Kerry : Interim Management Report 2021 Presentation

Disclaimer: Forward Looking Statements

This presentation/announcement may contain forward looking statements with projections regarding, among other things, the Group's strategy, revenues, earnings, trading profit, trading margin, finance costs, tax rate, capital expenditure, dividends, cash flow, net debt or other financial measures, the impact of foreign exchange fluctuations, the impact of raw material fluctuations and other competitive pressures. These and other forward looking statements reflect management expectations based on currently available data.

However, actual results will be influenced by, among other things, macro-economic conditions, food industry supply and demand issues, foreign exchange fluctuations, raw material and commodity fluctuations, the successful acquisition and integration of new businesses, the successful execution of business transformation programmes and other, as of today, unknown factors.

Therefore actual results may differ materially from these projections.

These forward looking statements speak only as of the date they were made and the Group undertakes no obligation to publicly update any forward looking statement, whether as a result of new information, future events or otherwise.

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Interim Management Statement 2021

1

	Review of
	Business
		3
	Future
	Prospects
Edmond Scanlon,				Marguerite Larkin,
Chief Executive Officer				Chief Financial Officer

2

Financial Review

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Strong Growth and Strategic Portfolio Development

Volume Growth

Exceptional growth reflecting low prior year comparatives and good underlying growth

Taste & Nutrition Channels

• Retail - continued strong volume growth
• Foodservice - good progression with increased activity across the channel

Strategic Developments

A number of important strategic portfolio developments agreed

		Taste & Nutrition		Strategic	Business
	H1 2020: -5.6%		H1 2021: +9.8%	Acquisitions	Disposal
					18%
							Consumer Foods
				2%			Meats & Meals
1%						Business
	(12%)
Q1	Q2	Q3	Q4	Q1	Q2

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Taste & Nutrition

Strong growth in retail channel, with good progression across the foodservice channel

	H1 2021
Revenue	€2,939m
Trading margin	12.4%

• Volume growth of 9.8% reflected exceptional Q2 growth of 18.1% with lower prior year comparatives and good underlying growth

→ Foodservice channel volume growth of 25.2%	T&N Quarterly Volumes
→ Retail channel performed well through the period	18%

• Beverage, Snacks and Dairy delivered strong growth

→ Developing markets' volumes increased 15.3%	1%				2%
→ Pricing of 0.5% reflective of increases in input costs		(12%)
→ Trading margin improvement of 80bps driven by significant operating leverage	Q1	Q2	Q3	Q4	Q1	Q2

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20202021