterduetothe
significanceoftheseinvestmentsinsubsidiaries.
Weconsideredmanagement’sassessmentastowhether
there were any indicators of impairment at year end taking
into account the market capitalisation of the Company and
theproceduresperformedonthefuturecashflowforecasts
prepared for the purposes of the impairment assessment as
describedinthe‘Goodwillandindefinitelifeintangibleassets
impairmentassessment’keyauditmatterabove.
Basedonourprocedureswedeterminedthatmanagement’s
conclusion that there are no impairment indicators
wasreasonable.
Financial Statements Independent Auditors’ Report200
Materiality
Thescopeofourauditwasinfluencedbyourapplication
of materiality. We set certain quantitative thresholds for
materiality. These, together with qualitative considerations,
helped us to determine the scope of our audit and the
nature, timing and extent of our audit procedures on the
individualfinancialstatementlineitemsanddisclosuresand
inevaluatingtheeffectofmisstatements,bothindividually
andinaggregateonthefinancialstatementsasawhole.
Based on our professional judgement, we determined
materialityforthefinancialstatementsasawholeasfollows:
Consolidated
financial
statements
Company
financial
statements
Overall
materiality
€42.6million
(2024:€41.7million).
€24.8million
(2024:€31.5
million).
How we
determined it
Approximately 5% of
profitbeforetaxation
and non-trading items.
Approximately
1% of net assets.
Rationale for
benchmark
applied
We applied this
benchmarkbecausein
our view this is a metric
against which the
recurring performance
oftheGroupis
commonly measured
byitsstakeholders
and it results in using
a materiality level that
excludes the impact of
non-recurring items
whicharenotreflective
oftheGroup’songoing
trading activity.
The entity is a
holding Company
whose main
activity is the
management of
investments in
subsidiaries.
We use performance materiality to reduce to an
appropriatelylowleveltheprobabilitythattheaggregate
of uncorrected and undetected misstatements exceeds
overallmateriality.Specifically,weuseperformance
materiality in determining the scope of our audit and
thenatureandextentofourtestingofaccountbalances,
classes of transactions and disclosures, for example in
determining sample sizes. Our performance materiality
was75%(2024:75%)ofoverallmateriality,amountingto
€31.9million(2024:€31.2million)fortheGroupauditand
€18.6million(2024:€23.6million)fortheCompanyaudit.
In determining the performance materiality, we considered
anumberoffactors–thehistoryofmisstatements,
riskassessmentandaggregationriskandtheeffectiveness
ofcontrols–andconcludedthatanamountattheupper
end of our normal range was appropriate.
We agreed with the Audit Committee that we would
reporttothemmisstatementsidentifiedduringouraudit
above€2.0million(Groupaudit)(2024:€2.0million)and
€1.24million(Companyaudit)(2024:€1.58million)aswell
asmisstatementsbelowthoseamountsthat,inourview,
warranted reporting for qualitative reasons.
Conclusions relating to going concern
Ourevaluationofthedirectors’assessmentoftheGroup’s
andtheCompany’sabilitytocontinuetoadoptthegoing
concernbasisofaccountingincluded:
• evaluatingthedirectors’goingconcernassessment
(beingtheperiodof12monthsfromthedateonwhich
thefinancialstatementsareauthorisedforissue)
andchallengingthekeyassumptions.Inevaluating
theseforecasts,weconsideredtheGroup’shistoric
performance and its past record of achieving
strategicobjectives.Additionally,wehaveconsidered
management’sassessmentofthelikelyimpactwhich
the current macroeconomic environment and climate
relatedrisksmayhaveonfinancialperformanceand
liquidity for a period of 12 months from the date on
whichthefinancialstatementsareauthorisedforissue;
• testing the mathematical integrity of the forecasts
andthemodelsandreconcilingthesetoboard
approvedbudgets;
• considering whether the assumptions underlying the
basecasewereconsistentwithrelatedassumptions
usedinotherareasoftheentity’sbusinessactivities,for
exampleintestingfornon-financialassetimpairment;
• performing our own independent sensitivity analysis to
assessfurtherappropriatedownsidescenarios;and
• consideringtheGroup’savailableliquidity,financing
andmaturityprofiletoassessliquiditythroughthe
going concern assessment period.
Based on the work we have performed, we have not
identifiedanymaterialuncertaintiesrelatingtoevents
or conditions that, individually or collectively, may cast
significantdoubtontheGroup’sortheCompany’sabilityto
continue as a going concern for a period of at least twelve
monthsfromthedateonwhichthefinancialstatements
are authorised for issue.
Inauditingthefinancialstatements,wehaveconcludedthat
thedirectors’useofthegoingconcernbasisofaccounting
inthepreparationofthefinancialstatementsisappropriate.
However,becausenotallfutureeventsorconditions
canbepredicted,thisconclusionisnotaguaranteeas
totheGroup’sortheCompany’sabilitytocontinueas
agoingconcern.
Inrelationtothedirectors’reportingonhowtheyhave
appliedtheUKCorporateGovernanceCode,wehave
nothing material to add or draw attention to in relation to
thedirectors’statementinthefinancialstatementsabout
whether the directors considered it appropriate to adopt
thegoingconcernbasisofaccounting.
Wearerequiredtoreportifthedirectors’statement
relatingtogoingconcerninaccordancewithRule6.1.11(1)
(a)oftheListingRulesofEuronextDublinandRule
6.6.6(3)(a)oftheListingRulesoftheUKFinancialConduct
Authority is materially inconsistent with our knowledge
obtainedintheaudit.Wehavenothingtoreportinrespect
ofthisresponsibility.
Ourresponsibilitiesandtheresponsibilitiesofthedirectors
withrespecttogoingconcernaredescribedintherelevant
sections of this report.
Financial Statements 201Independent Auditors’ Report
Reporting on other information
The other information comprises all of the information
intheAnnualReportotherthanthefinancialstatements
andourauditors’reportthereon.Thedirectorsare
responsiblefortheotherinformation.Ouropiniononthe
financialstatementsdoesnotcovertheotherinformation
and, accordingly, we do not express an audit opinion or,
excepttotheextentotherwiseexplicitlystatedinthis
report, any form of assurance thereon.
Inconnectionwithourauditofthefinancialstatements,
ourresponsibilityistoreadtheotherinformationand,
in doing so, consider whether the other information is
materiallyinconsistentwiththefinancialstatementsor
ourknowledgeobtainedintheaudit,orotherwiseappears
tobemateriallymisstated.Ifweidentifyanapparent
material inconsistency or material misstatement, we are
required to perform procedures to conclude whether there
isamaterialmisstatementofthefinancialstatements
or a material misstatement of the other information.
If,basedontheworkwehaveperformed,weconcludethat
there is a material misstatement of this other information,
wearerequiredtoreportthatfact.Wehavenothingto
reportbasedontheseresponsibilities.
WithrespecttotheDirectors’Report,wealsoconsidered
whetherthedisclosuresrequiredbytheCompaniesAct
2014(excludingtheinformationincludedinthe‘Non
FinancialStatement’andthesustainabilityreporting
requiredbythatActonwhichwearenotrequiredtoreport)
havebeenincluded.
Basedontheresponsibilitiesdescribedaboveandourwork
undertakeninthecourseoftheaudit,ISAs(Ireland)and
the Companies Act 2014 require us to also report certain
opinionsandmattersasdescribedbelow:
• Inouropinion,basedontheworkundertakenin
the course of the audit, the information given in the
Directors’Report(excludingtheinformationincluded
inthe‘NonFinancialStatement’andthesustainability
reportingonwhichwearenotrequiredtoreport)for
theyearended31December2025isconsistentwith
thefinancialstatementsandhasbeenpreparedin
accordancewiththeapplicablelegalrequirements.
• Based on our knowledge and understanding of the
GroupandCompanyandtheirenvironmentobtainedin
the course of the audit, we did not identify any material
misstatementsintheDirectors’Report(excludingthe
informationincludedinthe‘NonFinancialStatement’
andthesustainabilityreportingonwhichwearenot
requiredtoreport).
• Inouropinion,basedontheworkundertakeninthe
courseoftheauditofthefinancialstatements,
– the description of the main features of the internal
control and risk management systems in relation to
thefinancialreportingprocess;and
– theinformationrequiredbySection1373(2)(d)ofthe
CompaniesAct2014;
included in the Report of the Directors, is consistent
withthefinancialstatementsandhasbeenprepared
inaccordancewithsection1373(2)oftheCompanies
Act2014.
• Based on our knowledge and understanding of the
Companyanditsenvironmentobtainedinthecourse
oftheauditofthefinancialstatements,wehavenot
identifiedmaterialmisstatementsinthedescription
of the main features of the internal control and risk
managementsystemsinrelationtothefinancial
reportingprocessandtheinformationrequiredby
section1373(2)(d)oftheCompaniesAct2014included
intheCorporateGovernanceReportandtheReport
oftheDirectors.
• Inouropinion,basedontheworkundertakenduring
thecourseoftheauditofthefinancialstatements,
theinformationrequiredbysection1373(2)(a),(b),(e)
and(f)oftheCompaniesAct2014andregulation6of
theEuropeanUnion(DisclosureofNon-Financialand
DiversityInformationbycertainlargeundertakingsand
groups)Regulations2017iscontainedintheCorporate
GovernanceStatement.
CorporateGovernanceStatement
TheListingRulesandISAs(Ireland)requireustoreviewthe
directors’statementsinrelationtogoingconcern,longer-
termviabilityandthatpartoftheCorporateGovernance
StatementrelatingtotheCompany’scompliancewith
theprovisionsoftheUKCorporateGovernanceCode
(the‘Code’)specifiedforourreview.Ouradditional
responsibilitieswithrespecttotheCorporateGovernance
Statementasotherinformationaredescribedinthe
Reporting on other information section of this report.
Based on the work undertaken as part of our audit,
wehaveconcludedthateachofthefollowingelements
oftheCorporateGovernanceStatementismaterially
consistentwiththefinancialstatementsandourknowledge
obtainedduringtheaudit,andwehavenothingmaterial
toaddordrawattentiontoinrelationto:
• Thedirectors’confirmationthattheyhavecarried
outarobustassessmentoftheemergingand
principalrisks;
• ThedisclosuresintheAnnualReportthatdescribe
those principal risks, what procedures are in place to
identify emerging risks and an explanation of how
thesearebeingmanagedormitigated;
• Thedirectors’statementinthefinancialstatements
aboutwhethertheyconsidereditappropriateto
adoptthegoingconcernbasisofaccountingin
preparingthem,andtheiridentificationofany
materialuncertaintiestotheGroup’sandCompany’s
abilitytocontinuetodosooveraperiodofatleast
twelve months from the date of approval of the
financialstatements;
• Thedirectors’explanationastotheirassessmentof
theGroup’sandCompany’sprospects,theperiodthis
assessmentcoversandwhytheperiodisappropriate;
and
• Thedirectors’statementastowhethertheyhavea
reasonableexpectationthattheCompanywillbeable
tocontinueinoperationandmeetitsliabilitiesasthey
fall due over the period of its assessment, including any
related disclosures drawing attention to any necessary
qualificationsorassumptions.
Financial Statements Independent Auditors’ Report202
Ourreviewofthedirectors’statementregardingthe
longer-termviabilityoftheGroupwassubstantiallylessin
scope than an audit and only consisted of making inquiries
andconsideringthedirectors’processsupportingtheir
statement;checkingthatthestatementisinalignmentwith
therelevantprovisionsoftheUKCorporateGovernance
Code;andconsideringwhetherthestatementisconsistent
withthefinancialstatementsandourknowledgeand
understandingoftheGroupandCompanyandtheir
environmentobtainedinthecourseoftheaudit.
Inaddition,basedontheworkundertakenaspartof
our audit, we have concluded that each of the following
elementsoftheCorporateGovernanceStatementis
materiallyconsistentwiththefinancialstatementsandour
knowledgeobtainedduringtheaudit:
• Thedirectors’statementthattheyconsiderthe
AnnualReport,takenasawhole,isfair,balanced
andunderstandable,andprovidestheinformation
necessaryforthememberstoassesstheGroup’sand
Company’sposition,performance,businessmodel
andstrategy;
• ThesectionoftheAnnualReportthatdescribesthe
reviewofeffectivenessofriskmanagementandinternal
controlsystems;and
• ThesectionoftheAnnualReportdescribingthework
oftheAuditCommittee.
Wehavenothingtoreportinrespectofourresponsibility
toreportwhenthedirectors’statementrelatingtothe
Company’scompliancewiththeCodedoesnotproperly
disclose a departure from a relevant provision of the Code
specifiedundertheListingRulesforreviewbytheauditors.
Responsibilitiesforthefinancial
statements and the audit
Responsibilitiesofthedirectorsforthe
financialstatements
AsexplainedmorefullyintheDirectors’Responsibility
Statementsetoutonpage50,thedirectorsareresponsible
forthepreparationofthefinancialstatementsin
accordancewiththeapplicableframeworkandforbeing
satisfiedthattheygiveatrueandfairview.
Thedirectorsarealsoresponsibleforsuchinternalcontrol
astheydetermineisnecessarytoenablethepreparation
offinancialstatementsthatarefreefrommaterial
misstatement, whether due to fraud or error.
Inpreparingthefinancialstatements,thedirectorsare
responsibleforassessingtheGroup’sandtheCompany’s
abilitytocontinueasagoingconcern,disclosingas
applicable,mattersrelatedtogoingconcernandusing
thegoingconcernbasisofaccountingunlessthedirectors
eitherintendtoliquidatetheGrouportheCompany
or to cease operations, or have no realistic alternative
buttodoso.
Auditors’responsibilitiesfortheauditofthe
financialstatements
Ourobjectivesaretoobtainreasonableassuranceabout
whetherthefinancialstatementsasawholearefreefrom
material misstatement, whether due to fraud or error,
andtoissueanauditors’reportthatincludesouropinion.
Reasonableassuranceisahighlevelofassurance,butis
not a guarantee that an audit conducted in accordance with
ISAs(Ireland)willalwaysdetectamaterialmisstatement
when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in the
aggregate,theycouldreasonablybeexpectedtoinfluence
theeconomicdecisionsofuserstakenonthebasisof
thesefinancialstatements.
Irregularities, including fraud, are instances of non-
compliance with laws and regulations. We design
proceduresinlinewithourresponsibilities,outlined
above,todetectmaterialmisstatementsinrespect
of irregularities, including fraud. The extent to which
ourproceduresarecapableofdetectingirregularities,
includingfraud,isdetailedbelow.
BasedonourunderstandingoftheGroupandindustry,
weidentifiedthattheprincipalrisksofnon-compliancewith
lawsandregulationsrelatedtobreachesofenvironmental
regulations, food safety and hygiene regulations and health
and safety regulations, and we considered the extent to
whichnon-compliancemighthaveamaterialeffectonthe
financialstatements.Wealsoconsideredthoselawsand
regulations that have a direct impact on the preparation
ofthefinancialstatementssuchastheIrishCompanies
Act2014andtaxlegislation.Weevaluatedmanagement’s
incentives and opportunities for fraudulent manipulation
ofthefinancialstatements(includingtheriskofoverride
ofcontrols),anddeterminedthattheprincipalrisks
were related to posting inappropriate journal entries to
manipulatefinancialresultsandpotentialmanagement
biasinaccountingestimates.Auditproceduresperformed
bytheengagementteamincluded:
• Discussions with the Audit Committee, management,
legal and internal audit including any known or
suspected instances of non-compliance with laws and
regulationsandfraud;
• Reading the meeting minutes of the Board of Directors,
Audit,RiskOversight,GovernanceandNomination,
SustainabilityandRemunerationCommittees;
• Considered the results of the audit procedures
performedbycomponentteamsrelatingtocompliance
withapplicablelawsandregulationsandtoaddress
assessedfraudrisk;
• ConsideredtheGroup’sassessmentofmattersreported
ontheGroup’swhistleblowingservicereferredtoasthe
‘SpeakUpProgramme’andtheresultsoftheEthicsand
ComplianceTeam’sinvestigationofmattersraisedinso
farastheyarerelatedtothefinancialstatements;
• Inspection of internal audit reports in so far as they
relatedtothefinancialstatements;
Financial Statements 203Independent Auditors’ Report
• Evaluating whether there was evidence of management
bias that represents a risk of material misstatement
dueto fraud;
• Identifying and testing journal entries, including
manual revenue entries, unusual account combinations
and consolidation journals based on our risk
assessment; and
• Designing audit procedures to incorporate elements of
unpredictability around the nature and extent of audit
procedures performed.
There are inherent limitations in the audit procedures
described above. We are less likely to become aware of
instances of non-compliance with laws and regulations that
are not closely related to events and transactions reflected
in the financial statements. Also, the risk of not detecting
a material misstatement due to fraud is higher than the
risk of not detecting one resulting from error, as fraud may
involve deliberate concealment by, for example, forgery or
intentional misrepresentations, or through collusion.
Our audit testing might include testing complete
populations of certain transactions and balances, possibly
using data auditing techniques. However, it typically
involves selecting a limited number of items for testing,
rather than testing complete populations. We will often
seek to target particular items for testing based on their
size or risk characteristics. In other cases, we will use audit
sampling to enable us to draw a conclusion about the
population from which the sample is selected.
A further description of our responsibilities for the audit of
the financial statements is located on the IAASA website at:
https://iaasa.ie/wp-content/uploads/docs/media/IAASA/
Documents/audit-standards/Description_of_auditors_
responsibilities_for_audit.pdf.
This description forms part of our auditors’ report.
Use of this report
This report, including the opinions, has been prepared
for and only for the Company’s members as a body in
accordance with section 391 of the Companies Act 2014
andfor no other purpose. We do not, in giving these
opinions, accept or assume responsibility for any other
purpose or to any other person to whom this report is
shown or into whose hands it may come save where
expressly agreed by our prior consent in writing.
Other required reporting
Companies Act 2014 opinions on
other matters
• We have obtained all the information and
explanations which we consider necessary for the
purposesofouraudit.
• In our opinion the accounting records of the Company
were sufficient to permit the Company financial
statements to be readily and properly audited.
• The Company Balance Sheet is in agreement with
theaccounting records.
Other exception reporting
Directors’ remuneration and transactions
Under the Companies Act 2014 we are required to report
to you if, in our opinion, the disclosures of directors’
remuneration and transactions specified by sections 305 to
312 of that Act have not been made. We have no exceptions
to report arising from this responsibility.
Prior financial year Non Financial Statement
We are required to report if the Company has not provided
the information required by Regulation 5(2) to 5(7) of the
European Union (Disclosure of Non-Financial and Diversity
Information by certain large undertakings and groups)
Regulations 2017 in respect of the prior financial year.
Wehave nothing to report arising from this responsibility.
Prior financial year Remuneration Report
We are required to report if the Company has not
provided the information required by Section 1110N of the
Companies Act 2014 in respect of the prior financial year.
We have nothing to report arising from this responsibility.
Appointment
We were appointed by the members on 28April2016
to audit the financial statements for the year ended
31December2016 and subsequent financial periods.
The period of total uninterrupted engagement is
10years, covering the years ended 31December2016
to31December2025.
Paul Barrie
for and on behalf of PricewaterhouseCoopers
Chartered Accountants and Statutory Audit Firm
Dublin
16February2026
Financial Statements204
CONSOLIDATED INCOME STATEMENT
forthefinancialyearended31December2025
Notes
| Before | Before | ||||||
| Non- | Non- | Non- | Non- | ||||
| Trading | Trading | Trading | Trading | ||||
| Items | Items | Total | Items | Items | Total | ||
| 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | ||
| €’m | €’m | €’m | €’m | €’m | €’m | ||
| Continuing operations | |||||||
Revenue | 2 | ||||||
| Earnings before interest, tax, depreciation | 2/3 | ||||||
| andamortisation | |||||||
Depreciation(net)andintangibleassetamortisation | 3 | ( | ( | ( | ( | ||
Non-trading items | 5 | ( | ( | ( | ( | ||
Operating profit | ( | ( | |||||
Finance income | 6 | ||||||
Finance costs | 6 | ( | ( | ( | ( | ||
Other income | 6 | ||||||
Shareofjointventures’resultsaftertaxation | 15 | ( | ( | ( | ( | ||
Profit before taxation | ( | ( | |||||
Income taxes | 5/7 | ( | ( | ( | ( | ||
Profit from continuing operations | ( | ( | |||||
| Discontinued operations | |||||||
Profitfromdiscontinuedoperations | 5/8 | ||||||
Profit after taxation | ( | ( | |||||
| Attributable to: | |||||||
Equityholdersoftheparent–continuingoperations | |||||||
Equityholdersoftheparent–discontinuedoperations | |||||||
Non-controllinginterests–continuingoperations | |||||||
Earnings per A ordinary share – attributable to equity holders of the parent | Cent | Cent | |||||
| Basic Earnings Per Share (cent) | |||||||
Continuing operations | 10 | ||||||
Discontinued operations | 10 | ||||||
| Diluted Earnings Per Share (cent) | |||||||
Continuing operations | 10 | ||||||
Discontinued operations | 10 | ||||||
Financial Statements 205
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
forthefinancialyearended31December2025
Notes
| 2025 | 2024 | ||
| €’m | €’m | ||
Profitaftertaxation | |||
| Other comprehensive income: | |||
| Items that are or may be reclassified subsequently to profit or loss: | |||
Fairvaluemovementsoncashflowhedges | 25 | ||
Cashflowhedges–reclassifiedtoprofitorlossfromequity | 25 | ( | |
Net change in cost of hedging | 25 | ||
Deferredtaxeffectoffairvaluemovementsoncashflowhedges | 18 | ( | |
| Exchangedifferenceontranslationofforeignoperations | |||
–Continuingoperations | 36 | ( | |
| Cumulativeexchangedifferenceontranslationrecycledondisposal | |||
–Continuingoperations | 36 | ( | |
–Discontinuedoperations | 8 | ( | |
| Items that will not be reclassified subsequently to profit or loss: | |||
Re-measurementonretirementbenefitsobligation | 27 | ( | |
Deferredtaxeffectofre-measurementonretirementbenefitsobligation | 18 | ( | |
Net (expense)/income recognised directly in total other comprehensive income | ( | ||
Total comprehensive income | |||
| Attributableto: | |||
Equityholdersoftheparent–continuingoperations | |||
Equityholdersoftheparent–discontinuedoperations | |||
Non-controllinginterests–continuingoperations | |||
Financial Statements206
CONSOLIDATED BALANCE SHEET
asat31December2025
Notes
| 31 December | 31December | ||
| 2025 | 2024 | ||
| €’m | €’m | ||
| Non-current assets | |||
Property, plant and equipment | 12 | ||
Intangibleassets | 13 | ||
Financial asset investments | 14 | ||
Investments in joint ventures | 15 | ||
Othernon-currentfinancialinstruments | 24/25 | ||
Retirementbenefitsasset | 27 | ||
Deferred tax assets | 18 | ||
| Current assets | |||
Inventories | 17 | ||
Tradeandotherreceivables | 20 | ||
Cashatbankandinhand | 24 | ||
Othercurrentfinancialinstruments | 24/25 | ||
Tax assets | |||
Assetsclassifiedasheldforsale | 19 | ||
Total assets | |||
| Current liabilities | |||
Tradeandotherpayables | 21 | ||
Borrowings and overdrafts | 24/25 | ||
Othercurrentfinancialinstruments | 24/25 | ||
Taxliabilities | |||
Provisions | 26 | ||
Deferred income | 22 | ||
| Non-current liabilities | |||
Borrowings | 24/25 | ||
Othernon-currentfinancialinstruments | 24/25 | ||
Retirementbenefitsobligation | 27 | ||
Othernon-currentliabilities | 23 | ||
Deferredtaxliabilities | 18 | ||
Provisions | 26 | ||
Deferred income | 22 | ||
Total liabilities | |||
Net assets | |||
| Equity | |||
Share capital | 28 | ||
Share premium | 36 | ||
Other reserves | ( | ||
Retained earnings | |||
Equityattributabletoequityholdersoftheparent | |||
Non-controlling interests | |||
Total equity |
Financial Statements 207
COMPANY BALANCE SHEET
asat31December2025
Notes
| 31 December | 31December | ||
| 2025 | 2024 | ||
| €’m | €’m | ||
| Non-current assets | |||
Investmentsinsubsidiaries | 16 | 1,049.8 | 1,049.8 |
Othernon-currentfinancialinstruments | 24/25 | – | 148.5 |
1,049.8 | 1,198.3 | ||
| Current assets | |||
Cashatbankandinhand | 24 | – | – |
Tradeandotherreceivables | 20 | 1,446.2 | 2,039.5 |
1,446.2 | 2,039.5 | ||
Total assets | 2,496.0 | 3,237.8 | |
| Current liabilities | |||
Tradeandotherpayables | 21 | 13.5 | 79.1 |
13.5 | 79.1 | ||
Total liabilities | 13.5 | 79.1 | |
Net assets | 2,482.5 | 3,158.7 | |
| Issued capital and reserves | |||
Share capital | 28 | 20.1 | 20.8 |
Share premium | 36 | 398.7 | 1,879.2 |
Other reserves | 233.8 | 197.1 | |
Retained earnings | 36 | 1,829.9 | 1,061.6 |
Shareholders’ equity | 2,482.5 | 3,158.7 |
TheCompanyearnedaprofitaftertaxationof€3.3mforthefinancialyearended31December2025(2024:€2,695.6m)
asdisclosedinNote9.
ThefinancialstatementswereapprovedbytheBoardofDirectorson16February2026andsignedonitsbehalfby:
TomMoran,Chair EdmondScanlon,ChiefExecutiveOfficer
Financial Statements208
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
forthefinancialyearended31December2025
| 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 | ( | |||||||
Profitaftertaxation | ||||||||
Other comprehensive income | ||||||||
Total comprehensive income | ||||||||
Shares issued during the financialyear | 28 | |||||||
| Shares(purchased)/cancelled | 28 | ( | ( | ( | ( | |||
| duringthefinancialyear | ||||||||
Dividends paid | 11 | ( | ( | ( | ||||
Share-basedpaymentexpense | 29 | |||||||
At31December2024 | ||||||||
Profitaftertaxation | ||||||||
Other comprehensive expense | ( | ( | ( | ( | ||||
| Total comprehensive | ( | |||||||
| (expense)/income | ||||||||
Shares issued during the financialyear | 28 | |||||||
| Shares(purchased)/cancelled | 28 | ( | ( | ( | ( | |||
| duringthefinancialyear | ||||||||
Share premium reduction | 36 | ( | ||||||
Dividends paid | 11 | ( | ( | ( | ||||
Share-basedpaymentexpense | 29 | |||||||
At 31 December 2025 | ( |
Other Reserves comprise the following:
| Share- | ||||||||
| Capital | Other | Based | Cost of | |||||
| Redemption | Undenominated | Payment | Translation | Hedging | Hedging | |||
| Reserve | Capital | Reserve | Reserve | Reserve | Reserve | Total | ||
| Notes | €’m | €’m | €’m | €’m | €’m | €’m | €’m | |
At 1 January 2024 | ( | ( | ( | |||||
Other comprehensive income/(expense) | ( | |||||||
Shares cancelled during the financialyear | ||||||||
Share-basedpaymentexpense | 29 | |||||||
At31December2024 | ( | |||||||
| Other comprehensive | ( | ( | ||||||
| (expense)/income | ||||||||
Shares cancelled during the financialyear | ||||||||
Share-basedpaymentexpense | 29 | |||||||
At 31 December 2025 | ( | ( |
Thenatureandpurposeofeachreservewithinshareholders’equityisdescribedinnote36.
Financial Statements 209
COMPANY STATEMENT OF CHANGES IN EQUITY
forthefinancialyearended31December2025
Notes
| Share | Share | Other | Retained | |||
| Capital | Premium | Reserves | Earnings | Total | ||
| €’m | €’m | €’m | €’m | €’m | ||
| Company: | ||||||
At 1 January 2024 | 21.9 | 398.7 | 154.1 | 872.9 | 1,447.6 | |
Profitaftertaxation | 9 | – | – | – | 2,695.6 | 2,695.6 |
Other comprehensive income | – | – | – | – | – | |
Total comprehensive income | – | – | – | 2,695.6 | 2,695.6 | |
Sharesissuedduringthefinancialyear | 28 | 2.1 | 1,480.5 | – | – | 1,482.6 |
| Shares(purchased)/cancelledduringthe | 28 | (3.2) | – | 3.2 | (2,301.7) | (2,301.7) |
| financialyear | ||||||
Dividends paid | 11 | – | – | – | (205.2) | (205.2) |
Share-basedpaymentexpense | 29 | – | – | 39.8 | – | 39.8 |
At31December2024 | 20.8 | 1,879.2 | 197.1 | 1,061.6 | 3,158.7 | |
Profitaftertaxation | 9 | – | – | – | 3.3 | 3.3 |
Other comprehensive income | – | – | – | – | – | |
Total comprehensive income | – | – | – | 3.3 | 3.3 | |
Sharesissuedduringthefinancialyear | 28 | – | – | – | – | – |
| Shares(purchased)/cancelledduringthe | 28 | (0.7) | – | 0.7 | (500.3) | (500.3) |
| financialyear | ||||||
Share premium reduction | 36 | – | (1,480.5) | – | 1,480.5 | – |
Dividends paid | 11 | – | – | – | (215.2) | (215.2) |
Share-basedpaymentexpense | 29 | – | – | 36.0 | – | 36.0 |
At 31 December 2025 | 20.1 | 398.7 | 233.8 | 1,829.9 | 2,482.5 |
Other Reserves comprise the following:
Notes
| Capital | Other | Share-Based | |||
| Redemption | Undenominated | Payment | |||
| Reserve | Capital | Reserve | Total | ||
| €’m | €’m | €’m | €’m | ||
At 1 January 2024 | 1.9 | 0.3 | 151.9 | 154.1 | |
Other comprehensive income | – | – | – | – | |
Sharescancelledduringthefinancialyear | 3.2 | – | – | 3.2 | |
Share-basedpaymentexpense | 29 | – | – | 39.8 | 39.8 |
At31December2024 | 5.1 | 0.3 | 191.7 | 197.1 | |
Other comprehensive income | – | – | – | – | |
Sharescancelledduringthefinancialyear | 0.7 | – | – | 0.7 | |
Share-basedpaymentexpense | 29 | – | – | 36.0 | 36.0 |
At 31 December 2025 | 5.8 | 0.3 | 227.7 | 233.8 |
Thenatureandpurposeofeachreservewithinshareholders’equityisdescribedinnote36.
Financial Statements210
CONSOLIDATED STATEMENT OF CASH FLOWS
forthefinancialyearended31December2025
Notes
| 2025 | 2024 | ||
| €’m | €’m | ||
| Cash flows from operating activities | |||
Profitbeforetaxation | |||
| Adjustments for: | |||
Depreciation(net) | |||
Intangibleassetamortisation | |||
Shareofjointventures’resultsaftertaxation | 15 | ||
Non-trading items income statement charge | 5 | ||
Financecosts(net) | 6/8 | ||
Other income | 6 | ( | |
Change in working capital | 30 | ( | ( |
Pensioncontributionspaidlesspensionexpense | ( | ( | |
Payments on non-trading items | ( | ( | |
Exchange translation adjustment | ( | ||
Cash generated from operations | |||
Income taxes paid | ( | ( | |
Finance income received | |||
Finance costs paid | ( | ( | |
Net cash from operating activities | |||
| Investing activities | |||
Purchase of assets | 30 | ( | ( |
Inflow/(outflow)fromthesaleofassets(netofdisposalexpenses) | 5/8 | ( | |
Capital grants received | |||
Purchaseofbusinesses(netofcashacquired) | 31 | ( | ( |
Payments relating to previous acquisitions | ( | ( | |
Purchase of investments | 14 | ( | |
Disposalofbusinesses(netofdisposalexpenses) | 5/8 | ( | |
Net cash used in investing activities | ( | ( | |
| Financing activities | |||
Dividends paid | 11 | ( | ( |
Purchase of own shares | 28 | ( | ( |
Paymentofleaseliabilities | 30 | ( | ( |
Issue of share capital | 28 | ||
Repaymentofborrowings | 30 | ( | ( |
Cashinflowfrominterestrateswapsonrepaymentofborrowings | 30 | ||
Proceedsfromborrowings | 30 | ||
Net cash movement due to financing activities | ( | ||
Net (decrease)/increase in cash and cash equivalents | ( | ||
Cashandcashequivalentsatbeginningofthefinancialyear | |||
Exchange translation adjustment on cash and cash equivalents | ( | ||
Cash and cash equivalents at end of the financial year | 30 | ||
| Reconciliation of Net Cash Flow to Movement in Net Debt | |||
Net(decrease)/increaseincashandcashequivalents | ( | ||
Cashflowfromdebtfinancing | ( | ||
Changesinnetdebtresultingfromcashflows | ( | ( | |
Fairvaluemovementoninterestrateswaps(netofadjustmenttoborrowings) | 30 | ( | |
Exchangetranslationadjustmentonnetdebt | 30 | ( | |
Movementinnetdebtinthefinancialyear | ( | ( | |
Netdebtatbeginningofthefinancialyear–preleaseliabilities | ( | ( | |
Net debt at end of the financial year – pre lease liabilities | 24 | ( | ( |
Leaseliabilities | 12/30 | ( | ( |
Net debt at end of the financial year | 24/30 | ( | ( |
2024includesbothcontinuinganddiscontinuedoperations.Seenote8forfurtherinformation.
Financial Statements 211
COMPANY STATEMENT OF CASH FLOWS
forthefinancialyearended31December2025
Notes
| 2025 | 2024 | ||
| €’m | €’m | ||
| Cash flows from operating activities | |||
(Loss)/profitbeforetaxation | (2.1) | 2,692.5 | |
| Adjustments for: | |||
Non-tradingitemsincomestatementcharge/(income) | 1.1 | (179.0) | |
Finance costs | – | 1.5 | |
Finance income | (10.1) | (5.6) | |
Change in working capital | 30 | 726.6 | (1,625.2) |
Cash generated from operations | 715.5 | 884.2 | |
Finance income received | 10.1 | 5.6 | |
Net cash from operating activities | 725.6 | 889.8 | |
| Investing activities | |||
Investmentsinsubsidiaryundertakings | 16 | – | (123.9) |
Disposalofbusinesses(netofdisposalexpenses) | (10.1) | (4.2) | |
Net cash used in investing activities | (10.1) | (128.1) | |
| Financing activities | |||
Dividends paid | 11 | (215.2) | (205.2) |
Issue of share capital | 28 | – | – |
Purchase of own shares | 28 | (500.3) | (556.5) |
Net cash movement due to financing activities | (715.5) | (761.7) | |
Net movement in cash and cash equivalents | – | – | |
Cashandcashequivalentsatbeginningofthefinancialyear | – | – | |
Cash and cash equivalents at end of the financial year | 30 | – | – |
Financial Statements212 Notes to the Financial Statements
NOTES TO THE FINANCIAL STATEMENTS
forthefinancialyearended31December2025
1. Statement of accounting policies
Financial Statements 213Notes to the Financial Statements
1. Statement of accounting policies
(continued)
Financial Statements214 Notes to the Financial Statements
1. Statement of accounting policies
(continued)
Segmental analysis (continued)
Financial Statements 215Notes to the Financial Statements
1. Statement of accounting policies
(continued)
Financial Statements216 Notes to the Financial Statements
1. Statement of accounting policies
(continued)
Financial Statements 217Notes to the Financial Statements
1. Statement of accounting policies
(continued)
Income taxes (continued)
Financial Statements218 Notes to the Financial Statements
1. Statement of accounting policies
(continued)
Financial Statements 219Notes to the Financial Statements
1. Statement of accounting policies
(continued)
Financial Statements220 Notes to the Financial Statements
1. Statement of accounting policies
(continued)
Financial instruments (continued)
Financial Statements 221Notes to the Financial Statements
1. Statement of accounting policies
(continued)
Financial instruments (continued)
Financial Statements222 Notes to the Financial Statements
1. Statement of accounting policies (continued)
Critical accounting estimates and judgements (continued)
Financial Statements 223Notes to the Financial Statements
| Re-presented | ||||||||||
| Unallocated | Unallocated | |||||||||
| Europe | Americas | APMEA | Corporate | Total | Europe | Americas | APMEA | Corporate | Total | |
| 2025 | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 | 2024 | |
| €’m | €’m | €’m | €’m | €’m | €’m | €’m | €’m | €’m | €’m | |
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 |
EBITDA 1 | 251.6 | 745.3 | 275.2 | (64.0) | 1,208.1 | 250.0 | 741.1 | 265.0 | (68.1) | 1,188.0 |
| Depreciation | (42.9) | (116.5) | (60.3) | (0.3) | (220.0) | (43.8) | (116.5) | (51.2) | (0.3) | (211.8) |
| (net) | ||||||||||
| Intangible asset | (15.6) | (29.9) | (15.0) | (28.5) | (89.0) | (14.1) | (30.5) | (14.9) | (28.1) | (87.6) |
| amortisation | ||||||||||
| Non-trading | – | – | – | (94.5) | (94.5) | – | – | – | (55.8) | (55.8) |
| items | ||||||||||
| Operating | 193.1 | 598.9 | 199.9 | (187.3) | 804.6 | 192.1 | 594.1 | 198.9 | (152.3) | 832.8 |
| profit | ||||||||||
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) | ||||||||
Profit before taxation | 758.7 | 778.4 | ||||||||
Income taxes | (99.9) | (105.0) | ||||||||
Profit after taxation from continuing operations | 658.8 | 673.4 | ||||||||
Profit after taxation from discontinued operations | – | 61.0 | ||||||||
Profit after taxation | 658.8 | 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 | 0.3 | – | ||||||||
658.8 | 734.4 |
Financial Statements224 Notes to the Financial Statements
2. Analysis of results (continued)
| Re-presented | ||||||||||
| Unallocated | Unallocated | |||||||||
| Europe | Americas | APMEA | Corporate | Total | Europe | Americas | APMEA | Corporate | Total | |
| 2025 | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 | 2024 | |
| €’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 |
| Other segmental information | ||||||||||
| Raw material | (649.2) | (1,726.0) | (888.5) | – | (3,263.7) | (668.6) | (1,777.5) | (915.0) | – | (3,361.1) |
and consumables | ||||||||||
| Other general | (253.4) | (550.2) | (192.4) | (9.1) | (1,005.1) | (264.1) | (573.4) | (200.5) | (9.5) | (1,047.5) |
| overheads |
| 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 |
Financial Statements 225Notes to the Financial Statements
| 2025 | 2024 | ||
| €’m | €’m | ||
Revenue | 6,757.6 | 6,929.1 | |
| Less operating costs: | |||
Raw materials and consumables | 3,263.7 | 3,361.1 | |
Other general overheads | 1,005.1 | 1,047.5 | |
Staff costs | 4 | 1,255.1 | 1,316.5 |
Movement in loss allowances on trade receivables | 20 | (8.4) | 1.6 |
Foreign exchange (gains)/losses | (3.2) | 6.7 | |
Change in inventories of finished goods | 17 | 37.2 | 7.7 |
Earnings before interest, tax, depreciation and amortisation | 1,208.1 | 1,188.0 | |
| Depreciation (net): | |||
– property, plant and equipment | 12 (i)/8 | 178.2 | 172.8 |
– right-of-use assets | 12 (ii)/8 | 42.7 | 39.8 |
– capital grants amortisation | 22/8 | (0.9) | (0.8) |
Intangible asset amortisation | 13/8 | 89.0 | 87.6 |
Non-trading items | 5/8 | 94.5 | 55.8 |
Operating profit | 804.6 | 832.8 | |
| And is stated after charging: | |||
Research and development costs | 314.2 | 304.4 |
| PwC | PwC | PwC | PwC | PwC | PwC | |
| Ireland | Other | Worldwide | Ireland | Other | Worldwide | |
| 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | |
| €’m | €’m | €’m | €’m | €’m | €’m | |
| Statutory disclosure: | ||||||
Group audit | 1.1 | 2.2 | 3.3 | 1.4 | 2.4 | 3.8 |
Other assurance services | 0.5 | – | 0.5 | 0.6 | – | 0.6 |
Total assurance services | 1.6 | 2.2 | 3.8 | 2.0 | 2.4 | 4.4 |
Tax advisory services | – | 0.2 | 0.2 | – | – | – |
Other non-audit services | – | – | – | – | – | – |
Total non-audit services | – | 0.2 | 0.2 | – | – | – |
| Total auditors’ | 1.6 | 2.4 | 4.0 | 2.0 | 2.4 | 4.4 |
| remuneration | ||||||
Assurance services | 95% | 100% | ||||
Non-audit services | 5% | 0% | ||||
Total | 100% | 100% |
Financial Statements226 Notes to the Financial Statements
| Europe | Americas | APMEA | Total | Europe | Americas | APMEA | Total | |
| 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 | |
Total staff numbers 1 | 3,810 | 9,764 | 6,387 | 19,961 | 3,856 | 9,843 | 6,447 | 20,146 |
| Europe | Americas | APMEA | Total | Europe | Americas | APMEA | Total | |
| 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 | |
| €’m | €’m | €’m | €’m | €’m | €’m | €’m | €’m | |
Total payroll costs 1 | 295.9 | 713.5 | 245.7 | 1,255.1 | 299.2 | 753.6 | 263.7 | 1,316.5 |
5. Non-trading items
2025 | 2024 | ||||||
| Gross | Net | ||||||
| Gross | Net | (cost)/ | (cost)/ | ||||
| cost | Tax | cost | profit | Tax | 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 | (iii) | (13.8) | 1.3 | (12.5) | (7.7) | 2.0 | (5.7) |
| and assets | |||||||
| Non-trading items – | (94.5) | 20.1 | (74.4) | (55.8) | 12.2 | (43.6) | |
| continuing operations | |||||||
| Profit on disposal of businesses | (iv) | – | – | – | 24.2 | 3.6 | 27.8 |
| and assets – discontinued operations | |||||||
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 the 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.
Financial Statements 227Notes to the Financial Statements
5. Non-trading items (continued)
(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 (see note 8 for further details).
| 2025 | 2024 | ||
| Notes | €’m | €’m | |
| Finance income: | |||
Interest income on deposits | 21.5 | 24.5 | |
Interest income on vendor loan note | 11.7 | 10.3 | |
Finance income | 33.2 | 34.8 | |
| Finance costs: | |||
Interest payable and finance charges | (81.6) | (85.9) | |
Interest on lease liabilities | 12 (iii.i) | (6.2) | (3.8) |
(87.8) | (89.7) | ||
Net interest income on retirement benefits obligation | 27 (i) | 2.4 | 1.4 |
Finance costs | (85.4) | (88.3) | |
Net finance costs | (52.2) | (53.5) | |
| Other income: | |||
Other financial asset at FVPL – fair value movement | 7.5 | – |
Financial Statements228 Notes to the Financial Statements
| 2025 | 2024 | ||
| Notes | €’m | €’m | |
| Recognition in the Consolidated Income Statement (before credit on non-trading items) | |||
Current tax expense in the financial year | 118.3 | 129.3 | |
Adjustments in respect of prior years | (0.5) | (0.7) | |
117.8 | 128.6 | ||
Deferred tax in the financial year | 2.2 | (5.4) | |
Income tax expense (before credit on non-trading items) | 120.0 | 123.2 | |
Income tax expense (before credit on non-trading items) on continuing operations | 120.0 | 117.2 | |
Income tax expense (before credit on non-trading items) on discontinued operations | – | 6.0 | |
Income tax expense (before credit on non-trading items) | 120.0 | 123.2 | |
| (Credit)/charge on non-trading items: | |||
Current tax | (19.0) | (20.3) | |
Deferred tax | (1.1) | 4.5 | |
5 | (20.1) | (15.8) | |
Credit on non-trading items on continuing operations | (20.1) | (12.2) | |
Credit on non-trading items on discontinued operations | – | (3.6) | |
(20.1) | (15.8) | ||
| Recognition in the Consolidated Income Statement (after credit on non-trading items) | |||
Current tax expense in the financial year | 99.3 | 109.0 | |
Adjustments in respect of prior years | (0.5) | (0.7) | |
98.8 | 108.3 | ||
Deferred tax in the financial year | 18 | 1.1 | (0.9) |
Income tax expense (after credit on non-trading items) | 99.9 | 107.4 | |
Income tax expense on continuing operations | 99.9 | 105.0 | |
Income tax expense on discontinued operations | – | 2.4 | |
Income tax expense (after credit on non-trading items) | 99.9 | 107.4 |
Financial Statements 229Notes to the Financial Statements
7. Income taxes (continued)
| 2025 | 2024 | |
| €’m | €’m | |
Profit before taxation – continuing operations | 758.7 | 778.4 |
Profit before taxation – discontinued operations | – | 63.4 |
Profit before taxation | 758.7 | 841.8 |
Taxed at Irish Standard Rate of Tax (12.5%) | 94.8 | 105.2 |
Adjustments to current tax and deferred tax in respect of prior years | (0.4) | 0.1 |
Net effect of differing tax rates | 8.9 | 14.5 |
Income not subject to tax | (4.7) | (8.9) |
Recognition of unprovided deferred tax assets | – | (5.1) |
Other adjusting items | 1.3 | 1.6 |
Income tax expense | 99.9 | 107.4 |
Income tax expense – continuing operations | 99.9 | 105.0 |
Income tax expense – discontinued operations | – | 2.4 |
Income tax expense – Total | 99.9 | 107.4 |
Financial Statements230 Notes to the Financial Statements
8. Discontinued operations
There are no discontinued operations for the year ended 31 December 2025.
On 12 November 2024, the Group announced that it had 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.
The sale comprised two stages:
1. Phase 1, wherein the Co-Op acquired a 70% shareholding in Kerry Dairy Ireland, with the Group retaining a 30%
shareholding. Phase 1 consideration comprised redemption of a portion of the Co-Op’s shareholding in Kerry;
cash receivable; and a vendor loan receivable. The Group is entitled to a fixed dividend of €7.5 million per annum
during the period of the joint ownership.
2. Phase 2, wherein the Group and the Co-Op have agreed to a put-call arrangement that will transfer the
remaining 30% shareholding in Kerry Dairy Ireland to the Co-Op. At any time on or prior to 31 July 2035,
the Co-Op will have the right to purchase the remaining 30% shareholding in Kerry Dairy Ireland in exchange
for cash in an amount of €150 million (the ‘Call Option’). In the event that the Co-Op does not exercise the Call
Option before 31 July 2030, the Group will have the right at any time after 31 July 2030 and on or prior to 31 July
2035, to require the Co-Op to purchase the entire 30% shareholding in Kerry Dairy Ireland for a consideration of
€150 million (the ‘Put Option’).
The agreement for the sale of Kerry Dairy Ireland was approved by Co-Op members and by the Group’s shareholders
on 16 December 2024 and 19 December 2024, respectively. Pursuant to respective shareholder approval, Phase 1
of the sale of Kerry Dairy Ireland (which formed the Dairy Ireland segment), completed on 31 December 2024.
Accordingly, the Group ceased to control Kerry Dairy Ireland on 31 December 2024. The Group analysed the
quantitative and qualitative factors relevant to Kerry Dairy Ireland and determined that the criteria for discontinued
operations presentation were met as at 31 December 2024. The operating results of Kerry Dairy Ireland were therefore
reported separately as discontinued operations, net of income tax expense, in the Consolidated Income Statement and
Consolidated Statement of Comprehensive Income for the financial year ended 31 December 2024.
Accounting for the Group’s 30% shareholding in Kerry Dairy Ireland requires judgement relating to accounting
treatment for this investment and the put and call options that are part of the transaction. The terms and conditions
of the call option are relevant in determining the accounting treatment for the 30% shareholding, as the Group needs
to determine whether the 30% shareholding represents a joint arrangement or an associate over which the Group
has significant influence. There is judgement in determining whether the call option held by the Co-Op is substantive.
The Co-Op’s call option is immediately exercisable and in management’s judgement this gives the Co-Op control of
Kerry Dairy Ireland. The existence and effect of the immediately exercisable call option held by the Co-Op means the
Group’s current interest in Kerry Dairy Ireland is limited to the €150m call option price. As a result, the Group doesn’t
have access to the economic benefits associated with a present ownership interest in Kerry Dairy Ireland and therefore
does not have significant influence. The 30% shareholding therefore represents a financial asset and this asset is
accounted for at fair value through profit and loss. Refer to notes 24 and 25 for further detail.
Financial Statements 231Notes to the Financial Statements
8. Discontinued operations (continued)
(i) Analysis of costs by nature
| 2024 | ||
| Notes | €’m | |
Revenue | 1,315.1 | |
Inter-segment revenue | (263.6) | |
Discontinued revenue | 1,051.5 | |
| Less operating costs: | ||
Raw materials and consumables | 747.0 | |
Other general overheads | 142.0 | |
Staff costs | 108.3 | |
Movement in allowances on trade receivables | – | |
Foreign exchange gains | (1.2) | |
Change in inventories of finished goods | (7.4) | |
Earnings before interest, tax, depreciation and amortisation | 62.8 | |
| Depreciation (net): | ||
– property, plant and equipment | 12 (i) | 23.1 |
– right-of-use assets | 12 (ii) | 0.8 |
– capital grants amortisation | 22 | (0.9) |
Intangible asset amortisation | 13 | 0.2 |
Non-trading items | 5 | (24.2) |
Operating profit | 63.8 | |
Finance costs | (0.4) | |
Profit before taxation | 63.4 | |
Income taxes | (2.4) | |
Profit from discontinued operations | 61.0 | |
| Operating profit is stated after charging: | ||
Research and development costs | 5.4 |
(ii) Other comprehensive income movement from discontinued operations
| 2024 | |
| €’m | |
Profit from discontinued operations | 61.0 |
Cumulative exchange difference on translation recycled on disposal | (0.6) |
Total comprehensive income | 60.4 |
(iii) Cash flows (used in)/from discontinued operations
| 2024 | |
| €’m | |
Net cash from operating activities | 27.6 |
Net cash used in investing activities | (27.7) |
Net cash used in financing activities | (0.8) |
Net cash flows for the period | (0.9) |
Financial Statements232 Notes to the Financial Statements
8. Discontinued operations (continued)
| Total | ||
| 2024 | ||
| Notes | €’m | |
Property, plant and equipment (net of grants) – disposed | 12/22 | (205.3) |
Goodwill | 13 | (132.2) |
Brand related intangible assets | 13 | (24.4) |
Computer software | 13 | (0.3) |
Cash disposed | (10.3) | |
Inventories | (110.0) | |
Trade and other receivables | (224.8) | |
Deferred tax liabilities | 15.1 | |
Trade and other payables | 191.5 | |
Net amounts due to Kerry entities | 34 | 12.3 |
| (488.4) | ||
| Consideration | ||
Share redemption consideration | 261.9 | |
Consideration receivable – to be satisfied in cash 1 | 56.0 | |
Working capital – receivable on closing 1 | 47.5 | |
Phase 1 vendor loan receivable 2 | 20.6 | |
Retained investment in Kerry Dairy Ireland | 150.0 | |
| 536.0 | ||
Disposal related costs | (24.0) | |
| 512.0 | ||
Cumulative exchange difference on translation recycled on disposal | 0.6 | |
Profit on disposal of businesses and assets (before tax) | 24.2 | |
Tax on above | 3.6 | |
Profit on disposal of businesses and assets (net of related tax) | 27.8 |
| Total | |
| 2024 | |
| €’m | |
Consideration received | – |
Less: cash disposed | (10.3) |
Less: disposal related costs paid | (5.3) |
| (15.6) |
9. Profit attributable to Kerry Group plc
In accordance with section 304(2) of the Companies Act, 2014, the Company is availing of the exemption from
presenting its individual income statement to the Annual General Meeting and from filing it with the Registrar of
Companies. The Company’s profit after taxation for the financial year is €3.3m (2024: €2,695.6m). In 2024, the profit
primarily arose due to the receipt of dividends from subsidiaries of the Company.
Financial Statements 233Notes to the Financial Statements
10. 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 | 28 | 161.10 | 166.44 |
11. Dividends
| 2025 | 2024 | |
| €’m | €’m | |
| Group and Company: | ||
| Amounts recognised as distributions to equity shareholders in the financial year | ||
Final 2024 dividend of | 147.0 | 140.4 |
| (Final 2023 dividend of | ||
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) |
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.
| 2025 | 2024 | ||
| Notes | €’m | €’m | |
| Group: | |||
Property, plant and equipment | (i) | 1,921.2 | 2,026.6 |
Right-of-use assets | (ii) | 100.0 | 80.1 |
2,021.2 | 2,106.7 |
Financial Statements234 Notes to the Financial Statements
12. Property, plant and equipment (continued)
| Plant, | ||||||
| Machinery | ||||||
| Land and | and | Construction | Motor | |||
| Buildings | Equipment | in Progress | Vehicles | Total | ||
| Notes | €’m | €’m | €’m | €’m | €’m | |
| Group: | ||||||
| Cost | ||||||
At 1 January 2024 | 1,348.5 | 2,147.1 | 208.6 | 14.7 | 3,718.9 | |
Businesses acquired | 20.2 | 22.8 | – | – | 43.0 | |
Additions | 13.3 | 25.2 | 226.9 | 0.7 | 266.1 | |
Transfer from construction in progress | 42.1 | 158.8 | (200.9) | – | – | |
Disposal of discontinued operations | (169.9) | (425.0) | (8.7) | (6.2) | (609.8) | |
Disposals | (11.3) | (64.3) | – | (2.7) | (78.3) | |
Transfer to held for sale | (3.5) | (1.2) | – | – | (4.7) | |
Exchange translation adjustment | 43.0 | 65.7 | 6.1 | (0.6) | 114.2 | |
At 31 December 2024 | 1,282.4 | 1,929.1 | 232.0 | 5.9 | 3,449.4 | |
Businesses acquired | 31 | 0.8 | 9.7 | – | – | 10.5 |
Additions | 2.7 | 15.5 | 210.4 | 1.1 | 229.7 | |
Transfer from construction in progress | 79.0 | 164.0 | (243.0) | – | – | |
Disposals | (9.5) | (42.5) | (0.4) | (1.1) | (53.5) | |
Transfer to held for sale | 19 | (10.5) | (1.7) | – | – | (12.2) |
Exchange translation adjustment | (104.8) | (151.1) | (15.2) | – | (271.1) | |
At 31 December 2025 | 1,240.1 | 1,923.0 | 183.8 | 5.9 | 3,352.8 | |
Accumulated depreciation and impairment | ||||||
At 1 January 2024 | 438.1 | 1,199.6 | – | 10.9 | 1,648.6 | |
Charge during the financial year | 43.7 | 151.0 | – | 1.2 | 195.9 | |
Disposal of discontinued operations | (69.6) | (325.2) | – | (5.7) | (400.5) | |
Disposals | (10.4) | (61.6) | – | (2.1) | (74.1) | |
Transfer to held for sale | (1.3) | (0.7) | – | – | (2.0) | |
Impairments | – | 1.4 | – | – | 1.4 | |
Exchange translation adjustment | 13.6 | 39.9 | – | – | 53.5 | |
At 31 December 2024 | 414.1 | 1,004.4 | – | 4.3 | 1,422.8 | |
Charge during the financial year | 3 | 40.2 | 137.0 | – | 1.0 | 178.2 |
Disposals | (6.2) | (36.3) | – | (0.7) | (43.2) | |
Transfer to held for sale | 19 | (5.9) | (1.1) | – | – | (7.0) |
Impairments | 0.1 | 0.1 | – | – | 0.2 | |
Exchange translation adjustment | (35.7) | (83.7) | – | – | (119.4) | |
At 31 December 2025 | 406.6 | 1,020.4 | – | 4.6 | 1,431.6 | |
| Carrying value | ||||||
At 31 December 2024 | 868.3 | 924.7 | 232.0 | 1.6 | 2,026.6 | |
At 31 December 2025 | 833.5 | 902.6 | 183.8 | 1.3 | 1,921.2 |
Financial Statements 235Notes to the Financial Statements
12. Property, plant and equipment (continued)
| Plant, | |||||
| Machinery | |||||
| Land and | and | Motor | |||
| Buildings | Equipment | Vehicles | Total | ||
| Notes | €’m | €’m | €’m | €’m | |
| Group: | |||||
| Cost | |||||
At 1 January 2024 | 104.8 | 32.4 | 14.4 | 151.6 | |
Businesses acquired | – | – | 0.1 | 0.1 | |
Additions | 48.9 | 11.1 | 4.2 | 64.2 | |
Disposal of discontinued operations | (4.0) | (3.1) | (0.1) | (7.2) | |
Terminations | (13.9) | (4.8) | (1.6) | (20.3) | |
Exchange translation adjustment | 1.3 | 0.5 | (0.1) | 1.7 | |
At 31 December 2024 | 137.1 | 36.1 | 16.9 | 190.1 | |
Businesses acquired | 31 | 3.3 | – | – | 3.3 |
Additions | 52.0 | 8.5 | 4.1 | 64.6 | |
Terminations | (36.0) | (5.5) | (4.1) | (45.6) | |
Exchange translation adjustment | (9.5) | (1.9) | (0.7) | (12.1) | |
At 31 December 2025 | 146.9 | 37.2 | 16.2 | 200.3 | |
| Accumulated depreciation | |||||
At 1 January 2024 | 60.8 | 18.7 | 9.4 | 88.9 | |
Charge during the financial year | 29.7 | 8.0 | 2.9 | 40.6 | |
Disposal of discontinued operations | (1.7) | (1.7) | (0.1) | (3.5) | |
Terminations | (11.6) | (4.7) | (1.5) | (17.8) | |
Exchange translation adjustment | 1.5 | 0.4 | (0.1) | 1.8 | |
At 31 December 2024 | 78.7 | 20.7 | 10.6 | 110.0 | |
Charge during the financial year | 3 | 31.7 | 8.0 | 3.0 | 42.7 |
Terminations | (35.6) | (5.0) | (4.0) | (44.6) | |
Exchange translation adjustment | (6.3) | (1.1) | (0.4) | (7.8) | |
At 31 December 2025 | 68.5 | 22.6 | 9.2 | 100.3 | |
| Carrying value | |||||
At 31 December 2024 | 58.4 | 15.4 | 6.3 | 80.1 | |
At 31 December 2025 | 78.4 | 14.6 | 7.0 | 100.0 |
Financial Statements236 Notes to the Financial Statements
12. Property, plant and equipment (continued)
| 2025 | 2024 | ||
| Note | €’m | €’m | |
Depreciation charged during the financial year | 42.7 | 39.8 | |
Expenses relating to short-term leases | 3.6 | 3.8 | |
| Expenses relating to leases of low-value assets, excluding short-term leases | 0.2 | 0.2 | |
| of low-value assets | |||
Interest on lease liabilities charged during the financial year | 6 | 6.2 | 3.8 |
| 2025 | 2024 | |
| €’m | €’m | |
Total cash outflow for leases during the year | 51.0 | 47.7 |
| 2025 | 2024 | |
| €’m | €’m | |
At beginning of the financial year | 86.6 | 68.6 |
Additions | 67.9 | 64.2 |
Terminations | (1.0) | (2.6) |
Payments | (41.0) | (40.8) |
Disposal of discontinued operations | – | (4.1) |
Exchange translation adjustment | (5.5) | 1.3 |
At end of the financial year | 107.0 | 86.6 |
| 2025 | 2024 | |
| €’m | €’m | |
Current liabilities | 32.6 | 31.1 |
Non-current liabilities | 74.4 | 55.5 |
At end of the financial year | 107.0 | 86.6 |
| Discounted | Undiscounted | Discounted | Undiscounted | |
| 2025 | 2025 | 2024 | 2024 | |
| €’m | €’m | €’m | €’m | |
Within 1 year | 32.6 | 39.0 | 31.1 | 36.9 |
Between 1 and 2 years | 25.1 | 29.0 | 23.0 | 25.9 |
Between 2 and 5 years | 22.8 | 30.8 | 26.4 | 29.7 |
After 5 years | 26.5 | 35.5 | 6.1 | 10.0 |
107.0 | 134.3 | 86.6 | 102.5 |
Financial Statements 237Notes to the Financial Statements
| Brand | Software | ||||
| Related | and Digital | ||||
| Goodwill | Intangibles | Assets | Total | ||
| Notes | €’m | €’m | €’m | €’m | |
| Cost | |||||
At 1 January 2024 | 3,299.0 | 2,734.5 | 415.9 | 6,449.4 | |
Businesses acquired | 29.2 | 86.8 | – | 116.0 | |
Additions | – | – | 27.5 | 27.5 | |
Disposals of discontinued operations | (132.2) | (45.0) | (1.5) | (178.7) | |
Businesses disposed | (0.6) | (2.6) | – | (3.2) | |
Disposals | – | – | (6.4) | (6.4) | |
Exchange translation adjustment | 64.1 | 72.0 | 5.9 | 142.0 | |
At 31 December 2024 | 3,259.5 | 2,845.7 | 441.4 | 6,546.6 | |
Businesses acquired | 31 | 9.1 | 8.4 | – | 17.5 |
Additions | 2.6 | 7.1 | 28.3 | 38.0 | |
Disposals | (6.6) | (3.8) | (1.0) | (11.4) | |
Exchange translation adjustment | (167.8) | (138.6) | (4.0) | (310.4) | |
At 31 December 2025 | 3,096.8 | 2,718.8 | 464.7 | 6,280.3 | |
| Accumulated amortisation and impairment | |||||
At 1 January 2024 | 0.5 | 393.7 | 305.4 | 699.6 | |
Charge during the financial year | – | 58.6 | 29.2 | 87.8 | |
Disposal of discontinued operations | – | (20.6) | (1.2) | (21.8) | |
Businesses disposed | – | (0.6) | – | (0.6) | |
Disposals | – | – | (6.4) | (6.4) | |
Exchange translation adjustment | – | 6.5 | 3.4 | 9.9 | |
At 31 December 2024 | 0.5 | 437.6 | 330.4 | 768.5 | |
Charge during the financial year | 3 | – | 59.3 | 29.7 | 89.0 |
Disposals | – | (0.1) | (0.9) | (1.0) | |
Exchange translation adjustment | – | (19.3) | (1.2) | (20.5) | |
At 31 December 2025 | 0.5 | 477.5 | 358.0 | 836.0 | |
| Carrying value | |||||
At 31 December 2024 | 3,259.0 | 2,408.1 | 111.0 | 5,778.1 | |
At 31 December 2025 | 3,096.3 | 2,241.3 | 106.7 | 5,444.3 |
Financial Statements238 Notes to the Financial Statements
13.Intangibleassets(continued)
Re-presented | Re-presented | |||
| Indefinite Life | Indefinite Life | |||
| Goodwill | Goodwill | Intangibles | Intangibles | |
| 2025 | 2024 | 2025 | 2024 | |
| €’m | €’m | €’m | €’m | |
Europe | 663.8 | 669.9 | 191.6 | 188.5 |
North America | 1,731.4 | 1,861.5 | 1,356.3 | 1,455.6 |
LATAM | 352.0 | 379.7 | – | – |
APMEA | 349.1 | 347.9 | 47.2 | 47.6 |
3,096.3 | 3,259.0 | 1,595.1 | 1,691.7 |
| Discount | Discount | Growth | Growth | |
| Rates | Rates | Rates | Rates | |
| 2025 | 2024 | 2025 | 2024 | |
Europe | 7.3% | 7.7% | 1.1% | 1.4% |
North America | 7.6% | 8.2% 1 | 1.2% | 1.2% 1 |
LATAM | 12.3% | 1.4% | ||
APMEA | 8.9% | 9.4% | 3.2% | 3.2% |
Financial Statements 239Notes to the Financial Statements
13.Intangibleassets(continued)
Impairment testing (continued)
| FVOCI | Other | ||
| Investments | Investments | Total | |
| €’m | €’m | €’m | |
At 1 January 2024 | 12.1 | 39.9 | 52.0 |
Additions | 1.8 | 5.2 | 7.0 |
Disposals | (0.2) | (9.3) | (9.5) |
Fair value movements | – | 6.6 | 6.6 |
Exchange translation adjustment | 0.7 | 2.4 | 3.1 |
At 31 December 2024 | 14.4 | 44.8 | 59.2 |
Additions | – | 4.7 | 4.7 |
Disposals | – | (4.2) | (4.2) |
Fair value movements | (0.8) | 2.4 | 1.6 |
Exchange translation adjustment | (1.6) | (5.1) | (6.7) |
At 31 December 2025 | 12.0 | 42.6 | 54.6 |
Financial Statements240 Notes to the Financial Statements
| 2025 | 2024 | |
| €’m | €’m | |
At 1 January | 38.9 | 39.8 |
Share of results after taxation during the financial year | (1.2) | (0.9) |
At 31 December | 37.7 | 38.9 |
| 2025 | 2024 | |
| €’m | €’m | |
| Company: | ||
At 1 January | 1,049.8 | 1,058.5 |
Additions | – | 191.4 |
Disposals | – | (200.1) |
At 31 December | 1,049.8 | 1,049.8 |
17. Inventories
| 2025 | 2024 | |
| €’m | €’m | |
Raw materials and consumables | 474.0 | 533.9 |
Finished goods and goods for resale | 400.2 | 437.4 |
Expense inventories | 84.7 | 79.4 |
At 31 December | 958.9 | 1,050.7 |
These inventory balances are valued at the lower of cost and net realisable value. Write-downs of inventories
recognised as an expense approximates to 1.1% (2024: 1.3%) of raw materials and consumables in the Consolidated
Income Statement.
Financial Statements 241Notes to the Financial Statements
18. Deferred tax assets and liabilities
| Short-Term | |||||||
| Temporary | |||||||
| Property, | Retirement | Differences | |||||
| Plant and | Intangible | Tax Credits | Benefits | and Other | |||
| Equipment | Assets | and NOLs | Obligation | Differences | Total | ||
| Notes | €’m | €’m | €’m | €’m | €’m | €’m | |
At 1 January 2024 | 103.2 | 358.8 | (40.0) | (0.3) | (107.7) | 314.0 | |
| Consolidated Income | 7 | (2.5) | (4.3) | 0.1 | 1.9 | 3.9 | (0.9) |
| Statement movement | |||||||
Recognised in OCI during the financial year | – | – | – | 2.9 | 0.5 | 3.4 | |
| Related to businesses | (6.5) | (9.7) | – | – | 0.6 | (15.6) | |
| acquired/(disposed) | |||||||
| Exchange translation | 4.6 | 7.1 | 0.3 | (0.6) | (4.7) | 6.7 | |
| adjustment | |||||||
At 31 December 2024 | 98.8 | 351.9 | (39.6) | 3.9 | (107.4) | 307.6 | |
| Consolidated Income | 7 | (5.8) | (0.4) | 1.0 | 1.5 | 4.8 | 1.1 |
| Statement movement | |||||||
Recognised in OCI during the financial year | – | – | – | (3.8) | (0.1) | (3.9) | |
| Related to businesses | – | 1.7 | – | – | 0.4 | 2.1 | |
| acquired | |||||||
| Exchange translation | (8.3) | (24.4) | 1.9 | 0.8 | 12.0 | (18.0) | |
| adjustment | |||||||
At 31 December 2025 | 84.7 | 328.8 | (36.7) | 2.4 | (90.3) | 288.9 |
The short-term temporary differences and other temporary differences recognised in other comprehensive income
comprise fair value movements on cash flow hedges of (€0.1m) (2024: €0.5m). In the above table, NOLs refers to Net
Operating Losses.
The following is an analysis of the deferred tax balances (after offset) for balance sheet purposes:
| 2025 | 2024 | |
| €’m | €’m | |
Deferred tax assets | (84.2) | (93.3) |
Deferred tax liabilities | 373.1 | 400.9 |
288.9 | 307.6 |
The total deductible temporary differences and unused tax losses for which deferred tax assets have not been
recognised is €9.1m (2024: €10.3m). The Group does not have any unrecognised losses which have an expiry date.
Deferred tax has not been recognised in respect of withholding taxes and other taxes that would be payable on
the unremitted earnings of foreign subsidiaries, as the Group is in a position to control the timing of reversal of the
temporary differences and it is probable that the temporary differences will not reverse in the foreseeable future.
The deferred tax liabilities which have not been recognised in respect of these temporary differences are not material
as the Group can rely on the availability of participation exemptions and tax credits in the context of the Group’s
investments in subsidiaries.
An increase of 1% in the tax rates at which deferred tax is calculated would increase the net deferred tax balance of
the Group by €13.2m (2024: €14.0m).
Financial Statements242 Notes to the Financial Statements
| 2025 | 2024 | |
| €’m | €’m | |
Property, plant and equipment | 5.9 | 3.5 |
Total assets classified as held for sale | 5.9 | 3.5 |
| Group | Group | Company | Company | |
| 2025 | 2024 | 2025 | 2024 | |
| €’m | €’m | €’m | €’m | |
Trade receivables | 1,196.2 | 1,187.4 | – | – |
Loss allowances | (19.9) | (34.5) | – | – |
Trade receivables due within 1 year | 1,176.3 | 1,152.9 | – | – |
Other receivables and prepayments | 37.0 | 31.8 | – | – |
Amounts due from subsidiaries | – | – | 1,446.2 | 2,039.5 |
VAT receivable | 66.0 | 47.0 | – | – |
Receivables due after 1 year | 1.3 | 3.8 | – | – |
1,280.6 | 1,235.5 | 1,446.2 | 2,039.5 |
| 2025 | 2024 | |
| €’m | €’m | |
Within terms | 997.2 | 1,012.9 |
Past due not more than 1 month | 110.6 | 84.4 |
Past due more than 1 month but less than 2 months | 31.2 | 25.7 |
Past due more than 2 months but less than 3 months | 13.8 | 17.4 |
Past due more than 3 months | 23.5 | 12.5 |
Trade receivables (net) | 1,176.3 | 1,152.9 |
| 2025 | 2024 | ||
| Note | €’m | €’m | |
At beginning of the financial year | 34.5 | 40.3 | |
Movement in loss allowances charged to the Consolidated Income Statement | 3 | (8.4) | 1.6 |
Written off during the financial year | (4.4) | (5.2) | |
Disposal of discontinued operations | – | (2.6) | |
Exchange translation adjustment | (1.8) | 0.4 | |
At end of the financial year | 19.9 | 34.5 |
Financial Statements 243Notes to the Financial Statements
20.Tradeandotherreceivables(continued)
| Group | Group | Company | Company | ||
| 2025 | 2024 | 2025 | 2024 | ||
| Note | €’m | €’m | €’m | €’m | |
Trade payables | 1,256.0 | 1,443.7 | 1.0 | 7.5 | |
Other payables and accruals | 165.5 | 238.4 | 12.0 | 71.1 | |
Lease liabilities | 12 (iii.iii) | 32.6 | 31.1 | – | – |
Deferred payments on acquisition of businesses | 12.1 | 7.6 | 0.5 | 0.5 | |
PAYE | 13.3 | 14.1 | – | – | |
Social security costs | 7.1 | 7.6 | – | – | |
1,486.6 | 1,742.5 | 13.5 | 79.1 |
Financial Statements244 Notes to the Financial Statements
| 2025 | 2024 | ||
| Notes | €’m | €’m | |
Grants and other At beginning of the financial year | 11.8 | 19.1 | |
Grants received during the financial year | 0.1 | 2.3 | |
Amortised during the financial year | 3/8 | (0.9) | (1.7) |
Utilised during the financial year | – | (0.4) | |
Disposal of discontinued operations | – | (7.7) | |
Exchange translation adjustment | (0.2) | 0.2 | |
At end of the financial year | 10.8 | 11.8 | |
| Analysed as: | |||
Current liabilities | 0.9 | 1.0 | |
Non-current liabilities | 9.9 | 10.8 | |
10.8 | 11.8 |
| 2025 | 2024 | ||
| Note | €’m | €’m | |
Other payables and accruals | 53.6 | 63.4 | |
Lease liabilities | 12 (iii.iii) | 74.4 | 55.5 |
Deferred payments on acquisition of businesses | – | 15.3 | |
128.0 | 134.2 |
Financial Statements 245Notes to the Financial Statements
| Financial | Assets/ | |||||
| Assets/ | (Liabilities) | Derivatives | ||||
| (Liabilities) | at Fair Value | Designated | Assets/ | |||
| at Amortised | through | as Hedging | (Liabilities) | |||
| Cost | Profit or Loss | Instruments | at FVOCI | Total | ||
| 2025 | 2025 | 2025 | 2025 | 2025 | ||
| Notes | €’m | €’m | €’m | €’m | €’m | |
| Group: | ||||||
Financial asset investments | 14 | – | 42.6 | – | 12.0 | 54.6 |
Derivative financial instruments | 25 (iii) | – | – | 10.1 | – | 10.1 |
Vendor loan note | 25 (v) | 143.2 | – | – | – | 143.2 |
Other financial assets | 25 (v) | 17.0 | 148.5 | – | – | 165.5 |
Trade and other receivables | 20 | 1,280.6 | – | – | – | 1,280.6 |
Cash at bank and in hand | 25 (v) | 348.9 | – | – | – | 348.9 |
Total financial assets | 1,789.7 | 191.1 | 10.1 | 12.0 | 2,002.9 | |
Borrowings and overdrafts | 25 (iv.i) | (2,486.1) | – | – | – | (2,486.1) |
Derivative financial instruments | 25 (iii) | – | – | (5.2) | – | (5.2) |
Trade and other payables | 21/23 | (1,602.5) | (12.1) | – | – | (1,614.6) |
Total financial liabilities | (4,088.6) | (12.1) | (5.2) | – | (4,105.9) | |
Total net financial (liabilities)/assets | (2,298.9) | 179.0 | 4.9 | 12.0 | (2,103.0) | |
| Included in the previous table are the following components of net debt: | ||||||
| Analysis of net debt by category | ||||||
Bank overdrafts | (0.5) | – | – | – | (0.5) | |
Bank loans | 1.4 | – | – | – | 1.4 | |
Senior Notes | (2,487.0) | – | – | – | (2,487.0) | |
Borrowings and overdrafts | (2,486.1) | – | – | – | (2,486.1) | |
Interest rate swaps | – | – | – | – | – | |
Cash at bank and in hand | 25 (v) | 348.9 | – | – | – | 348.9 |
Net debt – pre lease liabilities | (2,137.2) | – | – | – | (2,137.2) | |
Lease liabilities | 21/23 | (107.0) | – | – | – | (107.0) |
Net debt | (2,244.2) | – | – | – | (2,244.2) |
Financial Statements246 Notes to the Financial Statements
24.Analysisoffinancialinstrumentsbycategory(continued)
| Financial | Assets/ | |||||
| Assets/ | (Liabilities) | Derivatives | ||||
| (Liabilities) | at Fair Value | Designated | Assets/ | |||
| at Amortised | through | as Hedging | (Liabilities) | |||
| Cost | Profit or Loss | Instruments | at FVOCI | Total | ||
| 2024 | 2024 | 2024 | 2024 | 2024 | ||
| Notes | €’m | €’m | €’m | €’m | €’m | |
| Group: | ||||||
Financial asset investments | 14 | – | 44.8 | – | 14.4 | 59.2 |
Derivative financial instruments | 25 (iii) | – | – | 12.3 | – | 12.3 |
Vendor loan note | 25 (v) | 124.6 | – | – | – | 124.6 |
Other financial assets | 25 (v) | 123.9 | 148.5 | – | – | 272.4 |
Trade and other receivables | 20 | 1,235.5 | – | – | – | 1,235.5 |
Cash at bank and in hand | 25 (v) | 1,610.0 | – | – | – | 1,610.0 |
Total financial assets | 3,094.0 | 193.3 | 12.3 | 14.4 | 3,314.0 | |
Borrowings and overdrafts | 25 (iv.i) | (3,436.3) | 3.3 | – | – | (3,433.0) |
Derivative financial instruments | 25 (iii) | – | – | (32.8) | – | (32.8) |
Trade and other payables | 21/23 | (1,853.8) | (22.9) | – | – | (1,876.7) |
Total financial liabilities | (5,290.1) | (19.6) | (32.8) | – | (5,342.5) | |
Total net financial (liabilities)/assets | (2,196.1) | 173.7 | (20.5) | 14.4 | (2,028.5) | |
| Included in the previous table are the following components of net debt: | ||||||
| Analysis of net debt by category | ||||||
Bank overdrafts | (2.4) | – | – | – | (2.4) | |
Bank loans | 2.0 | – | – | – | 2.0 | |
Senior Notes | (3,435.9) | 3.3 | – | – | (3,432.6) | |
Borrowings and overdrafts | (3,436.3) | 3.3 | – | – | (3,433.0) | |
Interest rate swaps | – | – | (16.2) | – | (16.2) | |
Cash at bank and in hand | 25 (v) | 1,610.0 | – | – | – | 1,610.0 |
Net debt – pre lease liabilities | (1,826.3) | 3.3 | (16.2) | – | (1,839.2) | |
Lease liabilities | 21/23 | (86.6) | – | – | – | (86.6) |
Net debt | (1,912.9) | 3.3 | (16.2) | – | (1,925.8) |
Financial Statements 247Notes to the Financial Statements
24.Analysisoffinancialinstrumentsbycategory(continued)
| 2025 | 2024 | ||
| Notes | €’m | €’m | |
| Company: | |||
| Financial assets at amortised cost (unless stated) | |||
Cash at bank and in hand | – | – | |
Other financial asset 1 | 25 (v) | – | 148.5 |
Trade and other receivables | 20 | 1,446.2 | 2,039.5 |
Total financial assets | 1,446.2 | 2,188.0 | |
| Financial liabilities at amortised cost | |||
Borrowings and overdrafts | – | – | |
Trade and other payables | 21 | (13.5) | (79.1) |
Total financial liabilities – all current | (13.5) | (79.1) | |
Total net financial assets | 1,432.7 | 2,108.9 |
| 2025 | 2024 | ||
| Notes | €’m | €’m | |
Equity attributable to equity holders of the parent | 5,951.8 | 6,485.8 | |
Net debt – pre lease liabilities | 24 | 2,137.2 | 1,839.2 |
Lease liabilities | 21/23 | 107.0 | 86.6 |
Deferred payments on acquisition of businesses | 21/23 | 12.1 | 22.9 |
8,208.1 | 8,434.5 |
| 2025 | 2024 | |
| Times | Times | |
Net debt:EBITDA | 1.9 | 1.6 |
EBITDA:Net interest | 22.2 | 21.7 |
Financial Statements248 Notes to the Financial Statements
25. Financial instruments (continued)
Financial Statements 249Notes to the Financial Statements
25. Financial instruments (continued)
Financialriskmanagementobjectives(continued)
| Floating | |||||
| Total | Impact | Total | Rate | Fixed | |
| Pre CCS | of CCS | after CCS | Net Debt | Rate Debt | |
| €’m | €’m | €’m | €’m | €’m | |
Euro | (2,485.9) | – | (2,485.9) | 14.1 | (2,500.0) |
Sterling | 31.8 | – | 31.8 | 31.8 | – |
US Dollar | 103.0 | – | 103.0 | 103.0 | – |
Others | 106.9 | – | 106.9 | 106.9 | – |
At 31 December 2025 | (2,244.2) | – | (2,244.2) | 255.8 | (2,500.0) |
Euro | (2,473.1) | 175.0 | (2,298.1) | 976.9 | (3,275.0) |
Sterling | 104.1 | – | 104.1 | 104.1 | – |
US Dollar | 292.8 | (175.0) | 117.8 | 117.8 | – |
Others | 163.3 | – | 163.3 | 163.3 | – |
At 31 December 2024 | (1,912.9) | – | (1,912.9) | 1,362.1 | (3,275.0) |
Financial Statements250 Notes to the Financial Statements
25. Financial instruments (continued)
Financialriskmanagementobjectives(continued)
| 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | |||
| Hedging | €’m | €’m | €’m | €’m | €’m | €’m | ||
| Relationship | Asset | Liability | Total | Asset | Liability | Total | ||
| Forward foreign | Non-current | Cash flow hedges | 0.3 | (0.1) | 0.2 | 0.3 | (0.5) | (0.2) |
| exchange contracts: | Current | Cash flow hedges | 9.4 | (4.5) | 4.9 | 10.1 | (16.1) | (6.0) |
9.7 | (4.6) | 5.1 | 10.4 | (16.6) | (6.2) | |||
| Forward commodity | Non-current | Cash flow hedges | 0.4 | – | 0.4 | 1.9 | – | 1.9 |
| contracts: | Current | Cash flow hedges | – | (0.6) | (0.6) | – | – | – |
0.4 | (0.6) | (0.2) | 1.9 | – | 1.9 | |||
Interest rate swaps: | Non-current | Cash flow hedges | – | – | – | – | – | – |
Current | Cash flow hedges | – | – | – | – | – | – | |
– | – | – | – | – | – | |||
Non-current | Fair value hedges | – | – | – | – | – | – | |
Current | Fair value hedges | – | – | – | – | (16.2) | (16.2) | |
– | – | – | – | (16.2) | (16.2) | |||
– | – | – | – | (16.2) | (16.2) | |||
| Total derivative | Non-current | 0.7 | (0.1) | 0.6 | 2.2 | (0.5) | 1.7 | |
| financial instruments: | Current | 9.4 | (5.1) | 4.3 | 10.1 | (32.3) | (22.2) | |
10.1 | (5.2) | 4.9 | 12.3 | (32.8) | (20.5) |
Financial Statements 251Notes to the Financial Statements
25. Financial instruments (continued)
Financialriskmanagementobjectives(continued)
(iii) Derivative financial instruments (continued)
| Interest | Forward | Interest | Forward | |||||
| Rate | Interest | Foreign | Forward | Rate | Interest | Foreign | Forward | |
| Swaps | Rate | Exchange | Commodity | Swaps | Rate | Exchange | Commodity | |
| – Cash | Swaps | Contracts | Contracts | – Cash | Swaps | Contracts | Contracts | |
| Flow | – Fair Value | – Cash Flow | – Cash Flow | Flow | – Fair Value | – Cash Flow | – Cash Flow | |
| Hedges | Hedges | Hedges | Hedges | Hedges | Hedges | Hedges | Hedges | |
| 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 | |
| €’m | €’m | €’m | €’m | €’m | €’m | €’m | €’m | |
| Derivative financial | – | – | 5.1 | (0.2) | – | (16.2) | (6.2) | 1.9 |
| instruments | ||||||||
| Fixed rate borrowings: | ||||||||
| Interest rate | – | – | – | – | – | 3.3 | – | – |
| movements | ||||||||
| Receivables: | ||||||||
| Foreign exchange | – | – | – | – | – | 12.1 | – | – |
| rate fluctuations | ||||||||
| Other assets: | ||||||||
| Cash at bank and | – | – | – | – | 3.3 | – | – | – |
| in hand | ||||||||
| Retained earnings and other reserves: | ||||||||
| Cash flow hedging | (2.9) | – | (1.8) | 0.2 | (3.3) | – | 1.1 | (1.9) |
| reserve | ||||||||
| Amount | – | – | (3.3) | – | – | – | 5.1 | – |
| reclassified from | ||||||||
| OCI to profit or loss | ||||||||
| Hedge | – | – | – | – | – | – | – | – |
| ineffectiveness | ||||||||
| Cost of hedging | – | – | – | – | – | 0.8 | – | – |
| reserve | (2.9) | – | (5.1) | 0.2 | – | 16.2 | 6.2 | (1.9) |
Financial Statements252 Notes to the Financial Statements
25. Financial instruments (continued)
Financialriskmanagementobjectives(continued)
(iii) Derivative financial instruments (continued)
| Interest | Forward | Interest | Forward | |||||
| Rate | Interest | Foreign | Forward | Rate | Interest | Foreign | Forward | |
| Swaps | Rate | Exchange | Commodity | Swaps | Rate | Exchange | Commodity | |
| – Cash | Swaps | Contracts | Contracts | – Cash | Swaps | Contracts | Contracts | |
| Flow | – Fair Value | – Cash Flow | – Cash Flow | Flow | – Fair Value | – Cash Flow | – Cash Flow | |
| Hedges | Hedges | Hedges | Hedges | Hedges | Hedges | Hedges | Hedges | |
| 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 | |
| €’m | €’m | €’m | €’m | €’m | €’m | €’m | €’m | |
| Movements recognised in the Consolidated Statement of Comprehensive Income | ||||||||
| Amount recognised | – | – | 3.0 | (2.7) | 3.5 | – | (3.6) | 1.9 |
| in cash flow | ||||||||
| hedging reserve | ||||||||
| Amount recognised | – | 0.8 | – | – | – | 0.6 | – | – |
| in cost of hedging | ||||||||
| reserve | ||||||||
| Amount reclassified | – | – | (0.1) | – | – | – | (1.8) | – |
| from hedge reserve | ||||||||
| to profit or loss re: | ||||||||
| foreign exchange | ||||||||
| rate fluctuations | ||||||||
| Amount reclassified | (0.4) | – | – | 0.6 | (0.1) | – | – | – |
| from OCI to profit | ||||||||
| or loss re: interest | ||||||||
| rate fluctuations | ||||||||
| Ineffectiveness | – | – | – | – | – | – | – | – |
| recognised in profit | ||||||||
| or loss | (0.4) | 0.8 | 2.9 | (2.1) | 3.4 | 0.6 | (5.4) | 1.9 |
| Movements recognised in the Consolidated Income Statement | ||||||||
| Derivative financial instruments | ||||||||
| Amount reclassified | 0.4 | – | 0.1 | (0.6) | 0.1 | – | 1.8 | – |
| from OCI to profit | ||||||||
| or loss | ||||||||
| Ineffectiveness | – | – | – | – | – | – | – | – |
| recognised in profit | ||||||||
| or loss | ||||||||
| Foreign exchange | – | 20.1 | – | – | – | (10.8) | – | – |
| rate fluctuations | ||||||||
| Interest rate | – | 4.1 | – | – | – | 3.9 | – | – |
| movements | ||||||||
| Fixed rate borrowings | ||||||||
| Foreign exchange | – | – | – | – | – | – | – | – |
| rate fluctuations | ||||||||
| Interest rate | – | (4.1) | – | – | – | (3.9) | – | – |
| movements | ||||||||
| Receivables | ||||||||
| Foreign exchange | – | (20.1) | – | – | – | 10.8 | – | – |
| rate fluctuations | 0.4 | – | 0.1 | (0.6) | 0.1 | – | 1.8 | – |
Financial Statements 253Notes to the Financial Statements
25. Financial instruments (continued)
Financialriskmanagementobjectives(continued)
(iii) Derivative financial instruments (continued)
Fair Value Asset/(Liability) | Notional Principal | |||
| 2025 | 2024 | 2025 | 2024 | |
| €’m | €’m | €’m | €’m | |
| Forward foreign exchange contracts | ||||
less than 1 year | 4.9 | (6.0) | 1,204.8 | 1,242.1 |
1 – 2 years | 0.2 | (0.2) | 29.3 | 44.1 |
Forward foreign exchange contracts – cash flow hedges | 5.1 | (6.2) | 1,234.1 | 1,286.2 |
Financial Statements254 Notes to the Financial Statements
25. Financial instruments (continued)
Financialriskmanagementobjectives(continued)
(iii) Derivative financial instruments (continued)
(iii.ii) Interest rate swap contracts (continued)
Cross currency interest rate swap (continued)
| Average Contracted | Fair Value | |||||
| Fixed Interest Rate | Liability | Notional Principal | ||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
| % | % | €’m | €’m | €’m | €’m | |
| a) Cash flow hedges | ||||||
> 5 years | – | – | – | – | – | – |
| b) Fair value hedges | ||||||
less than 1 year | – | 2.38 | – | (16.2) | – | 175.0 |
1 – 2 years | – | – | – | – | – | – |
Total interest rate swaps | – | (16.2) | – | 175.0 |
| Fair Value (Liability)/Asset | ||
| 2025 | 2024 | |
| €’m | €’m | |
| Forward commodity contracts | ||
less than 1 year | (0.6) | – |
1 – 2 years | 0.4 | 1.9 |
> 5 years | – | – |
Forward Commodity Contracts – cash flow hedges | (0.2) | 1.9 |
Financial Statements 255Notes to the Financial Statements
25. Financial instruments (continued)
Financialriskmanagementobjectives(continued)
(iii) Derivative financial instruments (continued)
(iii.iii) Forward commodity contracts (continued)
| Fair Value Asset/(Liability) | ||
| 2025 | 2024 | |
| €’m | €’m | |
Opening balance | 1.9 | – |
Transfers into Level 3 | – | 1.9 |
Movements recognised in profit or loss | 0.6 | – |
Movements recognised in OCI | (2.1) | – |
Closing balance | 0.4 | 1.9 |
Financial Statements256 Notes to the Financial Statements
25. Financial instruments (continued)
Financialriskmanagementobjectives(continued)
(iv) Liquidity risk management (continued)
(iv.i) Contractual maturity profile of non-derivative financial instruments (continued)
| On | ||||||
| demand | ||||||
| & up to | Up to | 2 – 5 | ||||
| 1 year | 2 years | years | > 5 years | Total | ||
| Notes | €’m | €’m | €’m | €’m | €’m | |
| 31 December 2025 | ||||||
Bank overdrafts | (0.5) | – | – | – | (0.5) | |
Bank loans | – | – | – | – | – | |
Senior Notes | – | – | (750.0) | (1,750.0) | (2,500.0) | |
Borrowings and overdrafts – contractual repayments | (0.5) | – | (750.0) | (1,750.0) | (2,500.5) | |
Lease liabilities (undiscounted) | 12 (iii.iv) | (39.0) | (29.0) | (30.8) | (35.5) | (134.3) |
Deferred payments on acquisition of businesses | 21 | (12.1) | – | – | – | (12.1) |
(51.6) | (29.0) | (780.8) | (1,785.5) | (2,646.9) | ||
Interest commitments on borrowings and overdrafts | (46.9) | (46.9) | (134.6) | (149.3) | (377.7) | |
At 31 December 2025 | (98.5) | (75.9) | (915.4) | (1,934.8) | (3,024.6) | |
| Reconciliation to net debt position: | ||||||
Borrowings and overdrafts – contractual repayments | (0.5) | – | (750.0) | (1,750.0) | (2,500.5) | |
Bank Loans – amortised cost adjustments | – | – | 1.4 | – | 1.4 | |
Senior Notes – amortised cost adjustments | – | – | 3.8 | 9.2 | 13.0 | |
Senior Notes – fair value adjustment | – | – | – | – | – | |
Borrowings and overdrafts | (0.5) | – | (744.8) | (1,740.8) | (2,486.1) | |
Interest rate swaps | – | – | – | – | – | |
Cash at bank and in hand | 348.9 | – | – | – | 348.9 | |
Net debt – pre lease liabilities | 348.4 | – | (744.8) | (1,740.8) | (2,137.2) | |
Lease liabilities (discounted) | 12 (iii.iv) | (32.6) | (25.1) | (22.8) | (26.5) | (107.0) |
Net debt as at 31 December 2025 | 315.8 | (25.1) | (767.6) | (1,767.3) | (2,244.2) | |
| 31 December 2024 | ||||||
Bank overdrafts | (2.4) | – | – | – | (2.4) | |
Bank loans | – | – | – | – | – | |
Senior Notes | (950.0) | – | (750.0) | (1,750.0) | (3,450.0) | |
Borrowings and overdrafts – contractual repayments | (952.4) | – | (750.0) | (1,750.0) | (3,452.4) | |
Lease liabilities (undiscounted) | 12 (iii.iv) | (36.9) | (25.9) | (29.7) | (10.0) | (102.5) |
Deferred payments on acquisition of businesses | (7.6) | (15.3) | – | – | (22.9) | |
(996.9) | (41.2) | (779.7) | (1,760.0) | (3,577.8) | ||
Interest commitments on borrowings and overdrafts | (62.5) | (46.9) | (139.3) | (191.5) | (440.2) | |
At 31 December 2024 | (1,059.4) | (88.1) | (919.0) | (1,951.5) | (4,018.0) | |
| Reconciliation to net debt position: | ||||||
Borrowings and overdrafts – contractual repayments | (952.4) | – | (750.0) | (1,750.0) | (3,452.4) | |
Bank Loans – amortised cost adjustments | – | – | 2.0 | – | 2.0 | |
Senior Notes – amortised cost adjustments | (1.2) | – | 4.8 | 10.5 | 14.1 | |
Senior Notes – fair value adjustment | 3.3 | – | – | – | 3.3 | |
Borrowings and overdrafts | (950.3) | – | (743.2) | (1,739.5) | (3,433.0) | |
Interest rate swaps | (16.2) | – | – | – | (16.2) | |
Cash at bank and in hand | 1,610.0 | – | – | – | 1,610.0 | |
Net debt – pre lease liabilities | 643.5 | – | (743.2) | (1,739.5) | (1,839.2) | |
Lease liabilities (discounted) | 12 (iii.iv) | (31.1) | (23.0) | (26.4) | (6.1) | (86.6) |
Net debt as at 31 December 2024 | 612.4 | (23.0) | (769.6) | (1,745.6) | (1,925.8) |
Financial Statements 257Notes to the Financial Statements
25. Financial instruments (continued)
Financialriskmanagementobjectives(continued)
(iv) Liquidity risk management (continued)
| On demand & | Up to | 2 – 5 | |||
| up to 1 year | 2 years | years | > 5 years | Total | |
| €’m | €’m | €’m | €’m | €’m | |
Interest rate swaps inflow | – | – | – | – | – |
Interest rate swaps outflow | – | – | – | – | – |
Net interest rate swaps outflow | – | – | – | – | – |
Forward foreign exchange contracts inflow | 4.9 | 0.2 | – | – | 5.1 |
Forward commodity contracts (outflow)/inflow | (0.6) | 0.4 | – | – | (0.2) |
At 31 December 2025 | 4.3 | 0.6 | – | – | 4.9 |
Interest rate swaps inflow | 2.9 | – | – | – | 2.9 |
Interest rate swaps outflow | (20.3) | – | – | – | (20.3) |
Net interest rate swaps outflow | (17.4) | – | – | – | (17.4) |
Forward foreign exchange contracts outflow | (6.0) | (0.2) | – | – | (6.2) |
Forward commodity contracts inflow | – | 1.9 | – | – | 1.9 |
At 31 December 2024 | (23.4) | 1.7 | – | – | (21.7) |
| Included in the interest rate swaps inflow and outflow is the foreign currency differential on final maturity of the cross | |||||
| currency interest rate swaps as follows: | |||||
At 31 December 2025 | – | – | – | – | – |
At 31 December 2024 | (12.1) | – | – | – | (12.1) |
2029 | Euro | 2031 | Euro | 2033 | Euro | 2036 | Euro | |
| Senior Notes | Senior Notes | Senior Notes | Senior Notes | |||||
Issue date(s) | 20 Sept. 2019 | 01 Dec. 2021 | 05 Sept. 2024 | 05 Sept. 2024 | ||||
Maturity Date | 20 Sept. 2029 | 01 Dec. 2031 | 05 Mar. 2033 | 05 Sept. 2036 | ||||
Amount | € 750m | € 750m 1 | € 500m | € 500m | ||||
Coupon Rate | 0.625% | 0.875% | 3.375% | 3.750% | ||||
Documentation | Standalone | Standalone | EMTN Programme 2 | EMTN Programme 2 |
Financial Statements258 Notes to the Financial Statements
25. Financial instruments (continued)
Financialriskmanagementobjectives(continued)
(iv) Liquidity risk management (continued)
(iv.iii) Summary of borrowing arrangements (continued)
| Group | Group | ||
| 2025 | 2024 | ||
| Carrying amount of liabilities | |||
Presented within trade and other payables: | €’m | 138.2 | 169.4 |
– of which suppliers have received payment from finance provider | €’m | 108.6 | 113.3 |
| Range of payment due dates | |||
Liabilities that are part of the arrangement | Days | 90–180 | 90–180 |
Trade payables that are not part of an arrangement | Days | 60–180 | 60–180 |
| Group | Group | Company | Company | ||
| 2025 | 2024 | 2025 | 2024 | ||
| Notes | €’m | €’m | €’m | €’m | |
Cash at bank and in hand | (a) | 348.9 | 1,610.0 | – | – |
Trade & other receivables | (b) | 1,280.6 | 1,235.5 | 1,446.2 | 2,039.5 |
| Vendor loan notes | |||||
– Current assets | (c) | 143.2 | – | – | – |
– Non-current assets | (c) | – | 124.6 | – | – |
| Other financial assets | |||||
– Current assets | (d) | – | 103.5 | – | – |
– Non-current assets | (d) | 165.5 | 168.9 | – | 148.5 |
Financial Statements 259Notes to the Financial Statements
25. Financial instruments (continued)
Financialriskmanagementobjectives(continued)
(v) Credit risk management (continued)
Financial Statements260 Notes to the Financial Statements
25. Financial instruments (continued)
Financialriskmanagementobjectives(continued)
(vi) Fair value of financial instruments (continued)
(a) Fair value of financial instruments carried at fair value (continued)
2025 | 2024 | |||||
| Fair Value | Assets | Liabilities | Assets | Liabilities | ||
| Hierarchy | €’m | €’m | €’m | €’m | ||
Interest rate swaps: | Non-current | Level 2 | – | – | – | – |
Current | Level 2 | – | – | – | (16.2) | |
| Forward foreign exchange | Non-current | Level 2 | 0.3 | (0.1) | 0.3 | (0.5) |
| contracts: | Current | Level 2 | 9.4 | (4.5) | 10.1 | (16.1) |
| Forward commodity | Non-current | Level 2 | – | – | – | – |
| contracts: | Level 3 | 0.4 | – | 1.9 | – | |
Current | Level 2 | – | (0.6) | – | – | |
Level 3 | – | – | – | – | ||
Financial asset investments: | Fair value through profit or loss | Level 1 | 42.6 | – | 44.8 | – |
| Fair value through other | Level 3 | 12.0 | – | 14.4 | – | |
| comprehensive income | ||||||
Other financial asset: | Fair value through profit or loss | Level 3 | 148.5 | – | 148.5 | – |
Deferred payments on acquisition of businesses: | Non-current | Level 3 | – | – | – | (15.3) |
Current | Level 3 | – | (12.1) | – | (7.6) |
| Carrying | Carrying | ||||
| Amount | Fair Value | Amount | Fair Value | ||
| Fair Value | 2025 | 2025 | 2024 | 2024 | |
| Hierarchy | €’m | €’m | €’m | €’m | |
Financial liabilities: Senior Notes – Public | Level 2 | (2,487.0) | (2,307.9) | (3,435.9) | (3,242.3) |
Financial Statements 261Notes to the Financial Statements
25. Financial instruments (continued)
Financialriskmanagementobjectives(continued)
| Effects of offsetting in the Consolidated Balance Sheet | |||||
| Amounts | |||||
| of financial | Related | ||||
| Gross amounts | instruments | financial | |||
| offset in the | presented in the | instruments | |||
| Gross | Consolidated | Consolidated | that are not | ||
| amounts | Balance Sheet | Balance Sheet | offset | Net amount | |
| €’m | €’m | €’m | €’m | €’m | |
| At 31 December 2025 | |||||
| Financial assets | |||||
Cash at bank and in hand | 348.9 | – | 348.9 | – | 348.9 |
Derivative financial instruments | 10.1 | – | 10.1 | (3.5) | 6.6 |
359.0 | – | 359.0 | (3.5) | 355.5 | |
| Financial liabilities | |||||
Bank overdrafts | (0.5) | – | (0.5) | – | (0.5) |
Derivative financial instruments | (5.2) | – | (5.2) | 3.5 | (1.7) |
(5.7) | – | (5.7) | 3.5 | (2.2) | |
| At 31 December 2024 | |||||
| Financial assets | |||||
Cash at bank and in hand | 1,610.0 | – | 1,610.0 | – | 1,610.0 |
Derivative financial instruments | 12.3 | – | 12.3 | (7.4) | 4.9 |
1,622.3 | – | 1,622.3 | (7.4) | 1,614.9 | |
| Financial liabilities | |||||
Bank overdrafts | (2.4) | – | (2.4) | – | (2.4) |
Derivative financial instruments | (32.8) | – | (32.8) | 7.4 | (25.4) |
(35.2) | – | (35.2) | 7.4 | (27.8) |
Financial Statements262 Notes to the Financial Statements
| Insurance | Non-Trading Items | Environmental | Total | |
| €’m | €’m | €’m | €’m | |
| Group: | ||||
At 1 January 2024 | 42.3 | 7.8 | 14.6 | 64.7 |
Provided during the financial year | 14.5 | – | – | 14.5 |
Utilised during the financial year | (3.3) | (7.3) | – | (10.6) |
Remeasured during the financial year | (13.3) | – | – | (13.3) |
Transferred to payables and accruals | – | (0.5) | – | (0.5) |
Exchange translation adjustment | 2.1 | – | 0.7 | 2.8 |
At 31 December 2024 | 42.3 | – | 15.3 | 57.6 |
Provided during the financial year | 11.9 | – | – | 11.9 |
Utilised during the financial year | (11.5) | – | (3.6) | (15.1) |
Remeasured during the financial year | (12.3) | – | (2.2) | (14.5) |
Exchange translation adjustment | (2.1) | – | (1.4) | (3.5) |
At 31 December 2025 | 28.3 | – | 8.1 | 36.4 |
| 2025 | 2024 | |
| €’m | €’m | |
| Analysed as: | ||
Current liabilities | 5.7 | 7.0 |
Non-current liabilities | 30.7 | 50.6 |
36.4 | 57.6 |
27. Retirement benefits obligation
The Group operates post-retirement benefit schemes in a number of its businesses throughout the world.
These schemes are structured to accord with local conditions and practices in each country they operate in and can
include both defined contribution and defined benefit schemes. The assets of the schemes are held, where relevant,
in separate trustee administered funds.
Defined contribution schemes
The Group has a number of defined contribution pension schemes in operation. Payments to defined contribution
schemes are recognised in the Consolidated Income Statement as they fall due.
Defined benefit schemes
Defined benefit post-retirement schemes exist primarily in Republic of Ireland, the UK and the USA (included in Rest
of World). These defined benefit schemes comprise final salary pension schemes, career average salary pension
schemes and post-retirement medical plans. All material defined benefit pension schemes are closed to future
accrual. The post-retirement medical plans operated by the Group relate primarily to a number of USA employees and
are closed to new entrants. Defined benefit schemes in Ireland, the UK, and the USA are administered by Boards of
Trustees. These Boards are responsible for the management and governance of the schemes including compliance
with all relevant laws and regulations.
Financial Statements 263Notes to the Financial Statements
27.Retirementbenefitsobligation(continued)
Defined benefit schemes (continued)
| 2025 | 2024 | |
| €’m | €’m | |
| Service cost: | ||
– Costs relating to defined contribution schemes | 66.3 | 69.7 |
– Current service cost relating to defined benefit schemes | 3.5 | 4.7 |
– Past service and settlements | (1.3) | (1.4) |
Net interest income | (2.4) | (1.4) |
Recognised in the Consolidated Income Statement | 66.1 | 71.6 |
| Re-measurements of the net defined benefit liability: | ||
– Return on scheme assets (excluding amounts included in net interest cost) | 51.4 | 90.6 |
– Experience losses/(gains) on schemes' liabilities | 5.9 | (8.0) |
– Actuarial gains arising from changes in demographic assumptions | (1.9) | (4.5) |
– Actuarial gains arising from changes in financial assumptions | (32.7) | (88.9) |
Recognised in the Consolidated Statement of Comprehensive Income | 22.7 | (10.8) |
Total | 88.8 | 60.8 |
Financial Statements264 Notes to the Financial Statements
27.Retirementbenefitsobligation(continued)
(ii) Recognition in the Consolidated Balance Sheet
The net defined benefit post-retirement schemes’ surplus/(deficit) at 31 December, which has been recognised in the
Consolidated Balance Sheet, was as follows:
| Schemes | Schemes | Schemes | Schemes | |||
| in Surplus | in Deficit | Total | in Surplus | in Deficit | Total | |
| 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | |
| €’m | €’m | €’m | €’m | €’m | €’m | |
Present value of defined benefit obligation | (263.2) | (614.3) | (877.5) | (304.9) | (644.1) | (949.0) |
Fair value of scheme assets | 353.9 | 579.7 | 933.6 | 405.6 | 610.7 | 1,016.3 |
Net recognised surplus/(deficit) before deferred tax | 90.7 | (34.6) | 56.1 | 100.7 | (33.4) | 67.3 |
Net related deferred tax (liability)/asset | (11.3) | 8.5 | (2.8) | (12.6) | 8.2 | (4.4) |
Net recognised surplus/(deficit) after deferred tax | 79.4 | (26.1) | 53.3 | 88.1 | (25.2) | 62.9 |
Net recognised surplus/(deficit) by region:
| Rest of | Rest of | |||||||
| Ireland | UK | World | Total | Ireland | UK | World | Total | |
| 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 | |
| €’m | €’m | €’m | €’m | €’m | €’m | €’m | €’m | |
| Present value of defined | (263.2) | (531.2) | (83.1) | (877.5) | (304.9) | (555.9) | (88.2) | (949.0) |
| benefit obligation | ||||||||
Fair value of scheme assets | 353.9 | 521.9 | 57.8 | 933.6 | 405.6 | 545.4 | 65.3 | 1,016.3 |
| Net recognised surplus/ | 90.7 | (9.3) | (25.3) | 56.1 | 100.7 | (10.5) | (22.9) | 67.3 |
| (deficit) before deferred tax | ||||||||
| Net related deferred tax | (11.3) | 2.3 | 6.2 | (2.8) | (12.6) | 2.6 | 5.6 | (4.4) |
| (liability)/asset | ||||||||
| Net recognised surplus/ | 79.4 | (7.0) | (19.1) | 53.3 | 88.1 | (7.9) | (17.3) | 62.9 |
| (deficit) after deferred tax |
The surplus at 31 December 2025 relates to the Irish scheme (31 December 2024: Irish scheme) and has been
recognised in accordance with IFRIC 14 ‘The Limit on a Defined Benefit Asset, Minimum Funding Requirements and
their Interaction’ as it has been determined that the Group has an unconditional right to a refund of the surplus.
In June 2023, the UK High Court (Virgin Media Limited V NTL Pension Trustees II Limited) ruled that certain historical
amendments for contracted-out defined benefit schemes were invalid if they were not accompanied by the relevant
actuarial confirmation. The judgement was appealed and in July 2024 the ruling was upheld by the UK Court of Appeal.
Subsequently, in June 2025 the UK Government announced plans to introduce legislation to allow affected schemes
to obtain actuarial confirmation retrospectively. The Trustees are aware of recent developments and are monitoring
the progress of the draft legislation, therefore it remains appropriate that no changes have been made to the Group
Consolidated Financial Statements at this time.
(iii) Financial and demographic assumptions
The principal financial assumptions used by the Group’s actuaries in order to calculate the defined benefit obligation
at 31 December, some of which have been shown in range format to reflect the differing assumptions in each scheme,
were as follows:
2025 | 2024 | |||||
| Rest of | Rest of | |||||
| Ireland | UK | World | Ireland | UK | World | |
| % | % | % | % | % | % | |
Rate used to discount schemes’ liabilities | 4.30 | 5.60 | 4.75 – 6.00 | 3.60 | 5.60 | 4.75 – 6.00 |
Inflation assumption | 2.00 | 2.90 | 2.50 | 2.10 | 3.10 | 2.50 |
Rate of increase in salaries | N/A 1 | N/A 1 | 3.00 | N/A 1 | N/A 1 | 3.50 |
| Rate of increase for pensions in payment | 2.00 | 1.95 – 2.80 | – | 2.10 | 2.00 – 2.95 | – |
| and deferred pensions |
1
Not applicable as the Irish and UK defined benefit schemes are closed to future accrual.
Financial Statements 265Notes to the Financial Statements
27.Retirementbenefitsobligation(continued)
(iii)Financialanddemographicassumptions(continued)
The most significant demographic assumption is mortality. The mortality assumptions used are based on advice
from the pension schemes’ actuaries and reflect each scheme’s population. The life expectancy of a member retiring
at 31 December at age 65, now and in 20 years’ time, some of which have been shown in range format to reflect the
differing assumptions in each scheme, is as follows:
2025 | 2024 | |||||
| Rest of | Rest of | |||||
| Ireland | UK | World | Ireland | UK | World | |
| Years | Years | Years | Years | Years | Years | |
Male – retiring now | 22 | 21 | 21 – 22 | 23 | 21 | 21 – 22 |
Female – retiring now | 24 | 24 | 23 – 24 | 24 | 24 | 23 |
Male – retiring in 20 years’ time | 24 | 23 | 22 – 24 | 24 | 23 | 22 – 23 |
Female – retiring in 20 years’ time | 26 | 26 | 24 – 25 | 26 | 26 | 24 – 25 |
There are inherent uncertainties surrounding the financial and demographic assumptions adopted by the Group.
The assumptions may differ from the actual data as a result of changes in economic and market conditions as well as
the actual experience within each scheme. The present value of post-retirement benefit schemes’ liabilities is heavily
dependent on the discount rate. As the discount rate is based on a market driven measure, which is the interest yield
on high quality corporate bonds at the balance sheet date, the present value of post-retirement benefit schemes’
liabilities can fluctuate significantly from valuation to valuation. The expected rate of inflation impacts the schemes’
liabilities in that inflation is the basis for the calculation of the assumed future salary and revaluation increases in each
scheme where applicable. In relation to demographic assumptions, differing expectations regarding current and future
changes in mortality rates can have a significant impact on the schemes’ liabilities.
The table below gives an approximate indication of the impact of a change in the principal financial actuarial
assumptions (discount rate, inflation rate & pension increases and salary increases) and the principal demographic
actuarial assumption (mortality) on the schemes’ liabilities. The present value of the defined benefit obligation has
been calculated using the projected unit credit method. The impact on the defined benefit obligation at 31 December
2025 is calculated on the basis that only one assumption is changed with all other assumptions remaining unchanged.
The assessment of the sensitivity analysis below could therefore be limited as a change in one assumption may not
occur in isolation as assumptions may be correlated. There have been no changes from the previous year in the
methods and assumptions used in preparing the sensitivity analysis.
| Impact on schemes’ liabilities of changes in assumptions | ||||||
2025 | 2024 | |||||
| Rest of | Rest of | |||||
| Ireland | UK | World | Ireland | UK | World | |
| Change in Assumption | % | % | % | % | % | % |
| Discount rate | ||||||
Decrease of 0.50% | 7.2% | 6.8% | 3.9% | 7.9% | 7.1% | 3.7% |
Increase of 0.50% | (6.4%) | (6.2%) | (3.6%) | (7.0%) | (6.4%) | (3.4%) |
| Inflation Rate and Pension Increases | ||||||
Increase of 0.50% | 5.6% | 2.5% | – | 6.2% | 2.6% | – |
Decrease of 0.50% | (5.1%) | (2.8%) | – | (5.6%) | (2.8%) | – |
| Salary Increase | ||||||
Increase of 0.50% | N/A 1 | N/A 1 | – | N/A 1 | N/A 1 | 0.2% |
Decrease of 0.50% | N/A 1 | N/A 1 | – | N/A 1 | N/A 1 | (0.2%) |
| Mortality | ||||||
Increase in life expectancy of 1 Year | 3.6% | 4.0% | 1.9% | 3.5% | 4.0% | 1.9% |
Decrease in life expectancy of 1 Year | (3.6%) | (4.0%) | (1.9%) | (3.5%) | (4.0%) | (1.9%) |
1
Not applicable as the Irish and UK defined benefit schemes are closed to future accrual.
Financial Statements266 Notes to the Financial Statements
27.Retirementbenefitsobligation(continued)
(iv) Reconciliations for defined benefit schemes
The movements in the defined benefit schemes’ obligation during the financial year were:
| 2025 | 2024 | |
| €’m | €’m | |
Present value of the defined benefit obligation at beginning of the financial year | (949.0) | (1,017.3) |
Current service cost | (3.5) | (4.7) |
Past service and settlements | 1.3 | 1.4 |
Contributions by employees | – | – |
Interest expense | (43.4) | (44.2) |
Benefits paid | 51.6 | 48.8 |
| Re-measurements: | ||
– experience (losses)/gains on schemes' liabilities | (5.9) | 8.0 |
– actuarial gains arising from changes in demographic assumptions | 1.9 | 4.5 |
– actuarial gains arising from changes in financial assumptions | 32.7 | 88.9 |
Exchange translation adjustment | 36.8 | (34.4) |
Present value of the defined benefit obligation at end of the financial year | (877.5) | (949.0) |
| Present value of the defined benefit obligation at end of the financial year that relates to: | ||
Wholly unfunded schemes | (21.5) | (17.4) |
Wholly or partly funded schemes | (856.0) | (931.6) |
(877.5) | (949.0) |
The weighted average duration of the defined benefit obligation at 31 December 2025 is approximately 13 years
(2024: approximately 15 years).
The movements in the schemes’ assets during the financial year were:
| 2025 | 2024 | |
| €’m | €’m | |
Fair value of scheme assets at beginning of the financial year | 1,016.3 | 1,065.6 |
Interest income | 45.8 | 45.6 |
Contributions by employer | 8.3 | 12.5 |
Contributions by employees | – | – |
Benefits paid | (51.6) | (48.8) |
| Re-measurements: | ||
– return on scheme assets (excluding amounts included in net interest cost) | (51.4) | (90.6) |
Exchange translation adjustment | (33.8) | 32.0 |
Fair value of scheme assets at end of the financial year | 933.6 | 1,016.3 |
Financial Statements 267Notes to the Financial Statements
27.Retirementbenefitsobligation(continued)
(iv)Reconciliationsfordefinedbenefitschemes(continued)
The fair values of each of the categories of the pension schemes’ assets at 31 December were as follows:
| 2025 | 2024 | |
| €’m | €’m | |
Liability Driven Investment | 456.3 | 514.3 |
Investment Grade Credit | 159.9 | 163.7 |
Asset Backed Securities | 171.5 | 176.7 |
Global Equities | 139.0 | 145.2 |
Cash and other | 6.9 | 16.4 |
Total fair value of pension schemes’ assets | 933.6 | 1,016.3 |
The majority of equity securities and bonds have quoted prices in active markets. The schemes’ assets are invested
with professional investment managers. Investments in the Group’s own financial instruments, if any, are solely at the
discretion of the investment managers concerned. The actual amount of the Group’s own financial instruments held by
the pension schemes during 2025 and 2024 were not material. No property held by the pension schemes was occupied
by the Group nor were any other pension schemes’ assets used by the Group during 2025 or 2024.
The Irish, UK and USA schemes have invested in Liability Driven Investment (LDI) strategies. The primary goal of this
asset class is to mitigate the impact of interest rate and inflation volatility and enable better matching of investment
returns with the cash outflows required to pay benefits. The LDI solutions invest in various leveraged/unleveraged bonds
and derivatives and the value of the LDI assets at 31 December 2025 across the schemes was €453.4m (2024: €514.3m)
which is based on the latest market bid price for the underlying investments, which are traded daily on liquid markets.
(v) Funding for defined benefit schemes
The Group operates a number of defined benefit schemes in a number of countries and each scheme is required to
be operated in line with local legislation, conditions, practices and the regulatory framework in place for the specific
country. As a result, there are a number of different funding arrangements in place that accord with the specific local
legislative, regulatory and actuarial requirements.
Funding for each scheme is carried out by cash contributions from the Group’s subsidiaries. These funding
arrangements have been advised by the pension schemes’ actuaries and agreed between the Group and the relevant
Trustees. Actuarial valuations, which are not available for public inspection, are carried out every three years in Ireland
and the UK; and every year in the USA. During the financial year ending 31 December 2026, the Group expects to make
contributions of approximately €14.0m to its defined benefit schemes.
| 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 |
Financial Statements268 Notes to the Financial Statements
28. Share capital (continued)
29. Share-based payments
The Group operates three equity-settled share-based payment plans. The first plan is the Group’s Long-Term Incentive
Plan, the second is the element of the Group’s Short-Term Incentive Plan that is settled in shares/share options after
a 2 year deferral period and the third is the Group’s All Employee Share Plan. Details on each of the Group’s plans are
outlined below and are the same as those recognised in the Company financial statements.
The Group recognised an expense of €36.0m (2024: €39.8m) related to equity-settled share-based payment
transactions in the Consolidated Income Statement during the financial year. The expectation of meeting performance
criteria was taken into account when calculating this expense.
(i) Long-Term Incentive Plan
The Group operates an equity-settled Long-Term Incentive Plan (LTIP) under which an invitation to participate was
made to Executive Directors and senior executives. The proportion of each invitation which vests will depend on the
Adjusted Earnings Per Share (EPS) performance, Total Shareholder Return (TSR), Return on Average Capital Employed
(ROACE) and Sustainability metrics of the Group during a three year period (‘the performance period’). The invitations
made in 2023, 2024 and 2025 will potentially vest in 2026, 2027 and 2028 respectively.
For the 2023, 2024 and 2025 awards, the performance conditions are weighted 40% for Adjusted EPS growth calculated
on a constant currency basis, 25% for TSR, 15% for ROACE and the remaining 20% of the shares/share options will vest
according to the Group’s Sustainability metrics versus predetermined targets. An invitation may lapse if a participant
ceases to be employed within the Group before the vesting date.
Under the 2013 LTIP, the Group introduced career shares awards, under which an invitation to participate was made to
a limited number of senior executives. The proportion of each invitation which vests will depend on personal objectives
during a three year period (‘the performance period’) and the senior executives remaining within the Group for a four
year period (‘the retention period’). The last invitations to participate in career share awards were made in 2020 and
these will potentially vest in 2027. An invitation may lapse if a participant ceases to be employed within the Group
before the vesting date.
Under the 2021 LTIP, The Group introduced restricted stock awards, under which an invitation to participate is
made to a limited number of senior management. The awards are subject to time-based vesting and may also be
granted subject to performance conditions. Invitations to participate in restricted stock awards were made each year
since 2021.
Financial Statements 269Notes to the Financial Statements
29.Share-basedpayments(continued)
(i)Long-TermIncentivePlan(continued)
| Number of Conditional Awards 2025 | Number of Conditional Awards 2024 | |||||
| Share | Share | |||||
| Shares | Options | Total | Shares | Options | Total | |
| Outstanding at beginning | 502,797 | 1,349,165 | 1,851,962 | 444,904 | 1,155,629 | 1,600,533 |
| of the financial year | ||||||
Forfeited | (58,338) | (74,597) | (132,935) | (56,944) | (62,595) | (119,539) |
Vested | (76,032) | (198,430) | (274,462) | (76,723) | (188,811) | (265,534) |
Relinquished | (59,690) | (158,421) | (218,111) | (42,499) | (112,830) | (155,329) |
New conditional awards | 194,749 | 489,969 | 684,718 | 234,059 | 557,772 | 791,831 |
Outstanding at end of the financial year | 503,486 | 1,407,686 | 1,911,172 | 502,797 | 1,349,165 | 1,851,962 |
| Number of | Number of | |
| Share | Share | |
| Options | Options | |
| 2025 | 2024 | |
| Share options arising under the LTIP | ||
Outstanding at beginning of the financial year | 305,586 | 260,397 |
Options released at vesting date | 166,730 | 161,968 |
Options released from deferral | 43,079 | 54,130 |
Exercised | (248,710) | (170,909) |
Outstanding and exercisable at end of the financial year | 266,685 | 305,586 |
Financial Statements270 Notes to the Financial Statements
29.Share-basedpayments(continued)
(i)Long-TermIncentivePlan(continued)
At the invitation grant date, the fair value per conditional award and the assumptions used in the calculations are
as follows:
| 2025 | 2024 | 2023 | 2022 | |
| Conditional | Conditional | Conditional | Conditional | |
| Award at | Award at | Award at | Award at | |
| Grant Date | Grant Date | Grant Date | Grant Date | |
| LTIP Scheme | ||||
Conditional Award Invitation date | March 2025 | March 2024 | March 2023 | March 2022 |
Year of potential vesting | 2028 | 2027 | 2026 | 2025 |
Share price at grant date | €98.80 | €80.94 | €91.26 | €95.46 |
Exercise price | €0.125 | €0.125 | €0.125 | €0.125 |
Expected volatility | 21.0% | 21.9% | 22.9% | 28.6% |
Expected life | 3 years | 3 years | 3 years | 3 years |
Risk free rate | 2.2% | 2.6% | 3.1% | (0.3%) |
Expected dividend yield | 1.3% | 1.4% | 1.0% | 0.8% |
Expected forfeiture rate | 5.0% | 5.0% | 5.0% | 5.0% |
Weighted average fair value at grant date | €83.58 | €65.20 | €73.50 | €77.68 |
Valuation model | Monte Carlo | Monte Carlo | Monte Carlo | Monte Carlo |
| Pricing | Pricing | Pricing | Pricing |
Exercise price refers to exercise price for both shares and share options.
Expected volatility was determined by calculating the historical volatility of the Group’s share price over the previous
three years. Market based vesting conditions, such as the TSR condition, have been taken into account in establishing
the fair value of equity instruments granted. The TSR performance over the period is measured against the TSR
performance of a peer group of listed companies. Non‐market based performance conditions were not taken into
account in establishing the fair value of equity instruments granted, however the number of equity instruments
included in the measurement of the transaction is adjusted so that the amount recognised is based on the number
of equity instruments that eventually vest.
(ii) Short-Term Incentive Plan
The Group’s Short-Term Incentive Plan (STIP) for Executive Directors incorporates a share-based payment element with
33% of the total bonus to be settled in shares/share options. The shares/share options awarded as part of this scheme
will be issued 2 years after the vesting date once a deferral period has elapsed. There are no further performance
conditions relating to the shares/share options during the deferral period.
There are 9,663 share options (2024: 14,808 share options) outstanding and exercisable in relation to the STIP.
A share-based payment expense is recognised in the Consolidated Income Statement for the scheme to reflect the cash
value of the bonus to be paid by way of shares/share options. The issuance of shares/share options under the STIP
which related to the 2024 and 2025 financial years will be released from deferral in 2026 and 2027 respectively.
(iii) All Employee Share Plan
The Group implemented a new All Employee Share Plan (AESP) in September 2023. Phase one of the plan was available
to employees in the following countries: Ireland, UK, Spain, Australia, India, Indonesia, Thailand and Singapore.
Phase two of the plan was implemented in September 2024 and was extended to the following countries: Brazil, Canada,
China, Costa Rica, Denmark, France, Germany, Italy, Malaysia, Mexico, Netherlands, New Zealand, Oman, Poland,
United Arab Emirates and the United States. Phase three of the plan was implemented in September 2025 and was
extended to the following countries: Austria, Belgium, Czech Republic, Greece, Hungary, Luxembourg, Romania, Sweden,
Cameroon, Hong Kong, Japan, Kenya, Nigeria, Rwanda, Saudi Arabia, South Africa, South Korea, Tanzania, Turkey,
Uganda, Argentina, Chile, Colombia, El Salvador and Guatemala. The plan is structured as an equity-settled scheme.
Under the plan, participating employees are granted one share for every three shares purchased. The additional share
is issued to the participating employee after a two-year period.
During the year, under the All Employee Share Plan, 1,350 matching shares were forfeited, 7,370 matching shares vested,
and 23,415 new matching shares were awarded, resulting in an outstanding balance at 31 December 2025 of 14,695
conditional awards for the All Employee Share Plan.
The expense of €824,948 (2024: €244,032) related to the AESP has been recognised in the Consolidated Income
Statement. The weighted average fair value of the shares granted was €76.52 (2024: €nil).
Financial Statements 271Notes to the Financial Statements
| Group | Group | Company | Company | ||
| 2025 | 2024 | 2025 | 2024 | ||
| Notes | €’m | €’m | €’m | €’m | |
| Change in working capital | |||||
Decrease/(increase) in inventories | 21.8 | (26.6) | – | – | |
(Increase)/decrease in trade and other receivables | (115.4) | (165.1) | 738.5 | (1,684.2) | |
(Decrease)/increase in trade and other payables | (121.1) | 116.9 | (47.9) | 19.2 | |
Decrease in non-current liabilities | (11.3) | (8.4) | – | – | |
Share-based payment expense | 29 | 36.0 | 39.8 | 36.0 | 39.8 |
(190.0) | (43.4) | 726.6 | (1,625.2) | ||
| Purchase of assets | |||||
Purchase of property, plant and equipment | (230.0) | (278.3) | – | – | |
Purchase of intangible assets | (31.6) | (27.5) | – | – | |
(261.6) | (305.8) | – | – | ||
| Cash and cash equivalents | |||||
Cash at bank and in hand | 24 | 348.9 | 1,610.0 | – | – |
Bank overdrafts | 24 | (0.5) | (2.4) | – | – |
348.4 | 1,607.6 | – | – |
| Cash at | Overdrafts | Interest | Borrowings | Borrowings | Net Debt | ||||
| bank and | due within | Rate | due within | due after | – pre lease | Lease | Net | ||
| in hand | 1 year 1 | Swaps | 1 year 1 | 1 year 1 | liabilities | liabilities 1 | Debt | ||
| €’m | €’m | €’m | €’m | €’m | €’m | €’m | €’m | ||
At 1 January 2024 | 943.7 | (34.7) | (9.5) | (2.4) | (2,432.6) | (1,535.5) | (68.6) | (1,604.1) | |
Cash flows | 642.1 | 32.3 | (3.3) | 2.5 | (994.0) | (320.4) | 40.8 | (279.6) | |
| Foreign exchange | 24.2 | – | (10.8) | (0.1) | – | 13.3 | (1.2) | 12.1 | |
| adjustments | |||||||||
| Other non-cash | – | – | 7.4 | (947.9) | 943.9 | 3.4 | (57.6) | (54.2) | |
| movements | |||||||||
At 31 December 2024 | 24 | 1,610.0 | (2.4) | (16.2) | (947.9) | (2,482.7) | (1,839.2) | (86.6) | (1,925.8) |
Cash flows | (1,206.1) | 1.8 | (8.0) | 950.0 | – | (262.3) | 41.0 | (221.3) | |
| Foreign exchange | (55.0) | 0.1 | 20.1 | – | – | (34.8) | 5.4 | (29.4) | |
| adjustments | |||||||||
| Other non-cash | – | – | 4.1 | (2.1) | (2.9) | (0.9) | (66.8) | (67.7) | |
| movements | |||||||||
At 31 December 2025 | 24 | 348.9 | (0.5) | – | – | (2,485.6) | (2,137.2) | (107.0) | (2,244.2) |
Financial Statements272 Notes to the Financial Statements
31. Business combinations
The following acquisitions were completed by the Group during 2025:
| Completion | Percentage | Principal | ||||
Acquisition | Type | date | acquired | Segment | activity | Strategic rationale |
| Certain assets | Asset | April 2025 | Carve-out business | Americas | Coffee extraction | Enhancement of coffee |
| of Martin | acquisition | capabilities. | extraction capabilities for | |||
| Bauer Group | food and beverage taste | |||||
| applications. | ||||||
GSF Egypt LLC | Share | October | 90% | APMEA | Culinary food | Expansion of Kerry's |
| 2025 | systems. | 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 payment 1 | 1.8 |
| 32.9 |
1
The 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 |
Financial Statements 273Notes to the Financial Statements
31.Businesscombinations(continued)
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 |
Financial Statements274 Notes to the Financial Statements
| 2025 | 2024 | |
| €’m | €’m | |
| Company: | ||
(i) Guarantees in respect of borrowings of subsidiaries | 2,486.1 | 3,436.3 |
| 2025 | 2024 | |
| €’m | €’m | |
| Group: | ||
Commitments in respect of contracts placed | 80.6 | 93.4 |
Expenditure authorised by the Directors but not contracted for at the financial year end | 124.9 | 150.2 |
205.5 | 243.6 |
34. Related party transactions
(i) Trading with Directors
In the ordinary course of business as a farmer during 2025, one Director has traded on standard commercial terms
with Kerry Dairy Ireland. Aggregate purchases from, and sales to, this Director during the year amounted to €0.1m
(2024: €0.1m) and €nil (2024: €nil) respectively. The trading balance outstanding to Kerry Dairy Ireland at the financial
year end was €nil (2024: €nil). All transactions with this Director were on standard commercial terms. No expense has
been recognised in the financial year for bad or doubtful debts in respect of amounts owed by this Director.
(ii) Trading between Parent Company and subsidiaries
Transactions in the financial year between the Parent Company and its subsidiaries included:
| 2025 | 2024 | |
| €’m | €’m | |
Dividends received by the Parent Company | 27.2 | 2,550.0 |
Cost recharges from subsidiaries of the Parent Company | 36.4 | 31.0 |
Trade and other receivables to the Parent Company | 1,446.2 | 2,039.5 |
Financial Statements 275Notes to the Financial Statements
34. Related party transactions (continued)
| Amounts receivable | ||||
| Sale of goods | at 31 December | |||
| 2025 | 2024 | 2025 | 2024 | |
| €’m | €’m | €’m | €’m | |
Joint ventures | 0.6 | 0.4 | 5.7 | 4.8 |
| 2025 | 2024 | ||
| Notes | €’m | €’m | |
Sales – goods | 26.2 | – | |
Sales – services | 12.0 | – | |
Purchases – goods | 170.6 | – | |
Trade receivables | 20 | 5.3 | 21.9 |
Trade payables | 21 | (26.8) | (9.6) |
Other receivables | 20 | 10.0 | – |
Other payables and accruals | 21 | – | (50.0) |
Fixed dividend receivable on retained investment | 6 | 7.5 | – |
Other financial asset | 25 | 148.5 | 252.0 |
Phase 1 vendor loan receivable | 25 | 17.0 | 20.4 |
| 2025 | 2024 | |
| €’m | €’m | |
Short-term benefits (salaries, fees and other short-term benefits) | 8.3 | 11.1 |
Post-retirement benefits | 0.3 | 0.3 |
LTIP accounting charge | 5.5 | 5.1 |
Other long-term benefits | – | – |
Termination benefits | – | – |
Total | 14.1 | 16.5 |
Financial Statements276 Notes to the Financial Statements
34. Related party transactions (continued)
(v)Transactionswithkeymanagementpersonnel(continued)
35. 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 11);
• has announced the purchase of 395,175 shares at a cost of €29.2m up to 31 January 2026 on the existing
programme (note 28); 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.
Financial Statements 277Notes to the Financial Statements
| Registered | |||
Country | Company Name | Nature of Business | Office |
Ireland | Carteret Investments Unlimited Company | Investment | 1 |
Cuarto Limited | Investment | 1 | |
Dawn Dairies Limited | Services | 1 | |
Golden Vale Limited | Investment | 1 | |
Kerry Agri Business Holdings Limited | Investment | 1 | |
Kerry Dairy Consumer Foods Limited | Services | 1 | |
Kerry Food Ingredients (Cork) Limited | Trading | 1 | |
Kerry Group Finance International Limited | Investment | 1 | |
Kerry Group Financial Services Unlimited Company | Trading | 1 | |
Kerry Group Services International Limited | Trading | 1 | |
Kerry Group Services Limited | Services | 1 | |
Kerry Health and Nutrition Institute Limited | Services | 1 | |
Kerry Holdings International (Ireland) Limited | Investment | 1 | |
Kerry Holdings (Ireland) Limited | Investment | 1 | |
Kerry Ingredients & Flavours Limited | Trading | 1 | |
Kerry Dairy Holdings (Ireland) Limited (30% shareholding) | Investment | 1 | |
Kerry Taste & Nutrition (Ireland) Limited | Trading | 1 | |
Lifesource Foods Research Limited | Investment | 1 | |
Linovale Limited | Investment | 1 | |
Princemark Holdings Designated Activity Company | Trading | 1 | |
Tacna Investments Limited | Investment | 1 | |
Zenbury International Limited | Investment | 1 | |
UK | Dairy Produce Packers Limited | Services | 2 |
Golden Vale (NI) Limited | Investment | 2 | |
Kerry Foods Limited | Services | 3 | |
Kerry Holdings (U.K.) Limited | Investment | 3 | |
Kerry Ingredients (UK) Limited | Trading | 3 | |
Kerry Ingredients Holdings (U.K.) Limited | Investment | 3 | |
Kerry Management Services (UK) Limited | Services | 3 | |
Austria | Kerry Austria GmbH | Trading | 4 |
Belgium | Kerry Ingredients Belgium N.V. | Trading | 5 |
Netherlands | Kerry (NL) B.V. | Trading | 6 |
Kerry Group B.V. | Investment | 6 | |
Proparent B.V. (75% shareholding) | Investment | 7 | |
Niacet B.V. | Trading | 8 | |
Czech Republic | Kerry Ingredients & Flavours S.R.O. | Services | 9 |
France | Kerry Ingredients Holdings France SAS | Investment | 10 |
Kerry Savoury Ingredients France SAS | Trading | 10 | |
Kerry Flavours France SAS | Trading | 11 | |
Germany | Kerry Food GmbH | Investment | 12 |
Kerry Ingredients GmbH | Trading | 12 | |
Red Arrow Handels GmbH | Trading | 13 | |
Kerry Biotech GP GmbH | Investment | 14 | |
c-LEcta GmbH (93% shareholding) | Trading | 15 | |
Denmark | Cremo Ingredients A/S | Trading | 16 |
Financial Statements278 Notes to the Financial Statements
37.Groupentities(continued)
Principalsubsidiariesandjointventureundertakings(continued)
| Registered | |||
Country | Company Name | Nature of Business | Office |
Italy | Kerry Ingredients & Flavours Italia S.p.A. | Trading | 17 |
Poland | Kerry Polska Sp. z o.o. | Trading | 18 |
Hungary | Kerry Hungaria Kft | Trading | 19 |
Luxembourg | Kerry Luxembourg S.a.r.l. | Services | 20 |
Zenbury Finance S.a.r.l. | Services | 20 | |
Zenbury International Limited S.a.r.l. | Investment | 20 | |
Romania | Kerry Romania S.R.L. | Trading | 21 |
Spain | Kerry Iberia Taste & Nutrition, S.L.U. | Trading | 22 |
Harinas y Sémolas del Noroeste, S.A.U. | Trading | 23 | |
Pevesa Biotech, S.A.U. | Trading | 24 | |
Biosearch, S.A.U. | Trading | 25 | |
Sweden | Tarber AB | Trading | 26 |
Ukraine | Kerry Ukraine LLC | Trading | 27 |
USA | Kerry Holding Co. | Investment | 28 |
Kerry, Inc. | Trading | 28 | |
Ganeden Biotech, Inc. | Trading | 28 | |
Fleischmann's Vinegar Company, Inc. | Trading | 28 | |
Insight Beverages, Inc. | Trading | 29 | |
Kerry Stock & Broth Company Inc. | Trading | 30 | |
Niacet Corporation | Trading | 31 | |
Natreon, Inc. | Trading | 32 | |
Canada | Kerry (Canada) Inc. | Trading | 33 |
Mexico | Kerry Ingredients (de Mexico), S.A. de C.V. | Trading | 34 |
Enmex, S.A. de C.V. | Trading | 35 | |
Brazil | Kerry do Brasil Ltda | Trading | 36 |
Kerry da Amazonia Ingredientes e Aromas Ltda | Trading | 37 | |
Costa Rica | Baltimore Spice Central America, S.A. | Trading | 38 |
Chile | Kerry Chile Ingredientes, Sabores Y Aromas Ltda | Trading | 39 |
Colombia | Kerry Ingredients & Flavours Colombia S.A.S. | Trading | 40 |
Real S.A.S. | Trading | 41 | |
Proexcar S.A.S. | Trading | 42 | |
Panama | Kerry Panama S.A. | Trading | 43 |
Guatemala | Baltimore Spice Guatemala, S.A. | Trading | 44 |
Kerry Guatemala, S.A. | Trading | 44 | |
Aromaticos de Centroamerica, S.A. | Trading | 44 | |
El Salvador | Baltimore Spice de El Salvador, S.A. de C.V. | Trading | 45 |
Aromaticos de Centro America, S.A. de C.V. | Trading | 45 | |
Thailand | Kerry Ingredients (Thailand) Limited | Trading | 46 |
Pakistan | Kerry Pakistan (Private) Limited | Services | 47 |
Philippines | Kerry Food Ingredients (Philippines), Inc. | Trading | 48 |
Kerry Manufacturing (Philippines), Inc. | Trading | 49 | |
Singapore | Kerry Ingredients (S) PTE Ltd | Services | 50 |
Malaysia | Kerry Ingredients (M) Sdn. Bhd. | Trading | 51 |
Kerry Group Business Services (ASPAC) Sdn. Bhd. | Services | 51 | |
Almer Malaysia Sdn. Bhd. | Trading | 51 |
Financial Statements 279Notes to the Financial Statements
37.Groupentities(continued)
Principalsubsidiariesandjointventureundertakings(continued)
| Registered | |||
Country | Company Name | Nature of Business | Office |
Japan | Kerry Japan Kabushiki Kaisha | Trading | 52 |
| China | Kerry Foods (Nantong) Co., Ltd | Trading | 53 |
TianNing Flavor & Fragrance (JiangSu) Co., Ltd | Trading | 54 | |
Zhejiang Hangmai Food Technologies Co., Ltd | Trading | 55 | |
Sias Food Co., Ltd | Trading | 56 | |
Shandong Tianbo Food Ingredients Co., Ltd | Trading | 57 | |
Shanghai Greatang Orchard Food Co., Ltd. | Trading | 58 | |
Kerry Food (Shandong) Co., Limited | Trading | 59 | |
Kerry Food (Shanghai) Co., Ltd | Trading | 60 | |
Nuocheng Trillion Food (Tianjin) Co., Ltd | Trading | 61 | |
Egypt | Kerry Egypt LLC | Trading | 62 |
GSF Egypt LLC (90% shareholding) | Trading | 63 | |
Indonesia | PT. Kerry Ingredients Indonesia | Trading | 64 |
PT. Kerry Trading Indonesia | Trading | 65 | |
India | Kerry Ingredients India Private Limited | Trading | 66 |
Australia | Kerry Ingredients Australia Pty. Ltd | Trading | 67 |
New Zealand | Kerry Ingredients (NZ) Limited | Trading | 68 |
Kenya | Kerry Kenya Limited | Trading | 69 |
Kerry Taste & Nutrition Kenya Limited | Trading | 69 | |
Cameroon | Afribon Cameroun SARL | Trading | 70 |
Nigeria | Kerry Ingredients Nigeria Limited | Trading | 71 |
Rwanda | Kerry Taste & Nutrition Rwanda Limited | Trading | 72 |
Tanzania | Kerry Taste & Nutrition Tanzania Ltd | Trading | 73 |
Uganda | Kerry Taste & Nutrition Uganda – SMC Limited | Trading | 74 |
South Africa | Kerry Ingredients South Africa (Proprietary) Limited | Trading | 75 |
South Korea | Kerry Ingredients Korea LLC | Services | 76 |
Saudi Arabia | Kerry Taste and Nutrition Arabia LLC | Trading | 77 |
Oman | Kerry Oman S.P.C. | Trading | 78 |
Vietnam | Kerry Taste & Nutrition (Vietnam) Company Limited | Trading | 79 |
UAE | Kerry MENAT DMCC | Services | 80 |
Financial Statements280 Notes to the Financial Statements
37.Groupentities(continued)
Financial Statements 281Notes to the Financial Statements
37.Groupentities(continued)
RegisteredOffice(continued)
Financial Statements282 Financial Definitions
Supplementary Information
FINANCIAL DEFINITIONS
(notcoveredbyindependentauditors’report)
Kerryusesanumberoffinancialandnon-financialkeyperformanceindicators(KPIs)tomeasureperformanceacross
itsbusiness.TheseKPIshelpinformdecisionmaking,assisteffectivegoalsettingandtrackprogressinachievingthe
Group’sstrategicobjectives.Kerrybelievesthatlong-termsustainablesuccesswillbeachievedbygeneratingvalueforall
stakeholders,whiledevelopingandmonitoringstrategy,managingtherisksthatfacetheorganisationandembedding
theGroup’spurposeandvalues.Non-financialkeyperformanceindicatorsareoutlinedinpages18-19,whiletheprincipal
financialdefinitionsusedbytheGroup,togetherwithreconciliationswherethenon-IFRSmeasuresarenotreadily
identifiablefromthefinancialstatements,areasfollows:
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.
Volumeperformanceisanimportantmetricasitisseenasthekeydriveroforganictop-linebusinessimprovement.
Pricing therefore impacts revenue performance positively or negatively depending on whether input costs move up
ordown.Afullreconciliationtoreportedrevenueperformanceisdetailedintherevenuereconciliationbelow.
FollowingthedisposalofKerryDairyIrelandandchangeinsegments,therevenuereconciliationhasbeenrestatedto
reflectageographicalsplitwhichalignstotherevisedsegmentaldisclosures.
Revenue Reconciliation
2025
Volume
performance Price
Transaction
currency
Acquisitions/
Disposals
Translation
currency
Reported
revenue
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–continuingoperations 3.4% (2.1%) 0.2% (1.0%) (1.2%) (0.7%)
DisposalrevenueinEuropein2025primarilyreflectstheexitofamanufacturingagreementpostthefinalisationofthe
KerryDairyIrelandseparationinthecurrentyear.
Financial Statements 283Financial Definitions
2. EBITDA
EBITDArepresentsprofitbeforetaxationandbeforefinanceincomeandcosts,otherincome,depreciation(netof
capitalgrantamortisation),intangibleassetamortisation,non-tradingitemsandshareofjointventures’resultsafter
taxation.EBITDAisreflectiveofunderlyingtradingperformanceandallowscomparisonofthetradingperformanceof
theGroup’sbusinesses,eitheryear-on-yearorwithotherbusinesses.
Continuing operations
2025
€’m
2024
€’m
Profit before taxation 758.7 778.4
Shareofjointventures’resultsaftertaxation 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
Intangibleassetamortisation 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.
Continuing operations
2025
€’m
2024
€’m
EBITDA 1,208.1 1,188.0
Revenue 6,757.6 6,929.1
EBITDA margin 17.9% 17.1%
4. OperatingProfit
Operatingprofitisprofitbeforeincometaxes,financeincome,financecosts,otherincomeandshareofjointventures’
resultsaftertaxation.
Continuing operations
2025
€’m
2024
€’m
Profit before taxation 758.7 778.4
Finance income (33.2) (34.8)
Finance costs 85.4 88.3
Other income (7.5) –
Shareofjointventures’resultsaftertaxation 1.2 0.9
Operating profit 804.6 832.8
Financial Statements284 Financial Definitions
5. Adjusted Earnings Per Share and Performance in Adjusted Earnings
PerShareonaConstantCurrencyBasis
Theperformanceinadjustedearningspershareonaconstantcurrencybasisisprovidedasitisconsideredmore
reflectiveoftheGroup’sunderlyingtradingperformance.Adjustedearningsisprofitaftertaxationattributableto
equityholdersoftheparentbeforebrandrelatedintangibleassetamortisationandnon-tradingitems(netofrelated
tax).Theseitemsareexcludedinordertoassistintheunderstandingofunderlyingearnings.Afullreconciliation
ofadjustedearningspersharetobasicearningsisprovidedbelow.Constantcurrencyeliminatesthetranslational
effectthatarisesfromchangesinforeigncurrencyyear-on-year.Theperformanceinadjustedearningspershare
onaconstantcurrencybasisiscalculatedbycomparingcurrentyearadjustedearningspersharetotheprioryear
adjusted earnings per share retranslated at current year average exchange rates.
Continuing and Discontinued operations
2025
EPS
cent
Performance
%
2024
EPS
cent
Performance
%
Basic earnings per share 400.2 (5.7%) 424.5 3.4%
Brandrelatedintangibleassetamortisation 36.0 – 33.9 –
Non-tradingitems(netofrelatedtax) 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 rates
1
4.5% 1.0%
Growth in adjusted earnings per share on a constant currency basis 7.5% 9.7%
1
Impactof2025translationwas(21.1)/467.5cent=4.5%(2024:1.0%).
6. Free Cash Flow
FreecashflowisEBITDAplusmovementinaverageworkingcapital,capitalexpenditurenet(purchaseofassets,
paymentofleaseliabilities,inflow/(outflow)fromthesaleofassets(netofdisposalexpenses)andcapitalgrants
received),pensioncontributionspaidlesspensionexpense,financecostspaid(net),otherincomeandincome
taxespaid.
Freecashflowisseenasanimportantindicatorofthestrengthandqualityofthebusinessandoftheavailability
totheGroupoffundsforreinvestmentorforreturntoshareholders.Movementinaverageworkingcapitalisused
whencalculatingfreecashflowasmanagementbelievesthisprovidesamoreaccuratemeasureoftheincrease
ordecreaseinworkingcapitalneededtosupportthebusinessoverthecourseoftheyearratherthanattwo
distinctpointsintimeandmoreaccuratelyreflectsfluctuationscausedbyseasonalityandothertimingfactors.
Averageworkingcapitalisthesumofeachmonth’sworkingcapitalover12monthsadjustedfortheimpactof
acquisitionsanddisposals.ThefollowingtableisareconciliationoffreecashflowtothenearestIFRSmeasure,
whichis‘Netcashfromoperatingactivities’.
Continuing and Discontinued operations
2025
€’m
2024
€’m
Net cash from operating activities 755.5 988.7
Differencebetweenmovementinmonthlyaverageworkingcapitaland
movementinthefinancialyearendworkingcapital
115.4 72.3
Payments on non-trading items 75.7 50.7
Purchase of assets (261.6) (305.8)
Paymentofleaseliabilities (41.0) (40.8)
Inflow/(outflow)fromthesaleofassets(netofdisposalexpenses) 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
Financial Statements 285Financial Definitions
7. Cash Conversion
Cashconversionisdefinedasfreecashflow,expressedasapercentageofadjustedearningsaftertaxation.Cash
conversionisanimportantmetricasitmeasureshowmuchoftheGroup’sadjustedearningsisconvertedintocash.
Continuing and Discontinued operations
2025
€’m
2024
€’m
Free cash flow 643.1 765.6
Profitaftertaxationattributabletoequityholdersoftheparent 658.5 734.4
Brandrelatedintangibleassetamortisation 59.3 58.6
Non-tradingitems(netofrelatedtax) 74.4 15.8
Adjusted earnings after taxation 792.2 808.8
Cash Conversion 81% 95%
8. Average Capital Employed
Averagecapitalemployedistheaverageoftotalcapitalemployedoverthelastthreereportedbalancesheets.
Totalcapitalemployediscalculatedasshareholders’equity,lessthevendorloannoterelatingtotheSweetIngredients
Portfolio,lesstheRetainedInvestmentinKerryDairyIreland,plusnetdebt.
2025
€’m
H1 2025
€’m
2024
1
€’m
2024
€’m
H1 2024
€’m
2023
€’m
Equityattributabletoequityholders
of the parent
5,951.8 5,907.6 6,485.8 6,485.8 6,512.8 6,521.3
Vendorloannote–
SweetIngredientsPortfolio
(143.2) (129.4) (124.6) (124.6) (128.0) (124.3)
Retained Investment in
KerryDairyIreland
(148.5) (148.5) (148.5) – – –
Netdebt 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
Restatedasat1January2025followingthedisposalofKerryDairyIreland.
Financial Statements286 Financial Definitions
9. ReturnonAverageCapitalEmployed(ROACE)
Thismeasureisdefinedasprofitaftertaxationattributabletoequityholdersoftheparentbeforenon-tradingitems
(netofrelatedtax),brandrelatedintangibleassetamortisationandfinanceincome,costsandotherincomeexpressed
asapercentageofaveragecapitalemployed.ROACEisakeymeasureofthereturntheGroupachievesonits
investment in capital expenditure projects, acquisitions and other strategic investments.
Continuing and Discontinued operations
2025
€’m
2024
€’m
Profitaftertaxationattributabletoequityholdersoftheparent 658.5 734.4
Non-tradingitems(netofrelatedtax) 74.4 15.8
Brandrelatedintangibleassetamortisation 59.3 58.6
Netfinancecosts 52.2 53.9
Other income (7.5) –
Adjustedprofit 836.9 862.7
Average capital employed 7,909.4 8,172.3
Return on average capital employed 10.6% 10.6%
10. Total Shareholder Return
TotalshareholderreturnrepresentsthechangeinthecapitalvalueofKerryGroupplcsharesplusdividendsinthe
financialyearexpressedasapercentageoftheopeningcapitalvalue.
2025 2024
Shareprice(1January) €93.25 €78.66
Interimdividend(cent) 42.0 38.1
Dividendpaid(cent) 89.0 80.8
Shareprice(31December) €78.00 €93.25
Total shareholder return (14.9%) 20.1%
11. Market Capitalisation
Marketcapitalisationiscalculatedasthesharepricetimesthenumberofsharesinissue.
2025 2024
Shareprice(31December) €78.00 €93.25
Sharesinissue(‘000) 161,102.1 166,440.7
Market capitalisation (€’m) 12,566.0 15,520.6
12. Enterprise Value
Enterprisevalueiscalculatedasperexternalmarketsources.Itismarketcapitalisationplusreportedborrowingsless
total cash and cash equivalents.
13. NetDebt
Netdebtcomprisesborrowingsandoverdrafts,interestratederivativefinancialinstruments,leaseliabilitiesandcash
atbankandinhand.Seefullreconciliationofnetdebtinnote24tothefinancialstatementsonpages245-247.
Financial Statements 287
Notes
Financial Statements288
Notes