Davy Morning Equity Briefing

Oct 22, 2026

Kerry Group

Q3 volumes ahead – guidance reiterated, further buyback

Kerry Group returned to +4% volume growth for the first time since Q4-24, with all regions delivering a sequential improvement. The performance of the Americas business was notable with the retail channel strengthening. FY26 EPS guidance was reiterated; we expect to move our EPS forecast to 514.5c from 511.1c. Following completion of the current buyback programme, the group intends to launch a new programme of up to €300m.