DAVY VIEW

Amid a subdued market backdrop, Kerry delivered 3.0% volume growth in the second quarter (Davy: 3.3%) with 3.9% achieved in the Americas. Strong margin delivery across all three regions contributed to H1 EBITDA of €556m, +7.5% year-on-year (yoy), meeting forecasts. FY25 EPS guidance was maintained, with modestly softer than anticipated full-year volumes offset by margins. We expect to lower our EPS forecast by 1% to reflect FX headwinds. The business remains very well positioned to deliver earnings growth and end-market outperformance.