DAVY VIEW

Kerry Group delivered Q2 volume growth of 3.5%, representing significant market outperformance and modestly ahead of our 2.9% forecast. EBITDA, at €558m, was in line. With volume growth tracking ahead of our model and FX headwinds moderating, we expect to increase our EPS forecast to c.511c from 505.1c. The introduction of the group's 2030 financial targets is also noteworthy and, in our view, reflects a continuation of the positive operating momentum and ambition.