DAVY VIEW

FY24 was a year of progress at Kerry. EBITDA and EPS came in modestly ahead of our expectations with operating momentum improving through the second half of the year. Notably, the Taste & Nutrition margin moved above 20% in H2-24, aided by strong Q4 volume growth in the Americas. The outlook statement calls for 7-11% EPS growth – we envisage lifting our FY25 EPS forecast to c.516c from 506.4c (a c.2% upgrade). The group has introduced a 2028 EBITDA margin target of 19-20% (Davy FY27f: 18.7%) and is targeting high-single-digit EPS growth (average 2025-28), supported by a new €100m efficiency programme. The business remains well positioned.