Preliminary Statement of Results 31 December 2025

17 February 2026

LEI: 635400TLVVBNXLFHWC59

KERRY GROUP

Preliminary Statement of Results for the year ended 31 December 2025

Strong Market Outperformance and Continued Strategic Development

KEY HIGHLIGHTS

> Revenue of €6,758m

> Volume growth of +3.0% (Q4: +2.8%)

> Pricing of -0.3% (Q4: -1.3%)

> EBITDA of €1,208m with EBITDA margin +80bps to 17.9%

> Adjusted EPS of 481.5 cent, +7.5% in constant currency (+3.0% reported growth)¹

> Basic EPS of 400.2 cent (2024: 424.5 cent)¹

> Free cash flow of €643m reflecting 81% cash conversion

> ROACE of 10.6% (2024: 10.6%)

> New €300m share buyback programme announced today

> Final dividend of 98 cent per share (total 2025 dividend +10.1% to 140 cent)

> Good progress on sustainability commitments including increasing nutritional reach to 1.46 billion consumers

Edmond Scanlon, Chief Executive Officer

"We delivered another year of strong end market volume outperformance and margin expansion, supporting high-single-digit constant currency adjusted earnings per share growth. We achieved Group revenue of €6.8bn and EBITDA of €1.2bn, as we extended our nutritional reach of positive and balanced solutions to 1.46 billion consumers.

Volume growth was driven by a strong performance in the Americas throughout the year. This was led by foodservice innovation and increased nutritional renovation across a broad range of customers, given our positioning as a leader in sustainable nutrition, with customers looking to address nutrition, taste, cost or sustainability aspects.

We continued to strategically evolve our business, including further developing our Biotechnology Solutions and Taste capabilities, expanding our manufacturing footprint in emerging markets and strengthening our customer innovation centre network, while executing on our Accelerate programme.

As we look to 2026, Kerry remains well positioned for strong market outperformance, supporting our customers as their innovation and renovation partner. We expect to deliver continued volume growth and margin expansion, resulting in constant currency adjusted earnings per share growth of 6% to 10%."

¹ Prior year comparatives includes Kerry Dairy Ireland, which was disposed on 31 December 2024

See Future Prospects section for full guidance detail

Markets and Performance

Food and beverage markets in the year reflected soft overall consumer demand, given macroeconomic and geopolitical uncertainty. Customer innovation centred around new and differentiated flavour combinations, products with functional health benefits and relative value options. Renovation activity continued to be a key feature of customer engagement, focused on enhancing product nutritional profiles, cleaner labels, and solutions for supply constrained raw materials.

Against this backdrop, Kerry delivered strong volume growth significantly ahead of food and beverage end markets, driven by good innovation activity in the foodservice channel and continued product renovation activity in the retail channel, addressing a variety of customer needs. Good growth was achieved across a broad range of technologies, including savoury taste, Tastesense™ salt and sugar reduction technologies, botanicals, natural extracts, proactive health ingredients, taste solutions for high-protein applications, enzymes and bio-fermented ingredients.

Reported revenue for the year was €6,758 million, comprising volume growth of 3.0%, an overall pricing reduction of 0.3%, favourable transaction currency of 0.1%, unfavourable translation currency of 3.9%, and a reduction from disposals net of acquisitions of 1.4%, resulting in an overall decrease of 2.5%.

EBITDA for the year was €1,208m (2024: €1,188m), with EBITDA margin increasing by 80bps to 17.9% primarily driven by benefits from Accelerate Operational Excellence, portfolio developments, operating leverage and mix. Constant currency adjusted earnings per share increased by 7.5%¹ to 481.5 cent (2024: +9.7%) and 3.0%¹ in reported currency (2024: +8.7%). Basic earnings per share in the year was 400.2 cent (2024: 424.5 cent¹).

Research and development expenditure increased to €314m (2024: €304m) and net capital expenditure was €301m (2024: €350m¹) as the Group continued to invest to develop its capabilities and global footprint. Free cash flow was €643m (2024: €766m¹) representing cash conversion of 81%.

The Board proposes a final dividend of 98 cent per share, an increase of 10.1% on the final 2024 dividend. Together with the interim dividend of 42 cent per share, this brings the total dividend for the year to 140 cent, an increase of 10.1% on 2024. During 2025, the Group paid €215m in dividends and repurchased €500m of A ordinary shares as part of its share buyback programmes. Aligned to the Group's Capital Allocation Framework, Kerry is announcing today it will commence a new share buyback programme of up to €300 million of Kerry Group plc ordinary shares. The programme has been approved by the Board and will commence today. A separate announcement has been issued today with full details.

Good progress was made in the year against Kerry's Beyond the Horizon sustainability strategy and commitments, including increasing its nutritional reach to 1.46 billion consumers globally. Kerry achieved a 52% reduction² in Scope 1 & 2 carbon emissions and a 54% reduction² in food waste across the Group's operations.

Strategic Developments

In the year, the Group continued to strategically evolve its business through targeted capital investments and continued portfolio development activity. This included further development of its biotechnology and taste capabilities, a broad range of new technology innovations, expansion of its manufacturing footprint in emerging markets and extending its customer innovation centre network. 2025 also marked the successful completion of the Accelerate Operational Excellence programme and the commencement of Accelerate 2.0.

Key technology developments included the opening of the new Biotechnology Centre in Leipzig, Germany; enzyme capacity expansion in Cork, Ireland; enhancement of Kerry's cocoa taste capabilities in Grasse, France; and enhancement of its coffee extraction capability in Pennsylvania, USA.

Through continued investment in its science and technology eco-system, Kerry delivered a broad range of new technology innovations in the year, which supported growth and business development. Key technology innovations included the next generation of fermentation-derived Tastesense™ sweet and salt-reduction technology ranges, the launch of Kerry's new Plenibiotic postbiotic for digestive and skin health, a breakthrough enzyme system which delivers significantly more effective natural sweetness, new fermentation-based solutions under the KerryXperience™ portfolio - which delivers premium natural savoury taste experiences, and new natural cocoa replacement systems which replicate authentic cocoa taste using less than half the cocoa raw materials.

The Group expanded its geographical presence across APMEA with its first manufacturing facility in Egypt, a new facility in Rwanda and expanded capacity in the Middle East and Southeast Asia. It also strengthened its customer innovation network with the addition of new centres in Frankfurt, Germany; Dubai, UAE; and in South Jakarta, Indonesia, complementing the recently developed state-of-the-art manufacturing facility in Karawang, Indonesia.

2025 marked the completion of Kerry Accelerate Operational Excellence, which focused on manufacturing and supply chain excellence. The programme's successful completion, delivering recurring annual benefits ahead of projections, has established a strong foundation for Accelerate 2.0, which will drive footprint optimisation and digital excellence across the organisation. The Accelerate 2.0 programme was initiated during the year and will run until 2028. Good progress was made in both North America and Europe with the commencement of footprint optimisation, including the disposal of some related business activities. A number of digital initiatives were launched as planned during the year in manufacturing operations, commercial enablement activities and global business service centres.

¹ Prior year comparatives includes Kerry Dairy Ireland, which was disposed on 31 December 2024

² Progress vs 2017 baseline

Business Review

Continued strong end market outperformance and EBITDA margin expansion

2025

Performance

Revenue

€6,758m

+3.0%1

EBITDA margin

17.9%

+80bps

¹ Volume growth

> Volume growth of 3.0% (Q4: +2.8%) - well ahead of food and beverage end markets

> Growth led by Snacks, Bakery & Beverage

> Pricing -0.3% (Q4: -1.3%) reflecting overall input cost deflation in Q4

> EBITDA of €1,208m with margin +80bps driven by efficiencies, portfolio developments, operating leverage and mix

Reported revenue of €6,758m reflected volume growth of 3.0%, an overall pricing reduction of 0.3%, favourable transaction currency of 0.1%, unfavourable translation currency of 3.9% and a reduction from disposals net of acquisitions of 1.4%.

Business volume growth in the year was significantly ahead of food and beverage end markets, driven by good innovation activity and continued product renovation activity addressing a variety of customer needs. Foodservice delivered another year of strong performance, with volume growth in the channel of 4.6% against a backdrop of 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 5.3% in the year, led by a strong performance in Southeast Asia and LATAM.

Within the Pharma & other EUM, good volume growth was achieved, with strong performances across proactive health ingredients into supplement applications, with cell nutrition also performing well.

Americas Region

2025

Performance

Revenue

€3,674m

+3.8%1

EBITDA margin

20.3%

+60bps

¹ Volume growth

> Volumes +3.8% (Q4: +4.4%)

> Growth led by Snacks, Dairy and Bakery

> Strong growth across both foodservice and retail channels

> LATAM achieved strong growth led by Brazil

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

Reported revenue in the Americas region was €3,674m reflecting volume growth of 3.8%, an overall pricing reduction of 0.1%, favourable transaction currency of 0.1%, unfavourable translation currency of 5.2% and a reduction from disposals net of acquisitions of 1.0%. This strong volume performance included a good finish to the year supported by customer innovation activity.

Within North America, Snacks delivered strong growth with global and emerging brands through innovations utilising Kerry's range of savoury taste profiles and Tastesense™ salt-reduction technologies, underpinned by increased customer focus on improving product nutritional profiles and higher-protein options. Growth in Dairy was led by the strong performance of taste technologies, while growth in Bakery was driven by taste and texture solutions as well as enzymes. In Beverage, good performance was achieved in refreshing and low/no alcohol categories through botanicals, coffee and other natural extracts.

Within the retail channel, growth was led by increased innovation and renovation activity with global, regional 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, led by the Snacks and Meals end markets.

Europe Region

2025

Performance

Revenue

€1,440m

-0.5%1

EBITDA margin

17.5%

+90bps

¹ Volume growth

> Volumes -0.5% (Q4: -2.6%)

> Beverage & Snacks performed well, with mixed performance across Food EUMs

> Foodservice growth offset by retail performance

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

Reported revenue in the Europe region was €1,440m reflecting adverse volumes of 0.5%, unfavourable translation currency of 0.1% and a reduction from disposals net of acquisitions of 3.7%.

Volume performance in the retail channel reflected subdued market conditions, while foodservice achieved good overall growth despite a soft finish to the year. Growth in foodservice was led by seasonal and new launch activity with quick service restaurants.

Performance in the region was led by Beverage, with good growth in nutritional and refreshing beverages through Kerry's integrated taste technologies and proactive health ingredients. Growth in Snacks was supported by innovation across global and regional customers, with lower volumes in Meals and Dairy reflecting a soft performance in Western Europe.

APMEA Region

2025

Performance

Revenue

€1,644m

+4.2%1

EBITDA margin

16.7%

+70bps

1 Volume growth

> Volumes +4.2% (Q4: +4.2%)

> Growth led by Bakery, Meat and Meals

> Foodservice achieved strong growth with solid growth in retail

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

Reported revenue in the APMEA region was €1,644m reflecting volume growth of 4.2%, an overall pricing reduction of 0.7%, favourable transaction currency of 0.2%, unfavourable translation currency of 4.6% and a reduction from disposals net of acquisitions of 0.1%.

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

Growth in Bakery was driven by food protection and preservation systems, enzymes and reformulation activity in areas including cocoa. Performance in Meat was led by innovations using Kerry's taste and texture systems, as well as smoke and grill technologies, while growth in Meals was driven by solutions incorporating Kerry's savoury taste portfolio.

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

Financial Review

Strong financial performance through disciplined execution

The Financial Review provides an overview of the Group's financial performance for the year ended 31 December 2025 and the Group's financial position at that date.

In 2025, the Group delivered volume growth significantly ahead of our markets, and strong margin expansion of 80bps driven by the successful execution of our Accelerate programmes and continued strategic portfolio optimisation. These were key drivers of our constant currency adjusted EPS growth of 7.5%.

Our consolidated balance sheet and cash generation are strong, providing the financial flexibility to support ongoing investment and future strategic development.

Analysis of financial performance

2025

2024

Continuing operations

€'m

€'m

Revenue

6,758

6,929

EBITDA

1,208

1,188

EBITDA margin

17.9%

17.1%

Depreciation (net)

(220)

(212)

Software and digital assets amortisation

(30)

(29)

Finance costs (net)

(52)

(53)

Other income

7

-

Share of joint ventures' results after taxation

(1)

(1)

Adjusted earnings before taxation

912

893

Income taxes (excluding non-trading items)

(120)

(117)

Adjusted earnings after taxation

792

776

Brand related intangible asset amortisation

(59)

(59)

Non-trading items (net of related tax)

(74)

(44)

Profit from continuing operations

659

673

Discontinued operations

Profit from discontinued operations

-

61

Profit after taxation

659

734

2025

2024

EPS

Performance

EPS

Performance

Continuing and Discontinued operations

cent

%

cent

%

Basic earnings per share

400.2

(5.7%)

424.5

3.4%

Brand related intangible asset amortisation

36.0

-

33.9

-

Non-trading items (net of related tax)

45.3

-

9.1

-

Adjusted earnings per share

481.5

3.0%

467.5

8.7%

Impact of exchange rate translation

4.5%

1.0%

Growth in adjusted earnings per share on a constant currency basis

7.5%

9.7%

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

Revenue

Group revenue for the year was €6,758m (2024: €6,929m), comprising volume growth of 3.0%, an overall pricing reduction of 0.3%, favourable transaction currency of 0.1%, unfavourable translation currency of 3.9%, and the effect from disposals net of contribution from acquisitions of 1.4%, resulting in an overall reported decrease of 2.5%.

EBITDA and Margin %

Continuing Group EBITDA of €1,208m (2024: €1,188m), with organic growth partially offset by the impact of disposals net of acquisitions and adverse currency translation. Group EBITDA margin increased by 80bps to 17.9%, driven by benefits from the Accelerate programmes, portfolio developments, operating leverage, and product mix.

Software and digital assets Amortisation

Software and digital assets amortisation increased to €30m (2024: €29m) reflecting continued investment in our digital enablement initiatives.

Brand Related Intangible Asset Amortisation

Brand related intangible asset amortisation was in line with the prior year at €59m (2024: €59m), which is reflective of recent acquisition activity.

Finance Costs

Net finance costs for the year are comparable to prior year at €52m (2024: €53m). The Group's average cost of finance for the year was 3.0% (2024: 2.8%). The increase in finance costs paid is reflective of the timing of interest payments year-on-year.

Taxation

The tax charge for the year before non-trading items was €120m (2024: €117m) representing an effective tax rate of 14.1% (2024: 14.1%) reflecting the geographical mix of profits.

Non-Trading Items

2025 marked the completion of Kerry's Accelerate Operational Excellence programme, which focused on manufacturing and supply chain excellence. The programme's successful completion, delivering recurring annual benefits ahead of projections, has established a strong foundation for Accelerate 2.0, which will drive footprint optimisation and digital excellence across the organisation. The Accelerate 2.0 programme was initiated during the year and will run until 2028. Good progress was made in both North America and Europe with the commencement of footprint optimisation, including the disposal of some related business activities. A number of digital initiatives were launched as planned during the year in manufacturing operations, commercial enablement activities and global business service centres. During the year, the Group incurred a non-trading items charge from continuing operations of €74m (2024: €44m) net of tax. The net charge relates to investments in the Accelerate programmes of €54m (2024: €34m), Acquisition Integration costs of €7m (2024: €4m) and a loss on disposal of business and assets of €13m (2024: €6m).

Foreign Exchange

Group results are impacted by year-on-year fluctuations in exchange rates versus the Euro. The primary rates driving the currency impact in the figures above were US Dollar, Brazilian Real and Mexican Peso which had average rates of 1.13 (2024: 1.09), 6.31 (2024: 5.78) and 21.67 (2024: 19.74) respectively.

Cash and Returns

Free Cash Flow

In 2025, the Group achieved a strong free cash flow of €643m (2024: €766m) reflecting 81% cash conversion in the year.

Free Cash Flow

2025

20242

Continuing and Discontinued operations

€'m

€'m

EBITDA

1,208.1

1,250.8

Movement in average working capital

(74.6)

28.9

Pension contributions paid less pension expense

(8.6)

(12.1)

Finance costs paid (net)

(73.9)

(43.9)

Income taxes paid

(107.3)

(108.2)

Purchase of non-current assets

(302.5)

(344.3)

Sales proceeds on disposal of non-current assets (net of disposal costs)

1.9

(5.6)

Free cash flow

643.1

765.6

Cash conversion1

81%

95%

1 Cash conversion is free cash flow expressed as a percentage of adjusted earnings after tax

2 2024 comparatives includes Kerry Dairy Ireland, which was disposed on 31 December 2024

Returns

2025

2024

Continuing and Discontinued operations

€'m

€'m

Adjusted profit

836.9

862.7

Average capital employed

7,909.4

8,172.3

Return on average capital employed (ROACE)

10.6%

10.6%

Further detail is set out within the Supplementary Information section - Financial Definitions.

ROACE is similar year-on-year primarily due to the underlying organic improvement in returns being offset by the translation impact on underlying assets.

Share Buyback

In line with the Company's Capital Allocation Framework, in April 2025, the Board approved an additional share buyback programme of up to €300m, which commenced on 20 June 2025 on completion of the previous programme. These programmes are underpinned by the Group's strong balance sheet and cash flow.

During 2025, the total number of shares acquired from these programmes was 5,698,393, returning €500m to shareholders. Since the year end, and up to 31 January 2026, the Company has purchased an additional 395,175 shares equating to an additional capital return of €29.2m

Net Debt

Net debt at the end of the year was €2,244m (2024: €1,926m), reflecting strong business cash generation and the share buyback programme.

Key Financial Ratios

Our credit metrics remain strong and we have a well spread debt maturity profile. Our strong balance sheet, combined with the EMTN programme positions Kerry very well for the continued strategic development of our business.

2025

2024

Times

Times

Net debt:EBITDA

1.9

1.6

EBITDA:Net interest

22.2

21.7

The Net debt:EBITDA and EBITDA:Net interest ratios disclosed are calculated using an adjusted EBITDA, adjusted finance costs (net of finance income), other income and an adjusted net debt value to adjust for the impact of acquisitions net of disposals and deferred payments in relation to acquisitions.

Financing

Undrawn committed facilities at the end of the year were €1,500m (2024: €1,500m) while undrawn standby facilities were €325m (2024: €344m). During 2025, the Group exercised the second of the two 1-year extension options on the €1,500m revolving credit facility extending maturity until June 2030. In August 2025, the Group completed the annual update of the €3bn EMTN programme for future Euro public bond issuances. In September 2025, the Group repaid in full €950m of its 2025 Senior Notes.

Dividend and Annual General Meeting

During the year, the Group paid an interim dividend of 42.0 cent per A ordinary share, which was an increase of 10.2% versus the 2024 interim dividend. The Board has proposed a final dividend of 98.0 cent per A ordinary share, payable on 8 May 2026 to shareholders registered on the record date of 10 April 2026. When combined with the interim dividend, the total dividend for the year amounts to 140.0 cent per share (2024: 127.1 cent per share), which is an increase of 10.1% over last year's dividend. The Group's aim is to have double-digit dividend growth each year. Over 39 years as a listed company, the Group has grown its dividend at a compound rate of 16%.

Kerry's Annual General Meeting is scheduled to take place on 30 April 2026.

Board Changes

Mr. Tom Moran will retire as Chair and as a Director of the Company at the conclusion of the Annual General Meeting on 30 April 2026. The Company is pleased to announce that Ms. Fiona Dawson has been appointed by the Board of Directors as Chair Designate.

Having served his three-year term of appointment, Mr. Patrick Rohan will retire from the Board at the conclusion of the 2026 AGM and will not seek re-election.

A separate announcement with further details on these Board changes has been published today.

Future Prospects

Kerry's continued strong end market outperformance highlights the strength and relevance of its strategic positioning across its markets, channels and customer base.

The Group will continue to further advance its strategic business development, while supporting its customers as their innovation and renovation partner.

Kerry remains strongly positioned for volume growth and margin expansion, supported by a good innovation pipeline, recognising the soft consumer demand environment.

The Group expects to deliver constant currency adjusted earnings per share guidance of 6% to 10% growth in 2026.

Note: Foreign currency translation is expected to be a headwind of ~4% on earnings per share in 2026 | Guidance based on an average number of shares in issue of ~160m.

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 931000 | [email protected]

WEBSITE

www.kerry.com

Consolidated Income Statement

for the financial year ended 31 December 2025

Before

Before

Non-

Non-

Non-

Non-

Trading

Trading

Trading

Trading

Items

Items

Total

Items

Items

Total

2025

2025

2025

2024

2024

2024

Notes

€'m

€'m

€'m

€'m

€'m

€'m

Continuing operations

Revenue

2

6,757.6

-

6,757.6

6,929.1

-

6,929.1

Earnings before interest, tax, depreciation and amortisation

2

1,208.1

-

1,208.1

1,188.0

-

1,188.0

Depreciation (net) and intangible asset amortisation

(309.0)

-

(309.0)

(299.4)

-

(299.4)

Non-trading items

3

-

(94.5)

(94.5)

-

(55.8)

(55.8)

Operating profit

899.1

(94.5)

804.6

888.6

(55.8)

832.8

Finance income

33.2

-

33.2

34.8

-

34.8

Finance costs

(85.4)

-

(85.4)

(88.3)

-

(88.3)

Other income

7.5

-

7.5

-

-

-

Share of joint ventures' results after taxation

(1.2)

-

(1.2)

(0.9)

-

(0.9)

Profit before taxation

853.2

(94.5)

758.7

834.2

(55.8)

778.4

Income taxes

(120.0)

20.1

(99.9)

(117.2)

12.2

(105.0)

Profit from continuing operations

733.2

(74.4)

658.8

717.0

(43.6)

673.4

Discontinued operations

Profit from discontinued operations

-

-

-

33.2

27.8

61.0

Profit after taxation

733.2

(74.4)

658.8

750.2

(15.8)

734.4

Attributable to:

Equity holders of the parent - continuing operations

658.5

673.4

Equity holders of the parent - discontinued operations

-

61.0

Non-controlling interests - continuing operations

0.3

-

658.8

734.4

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

Cent

Cent

Basic Earnings Per Share (cent)

Continuing operations

4

400.2

389.2

Discontinued operations

4

-

35.3

400.2 

 424.5

Diluted Earnings Per Share (cent)

Continuing operations

4

399.3

388.6

Discontinued operations

4

-

35.2

399.3

423.8

Consolidated Statement of Comprehensive Income

for the financial year ended 31 December 2025

2025

2024

Notes

€'m

€'m

Profit after taxation

658.8

734.4

Other comprehensive income:

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

Fair value movements on cash flow hedges

0.3

1.8

Cash flow hedges - reclassified to profit or loss from equity

0.1

(1.9)

Net change in cost of hedging

0.8

0.6

Deferred tax effect of fair value movements on cash flow hedges

0.1

(0.5)

Exchange difference on translation of foreign operations

- Continuing operations

9

(494.5)

206.9

Cumulative exchange difference on translation recycled on disposal

- Continuing operations

9

(0.9)

0.4

- Discontinued operations

-

(0.6)

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

Re-measurement on retirement benefits obligation

(22.7)

10.8

Deferred tax effect of re-measurement on retirement benefits obligation

3.8

(2.9)

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

(513.0)

214.6

Total comprehensive income

145.8

949.0

Attributable to:

Equity holders of the parent - continuing operations

145.5

888.6

Equity holders of the parent - discontinued operations

-

60.4

Non-controlling interests - continuing operations

0.3

-

145.8

949.0

Consolidated Balance Sheet

as at 31 December 2025

31 December

31 December

2025

2024

Notes

€'m

€'m

Non-current assets

Property, plant and equipment

2,021.2

2,106.7

Intangible assets

5,444.3

5,778.1

Financial asset investments

54.6

59.2

Investments in joint ventures

37.7

38.9

Other non-current financial instruments

166.2

295.7

Retirement benefits asset

90.7

100.7

Deferred tax assets

84.2

93.3

7,898.9

8,472.6

Current assets

Inventories

958.9

1,050.7

Trade and other receivables

1,280.6

1,235.5

Cash at bank and in hand

348.9

1,610.0

Other current financial instruments

152.6

113.6

Tax assets

23.3

26.6

Assets classified as held for sale

5.9

3.5

2,770.2

4,039.9

Total assets

10,669.1

12,512.5

Current liabilities

Trade and other payables

1,486.6

1,742.5

Borrowings and overdrafts

0.5

950.3

Other current financial instruments

5.1

32.3

Tax liabilities

154.7

179.0

Provisions

5.7

7.0

Deferred income

0.9

1.0

1,653.5

2,912.1

Non-current liabilities

Borrowings

2,485.6

2,482.7

Other non-current financial instruments

0.1

0.5

Retirement benefits obligation

34.6

33.4

Other non-current liabilities

128.0

134.2

Deferred tax liabilities

373.1

400.9

Provisions

30.7

50.6

Deferred income

9.9

10.8

3,062.0

3,113.1

Total liabilities

4,715.5

6,025.2

Net assets

5,953.6

6,487.3

Equity

Share capital

6

20.1

20.8

Share premium

9

398.7

1,879.2

Other reserves

(251.9)

205.6

Retained earnings

5,784.9

4,380.2

Equity attributable to equity holders of the parent

5,951.8

6,485.8

Non-controlling interests

1.8

1.5

Total equity

5,953.6

6,487.3

Consolidated Statement of Changes in Equity

for the financial year ended 31 December 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

-

-

-

734.4

734.4

-

734.4

Other comprehensive income

-

-

207.2

7.4

214.6

-

214.6

Total comprehensive income

-

-

207.2

741.8

949.0

-

949.0

Shares issued during the financial year

6

2.1

1,480.5

-

-

1,482.6

-

1,482.6

Shares (purchased)/cancelled during the financial year

6

(3.2)

-

3.2

(2,301.7)

(2,301.7)

-

(2,301.7)

Dividends paid

5

-

-

-

(205.2)

(205.2)

-

(205.2)

Share-based payment expense

-

-

39.8

-

39.8

-

39.8

At 31 December 2024

20.8

1,879.2

205.6

4,380.2

6,485.8

1.5

6,487.3

Profit after taxation

-

-

-

658.5

658.5

0.3

658.8

Other comprehensive expense

-

-

(494.2)

(18.8)

(513.0)

-

(513.0)

Total comprehensive (expense)/income

-

-

(494.2)

639.7

145.5

0.3

145.8

Shares issued during the financial year

6

-

-

-

-

-

-

-

Shares (purchased)/cancelled during the financial year

6

(0.7)

-

0.7

(500.3)

(500.3)

-

(500.3)

Share premium reduction

9

-

(1,480.5)

-

1,480.5

-

-

-

Dividends paid

5

-

-

-

(215.2)

(215.2)

-

(215.2)

Share-based payment expense

-

-

36.0

-

36.0

-

36.0

At 31 December 2025

20.1

398.7

(251.9)

5,784.9

5,951.8

1.8

5,953.6

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/(expense)

-

-

-

206.7

(0.1)

0.6

207.2

Shares cancelled during the financial year

3.2

-

-

-

-

-

3.2

Share-based payment expense

-

-

39.8

-

-

-

39.8

At 31 December 2024

5.1

0.3

191.7

5.2

4.1

(0.8)

205.6

Other comprehensive (expense)/income

-

-

-

(495.4)

0.4

0.8

(494.2)

Shares cancelled during the financial year

0.7

-

-

-

-

-

0.7

Share-based payment expense

-

-

36.0

-

-

-

36.0

At 31 December 2025

5.8

0.3

227.7

(490.2)

4.5

-

(251.9)

Consolidated Statement of Cash Flows

for the financial year ended 31 December 2025

2025

2024

Notes

€'m

€'m

Cash flows from operating activities

Profit before taxation

758.7

841.8

Adjustments for:

Depreciation (net)

220.0

234.8

Intangible asset amortisation

89.0

87.8

Share of joint ventures' results after taxation

1.2

0.9

Non-trading items income statement charge

3

94.5

31.6

Finance costs (net)

52.2

53.9

Other income

(7.5)

-

Change in working capital

(190.0)

(43.4)

Pension contributions paid less pension expense

(8.6)

(12.1)

Payment on non-trading items

(75.7)

(50.7)

Exchange translation adjustment

2.9

(3.8)

Cash generated from operations

936.7

1,140.8

Income taxes paid

(107.3)

(108.2)

Finance income received

23.9

23.8

Finance costs paid

(97.8)

(67.7)

Net cash from operating activities

755.5

988.7

Investing activities

Purchase of assets

(261.6)

(305.8)

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

1.9

(5.6)

Capital grants received

0.1

2.3

Purchase of businesses (net of cash acquired)

(29.7)

(166.4)

Payments relating to previous acquisition

(9.6)

(1.6)

Purchase of investments

-

(1.8)

Disposal of businesses (net of disposal expenses)

37.6

(27.7)

Net cash used in investing activities

(261.3)

(506.6)

Financing activities

Dividends paid

5

(215.2)

(205.2)

Purchase of own shares

(500.3)

(556.5)

Payment of lease liabilities

(41.0)

(40.8)

Issue of share capital

-

-

Repayment of borrowings

(950.0)

(2.5)

Cash inflow from interest rate swaps on repayment of borrowings

8.0

3.3

Proceeds from borrowings

-

994.0

Net cash movements due to financing activities

(1,698.5)

192.3

Net (decrease)/increase in cash and cash equivalents

(1,204.3)

674.4

Cash and cash equivalents at beginning of the financial year

1,607.6

909.0

Exchange translation adjustment on cash and cash equivalents

(54.9)

24.2

Cash and cash equivalents at end of the financial year

348.4

1,607.6

Reconciliation of Net Cash Flow to Movement in Net Debt

Net (decrease)/increase in cash and cash equivalents

(1,204.3)