Kerry Group Q3 Report 2023

• Taste & Nutrition Q3 volume growth of 1.6% and Group Q3 volumes +0.1%
• Overall YTD pricing of 1.3%, with third quarter pricing reflecting deflationary environment
• Group margin expansion of +100 bps in Q3, driven by Taste & Nutrition +130bps
• Dairy Ireland YTD volumes -6.2% with margins also impacted by challenging market conditions
• Full year earnings guidance expected to be at low end of previously stated 1% to 5% constant currency range
• Share buyback programme of €300m to commence at the beginning of November

Group reported revenue in the first nine months of the year decreased by 4.2%, reflecting business volume growth of 0.4%, pricing of 1.3% and a contribution from acquisitions of 1.1%, more than offset by the effect of disposals of 5.1% and adverse translation currency of 1.9%. Group EBITDA margin increased by 10bps as benefits from cost efficiency initiatives and portfolio developments were partially offset by the mathematical impact of passing through overall input cost inflation.