Kerry’s half-year €3.3B revenue driven by protein, enzymes & bio-fermented ingredients

Kerry has reported a €3.3 billion (US$3.76 billion) group revenue and an EBITDA of €558 million (US$635.83 million) in the first half year of 2026. The Irish food and nutrition company highlighted increased customer innovation activity across many markets, with high-growth fields in health and wellness products centering on higher protein, proactive health, and new format options. 

The group’s growth was propelled across a broad range of taste and biotechnology solutions, including Tastesense salt and sugar reduction technologies, botanicals, natural extracts, taste solutions for high-protein applications, enzymes, and bio-fermented ingredients.

Kerry’s volume growth reportedly stayed ahead of food and beverage end markets in the period, which was marked by geopolitical uncertainty, persistent consumer affordability challenges, and higher consumer focus on health and wellness. The company also highlights innovation activity in the foodservice channel and continued product renovation in retail.

“We are pleased to report a strong performance in the first half, reflecting a step up in volume growth in the second quarter and continued strong margin expansion,” comments Edmond Scanlon, CEO of Kerry Group.

He underscores notable volume growth across the Americas, Europe, and Asia-Pacific and the Middle East and Africa (APMEA) regions, adding that the company’s EBITDA margin expansion increased to 16.7%. 

The increase was driven by efficiencies delivered through its Accelerate 2.0 program — a multi-year strategic efficiency initiative that centers on optimizing the group’s manufacturing footprint, and optimizing and transforming its digital capabilities across operations, supply chain, and global business services.

“Today we have updated our financial targets and earnings growth algorithm to 2030,” says Scanlon. “Our revenue volume growth target range of 3–5% represents our confidence in continuing to deliver a consistent strong market outperformance and is set in the context of current market conditions. This growth, combined with our EBITDA margin target of 20–21% by 2030, will be the key drivers of delivering our High-Single-Digit Plus earnings growth over the coming years.”

Financial outlook

Kerry’s reported revenue for the period was driven by volume growth of 3.3% and an overall pricing reduction of 1% reflecting input cost deflation, which resulted in an overall reported revenue decrease of 3.7%.

The group notes that the adverse translation currency impact was primarily driven by the significant weakening of the US dollar versus the Euro.

Group EBITDA increased to €558 million (US$635.83 million) in the period, with EBITDA margin expansion primarily driven by Accelerate 2.0, combined with benefits from operating leverage, product mix, net price, and disposals.

Meanwhile, constant currency adjusted earnings per share increased by 7.9% to €2.14 (US$2.44) and 2.3% in reported currency. Basic earnings per share were €1.76 (US$2.00), reflecting business growth offset by the adverse foreign currency translation impact.

Additionally, free cash flow was €262 million (US$298.68 million) with cash conversion of 76%. Kerry Group states that this reflects business growth, increased capital expenditure, average working capital investment, and adverse foreign currency movements.

The interim dividend of €0.46 (US$0.53) per share reflects an increase of 10% over the 2025 interim dividend. During the period, the group repurchased €173 million (US$197.22 million) of Kerry Group “A” ordinary shares.

Kerry in headlines

Nutrition Insight recently connected with Kerry to explore the company’s clinical research addressing underserved needs and consumers in trending health segments of women’s wellness, healthy aging, and weight loss.

The company’s scientific inquiries this year have branched out, spanning new areas of women’s health solutions, trials involving older populations for healthy aging products, and studies supporting GLP-1 users who experience gastrointestinal side effects from rapid weight loss drugs.

In April, the company inaugurated its expanded biotechnology manufacturing facility in Carrigaline, County Cork, Ireland, which significantly boosted its industrial production of lactase enzymes. The site caters to dairy producers of lactose-free and sugar-reduced products, aiming to scale faster with consistent commercial volumes.

Earlier this year, the group published its latest edition of the Supplements Taste Charts for the APMEA region, which reveals how the nutrition industry has responded to evolving regional taste preferences. The report spotlighted new launches of confectionery-inspired product launches and “maximalist” flavor combos like sweet-plus-heat (“swicy”) pre-workout options.