Kerry Group has reported an overall decrease in revenue in its preliminary results for 2025.

Revenue for the year has been been reported at €6.758 billion, a decrease on the figure for continuing operations of €6.929 billion for 2024.

The business saw profit after taxation of €659 million, down from €734 million for the previous year.

The business saw volume growth of 3% and 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%.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) for the year was €1.208 billion (2024: €1.188 billion), with EBITDA margin increasing by 80 basis points (0.8%) to 17.9%.

Prior year comparisons for 2024 include Kerry Dairy Ireland, which was sold to Kerry Co-op at the end of 2024.

Constant currency adjusted earnings per share increased by 7.5% to 481.5c (2024: +9.7%) and 3% in reported currency (2024: +8.7%). Basic earnings per share in the year was 400.2c (2024: 424.5c).

Free cash flow was €643 million (2024: €766 million) representing cash conversion of 81%.

Net debt at the end of the year was €2.244 billion, an increase on the 2024 figure of €1.926 billion, which Kerry Group said reflected strong business cash generation and share buybacks.

Dividends

The Kerry Group board is proposing a final dividend of 98c/share, an increase of 10.1% on the final 2024 dividend.

Together with the interim dividend of 42c/share, this brings the total dividend for the year to 140c, an increase of 10.1% on2024, Kerry Group said.

During 2025, the group paid €215 million in dividends and repurchased €500 million of 'A' ordinary shares as part of its share buyback programmes.

Kerry Group has announced that it will commence a new share buyback programme of up to €300 million of Kerry Group ordinary shares.

The programme has been approved by the board and will commence today (Tuesday, February 17), the business said.

In terms of sustainability, Kerry Group said it achieved a 52% reduction in emissions across 'Scope 1' emissions (from business owned or controlled sources) and 'Scope 2' emissions (from purchased inputs such as energy); as well as a 54% reduction in food waste.

Results

Commenting on the results, Kerry Group CEO Edmond Scanlon said: "We delivered another year of strong end-market volume outperformance and margin expansion, supporting high-single-digit constant currency adjusted earnings per share growth.

"We achieved group revenue of €6.8 billion and EBITDA of €1.2 billion, as we extended our nutritional reach of positive and balanced solutions to 1.46 billion consumers," Scanlon added.

"This was led by foodservice innovation and increased nutritional renovation across a broad range of customers, given our positioning as a leader in sustainable nutrition, with customers looking to address nutrition, taste, cost or sustainability aspects," the Kerry Group CEO said.

"We continued to strategically evolve our business, including further developing our Biotechnology Solutions and Taste capabilities, expanding our manufacturing footprint in emerging markets and strengthening our customer innovation centre network, while executing on our Accelerate programme," he added.

Scanlon said that Kerry Group "remains well positioned" for strong market outperformance, and that the group expects to deliver continued volume growth and margin expansion, resulting in constant currency adjusted earnings per share growth of 6% to 10%.

Regional performance

In the Americas region, 2025 revenue stood at €3.674 billion, with volume growth up 3.8%, and an EBITDA margin of 20.3%, an increase of 60 basis points (0.6%).

The growth in the region was led by snacks, dairy, and bakery, with strong growth across both foodservice and retail channels.

In Latin America, strong growth there was led by Brazil, Kerry Group said.

In Europe, revenue stood at €1.44 billion, reflecting a volume decrease of 0.5%, with volume falling back by 2.6% in the fourth quarter (Q4) of 2025.

EBITDA margin for the region was 17.5%, up 90 basis points (0.9%).

Beverage and snacks performed well, with "mixed performance" across food end-use markets (EUMs).

In the Asia Pacific, Middle East and Africa (APMEA) region, revenue of €1.644 billion was recorded, with volume growth of 4.2%.

EBITDA margin for the APMEA region was 16.7%, up 70 basis points (0.7%).

The foodservice channel in the region saw strong growth, with solid growth in retail, Kerry Group said.

Performance in the region was led by strong growth in Southeast Asia, with solid growth for the Middle East and Africa, while volumes in China remained challenged, the business said.