WEALTH July 29, 2026 0 Comments

Kerry’s Volumes Are Up 3.3% — So Why Are Revenues Taking a Hit? The Untold Story Behind the Numbers!

Ever wonder how a giant like Kerry Group can crank up sales volumes by 3.3% in just six months yet watch revenue slip by nearly 4%? It’s like running a race faster but still missing the finish line—pretty wild, right? Despite this curious mismatch, Kerry’s EBITDA edged up slightly, and they managed to hold steady on earnings, all while boosting their interim dividend by 10%. That’s a testament to strategic grit and savvy navigation through turbulent markets. CEO Edmond Scanlon isn’t just talking the talk; with strong quarterly volume spikes across the Americas, Europe, and APMEA, plus a pipeline brimming with innovation, Kerry’s proving resilience is more than a buzzword—it’s business DNA. So, is this steady-as-she-goes approach a masterstroke or just cautious survival? Let’s dig deeper. LEARN MORE

Kerry Group has reported 3.3% growth in sales volumes for the first half of the year while its earnings were more or less flat year-on-year.

The food group brought in revenue of €3.33bn during the first six months of 2026, down 3.7% from €3.46bn despite the volume growth, as group EBITDA rose marginally to €558m from €556m during the same period last year.

For the period, Kerry made a profit of €282.6m after tax, which is down from €303.1m a year ago.

Adjusted earnings per share of 214.1 cent represents a 7.9% increase on a constant currency basis compared to H1 last year. Meanwhile, free cash flow of €262m reflects 76% cash conversion.

Kerry has maintained its full-year constant currency adjusted earnings per share guidance and increased its interim dividend per share 10% to 46.2 cent in light of the results.

Edmond Scanlon, CEO of Kerry Group, said the “strong performance” reflects a step up in volume growth (+3.5%) during Q2 and continued strong margin expansion.

“We delivered volume growth across all three regions with strong growth and market outperformance in the Americas, a solid performance in Europe and good growth in APMEA.”

During the half, the Americas accounted for the majority of Kerry’s revenue at €1.82bn while outpacing the wider company in terms of volume growth (+3.7%), led by sales of snacks, meat and beverages, particularly in Mexico.

Growth was slower in Europe at +0.5%, bringing regional revenues to €687m, but good volume growth in the Middle East and Africa and a return to growth in China led revenues in APMEA to rise 4.9% to €831m.

“Our continued strong end market outperformance highlights the strength and relevance of our strategic positioning across our markets, channels and customers base,” he added.

Kerry Group — Kerry’s Global Innovation Centre in Naas, Co. Kildare.

“Our inbuilt business resiliency positions us well through this period of market uncertainty, and we remain strongly positioned for volume growth and margin expansion, underpinned by a good innovation and renovation pipeline.”

Kerry has upgraded its full-year volume growth target range to 3-5% and its EBITDA margin target to 20-21% by 2030.

Photo: Edmond Scanlon. (Pic: File)