Kerry Group, an Irish multinational company specializing in flavor, nutrition, and functional ingredient solutions for the food and beverage industry, closed 2025 with a performance that highlighted a decline in reported revenues but improved operating fundamentals. The group generated €6,8 billion in revenues, down 2,5% year-over-year, despite organic volume growth of 3,0% and a positive contribution of 0,1% from transactional currencies.
The overall figure was impacted by a 0,3% decrease in pricing, a 3,9% negative impact from currency translation, and a 1,4% decrease from divestments net of acquisitions. EBITDA stood at €1,2 billion, with a margin up 80 basis points to 17,9%, supported by the benefits of the Accelerate program, operating leverage, and an improved portfolio mix.
Adjusted earnings per share at constant exchange rates grew 7,5%, confirming a stronger performance than the food and beverage end markets, amid overall weak consumer demand impacted by macroeconomic and geopolitical uncertainty. Volume growth was driven by innovation in foodservice and renovation efforts in the retail channel, with strong performances in technologies such as savory taste, Tastesense for salt and sugar reduction, botanicals and natural extracts, proactive health ingredients, high-protein applications, enzymes, and bio-fermented ingredients.
Geographically, the Americas generated €3,7 billion in revenues with volumes up 3,8%, driven in North America by snacks, dairy, bakery, and beverages, particularly in the low/no alcohol and functional beverage categories. In Latin America, growth was notable in Brazil and Central America, driven by end-market snacks and meal solutions. Europe saw a 0,5% decline in volumes with revenues of €1,4 billion, amid a weak retail environment, while foodservice held up well thanks to seasonal launches and partnerships with quick-service restaurants.
The APMEA region posted a 4,2% increase in volumes and €1,6 billion in revenues, with strong growth in Southeast Asia and good performance in the Middle East and Africa, while China remains more challenging. On the financial front, Kerry announced a new buyback program of up to €300 million, effective from February 17, 2026, to December 31, 2026, with the aim of reducing share capital through the cancellation of shares repurchased on Euronext Dublin.
The plan, managed through a non-discretionary mandate to J&E Davy, is part of the group's Capital Allocation Framework and is supported by solid cash generation. The governance changes are also significant: Fiona Dawson has been appointed chair-designate and will succeed Tom Moran, effective April 30, 2026. Moran, who has served as a non-executive director since 2022, has extensive international experience gained at Mars and currently holds board positions at Lego, Marks & Spencer, and Reckitt.
Overall, despite reported revenue declining due to currency and perimeter effects, 2025 confirms Kerry Group's ability to outperform its reference markets, expand margins and strengthen its global positioning as an innovation partner for the food & beverage industry.
