Kerry Group has said that its overall revenue for the first quarter (Q1) of the year decreased by 7.3% due largely to the weakening of the US dollar.

In its interim management statement for Q1 of 2026, the business reported volume growth of 3.1%.

The business called this a "strong market outperformance".

Kerry also recorded a pricing reduction of 1.3% for the quarter, which is said was a result of overall input cost deflation.

The business' earnings before interest, taxes, depreciation and amortisation (EBITDA) margin grew by 60 basis points (0.6%); while net debt at the close of the quarter stood at €2.2 billion.

Kerry Group said it is maintaining its full-year earnings per share (EPS) guidance of 6% to 10% growth in 2026.

The business said that overall food and beverage end market volumes remained subdued through the first quarter, with a high level of market uncertainty.

An increased customer focus on product renovation to address a variety of needs - including enhancing product nutritional profiles, cost optimisation, and supply chain challenges - continued in the quarter.

Customer innovation activity also increased in many markets, focused on high growth areas including higher protein, proactive health and new format options, Kerry said.

The business said its volume growth in the period "remained significantly ahead" of food and beverage end markets, driven by innovation activity in the foodservice channel and "continued product renovation activity" in the retail channel.

This growth was achieved across a broad range of technologies, including savoury taste; Tastesense salt and sugar reduction technologies; botanicals; natural extracts; taste solutions for high-protein applications; enzymes; and bio-fermented ingredients.

On the revenue side, Kerry said the 7.3% decrease came as a result of adverse translation of currency of 7.9%, which was primarily driven by "the significant weakening" of the US dollar versus the Euro, compared to the same period of 2025.

Kerry said it delivered good volume growth in the period give the market conditions.

Foodservice continued its "strong market outperformance", with volume growth of 4.6%, driven by new menu innovations, seasonal products, and continued product renovation.

Growth in the retail channel was supported by continued product renovation activity and innovation in high-growth areas with a range of customers, according to Kerry.

Business volumes in emerging markets increased by 4.4% in the period, led by a strong performance in Africa.

The net debt figure of €2.2 billion reflected cash generation, capital investment and a share buyback programme. The group said its consolidated balance sheet remains strong, which will "facilitate the continued strategic development and growth of the business".

In February 2026, the board of Kerry Group approved a new share buyback programme of up to €300 million.

The programme commenced on February 17, and will end on December 31 at the latest.

In the period from February 17 to March 31, the company purchased shares at a total cost of €62.6 million.

The previous €300 million share buyback programme initiated in June 2025 was completed on February 16. In the period from January to the end of March, Kerry’s total share repurchases amounted to €105.2 million.

Kerry has proposed a final dividend of 98c per share, for approval at its annual general meeting (AGM).

In terms of board shake-ups, Tom Moran will retire as chairperson and as a director of the company at the conclusion of the AGM, to be succeeded by Fiona Dawson.

Patrick Rohan, having served his three-year term of appointment, will retire from the board at the conclusion of the AGM and will not seek re-election.

Looking ahead, Kerry Group said its "continued strong end market outperformance highlights the strength and relevance of its strategic positioning across its markets, channels and customer base".

The group said it will continue to further advance its strategic business development, while "supporting its customers as their innovation and renovation partner".

"While recognising the uncertainty around the ongoing geopolitical volatility, Kerry remains strongly positioned for volume growth and margin expansion, supported by a good innovation pipeline," the business said.

Commenting on these results, Kerry Group chief executive officer (CEO) Edmond Scanlon said: "We are pleased to deliver a good start to the year, with volume growth across all three regions and continued margin expansion.

"Our extensive local footprint, unique technology capability, and the strength of our business model positions us well to navigate through this period of geopolitical and macroeconomic uncertainty, as we proactively support our customers as their innovation and renovation partner," Scanlon added.

"While recognising the uncertainty around the ongoing geopolitical volatility, our business remains strongly positioned for volume growth and margin expansion," the group CEO said.