KERRY GROUP INTERIM MANAGEMENT REPORT 2025

30 July 2025

LEI: 635400TLVVBNXLFHWC59

KERRY GROUP PLC

Half Year Results 2025

Volume Growth and Strong Margin Expansion

HIGHLIGHTS1

> Group revenue increased to €3.5bn

> Volume growth of 3.0% (Q2: +3.0%)

> EBITDA margin increased by 100bps to 16.1% (Q2: +110bps)

> Group EBITDA of €556m (H1 2024: €517m)

> Adjusted EPS of 209.2 cent - up 9.8% on a constant currency basis (7.8% reported growth)

> Free cash flow of €309m reflecting 89% cash conversion

> Interim dividend per share increase of 10.2% to 42.0 cent

> Full year constant currency adjusted EPS guidance maintained

1 Continuing operations (post divestment of Kerry Dairy Ireland, which is presented as discontinued operations in the financial statements). Adjusted EPS growth is based on total adjusted group earnings in the prior year of 194.1 cent.

Edmond Scanlon, Chief Executive Officer

"The first half of the year reflected a good performance particularly given market conditions, where we delivered volume growth and strong margin expansion, driving constant currency EPS growth of 9.8%.

Volume growth was led by a strong performance in the Americas, with Europe in line with expectations, and growth in APMEA reflective of variable market dynamics. Our strong EBITDA margin expansion was driven by efficiencies delivered through Accelerate Operational Excellence as well as portfolio and product mix benefits.

We continued to strategically develop our business, including expanding our capacity within APMEA and LATAM, and further investing in our taste and bio-fermentation technology capabilities across the business.

Looking to the remainder of the year, while recognising a heightened level of market uncertainty, we remain well positioned for volume growth and strong margin expansion, as we continue to support our customers as an innovation and renovation partner."

Markets and Performance

The demand environment across food and beverage markets remained soft through the period, reflective of cautious consumer behaviour, given the level of macroeconomic and geopolitical uncertainty across different geographies.

Customer innovation centred around new and differentiated flavour combinations, products with functional health benefits and relative value options. Renovation activity around enhancing nutritional characteristics of products continued to be a key area of focus for customers, particularly in the North American market.

Reported revenue increased by 1.3% to €3.5bn in the period, comprising volume growth of 3.0%, pricing of 0.2%, a favourable transaction currency impact of 0.3%, unfavourable translation currency of 1.9%, contribution from acquisitions of 0.6% and the effect from disposals of 0.9%.

EBITDA increased by 7.5% to €556m, with EBITDA margin increasing by 100bps to 16.1%, driven by benefits from the Accelerate Operational Excellence programme, operating leverage, product mix, and the positive effect from acquisitions and disposals.

Constant currency adjusted earnings per share increased by 9.8% to 209.2 cent and an increase of 7.8% in reported currency. Basic earnings per share increased by 9.4% to 182.4 cent.

Free cash flow was €309m with cash conversion of 89%2 reflective of an investment in working capital lapping a significantly favourable working capital benefit in the comparative period (H1 2024: Free Cash Flow €445m3). Cash generated from operations was €459m (H1 2024: €431m3). The interim dividend of 42.0 cent per share reflects an increase of 10.2% over the 2024 interim dividend. During the period, the Group repurchased €256m of Kerry Group plc 'A' ordinary shares under its share buyback programmes.

2 Cash conversion calculated based on average working capital.

3 Note: H1 2024 includes Kerry Dairy Ireland.

Business Review

Continued strong end market outperformance

> Volume growth of 3.0%

> Growth led by Beverage, Bakery and Snacks EUMs

> Pricing of 0.2% reflected limited overall input cost inflation

Business volume growth in the period was well ahead of food and beverage end markets, supported by continued product renovation activity in the retail channel and continued innovation in the foodservice channel.

Growth in the period was led by Beverage, Bakery and Snacks end markets, supported by strong growth in savoury taste and TastesenseTM salt and sugar reduction technologies, as well as integrated solutions and Kerry's botanicals, natural extracts and proactive health ingredients.

Volume growth in foodservice of 4.6% represented a significant channel outperformance in the period, given soft traffic data. This growth was driven by strong innovation activity including new menu items, seasonal launches and continued product renovation. Growth in the retail channel was supported by a step-up in retailer brand innovation and nutritional enhancement renovation activity with a range of customers.

Business volumes in emerging markets increased by 5.6% in the period, led by a strong performance in Southeast Asia and LATAM.

Within the Pharma & other EUM, volume growth was driven by cell nutrition and proactive health ingredients for supplement applications.

Regional Review

Americas Region

H1 2025

Performance

Revenue

€1,911m

+3.7%4

EBITDA margin

18.5%

+90bps

4 volume performance

> Volume growth of +3.7% (Q2: +3.9%) led by Snacks, Bakery and Beverage EUMs

> Retail achieved good growth with Foodservice performing well

> LATAM growth led by Brazil and Central America

> EBITDA margin increase driven by Accelerate Operational Excellence benefits, operating leverage and product mix

Reported revenue in the region increased by 1.1% to €1,911m reflecting volume growth of 3.7%, pricing of 0.1%, a favourable transaction currency impact of 0.4%, an unfavourable translation currency impact of 3.2%, contribution from acquisitions of 0.4% and the effect from disposals of 0.3%.

Growth in the first half of the year reflected good performances in both North America and LATAM.

Within North America, Snacks delivered strong growth through innovations utilising Kerry's range of savoury taste profiles and TastesenseTM salt-reduction technologies with global and emerging brands, given continued customer focus on improving the nutritional profiles of their products. Growth in Bakery was driven by taste and texture solutions as well as enzymes, while performance within the Meat end market reflected softer overall category volumes. In Beverage, good performance was achieved within the refreshing and low/no alcohol categories through botanicals and natural extracts. Business developments within the region included the continued investment in enhancement of coffee extraction capabilities for food and beverage taste applications.

Within the retail channel, growth was supported by renovation activity across customer and retailer brands, while foodservice growth was led by performance with quick service and fast casual restaurants.

Within LATAM, strong growth was achieved in Brazil and Central America across the Snacks and Meals end markets in particular.

Europe Region

H1 2025

Performance

Revenue

€731m

+0.2%4

EBITDA margin

15.2%

+90bps

4 volume performance

> Volume growth of +0.2% (Q2: +0.3%)

> Beverage and Bakery performed well

> Foodservice delivered good growth

> EBITDA margin increase primarily driven by Accelerate Operational Excellence and portfolio benefits

Reported revenue in the region decreased by 0.4% to €731m reflecting volume growth of 0.2%, pricing of 0.6%, a favourable translation currency impact of 0.4%, contribution from acquisitions of 1.4% and the effect from disposals of 3.0%.

Performance in the region was driven by growth in foodservice through seasonal and new launch activity with quick service restaurants, while performance in the retail channel reflected continued soft market dynamics.

Within Beverage, good growth was achieved in nutritional beverages with Kerry's integrated taste technologies and proactive health ingredients. Growth in Bakery was led by texture systems, with performance in Meals reflecting softer overall market dynamics.

Business developments in the period included strong progress in the development of the new Biotechnology Innovation Centre in Leipzig, Germany, enzyme capacity expansion in Cork, Ireland, and the expansion of Kerry's cocoa taste capabilities in Grasse, France.

APMEA Region

H1 2025

Performance

Revenue

€821m

+4.2%4

EBITDA margin

15.0%

+60bps

4 volume performance

> Volumes +4.2% (Q2: +3.2%)

> Bakery, Beverage and Meals delivered good growth

> Foodservice achieved very good growth with a solid performance in retail

> EBITDA margin increase driven by Accelerate Operational Excellence benefits, operating leverage and product mix

Reported revenue in the region increased by 3.3% to €821m, reflecting volume growth of 4.2%, a pricing reduction of 0.1%, a favourable transaction currency impact of 0.2%, an unfavourable translation currency impact of 1.0%, contribution from acquisitions of 0.4% and the effect from disposals of 0.4%.

Performance in the region was primarily driven by strong growth in Southeast Asia, solid growth in the Middle East and Africa, with volumes in China remaining challenged.

Growth in Bakery was driven by food protection and preservation systems, as well as reformulation activity in cocoa to address supply challenges. Beverage continued to achieve good growth across refreshing, nutritional and functional beverages through integrated solutions incorporating Kerry's natural extracts, botanicals and TastesenseTM sugar reduction technologies with local and regional customers. Performance in Meals was supported by growth in local culinary taste innovations, while performance in Snacks was impacted by disruption to order patterns during the period.

Foodservice delivered strong volume growth with leading regional coffee chains and quick service restaurants, while growth in the retail channel was driven by Kerry's range of local authentic taste profiles.

Business developments in the period included continued investment and expansion of Kerry's local taste capacity in the Middle East and East Africa.

Financial Review

%

H1 2025

H1 2024

change

€'m

€'m

Continuing operations

Revenue

1.3%

3,463.1

3,419.2

EBITDA

7.5%

555.9

517.2

EBITDA margin

16.1%

15.1%

Depreciation (net)

(109.3)

(101.6)

Computer software amortisation

(17.9)

(18.0)

Finance costs (net)

(26.5)

(27.8)

Share of joint ventures' results after taxation

(0.9)

(1.0)

Adjusted earnings before taxation

401.3

368.8

Income taxes (excluding non-trading items)

(53.6)

(49.5)

Adjusted earnings after taxation

347.7

319.3

Brand related intangible asset amortisation

(29.6)

(27.5)

Non-trading items (net of related tax)

(15.0)

(20.2)

Profit from continuing operations

303.1

271.6

Discontinued operations

Profit from discontinued operations

-

19.9

Profit after taxation

303.1

291.5

Attributable to:

Equity holders of the parent - continuing operations

302.8

271.6

Equity holders of the parent - discontinued operations

-

19.9

Non-controlling interests

0.3

-

303.1

291.5

EPS

EPS

Continuing and Discontinued operations

cent

cent

Basic EPS

9.4%

182.4

166.7

Brand related intangible asset amortisation

17.8

15.8

Non-trading items (net of related tax)

9.0

11.6

Adjusted EPS

7.8%

209.2

194.1

Impact of exchange rate translation

2.0%

Adjusted EPS growth in constant currency

9.8%

See Financial Definitions section for definitions, calculations, and reconciliations of Alternative Performance Measures.

Revenue

Continuing Group revenue for the period was €3,463.1m (H1 2024: €3,419.2m), comprising volume growth of 3.0%, an overall pricing increase of 0.2%, favourable transaction currency of 0.3%, unfavourable translation currency of 1.9%, contribution from acquisitions of 0.6% and the effect from disposals of 0.9%, resulting in an overall increase of 1.3%. In Europe disposal revenue primarily reflects the exit of a manufacturing agreement post the finalisation of the Kerry Dairy Ireland separation in the current year.

Revenue Reconciliation

Continuing operations

Reported

Volume

Transaction

Translation

revenue

H1 2025

performance

Price

currency

Acquisitions

Disposals

currency

performance

Europe

0.2%

0.6%

-

1.4%

(3.0%)

0.4%

(0.4%)

APMEA

4.2%

(0.1%)

0.2%

0.4%

(0.4%)

(1.0%)

3.3%

Americas

3.7%

0.1%

0.4%

0.4%

(0.3%)

(3.2%)

1.1%

Group

3.0%

0.2%

0.3%

0.6%

(0.9%)

(1.9%)

1.3%

EBITDA & Margin %

Group EBITDA on a continuing basis increased by 7.5% to €555.9m (H1 2024: €517.2m). Continuing EBITDA margin of 16.1% (H1 2024: 15.1%) increased by 100bps primarily driven by the benefits from the Accelerate Operational Excellence Programme, operating leverage, product mix and the positive effect from portfolio developments.

Finance Costs (net)

Finance costs (net) were €26.5m (H1 2024: €27.8m). Interest income increased year on year due to interest on the vendor loan note, fixed dividend income from the retained investment in Kerry Dairy Ireland and higher deposit interest rates on a higher cash balance, offset by interest on the €1bn senior notes issued in September 2024.

Taxation

The tax charge for the period before non-trading items was €53.6m (H1 2024: €49.5m) representing an effective tax rate of 14.4% (H1 2024: 14.5%) and is reflective of the geographical mix of earnings.

Non-Trading Items

During the period, the Group incurred an overall non-trading charge of €15.0m (H1 2024: €20.2m charge) net of tax. The charge in the period is primarily related to the completion of the Accelerate Operational Excellence Transformation Programme and the launch of the Accelerate 2.0 programme.

Foreign Exchange Rates

Group results are impacted year on year by fluctuations in exchange rates versus the euro which resulted in an adverse translation impact of 1.9% on revenue. The impact was more pronounced on the retranslation of net assets primarily due to the weakening of the USD versus the EUR through the period. The primary rates driving the currency impact on net assets were USD, CNY and GBP which had closing rates of 1.17 (FY 2024: 1.04), 8.39 (FY 2024: 7.53) and 0.85 (FY 2024: 0.83) respectively.

Free Cash Flow

The Group achieved free cash flow of €308.6m (H1 2024: €445.4m) reflecting 89% cash conversion in the period.

Continuing and Discontinued operations

H1 2025

H1 2024

Free Cash Flow

€'m

€'m

EBITDA

555.9

552.2

Movement in average working capital

(65.6)

79.5

Pension contributions paid less pension expense

(1.8)

(2.4)

Finance costs paid (net)

(11.5)

(14.2)

Income taxes paid

(47.8)

(49.5)

Capital expenditure (net)

(120.6)

(120.2)

Free cash flow

308.6

445.4

Cash conversion

89%

131%

Cash conversion is free cash flow expressed as a percentage of adjusted earnings after taxation.

H1 2024 includes Kerry Dairy Ireland which was divested on 31 December 2024.

Return on Average Capital Employed (ROACE)

Group ROACE at the period end was 10.7% (H1 2024: 10.3%) reflective of the increase in profits in the period and the movement in average capital employed.

Net Debt

Net debt at the end of the period was €2,055.8m (31 December 2024: €1,925.8m). The increase relative to December reflects strong business cash generation offset by the dividends and the Share Buyback Programme.

In August 2024, the Group established a €3bn EMTN programme for future Euro public bond issuances. In September 2024, the Group issued €1bn of new public bonds under this programme and the Group has €950m of senior notes repayable in September 2025.

Liquidity Analysis

The Group's balance sheet is in a strong position with a Net debt to EBITDA ratio of 1.7 times.

H1 2025

H1 2024

Times

Times

Net debt:EBITDA

1.7

1.6

EBITDA:Net interest

22.7

23.2

Principal Risks and Uncertainties

Details of the principal risks and uncertainties facing the Group can be found in the 2024 Annual Report on pages 49 to 54 and continue to be the principal risks and uncertainties facing the Group for the remaining six months of the financial year. These risks include but are not limited to; portfolio management, geopolitical, emerging markets and macroeconomic environment, business acquisition and divestiture, climate change and environmental, people, food safety and quality, healthy & safety, margin management, cyber security and ICT resilience, operational and supply chain resilience, intellectual property, legal, regulatory and ethical compliance, taxation and treasury. The Group continues to manage the interdependency of these risks and actively manages all risks through its control and risk management process.

Dividend

The Board has declared an interim dividend of 42.0 cent per share, compared to the prior year interim dividend of 38.1 cent, payable on 7 November 2025 to shareholders on the record date 10 October 2025.

Share Buyback Programme

In April 2025, the Board approved a new Share Buyback Programme of up to €300 million. The Share Buyback Programme is underpinned by the Group's strong balance sheet and cash flow and is aligned to Kerry's Capital Allocation Framework. The programme commenced on 20 June 2025 and will end no later than 27 February 2026. In the period from 20 June 2025 to 30 June 2025 the Company purchased 144,699 shares at a total cost of €13.5m.

The previous Share Buyback Programme announced in November 2024, commenced on 12 November 2024, and was completed on 20 June 2025. In the period to 30 June 2025, the Company acquired 2,537,893 shares at a cost of €242.7m resulting in a total number of shares acquired as part of this programme of 3,181,972 at a total cost of €300.3m including transaction costs of €0.3m.

Board & Management Changes

The Board announces the intention of Mr. Gerry Behan to retire from his position at Kerry Group plc and as an Executive Board Director as of 31 December 2025, and over the coming months will be transitioning his responsibilities to members of the Executive leadership team. Chairman Tom Moran commented "on behalf of the Board, I would like to extend our gratitude to Gerry for his exceptional contribution to the growth and development of Kerry across a long and distinguished career since joining in 1986, and we wish him the very best for the future".

​Future Prospects

Kerry's strong end market outperformance in the first half of the year demonstrates the strength of its strategic positioning within its markets, channels and across its customer base.

Looking to the remainder of the year, while recognising a heightened level of market uncertainty, Kerry remains well positioned for volume growth and strong margin expansion, as it supports its customers as an innovation and renovation partner.

Kerry expects volume growth for the full year to be similar to the first half, with margin expansion in the second half ahead of expectations, and maintains its constant currency adjusted earnings per share guidance of 7% to 11% growth in the full year.

Note: Guidance range based on adjusted earnings per share of €467.5 cent for FY 2024 | Guidance range stated post ~2% dilution in 2025 from the Phase 1 disposal of Kerry Dairy Ireland, which completed on 31 December 2024 | Foreign currency translation expected to be a headwind of 4%-5% on adjusted earnings per share in 2025 | Guidance based on average number of shares in issue of ~165m.

Responsibility Statement

The Directors are responsible for preparing the Half Yearly Financial Report in accordance with the Transparency (Directive 2004/109/EC) Regulations 2007 as amended ('the Regulations'), the Central Bank (Investment Market Conduct) Rules 2019, the Disclosure Guidance and Transparency Rules of the UK's Financial Conduct Authority and with IAS 34 'Interim Financial Reporting' as issued by IASB and as adopted by the European Union.

The Directors confirm that to the best of their knowledge:

> the Group Condensed Consolidated Interim Financial Statements for the half year ended 30 June 2025 have been prepared in accordance with the international accounting standard applicable to interim financial reporting adopted pursuant to the procedure provided for under Article 6 of the Regulation (EC) No. 1606/2002 of the European Parliament and of the Council of 19 July 2002;

> the Interim Management Report includes a fair review of the important events that have occurred during the first six months of the financial year, and their impact on the Group Condensed Consolidated Interim Financial Statements for the half year ended 30 June 2025, and a description of the principal risks and uncertainties for the remaining six months; and

> the Interim Management Report includes a fair review of the related party transactions that have occurred during the first six months of the current financial year and that have materially affected the financial position or the performance of the Group during that period, and any changes in the related parties' transactions described in the last Annual Report that could have a material effect on the financial position or performance of the Group in the first six months of the current financial year.

On behalf of the Board

Edmond Scanlon

Marguerite Larkin

Chief Executive Officer

Chief Financial Officer

29 July 2025

Disclaimer: Forward Looking Statements

This Announcement contains forward looking statements which reflect management expectations based on currently available data. However actual results may differ materially from those expressed or implied by these forward looking statements. These forward looking statements speak only as of the date they were made, and the Company undertakes no obligation to publicly update any forward looking statement, whether as a result of new information, future events or otherwise.

CONTACT INFORMATION

INVESTOR RELATIONS

Marguerite Larkin, Chief Financial Officer

+353 66 7182292 | [email protected]

William Lynch, Head of Investor Relations

+353 66 7182292 | [email protected]

MEDIA

Catherine Keogh, Chief Corporate Affairs Officer

+353 45 931 000 | [email protected]

WEBSITE

www.kerry.com

RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2025

Kerry Group plc

Condensed Consolidated Income Statement

for the half year ended 30 June 2025

Before

Re-presented*

 Non-Trading

Non-Trading

Half year

Half year

Year

Items

Items

ended

ended

ended

30 June 2025

30 June 2025

30 June 2025

30 June 2024

31 Dec. 2024

Unaudited

Unaudited

Unaudited

Unaudited

Audited

Notes

€'m

€'m

€'m

€'m

€'m

Continuing operations

Revenue

2

3,463.1

-

3,463.1

3,419.2

6,929.1

Earnings before interest, tax, depreciation and amortisation

2

555.9

-

555.9

517.2

1,188.0

Depreciation (net) and intangible asset amortisation

2

(156.8)

-

(156.8)

(147.1)

(299.4)

Non-trading items

3

-

(18.1)

(18.1)

(24.3)

(55.8)

Operating profit

399.1

(18.1)

381.0

345.8

832.8

Finance income

5

23.9

-

23.9

11.4

34.8

Finance costs

5

(50.4)

-

(50.4)

(39.2)

(88.3)

Share of joint ventures' results after taxation

(0.9)

-

(0.9)

(1.0)

(0.9)

Profit before taxation

371.7

(18.1)

353.6

317.0

778.4

Income taxes

(53.6)

3.1

(50.5)

(45.4)

(105.0)

Profit from continuing operations

318.1

(15.0)

303.1

271.6

673.4

Discontinued operations

Profit from discontinued operations

-

-

-

19.9

61.0

Profit after taxation

318.1

(15.0)

303.1

291.5

734.4

Attributable to:

Equity holders of the parent - continuing operations

302.8

271.6

673.4

Equity holders of the parent - discontinued operations

-

19.9

61.0

Non-controlling interests

0.3

-

-

303.1

291.5

734.4

Earnings per A ordinary share - attributable to equity holders of the parent

Cent

Cent

Cent

Basic Earnings Per Share (cent)

Continuing operations

6

182.4

155.4

389.2

Discontinued operations

6

-

11.3

35.3

182.4

166.7

424.5

Diluted Earnings Per Share (cent)

Continuing operations

6

182.0

155.2

388.6

Discontinued operations

6

-

11.3

35.2

182.0

166.5

423.8

* As re-presented to reflect the impact of discontinued operations. See note 4 for further information.

Condensed Consolidated Statement of Comprehensive Income

for the half year ended 30 June 2025

Re-presented*

Half year

Half year

Year

ended

ended

ended

30 June 2025

30 June 2024

31 Dec. 2024

Unaudited

Unaudited

Audited

€'m

€'m

€'m

Profit after taxation

303.1

291.5

734.4

Other comprehensive income:

Items that are or may be reclassified subsequently to profit or loss:

Fair value movements on cash flow hedges

2.2

6.3

1.8

Cash flow hedges - reclassified to profit or loss from equity

(0.2)

(0.3)

(1.9)

Net change in cost of hedging

0.6

0.3

0.6

Deferred tax effect of fair value movements on cash flow hedges

(0.3)

(1.0)

(0.5)

Exchange difference on translation of foreign operations

- Continuing operations

(493.6)

90.6

206.9

- Discontinued operations

-

0.3

-

Cumulative exchange difference on translation recycled on disposal

- Continuing operations

-

-

0.4

- Discontinued operations

-

-

(0.6)

Items that will not be reclassified subsequently to profit or loss:

Re-measurement on retirement benefits obligation

(8.7)

9.8

10.8

Deferred tax effect of re-measurement on retirement benefits obligation

0.9

(2.4)

(2.9)

Net (expense)/income recognised directly in total other comprehensive income

(499.1)

103.6

214.6

Total comprehensive (expense)/income

(196.0)

395.1

949.0

Attributable to:

Equity holders of the parent - continuing operations

(196.3)

374.9

888.6

Equity holders of the parent - discontinued operations

-

20.2

60.4

Non-controlling interests - continuing operations

0.3

-

-

(196.0)

395.1

949.0

* As re-presented to reflect the impact of discontinued operations. See note 4 for further information.

Condensed Consolidated Balance Sheet

as at 30 June 2025

30 June 2025

30 June 2024

31 Dec. 2024

Unaudited

Unaudited

Audited

Notes

€'m

€'m

€'m

Non-current assets

Property, plant and equipment

1,961.0

2,199.7

2,106.7

Intangible assets

5,466.5

5,859.4

5,778.1

Financial asset investments

52.9

52.4

59.2

Investments in joint ventures

38.0

38.8

38.9

Other non-current financial instruments

8

295.9

138.3

295.7

Retirement benefits asset

9

92.5

100.3

100.7

Deferred tax assets

93.6

82.9

93.3

8,000.4

8,471.8

8,472.6

Current assets

Inventories

995.4

1,185.0

1,050.7

Trade and other receivables

1,123.4

1,380.3

1,235.5

Cash at bank and in hand

10

1,460.0

659.5

1,610.0

Other current financial instruments

31.4

5.3

113.6

Tax assets

23.1

-

26.6

Assets classified as held for sale

1.0

1.1

3.5

3,634.3

3,231.2

4,039.9

Total assets

11,634.7

11,703.0

12,512.5

Current liabilities

Trade and other payables

1,518.1

1,904.6

1,742.5

Borrowings and overdrafts

10

950.8

0.4

950.3

Other current financial instruments

12.9

8.8

32.3

Tax liabilities

173.8

165.4

179.0

Provisions

5.9

13.0

7.0

Deferred income

1.0

4.3

1.0

2,662.5

2,096.5

2,912.1

Non-current liabilities

Borrowings

10

2,484.2

2,434.1

2,482.7

Other non-current financial instruments

10

-

13.6

0.5

Retirement benefits obligation

9

28.1

40.4

33.4

Other non-current liabilities

101.1

123.4

134.2

Deferred tax liabilities

388.6

410.5

400.9

Provisions

50.5

55.8

50.6

Deferred income

10.3

14.4

10.8

3,062.8

3,092.2

3,113.1

Total liabilities

5,725.3

5,188.7

6,025.2

Net assets

5,909.4

6,514.3

6,487.3

Equity

Share capital

12

20.5

21.5

20.8

Share premium

398.7

398.7

1,879.2

Other reserves

(264.1)

68.5

205.6

Retained earnings

5,752.5

6,024.1

4,380.2

Equity attributable to equity holders of the parent

5,907.6

6,512.8

6,485.8

Non-controlling interests

1.8

1.5

1.5

Total equity

5,909.4

6,514.3

6,487.3

Condensed Consolidated Statement of Changes in Equity

for the half year ended 30 June 2025

Attributable to equity holders of the parent

Non-

Share

Share

Other

Retained

Controlling

Total

Capital

Premium

Reserves

Earnings

Total

Interests

Equity

Notes

€'m

€'m

€'m

€'m

€'m

€'m

€'m

Group:

At 1 January 2024

21.9

398.7

(44.6)

6,145.3

6,521.3

1.5

6,522.8

Profit after taxation

-

-

-

291.5

291.5

-

291.5

Other comprehensive income

-

-

97.2

6.4

103.6

-

103.6

Total comprehensive income

-

-

97.2

297.9

395.1

-

395.1

Shares (purchased)/cancelled during the financial period

(0.4)

-

0.4

(278.7)

(278.7)

-

(278.7)

Dividends paid

7

-

-

-

(140.4)

(140.4)

-

(140.4)

Share-based payment expense

-

-

15.5

-

15.5

-

15.5

At 30 June 2024 - unaudited

21.5

398.7

68.5

6,024.1

6,512.8

1.5

6,514.3

Profit after taxation

-

-

-

442.9

442.9

-

442.9

Other comprehensive income

-

-

110.0

1.0

111.0

-

111.0

Total comprehensive income

-

-

110.0

443.9

553.9

-

553.9

Shares issued during the financial period

2.1

1,480.5

-

-

1,482.6

-

1,482.6

Shares (purchased)/cancelled during the financial period

(2.8)

-

2.8

(2,023.0)

(2,023.0)

-

(2,023.0)

Dividends paid

7

-

-

-

(64.8)

(64.8)

-

(64.8)

Share-based payment expense

-

-

24.3

-

24.3

-

24.3

At 31 December 2024 - audited

20.8

1,879.2

205.6

4,380.2

6,485.8

1.5

6,487.3

Profit after taxation

-

-

-

302.8

302.8

0.3

303.1

Other comprehensive expense

-

-

(491.0)

(8.1)

(499.1)

-

(499.1)

Total comprehensive (expense)/income

-

-

(491.0)

294.7

(196.3)

0.3

(196.0)

Shares issued during the financial period

-

-

-

-

-

-

-

Shares (purchased)/cancelled during the financial period

(0.3)

-

0.3

(255.9)

(255.9)

-

(255.9)

Share premium reduction

13

-

(1,480.5)

-

1,480.5

-

-

-

Dividends paid

7

-

-

-

(147.0)

(147.0)

-

(147.0)

Share-based payment expense

-

-

21.0

-

21.0

-

21.0

At 30 June 2025 - unaudited

20.5

398.7

(264.1)

5,752.5

5,907.6

1.8

5,909.4

Other Reserves comprise the following:

Share-

Capital

Other

Based

Cost of

Redemption

Undenominated

Payment

Translation

Hedging

Hedging

Reserve

Capital

Reserve

Reserve

Reserve

Reserve

Total

€'m

€'m

€'m

€'m

€'m

€'m

€'m

At 1 January 2024

1.9

0.3

151.9

(201.5)

4.2

(1.4)

(44.6)

Other comprehensive income

-

-

-

90.9

6.0

0.3

97.2

Shares cancelled during the financial period

0.4

-

-

-

-

-

0.4

Share-based payment expense

-

-

15.5

-

-

-

15.5

At 30 June 2024 - unaudited

2.3

0.3

167.4

(110.6)

10.2

(1.1)

68.5

Other comprehensive income/(expense)

-

-

-

115.8

(6.1)

0.3

110.0

Shares cancelled during the financial period

2.8

-

-

-

-

-

2.8

Share-based payment expense

-

-

24.3

-

-

-

24.3

At 31 December 2024 - audited

5.1

0.3

191.7

5.2

4.1

(0.8)

205.6

Other comprehensive (expense)/income

-

-

-

(493.6)

2.0

0.6

(491.0)

Shares cancelled during the financial period

0.3

-

-

-

-

-

0.3

Share-based payment expense

-

-

21.0

-

-

-

21.0

At 30 June 2025 - unaudited

5.4

0.3

212.7

(488.4)

6.1

(0.2)

(264.1)

Condensed Consolidated Statement of Cash Flows

for the half year ended 30 June 2025

Half year

Half year

Year

ended

ended

ended

30 June 2025

30 June 2024

31 Dec. 2024

Unaudited

Unaudited

Audited

Notes

€'m

€'m

€'m

Cash flows from operating activities

Profit before taxation

353.6

340.5

841.8

Adjustments for:

Depreciation (net)

109.3

113.0

234.8

Intangible asset amortisation

47.5

45.6

87.8

Share of joint ventures' results after taxation

0.9

1.0

0.9

Non-trading items income statement charge

3

18.1

24.3

31.6

Finance costs (net)

4/5

26.5

27.8

53.9

Change in working capital

(86.9)

(87.6)

(43.4)

Pension contributions paid less pension expense

(1.8)

(2.4)

(12.1)

Payments on non-trading items

(12.2)

(27.2)

(50.7)

Exchange translation adjustment

3.6

(4.3)

(3.8)

Cash generated from operations

458.6

430.7

1,140.8

Income taxes paid

(47.8)

(49.5)

(108.2)

Finance income received

14.8

6.6

23.8

Finance costs paid

(26.3)

(20.8)

(67.7)

Net cash from operating activities

399.3

367.0

988.7

Investing activities

Purchase of assets

(101.2)

(103.4)

(305.8)

Inflow/(outflow) from the sale of assets (net of disposal expenses)

3/4

0.4

-

(5.6)

Capital grants received

0.1

-

2.3

Purchase of businesses (net of cash acquired)

11

(14.8)

(78.4)

(166.4)

Payments relating to previous acquisitions

-

(0.1)

(1.6)

Purchase of investments

-

(1.8)

(1.8)

Disposal of businesses (net of disposal expenses)

42.8

(6.8)

(27.7)

Net cash used in investing activities

(72.7)

(190.5)

(506.6)

Financing activities

Dividends paid

7

(147.0)

(140.4)

(205.2)

Purchase of own shares

12

(255.9)

(278.7)

(556.5)

Payment of lease liabilities

(19.9)

(16.8)

(40.8)

Issue of share capital

12

-

-

-

Repayment of borrowings

-

(2.4)

(2.5)

Cash inflow from interest rate swaps on repayment of borrowings

-

-

3.3

Proceeds from borrowings

-

-

994.0

Net cash movement due to financing activities

(422.8)

(438.3)

192.3

Net (decrease)/increase in cash and cash equivalents

(96.2)

(261.8)

674.4