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INSPIRING
FOOD
NOURISHING
LIFE
Kerry Group
Annual Report
2024
1
STRATEGIC REPORT
Our Performance in 2024 2
At a Glance 4
Our Business in 2024 5
Chairman's Statement 6
Chief Executive Officer’s Review 8
Our Strategy 12
Our People 14
Our Business Model 18
Science & Technology 20
Our Markets 22
Strategy & Targets 24
Key Performance Indicators 26
Financial Review 28
Business Review: Taste & Nutrition
34
Business Review:
Dairy Ireland 37
Sustainability Review 38
TCFD Compliance
Statement 45
Risk Management Report 46
DIRECTORS’ REPORT
Board of Director 58
Report of the Directors 62
Governance Report
Corporate Governance Report
69
Audit Committee Report
85
Governance and Nomination Committee Report
91
Sustainability Committee Report
96
Remuneration Committee Report 98
SUSTAINABILITY STATEMENT
Independent Practitioners’ Limited Assurance Report 128
Sustainability Statement 131
FINANCIAL STATEMENTS
Independent Auditors’ Report 235
Financial Statements 244
Notes to the Financial Statements 252
SUPPLEMENTARY INFORMATION
Financial Definitions 322
CONTENTS
2 Strategic Report Our Performance in 2024
OUR PERFORMANCE IN 2024
2
Financial Performance Measures
Performance based on total operations unless otherwise stated
1
See Key Performance Indicators section pages 26-27 and the Supplementary Information section pages 322-326 for definitions,
calculations and reconciliations of Alternative Performance Measures
€8.0bn
2023: €8.0bn
2024 Continuing Revenue: €6.9bn
Group Revenue Volume Growth
1
+3.3%
2023: -0.9%
15.7%+120bps
2023: 14.5% +60bps
2024 Continuing EBITDA Margin: 17.1%
424.5c
+3.4%
2023: 410.4c +20%
€766m
+95%
2023: €701m 92%
10.6%
2023: 10.0%
€989m
2023: €1,038m
127.1c
+10.1%
2023: 115.4c +10.1%
Group EBITDA Margin
1
Basic EPS
Net Cash from Operating Activities
Total Dividend Per Share
Group EBITDA
1
Constant Currency Adjusted EPS
1
Free Cash Flow¹ (cash conversion %)
Return on Average Capital Employed
1
€1.25bn
2023: €1.17bn
2024 Continuing EBITDA: €1.19bn
467.5c
+9.7%
2023: 430.1c +1.2%
Scope 1 & 2
Carbon Reduction
2
50%
2023: 48%
Sustainability Measures
2
See Sustainability Review pages 38-45 for further information on Sustainability Measures
Consumers reached
with Positive and Balanced
Nutritional Solutions
2
1.36bn
2023: 1.25bn
Reduction in
Food Waste
2
38%
2023: 39%
3Strategic Report Our Performance in 2024
4 Strategic Report At a Glance
21,000+
Employees
124
Manufacturing
Facilities
+9%
Revenue
CAGR
+11%
EBITDA
CAGR
+11%
Adjusted EPS
CAGR
+16%
Dividend
per share
CAGR
70+
Technology and
Innovation Centres
1,200+
R&D scientists
AT A GLANCE
1
Based on total operations
2
Based on continuing operations
CAGR = Compound Average Growth Rate (1986 - 2024)
OUR
PEOPLE
OUR
GLOBAL
FOOTPRINT
OUR
TRACK
RECORD
Kerry is a world leader in sustainable
taste and nutrition solutions. Using
our unique capabilities, we partner
with customers to create healthier,
tastier, and more sustainable
products enjoyed by over one billion
people around the world.
€1.25bn
Group EBITDA
Continuing EBITDA €1.19bn
€8.0bn
Group Revenue
Continuing Revenue €6.9bn
Our vision:
To be our customers’
most valued partner,
creating a world of
sustainable nutrition
5Strategic Report Business Overview
OUR BUSINESSES IN 2024
Taste & Nutrition
The leader in integrated solutions
We use our broad range of ingredient solutions to innovate
with our customers to create great tasting products, with
improved nutrition and functionality, while ensuring a better
impact for the planet.
Our consumer insights experts, R&D team of over 1,200
food scientists and extensive global footprint enable us
to solve our customers’ most complex challenges with
differentiated solutions.
Our Taste & Nutrition business has three
key market differentiators:
• Sustainable Nutrition - we are a leader in solutions
that combine nutritional profile enhancements,
improved taste, value for money and a minimised
environmental impact
• Emerging Markets - we have a winning local model
supported by a leading presence across emerging
markets and a portfolio that drives positive impact
• Foodservice - we have deeply embedded innovation
partnerships with customers, a longstanding and
dedicated business model, and a broad and deep
technology portfolio
Dairy Ireland
The Kerry Dairy Ireland business consists of Dairy Consumer Products, with its leading range of brands
across cheese, cheese snacks, dairy snacks and dairy spreads. It also comprises the Dairy Ingredients
business, which is a leading provider of Irish dairy ingredients including functional dairy proteins,
nutritional dairy bases and cheese systems, along with the provision of related agribusiness products
and services.
Following the 70% sale of Kerry Dairy Ireland (which forms the Dairy Ireland segment) as described in
Note 8 to the Group's Financial Statements, effective 2025 the Dairy Ireland business will no longer be a
reportable segment of the Group.
Geography End Use Market Channel
A Diversified Global Business
7%
21%
24%
33%
67%
55%
66%
27%
68%
32%
Strategic Report Chairman's Statement6
CHAIRMAN'S
STATEMENT
Overview
2024 was a transformative year for Kerry with the
sale of the Dairy Ireland business. It was also a year
of strong financial performance, particularly given
the market environment.
This exemplifies our track record of evolution and our
collective drive to deliver long-term sustainable results
through the execution of our strategy.
Strategic Update
Through targeted capital investments and strategic
portfolio development, the Group continues to evolve
its footprint and technology portfolio to strengthen
Kerry’s standing as a world-leading sustainable taste
and nutrition company. This portfolio evolution,
including the buildout of the Group’s Biotechnology
Solutions business and the recent sale of the Dairy
Ireland business, has better positioned Kerry to
deliver impact and value for our customers and
other stakeholders.
Our management team held an investor day in
October, where they provided a strategic update
on how Kerry continues to outperform its markets.
Materials relating to the investor day are available in
the investor section of the Group's website.
The Group will remain agile and flexible in terms
of assessing the various capital allocation options
available and will prioritise those that will generate
sustained value over the longer-term, taking account
of prevailing market conditions.
Sustainability
The Group’s Beyond the Horizon sustainability strategy
underpins Kerry’s future growth as we continue
to partner with our customers across the globe to
deliver impact through sustainable nutrition.
The Group is committed to achieving net zero carbon
emissions before 2050. The Climate Transition Plan,
which was published during the year, sets out how
Kerry is working to better understand the ways in
which carbon emissions can be reduced while we
help our customers create healthier, more nutritious
products that taste great in a way that protects people
and the environment around us.
Details regarding the Group’s sustainability strategy,
targets, performance, policies and programmes are
outlined in the Sustainability Committee Report on
pages 96-97, the Sustainability Review on pages 38-45
and the Sustainability Statement on pages 127-233.
The Sustainability Statement is new this year and
is included in the 2024 Annual Report in line with
the requirements of the Corporate Sustainability
Reporting Directive.
Corporate Governance
The Board is committed to maintaining the highest
standards of corporate governance. During 2024, the
Board reviewed the Company’s corporate governance
policies and procedures to monitor compliance with
the 2018 UK Corporate Governance Code and the Irish
Corporate Governance Annex (together the Code)
alongside the latest developments in legal/regulatory
requirements and best practice.
We also engaged with our stakeholders during the
year as we believe that listening to their views and
needs is fundamental to building a sustainable
business. Further details of our stakeholder
engagement activities are outlined on pages 75-78.
Each year, the Board undertakes a formal evaluation
of its own effectiveness and that of its Committees. In
2024, the evaluation was an internal self-assessment
and the outcome of this review is that both the Board
and its Committees are operating effectively.
Kerry delivered a strong
financial performance in a
year of transformative change.
7Strategic Report Chairman's Statement 7
Board Changes
We are delighted to have further strengthened our
Board in 2024 with the addition of Ms. Liz Hewitt who
joined the Board with effect from 1 March 2024. She
brings a wealth of experience and expertise which
will make her a valuable asset to the Board and I look
forward to working with her in the years ahead.
Dr. Hugh Brady and Dr. Karin Dorrepaal retired from
the Board at the conclusion of the 2024 AGM. On
behalf of the Board, I would like to thank Hugh
and Karin for their commitment and dedication
throughout their years of service.
As part of the ongoing Board refreshment process,
the Governance and Nomination Committee will
continue its search for candidates with the required
skills, experiences and backgrounds to join the Board
as vacancies arise.
Purpose and Values
Our purpose, Inspiring Food, Nourishing Life, and our
Values of Courage, Enterprising Spirit, Inclusiveness,
Open-mindedness and Ownership guide our actions
and behaviours, keeping us on the right path toward
achieving our goals and vision.
During 2024, the Board continued to oversee how
management promotes our purpose and values
to unite the organisation across different cultures
and geographies. Staying true to Kerry’s purpose,
the organisation has responded to the changing
economic and geopolitical landscape, demonstrating
the significant agility, passion and resilience of
our people by doing the right thing for customers,
shareholders, communities and the environment.
People and Engagement
The hard work and commitment of all our employees
is central to Kerry’s success. During the year, the
Board ensured that employee interests were taken
into account in Board decision-making including
recognising the impact of the inflationary environment
that prevailed in recent years.
The Board also recognises the importance of
employee engagement and continues to enhance
our employee engagement activities. During 2024,
Ms. Emer Gilvarry, the newly designated Workforce
Engagement Director, participated in a programme
of activities where she had the opportunity to assess
the engagement levels of our people, both in-person
within our offices and manufacturing sites as well as
remotely. Details of these activities are outlined in
the Corporate Governance Report on pages 69-84.
Operational Visits
In 2024, the Board held its June Board meeting in the
Netherlands. The visit afforded Board members the
opportunity to meet and engage with key leaders
and emerging talent from the European region.
The Board also participated in customer immersion
experiences that showcased the Group’s capabilities
in helping customers to solve industry challenges
with differentiated solutions.
I also visited Group facilities in Ireland, the US and
most recently, Dubai and Saudi Arabia. During those
visits, I had the opportunity to meet and engage
with the local management teams and see
first-hand how the significant capital expenditure
which was approved by the Board has bolstered
Kerry's presence in these countries.
Dividend and Share
Buyback Programme
The Board recommends a final dividend of 89.0 cent
per share, (an increase of 10.1% on the 2023 final
dividend) payable on 9 May 2025 to shareholders
registered on the record date of 11 April 2025.
Together with the interim dividend of 38.1 cent per
share paid in November 2024, this brings the total
dividend for the year to 127.1 cent, an increase of
10.1% on 2023.
During the year, the Board approved two additional
share buyback programmes which combined will
return up to €600m of capital to shareholders.
This is in addition to the €300m that was returned
to shareholders in the buyback programme
launched in November 2023. These programmes are
underpinned by the Group’s strong balance sheet
and cash flow and are aligned to the Company’s
Capital Allocation Framework.
Prospects
The Board remains confident that the Group’s
business model, strategic priorities and capital
allocation decision-making will continue to deliver
growth, enhance shareholder value and benefit our
stakeholders in the years to come. In this regard the
Group’s balance sheet is well placed to support our
objectives. The view of management regarding the
business outlook for 2025 is presented in the Chief
Executive Officer’s Review.
On behalf of the Board, I would like to sincerely
thank Edmond and the Executive Leadership Team
for their exceptional leadership and thank everyone
throughout the organisation for their contribution to
the ongoing success of the Group.
Tom Moran
Chairman
17 February 2025
CHIEF
EXECUTIVE
OFFICER’S
REVIEW
Strategic Report Chief Executive Officer’s Review8
9Strategic Report Chief Executive Officer’s Review
Dear shareholders and all stakeholders,
We were pleased to report a strong performance
and progress through 2024, with revenue of €8.0bn,
EBITDA of €1.25bn and free cash flow of €766m,
while expanding our nutritional reach to 1.36 billion
consumers globally. This growth was enabled by
our key growth differentiators of Foodservice,
Emerging Markets and Sustainable Nutrition.
Key to Kerry’s success over the years has been
the ability to continually evolve and develop
our business, while maintaining an unwavering
commitment to growth and market outperformance.
It’s hard to believe that since 2017, almost 60%
of Kerry’s portfolio has been rotated, including
the development of our Biotechnology Solutions
business and the sale of our Consumer Foods and
Dairy Ireland businesses. This systematic strategic
development has much better positioned Kerry
to deliver impact and value for our customers.
At our US Investor Day in October, we highlighted
our unique strategic positioning, key strengths and
showcased our talented market-winning teams.
A key takeaway from the day was the significant
market penetration opportunity that exists with
our customers, through areas like reduced sodium
and sugar, sustainability improvements and
technology solutions that help reduce cost and
complexity. These have been a key underpin of
our recent market outperformance, and we feel
confident these will continue into the future.
We maintain a proactive, flexible approach as
regards capital allocation, balancing reinvestment
in our business and capital returns. Underpinning
our framework is the ongoing evaluation of market
conditions and strategic alternatives to determine how
best to generate value and deliver on our targets.
As we continue to grow and strategically evolve
as a business, it is our people who continue
to embody our purpose of Inspiring Food,
Nourishing Life, as we aim to achieve our vision
of being our customers’ most valued partner,
creating a world of sustainable nutrition.
2024 represented a milestone year for Kerry,
with the sale of our Dairy Ireland business,
a strategic update at our Investor Day and
a strong financial performance.
€8.0bn €1.25bn €766m
Group Revenue EBITDA Free Cash Flow
consumers reached
with our positive and
balanced nutritional
solutions globally
1.36bn
Strong Business Performance and Strategic Development
10 Strategic Report XXX
A Pure Play Taste and Nutrition Company
The sale of Kerry Dairy Ireland represents a significant step and a natural progression in Kerry’s 50 year
journey. The result of the sale is a global leader in taste and nutrition solutions and an end-to-end industry
leader in dairy. Kerry is now a pure play global business-to-business taste and nutrition company, with
sustainable nutrition at our core, with this transaction supporting our financial objectives of continued market
outperformance, strong margin progression and delivering returns for our shareholders. Both businesses are
well positioned for success, thanks to the dedication and extraordinary contribution of our people over the
years, and we wish our Dairy Ireland colleagues all the best in the future.
Strategic Report Chief Executive Officer’s Review10
Positioned for Success
At our investor day we outlined five key strategic takeaways
that make Kerry unique.
1. We demonstrated how our winning model is driving success in the Americas.
2. We showcased why we believe foodservice represents a structural tailwind for Kerry.
3. Emerging markets have been a key driver of growth over many years, and we gave
examples of how regulatory changes in front-of-pack labelling are leading to renovation
and innovation opportunities.
4. We have significantly enhanced our technology portfolio in recent years, in particular our
Biotechnology Solutions platform, which has better positioned Kerry to drive impact for
our customers.
5. Finally, we highlighted the market penetration opportunity, which is all about renovation
of products through reformulation, nutritional enhancements, cleaner labels, sustainability
enhancements or cost reduction solutions.
11Strategic Report Chief Executive Officer’s Review
Our Markets and Performance
While a number of markets remained subdued,
2024 represented a more normalised year relative
to recent history. Customer innovation activity was
more weighted towards renovation of existing
products, with an increased focus on nutritional
profile enhancement, cost optimisation and improving
sustainability characteristics of products. A significant
level of new product innovation concentrated on
addressing increased consumer demand for new taste
experiences and providing relative value options.
Revenue for the year was €8.0bn with Taste & Nutrition
volume growth of 3.4%, reflecting good progression
through the year and 4.1% in the last quarter. EBITDA
increased to €1.25bn with margins increasing by
120bps. Adjusted earnings per share increased by
9.7% on a constant currency basis and strong free
cash flow of €766m was achieved in the year.
We made good progress against our Beyond the
Horizon sustainability strategy and commitments.
Under Better for People, we increased our
nutritional reach of positive and balanced
nutrition solutions to 1.36 billion people, as we
continue to support our customers in improving
the nutritional profile of their products.
Under Better for Society, we extended our award-
winning employee share ownership plan 'OurShare'
to a further 16 countries, and increased our level
of women in senior leadership positions to 35%.
Under Better for the Planet, we delivered an
overall 50% reduction in Scope 1 & 2 carbon, while
we reduced food waste across our operational
footprint by 38% versus our base year. We continue
our efforts across our range of sustainability
commitments, while supporting our customers
in producing more nutritious, sustainable food
and beverage products that deliver a better
impact for people, society and the planet.
Regional Performance
Taste & Nutrition delivered a good performance,
particularly in the Americas, which had reported
revenue of €3.8bn, reflecting good volume growth
of 4.1%. This was driven by excellent growth
in foodservice with established and emerging
chains. Within our end markets, growth was led by
Snacks, Beverage and Bakery with innovation and
renovation utilising Kerry's range of savoury taste
profiles and Tastesense™ salt and sugar reduction
technologies. Within LATAM, growth was led by
Mexico, particularly in Snacks and Beverage.
In Europe, reported revenue was €1.5bn, with
volumes similar to the prior year given muted
market conditions across the region. Good growth
was achieved in the foodservice channel through
seasonal and limited time offer extensions,
with volumes in the retail channel turning
positive in the last quarter. Performance was
led by Meals, Bakery and Beverage markets.
In APMEA, reported revenue was €1.7bn, with
volume growth of 4.8% primarily driven by strong
performances in the Middle East and Africa, while
volumes in China remained challenged through
the year. Growth in the region was led by Beverage,
Snacks and Meat markets, with good launch
activity across global and regional leaders.
Dairy Ireland delivered a good overall performance,
with EBITDA increasing to €63m, led by growth
in Dairy Consumer Products. The sale of Kerry
Dairy Ireland completed on 31 December.
Forward Looking Statement
We remain well-positioned for continued market
outperformance given our unique positioning with
customers as an innovation and renovation partner,
and we will continue to strategically evolve and
develop our taste and nutrition portfolio in areas
where we can create the most value.
Edmond Scanlon
Chief Executive Officer
17 February 2025
12 Strategic Report Our Strategy
12
OUR STRATEGY
Kerry's focus is on food and beverage markets, with its strategic priorities
of Taste, Nutrition and Emerging Markets, ensuring capital allocation
decisions are aligned to strategy.
Taste for Kerry is built on our
from-food-for-food heritage
and philosophy, with a
broad range of foundational
technology capabilities
including Taste Modulation,
Botanicals and Natural
Extracts, and Savoury,
Sweet and Dairy Flavours,
supported by our expertise
in sensory science.
Our Nutrition, Wellness
& Functionality portfolio
delivers benefits such as
immunity support, digestive
health, cleaner labels, and
preservation. These benefits
are achieved by leveraging
our broad foundational
technology platform which
includes Proteins, Probiotics
and Bioactives, Lipids,
Enzymes, Bio-preservation
and Pharma.
We have a winning model
in emerging markets. Our
local focus, combined with
our global expertise and
capabilities, supported by
our leading presence across
emerging markets, have
been key to our excellent
track record of growth.
TASTE NUTRITION
EMERGING
MARKETS
This disclosure addresses ESRS 2 SBM-1 40 a i as referenced in the Sustainability Statement on page 133 - subject to limited assurance.
13Strategic Report Our Strategy 13
Strategy in Action
Going beyond the targets
Up to 60% salt reduction, enabled
by Kerry Tastesense™ technologies.
We partner with customers to reduce salt in their products,
helping them meet WHO’s 30% global target for salt reduction,
adapt to a growing number of local nutritional guidelines
and regulations, and achieve their own ambitious sustainable
nutrition goals. With Kerry’s Tastesense™ Salt portfolio, we have
industry-leading solutions to solve sodium reduction challenges
across snacks, meals, soups, sauces and dressings, meats and
bakery. Linking taste receptor mechanisms with capabilities
across our technology portfolio, our scientists develop
modulation tools that mimic the sought-after mouthfeel, body,
and taste of salt – with no compromise on taste experiences.
Slow cooked, fast tracked
Layering Kerry technologies to deliver
authentic savoury taste experiences
for consumers.
There is a growing demand among consumers for the authentic,
slow-cooked, rich flavours of traditional, carefully crafted meals.
Through our unique business model, Kerry is leading the way
in creating true-to-tradition, natural taste solutions inspired
by local cooking methods, with our chefs, food scientists and
application experts layering Kerry technologies to create a
differentiated integrated solution that can be deployed at scale.
Technologies such as fermentation, where our Umamex™ taste
solutions portfolio of extracts provides rich and robust savoury
character to a variety of finished applications through naturally
occurring amino acids and peptides.
Cut the waste
Kerry multi-technology preservation
solutions delivering extended shelf life
for our bakery customers.
Tackling food waste is a key challenge for our industry, with
bread and bakery products being the largest category of waste
by volume. We are a leader in food protection and preservation,
with a broad range of capabilities across conventional and
clean label preservation solutions, including solutions powered
by fermentation and biotechnology. Through combining and
layering these technologies, we deliver differentiated integrated
solutions where others cannot. Recently, we partnered with a
bakery customer to more than double the textural shelf life of
their fresh baked product, virtually eliminating waste in store,
using a multi-technology, enzyme-based preservation solution.
14 Strategic Report XXXStrategic Report Our People14
OUR
PEOPLE
21,000+ 200+ 50+
People Locations Countries
15Strategic Report Our People
We value the unique contributions of employees with
different backgrounds, experiences, and viewpoints,
and foster an inclusive culture where everyone can
feel welcome. We are committed to preserving and
further cultivating an environment where everyone
feels respected, valued, included and encouraged
to contribute, and confident that they belong.
Employees’ terms and conditions of employment,
including hiring, training, working conditions,
compensation, benefits, and promotions are based
on the individual’s qualifications, performance,
contribution, motivation, skills, and experience.
Kerry is committed to providing equality of
opportunity to people in all aspects of employment.
In 2024, under the guidance of our Global Diversity,
Inclusion & Belonging (DI&B) Council, a DI&B Global
Taskforce was set-up to coordinate the roll-out of
our refreshed DI&B framework which builds on what
has already been achieved and gives enhanced focus
to Inclusive Leadership, Education and Awareness,
and Equitable Experience. We continue to raise
awareness at a local level, with events designed to
celebrate gender, cultural and intellectual diversity.
To monitor the effectiveness and implementation
of these initiatives, we track employee experience
on a recurring basis through a formal process.
We are committed to increasing awareness and
understanding, and to developing skills so that
our leaders, managers, and all employees can play
their part in building an inclusive organisation.
In 2024, 35% of our senior leadership roles were
held by female leaders (2023: 34%), meeting our
2025 target for share of leadership roles held by
women one year ahead of schedule. At the end of
2024, women held 39% (2023: 37%) of our senior
management roles and we remain committed
to achieving equal gender representation in
senior management by the end of 2030.
People with Purpose
In 2024, the Kerry team included
more than 21,000 dedicated
individuals, working across 54
countries worldwide. These people
form our global organisation, working
to make our purpose – Inspiring food,
nourishing life – an everyday reality.
Our teams are active around the world,
bringing together leading expertise in a range
of disciplines and engaging with stakeholders
across the value chain to create value for our
customers, while contributing positively to
the communities in which we operate.
Our values of Courage, Enterprising Spirit,
Inclusiveness, Open-Mindedness and Ownership
guide how we approach our work. We expect all of our
people, from our established leaders to colleagues
at the early stage of their careers, to demonstrate
these values in their work, and in their interactions
with co-workers, customers and other stakeholders;
creating the dynamic, and the environment necessary
to achieve progress, and to realise our purpose.
Safe & Inclusive
Providing a safe workplace is
a fundamental requirement
for our organisation.
We nurture and maintain a culture of safety at work,
for the protection of co-workers, communities,
customers and other stakeholders. ‘Safety First,
Quality Always’ is a guiding principle by which
we operate; never compromising on the safety
of our people and providing a safe and healthy
workplace. This principle is embedded across
the organisation, underpinned by the Group’s
Health and Safety policy. A series of dynamic
initiatives, including a ‘Global Safety Guardians’
programme - to motivate employees to take the
right decisions when it comes to safety, have been
deployed to reinforce the behaviours needed to
maintain the highest standards of health and
safety at work. All of our people have a role to
play in achieving our health and safety ambition,
and everyone is expected to challenge potentially
unsafe conditions and behaviours if they arise.
representation of
women in senior
leadership roles
35%
16 Strategic Report Our People
Learning & Leading
Enabling colleagues to continue
to grow professionally, from early
career to leadership positions, is an
essential consideration to ensure
we have the skills and capability to
deliver on our ambitions.
Our Kerry Leadership Academy offers a range
of learning experiences designed to grow our
leaders’ competencies. During 2024, we focused
on accelerating growth in the number of female
candidates available for leadership positions,
embedding our Women in Leadership programme
in two regions. This programme provides skills and
the networks necessary to ensure female leaders can
successfully navigate potential challenges to
their progression.
We continue to evaluate and further strengthen
the quality of our senior leadership talent pipelines
through ongoing strategic talent reviews. This
includes initiatives to build upon the quality of our
leadership teams and develop candidates for key
strategic appointments. We also continue to invest
in activities to accelerate succession readiness of
identified talent for senior leadership roles through
our Investing in Leadership for Growth programme.
Across the organisation, our Learning Academies
support growth by enabling the development and
application of skills and knowledge necessary to
enhance commercial and operational effectiveness,
and to support opportunities for personal growth.
We continue to develop enterprise learning initiatives
across the Group, to build core capabilities aligned
to our strategic objectives. One such example
is our proprietary ‘This Is Sustainable Nutrition’
programme, designed to enhance our leaders’, and
ultimately all of our employees understanding of
Kerry’s market offering in sustainable nutrition.
Kerry’s early careers programme is a core component
of our strategy to strengthen our future talent
pipeline. We expanded our graduate programme
during 2024 and will further extend the programme
into 2025 across all regions, fully aligned to Kerry’s
strategic priorities and future skillset requirements.
Rewarding and
Recognising our People
Total Reward at Kerry is about more
than just pay and financial rewards.
Informed by our principles of fairness and
equitability, Total Reward encompasses career
development, personal growth and access to
opportunities where all our people can excel, both
personally and professionally. Our approach to
reward supports us in striving to be the first choice
for the best talent by providing fair, competitive
offerings which our people value and which drive an
ownership mindset to achieve Kerry’s goals.
Our aim is to ensure that our reward programmes
are positioned as one of the key levers of business
performance, are appropriately aligned with the
external market, and are delivered in a way that
makes them more easily understood and appreciated
by our people.
During 2024, we implemented the next phase of
our Total Rewards roadmap. Some examples of
enhancements made during 2024 include:
• Building on the success of our employee share
plan OurShare in 2023, we expanded the plan to
a further 16 countries. It is now available in 24
countries across all regions, covering more than
94% of our workforce.
One in six colleagues have chosen to join OurShare
becoming shareholders and owning part of Kerry.
We are delighted that OurShare was recognised as
‘Best International Share Plan’ by Proshare, a UK
body working to promote wider share ownership.
• Throughout 2024, we partnered with the Global
Fair Wage Network to enhance our Living Wage
strategy and roadmap, building on our current
certification and experience in the UK where we
have been an accredited Living Wage Employer
since April 2023.
• Continuing our focus on fostering a healthy,
positive work environment, in 2024, together
with a leading psychology-based organisation,
we developed, piloted, and commenced a phased
rollout of a structured Emotional Wellbeing
Training Programme for people leaders at Kerry.
We will continue our rollout across all regions
in 2025.
• We continue to promote and embed our
global recognition programme, Inspiring
People, recognising our people for their active
engagement and commitment to living our
Kerry values. This year we presented a special
recognition award of an additional day of paid
annual leave to 12,000 frontline operators across
our manufacturing sites worldwide.
17Strategic Report Our People
Working Together
Our people define our organisation.
They are a critical stakeholder group, and their
perspectives and interests play a vital role in realising
the business opportunities that Kerry pursues.
Ensuring our employees have the capability, skills,
resources, and working environment necessary to do
their roles is a key consideration.
We utilise multiple employee engagement
mechanisms to ensure the voices of our employees
and others who undertake work for our organisation
are heard and considered in our decision-making.
These include the OurVoice employee experience
survey, ongoing two-way engagement through
our employee representative groups and regular
townhall meetings.
Our Workforce Engagement Director plays a key role
at Board level, ensuring employee perspectives are
considered and integrated into high-level
decision-making.
It is in these ways we ensure that the entire Kerry team
can work together, to be our customers’ most-valued
partner, creating a world of sustainable nutrition.
18 Strategic Report Our Business Model
OUR BUSINESS MODEL
Financial
Investment grade credit rating
S&P BBB+, Moody’s Baa1
€6.5bn Equity
Social And
Relationships
Relationships with global
brands, local communities,
regulators and industry bodies
60+ university and external
research partnerships
Manufacturing
Target CAPEX of 4-5% of
revenue per annum
124 manufacturing locations
across 34 countries
Natural
A global network of raw
material suppliers across
almost 80 countries
Human
21,000+ talented employees
across 200+ locations and
50+ countries, bringing broad
industry knowledge and
local expertise
Intellectual
70+ technology and
innovation centres
1,200+ food scientists
€310m R&D spend across
total operations
Kerry is a leading B2B specialty ingredients provider. We source our natural raw materials from
a vast global network of producers and suppliers. Using our unique capabilities, we partner with
customers to create healthier, tastier and more sustainable products. Our value-add ingredient
solutions deliver impact across our large and diverse customer base which includes food,
beverage and pharma companies operating across both the retail and foodservice channels.
Our unique business model comprises our broad range of taste and nutrition foundational
technologies, product process technologies, insights and culinary expertise, and development
and application teams. These capabilities are underpinned by our strong culture of innovation,
quality and safety, as we aim to solve our customers challenges with differentiated solutions.
WHAT WE DO
2
HOW WE DO IT
INPUTS: WHAT WE DEPEND ON
1
Elevated Nutrition
Clinical Health Benefits
Speed to Market
Extended Shelf Life
Operational Efficiencies
Channel Diversification
Cleaner Labels
SOLVING OUR
CUSTOMERS’ CHALLENGES
Improved Taste
Process Improvement
Enhanced Sustainability
New Innovation Platforms
Novel Taste Experiences
Local Cooking Taste
Regulatory Support
WITH DIFFERENTIATED
SOLUTIONS
Securing and developing the inputs that we depend on is critical to the long-term sustainable success of the
Group. It is a key factor in our strategic decision-making and is supported by our capital allocation, stakeholder
engagement and risk management strategies.
1
This disclosure addresses ESRS 2 SBM-1 42 a as referenced in the Sustainability Statement on page 133 - subject to limited assurance.
2
This disclosure addresses ESRS 2 SBM-1 42 c as referenced in the Sustainability Statement on page 133 - subject to limited assurance.
19Strategic Report Our Business Model
Financial
€8.0bn Revenue and €1.25bn
EBITDA from total operations
€766m Free Cash Flow
Social And
Relationships
Concern Worldwide, the UN
World Food Programme and
Women’s Empowerment
Principles (WEPs)
Manufacturing
Global manufacturing footprint
and supply chain infrastructure
enabling Kerry solutions to reach
over one billion people around
the world
Natural
Responsible consumption and
production with sustainable
sourcing, emissions reduction
and waste recovery
Human
An inclusive workplace that
enables people to excel both
personally and professionally
Intellectual
Customer-specific innovation
combined with differentiated
new technologies and solutions
~1,200 Patents and patent
applications
Supporting our customers in creating great tasting products, with improved
nutrition and functionality, while ensuring a better impact for the planet.
THE IMPACT WE DELIVER
2
WHO WE BENEFIT
HOW WE CONTRIBUTE
OUTPUTS: THE VALUE WE CREATE
3
Customers and Consumers
Global reach, local supply and
a positive impact portfolio
Community
External partnerships
supporting the communities
in which we operate
Suppliers
Supporting producers and
local economies through
responsible sourcing
Employees
Safe and inclusive workplace,
an equitable reward philosophy
and development supports
Shareholders
Long-term value creation and
consistent dividend growth
Government
A source of tax revenues
and employment,
supporting economies
2
This disclosure addresses ESRS 2 SBM-1 42 c as referenced in the Sustainability Statement on page 133 - subject to limited assurance.
3
This disclosure addresses ESRS 2 SBM-1 42 b as referenced in the Sustainability Statement on page 133 - subject to limited assurance.
20 Strategic Report XXXStrategic Report Science & Technology20
1
Cumulative 10 year operating and capital investment
SCIENCE &
TECHNOLOGY
investment in science and
technology eco-system
1
€3bn+
21Strategic Report Science & Technology
22 33
70+
Core Technologies End Use Markets
Development and
Applications Centres
Technology
& Innovation
Centres Globally
OUR GLOBAL SCIENCE AND TECHNOLOGY ECO-SYSTEM
1,200+ ~ 200 ~ 1,200 60+
Scientists PhDs & Masters Patents & Patent
Applications
University & External
Partnerships
Leading Research, Development & Applications Capabilities
Blending science and technology
expertise to pioneer sustainable
solutions that will nourish
generations to come.
Innovating for Today
Leveraging our broad and deep technology
portfolio, our application teams bring to life
new innovations for our customers that deliver
on sustainable nutrition.
Evolving Today
Deploying our process technology capabilities,
we create better products for customers, with
improved costs and sustainability features.
Innovating for Tomorrow
With a focus on Taste and Biotechnology
platforms, we uncover the deeper science
of food and nutrition, to advance new and
innovative technologies that can deliver on
future customer needs.
Application
Innovation
Proactive & Reactive
Technology
Innovation
Science
Innovation
Open
Innovation
Innovating Together
Innovating for Today
Innovating for TomorrowEvolving Today
22 Strategic Report Our Markets
1
A significant market
penetration opportunity
2
Consumer dynamics
within our markets
3
Macro, global demographic
and economic dynamics
OUR MARKETS
Kerry provides ingredient solutions to the food, beverage and pharma
markets. These are highly dynamic markets, with many opportunities
for growth into the future.
The key drivers of market growth that we see are:
This disclosure addresses ESRS 2 SBM-1 40 a ii as referenced in the Sustainability Statement on page 133 - subject to limited assurance.
23Strategic Report Our Markets
The growing
€85
BILLION
speciality ingredients
and flavours markets
Market
Penetration
Opportunity
1
2
Consumer Dynamics
Health and wellbeing
Natural trusted ingredients
Authentic local taste
Sustainability credentials
Convenience
3
Macro Dynamics
Growing world population
Urbanisation
Rising Global Incomes
1
Market Penetration Opportunity
There are significant opportunities across our markets. Kerry’s technology portfolio
and business model is well-positioned to take advantage of these opportunities by
partnering with our customers to renovate their product portfolios, helping them
make progress towards their sustainable nutrition goals.
Nutritional
Enhancement
Significant opportunity to improve the nutritional profile of our customers’
products, particularly across sodium and sugar reduction where we help them
meet WHO guidelines and their own, often more ambitious, targets.
Cleaner Labels Partnering with customers to enhance the ingredient profile of their products,
delivering natural clean label alternative ingredient solutions, and maintaining
or improving taste and consumer perception.
Sustainability
Enhancement
Helping our customers achieve their sustainability goals through portfolio
renovation and reformulation. Targeting food waste with natural preservation
solutions and delivering solutions to reduce carbon footprint.
Cost Reduction
Solutions
Bringing our customers solutions to reduce cost. For example, solutions
to simplify back-of-house operations for foodservice customers and food
protection and preservation solutions to reduce food waste across the
supply chain.
€75bn
2019
€85bn
2024 Future Market
€15bn+
1
Source: Kerry estimates based on market data from various sources, including Euromonitor, Nielson,
Foodtrending and Innova Market Insights.
STRATEGY
& TARGETS
Strategic Report Strategy & Targets24
1
Taste & Nutrition business volume growth target assumes end market growth of 1%+
2
Assumes neutral currency and raw materials
3
Average adjusted earnings per share growth in constant currency terms (2025-2028)
4
Sustainability targets to be achieved by 2030. Carbon and food waste reduction versus 2017 base year. The food waste reduction
target relates to own operations only. For more detail on Kerry’s targets, see the Sustainability Review on pages 38-45 and the
Sustainability Statement on pages 127-233.
Full financial definitions can be found on pages 322-326.
Volume Growth
1
4-6%
EBITDA Margin by 2026
2
18-19%
Cash Conversion
80%+
ROACE
10-12%
OUR FINANCIAL PERFORMANCE MEASURES
SUSTAINABILITY
4
RETURNGROWTH
Nutritional Reach
Reach over two billion
people with sustainable
nutrition solutions
Carbon
55% reduction in
Scope 1 & 2 carbon
emissions
Food Waste
50% reduction
in Food Waste
Strategic Report Strategy & Targets 25
Medium-Term Financial Targets Post Divestment of Kerry Dairy Ireland
Following the divestment of Kerry Dairy Ireland on 31 December 2024, the Group is refreshing
its current medium-term financial targets for 2022-26 to reflect Kerry’s new business profile as a
pure-play Taste & Nutrition company. It is also introducing an expanded 2028 Group EBITDA
margin target of 19-20% and a target for adjusted earnings per share growth.
EBITDA Margin by 2028
2
19-20%
Adjusted EPS Growth
3
HSD+
Current Medium-Term Financial Targets (2022-26)
On average across the plan
Additional Financial Targets
26 Strategic Report Key Performance Indicators
¹ Cumulative 10 year operating and capital investment¹ Cumulative 10 year operating and capital investment
SUSTAINABILITY
Metric
Nutritional Reach
1.36 billion
Carbon Reduction
50%
Reduction in Food Waste
38%
Performance
Commentary
Nutritional Reach is a measure of the number
of consumers we impact with positive and
balanced nutritional solutions as we strive to
be Better for People.
Scope 1 & 2 Carbon Reduction is a measure of
progress towards Kerry’s environmental targets,
as part of its Better for Planet ambition.
Food waste reduction measures food loss and waste
across our operations, and aligns with UN SDG 12
and our Better for Planet ambition.
Strategic
Importance /
Link to
Remuneration
As consumers seek healthier, more sustainable
diets, Kerry is ideally placed to support
customers in the development of products
that deliver sustainable nutrition. This is a
sustainability performance metric within the
long-term incentive plan.
At Kerry, we are addressing our operational
emissions as part of our total carbon footprint
and are committed to achieving Net Zero before
2050. This is a sustainability performance metric
within the long-term incentive plan.
We are committed to halving food waste across our
operations and supporting our customers in reducing
their food waste with sustainable solutions. This is
a sustainability performance metric within the long-
term incentive plan.
Further definitions, calculations and detail for these are set out above and within the Sustainability Review on pages 38-45.
GROWTH
Metric
Volume Growth
1
+3.3%
EBITDA Margin
1
+120bps
Performance
Commentary Group volumes increased in the year due to good
growth in our Taste & Nutrition business, which
represented a significant outperformance relative
to food and beverage end markets.
Group EBITDA margin increased due to benefits from the Accelerate
Operational Excellence Programme, portfolio developments,
operating leverage, product mix and the net effect from pricing.
Strategic
Importance /
Link to
Remuneration
Volume growth is an important metric as it
is a key driver of organic top line business
improvement. It is a metric in the short-term
incentive plan and is a key driver of adjusted
EPS growth, which is a metric for the long-term
incentive plan.
EBITDA margin expansion is a key measure of
profitability. It is a metric in the short-term incentive
plan and is a key driver of adjusted EPS growth on
a constant currency basis, which is a metric for the
long-term incentive plan.
Comparable
IFRS measure
Continuing revenue growth:
-0.7%
Continuing operating profit:
€832.8m -1.1%
1
Volume growth and EBITDA margin performance based on total operations
For more information see the Supplementary Information section – Financial Definitions on page 322-326.
10.4%
2021
2022
2020
13.9%
6.1%
8.0%
(2.9%)
2021
2022
2020
€1,216m
€1,077m
€998m
14.7%
14.4%
2021
2022
2020
10.3%
10.5%
2021
2022
2020
82%
84%
67%
€640m
€566m
€412m
Kerry’s key performance measures include a combination of
growth, return and sustainability metrics, which have helped
the Group achieve its track record of long-term value creation.
€1,165m
€1,216m
-0.9%
+3.3%
€701m
2023
2024
2022
2023
2024
2022
2023
2024
2022
10.3%
€640m
10.0%
10.6%
2023
2024
2022
+6.1%
14.5%
15.7%
13.9%
92%
95%
82%
€1,251m
€766m
KEY PERFORMANCE
INDICATORS
€1,165m
€1,216m
-0.9%
+3.3%
€701m
2023
2024
2022
2023
2024
2022
2023
2024
2022
10.3%
€640m
10.0%
10.6%
2023
2024
2022
+6.1%
14.5%
15.7%
13.9%
92%
95%
82%
€1,251m
€766m
2024
2023
1.25 billion
1.36 billion
48.0%
50.0%
2023
2024
39.0%
38.0%
2023
2024
2024
2023
1.25 billion
1.36 billion
48.0%
50.0%
202
3
202
4
39.0%
38.0%
2023
2024
27Strategic Report Key Performance Indicators
SUSTAINABILITY
Metric
Nutritional Reach
1.36 billion
Carbon Reduction
50%
Reduction in Food Waste
38%
Performance
Commentary
Nutritional Reach is a measure of the number
of consumers we impact with positive and
balanced nutritional solutions as we strive to
be Better for People.
Scope 1 & 2 Carbon Reduction is a measure of
progress towards Kerry’s environmental targets,
as part of its Better for Planet ambition.
Food waste reduction measures food loss and waste
across our operations, and aligns with UN SDG 12
and our Better for Planet ambition.
Strategic
Importance /
Link to
Remuneration
As consumers seek healthier, more sustainable
diets, Kerry is ideally placed to support
customers in the development of products
that deliver sustainable nutrition. This is a
sustainability performance metric within the
long-term incentive plan.
At Kerry, we are addressing our operational
emissions as part of our total carbon footprint
and are committed to achieving Net Zero before
2050. This is a sustainability performance metric
within the long-term incentive plan.
We are committed to halving food waste across our
operations and supporting our customers in reducing
their food waste with sustainable solutions. This is
a sustainability performance metric within the long-
term incentive plan.
Further definitions, calculations and detail for these are set out above and within the Sustainability Review on pages 38-45.
RETURN
Return on Average Capital Employed
10.6%
Free Cash Flow Conversion
95%
Group return on average capital employed increased
in the year due to good organic profit growth.
Free cash flow conversion increased in the year, with
good EBITDA growth and an improvement in average
working capital more than offsetting increased capital
expenditure.
ROACE is a key measure of the return the Group
achieves on its investment in capital expenditure
projects, acquisitions and other strategic
investments. It is a performance metric for
the long-term incentive plan.
Cash conversion is an important metric as it measures
how much of the Group’s adjusted earnings is converted
into cash. It is a performance metric for the short-term
incentive plan.
There is no IFRS measure
comparable to ROACE.
Net cash from operating activities:
€988.7m (2023: €1,037.8m).
€1,165m
€1,216m
-0.9%
+3.3%
€701m
2023
2024
2022
2023
2024
2022
2023
2024
2022
10.3%
€640m
10.0%
10.6%
2023
2024
2022+6.1%
14.5%
15.7%
13.9%
92%
95%
82%
€1,251m
€766m
€1,165m
€1,216m
-0.9%
+3.3%
€701m
2023
2024
2022
2023
2024
2022
2023
2024
2022
10.3%
€640m
10.0%
10.6%
2023
2024
2022
+6.1%
14.5%
15.7%
13.9%
92%
95%
82%
€1,251m
€766m
LONG-TERM VALUE CREATION
Total shareholder return (TSR) for the year
was 20.1%. This represented a top quartile
performance amongst Kerry's specialty food
& beverage ingredients peers and a strong
outperformance relative to the MSCI Europe
Food Producers and E300 Food & Beverage
indices in the year. Kerry's TSR has grown at
a compound annual rate of 11% since 2010.
TSR is an important indicator of how successful
the Group has been in terms of shareholder
value creation. Relative TSR is a performance
metric for the long-term incentive plan.
27
We use a number of financial and non-financial
key performance indicators (KPIs) to measure
performance across our business.
These KPIs help inform decision-making, assist
effective goal setting and track progress in
achieving our strategic objectives.
2024
2023
1.25 billion
1.36 billion
48.0%
50.0%
2023
2024
39.0%
38.0%
2023
2024
28 Strategic Report Financial Review
FINANCIAL
REVIEW
GROWTH RETURN
SUSTAINABILITY
Revenue
Volume
Growth
Group
EBITDA
Margin
Constant
Currency
Adjusted EPS
Return on
Average
Capital
Employed
Free
Cash Flow
Conversion
Scope 1 & 2
Carbon
Reduction
+3.3% 15.7% 467.5c 10.6% 95% 50%
+120bps +9.7%
2023: (0.9)% 2023: 14.5% 2023: 430.1c +1.2% 2023: 10.0% 2023: 92% 2023: 48%
Continuing Business
+3.4% 17.1% 448.2c
+120bps +9.1%
2023: 1.1% 2023: 15.9% 2023: 414.9c
Key Financial Indicators
The Financial Review provides an overview of the
Group’s financial performance for the year ended 31
December 2024 and the Group’s financial position at
that date.
I am pleased to report a strong financial performance
in 2024, with good volume growth and strong EBITDA
margin progression contributing to our earnings per
share growth. We made good progress on returns
and delivered strong free cash flow during the year.
From a capital allocation perspective, we continued
to reinvest in the growth and strategic development
of our business, while also returning significant
capital to shareholders through a combination of
our share repurchase activity and dividends. We
maintain a proactive, balanced approach to strategic
capital allocation.
The Key Financial Performance Indicators outlined
below are used to track business and operational
performance and help to drive value creation.
The Group has a long-term track record of delivery
with a disciplined financial approach of targeting
continued growth while meeting return on
investment objectives.
Further detail is set out within the Key Performance Indicators section on pages 26-27 and within supplementary information section –
Financial Definitions on pages 322-326.
Strong business performance
and strategic execution.
29Strategic Report Financial Review
2024 2023
Continuing
Operations
€m
Discontinued
Operations*
€m
Total
€m
Continuing
Operations
€m
Discontinued
Operations*
€m
Total
€m
Revenue 6,929 1,052 7,981 6,975 1,045 8,020
EBITDA 1,188 63 1,251 1,112 53 1,165
EBITDA margin 17.1% 15.7% 15.9% 14.5%
Depreciation (net) (212) (23) (235) (198) (22) (220)
Computer software amortisation (29) (0) (29) (27) (0) (27)
Finance costs (net) (53) (1) (54) (50) (0) (50)
Share of joint ventures’ results
after taxation
(1) - (1) (2) - (2)
Adjusted earnings before taxation 893 39 932 835 31 866
Income taxes (excluding
non-trading items)
(117) (6) (123) (98) (5) (103)
Adjusted earnings after taxation 776 33 809 737 26 763
Brand-related intangible asset
amortisation
(59) (0) (59) (52) 0 (52)
Non-trading items (net of
related tax)
(44) 28 (16) 16 1 17
Profit after taxation 673 61 734 701 27 728
2024 2023
Continuing
Operations
cent
Discontinued
Operations
cent
Total
cent
Continuing
Operations
cent
Discontinued
Operations
cent
Total
cent
Basic EPS 389.2 35.3 424.5 395.0 15.4 410.4
Brand related intangible
asset amortisation
33.8 0.1 33.9 29.5 0.0 29.5
Non-trading items
(net of related tax)
25.2 (16.1) 9.1 (9.6) (0.2) (9.8)
Adjusted EPS 448.2 19.3 467.5 414.9 15.2 430.1
Adjusted EPS Growth (%) 8.0% 27.0% 8.7%
Impact of exchange rate translation 1.1% (1.3)% 1.0%
Adjusted EPS growth
in constant currency
9.1% 25.7% 9.7%
Revenue
Group revenue for the year was €7,981m (2023: €8,020), comprising volume growth of 3.3%, an overall
pricing reduction of 1.9%, favourable transaction currency of 0.2%, unfavourable translation currency of 0.9%,
contribution from acquisitions of 0.7% and the effect from disposals of 1.9%, resulting in an overall decrease of
0.5%. Revenue from continuing operations for the year was €6,929m (2023: €6,975m).
EBITDA & Margin %
Group EBITDA increased by 7.4% to €1,251m (2023: €1,165m), with Group EBITDA margin increasing by 120bps
to 15.7%, driven by benefits from the Accelerate Operational Excellence Programme, portfolio developments,
operating leverage, product mix and the net effect from pricing. EBITDA from continuing operations for the year
was €1,188m (2023: €1,112m).
Growth
*Inter-segment revenue eliminations form part of discontinued operations. See note 8 for further information.
30 Strategic Report Financial Review
Computer Software Amortisation
Computer software amortisation increased to €29m (2023: €27m) reflecting continued investment in our digital
enablement initiatives.
Brand Related Intangible Asset Amortisation
Brand related intangible asset amortisation increased to €59m (2023: €52m), which is reflective of recent
acquisition activity.
Finance Costs
Net finance costs for the year of €54m (2023: €50m) reflected the interest due on €1bn senior notes issued in
September 2024 offset by increased deposit interest earned on cash. The Group’s average cost of finance for the
year was 2.8% (2023: 2.4%).
Taxation
The tax charge for the year before non-trading items was €123m (2023: €103m) representing an effective tax
rate of 14.1% (2023: 12.7%), an increase year on year reflecting the timing of in-year recognition of deferred
assets in 2023.
Non-Trading Items
During the year, the Group incurred a non-trading charge of €16m (2023: €17m credit) net of tax. This was
made up of a charge from continuing operations of €44m net of tax, and offset by a credit from discontinued
operations of €28m net of tax. The charge primarily relates to investments in the Accelerate Operational
Excellence transformation programme, which predominantly reflects costs of streamlining operations, project
management costs, and consultancy fees, incurred to deliver manufacturing and supply chain excellence. The
offsetting credit relates to the profit on the 70% shareholding divestment of Dairy Ireland.
The credit in the prior year is primarily related to the profit on the divestment of the Sweet Ingredients
Portfolio offset in part by the Accelerate Operational Excellence transformation programme.
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 Brazilian Real and Malaysian Ringgit which had average
rates of 5.78 (2023: 5.40) and 4.96 (2023: 4.93) respectively.
Cash & Returns
Free Cash Flow
In 2024, the Group achieved a strong free cash flow of €765.6m (2023: €701.3m) reflecting 95% cash conversion
in the year.
Free Cash Flow 2024 2023
€’m €’m
EBITDA 1,250.8 1,165.1
Movement in average working capital 28.9 38.4
Pension contributions paid less pension expense (12.1) (13.5)
Finance costs paid (net) (43.9) (65.8)
Income taxes paid (108.2) (119.5)
Purchase of non-current assets (344.3) (315.0)
Sales proceeds on disposal of non-current assets (5.6) 11.6
Free cash flow 765.6 701.3
Cash conversion
1
95% 92%
1
Cash conversion is free cash flow expressed as a percentage of adjusted earnings after tax.
Strong cash conversion primarily driven by increased EBITDA, continued management of working capital
partially offset by an increase in non-current asset additions supporting our growth strategies.
31Strategic Report Financial Review
Returns
2024
€’m
2023
€’m
Adjusted profit 862.7 813.5
Average capital employed 8,172.3 8,172.8
Return on average capital employed (ROACE) 10.6% 10.0%
Further detail is set out within the Supplementary Information section - Financial Definitions on pages 322-326.
The increase in ROACE is primarily due to increased profits year on year.
Share Buyback Programmes
During the year, the Board approved two share buyback programmes totalling €600m, in addition to the €300m
programme that was launched in November 2023. These programmes are underpinned by the Group’s strong
balance sheet and cash flow and are aligned to the Company’s Capital Allocation Framework.
During 2024, the total number of shares acquired was 6,757,726 at a cost of €556.5m. Since the year end, and
up to 31 January 2025, the Company has purchased an additional 458,271 shares equating to an additional
capital return of €43.3m. Further detail on share buyback programmes is included in note 28 to the Consolidated
Financial Statements.
Net Debt
Net debt at the end of the year was €1,925.8m (2023: €1,604.1 m). The increase during the year reflects strong
business cash generation partially offset by acquisition spend and the share buyback programme.
Movement in Total Net Debt 2024
€’m
2023
€’m
Free cash flow 765.6 701.3
Acquisitions (including payments relating to previous acquisitions) net of disposal proceeds (195.7) 175.6
Purchase of financial asset investments (1.8) (3.0)
Difference between average working capital and year end working capital (72.3) 147.1
Non-trading items (50.7) (99.8)
Dividends paid (205.2) (191.3)
Purchase of own shares (556.5) (101.7)
Exchange translation adjustment (3.8) (14.2)
(Increase)/Decrease in net debt resulting from cash flows (320.4) 614.0
Fair value movement on interest rate swaps 3.4 1.0
Exchange translation adjustment on net debt 13.3 (2.3)
(Increase)/Decrease in net debt in the year (303.7) 612.7
Net debt at beginning of year (1,535.5) (2,148.2)
Net debt at the end of the year – pre-lease liabilities (1,839.2) (1,535.5)
Lease liabilities (86.6) (68.6)
Net debt at end of year (1,925.8) (1,604.1)
32 Strategic Report Financial Review
Net Debt = €1,926m
Maturity Profile of 2024 Net Debt
The weighted average maturity of debt in years is 5.6 (7.5 years excluding the €950m 2025 bond).
€995m
Within
1 year
On
Demand
Between
1 and 2 years
Between
2 and 5 years
Over
5 years
€23m
(€1,608m)
€770m
€1,746m
Key Financial Ratios
Our credit metrics remain strong and we have a well spread debt maturity profile. Our strong balance sheet,
combined with the establishment of our new €3bn EMTN programme positions Kerry very well for the continued
strategic development of our business.
2024 2023
Net debt:EBITDA 1.6 1.5
EBITDA:Net interest 21.7 21.8
Financing
Undrawn committed facilities at the end of the year were €1,500m (2023: €1,500m) while undrawn standby
facilities were €344m (2023: €335m). During 2024, the Group exercised the first of the two 1-year extension
options on the €1,500m revolving credit facilities. The facility contains two one-year extension options,
exercisable on the 1st and 2nd anniversaries of the facility and which, if exercised, would extend the maturity
date of the facility to June 2030. 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.
Full details of the Group’s financial liabilities, cash at bank and in hand and credit facilities are disclosed in
notes 24 and 25 to the Consolidated Financial Statements. Of the cash at bank and in hand at year end,
€227.0m (2023: €50.8m) was on short term deposit under a Sustainable Deposits programme.
33Strategic Report Financial Review
Sustainability-Linked Bond Progress Report
In 2021, Kerry issued a €750 million, ten-year Sustainability-Linked Bond (SLB) aligned with the Sustainability-
Linked Bond Principles (SLBPs) administered by the International Capital Markets Association. The bond has a
sustainability-linked feature that could result in an interest coupon step-up if certain KPI targets are not met, as
outlined below, by December 2030.
The KPIs that have been included in the SLB have been selected as they reflect material environmental
sustainability challenges for our industry and key focus areas under our Beyond the Horizon sustainability
strategy. These KPIs and targets are as follows:
KPI 1: 55% Absolute reduction in Scope 1 & 2 greenhouse gas emissions;
KPI 2: 50% Food waste reduction across our operations.
2024 Performance
In 2024, our performance has continued to trend positively, delivering a 50% (2023
2
: 48%) reduction in our
absolute Scope 1 & 2 emissions and a 38% (2023
2
: 39%) reduction in our food waste volumes, versus a 2017
baseline for both KPIs.
Emissions (CO₂e) 2024 2017
1
Food Waste 2024 2017
1
Scope 1 & 2 (Tonnes) 462,351 926,424 Tonnes 9,204 14,919
% reduction 50% % reduction 38%
1
The 2017 KPI baseline has been adjusted in accordance with our November 2021 Sustainability-Linked Bond Framework Recalculation
Policy, to take into account structural changes including acquisitions and divestitures.
2
The prior year movements have also been restated in line with the November 2021 Sustainability-Linked Bond Framework,
to take into account structural changes including acquisitions and divestitures.
For more details on our progress in reducing emissions and food waste, see our Sustainability Review on pages
38-45 and Sustainability Statement on pages 127-233.
Financial Risk Management
Within the Group risk management framework as described in the Risk Management Report on page 47, the
Group has a Financial Risk Management Programme, which is approved by the Board of Directors and is subject
to regular monitoring by the Finance Committee and Group Internal Audit. The Group does not engage in
speculative trading.
Further details relating to the Group’s financial and compliance risks and their associated mitigation
processes are discussed in the Risk Management Report on pages 46-56 and in note 25 to the Consolidated
Financial Statements.
Dividend and Annual General Meeting
During the year, the Group paid an interim dividend of 38.1 cent per A ordinary share, which was an increase
of 10.1% versus the 2023 interim dividend. The Board has proposed a final dividend of 89.0 cent per A ordinary
share, payable on 9 May 2025 to shareholders registered on the record date of 11 April 2025. When combined
with the interim dividend, the total dividend for the year amounts to 127.1 cent per share (2023: 115.4 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 38 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 1 May 2025.
34 Strategic Report XXX
BUSINESS
REVIEW
Strategic Report Business Review34
35
Volume growth of 3.4% – well ahead of
food and beverage end markets
Growth led by Snacks, Beverage
and Bakery
Pricing reflected easing input cost deflation
in the year
EBITDA margins +110bps driven by cost
efficiencies, portfolio developments,
operating leverage, product mix and the
net effect of pricing
Reported revenue of €6,929m reflected volume
growth of 3.4%, an overall pricing reduction of
2.1%, favourable transaction currency of 0.2%,
unfavourable translation currency of 1.2% and the
effect of disposals net of acquisitions of 1.0%.
Taste & Nutrition delivered good volume growth
and continued progression through the year. This
represented a significant outperformance of food
and beverage end markets, supported by continued
product renovation activity with many customers to
enhance nutritional profiles.
Foodservice performed strongly with volume growth
of 6.8%, supported by new menu innovations,
seasonal products and solutions designed to reduce
operational costs and simplify processes, while
growth in the retail channel of 1.8% reflected good
performances in the Americas and APMEA.
The year’s growth was led by innovations
incorporating Kerry’s broad range of taste and
proactive health technologies. This was supported by
strong performance across savoury taste, botanicals
and natural extracts, along with Tastesense™ salt
and sugar reduction technologies. Proactive health
also delivered excellent growth, most notably in
technologies for digestive, cognitive and
women’s health.
Business volumes in emerging markets increased
by 6.5%, with good growth across the Middle East,
Africa, LATAM and Southeast Asia.
Within the Pharma & Other EUM, growth in
supplements was partially offset by softer volumes
in cell nutrition.
Taste & Nutrition
Continue Volume Progression
with Strong Margin Expansion
Strategic Report Business Review
36 Strategic Report Business Review
Volume reduction of 0.1% in the year, with
a return to growth in H2
Meals, Bakery and Beverage performed well
Foodservice delivered good growth, with
retail volumes turning positive in Q4
Reported revenue in the Americas region was
€3,764m reflecting volume growth of 4.1%, an overall
pricing reduction of 1.6%, unfavourable translation
currency of 1.2% and the effect from disposals net
of acquisitions of 1.5%. Volume growth in the year
included a strong finish to the year with good broad-
based growth across end markets and channels.
Within North America, Snacks achieved excellent
growth, with innovations utilising Kerry’s range of
savoury taste profiles and Tastesense™ salt reduction
technologies, given an increased level of customer
focus on improving the nutritional profiles
of products.
The Beverage category remained highly dynamic
through the year, with a significant level of innovation
driving strong growth in Kerry’s coffee extracts,
proactive health and Tastesense™ sugar reduction
technologies. Growth in Bakery was supported by
performance in preservation and taste systems.
Foodservice delivered strong volume growth
through new and improved signature taste profiles,
integrated solutions to reduce cost and complexity,
and continued strong growth with new and emerging
chains. Good growth was achieved in the retail
channel, given continued renovation activity with
many customer and retailer brands through the year.
LATAM delivered strong growth, led by performance
in Mexico in Snacks and Beverage, while Brazil
performed well, particularly in the second half of
the year.
Reported revenue in the Europe region was €1,455m
reflecting volume and pricing reductions of 0.1% and
3.5% respectively, favourable translation currency of
0.9% and the effect from disposals net of acquisitions
of 1.4%. Volume performance improved through
the year with a return to growth in the second half,
supported by recovery in the retail channel.
Within the Food EUM, Meals and Bakery delivered
good growth through solutions incorporating Kerry’s
food protection, preservation and authentic taste
technologies, while performance in Dairy reflected
strong prior year comparatives. Beverage performed
well with new innovations in functional and
refreshing beverages supported by a number of new
innovations with Kerry’s proactive health portfolio.
Foodservice continued to deliver good growth with
launches in meat applications across a number of
customers, combined with increased seasonal and
limited time offering activity within the region.
Americas Region Europe Region
Volumes +4.1% reflected continued strong
performance
Growth led by Snacks, Beverage and
Bakery EUMs
Retail achieved good growth with
continued strong growth in Foodservice
LATAM achieved good growth led by Mexico
Continued strong
performance, with broad-
based growth across end
markets and channels
Improved performance
through the year with a
return to volume growth
in the second half
37Strategic Report Business Review
The business achieved a good EBITDA performance
of €63m with margin expansion of 60bps in the
year, reflective of Dairy Consumer Products’ growth
and mix development, combined with recovery in
Dairy Ingredients. Revenue increased in the year to
€1,315m, with volume growth of 1.6% and pricing
of 2.2%.
Dairy Consumer Products achieved strong growth,
led by performances in snacking and branded cheese
ranges. Dairy Ingredients volumes reflected soft
overall supply conditions, which improved through
the year.
As previously announced, the transaction for the
initial disposal of 70% of Kerry Dairy Ireland by Kerry
Group plc to Kerry Co-Operative Creameries Limited
completed on 31 December.
Good EBITDA
performance led by Dairy
Consumer Products
Reported revenue in the APMEA region was €1,661m
reflecting volume growth of 4.8%, an overall pricing
reduction of 2.3%, favourable transaction currency of
0.6%, unfavourable translation currency of 2.8% and
the effect from acquisitions net of disposals of 0.5%.
Volume growth within the region reflected strong
growth in the Middle East, Africa and Southeast
Asia, with challenging market conditions in China
deteriorating through the year.
Beverage achieved good growth most notably
through refreshing beverage innovations with Kerry’s
botanicals, natural extracts and Tastesense™ sugar
reduction technologies. Snacks delivered strong
growth with leading global and regional brands, given
continued innovation and increased demand for
Kerry’s range of authentic local savoury taste profiles.
Growth in Meat was driven by strong performance
across savoury taste and preservation systems.
Foodservice achieved strong volume growth with
leading regional coffee chains and quick service
restaurants in particular, while growth in the retail
channel was supported by good performance across
Kerry’s range of local authentic taste solutions with
regional leaders.
APMEA Region Dairy Ireland
Volumes +4.8% with good overall growth
given market conditions in China
Beverage, Snacks and Meat EUMs
performed well
Foodservice achieved strong growth with
good growth in retail
Volume growth within the
region reflected strong
growth in the Middle East,
Africa and Southeast Asia
38 Strategic Report XXX38 Strategic Report Sustainability Review
SUSTAINABILITY
REVIEW
39Strategic Report Sustainability Review
As a committed stakeholder in the global food and
beverage industry, Kerry recognises the critical role
we play in bringing about change in the way that
food is produced and consumed. We look towards a
future of sustainable nutrition: where food systems
can provide sufficient energy and essential nutrients
to maintain good health for the population, without
compromising the environment, or the ability of
future generations to meet their nutritional needs.
Our people work with customers, suppliers and the
wider industry, to drive collective actions which help
to address some of society’s biggest challenges,
including diet-related health issues, climate
change, and environmental and social impacts.
We need to maintain and build upon efforts to
provide healthier food and beverages, reduce
emissions, protect biodiversity and create fair
working conditions in our own operations, while
engaging with key stakeholders to uphold human
rights across our supply chain. All of this is required,
to deliver on the promise of sustainable nutrition.
Kerry’s Beyond the Horizon sustainability strategy sets
out how we take that work forward. In our activity and
across our operations, we seek to address key dietary,
social and environmental considerations, to ensure
that food is better for people, and is produced in ways
that are better for society, and better for the planet.
GOAL 2:
Zero Hunger
GOAL 12:
Responsible Consumption
and Production
GOAL 3:
Good Health
& Well-being
Contribution to the UN Sustainable Development Goals
Kerry is committed to using its global reach and influence to drive positive change in support of the
United Nations’ (UN) Sustainable Development Goals (SDGs). Good nutrition is fundamental to realising
many of the SDGs
1
. Through our Beyond the Horizon strategy, we anticipate that Kerry can have most
impact on areas covered by the following SDGs:
1
Global Alliance for Improved Nutrition, Sustainable Development Goals, https://www.gainhealth.org/about/sustainable-development-goals
Sustainability at Kerry: Our Strategy and Approach
SUSTAINABLE NUTRITION SPECTRUM
Climate
Action
Customer
Sustainable
Nutrition
Environmental
& Social
Nutrition
Food Safety
& Security
Clean
Label
Social
Impact
Protecting
Nature
Circular
Solutions
Positive & Balanced
Nutrition
Proactive
Nutrition
Personalised
Nutrition
Taste Aﬀordability Accessibility
Kerry's Beyond the Horizon strategy is focused on enabling our customers overcome key challenges as they
move across the sustainable nutrition spectrum.
40 Strategic Report Sustainability Review
2
New WHO tools to support action on noncommunicable diseases and climate change, https://www.who.int/europe/news/item/
11-12-2023-new-who-tools-to-support-action-on-noncommunicable-diseases-and-climate-change
Better for People
Our Beyond the Horizon sustainability strategy is
anchored around our ambition to reach over two
billion people with sustainable nutrition solutions by
the end of 2030.
Globally, 11 million deaths a year are associated with
unhealthy diets
2
. With our capabilities in nutritional
optimisation and our position to influence within the
food and beverage industry, we are ideally placed to
respond to growing demand for healthier foods and
to support positive changes in the food that we eat.
Kerry’s capabilities can be applied to address key
needs of customers and consumers in sustainable
nutrition, spanning requirements for food protection,
clean label solutions, and nutrition that is positive,
balanced, and personalised. We define this range of
requirements as the Sustainable Nutrition Spectrum.
Expanding our
Nutritional Reach
We increased access to sustainable nutrition in 2024,
reaching 1.36 billion people (2023: 1.25 billion) with
Kerry Taste & Nutrition products with positive or
balanced nutrition, highlighting progress towards
our 2030 nutritional reach target. Expanding our
nutritional reach requires us to co-create nutritionally
optimised products with our customers around the
world. Kerry’s expertise in nutritional profiling and
regulatory matters can be leveraged through our
suite of digital tools such as Kerry Nutri Map and
Kerry Nutri Guide.
These tools guide formulation and reformulation
options for our customers’ products across a range of
nutrition labelling systems and nutritional legislation
requirements in selected countries globally.
Ensuring Food Safety & Quality
The quality of the food we produce is a key priority.
We maintain robust monitoring programmes
and preventative controls in line with our guiding
principle of Safety First, Quality Always. We regularly
audit compliance with our standards, and we
facilitated in excess of 800 external food safety and
quality audits, in addition to those from our internal
Group Food Safety Quality (FSQ) audit team.
We had one product recall notification in 2024 (2023:
zero) related to a recall of raw materials by a Kerry
supplier. Due to our well-established processes
there were no reported illnesses associated with the
recalled Kerry product.
For further information on Nutritional Reach and
Food Safety and Quality see pages 213-219 of our
Sustainability Statement.
Communicating About Nutrition
We recognise the impact our communications can
have on informing stakeholder choice and we are
dedicated to maintaining accurate and transparent
communications to develop and retain trust. Reliable
product information is essential to help customers
and consumers make informed choices and adopt
more sustainable products. Our Responsible
Communications Policy outlines our expectations
and approach to ensuring we consistently apply
the principles of accuracy, transparency and
substantiation across our communications.
Kerry contributes to a broader understanding
of nutritional science via the Kerry Health and
Nutrition Institute (KHNI), which was established
to advance ‘science for healthier food’. The KHNI
brings a scientific perspective to some of the most
challenging questions facing the food and beverage
industry, connecting a network of over 1,200 Kerry
food scientists with external collaborators. The
institute’s work is supported by its Scientific Advisory
Council. In 2024, the KHNI’s output focused on key
trends in sustainable nutrition, including work on the
gut microbiome and the role of postbiotics.
KHNI also had a presence at events such as the
European Congress on Immunology, and Climate
Week NYC, sharing its commitment to science-
forward leadership in the industry.
For further information, see pages 220-222 of our
Sustainability Statement.
Our Sustainability
Reporting Approach
The EU’s Corporate Sustainability Reporting
Directive (CSRD), and accompanying European
Sustainability Reporting Standards (ESRS),
seek to ensure greater transparency and
consistency in sustainability disclosures
across businesses. This is the first year Kerry
will report under these new standards in our
Sustainability Statement on pages 131-233
within this Annual Report. This Sustainability
Statement replaces the separate Sustainability
Report, which was published on our website
in previous years, with references to the
Global Reporting Initiative's Standards.
This Sustainability Review provides an
overview of our 2024 progress against our
Beyond the Horizon strategy, complementing
our Sustainability Statement which provides
greater detail on each of our material topics.
References throughout the Review point to
further information available in the Statement.
41Strategic Report Sustainability Review
Better for Society
The second pillar of our Beyond the Horizon strategy,
Better for Society, encompasses our work to create a
positive environment where people are treated with
fairness and dignity and provided with appropriate
opportunity and reward. Connecting our 21,000+
people across 200+ locations and over 50 countries
creates a powerful force for change. It brings
together a variety of approaches, experience
and perspectives to find new ways to deliver
sustainable nutrition.
Employee Health and Wellbeing
Our employees are our most important resource,
and we put their safety, security and wellbeing first.
Guided by our Safety First, Quality Always mindset,
we continued to enhance our safety programmes,
launching the Global Safety Guardians programme
and toolkits. This programme is designed to motivate
employees to make the right decisions when it
comes to safety. The reinforcing of safety standards
and monitoring of leading indicators are proactive
strategies to manage safety and reduce risk.
Sadly, we lost a Kerry colleague to a workplace
fatality at one of our manufacturing facilities in 2024.
We extend our deepest sympathy to their family,
friends and co-workers.
A thorough investigation of the accident was
undertaken, involving relevant authorities and
external experts, with key findings gathered to
inform safety protections and improvements.
Kerry remains committed to improving workplace
safety. In 2024, our total incident rate has reduced
to 4.5 (2023: 4.8), when calculated based on 1 million
hours, representing continued progress in the
reduction of injuries.
For further information on health, safety and
wellbeing at Kerry, see pages 187-205 of our
Sustainability Statement.
Diversity, Inclusion & Belonging
Kerry strives to create a diverse and inclusive
workplace where employees are empowered to make
their unique contribution.
Kerry recognises the value of a supportive
environment in creating a dynamic business and
promoting the wellbeing of our people. In 2024, 35%
(2023: 34%) of our senior leadership positions were
held by women, reaching our 2025 target level one
year ahead of schedule. At the end of 2024, women
held 39% (2023: 37%) of our senior management
roles and we remain committed to achieving equal
gender representation in senior management by the
end of 2030.
For further information on these topics see pages
187-205 of our Sustainability Statement.
Career Development,
Reward and Recognition
We are dedicated to recruiting
talented people and providing them
with fair and competitive reward and
recognition, and ongoing support to
develop the skills they need to thrive
at work.
Developing a sense of shared ownership, alongside
shared purpose, is an important consideration for
Kerry. In 2024, our award-winning employee share
ownership plan 'OurShare' was extended to a further
16 countries. The plan is now available to 94% of
employees across 24 countries.
Our global recognition programme, Inspiring People,
celebrates achievements of individuals and teams
throughout the year. In 2024, we recognised 12,000
frontline operators worldwide for their pivotal role
in achieving our vision to be our customers’ most
valued partner. Ensuring all team members are
appropriately rewarded for their contributions, Kerry
is proud to have established a Living Wage roadmap
to achieve living wage coverage across all regions
following engagement with the Global Fair Wage
Network during 2024.
As part of our commitment to empower employees
to take ownership of their development and enhance
their skills, we are rolling out a new learning platform,
starting with our Digital and Global Business Service
teams. This platform will enable employees to deepen
their expertise and align their skill development with
their career objectives.
For further information on reward and recognition
and learning and development, see pages 187-205
of our Sustainability Statement.
42 Strategic Report Sustainability Review
1
Nature Food, Food systems are responsible for a third of global anthropogenic GHG emissions,
https://www.nature.com/articles/s43016-021-00225-9
Protecting Human Rights
From our employees to the people
working across our value chain,
everyone has the right to fair working
conditions with inclusive, equal and
respectful treatment.
As a global company, we can leverage our position
to have a positive influence by ensuring that the
standards and values we live by are adopted more
widely to make a real difference to people across our
value chain. In 2024, we updated our Human Rights
Policy, reinforcing our position that we will not tolerate
or condone any abuse of human rights within our
business or value chain. The policy outlines Kerry’s
commitment to human rights due diligence processes,
prioritising our own operations and upstream value
chain activities where our risk assessments highlight
greater potential of adverse human rights impacts.
For further information on our policies and our
approach to human rights, see page 186 of our
Sustainability Statement.
Supporting our Community
We encourage our people to support their
local community through our MyCommunity
programme and by offering an annual
volunteer day to all employees. More detail
of our charitable activities are available under
Kerry Community Initiatives on our website
kerry.com.
We continue to work in partnership with the
World Food Programme, Concern Worldwide
and other NGOs to improve livelihoods and
increase food security. For more on our work to
improve food security and support vulnerable
communities, see the ALIVE programme and
Project Amata updates on our website.
Better for Planet
The Better for Planet pillar of our Beyond the Horizon
strategy covers how we reduce our footprint on the
climate and the environment.
The food industry generates as much as one-third
of global greenhouse gas (GHG) emissions
1
. At
the same time, extreme weather events have the
potential to affect the ecosystems we rely on for our
food security. At Kerry, we understand that these
dynamics are interconnected.
Climate Action
At Kerry, we take a holistic view of
mitigating climate change, working
with stakeholders to reduce emissions
across our value chain and to reach
net zero emissions before 2050.
With climate change increasingly testing the
resilience of our food system, we acknowledge the
need to reduce carbon emissions in our business and
across the industry. In 2024, we developed a detailed
Climate Transition Plan (available on kerry.com),
setting out the pathway by which we aim to reach
net zero before 2050. We also evolved our Scope 3
emissions targets, putting in place separate targets
for Forest, Land and Agriculture (FLAG) and non-FLAG
emissions in line with the guidance from the Science
Based Targets initiative (SBTi). Our new 2030 Scope
3 targets, aligned to 1.5 degree pathway, have been
submitted to SBTi for approval.
For Scope 1 and 2 carbon emissions, we have achieved
a reduction of 50% compared with our 2017 base year.
One example of our carbon reduction activities is our
investment in a heat recovery, at our site in Penang,
thereby improving energy efficiency and lowering
Scope 1 carbon emissions by 80t CO
2
per year.
43Strategic Report Sustainability Review
Working in partnership with our suppliers, we have
reduced Scope 3 carbon emissions by 5% in 2024, off
of a 2022 base year.
For more information on our how we are working to
reduce carbon emissions, see pages 146-164 of our
Sustainability Statement.
Water Stewardship
We recognise the importance of
good water stewardship to safeguard
access for our business and the
communities where we operate.
We achieved an 11% reduction in water withdrawal
intensity across our business. Kerry remains
committed to ongoing tracking and monitoring of the
water we use and discharge from our sites to minimise
our impact on local water quality and ecosystems for
the benefit of the communities where we operate.
For further information on our approach to
responsible water stewardship, see pages 165-168
of our Sustainability Statement.
Raw Material Sourcing
Kerry’s ongoing success relies on
healthy ecosystems for production of
the raw materials we use and we are
committed to addressing key impact
areas to ensure the future security
of supply.
At Kerry, we are focused on minimising material
impacts on the environment by reducing our upstream
carbon emissions, protecting biodiversity by reducing
deforestation and ensuring safe, fair and equitable
working conditions for farmers and primary producers.
In 2024, we initiated sustainable sourcing
programmes with dairy, wheat and corn suppliers in
North America, incentivising farmers to implement
regenerative agriculture practices with outcome-based
compensation for the carbon reduction achieved.
We continued to promote regenerative agriculture
practices as we broadened our Evolve Dairy
Sustainability programme, by expanding the actions
eligible for incentivisation with the primary goal to
reward suppliers for sustainable farming practices
in Southwest Ireland and to incentivise further
adoption of additional sustainability measures. The
programme contributed to Kerry Dairy Ireland’s
success in becoming the first Sustainable Dairy
Partnership (SDP) member to achieve stage five
verification, the highest level attainable within the
SDP platform.
Soy, paper and palm oil are three commodity
products which are often associated with a risk of
forest loss and land-use change. In line with our
Deforestation and Conversion-Free (DCF) Policy, we
remain committed to sourcing 100% of these inputs
from deforestation-free sources by the end of 2025.
For further information on our approach to responsible
sourcing and reducing deforestation and land-use, see
pages 169-174 of our Sustainability Statement.
Food Waste
We continue to work with partners across
the food industry to understand the drivers
of food waste and ways to reduce it using
food protection and preservation ingredients.
Leveraging our 2023 consumer research with
the support of our global insights team, we
identified key personas and their attitudes
to waste, helping to develop better food
preservation strategies. We worked with the
University of Georgia, USA, to validate our
publicly-available Kerry Food Waste Estimator,
which provides information on initiatives for
food waste prevention in our downstream value
chain. The results were published in a peer-
reviewed article in the journal Sustainability.
For further information on how we support
reduction in food waste, see pages 175-177 of
our Sustainability Statement.
44 Strategic Report Sustainability Review
Our Ongoing Commitment
In an era defined by growing environmental awareness and increasing demand for healthier food, the food
industry has a pivotal role to play in building a more sustainable future. At Kerry, we are proud of our progress
to date towards delivering better nutrition for consumers with no compromise on taste and doing it in a way
that enhances the lives of those with whom we engage and minimises our environmental footprint.
As we approach the midway point of implementing our Beyond the Horizon sustainability strategy we realise
more work will be required to achieve the ambitious targets we have set, and we remain fully committed to
achieving them.
External Recognition
Kerry acknowledges the importance of independent validation of our sustainability efforts to ensure that we are
on the right path and maintain the pace of progress. We are pleased to have received the following recognition:
MSCI: Kerry has retained its AAA rating from MSCI in 2024. To achieve an
AAA rating companies are required to reach a high level of performance
on a range of Environmental, Social and Governance issues.
World Benchmarking Alliance: Kerry has been recognised by the World
Benchmarking Alliance (WBA) for our sustainability leadership and our
contribution towards the UN SDGs since WBA first introduced its Food and
Agriculture Benchmark in 2021. We are proud that Kerry is among the top 10
food companies according to the WBA 2023 Food and Agriculture Benchmark.
ISS: Kerry has maintained its Prime ESG rating from ISS. This places us
in the top 10% of companies within our industry.
CDP: We have been recognised at leadership level (A-) by CDP across the
themes of Climate Change and Water Security and we also received a B for
our actions and disclosures on Forests.
FTSE4GOOD: Kerry is a constituent of the FTSE4GOOD, which measures
the performance of companies demonstrating strong Environmental,
Social and Governance practices.
Sustainalytics: Kerry has been included in Sustainalytics 2025 top-rated
ESG companies for our industry.
Origin Green: Kerry is a gold member of this world-leading programme
to reward companies for excellence in their sustainability performance.
45Strategic Report TCFD Compliance Statement
TCFD COMPLIANCE STATEMENT
As required by the UK Financial Conduct Authority Listing rule 9.8.6R9(8), Kerry has complied with the climate-
related financial disclosures and is consistent with all four recommendations and 11 disclosures in the Task Force
on Climate-related Financial Disclosures (TCFD). The required disclosures are included within our Sustainability
Statement. The table below sets out the specific location of each disclosure within the Annual Report.
THEME RECOMMENDED DISCLOSURES LOCATION IN KERRY
ANNUAL REPORT
SECTION PAGE
Governance The board's oversight of climate related risks and
opportunities
Sustainability
Statement
Climate Change (E1) -
Governance
150
Describe management's role in assessing and
monitoring climate related risks and opportunities
Sustainability
Statement
Climate Change (E1) -
Governance
150
Strategy Describe the climate related risks and opportunities
the organisation has identified over the short,
medium, and long term
Sustainability
Statement
Climate Change (E1) -
Identifying Climate-Related
Risks and Opportunities
146, 153-
155
Describe the impact of climate-related risks and
opportunities on the organisation’s business,
strategy, and financial planning
Sustainability
Statement
Climate Change (E1) -
Climate Resilience Analysis
153-156
Describe the resilience of the organisation's
strategy, taking into consideration different climate-
related scenarios, include a 2°C or lower scenario
Sustainability
Statement
Climate Change (E1) -
Climate Resilience Analysis
156-157
Risk
Management
Describe the organisation’s process for identifying
and assessing climate-related risks
Sustainability
Statement
Climate Change (E1) -
Assessing Climate-Related
Risks and Opportunities
151-156
Describe the organisation’s process for managing
climate-related risks
Sustainability
Statement
Climate Change (E1) -
Actions, Policy, Targets
147-149,
157-159
Describe how processes for identifying, assessing,
and managing climate-related risks are integrated
into the organisations overall risk management
Sustainability
Statement
Climate Change (E1) -
Prioritisation of
Sustainability-Related Risks
157
Metrics
and Targets
Describe the metrics used by the organisation to
assess climate-related risks and opportunities in
line with strategy and risk management process
Sustainability
Statement
Climate Change (E1) -
Metrics
159-164
Disclose Scope 1, Scope 2, and, if appropriate,
Scope 3 greenhouse gas emissions (GHG) and the
related risks
Sustainability
Statement
Climate Change (E1) -
Gross Scope 1, 2, 3 and
Total GHG Emissions
163
Describe the targets used by the organisation to
manage climate-related risks and opportunities and
performance against targets
Sustainability
Statement
Climate Change (E1) -
Targets
158-159
NON-FINANCIAL REPORTING STATEMENT
We comply with regulations on non-financial reporting and provide information on required topics within this
report, including within our Sustainability Statement. For environmental metrics, base years are restated where
necessary to provide a like-for-like comparison. Information on each topic can be found below. In addition, non-
financial risks are evaluated as part of the broader enterprise risk management framework and more detail can
be found in our Risk Management Report on page 46.
REPORTING REQUIREMENTS OUR POLICIES / REFERENCE PAGE NUMBER
Environmental Matters Sustainability Statement policy disclosures as follows: E1, E3, E4, E5 157, 165, 170, 176
Social and
Employee Matters
Sustainability Statement policy disclosures as follows: S1, S2, S4 189, 208, 214, 220
Respect for
Human Rights
Human Rights Policy 186
Anti-Bribery and Corruption Anti-Bribery and Corruption Policy; Group Code of Conduct 179, 189
Our Business Model 18-19
Sustainability KPIs Sustainability Statement targets and metrics disclosures as follows:
E1, E3, E4, E5, S1, S2, S4
158, 168, 173, 177, 196,
212, 219
46 Strategic Report Risk Management Report
RISK MANAGEMENT REPORT
Our Approach
Our comprehensive risk management framework
provides a structure to ensure that we identify and
assess the material risks which may impact the
Group's viability and delivers a consistent approach
to the oversight and management of these risks.
Our integrated approach, which brings together
risk management, internal controls and business
integrity, ensures that we focus on those risks which
could have the greatest impact.
The Board is responsible for determining the nature
and extent of the risks the Group is willing to take
in pursuit of its strategic objectives, maintaining
a culture which embeds risk awareness into
management activities and overseeing the risk
management governance framework which enables
the Group to effectively prioritise and manage risk
within approved appetite levels.
A review of the effectiveness of the Group’s risk
management and internal control systems is
conducted annually. A comprehensive overview of
how the review is conducted is outlined in the Audit
Committee report on page 88.
The Group’s risk management framework has
been implemented to ensure there is clear
ownership and delegation of responsibility for risk
management. The three lines model defines roles
and responsibilities for all colleagues and ensures
there is action, accountability and assurance within
the risk management approach and embedding risk
management into all decision-making processes. This
framework enables the Group to effectively prioritise
and manage principal and emerging risks.
Effective risk management is essential to achieving our strategy,
supporting our ambition to grow a sustainable and resilient business
in a dynamic market environment.
47Strategic Report Risk Management Report
Board of Directors
Ultimately responsible for setting the risk
appetite and overseeing and monitoring risk
management and internal control systems.
Ensure the appropriate tone and culture are
established and cascaded throughout the Group.
Oversight is achieved with the support of the
Audit Committee, along with regular updates
and insights from management.
Audit Committee
Support the Board in the assessment of risk
and monitoring, evaluating and reviewing
the principal risks and effectiveness of risk
management systems. The Audit Committee
agenda ensures appropriate updates are received
from management on relevant areas of risk and
internal control. The Chairman updates the Board
after each Committee meeting.
Risk Oversight Committee (ROC)
Chaired by the CFO and comprising senior
members of Group leadership. Support the
Audit Committee in the risk management
process through ongoing monitoring of the risk
environment and the effectiveness of internal
controls, in addition to the consideration of
emerging risks. The ROC provides the Audit
Committee with updates on changes to the
risk landscape.
Executive Management
Ensure that internal controls are implemented
and operating effectively to manage the Group’s
risks within the approved risk appetite. The
three lines model embeds risk management
accountability into operational activities.
1st Line:
Operational Management
is responsible for risk
identification, managing the
internal control environment
and monitoring changes in
the risk profile of the Group.
2nd Line:
Group functional teams
ensure the 1st line is operating
as designed, manage
performance reviews, internal
control verifications and
facilitate risk assessments.
3rd Line:
The Group Internal Audit
function along with other
external assurance providers
perform reviews which provide
independent assurance of the
risk management and internal
control systems.
Risk Management Framework
Top down
Bottom up
1. Identify: An enterprise-wide
top-down and bottom-up
approach identifies risks
through input from
management, consideration of
external information sources
and horizon scanning. Emerging
risks are also identified and
added to the risk register when
they become material.
2. Assess: The risk assessment
process evaluates the impact
and likelihood of risks using
standard criteria. Input
from management through
workshops, interviews and
surveys is consolidated to
produce the risk register.
Executive input and calibration
ensure a comprehensive view
of the risk landscape and the
principal and emerging risks
are approved by the Board.
4. Monitor and Review:
The Board and Audit Committee
receive regular deep-dive
updates outlining the status of
principal risks and mitigating
actions to manage them. If
material control weaknesses are
identified, management report
these to the Audit Committee or
Board, outlining remediations.
3. Mitigate: Each principal risk
is assigned an executive owner
with responsibility for ensuring
that appropriate controls and
management actions are in
place. Regular reviews ensure
the residual risk remains within
approved risk appetite and if
required, additional controls or
actions are implemented.
Risk
Management
Framework
1
3
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48 Strategic Report Risk Management Report
Risk Appetite
In order to deliver on the Group’s strategic objectives,
the Board recognises the need for balance and
flexibility in our risk management approach. Kerry
uses a five-point scale from Risk Averse to Risk
Seeking which provides guidance on how much
or little risk the Group is willing to accept in each
circumstance. During 2024, the risk appetite for
each principal risk was reviewed and approved by
the Board, ensuring management have scope to
operate while also providing guardrails to protect the
Group, acknowledging a risk and reward trade-off.
We have a zero tolerance for risks that could harm
our people, impact food safety, or result in non-
compliance with laws and regulations. However,
in a competitive marketplace, we recognise that
strategic, commercial, and investment risks are
necessary to seize opportunities and drive business
results. Our acceptance of risk is contingent on fully
understanding potential benefits and risks and
implementing appropriate mitigation measures.
Principal Risks
The Board is satisfied that the Group has conducted a
robust assessment of its principal and emerging
risks, including those risks that could threaten the
Group’s business model, future performance,
solvency or liquidity. The table on pages 49-54
describes the principal risks and uncertainties, which
have been identified through the risk assessment
process along with the mitigating actions established
to manage these. Additionally, each risk is linked to
our Value Creation Framework as outlined in the
Strategic Report on pages 12-13. These risks form the
basis of Board and Audit Committee communications
and discussions.
While there have been no significant change in the
principal risks in the last year, the Group operates
in a dynamic environment where risks continue to
evolve and the Group continues to develop mitigation
measures to address them. The table presents
the Board’s view of the Group’s principal risks and
uncertainties and is not an exhaustive list of all the
risks which may impact the Group. There may be
additional risks that have not yet been considered
material or are not yet known to the Board, but which
could become significant in the future. Likewise, some
of the current risks may reduce in significance as
management actions are implemented or changes
in the operating or external environment occur.
Emerging Risks
Emerging risks are considered during the risk
assessment process as well as being identified
through horizon scanning, continual dialogue with
the business and keeping abreast of market and
industry changes. Due to the uncertain nature of such
risks, they can be difficult to quantify. A summary
of emerging risks identified is presented to the
Audit Committee and the Board for consideration
and these risks continue to be monitored as part
of our ongoing risk management processes.
Emerging risks being monitored include climate-
related transition risks, such as challenges in
sustainability reporting and the adoption of lower
carbon technologies. The emergence of generative
AI tools presents opportunity to enhance ways
of working across many areas of the Group but
vigilance is required to ensure the associated risks
such as data privacy, accuracy and reliability are
also managed. The Group is also focused on the
risk associated with AI-related malicious attacks and
continues to monitor the threat environment in this
area. We also continue to monitor the impact of the
current media attention surrounding ultra-processed
foods and the rising popularity of anti-obesity
drugs, and how these might influence consumer
behaviours in the markets in which we operate and
any risks and opportunities that this may present.
Climate Risk
The Board recognises the risks and opportunities
posed by climate change and the influence they
may have on the delivery of the Group’s business
strategy. The Sustainability Committee plays a lead
role in overseeing the Group’s actions on climate
change and is supported by the Audit Committee
in assessing how climate-related risks have been
reviewed and integrated within the risk management
and financial and sustainability reporting process.
In 2024, we have updated our assessment of
climate-related impacts over a number of time
horizons and different temperature pathways. The
assessment approach is aligned with the overall
Group enterprise risk management (ERM) process;
however, by its nature the physical impacts of climate
risk require a longer-term view and therefore when
assessing climate as a discrete risk we have applied
an extended time horizon using 2030 (medium-
term) and 2050 (long-term) as our reference
timeframes. Further information in accordance
with European Sustainability Reporting Standards
and guidance from the Task Force on Climate-
related Financial Disclosures (TCFD), is available in
the Sustainability Statement on pages 127-233.
49Strategic Report Risk Management Report
Risk Trend
Risk is unchanged
Risk has increased
Risk has decreased
Growth
Return
Sustainability
Link to value creation Framework
as per the Strategic Report
Principal Risks and Uncertainties – Strategic
PORTFOLIO MANAGEMENT
Description and Impact
The Group’s future growth and profitability is determined
by how its portfolio of science backed technologies, end use
markets, geographies, channels and customers evolve
over time.
The Group’s ability to anticipate key market trends
and evolving consumer demands and ensure the
ongoing relevance of its portfolio is critical to its
long-term performance.
A failure to respond to changing market dynamics and
make optimal portfolio management decisions may impact
on the Group’s profitability and long-term growth.
Mitigations
• The Group’s strategic planning process is designed to
ensure that investment decisions consider both our
financial and sustainability targets. A robust portfolio
management toolkit is in place to support this process
which uses multiple perspectives and data.
• The sale of Dairy Ireland marked a significant strategic
step in the Group’s continued business development and
portfolio evolution to becoming a fully dedicated taste
and nutrition company.
• Post-completion reviews are undertaken for all major
investment projects to measure returns and inform
future investment decisions.
• Our integrated business model is differentiated in the
marketplace through our science and technology strategy
which leverages an extensive ecosystem and expertise
to deliver a leading product technology portfolio, with
targeted deployment to meet market needs.
GEOPOLITICAL, EMERGING MARKETS AND MACROECONOMIC ENVIRONMENT
Description and Impact
The Group’s global footprint and acquisitive growth strategy
exposes it to global market forces, fluctuations in national
economies, societal unrest, geopolitical uncertainty and an
increasingly complex legal and regulatory environment.
Ongoing conflicts around the world continue to highlight
the potential impact of geopolitical instability on areas such
as supply chains, raw material costs and energy pricing
and security.
Failure to monitor and respond to change and volatility
across the Group’s markets may lead to operational
disruption or have an impact on the future growth and
profitability of the Group.
Mitigations
• The Board and Group Executive Leadership Team closely
monitor political and economic developments to inform
decision-making and implement appropriate responses
if required.
• Rigorous due diligence is undertaken when entering or
commencing business activities in new markets.
• Group and local legal, regulatory and compliance teams
ensure adherence to applicable laws and regulations
– see Legal, Regulatory and Ethical Compliance risk for
further detail.
• The breadth of the Group’s portfolio and well-diversified
geographic reach help to mitigate exposure to localised
risk. The Group has appropriate crisis management and
business continuity plans in place to deal with issues as
they arise.
Principal Risks
50 Strategic Report Risk Management Report
Principal Risks and Uncertainties – Strategic (continued)
BUSINESS ACQUISITION AND DIVESTITURE
Description and Impact
Acquisitions and divestitures continue to be a core element
of the Group’s growth and portfolio management strategy
which presents risks around due diligence, execution and
integration or separation of businesses.
A failure to successfully execute divestments or identify,
execute and efficiently integrate acquisitions and capitalise
on potential synergies in a timely and effective manner could
impact profitability and impede the strategic development of
the Group.
Mitigations
• An experienced and dedicated Mergers and Acquisitions
team is in place who follow a strong governance process
throughout all stages of a transaction.
• All potential transactions are rigorously assessed and
evaluated to ensure the Group’s strategic, financial and
sustainability criteria are met. All transactions are fully
reviewed and approved by the Board.
• Robust integration and divestment processes are in
place and post-transaction performance is closely
monitored by both divisional and Group management.
• Significant focus is placed on the retention of key acquired
talent and support is provided to facilitate an efficient
integration process.
CLIMATE CHANGE AND ENVIRONMENTAL
Description and Impact
Climate related risks may have a significant impact on the
Group’s operations.
Physical climate and other environmental risks including
extreme weather events, temperature rises, biodiversity
loss and water scarcity may result in operational disruption
and increased volatility in the supply of raw materials, which
may increase costs and have a negative impact on the
Group’s assets, revenue and profitability.
Transition risks such as changes in consumer demand,
carbon taxes or a failure to remain compliant with the
continuously evolving regulatory landscape may have a
negative impact on the Group’s revenue and profitability,
and may damage the reputation of the Group.
The failure of the business to meet our climate and
environmental objectives could result in reputational damage
amongst customers, investors and other stakeholders.
Mitigations
• The Group’s cross-functional Sustainability Executive
Committee oversees progress in delivering against
the Group’s Beyond the Horizon sustainability strategy.
Regular updates are provided to the Sustainability
Committee, the Audit Committee and the Board. For
further detail in relation to sustainability risk governance
please see page 133-134 of our Sustainability Statement.
• Performance versus targets is monitored through a suite
of global KPIs. In addition, sustainability and climate-
related metrics are included as part of the Long-Term
Incentive Plan (LTIP) for Executive Directors and
senior management.
• Consideration of climate-related matters is embedded
in key investment decisions including capital, innovation
and mergers & acquisitions. In 2024, an internal carbon
price was introduced to aid assessment of large
capital projects.
• In 2024, the Group has updated and expanded its
assessment of climate-related risks and opportunities.
Further details are outlined in the Sustainability
Statement on pages 127-233.
• During 2024, significant work was completed to publish
details of our climate transition plan and to ensure that
the Group was prepared to meet the requirements of the
European Sustainability Reporting Standards.
51Strategic Report Risk Management Report
Principal Risks and Uncertainties – Operational
PEOPLE
Description and Impact
The ability to attract, develop, engage and retain a diverse,
talented and skilled workforce in a competitive labour
market is critical if the Group is to continue to compete and
grow effectively.
Ongoing geopolitical and economic uncertainty as well
as competition for key leadership and specialist talent
continues to impact both the supply and cost of labour in a
number of markets in which the Group operates.
A failure to effectively manage talent, plan for leadership
succession, invest in critical skills development and adapt to
evolving employee needs may impact on the Group’s ability
to deliver on its strategic objectives.
Mitigations
• Robust talent management and succession planning
processes are in place, regularly reviewed by the
Group Executive and overseen by the Governance and
Nomination Committee.
• Our global Talent Acquisition team, embedded across all
regions, ensures the Group is positioned to attract and
select talent with the requisite skills and experience for
execution of its strategy.
• Through its global Learning Academy the Group invests
in and deploys learning and development programmes
to build core capabilities and leadership expertise
aligned to its strategic objectives.
• The Group nurtures and monitors employee engagement
through a combination of pulse surveys and a regular
group-wide employee experience survey.
• The Group’s Diversity, Inclusion and Belonging Council
continues to guide and oversee progress in embedding
an inclusive culture across the Group and relevant KPIs
and measures are in place.
• Reward and recognition programmes are regularly
reviewed to ensure they remain competitive, incentivise
and encourage the right behaviour and provide fair and
equitable pay across all markets.
FOOD SAFETY AND QUALITY
Description and Impact
Adherence to stringent food safety and quality controls is
critical to ensure the safety and integrity of raw materials
and products throughout the Group’s supply chain.
The Group must also ensure compliance with continuously
evolving legal and regulatory obligations in the areas of
food safety, quality and labelling.
A significant food safety or regulatory compliance issue
could result in a product recall, financial penalties and
costs, impact business performance and/or damage the
reputation of the Group.
Mitigations
• Industry-leading food safety and traceability systems
are in place, and all manufacturing sites comply with
international food safety and quality management
standards. This is supported by a strong quality culture
embedded through the Group’s Safety First, Quality
Always approach.
• Comprehensive food safety training programmes are in
place for all relevant employees.
• Regular audits of manufacturing sites against recognised
global food safety standards are conducted by Internal
Group Food Safety Quality (FSQ) audit team and Internal
Audit, customers and other independent agencies.
• Stringent controls operate across our supply chain
including due diligence and audits of suppliers
supported by rigorous quality checking of all
high-risk ingredients.
• A dedicated regulatory function closely monitors
the external environment and engages industry
organisations to identify and understand emerging
issues and address increasing compliance requirements.
52 Strategic Report Risk Management Report
Principal Risks and Uncertainties – Operational (continued)
HEALTH AND SAFETY
Description and Impact
The nature of the Group’s operations can expose
employees, sub-contractors, customers and other
individuals to potential health and safety risks.
The Group is also subject to local safety regulations in
multiple jurisdictions, compliance with which is paramount.
A significant safety incident or failure to comply with laws
and regulations could expose the Group to legal liability,
significant costs and damage the Group’s reputation.
Mitigations
• A global health and safety management system is in
place, which defines the global mandatory requirements
for all sites.
• An independent internal health and safety audit
programme, to which all Group sites are subject,
verifies the implementation of our global health and
safety standards and fosters a culture of
continuous improvement.
• A strong health and safety culture has been driven by
management and employees at all levels supported by
our Safety First, Quality Always mindset. All employees
are empowered to challenge unsafe work conditions
or practices.
• Standard suite of KPI’s in place, aligned to industry
benchmarks, to monitor performance across all sites.
• An ongoing programme of initiatives is in place to
continue to enhance the Group’s health and safety
culture and processes.
MARGIN MANAGEMENT
Description and Impact
The Group’s cost base and margin may be impacted by
fluctuations in commodities, freight, energy, labour and
other input costs.
While the unprecedented inflationary environment of
recent years has eased, there is ongoing volatility in input
costs which the Group must manage through its
pricing mechanisms.
Failure to pass on cost increases to customers may have
a material impact on the Group’s margins and ability to
deliver target returns.
Mitigations
• A strong commercial focus on procurement, pricing and
cost improvement initiatives is maintained along with
continuous monitoring of the commercial implications of
commodity price and other input cost movements.
• Risk management processes such as taking purchasing
cover on a back-to-back basis and exchange rate hedging
have been implemented where necessary.
• Contractual mechanisms to pass through fluctuations in
commodity prices are in place with many customers.
OPERATIONAL AND SUPPLY CHAIN RESILIENCE
Description and Impact
The Group’s manufacturing operations and global supply
chain network is potentially exposed to adverse events
such as physical disruptions, environmental and industrial
accidents, cybersecurity incidents, widespread health
events, trade restrictions or disruptions at a key supplier
which could impact on our ability to service customers.
An uncertain geopolitical environment combined with an
increase in the number of extreme weather events has
highlighted the need to continue to focus on building a
resilient supply chain which is responsive to changing
internal and external pressures.
Failure to effectively respond to a significant operational or
supply chain disruption could adversely affect the Group’s
operations and financial performance.
Mitigations
• Crisis management and business continuity plans are in
place to enable effective recovery from a major disruption.
The diversified nature of the Group’s manufacturing
footprint facilitates the transfer of production if required.
• Robust inventory management processes are in place
including the maintenance of appropriate safety stock
levels and our sourcing model includes dual supply for
critical raw materials.
• All facilities have insurance cover to mitigate the impact of
significant disruption.
• The Group continues to work with third-party experts to
better understand climate-related risks and opportunities.
For details on climate resilience, including our scenario
analysis and transition plans refer to the Sustainability
Statement on pages 127-233.
53Strategic Report Risk Management Report
Principal Risks and Uncertainties – Operational (continued)
CYBERSECURITY AND ICT RESILIENCE
Description and Impact
The Group depends on a reliable and secure ICT
infrastructure (both within our network and in partnership
with third-party service providers) for its daily business
operations, internal communications, controls, reporting
and communications with customers and suppliers.
Ongoing geopolitical tensions and technological
advancements, such as digital enablement and AI, mean
that the Group, similar to other large global companies, is
increasingly susceptible to sophisticated cyber-attacks or
other information security breaches.
A successful cyber-attack, internal breach or other systems
failure, either within the Group or at a third-party service
provider, could result in theft, misappropriation of critical
assets and/or personal data and disruption to core business
operations including manufacturing and supply chain. This
could result in a significant customer, financial, reputational
and/or regulatory impact for the Group.
Mitigations
• Formally documented policies in relation to cyber
security are in place, supported by a robust governance
structure, including an Executive Information Security
Management Committee and the ROC. Cybersecurity
strategy and actions are a major focus area for the Board
and Audit Committee who this year received two formal
updates from the Chief Information Security Officer.
• A dedicated ICT Security team is in place who, in
conjunction with selected external technical specialists,
use industry-leading tools, technology and processes
aligned to global best practice cybersecurity frameworks.
We have robust cybersecurity defences, including a
continuous monitoring programme to detect threats
and vulnerabilities. Additionally, we conduct secure
assurance and compliance checks on our cloud-hosted
ICT service providers.
• The Group continues to invest significantly to strengthen
its ICT security posture and ensure it is compliant with all
regulatory obligations such as the EU NIS2 Directive.
• Business continuity and disaster recovery plans are in
place for critical applications which are routinely tested
to ensure that data backup and restore procedures
work reliably.
• All employees are required to complete mandatory
cybersecurity training. In addition, the Group has
intensified its information security awareness initiatives
to further enhance the information security culture
across the Group.
• Cybersecurity reviews are conducted by a team of
internal ICT auditors in addition to the engagement of
external experts on a biennial basis to conduct a cyber
resilience assessment against the National Institute of
Standards and Technology (NIST) 2.0 framework.
• The Group maintains a cyber insurance policy and no
material information or cybersecurity breaches have
been noted over the last three years.
INTELLECTUAL PROPERTY
Description and Impact
The Group’s unique mix of Intellectual Property (IP) is created
by combining fundamental scientific knowledge, carefully
managed material sourcing, recipe formulation and process
technology expertise. The protection of IP is critical given it
is a key component of the Group’s value creation model and
supports its unique and differentiated position in
the marketplace.
If IP owned by the Group is not adequately protected it may
result in the loss of commercially sensitive and/or Kerry
proprietary information which may have an adverse impact
on revenue and profitability.
Mitigations
• A global centre of expertise exists to provide legal and
technical support in the area of IP protection.
• Policies, procedures and training programmes are in place
to provide guidance in relation to the capture, exploitation
and protection of IP.
• Strong physical and system access controls are in
place to prevent unauthorised access or download of
sensitive data.
• Third-party misuse of intellectual property is monitored in
both traditional and digital environments and appropriate
action is taken when issues are identified.
54 Strategic Report Risk Management Report
Principal Risks and Uncertainties – Financial and Compliance
LEGAL, REGULATORY AND ETHICAL COMPLIANCE
Description and Impact
The Group must comply with a complex and constantly
evolving framework of local and international laws and
regulations in such diverse areas as product safety and
labeling, the environment, health & safety, employment
law, human rights, data privacy, sustainability, international
sanctions, anti-bribery and corruption, anti-money
laundering, competition law, company law, taxation,
corporate governance and stock exchange listing rules.
Acting in a legal, ethical and socially responsible manner,
consistent with our purpose, the expectations of customers,
consumers and other stakeholders, is essential for the
protection of the reputation of the Group.
A material failure to comply with applicable legal,
regulatory and ethical standards or best practices could
result in litigation or investigations, the imposition of
significant fines, sanctions, adverse operational impact and
reputational damage.
Changes to laws and regulations could also have a material
impact on the cost of doing business.
Mitigations
• Dedicated legal and regulatory teams supported by
specialised functions and external advisors ensure
compliance with applicable laws and regulations and
provide support and advice on upcoming changes.
• A Group Code of Conduct is in place underpinned by
policies, processes and controls in relevant areas.
• A Supplier Code of Conduct outlines the standards
expected from those we do business with and our
responsible sourcing programme focuses on key impact
areas such as deforestation and human rights.
• The Legal function manages the Group’s business
integrity programme incorporating a global Speak Up
channel with robust mechanisms in place to ensure issues
are properly investigated and remedial actions taken.
The Business Integrity Committee oversee this work with
regular updates provided to the Audit Committee.
• A group-wide mandatory compliance training programme
is in place supplemented with regular, targeted training
and awareness sessions.
• Disputes and litigation are managed by the Litigation
team within the Legal department, with General Counsel
oversight of significant matters.
TAXATION
Description and Impact
Given the Group’s global network, it is exposed to a complex
and evolving international tax environment.
The Group’s tax liability or reporting requirements may be
negatively impacted by local or international legislative
changes, evolving legal interpretations, tax audits or transfer
pricing judgements.
Mitigations
• A team of dedicated tax experts responsible for ensuring
compliance with all taxation matters globally are
employed. A programme of continuous professional
development ensures that the team is up to date on tax
law changes e.g., OECD Pillar Two – Global Minimum Tax.
• In-house expertise is supplemented by external taxation
advisors where required.
TREASURY
Description and Impact
The international nature of the Group’s operations
means that it has transactions and activities across many
jurisdictions which expose it to liquidity, foreign exchange,
interest rate and counterparty risks.
Failure to manage these risks could negatively impact on the
financial performance of the Group.
Mitigations
• The Group Finance Committee monitors treasury risk on
an ongoing basis.
• The Group has a strong investment grade credit rating
and maintains access to global debt markets. Significant
cash balances and long-dated debt facilities are in place to
ensure the Group’s liquidity requirements are met.
• The Treasury function actively manages treasury
risks through cashflow forecasts, monitoring funding
requirements, foreign currency exposure netting and
hedging, interest rate hedging and management of
counterparty risk.
55Strategic Report Risk Management Report
Going Concern
and Viability Assessment
The Board, taking into consideration the Group’s
principal risks and uncertainties, including emerging
risks, assessed the going concern and longer-term
viability of the Group in line with the requirements
of the 2018 UK Corporate Governance Code and the
Irish Annex. Its conclusions on these assessments are
outlined below.
Going Concern
The Consolidated Financial Statements have been
prepared on the going concern basis of accounting.
The Directors considered the Group’s business
activities and how it generates value, together with
the main trends and factors likely to affect future
development, business performance and position of
the Group, including the potential impact of climate-
related risks on profitability and liquidity, as described
in the Business Reviews on pages 34-37.
The Group’s 2025 budget was reviewed and approved
at the December Board meeting. The Directors have
also examined the financial position of the Group,
including cash flows, liquidity position, borrowing
facilities, financial instruments and financial risk
management, as described on pages 28-33 and
additionally as described in note 25 to the
financial statements.
As a result of this review, the Directors report that they
have satisfied themselves and consider it appropriate
that the Group and the Company is a going concern,
having adequate resources to continue in operational
existence for the foreseeable future and have not
identified any material uncertainties that cast a
significant doubt on the Group’s and the Company’s
ability to continue as a going concern over a period of
at least 12 months.
Viability Assessment
Assessment of Prospects
In line with Provision 31 of the 2018 UK Corporate
Governance Code, the Directors have carried out a
rigorous review of the prospects of the Group over the
medium term. In assessing the prospects of the Group
and its ability to meet its liabilities as they fall due, the
Board has taken account of the Group’s medium-term
strategic planning cycle, capital investment plans,
sources of funding, the business model, its broad
portfolio and the innovation pipeline. The Directors
have also considered the Group’s strong cash
generation and debt maturity profile in addition to
the principal risks and uncertainties detailed on pages
49-54. This included a consideration of the potential
impact of climate-related risks on profitability and
liquidity. The financial position of the Group, its cash
flows, liquidity position and borrowing facilities are
outlined in the Financial Review on pages 28-33.
Scenario 1:
External and Macroeconomic Risks
Depressed economic performance,
increased pricing pressure, fluctuating
inflation rates and interest rates, supply
chain disruption, political unrest
Scenario 3:
Additional Income Statement Expense
Impact of a catastrophic event such as
a large-scale cyber-attack, significant
product contamination, disruption to
operations or demand shock
Scenario 2:
Climate Change and Environmental Risk*
Impacts of extreme weather events, water stress or
other climate-related physical or transition risks
• Climate Change and Environmental
• Business Acquisition and Divestiture
• Geopolitical, Emerging Markets & Macroeconomic Environment
• Operational and Supply Chain Resilience
• Legal , Regulatory and Ethical Compliance
• Margin Management
• Portfolio Management
• People
• Intellectual Property
• Taxation and Treasury
• Climate Change and Environmental
• Portfolio Management
• Operational and Supply Chain Resilience
• Margin Management
• Climate Change and Environmental
• Cybersecurity and ICT Resilience
• Operational and Supply Chain Resilience
• Food Safety and Quality
• Legal, Regulatory and Ethical Compliance
• Portfolio Management
• Intellectual Property
• Taxation and Treasury
RELEVANT PRINCIPAL RISKSSCENARIO MODELLED
Viability Assessment Scenarios
*This scenario was modelled based on a three-year time horizon. For a longer-term assessment of climate risk please see the Climate
Resilience Analysis on page 151-157 of the Sustainability Statement.
56 Strategic Report Risk Management Report
Period of Viability Assessment
The Board has considered the length of time to be
reviewed in the context of the viability assessment.
Although the Group’s strategic planning cycle covers
a period of five years, the Board considers that three
years is the most appropriate period to assess the
longer-term viability of the Group as current capital
expenditure plans, commercial arrangements and
financial projections are considered to be more
reliable and robust over this period.
Assessment of Viability
The viability of the Group has been assessed,
considering the Group’s current financial position,
including external funding in place over the
assessment period, and after modelling the impact
of certain scenarios arising from the Group’s principal
risks and uncertainties as outlined on pages 49-54.
While each of the principal risks and uncertainties
could have an impact on the Group’s performance,
three severe but plausible scenarios were modelled
that the Board assessed would have the most direct
and material impact on the Group. The three scenarios
as outlined on the previous page were stress tested
both individually and in combination to assess their
potential impact on the Group’s solvency, liquidity and
cash flow.
This analysis indicated that significant liquidity
headroom existed in all scenarios tested. In addition,
the Board consider that the diverse nature of the
Group’s geographies, markets, customer base, and
product portfolio provide significant mitigation against
the impact of a serious business interruption.
Viability Statement
Based on their assessment of prospects and viability,
the Directors have concluded that they have a
reasonable expectation that the Group will be able to
continue in operation and meet its liabilities as they
fall due over the three-year period of the assessment.
57Directors’ Report
DIRECTORS'
REPORT
58 Directors’ Report Board Of Directors
Experience:
Tom is an experienced
leader who brings extensive
knowledge of the food
and agriculture industries,
combined with a broad range
of international diplomacy
skills. He has been a member
of numerous Irish Government
food strategy committees
including the most recent Agri-
Food 2030 Strategy Group.
Tom had a long and
distinguished career within
the Irish Public Sector where
he served for 10 years as
Secretary General of the Irish
Department of Agriculture,
Food and the Marine and also
held a number of international
policy and trade negotiation
leadership roles.
Tom is currently Vice Chair
of the Origin Green Global
Sustainability Council. He
is also Chairman of the
Irish Government Public
Appointments Service. Tom is a
registered Chartered Director.
Tom was a Board member of
Bord Bia, the Irish Food Board,
for 8 years and chaired its
Dairy Subsidiary Board.
Tom joined the Board in
September 2015 and was
appointed Chairman in April
2022. He is Chairman of
the Governance and
Nomination Committee.
Appointed:
29 September 2015 and as
Chairman 28 April 2022
Committee Membership
Experience:
Edmond is a highly
experienced leader in the
global food and beverage
industry having spent over 20
years in senior roles across
the Group. Edmond brings
a strategic mindset to drive
Group performance and
growth as well as significant
financial and operational
expertise.
Edmond joined Kerry’s
graduate programme in
Ireland in 1996. Over his
career he has held leadership
roles in the Group’s Flavours
and Applied Health and
Nutrition businesses as well
as heading up the Group’s
activities in China and the
Asia Pacific region.
Edmond was appointed
Executive Director and Group
Chief Executive Officer in
October 2017.
Appointed:
1 October 2017
Experience:
Marguerite brings extensive
financial knowledge and
risk management expertise
as well as being a highly
experienced business leader.
Marguerite has almost
30 years' international
experience having served as
lead client partner at Deloitte
Ireland for a number of
multinationals operating in
a broad range of industries
including food and beverage,
pharma and technology.
During her career with
Deloitte, Marguerite served
as a senior partner and held
a number of leadership roles
within Deloitte Ireland.
Marguerite is a Fellow of
Chartered Accountants
Ireland and holds a Bachelor
of Commerce degree
and a Masters degree in
Accountancy.
Marguerite was appointed
Executive Director and Group
Chief Financial Officer in
September 2018.
Appointed:
30 September 2018
Experience:
Gerry has over 35 years’
experience in the Group and
has extensive knowledge of
the global food and beverage
industry.
He has a wealth of business
leadership experience,
financial and operational
expertise and brings a
strategic mindset to the
advancement of Kerry’s
leading taste and nutrition
capabilities and unique
positioning.
Gerry joined Kerry’s graduate
programme in 1986 and
has held a number of senior
financial and business
management roles,
primarily in the Americas
region, including regional
Chief Operating Officer
and regional Chief
Executive Officer.
He was appointed President
and Chief Executive Officer
of Kerry’s Global Taste &
Nutrition business in 2011.
Gerry has served as an
Executive Director on the
Board since 2008.
Appointed:
13 May 2008
G
Chairman & Executive Directors
MR. TOM MORAN
(69)(M)
Chairman of the Board
MR. EDMOND SCANLON
(51)(M)
Executive Director
Chief Executive Officer
MS. MARGUERITE LARKIN
(53)(F)
Executive Director
Chief Financial Officer
MR. GERRY BEHAN
(60)(M)
Executive Director
President and CEO
Kerry Taste & Nutrition
Committee Membership Key
Audit Committee
A
Governance and Nomination Committee
G
Remuneration Committee
R
Sustainability Committee
Indicates Committee Chair
S
BOARD OF DIRECTORS
59Directors’ Report Board Of Directors
Experience:
Christopher is an experienced
non-Executive Director with
a broad business leadership
background who also brings
extensive knowledge of the
foodservice industry together
with financial and risk
management expertise.
He was formerly an Executive
Director of Whitbread plc for
11 years, serving as Finance
Director for 7 years and then
as Global Managing Director
of Costa Coffee.
Christopher is currently
Chairman of Wickes plc
and previously was a
non-Executive Director at
Sanderson Design Group plc.
Christopher is a Fellow of
Chartered Accountants
England and Wales.
Christopher joined the Board
and was appointed Chairman
of the Audit Committee in
May 2018. He joined the
Remuneration Committee
in April 2020. He was
appointed to the Governance
& Nomination Committee
in May 2024 and stepped
down from the Sustainability
Committee on the same date.
Appointed:
8 May 2018
Committee Membership
A
G R
Experience:
Genevieve is a global
science leader having
served as Director General
of the Centre National de
la Recherche Scientifique,
one of the world’s largest
research organisations, and
who during her executive
career held roles as the
Chief Science Officer at
Firmenich International SA
as well as the Chief Research
& Development Officer and
Chief Science Officer at
Unilever plc. In addition to
being a medical doctor, she
holds two other doctorates,
a PhD in Physics and one in
Human Biology.
Genevieve brings to the
Board expertise in the areas
of human health, nutrition
and food ingredients.
Genevieve is currently a non-
Executive Director of Dassault
Systèmes SE and previously
served on the boards of Air
Liquide SA, AstraZeneca plc
and Smith & Nephew plc.
Genevieve joined the Board
on 1 November 2023 and
was appointed to the
Sustainability Committee in
May 2024.
Appointed:
1 November 2023
Committee Membership
S
Experience:
Fiona has over 30 years of
experience in the consumer
food and beverage sector
having retired after a long
and successful career with
Mars Inc. culminating in her
final role as Global President
Food, Customers and
Multisales Markets.
She brings to the Board
a deep knowledge of the
consumer food and beverage
sector, an understanding of
global markets, customers
and general management
experience on a global scale.
Fiona also has a strong track
record in sustainability, health
and wellbeing, particularly
in the areas of women’s
entrepreneurship and human
rights. In May 2021, Fiona was
awarded a CBE for services to
women and the UK economy.
Fiona is currently a non-
Executive director of Lego
Group A/S, Marks and
Spencer Group plc and Reckitt
Benckiser Group plc. She is a
board member of The Social
Mobility Foundation and
the Chartered Management
Institute.
Fiona joined the Board
in January 2022 and
was appointed to the
Remuneration Committee
in February 2022. She was
appointed as Chairperson of
the Sustainability Committee
in August 2023 and joined the
Audit Committee in May 2024
Appointed:
4 January 2022
Committee Membership
A R
S
Experience:
Emer is a highly experienced
professional who brings legal,
business, governance and
climate expertise to the Board.
Emer is a former senior
partner of law firm Mason
Hayes and Curran where
she served as Head of the
Litigation group from 2001 to
2008, Managing Partner from
2008 to 2014 and Chair from
2014 to 2017.
Emer is currently the Senior
Independent Director at
Greencoat Renewables
plc and is Chair of its
Remuneration Committee.
She is also a director of a
number of private companies.
She previously served as a
non-Executive Director of Aer
Lingus plc from 2014 to 2015
and as a Council Member
of The Economic and Social
Research Institute from 2014
to 2020.
Emer brings experience on
climate impact through her
patronage of Chapter Zero
Ireland, the Irish Chapter
of the Climate Governance
Initiative, developed in
collaboration with the World
Economic Forum.
Emer joined the Board in
2020 and was appointed
Chairperson of the
Remuneration Committee
in April 2022. She was
appointed to the Governance
& Nomination Committee and
as Workforce Engagement
Director in May 2024. She
stepped down from the Audit
Committee on the same date.
Appointed:
1 November 2020
Committee Membership
R
G
Independent Non-Executive Directors
MR. CHRISTOPHER ROGERS
(64)(M)
Senior Independent
Non-Executive Director
DR. GENEVIEVE BERGER
(70)(F)
Independent
Non-Executive Director
MS. FIONA DAWSON
(58)(F)
Independent
Non-Executive Director
MS. EMER GILVARRY
(67)(F)
Independent
Non-Executive Director
60 Directors’ Report Board Of Directors
Independent Non-Executive Directors
Experience:
Catherine has an
international reputation in
scientific research gained
through a long and successful
academic career in the US,
Switzerland and at University
College Dublin (UCD).
She brings to the Board
knowledge across human
health and is a global expert
on diabetes as well as
inflammation, cardiovascular
and kidney diseases.
Catherine is the Associate
Dean, Research and
Innovation at UCD’s School
of Medicine as well as being
Director of the Diabetes
Complications Research
Centre at the UCD Conway
Institute and the UCD School
of Medicine. During her time
with UCD she held a variety
of senior management roles
including Vice President,
Innovation. She currently
serves as a Trustee of Barts
Charity, London.
Catherine was appointed to
the Board on 1 November
2023 and joined the
Sustainability Committee in
May 2024.
Appointed:
1 November 2023
Committee Membership
S
Experience:
Liz has over 30 years’
experience in executive and
non-executive positions.
She brings to the Board
significant and wide ranging
business leadership as well
as non-executive director and
audit committee experience
gained in complex multi-
national listed companies.
Liz holds a BSc in Economics
from University College
London and is a Fellow of
Chartered Accountants in
England and Wales.
Liz is currently a non-Executive
Director of Glencore plc.
She was formerly Director
of Corporate Affairs at 3i
Group and Group Director of
Corporate Affairs at Smith &
Nephew plc.
She previously served as non-
Executive Director of Novo-
Nordisk A/S, National Grid plc,
Melrose Industries plc, Savills
plc and Synergy Health plc.
Liz was appointed to
the Board and the Audit
Committee on 1 March 2024.
Appointed:
1 March 2024
Committee Membership
A
Experience:
Michael has over 36 years
of investment management
experience having retired
after a long and successful
career with Capital Group,
one of the world’s oldest
and largest investment
management organisations.
He brings to the Board a
detailed knowledge of global
equity capital markets,
finance knowledge, extensive
business leadership skills
and insights into the North
American market.
Michael is currently a non-
Executive director with
EOG Resources Inc, which is
listed on the New York
Stock Exchange.
Michael joined the Board in
May 2021 and was appointed
to the Audit Committee
in November 2021. He
joined the Governance and
Nomination Committee
in August 2022 and the
Remuneration Committee in
May 2024.
Appointed:
3 May 2021
Committee Membership
A G R
PROF. CATHERINE GODSON
(63)(F)
Independent
Non-Executive Director
MS. LIZ HEWITT
(68)(F)
Independent
Non-Executive Director
MR. MICHAEL KERR
(65)(M)
Independent
Non-Executive Director
61Directors’ Report Board Of Directors
Independent Non-Executive Directors
Experience:
Jinlong is an experienced
leader with more than 30
years’ experience in global
business development,
consumer branding and
general management. His
in-depth understanding of
Asian markets, coupled with
his extensive knowledge
of the food and beverage
industry, brings a key set of
skills to the Board.
Jinlong holds a Bachelor’s
degree in international
economics and trade from
the University of International
Economics and Trade in
Beijing and a Juris Doctor
degree from Columbia
University School of Law.
He was formerly President of
Starbucks Coffee Asia Pacific
having served as Chairman
and President of Starbucks
Greater China Region. He also
served as Operating Partner
of Hony Capital Limited
and as Group Chairman
and Chief Executive Officer
of PizzaExpress. He was
previously a non-Executive
Director on the Boards of
Sonova Holdings AG and
Swire Properties Limited.
Jinlong joined the Board
in January 2021 and was
appointed to the Audit
Committee in May 2021.
Appointed:
5 January 2021
Committee Membership
A
Experience:
Patrick has considerable
experience in the food
industry, in particular the
dairy and agribusiness
sectors. He has held a
number of local and national
roles in a leading Irish dairy
representation body through
which he has knowledge in
dealing with environmental
sustainability matters relevant
to the dairy sector. He brings
insights to the Board that
are reflective of the Group’s
heritage.
Patrick joined the Board
in January 2023 and
was appointed to the
Sustainability Committee in
August 2023.
Appointed:
16 January 2023
Committee Membership
S
Diverse Leadership
1
Executive/Non Executive Split
Board Age Profile (years)
Board Tenure (Years)
Board Gender Profile
Executive
23%
Non-Executive
77%
56-65,
38%
66-70,
38%
40-55,
24%
0-2,
31%
11-20,
7%
3-5,
31%
6-10,
31%
Female
46%
Male
54%
MR. PATRICK ROHAN
(50)(M)
Independent
Non-Executive Director
MR. JINLONG WANG
(67)(M)
Independent
Non-Executive Director
1
This disclosure addresses ESRS 2 GOV-1 21 a as referenced in the Sustainability Statement on page 132 - subject to limited assurance
62 Directors’ Report Report of the Directors
Report of the Directors
Directors and Other Information
Directors
Tom Moran, Chairman
Edmond Scanlon, Chief Executive Officer*
Marguerite Larkin, Chief Financial Officer*
Gerry Behan, President & CEO Kerry Taste & Nutrition*
Christopher Rogers
Genevieve Berger
Fiona Dawson
Emer Gilvarry
Catherine Godson
Liz Hewitt
Michael Kerr
Patrick Rohan
Jinlong Wang
*Executive Director
Secretary and Registered Office
Ronan Deasy
Kerry Group plc
Prince’s Street Tralee
Co. Kerry
V92 EH11
Ireland
Registrar and Share Transfer Office
Ronan Deasy
Registrar’s Department
Kerry Group plc
Prince’s Street
Tralee
Co. Kerry
V92 EH11
Ireland
Website
kerry.com
63Directors’ Report Report of the Directors
The Directors submit their Annual Report together
with the audited Consolidated Financial Statements
and the Sustainability Statement with limited
assurance for the year ended 31 December 2024.
Principal Activities
Kerry is a world leading provider of taste and
nutrition solutions across food and beverage
markets. It innovates with its customers to create
great tasting products, with improved nutrition
and functionality, while ensuring a better impact
for the planet. In 2024, Kerry was also a leading
Irish provider of value-add dairy ingredients
and consumer products. Kerry is driven to be its
customers most valued partner, creating a world of
sustainable nutrition.
Listed on the Euronext Dublin and London Stock
Exchanges, Kerry has an international presence with
124 manufacturing facilities across the world.
Results and Review of the Business
The Directors are pleased to report a strong
performance across our financial metrics and
sustainability measures for 2024.
Group reported revenue was €8.0bn (2023: €8.0bn)
and EBITDA was €1.25bn (2023: €1.17bn) reflecting
an EBITDA margin of 15.7% (2023: 14.5%). This
resulted in growth in adjusted EPS on a constant
currency basis of 9.7% (2023: 1.2%). The Basic EPS
increased to 424.5c (2023: 410.4c). Revenue from
continuing operations was €6.9bn (2023: €7.0bn)
and EBITDA from continuing operations was €1.19bn
(2023: €1.11bn). This resulted in growth in adjusted
EPS from continuing operations of 9.1%. The Basic
EPS from continuing operations was 389.2c (2023:
395.0c). The free cash flow generated was €766m
(2023: €701m) and from a balance sheet perspective
Shareholders equity was €6.5bn (2023: €6.5bn)
and Return on Average Capital Employed (ROACE)
was 10.6% (2023: 10.0%). Our main sustainability
measures showed our nutritional reach increased to
1.36bn (2023: 1.25bn). The absolute carbon reduction
was 50% (2023: 48%) and the food waste reduction
was 38% (2023: 39%).
Further details of the financial results for the year are
set out in the Consolidated Financial Statements and
further details of the sustainability results are set out
in the Sustainability Statement on pages 127-233. The
Group’s financial and sustainability key performance
indicators are discussed on pages 26-27.
The Chairman’s Statement, the Chief Executive
Officer’s Review, the Business Reviews and the
Financial Review, which are included in the Strategic
Report on pages 6-37, report on the assets and
liabilities and financial position as well as the
performance of the Group’s business, including M&A
activity during the year, and on future developments.
Dividends
On 17 February 2025, the Directors recommended
a final dividend totalling 89.0 cent per share in
respect of the year ended 31 December 2024 (see
note 11 to the financial statements). This final
dividend per share is an increase of 10.1% over the
final 2023 dividend per share paid on 10 May 2024.
This dividend is in addition to the interim dividend
of 38.1 cent per share paid to shareholders on 8
November 2024.
The payment date for the final dividend is 9 May 2025
to shareholders registered on the record date of 11
April 2025.
Principal Risks and Uncertainties
In accordance with Section 327(1)(b) of the
Companies Act 2014 and the Central Bank
(Investment Market Conduct) Rules, a description of
the principal risks and uncertainties facing the Group
are outlined in the Risk Management Report on
pages 49-54.
Research and Development
The Group is fully committed to ongoing
technological innovation in all sectors of its business,
leveraging our broad and unique technology
portfolio to provide our customers with integrated
solutions that meet their need to deliver great
tasting, sustainable and nutritious products for
their markets. To facilitate this, the Group has
invested in leading research, development and
application centres of excellence with a strategically
located Global Innovation Centre, based in Naas,
Ireland, which is supported by Regional Technology
& Innovation Centres and a global knowledge
management infrastructure. Expenditure on research
and development applications and technical support
amounted to €309.8m in 2024 (2023: €301.3m).
64 Directors’ Report Report of the Directors
Sustainability
The Group’s Beyond the Horizon sustainability strategy
underpins Kerry’s future growth as we continue
to partner with our customers across the globe
to create a world of sustainable nutrition. As part
of our Beyond the Horizon sustainability strategy,
Kerry works with customers to promote healthier
and more sustainable diets through positive and
balanced nutrition, aiming to reach over two billion
people by 2030. The strategy also includes ambitions
to deliver for people, society and the planet with
associated targets across material topics including
climate change, responsible employer and consumer
health. The Board, through the Sustainability
Committee, is responsible for governance and
oversight of the Group’s sustainability strategy and
its implementation. Details regarding the Group’s
sustainability strategy, targets, performance, policies
and programmes are outlined in the Sustainability
Review on pages 38-45 and in the Sustainability
Statement on pages 127-233.
Details of our climate-related risks, opportunities
and other climate-related disclosures including those
relating to the Task Force on Climate-related Financial
Disclosures (TCFD) are outlined on page 45.
The Sustainability Statement is prepared in
accordance and compliance with the European
Sustainability Reporting Standards (ESRS) issued by
the EU Commission and transposed and adopted into
the Companies Act 2014 and details Kerry’s strategic
management of the impacts, risks and opportunities
identified for our material topics based on our
double materiality assessment.
Share Capital
Details of the share capital are shown in note 28
of the financial statements. The authorised share
capital of the Company is €35,000,000 divided into
280,000,000 A ordinary shares of 12.5 cent each,
of which 166,440,652 shares were in issue as at 31
December 2024.
The A ordinary shares rank equally in all respects.
There are no limitations on the holding of securities
in the Company.
There are no restrictions on the transfer of fully
paid shares in the Company, but the Directors have
the power to refuse the transfer of shares that are
not fully paid. There are no deadlines for exercising
voting rights other than proxy votes, which must be
received by the Company at least 48 hours before the
time of the meeting at which a vote will take place.
There are no restrictions on voting rights except:
• where the holder or holders of shares have failed
to pay any call or instalment in the manner and at
the time appointed for payment; or
• the failure of any shareholder to comply with the
terms of Article 14 of the Company’s Articles of
Association (disclosure of beneficial interest).
The Company is not aware of any agreements
between shareholders which may result in
restrictions on the transfer of securities or on voting
rights.
The Directors have the authority to issue new shares
in the Company up to a maximum aggregate nominal
value of €7,181,767 (representing approximately
33% of the A Ordinary Shares in issue as at the date
of the 2024 Annual General Meeting). This authority
will expire on the earlier of the conclusion of the
2025 Annual General Meeting (AGM) and close of
business on 1 August 2025 and it is intended to seek
shareholder approval to renew the authority at the
AGM to be held on 1 May 2025.
Shareholders approved the authority for the
Directors to allot shares for cash on a non-pro
rata basis up to an aggregate nominal amount of
€2,176,293 (representing approximately 10% of the A
Ordinary Shares in issue) at the AGM held on 2 May
2024. Shareholders also approved an authority to
allot additional shares up to an aggregate nominal
amount of €2,176,293 (representing approximately
10% of the A Ordinary Shares in issue) for cash on a
non-pro rata basis provided the additional authority
will only be used for the purpose of an acquisition
or specified capital investment announced
contemporaneously with the issue or which has
taken place in the preceding six-month period and
is disclosed with the announcement of the issue.
Neither authority has been exercised to date and
both authorities will expire on the earlier of the
conclusion of the 2025 AGM and close of business
on 1 August 2025. It is intended to seek shareholder
approval for their renewal, but at a lower amount, at
the 2025 AGM.
In December 2024, the Company redeemed and
cancelled 19,045,396 shares held by Kerry Co-
operative Creameries Limited (“KCC”) and allotted
16,187,024 shares to the members of KCC and to
satisfy fractional share entitlements pursuant to the
share exchange steps executed as part of the process
to dispose of the Dairy Ireland business.
During 2024, 264,089 shares were allotted pursuant
to the Company’s Short and Long-Term Incentive
Plans as a result of shares which vested and options
which were exercised. Further details are shown in
note 29 to the financial statements.
65Directors’ Report Report of the Directors
The Company may purchase its own shares in
accordance with the Companies Act 2014 and the
Company’s Articles of Association. At the 2023 AGM,
shareholders passed a resolution authorising the
Company to purchase up to 10% of its own issued
share capital as at the date of the AGM. The Company
exercised this authority, and a share buyback
programme was launched on 1 November 2023. In
the period from 1 November 2023 to 1 May 2024
the Company purchased 3,854,452 shares returning
a total of €300m to shareholders. The authority
was renewed at the 2024 AGM and the Company
launched two additional share buyback programmes.
In the period 7 May 2024 to 31 December 2024 the
Company purchased a further 4,276,535 shares
returning an additional €358m to shareholders.
During 2024 the total number of shares acquired was
6,757,726 at a cost of €557m.
All shares purchased under the share buyback
programmes are cancelled immediately. The current
authority is due to expire on the earlier of the
conclusion of the 2025 AGM and close of business on
1 August 2025 and it is intended to seek shareholder
approval for its renewal at the 2025 AGM.
Substantial Interests
The Directors have been notified of the following
shareholdings of 3% or more in the issued share
capital of the Company:
Shareholder Number Held %
Blackrock
Investment
Management
9,742,721 5.9%
Percentage held is based on the number of shares in issue as at
31 December 2024.
Apart from the aforementioned, the Company has
not been notified of any interest of 3% or more in the
issued share capital of the Company.
Directors
The Board, at the date of this report, consists of a
Chairman, three Executive and nine independent
non-Executive Directors. The names and biographical
details of the Directors are set out on pages 58-61.
In accordance with the Company’s Articles of
Association and Provision 18 of the Code, each of
the Directors individually retire at the AGM of the
Company and, where appropriate, submit themselves
for re-election.
No reappointment is automatic and all Directors
who intend to submit themselves for re-election are
subject to a full and rigorous evaluation. One of the
main purposes of the evaluation is to assess each
Director’s suitability for re-election. If a Director is
not deemed to be effective in carrying out his or
her required duties, the Board will not recommend
that Director for re-election. Following the individual
performance evaluation of all Directors, as outlined
in the Corporate Governance Report on page 82, the
Board recommends the re-election of all Directors
seeking re-election.
The Directors’ and Company Secretary’s interests
in shares and debentures are included in the
Remuneration Report on pages 121-122.
Board and Committee Changes
Ms. Liz Hewitt joined the Board and the Audit
Committee with effect from 1 March 2024.
Dr. Hugh Brady and Dr. Karin Dorrepaal, each having
served in excess of nine years, did not seek re-
election and retired from the Board at the conclusion
of the AGM on 2 May 2024.
The Articles of Association empower the Board to
appoint Directors, but also require such Directors
to retire and submit themselves for re-election at
the next AGM following their appointment. For the
purposes of the European Communities (Takeover
Bids (Directive 2004/25/EC)) Regulations 2006 specific
rules regarding the appointment and re-election
of Directors are referred to in the Governance and
Nomination Committee Report.
Corporate Governance
The Corporate Governance Report on pages 69-84
sets out the Company’s application of the Principles,
and compliance with the Provisions of the 2018 UK
Corporate Governance Code and the Irish Corporate
Governance Annex (the Code).
Non-Financial Information
Pursuant to the European Union (Disclosure of Non-
Financial and Diversity Information by certain large
undertakings and groups) Regulations 2017, the
Group is required to report on certain non-financial
information to provide an understanding of its
development, performance, position and the impact of
its activities, relating to, at least, environmental matters,
social matters, employee matters, respect for human
rights and anti-bribery & corruption. Information on
these matters can be found in the following sections
of the Annual Report, which are deemed to form part
of the Directors’ Report: the Sustainability Review on
pages 38-45, the Sustainability Statement on pages
127-233 (which is prepared in accordance with Part 28
of the Companies Act 2014 and in compliance with the
European Sustainability Reporting Standards (ESRS)
issued by the EU Commission and transposed and
adopted into the Companies Act 2014), Our Business
Model on pages 18-19, the Risk Management Report
on pages 46-56. Information on diversity can be
found in the Governance and Nomination Committee
Report on pages 91-95, Our People on pages 14-17,
the Sustainability Review on pages 38-45 and the
Sustainability Statement on pages 127-233.
66
Going Concern and Long-Term Viability
Statements
The going concern and longer-term viability
statements in the Risk Management Report on pages
55-56 set out the Company’s basis for the adoption of
the going concern basis of accounting in preparing
the Consolidated Financial Statements and the
basis for the Directors’ conclusion that they have a
reasonable expectation that the Group will be able to
continue in operation and meet its liabilities as they
fall due over the next three years.
Directors’ Responsibility Statement
Annual Report and Financial Statements
The Directors are responsible for preparing the
Annual Report and the financial statements in
accordance with applicable laws and regulations.
Irish Company Law requires the Directors to prepare
financial statements for each financial year, which
give a true and fair view of the assets, liabilities
and financial position of the Company and the
Group, and of the profit or loss of the Group for that
period. Under that law the Directors have elected to
prepare Group financial statements in accordance
with International Financial Reporting Standards as
issued by the IASB (‘IFRS Accounting Standards’) and
International Financial Reporting Standards (IFRS)
as adopted by the European Union and Article 4 of
the IAS Regulation and have also chosen to prepare
the parent company financial statements under
IFRS Accounting Standards and IFRS as adopted
by the European Union. In preparing the financial
statements, the Directors are required to:
• select suitable accounting policies and then apply
them consistently;
• make judgements and estimates that are
reasonable and prudent;
• state that the financial statements comply with
IFRS Accounting Standards and IFRS as adopted by
the European Union; and
• prepare the financial statements on the going
concern basis unless it is inappropriate to presume
that the Group will continue in business.
The Directors are responsible for ensuring that the
Company keeps adequate accounting records which
correctly explain and record the transactions of the
Company, enabling at any time the assets, liabilities,
financial position and profit or loss of the Company
to be determined with reasonable accuracy and
ensuring that the financial statements are prepared
in accordance with IFRS Accounting Standards and
IFRS as adopted by the European Union, comply with
the Companies Act 2014 and as regards to the Group
financial statements, Article 4 of the IAS Regulation
and enable the financial statements to be audited.
The Directors are also responsible for safeguarding
the assets of the Company and hence for taking
reasonable steps for the prevention and detection
of fraud and other irregularities. The Directors are
responsible for the maintenance and integrity of
the corporate and financial information included
on the Group’s website kerry.com. Irish legislation
governing the preparation and dissemination of
financial statements may differ from legislation in
other jurisdictions.
In accordance with the Central Bank (Investment
Market Conduct) Rules, the Directors are required
to include a management report containing a fair
review of the business and a description of the
principal risks and uncertainties facing the Group.
The Directors are also required by applicable law and
the Listing Rules issued by Euronext Dublin and the
UK Listing Authority to prepare a Directors’ Report
and reports relating to Directors’ remuneration and
corporate governance.
Each of the Directors, whose names and functions
are listed on page 62, confirms that, to the best of
their knowledge and belief:
• the Consolidated Financial Statements for the year
ended 31 December 2024 have been prepared in
accordance with IFRS Accounting Standards and
IFRS as adopted by the European Union and as
applied in accordance with the Companies Act
2014. They give a true and fair view of the assets,
liabilities, and financial position of the Group and
the undertakings included in the consolidation,
taken as a whole, as at that date and its profit for
the year then ended;
• the Company financial statements, prepared
in accordance with IFRS Accounting Standards
and IFRS as adopted by the European Union and
as applied in accordance with the Companies
Act 2014, give a true and fair view of the assets,
liabilities and financial position of the Company as
at 31 December 2024;
• the Financial and Business Reviews on pages 28-
37 include a fair review of the development and
performance of the business for the year ended 31
December 2024 and the position of the Company
and the Group at the year end;
• the Risk Management Report provides a
description of the principal risks and uncertainties
which may impact the future performance of the
Company and the Group at the year end; and
• the Annual Report and Consolidated Financial
Statements, taken as a whole, provides the
information necessary for shareholders to
assess the Company’s and Group’s position and
performance, business model and strategy and is
fair, balanced and understandable.
Directors’ Report Report of the Directors
Sustainability Statement
The Directors are responsible for the preparation
of the Sustainability Statement in accordance with
Part 28 of the Companies Act 2014, including the
Sustainability Statement in a clearly identifiable
dedicated section of the Directors’ Report.
The Directors are also responsible for designing,
implementing and maintaining such internal
controls that they determine are relevant to enable
the preparation of the Sustainability Statement in
accordance with Part 28 of the Companies Act 2014,
that is free from material misstatement, whether due
to fraud or error.
In preparing the Sustainability Statement, the
directors are required to:
• prepare the statement in accordance with the
European Sustainability Reporting Standards
(ESRS) including the selection and application of
appropriate sustainability reporting methods;
• disclose the double materiality assessment
process performed to identify the information
required to be reported in the Sustainability
Statement;
• prepare the disclosures within the environmental
section of the Sustainability Statement, in
compliance with Article 8 of EU Regulation
2020/852 (the “Taxonomy Regulations”);
• ensure that the Group maintains adequate records
for the preparation of the Sustainability Statement;
• make judgements and estimates that are
reasonable in the circumstances including the
identification and description of any inherent
limitations in the measurement or evaluation of
information in the Sustainability Statement; and
• prepare forward-looking information, where
applicable, on the basis of disclosed assumptions
about events that may occur in the future and
possible future actions by the Group.
Directors’ Compliance Policy Statement
It is the policy of the Company to comply with its
relevant obligations (as defined in the Companies
Act 2014). The Directors have drawn up a compliance
policy statement (as defined in section 225(3)(a) of
the Companies Act 2014) and arrangements and
structures are in place that are, in the Directors’
opinion, designed to secure material compliance with
the Company’s relevant obligations. The Directors
confirm that these arrangements and structures
were reviewed during the financial year. As required
by Section 225(2) of the Companies Act 2014, the
Directors acknowledge that they are responsible
for the Company’s compliance with the relevant
obligations. In discharging their responsibilities
under Section 225, the Directors relied on the advice
both of persons employed by the Company and
of third parties who the Directors believe have the
requisite knowledge and experience to advise the
Company on compliance with its relevant obligations.
Accounting Records
To ensure that proper accounting records are kept
for the Company in accordance with sections 281
to 285 of the Companies Act 2014, the Directors
employ appropriately qualified accounting personnel
and maintain appropriate accounting policies and
systems. The accounting records of the Company are
maintained at the Company’s registered office.
Accountability and External Audit
A statement relating to the Directors’ responsibilities
in respect of the preparation of the financial
statements is set out on pages 66-67 with the
responsibilities of the Company’s external Auditors
outlined on pages 235-243.
The Financial Statements on pages 244-321 have
been audited by PricewaterhouseCoopers (PwC),
Chartered Accountants.
The external Auditors PwC, who were appointed in
March 2016, will continue in office in accordance
with Section 383(2) of the Companies Act 2014. A
resolution authorising the Directors to determine
their remuneration will be proposed at the Annual
General Meeting.
Disclosure of Information to the External
Auditors
Each of the Directors, who were members of the
Board at the date of approval of this Report of the
Directors, confirms that:
• so far as they are aware there is no relevant audit
information of which the Company’s external
auditors are unaware; and
• they have taken all the steps that they ought
to have taken as a Director in order to make
themselves aware of any relevant audit
information and to establish that the Company’s
external auditors are aware of that information.
Memorandum and Articles of Association
The Company’s Memorandum and Articles of
Association set out the objects and powers of the
Company. The Articles of Association of the Company
may only be amended by way of special resolution
approved by shareholders in a general meeting.
A copy of the Memorandum and Articles of
Association can be obtained from the Company’s
website kerry.com.
Directors’ Report Report of the Directors 67
68
Change of Control Provisions
The Group’s revolving credit facility includes a
‘Change of Control’ provision which requires the
Group to notify the lending institutions of a change
of control event occurring. Each lender has the
option to withdraw their facilities in the event of a
change of control occurring.
Public senior bond notes issued by the Group contain
a provision that may require the Group to repurchase
the notes in the event that a change of control occurs
which leads to a downgrading of the credit rating
assigned to the notes to below investment grade.
Other than the ‘Change of Control’ provisions in those
arrangements, the Group is not a party to any other
significant agreements which contain such a provision.
Events After the Balance Sheet Date
Since the financial year end, the Group has:
• repurchased 458,271 shares at a cost of €43.3m up
to 31 January 2025; and
• proposed a final dividend of 89.0 cent per A
Ordinary Share.
Political Donations
During the year, the Company made no political
contributions which require disclosure under the
Electoral Act, 1997.
Group Entities
The principal subsidiaries and associated
undertakings as at 31 December 2024 are listed in
note 37 to the financial statements.
Financial Instruments
The financial risk management objectives and
policies, along with a description of the use of
financial instruments are set out in note 25 to the
financial statements.
Information Required to be Disclosed by
Listing Rule 6.1.77, Republic of Ireland
Listing Authority
For the purposes of Listing Rule 6.1.77, the
information required to be disclosed can be found in
the following locations:
Section Topic Location
(1) Interest capitalised Not applicable
(2) Publication
of unaudited
financial
information
Supplementary
information
(3) Details of small
related party
transactions
Note 34 to the financial
statements
(4) Details of long-
term incentive
schemes
Remuneration
Committee Report
(5) – (14) Section 5 - 14 of
Listing Rule 6.1.77
Not applicable
Cross References
All information cross-referenced in this report
forms part of the Report of the Directors.
Signed on behalf of the Board:
Tom Moran Edmond Scanlon
Chairman Chief Executive Officer
17 February 2025 17 February 2025
Directors’ Report Report of the Directors
GOVERNANCE REPORT
Corporate Governance Report
Dear Shareholder,
I am pleased to present the Kerry
Group Corporate Governance Report
for the year ended 31 December 2024.
The Corporate Governance Report describes how
we apply the main Principles of good governance
as set out in the 2018 UK Corporate Governance
Code and the Irish Corporate Governance Annex
(together the Code). On behalf of the Board, I can
confirm that for the year under review, the Group has
complied with all Provisions of the Code other than
Provision 19 (Chair tenure). For further information
refer to the Compliance Statement on page 74.
The Board sets the tone and shared values for the
way in which the Group operates and recognises the
importance of culture to the success of the business
model. During 2024, the Board continued to assess
and monitor the Group’s culture to ensure that
it is aligned with the Group’s strategy and values
and is adequately embedded across the Group.
As a Board, we recognise the benefits of
understanding the views of all our stakeholders and
we ensure that their interests are taken into account
in Board discussions and decision making. Details of
stakeholder engagement activities during the year,
including the work of the designated Workforce
Engagement Director, are outlined on pages 75-78.
The Board, in conjunction with the Governance
and Nomination Committee, ensures that there
are robust plans in place to facilitate Board,
Executive and senior management succession.
During 2024, the Board appointed Ms. Liz Hewitt
as a non-Executive Director and her experience
and skills will be an invaluable asset to the
Board. Details of the non-Executive Director
and Committee changes that occurred during
the year, are set out in the Governance and
Nomination Committee Report on page 94.
The Board recognises its role in providing
guidance and strategic oversight in relation to
the implementation of the Group’s Beyond the
Horizon sustainability strategy. The Sustainability
Committee monitored how the implementation
of the Beyond the Horizon sustainability strategy is
progressing, and reviewed performance achieved
versus sustainability commitments and targets.
Together with the Audit Committee, it also approved
the sustainability related reporting in the 2024
Annual Report, including the new Sustainability
Statement arising from the implementation of the
Corporate Sustainability Reporting Directive.
Diversity at Board level has been a focus for the
Governance and Nomination Committee for a
number of years and also continues to be a key
factor when considering Board and Committee
refreshment. During 2024, the Committee also
monitored the progress made against the diversity
targets at senior management level to ensure the
appropriate level of skills and diversity exist, to
support the delivery of the Group’s strategy and
financial targets. Diversity at Board level, in terms
of gender, nationality and ethnic background
have all improved in recent years. I am pleased
to say that the Board now has 46% female
representation and plans to maintain female
representation at a minimum level of 40% going
forward, in alignment with listing requirements.
The Group has committed to achieving equal gender
representation across all senior management roles
by the end of 2030. Improving and monitoring
diversity beyond gender, and below Board level will
continue to be a key area of focus for the Board
and the Executive Leadership Team in 2025.
Each year, the Board undertakes a formal evaluation
of its effectiveness and that of its Committees. In
2024, the evaluation was an internal self-assessment
and the outcome of this review is that the Board and
its Committees consider that they are performing
effectively. Details of the process and the resulting
actions from this review are outlined on page 82.
Details of the Group’s activities and the operations of
the Board, contained in the following report, outline the
manner in which the Group has achieved compliance
with the Code through the activities and operations
of the Board and its Committees during the year.
Tom Moran
Chairman of the Board
69Directors’ Report Corporate Governance Report
Board Leadership and Company Purpose
Kerry Group Governance Framework
Kerry Group has a clear Governance Framework with defined responsibilities and accountabilities as outlined
in the diagram below. This Governance Framework is designed to safeguard long-term shareholder value and
ensure that the Group contributes to wider society.
BOARD COMMITTEES
The Board has four Committees, the Audit
Committee, the Governance and Nomination
Committee, the Sustainability Committee and
the Remuneration Committee, which support
the operation of the Board through their
focus on specific areas of governance.
Each Committee is governed by its Terms of
Reference, available from the Group’s website
kerry.com or upon request, which sets out
how it should operate including its role,
membership, authority and duties.
EXECUTIVE MANAGEMENT
The Executive Directors, led by the CEO,
are responsible for executing strategy
and for the day-to-day management of
the business. The Executive Directors
and other senior executives provide
updates at Board meetings, and maintain
a regular dialogue with the Board to
facilitate support and challenge.
BOARD OF DIRECTORS
The Board’s role is to promote the
long-term sustainable success of the
Company, generating value for all its
stakeholders, including shareholders,
employees, customers, suppliers and the
communities in which it operates, while
developing and monitoring strategy,
and ensuring that the risks that face the
organisation are appropriately managed.
It is also responsible for embedding
the Company’s purpose, instilling the
appropriate values and behaviours and
monitoring and assessing culture across
the organisation.
EXECUTIVE MANAGEMENT FORUMS
The Executive Management Forums
support the governance framework on
specific projects as and when required.
Risk Oversight
Committee
Read more on
page 47
Business
Integrity
Committee
Read more on
pages 80 & 92
Sustainability
Executive
Committee
Read more on
pages 133-134
Remuneration
Committee
Read more on
page 98
Audit Committee
Read more on
page 85
Sustainability
Committee
Read more on
page 96
Governance &
Nomination
Committee
Read more on
page 91
Finance
Committee
Read more on
page 33
70 Directors’ Report Corporate Governance Report
Board Role and Operations
The Board currently comprises 13 members: a non-
Executive Chairman, Chief Executive Officer, Chief
Financial Officer, one other Executive Director and
nine non-Executive Directors.
The Directors are of the opinion that the
composition of the Board provides the extensive,
relevant business experience needed to oversee
the effective operation of the Group’s activities
and that the individual Directors bring a range of
skills, knowledge and experience including financial
as well as industry, scientific and international
experience necessary to provide effective
governance and oversight of the Group.
Information Flow
The Chairman ensures that all Directors have full
and timely access to the information they require to
discharge their responsibilities fully and effectively.
Board papers are issued to each Director at least
one week in advance of Board meetings and include
the meeting agenda, minutes of the previous Board
meeting and all papers relevant to the agenda.
The Chairman, in conjunction with the Company
Secretary, has primary responsibility for setting the
agenda for each meeting. All Directors continually
receive comprehensive reports and documentation
on all matters for which they have responsibility to
enable them to fulfil their duties as a Director. All
Directors participate in and contribute to discussions
relating to strategy, trading updates, financial
performance, significant risks and operational
activities, in addition to discussions on the Group’s
purpose, vision, values and culture.
Board meetings are of sufficient duration to ensure
that all agenda items and any other material
non-agenda items that may arise are adequately
addressed. In addition to formal meetings, the
Chairman and Chief Executive Officer maintain
regular contact with all Directors. The Chairman also
holds informal meetings and calls with non-Executive
Directors without the Executive Directors present to
discuss issues affecting the Group.
All Directors have access to the advice and services
of the Company Secretary, who is responsible
for advising the Board on governance matters.
In accordance with an agreed procedure, in the
furtherance of their duties, each Director has the
authority to engage independent professional advice
at the Company’s expense.
Schedule of Matters Reserved
for the Board
• Appointments to the Board;
• Ensuring compliance with corporate
governance, legal, statutory and regulatory
requirements;
• Approval of the overall Group strategic and
operating plans;
• Monitoring and reviewing risk management
and internal control systems;
• Monitoring and assessing culture;
• Reviewing and assessing the adequacy of the
Group’s whistleblowing arrangements;
• Monitoring implementation of the Group’s
Beyond the Horizon sustainability strategy;
• Approval of acquisitions and divestitures;
• Approval of significant capital expenditure;
• Approval of Treasury policy including
changes to the Group’s capital structure;
• Approval of dividend policy and dividends;
• Approval of annual budgets;
• Approval of preliminary results, interim
management statements and interim
financial statements;
• Assessment of the long-term viability of the
Group and the going concern assumption;
and
• The preparation of, and confirmation that
the annual report, financial statements
and sustainability statement present a fair,
balanced and understandable assessment
of the Company’s position, performance
and prospects.
71Directors’ Report Corporate Governance Report
Strategy
The Board collaborated with Executive Management
in the development of the Group’s updated strategy
and associated medium-term financial targets.
During 2024, the Board monitored progress
implementing the strategies for volume growth,
margin expansion and return on investment as well
as the sustainability related goals and targets that
underpin the strategic plan. The Board also discussed
and approved the content for the investor day held
in October as well as the Group’s Climate Transition
Plan which was published in December.
The Board oversaw and approved the strategic M&A
transactions completed during the year including the
sale of the Dairy Ireland business. M&A transactions
have been a significant factor in recent years as the
Group evolves its technology portfolio, investing
in businesses more aligned with the Group’s
strategic growth priorities and exiting non-strategic
businesses. As a result of this M&A activity, the Group
has further strengthened its sustainable nutrition
capabilities and has better positioned itself for long-
term organic growth.
Presentations were received from internal and external
experts throughout the year on matters such as
digital risks and opportunities, evolving geopolitical
landscape, macroeconomic and emerging markets
updates, corporate governance developments, the
general M&A landscape as well as corporate defence
and shareholder activism. Through these reviews and
ongoing discussions on strategy, the Board is confident
that Kerry’s strategic priorities will continue to be the
key drivers of growth and investment in the future.
The Board ensures that the decisions it makes
are aligned with the achievement of the Group’s
strategy, are made in the long-term interest of
the Group and its stakeholders and are aligned
with the Group’s sustainability strategy. This is
particularly the case when deciding how to prioritise
the allocation of resources (human and financial
capital) across competing research and development
activities, acquisition opportunities and major capital
expenditure projects.
During the year, the Board also reviewed the
business model and how it is executed. The Board is
satisfied that the business model is both sustainable
in the long-term and optimally structured to enable
delivery of the Group’s strategy. Details of the Group’s
strategy are outlined in Strategy and Financial
Targets on pages 12-25.
Purpose, Values and Culture
Our purpose, Inspiring Food, Nourishing Life
underpins our culture and is reflected in our values.
The Group’s purpose is guided by the Group’s Vision
to be our customers’ most valued partner, creating a
world of sustainable nutrition. The Board is satisfied
that the current strategy is aligned to the Group’s
purpose which is also guided by our values of
Courage, Enterprising Spirit, Inclusiveness, Open-
mindedness and Ownership. The Board is led by the
Group’s purpose during its discussions and when
making decisions on the matters that are reserved
for its consideration. Our purpose of Inspiring Food,
Nourishing Life guided our actions as we approved the
sale of the Dairy Ireland Business further focusing
our portfolio and capabilities behind our taste and
sustainable nutrition ambitions. The Group’s values,
and in particular the values of Courage, Ownership
and Open-mindedness guided our capital allocation
decisions including the execution of a number of
share buyback programmes during the year. Further
details of the Group’s purpose and values are
outlined on pages 14-17.
The Group’s culture is based on a common
understanding of our values, underpinned by our
practices of Safety First, Quality Always and a robust
risk management framework consisting of policies
and procedures, including a Code of Conduct which
defines business conduct standards for anyone
working for, or on behalf of the Group. The Board
is satisfied that the Group’s purpose, values and
strategy are aligned to the Group’s culture.
The Board recognises the importance of its role in
setting the tone for Kerry’s culture and embedding
it across the Group. In addition to the Board, the
Executive Team has responsibility to ensure that
the policies and behaviours set at Board level
are effectively communicated and implemented
throughout the Group. The Group’s Code of Conduct
aligns with the Group’s purpose and values and the
MyKerry internal website provides a platform for
employees to access the Group’s policies.
72 Directors’ Report Corporate Governance Report
The Board monitors and assesses the culture of the
Group through a number of mechanisms including
compliance with Group policies, internal audit, formal
and informal channels for employees wishing to
raise concerns, including leader pulse checks, town
halls, the OurVoice employee experience survey, the
Group’s Speak Up arrangements and feedback from
the designated Workforce Engagement Director.
Following the assessments completed during the year,
in recognition of the critical role our frontline workers
play in helping Kerry to reach 1.36bn people with
positive and balanced nutrition, the Board approved
a special recognition award of an additional day of
paid annual leave to our 12,000 frontline operators
across our 124 manufacturing sites worldwide. In
approving the award, the Board was mindful of how
the behaviours of the frontline operators exemplified
the Group values which underpin our culture. The
Board also determined that the enhanced Speak Up
procedures and channel, introduced in 2021 continue
to operate effectively.
Board Activities
The Board’s activities during the year included the
items set out below:
Strategy
• monitored progress against the Group’s strategic
plan and approved the inclusion of additional
medium-term financial targets post the sale of the
Dairy Ireland business;
• provided input to and approved the content for the
investor day held in October;
• reviewed and approved the Group’s digital strategy
as well as receiving updates on cybersecurity risks
and on the risks and opportunities associated with
AI initiatives;
• monitored the buildout of the Group’s
Biotechnology Solutions business as well as the
enhancement of its Science, Technology and
Innovation capability and approved the associated
investment required;
• considered the growth opportunities in
emerging markets. Approved the associated
investment required;
• reviewed and approved the Group’s strategy relating
to mergers, acquisitions and divestitures; and
• monitored the implementation of the Group’s
Beyond the Horizon sustainability strategy and
approved the Climate Transition Plan.
Operational/Commercial
• following updates from the Executive Directors
considered the mitigating actions taken to
counter the impact of subdued consumer demand
following a number of years of cost inflation;
• assessed the appropriateness of the structures,
processes and controls in place to ensure that
Kerry operates to the highest standards from a
food safety as well as an employee health and
safety perspective following briefings from the
Chief Operations Officer, the Food Safety and
Quality and the Employee Health and Safety
teams;
• approved M&A transactions (including the sale of
the Dairy Ireland business) and considered the
learnings from completed acquisitions; and
• approved significant capital expenditure projects,
considering impacts on financial and sustainability
performance criteria.
Financial/Sustainability
• at each meeting discussed how the Group was
navigating through the current challenging
economic environment following updates from the
Chief Financial Officer;
• monitored the progress against the targets
included in the Beyond the Horizon sustainability
strategy and approved the new Scope 3 targets to
2030;
• considered the progress being made under
the Group’s Accelerate Operational Excellence
programme;
• reviewed Investor Relations activities and share
price performance;
• approved the Group’s Preliminary Results, Annual
Report and Accounts, Interim Financial Statements
and Interim Management Statements;
• approved the payment of an interim dividend and
recommended the payment of a final dividend;
• approved additional share buyback programmes
ensuring consistency with the Group’s Capital
Allocation Framework;
• approved the going concern basis of accounting
and the long-term viability statement; and
• approved the Group Budget for the 2025
financial year including both financial and
sustainability targets.
Internal Controls and Risk Management
• confirmed that a robust assessment of the
Group’s principal risks and uncertainties, including
emerging risks, was completed and approved the
risk appetite for each of the principal risks;
• discussed the Group’s internal controls, risks and
risk management framework following updates
from the Chairman of the Audit Committee;
• received regular reports from business and
functional leaders on the Group’s key risks; and
• considered and confirmed the effectiveness of the
internal control and risk management framework.
73Directors’ Report Corporate Governance Report
Governance and Stakeholders
• considered updates received from the Chairman of
the Governance and Nomination Committee on its
activities;
• approved the appointment of a new Senior
Independent Director and a new Designated
Workforce Engagement Director;
• approved the appointment of Ms. Liz Hewitt as a
non-Executive Director;
• approved changes to the composition of Board
Committees;
• conducted an internal self-assessment Board
evaluation and considered its outcome;
• considered compliance with the 2018 UK
Corporate Governance Code and the Irish
Corporate Governance Annex, as well as
the implications of the 2024 UK Corporate
Governance Code and the new Irish Corporate
Governance Code both of which are effective
from 1 January 2025;
• confirmed that appropriate arrangements
and structures are in place to ensure material
compliance with the relevant obligations under
Section 225 of the Companies Act 2014;
• confirmed that appropriate structures are in
place for the proportionate and independent
investigation and follow-up of matters
raised through the Group’s whistleblowing
arrangements; and
• participated in training on a range of corporate
governance and regulatory matters from
external advisors.
People and Culture
• considered updates received from the Chairperson
of the Remuneration Committee on its activities;
• approved the changes to the new Remuneration
Policy which was put to an advisory vote at the
2024 AGM;
• approved the rollout of the All Employee Share
Plan (which was adopted by shareholders at the
2023 AGM) to a further 16 countries;
• received and considered reports from the
designated Workforce Engagement Director on
her activities during the year. Details are outlined
in Governance in Action on page 79;
• assessed talent and succession planning activities
following presentations from the Chief Executive
Officer and the Chief Human Resources Officer;
• reviewed the actions taken to support lower-paid
employees following a number of years of cost
inflation; and
• monitored and assessed the culture of the Group
to ensure it promotes integrity and openness,
is aligned with strategy and is responsive to the
views of shareholders and wider stakeholders.
2018 UK Corporate Governance Code
and the Irish Corporate Governance
Annex – Compliance Statement
Kerry applied the main Principles of the 2018
UK Corporate Governance Code and the Irish
Corporate Governance Annex (together the
“Code”) and complied with all the Provisions
throughout FY24, with the exception of:
– Provision 19 (Chair tenure). Mr. Tom Moran was
appointed as Chairman in 2022 after having
served just over six years as a non-Executive
Director. Mr. Moran will, subject to shareholder
approval, continue as Chairman until the AGM
in 2026 and will have served over ten years by
this time. Provision 19 requires the Chair to
serve no longer than nine years and therefore
for the period from September 2024 to May
2026, Kerry will not be compliant with this
provision. However, the Provision also notes
that to facilitate effective succession planning
this period can be extended, particularly
where the Chair was an existing non-Executive
Director on appointment. In 2023, having
conducted a rigorous review, the Governance
& Nomination Committee and the Board
agreed, subject to shareholder approval, that
Mr. Moran should continue as Chairman until
the AGM in 2026 to allow appropriate time
for the new SID to identify a successor and to
enable an orderly transition to the role. The
Committee also noted the need for stability
given the high level of Board refreshment
that occurred in 2023 and the additional
appointments/ retirements that would occur
in 2024. Mr. Moran’s re-election to the Board
was strongly supported by shareholders at the
2024 AGM. A Chair succession committee is
undertaking a formal succession process which
is being led by Mr. Christopher Rogers in his
role as Senior Independent Director.
The Board recognises the importance of good
corporate governance in providing confidence
in our ability to deliver our strategic goals and
also, in building trust with our key stakeholders,
both of which are essential for the long-term
sustainable success of the Group. The table
below outlines the main Principles of the Code
and where in the Annual Report there is further
information on the application of the Principles.
Main Principles Pages
Board leadership 70-73
and company purpose
Division of 58-61 & 80
responsibilities
Composition, succession 82-83 &
and evaluation 91-95
Audit, risk and internal control 83-90
Remuneration 98-125
74 Directors’ Report Corporate Governance Report
SHAREHOLDERS
Why We Engage
• Active engagement with shareholders ensures
continuous awareness of the Group’s business
environment, strategy, business model,
performance and sustainability commitments.
• Shareholder input informs the strategic
decision making of the Board.
How We Engage
The Investor Relations team and Executive
Directors maintain ongoing engagement with
the investment community, through a variety
of different mediums including:
• Ongoing engagement with shareholders
through physical meetings, virtual meetings
and calls on a daily basis outside of closed
periods;
• Hosting investor events with members of the
broader Kerry team to give investors a deeper
understanding of Kerry’s business;
• Direct engagement with the Chief Executive
Officer and Chief Financial Officer through
presentation of the Group’s full year, half year
and interim management statements;
• Publication of results releases, presentations,
share price information and news releases
which are accessible to all shareholders on the
Group’s website kerry.com; and
• The Company’s Annual General Meeting (AGM)
provides an opportunity for the Directors to
deliver presentations and to answer questions
from shareholders, both institutional and private.
What we believe matters
most to Shareholders
• Strategic updates and progress on the
execution of the Group’s strategic plan.
• Group performance and outlook including
share price performance, marketplace
dynamics and industry developments.
• Capital allocation framework, particularly in
light of higher interest rates.
• Progress against the sustainability strategy and
ESG matters.
Our Actions and Their Impact
• The Group has continued to execute its strategic
plan. Actions included the move to be a pure-play
taste and nutrition company with Board approval
of the sale of the Dairy Ireland business.
• Members of the Board attended a number of
investor engagements, including the AGM, the
EGM relating to the Kerry Dairy Ireland sale and
an investor day held in Beloit in October. This
event included an update on performance and
strategic priorities of the Group. More details of
this event are available on our website.
• The Chairman engaged with various institutional
shareholders across the year to discuss
governance related matters. When necessary
the Committee Chairs engage with shareholders
on specific topics. Arising from the matters
discussed feedback is provided to the Directors
to inform decision making.
• In line with the Group’s capital allocation
framework, the Board has continued to invest
funds in the best interest of the shareholders
which included the continuation of the share
buyback programme that commenced in
late 2023, ran through 2024 and continues
into 2025. Investors noted they appreciated
the clarity provided around Kerry’s capital
allocation framework and its decision making
on share buybacks based on prevailing
market conditions.
Stakeholder Engagement
The Board acknowledges the importance of considering the interests of all stakeholders in their
discussions and decision making. Enhanced engagement with stakeholders enables better,
informed decision making, thereby increasing the likelihood of long-term sustainable success for
the Group. The Board also recognises the need to maintain high standards of business conduct in
its actions and decisions. Details of our stakeholder engagement are set out below.
75Directors’ Report Corporate Governance Report
EMPLOYEES
Why We Engage
• Consistently connecting with employees is
crucial for attracting, nurturing, and retaining
a skilled, committed, inspired and diverse
workforce.
How We Engage
• Ms. Emer Gilvarry, the designated Workforce
Engagement Director, directly interacted with
employees through a variety of channels,
including participation in Kerry employee
events and site visits. Details of these activities
are outlined on page 79.
• Routine two-way dialogue with our 21,000+
employees through regular CEO townhalls and
career discussions.
• Regular employee experience survey, OurVoice,
assesses employee engagement along with
feedback on other employee experience
measures including Safety, Reward, Talent
Development and Manager Effectiveness.
• Direct engagement through visits to offices,
production and supply chain sites during
the year.
• Kerry’s Speak Up channel enables employees
and other stakeholders to report concerns
confidentially and safely.
• Our Health and Wellbeing framework is
underpinned by a balanced set of programmes
accessible to our employees across our
four wellbeing pillars: emotional, physical,
nutritional and financial.
What we believe matters
most to Employees
• Diversity, Inclusion and Belonging (DI&B) and
understanding how employees’ roles contribute
to the Group’s success, helping to make Kerry a
better place to work for employees at all levels.
Our Actions and Their Impact
• Ms. Emer Gilvarry, as Workforce Engagement
Director, visited a number of sites to gather
employee feedback on onboarding and share
insights with the Board on engagement
initiatives.
• In approving the sale of the Dairy Ireland
business, the Board considered the
consequences for the 1,599 employees who
work in that business and ensured that
appropriate actions were taken to mitigate the
impact on the employees involved.
• The Board received updates on employee
health, safety, and wellbeing, reinforcing and
fostering a proactive safety culture through our
Health and Safety committees at a plant level.
• In line with our Safety First, Quality Always
ethos, the Board ensured that the existing
structures. processes and controls were
appropriate to reinforce a culture of safety at
work particularly given the loss of a colleague to
a workplace fatality during the year. The Board
monitored the level of workplace incidents
that occurred in 2024 and noted that the Total
Incident Rate at 4.5 (based on 1 million hours, as
required for CSRD reporting) has improved year
on year.
• Diversity, Inclusion and Belonging (DI&B) remain
priorities with the Board monitoring gender
representation and pay equity and taking
corrective actions if required.
• The Board allocated resources for training,
internal communications, and initiatives to
streamline operations and improve the health
and wellbeing of employees.
• Further details on employee engagement
activities can be found in the Sustainability
Review, the Sustainability Statement and on the
Group’s website.
76 Directors’ Report Corporate Governance Report
CUSTOMERS AND CONSUMERS
Why We Engage
• Our commitment to strong engagement with
customers and consumers is at the heart of
our business. This engagement is driven by
a customer-centric business model, which is
crucial in achieving our vision of becoming our
customers’ most valued partner, creating a
world of sustainable nutrition.
How We Engage
• Kerry has a community of experts to engage
with customers directly through dedicated
engagement sessions to enhance their
experience and build strong partnerships.
• Digital plays a key role to enhance the
customer experience and how we engage
and communicate through multiple different
channels. A digital platform has been developed
to enhance our customer experience and
support speed to market for example offering
direct access to product documentation, sample
requests and order visibility.
• Kerry actively participates in industry
conferences to engage with customers, share
insights and showcase how Kerry is leading the
future of sustainable nutrition.
• Kerry conducts an annual Voice of Customer
survey to listen and gather feedback so that
we identify areas of improvements for our
customers.
• Market Research teams analyse consumer
behaviours, attitudes, emerging trends and
combine cutting-edge technology with our
expertise in taste and nutrition to deliver holistic
insights to empower our customers to seize
opportunities, and lead in sustainable nutrition.
• The Kerry Health and Nutrition Institute®
established 10 years ago offers scientific
expertise to address challenges in the food,
beverage and pharma sector.
What we believe matters most to
Customers and Consumers
• Evolving consumer dynamics and market
changes drive ongoing customer engagement
and demand for innovative, sustainable
nutrition solutions.
• Customers seek products that enhance health
and wellbeing while addressing sustainability,
environmental criteria and nutrition.
• Challenges include managing inflation,
global supply chain issues, shifting consumer
preferences, and regulatory changes related to
sustainable nutrition.
• Insights from the double materiality
assessment highlight customer priorities
around reducing environmental impact,
particularly concerning climate change and
food waste.
Our Actions and Their Impact
• Customer feedback from engagement activities
is reviewed and discussed at Board meetings,
influencing decision-making.
• The Board approved €310m for research and
development to focus on projects meeting
customer needs, supporting revenue growth
and sustainability.
• Investments in the digital strategy and
supply chain initiatives aim to enhance
customer experience through improved
information sharing and service levels. The
Board approved continued investment into a
global customer care portal which empowers
customer care to be more proactive and
responsive to deliver customer service
excellence. This has enabled faster response
times to customers. These investments have
led to improved fulfilment reliability and
increased Net Promoter Scores (NPS).
• In 2024, the Board approved acquisitions totalling
€167m and gross capital expenditure of €330m,
aligned with the Group’s strategic priorities.
• The Board received regular updates on the
sale of the Dairy Ireland business and was
satisfied that the transfer of the customer base
would be completed smoothly and successfully
without any adverse impact on the rest of the
Group’s customers.
• The Group’s sustainability strategy, the
execution of which is overseen by the Board
through the Sustainability Committee,
is funded and integrated into its value
proposition, with further details available in the
Sustainability Review, Sustainability Statement
and other documents on the Group’s website.
77Directors’ Report Corporate Governance Report
COMMUNITY
Why We Engage
• By fostering strong relationships with the
communities in which we operate, we can help
support livelihoods and create a better society
whilst protecting the environment.
How We Engage
• Kerry partners with community groups, charities,
and NGOs across all its operating regions.
• Engage selected organisations to participate in
Kerry’s double materiality assessment, sharing
insights on social and environmental issues.
• The MyCommunity programme enables Kerry
to support a range of community projects.
• Kerry encourages employees to engage in local
initiatives by providing paid volunteer hours.
What we believe matters most to
Community
• Outputs include employment and local
economic development, social inclusion, access
to nutrition, food security and sustainable
food production, as well as the opportunity
for organisations like Kerry to play a lead role
in environmental protection and community
support.
Our Actions and Their Impact
• The Board ensures that local community
engagement is integrated into Kerry’s overall
sustainability strategy.
• As a sustainable nutrition leader, the Board
commits to a sustainable supply chain that
supports balanced nutrition for over a billion
consumers while protecting people and the
environment.
• Priority is given to capital expenditure projects
that benefit the environment.
• During 2024, the Board approved the 2024
MyCommunity programme. More detail on all
of our charitable activities are available under
Kerry Community Initiatives on our website
kerry.com.
SUPPLIERS
Why We Engage
• By engaging with suppliers, we can ensure
they continue to meet Kerry’s high standards
in product safety, quality, and business
ethics, while respecting human rights and the
environment.
How We Engage
• Kerry engages with suppliers daily through
the procurement and supply chain functions,
two-way communication, meetings, multi-
stakeholder collaborations and industry events.
• Suppliers can report concerns via the Group’s
Speak Up whistleblowing channel.
• Engage selected suppliers to contribute
insights on sustainability for the Group’s double
materiality assessment.
• A risk-based approach is used for supplier
assessments to maintain safety, quality, and
responsible sourcing.
• The Board receives updates on supply chain
quality and supplier interests from key
executives.
What we believe matters
most to Suppliers
• Key topics for suppliers included human rights,
quality and food safety, service levels, business
continuity, capacity, cost, innovation and
responsible sourcing requirements.
Our Actions and Their Impact
• The Board ensures that long-term, sustainable
relationships are established with key suppliers
under mutually agreed terms.
• Through the Beyond the Horizon sustainability
strategy, the Board ensures suppliers meet
safety, quality, and fair treatment standards.
• The Board reviewed and approved the Climate
Transition Plan including the Group’s new Scope 3
targets which has been submitted to the Science
Based Target initiative (SBTI) for approval.
• In 2024, training was provided to suppliers
in China and India to enhance awareness of
human rights standards and build compliance
capacity.
• The Board reviewed the progress on ongoing
supplier compliance with the Group’s Supplier
Code of Conduct.
• More details on the responsible sourcing
strategy are available in the Sustainability
Review on page 43.
78 Directors’ Report Corporate Governance Report
Governance in Action
Designated Workforce Engagement Director –
Activities in 2024
The role of Workforce Engagement Director
transitioned to Ms. Emer Gilvarry in May 2024.
Since commencing her appointment, Ms. Gilvarry
regularly met with the Chief Human Resources
Officer and the Group Human Resources Team.
She provided updates to the Board about her
activities and the feedback from employees. She
contributed an employee perspective during all
Board discussions and when the Board made
decisions, including the decision to dispose of the
Dairy Ireland business.
Ms. Gilvarry has engaged with a number of
groups across Kerry as part of a defined 2024
engagement plan. The engagement plan was
focused around three objectives:
1. Obtain a broad understanding of workforce
engagement across Kerry;
2. Leverage established forums/events to better
understand employee sentiment; and
3. Represent the Board at various employee
events.
To achieve these objectives, Ms. Gilvarry attended
several Kerry employee events and toured various
manufacturing plants as outlined below:
• Meetings with each of the regional leadership
teams to receive an overview of the regions’
approach to workforce engagement and
priorities for 2024/2025;
• Attending a variety of events, including:
» The Global Commercial Conference,
where senior commercial leaders were
in attendance from all regions and
technologies;
» The Women in Leadership Europe
graduation, celebrating the 2024
cohort’s completion of the Women in
Leadership development programme and
understanding learnings they have taken
away from the experience; and
» Team Townhalls, e.g. the APMEA region
Townhalls and team conferences including
Internal Audit and Global HR team
conferences.
• Site visits to meet our front line workers
and understanding associated workforce
engagement priorities; and
• Meeting with Kerry’s HR team responsible for
employee experience surveys to gain insight
into Kerry’s progress in this area and to
pinpoint key focus areas following the OurVoice
experience survey completed in 2024.
In 2025, Ms. Gilvarry will continue to engage with
different groups across the organisation so that
she can accurately share employee sentiment and
represent their interests at Board meetings.
Global Priorities for Employee Engagement in
2024
This year, we made tangible progress in our
three engagement pillars: Making it Better,
Making it Clearer, and Making it Easier at
Kerry. In April 2024, we conducted a company-
wide OurVoice employee experience survey,
achieving a 93% response rate with over
18,000 participants, leading to a significant
improvement in employee engagement.
Following the survey, we have created company-
wide engagement action plans to build on our
key strengths (which include our commitment to
a Safety First, Quality Always culture; a workplace
where everyone can feel valued and included
and where our managers create an inclusive and
collaborative environment) and also to focus
on areas where we can unlock our full potential
(including simplifying our processes to enable
sharper decision making, continuing to develop
our people to thrive at Kerry and to continue to
share a compelling vision for the future).
Annual General Meeting
All Directors attend the AGM and are available to
meet with shareholders and answer questions as
required. Notice of the AGM, Form of Proxy and the
Annual Report and financial statements are sent to
shareholders at least 20 working days before the
meeting. A separate resolution is proposed at the
AGM on each substantially separate matter including
a particular resolution relating to the adoption of
the Directors and Auditors reports and the financial
statements. Details of the proxy votes received for
and against each resolution, together with details
of votes withheld are announced after the result of
the votes by hand. These details are published on
the Group’s website following the conclusion of the
AGM. At the AGM held on 2 May 2024, there were no
material votes cast against any resolutions.
In addition to the AGM, an Extraordinary General
Meeting was held in December 2024 at which
shareholders overwhelmingly supported the sale of
the Dairy Ireland business.
79Directors’ Report Corporate Governance Report
Whistleblowing Arrangement
The Group’s whistleblowing arrangement includes
an externally facilitated multi-lingual reporting
service Speak Up through which all employees and
third parties can raise concerns in confidence about
possible wrong doings in financial reporting and
other matters. These facilities are available 24 hours
a day by phone or online.
All whistleblowing incidents are reviewed by the
Business Integrity Committee as well as by the
Legal and Ethical Compliance team and formally
investigated by the relevant functional heads
depending on the nature of the concern raised.
In 2024, the Audit Committee reviewed the
whistleblowing incidents and outcomes and provided
updates to the Board which enabled it to assess the
adequacy of the whistleblowing arrangements and
to review the reports arising from its operation. The
Board is satisfied that the Group’s whistleblowing
arrangements are operating effectively.
Division of Responsibilities
Chairman and Chief Executive Officer
The roles of the Chairman and Chief Executive Officer
are separate and the division of duties between
them is formally established, set out in writing and
agreed by the Board. The Chairman is responsible
for leadership of the Board and ensuring its
effectiveness in all respects. The Executive Directors,
led by the Chief Executive Officer, are responsible for
the management of the Group’s business and the
implementation of Group strategy and policy.
Senior Independent Director
The principal role of the Senior Independent Director
(SID) is to provide a sounding board for the Chairman
and to act as an intermediary for other Directors as
required. The SID is responsible for the appraisal of
the Chairman’s performance throughout the year.
The SID is also responsible for leading a formal
succession process for the role of Chairman. The SID
is available to meet shareholders upon request, in
particular if they have concerns that cannot be resolved
through the Chairman or the Chief Executive Officer.
Non-Executive Directors
The non-Executive Directors’ main responsibilities
are to review the performance of management and
the Group’s financial information, assist in strategy
development, provide constructive challenge in
Board discussions and ensure that appropriate
and effective systems of internal control and risk
management are in place. The non-Executive
Directors review the relationship with external
auditors through the Audit Committee and monitor
the remuneration structures and policy through the
Remuneration Committee.
Company Secretary
Each Director has access to the advice and services
of the Company Secretary, whose responsibilities
include ensuring that Board procedures are followed,
assisting the Chairman in relation to corporate
governance matters, ensuring the Company
complies with its legal and regulatory obligations and
facilitating appropriate information flows between
the business and the Board.
Commitments
Under the terms of their appointment all Directors
agreed to the time commitment schedule which
requires them to allocate sufficient time to discharge
their responsibilities effectively. This matter is
considered by the Governance and Nomination
Committee on an ongoing basis in accordance with
its Terms of Reference.
All Directors must seek prior approval of the Board
in advance of undertaking any additional external
appointments. Before approving any additional
external appointment, the Board considers the time
commitment required for the role. Each proposed
external appointment is reviewed independently.
Independence
The Board, as a whole, has assessed the non-
Executive Directors independence and confirmed
that, in its opinion, all non-Executive Directors are
independent in judgement and character.
Dr. Hugh Brady and Dr. Karin Dorrepaal had served in
excess of nine years as Directors before they retired
from the Board at the conclusion of the AGM held in
May 2024. Having conducted a rigorous review, the
Board was satisfied that Dr. Brady and Dr. Dorrepaal,
given their personal attributes and the challenges they
bring to Board discussions, continued to apply objective
and independent judgement to act in the best interest
of the Company up to the date of their retirement.
As disclosed in note 34 to the Financial Statements,
Mr. Patrick Rohan, in the ordinary course of business
as a farmer, traded on standard commercial terms
with the Group’s Dairy Ireland business. Given the
small quantum involved, the fact that all trading is on
standard commercial terms and Mr. Rohan’s personal
attributes, the Board, having conducted a rigorous
review, is satisfied that Mr. Rohan applies objective
and independent judgement to act in the best
interest of the Company.
Conflicts of Interest
Under the terms of their appointment all Directors
have continuing obligations to update the Chairman
as soon as they become aware of a situation that
could give rise to a conflict or a potential conflict of
interest.
Directors’ Report Corporate Governance Report80
A total of 11 Board meetings were held in 2024. Individual attendance at the Board and Committee meetings is
set out in the following table:
Directors Board
Audit
Committee
Governance and
Nomination
Committee
Sustainability
Committee
Remuneration
Committee
Tom Moran 11/11 4/4
Edmond Scanlon
1
11/11
Marguerite Larkin
1
11/11
Gerry Behan
1
11/11
Genevieve Berger 11/11 3/3
Hugh Brady
2
3/3 3/3 2/2
Fiona Dawson 11/11 4/4 5/5 5/5
Karin Dorrepaal
2
3/3 2/2 2/2 3/3
Emer Gilvarry
3
10/11 3/3 2/2 5/5
Catherine Godson 11/11 3/3
Liz Hewitt
4,5
10/10 3/4
Michael Kerr 11/11 7/7 4/4 2/2
Christopher Rogers
5
11/11 7/7 2/2 1/2 5/5
Patrick Rohan 11/11 5/5
Jinlong Wang 11/11 7/7
1
Executive Directors
2
Hugh Brady and Karin Dorrepaal retired on 2 May 2024
3
Emer Gilvarry was unable to attend one Board meeting due to a diary conflict
4
Liz Hewitt was appointed on 1 March 2024
5
Liz Hewitt and Christopher Rogers missed one Committee meeting each due to diary conflicts
Attendance statistics represent: Total number of meetings attended by the Director/Total number of meetings
held during the year which they were eligible to attend.
Meetings and Attendance
The Board meets regularly to ensure that all its duties are discharged effectively. All Directors are expected to
prepare for and attend meetings of the Board, the Committees of which they are members and the AGM.
In the event that a Board member cannot attend or participate in the meeting, the Director may discuss and
share opinions on agenda items with the Chairman, Chief Executive Officer, Senior Independent Director or
Company Secretary in advance of the meeting.
81Directors’ Report Corporate Governance Report
Composition, Succession and
Evaluation
Board Induction and Development
On appointment to the Board, each new non-
Executive Director undergoes a full formal induction
programme organised by the Chairman and
supported by the Company Secretary. The purpose
of the induction programme is to enable new
Directors to gain a full understanding of the Group,
governance-related matters and Directors’ duties
and responsibilities. The induction programme
includes presentations on the Group’s operations and
results, meetings with Executive Management and an
outline of the principal risks and uncertainties facing
the Group. Details of the induction programme
undertaken by Prof. Catherine Godson and
Dr. Genevieve Berger are included below:
Governance in Action (Example):
New Director Induction
Prof. Catherine Godson and Dr. Genevieve
Berger were appointed to the Board on 1
November 2023. Following their appointment,
Prof. Godson and Dr. Berger underwent a
formal induction programme which was
tailored to their individual requirements and
included the following induction activities.
Induction Activities
• provision of a detailed information pack
including key corporate governance
policies, Board papers, financial and
strategic documents and information on
directors’ duties and responsibilities;
• meetings with the Executive Directors;
• meetings with the Chairman, the Senior
Independent Director, Remuneration
Committee Chairperson, Sustainability
Committee Chairperson and the Audit
Committee Chairman;
• meetings with functional leaders on matters
such as Board and corporate governance,
internal audit, strategy, investor relations,
human resources and sustainability;
• meetings with business leaders of the Taste
& Nutrition and the Dairy Ireland businesses
to obtain an overview of each business;
• completed sustainability related training;
and
• site visits to see first-hand the Group’s
operations while engaging with employees
and senior management.
Ms. Liz Hewitt, who was appointed to the Board
during 2024, also completed a full, formal, induction
programme tailored to her individual needs.
Throughout the year, the Board engages in
development through a series of consultations with
subject matter experts on a range of topics including
corporate governance and strategy. Presentations
are also made by Executive Directors and senior
management on various topics in relation to their
areas of responsibility.
On an annual basis, an off-site Board meeting is
scheduled at a Group location and is combined with
a comprehensive schedule of activities over a week-
long period, to enable non-Executive Directors to
further develop their understanding of the Group’s
activities and to meet with local senior management
and emerging talent. In June 2024, the off-site Board
meeting took place in the Netherlands. During the
visit the Board had the opportunity to meet and
engage with the European Leadership team and
emerging talent in both formal and informal settings.
The Board received presentations on the dynamics
and priorities of the European market and
participated in a customer immersion experience
which showcased the Group’s capabilities in helping
customers to solve industry challenges with
differentiated solutions.
As part of their personal development plans,
individual non-Executive Directors are also afforded
the opportunity to visit a number of the Group’s
international facilities and operations. Individual
Board members training requirements are reviewed
with the Chairman and Company Secretary and
training is provided to address these needs.
Board Performance Evaluation
In accordance with provisions of the Code, a
performance evaluation of the Board is carried
out annually and facilitated externally every third
year. In 2024, the Board conducted an internal self-
evaluation of the performance of the Board, Board
Committees, the Chairman and Individual Directors
against a set of pre-defined key criteria. The review
was led by the Chairman of the Board and the Senior
Independent Director and was facilitated by the
Company Secretary. The review was undertaken
using Thinking Board, Independent Audit Limited’s
governance self-assessment process. Independent
Audit Limited, based in the UK, is recognised as a
leading firm of board reviewers, and has no other
connections to the Group.
Directors’ Report Corporate Governance Report82
Topics covered during the Board Performance
Evaluation included development and
implementation of strategy, Board composition,
succession planning at Board and senior
management level, financial oversight, risk
management, people and culture, Board meetings
and papers, Board training, Committee performance
and stakeholder engagement.
The Chairman met each of the non-Executive
Directors individually and appraised their
performance. The key areas reviewed were
independence, contribution and attendance at Board
meetings, interaction with Executive Directors and
other non-Executive Directors, the Company Secretary
and senior management, ability to communicate
issues of importance and concern, their knowledge
and effectiveness at meetings and the overall time and
commitment to their role on the Board.
In addition, the Senior Independent Director
formally appraised the performance of the
Chairman. This appraisal was similar to the non-
Executive Director evaluation process and included
feedback from all Directors on the Chairman’s
performance during the year.
During the year, the non-Executive Directors met
without the presence of the Executive Directors and
led by the Chairman, undertook a formal review of
the performance of each Executive Director.
Overall, the Board concluded that the outcomes
of the evaluation process have been positive and
have confirmed to the Chairman that the Board and
its Committees operate effectively and that each
Director contributes to the overall effectiveness
and success of the Group. The actions identified
from the 2024 performance evaluation included
recommendations relating to strategy formulation,
Board and executive succession planning, Board
training and Board meeting management.
Progress against recommendations from the
previous external evaluation were also considered
and the Board is satisfied that improvements have
been made which have enhanced the operation and
effectiveness of both the Board and its Committees.
The Chairman, along with the Company Secretary,
will ensure that areas for improvement identified
from the 2024 evaluation report, and areas for
consideration arising from the Directors’ appraisal
where identified, will be considered during 2025.
In line with the requirements of the Code, the next
externally-facilitated performance evaluation of the
Board will occur in 2025, three years after the last
externally facilitated evaluation in 2022.
Audit, Risk and Internal Control
Risk Management and Internal Controls
The internal control framework in the Group
encompasses the policies, processes, tasks and
behaviours, which together facilitate the Group’s
effective and efficient operation by enabling it
to respond appropriately to significant business,
operational, financial, compliance and other risks to
achieve its business objectives.
The systems which operate in Kerry Group provide
reasonable, but not absolute, assurance on:
• the safeguarding of assets against unauthorised
use or disposition; and
• the maintenance of proper accounting records
and the reliability of the financial information
produced.
The Board has delegated certain duties to the Audit
Committee in relation to the ongoing monitoring
and review of risk management and internal control
systems. The work performed by the Audit Committee
is described in its report on pages 85-90.
Full details of the risk management systems are
described in the Risk Management Report on pages
46-56.
The principal risks and uncertainties facing the
Group, including those that could threaten the
business model, future performance, solvency or
liquidity are described on pages 49-54. Emerging
risks are also identified, analysed and managed
as part of the same process as the Group’s other
principal risks as described on page 48. The
Directors confirm that they have carried out a robust
assessment of these risks and the actions that are in
place to mitigate them.
The Directors confirm that they have also
reviewed the effectiveness of the systems of risk
management and internal control which operated
during the period covered by the Sustainability
Statement and financial statements and up to the
date of this report. Based on the review performed,
the Directors concluded that for the year ended
31 December 2024, the Group’s systems of risk
management and internal control were effective.
The procedures adopted comply with the guidance
contained in Guidance on Risk Management,
Internal Control and Related Financial and Business
Reporting as published by the Financial Reporting
Council in the UK.
83Directors’ Report Corporate Governance Report
Features of Internal Control in Relation to the
Financial Reporting Process
The main features of the internal control and risk
management systems of the Group in relation to the
financial reporting process include:
• the Board review and approve a detailed annual
budget and monitor performance against the
budget through periodic Board reporting;
• prior to submission to the Board with a
recommendation to approve, the Audit Committee
review the Interim Management Statements,
the Interim and Annual Consolidated Financial
Statements and all formal announcements relating
to these statements;
• adherence to the Group Code of Conduct and
Group policies published on the Group’s intranet
ensures the key controls in the internal control
system are complied with;
• monthly reporting and financial review meetings
are held to review performance at business level
ensuring that significant variances between the
budget and detailed management accounts are
investigated and that remedial action is taken as
necessary;
• the Group has a Financial Compliance function
to establish compliance policies and monitor
compliance across the countries in which the
Group operates;
• the Group operates an internal control self-
assessment process covering material finance,
operational and compliance controls across
the Group;
• a well-resourced and appropriately skilled Finance
function is in place throughout the Group;
• completion of key account reconciliations at
reporting unit and Group level;
• centralised Taxation and Treasury functions and
two Global Shared Service Centres established to
facilitate appropriate segregation of duties;
• the Group Finance Committee has responsibility
for raising finance, reviewing foreign currency
risk, making decisions on foreign currency and
interest rate hedging and managing the Group’s
relationship with its finance providers;
• the Board, through the Audit Committee,
completes an annual review of the effectiveness of
risk management and control systems;
• appropriate ICT security environment; and
• the Internal Audit function continually reviews
the internal controls and systems and make
recommendations for improvement which are
reported to the Audit Committee.
Fair, Balanced and Understandable
The Directors have concluded that the Annual Report
and Consolidated Financial Statements, taken as
a whole, provide the information necessary for
shareholders to assess the Group’s and Company’s
position and performance, business model and
strategy and is fair, balanced and understandable.
This assessment was completed by the Audit
Committee and the activities undertaken in reaching
this conclusion are outlined on page 87.
84 Directors’ Report Corporate Governance Report
The Audit Committee supports
the Board in meeting a number
of its corporate governance
responsibilities including oversight
of the Group’s external reporting,
reviewing the effectiveness of risk
management and internal control
systems and overseeing the external
and internal audit processes.
Year In Review
As Chairman of the Audit Committee, I am pleased to
provide an overview of our key activities during the
year under review which included:
• Overseeing the integrity of financial and
sustainability reporting and formal announcements
related to the Group’s performance;
• Reviewing and monitoring the effectiveness of
the Group’s risk management and internal control
systems including financial, operational and
compliance controls;
• Overseeing, in conjunction with the Sustainability
Committee, the Group’s readiness for reporting
under the Corporate Sustainability Reporting
Directive (CSRD) and the limited assurance process
undertaken by the external auditor of the new
Sustainability Statement;
• Overseeing the relationship with the Group’s
external auditor and preparing for the upcoming
external audit tender; and
• Monitoring, reviewing and assessing the
effectiveness of the Group Internal Audit function.
The Year Ahead
This year, in addition to delivering on its core
responsibilities, the Audit Committee will lead the
external audit tender process to ensure that an
independent audit firm with the requisite technical
competence and expertise is appointed as the Group’s
external auditor for the year ending 31 December
2026. The Committee will also ensure that the Group
continues to enhance its sustainability disclosures
while also monitoring developments in the broader
regulatory landscape. In addition, the Committee will
oversee preparations to comply with the 2024 UK
Corporate Governance Code, with a particular focus on
disclosure requirements related to material controls.
GOVERNANCE REPORT
Audit Committee Report
Where to find out more
Membership
• Details of Committee members, including
changes during the year, and their
attendance at all meetings can be found on
page 81.
• Information on the skills and experience
of Committee members can be found on
pages 58 to 61.
Responsibilities
• The Committee Terms of Reference are
available in the governance section of the
Group’s website kerry.com or upon request.
Christopher Rogers
Chairman of the Audit Committee
85Directors’ Report Audit Committee Report
Committee Composition
The Committee currently comprises five independent
non-Executive Directors. Both the Chairman, Mr.
Christopher Rogers, and Ms. Liz Hewitt are Fellows of
Chartered Accountants England and Wales and have
significant financial experience in several sectors. Both
they and Mr. Michael Kerr are considered to meet the
specific requirements for recent and relevant financial
experience as set out in the Code.
The Board is also satisfied that together, the
members of the Committee bring a broad range
of relevant skills, experience and expertise, from a
wide variety of industries and backgrounds, and as
a whole have competence relevant to the sectors in
which the Group operates.
The Chairperson of the Sustainability Committee is a
member of the Audit Committee which is supportive
in ensuring alignment with the work of that
Committee in the area of sustainability reporting.
Committee Evaluation
As outlined on page 82, an internal evaluation
of Board effectiveness included a review by the
Committee of its own effectiveness. The output was
discussed by the Committee and it was concluded
that the Committee continued to operate effectively
throughout the year as well as identifying ongoing
areas of focus for the 2025 financial year.
Financial and Sustainability Reporting
The Audit Committee reviewed the Interim
Management Statements, the Interim and Annual
Consolidated Financial Statements, the Sustainability
Statement and all formal announcements relating to
these statements before submitting them to the Board
of Directors with a recommendation to approve. These
reviews focused on, but were not limited to:
• the appropriateness and consistency of accounting
policies and practices;
• the going concern assumption;
• compliance with applicable financial and
sustainability reporting standards, corporate
governance requirements as well as the clarity and
completeness of disclosures;
• considering the significant areas of complexity,
management judgement and estimation that
had been applied in the preparation of the
Consolidated Financial Statements in accordance
with the accounting policies; and
• considering the judgements, estimates and
assumptions applied in the preparation of the
Sustainability Statement in accordance with the ESRS.
The Committee considered the impact of climate
change on the Group’s Consolidated Financial
Statements and agreed that the disclosures outlined
within the Sustainability Statement are prepared in
accordance and compliance with the ESRS issued
by the EU commission and the Companies Act 2014
and recommendations of the Task Force on Climate-
related Financial Disclosures (TCFD) are appropriate
and that the assumptions used in the financial
statements as outlined in note 1 are consistent with
these disclosures.
The Committee has, with the support of PwC as
external auditor, reviewed the suitability of the
financial accounting policies which have been adopted
and whether management have made appropriate
judgements and disclosures. The table opposite
sets out the significant matters considered by the
Committee in relation to the Consolidated Financial
Statements for the year ended 31 December 2024.
In addition, the Committee, in conjunction with senior
management, has considered the reporting which
forms the basis for preparation of the Sustainability
Statement disclosures for the year ended 31
December 2024 and whether management have made
reasonable judgements, estimates and assumptions
to ensure compliance with the ESRS, in particular for
Scope 3 Emissions and Nutritional Reach metrics.
The Committee also reviewed the limited assurance
report of the external auditor and considered the
outcomes of the external auditors limited assurance
procedures over the Sustainability Statement.
As a result, the Committee believes that the
methods employed and judgements, estimates and
assumptions made in compiling these disclosures are
reasonable and appropriate.
86 Directors’ Report Audit Committee Report
Significant Areas of Focus
Impairment
of Goodwill and
Indefinite Life
Intangible
Assets
Goodwill and indefinite life intangible assets, as disclosed in note 13 to the
Consolidated Financial Statements, represents the largest number on the Group
balance sheet at €5 billion. The Committee considered the process to complete
the annual impairment review of the Group’s goodwill and indefinite life intangible
assets and specifically the assumptions used for the future cash flows, discount
rates, terminal values and growth rates. This included consideration of the
impact of climate change and other external and macroeconomic risks on such
assessments and a consideration of the sensitivity analysis run by management.
Following discussions with senior management and the external auditor, the
Committee concluded that the methodology used for the above valuation and
annual impairment review is appropriate and no impairment was identified.
Taxation
Significant judgement and a high degree of estimation is required when arriving
at the Group’s tax charge and liability. The Committee, in conjunction with tax
professionals, reviewed and discussed the basis for the judgments in relation to
uncertain tax positions and challenged management on their assertions and also
considered the outcome of the external auditors’ review of the tax charge and
liability. As a result, the Committee believes the impact of uncertain tax positions
has been appropriately reflected in the tax charge and liability.
Dairy Ireland
Sale
The Committee reviewed reports from management outlining the key accounting
and disclosure impacts in relation to the sale of the Dairy Ireland business to
Kerry Co-Operative Creameries Limited which completed on 31 December 2024.
Following discussions with senior management and the external auditor, the
Committee is satisfied that the related accounting considerations and disclosures
in the Group’s Consolidated Financial Statements are appropriate.
Going Concern and Viability Statements
The Committee assessed the effectiveness of the
process undertaken by management to evaluate
going concern and longer-term viability, which
included reviewing and challenging management’s
assumptions and modelling of projected cash
flows and in particular, those related to climate-
related risks, and their potential impact on future
profitability and liquidity. The Committee also
considered the Group’s financing facilities and
future funding plans. Based on this, the Committee
confirmed there were no material uncertainties
that cast a significant doubt on the Group’s or the
Company’s ability to continue as a going concern
and therefore the application of the going concern
basis for the preparation of the financial statements
continued to be appropriate and recommended
the approval of the viability statement. For further
details see pages 55-56 of the Risk Management
Report.
Fair, Balanced and Understandable
At the request of the Board, the Audit Committee
undertook a review of the content of the Annual
Report, including the Sustainability Statement and
Consolidated Financial Statements to ensure that it is
fair, balanced and understandable, and provides the
information necessary for shareholders to assess the
Group’s and the Company’s position, performance,
business model and strategy.
In fulfilling this responsibility, the Committee
considered the following:
• the timetable for the co-ordination and
preparation of the Annual Report, Sustainability
Statement and Consolidated Financial Statements,
including key milestones as presented at the
December Audit Committee meeting;
• the governance structure and systematic approach
to review and sign-off carried out by senior
management with a focus on consistency and
balance; and
• a detailed report from senior finance management
outlining the process through which they assessed
the narrative, sustainability and financial sections
of the 2024 Annual Report to ensure that the
criteria of fair, balanced and understandable has
been achieved.
87Directors’ Report Audit Committee Report
Management ensured that the draft Annual Report,
Sustainability Statement and Consolidated Financial
Statements were available to the Audit Committee
in sufficient time for review in advance of the
Committee meeting to facilitate adequate discussion
at the meeting. The Committee also received
confirmation that the other Board Committees
had signed off on each of its respective Committee
reports and reviewed other sections for which it has
responsibility under its Terms of Reference.
Having considered the above, in conjunction with the
consistency of the various elements of the reports,
the narrative reporting and the language used, the
Committee provided assurance to the Board to assist
it in making the fair, balanced and understandable
statement required of it under the Code, which is set
out on page 67.
Internal Control and Risk Management
The Audit Committee supports the Board in its duties
to review and monitor, on an ongoing basis, the
effectiveness of the Group’s risk management and
internal control systems. A detailed overview of the
Group’s risk management framework is set out in the
Risk Management Report on page 47.
Throughout the year, the Committee:
• reviewed and approved the assessment of the
principal risks and uncertainties, including climate
change and other emerging risks, that could
impact the achievement of the Group’s strategic
objectives as described on pages 49-54;
• reviewed and approved the risk appetite for each
of the Group’s principal risks and recommended
them for approval by the Board;
• received deep dive presentations from senior
executives on a selection of principal risks, which
included cybersecurity and ICT resilience, business
acquisition and divestiture, margin management,
intellectual property and taxation risks;
• reviewed quarterly reports from the Head of
Internal Audit based on engagements completed
outlining non-compliances with Group controls
and managements’ action plans to address them;
• considered reports from the Head of Internal
Audit and the Group Financial Controller on fraud
investigations or other significant control matters
which occurred during the year and approved plans
to address and remediate the issues identified;
• received updates from the General Counsel and
the Business Integrity & Legal Operations Director
in relation to the Group’s business integrity
programme;
• considered the results of the Kerry Control Self-
Assessment (the internal control self-assessment
review of material finance, operational and
compliance controls) which concluded that the
controls are operating effectively;
• received a detailed report from the Head
of Internal Audit outlining the Group’s risk
management and internal control framework in
line with the FRC Guidance on Risk Management,
Internal Control and Related Financial and
Business Reporting and incorporating all material
financial, operational and compliance controls; and
• reviewed the report from the external auditor in
respect of significant financial accounting and
reporting issues and internal control weakness
observations.
The Audit Committee, having assessed the above
information, is satisfied that the internal control and risk
management framework operated effectively during the
year and has reported this opinion to the Board.
Internal Audit
The Audit Committee is responsible for monitoring
and reviewing the operation and effectiveness of the
Group Internal Audit function including its focus,
plans, activities and resources. To fulfil these duties
the Committee:
• considered and approved an updated three-year
Internal Audit strategy, the Internal Audit charter
and annual plan;
• considered and were satisfied that the
competencies, experience and level of resources
within the Internal Audit team were adequate to
achieve the proposed plan;
• considered the role and effectiveness of Internal
Audit in the overall context of the Group’s risk
management framework and was satisfied that
the function has appropriate standing within the
Group;
• received quarterly updates from the Head of
Internal Audit on the delivery of the 2024 plan and
on the principal findings from the work of Internal
Audit and the status of management’s actions to
remediate issues identified;
• received updates on the nature and extent of non-
audit activity performed by Internal Audit;
• ensured that the Head of Internal Audit had
regular meetings with the Chairman of the Audit
Committee and the Committee met with the Head
of Internal Audit without the presence of Executive
Management;
• ensured that the Head of Internal Audit had access
to the Chairman of the Board if required; and
• ensured co-ordination between Group Internal
Audit and the external auditor to maximise the
benefits from clear communication and co-
ordinated activities.
88 Directors’ Report Audit Committee Report
In order to comply with the Global Internal Audit
Standards (GIAS) requirements of the Chartered
Institute of Internal Auditors (CIIA), an External
Quality Assessment (EQA) by a qualified, independent
body is conducted at least once every five years. The
most recent EQA was performed in 2022 and the next
review will be completed in 2027. On an annual basis,
to ensure ongoing compliance with the GIAS, the
Group Internal Audit function has an internal quality
assessment programme in place, the results of which
are reported to the Audit Committee quarterly.
On the basis of the above, the Committee concluded
that for 2024 the Group Internal Audit function
operated effectively and is satisfied that the
quality, experience and expertise of the function is
appropriate for the Group.
External Auditor
On behalf of the Board, the Committee oversees
the relationship with, and performance of, the
external auditor, including recommendations to
the Board on their appointment, re-appointment,
and removal, assessing their independence and
effectiveness, and approving the audit fee. During
the year, the Committee met with the external
auditor without management present to discuss any
issues that may have arisen during the audit of the
Group’s Consolidated Financial Statements and the
limited assurance procedures over the Sustainability
Statement. In addition to this, the Committee
Chairman meets with the external auditor quarterly
and additional meetings or private sessions are
available upon request.
Independence and Provision of Non-Audit Services
The Committee is responsible for ensuring that the
external auditor is independent and for implementing
appropriate safeguards where the external auditor
also provides non-audit services to the Group.
PwC confirmed to the Audit Committee that they are
independent from the Group under the requirements
of the Irish Auditing and Accounting Supervisory
Authority’s Ethical Standards for Auditors. PwC were
appointed as statutory auditors for the Group for
the financial year ended 31 December 2016 and the
Committee will ensure that in accordance with EU
legislation in relation to Audit Reform as adopted in
Irish legislation, the external auditor is rotated at least
once every ten years. The audit lead engagement
partner for the financial year ended 31 December
2024 is Paul Barrie, who was appointed in July 2023.
In accordance with the Group’s policy on the hiring
of former employees of the current external auditor,
the Committee reviews and approves any senior
managerial appointments of individuals who were
employed by the external auditor within the previous
three years.
A formal policy governing the provision of non-audit
services by the external auditor is in place and is
reviewed and approved by the Audit Committee
annually. This policy is designed to safeguard
the objectivity and independence of the external
auditor and to prevent the provision of services
which could result in a potential conflict of auditor
independence. The policy outlines the services which
can be provided by the external auditor, the relevant
approval process for these services, and those
services which the external auditor is prohibited
from providing. In 2024, all non-audit services and
fees as outlined in note 3 to the financial statements
were approved by the Committee in line with the
policy. The Committee is satisfied that the non-
audit fees paid to PwC, which were minimal, did not
compromise their independence or objectivity.
Having considered all the above, the Committee
concluded that the Group’s external auditor is
independent.
Effectiveness
The Committee is committed to ensuring that
the Group receives a high-quality and effective
external audit. Post completion of the 2023 audit,
in conjunction with PwC, review meetings were held
with senior finance management across all regions
and it was confirmed by both parties that no issues
had arisen during the audit process.
At the October Audit Committee meeting, PwC
outlined in detail the 2024 external audit plan and
the Committee discussed the significant audit risks
and key audit matters, audit scope and materiality
amongst other matters. The Audit Committee
agreed that the plan and the materiality at which
any misstatements should be reported by PwC to the
Committee was appropriate.
Prior to the finalisation of the 2024 Sustainability
Statement and Consolidated Financial Statements, the
Audit Committee received a detailed presentation and
final report from PwC. The Committee also considered
feedback from the lead partner and senior executives
in concluding that PwC effectively delivered against
the objectives of the agreed audit plan.
In assessing the effectiveness of the external auditor,
the Audit Committee also considered the following:
• the quality of presentations to the Board and Audit
Committee;
• the technical insights provided, relevant to
the Group;
• key audit findings, including their robustness and
perceptiveness in handling of key accounting and
audit judgements; and
• their demonstration of a clear understanding of
the Group’s business and key risks.
On the basis of the above the Committee is satisfied
with the effectiveness of the external auditors.
89Directors’ Report Audit Committee Report
Appointment and Tenure
On an annual basis, the Committee reviews the
appointment of the external auditor, taking
into account the auditor’s effectiveness and
independence. On that basis, the Committee
recommended to the Board that PwC should
continue in office as the auditor to the Group in
respect of the year ending 31 December 2025. The
Audit Committee also approved the remuneration of
the external auditor, details of which are set out in
note 3 to the Consolidated Financial Statements.
In line with rotation requirements, a new external
auditor will be appointed for the audit of the
sustainability and financial statements for the year
ending 31 December 2026. The Committee began
planning for the tender process during 2024 and
intend to initiate a competitive tender process in
early 2025 which will allow sufficient time for an
orderly transition. The Committee considered the
recommendations of the FRC’s Audit Committees
and the External Audit: Minimum Standard while
overseeing the effectiveness of the external audit
process and planning for the upcoming tender
process.
Directors’ Compliance Statement
During the year, the Audit Committee reviewed
the appropriateness of the Directors’ Compliance
Policy Statement and received a report from senior
management on the review undertaken during
the financial year of the compliance structures and
arrangements in place to ensure the Company’s
material compliance with its relevant obligations.
Based on this review, the Committee confirmed
to the Board that in its opinion the Company is in
material compliance with its relevant obligations.
Whistleblowing and Fraud Arrangements
In accordance with the Provisions of the Code, the
responsibility for overseeing whistleblowing is within
the remit of the Board. During 2024, at the request
of the Board, the Committee considered the Group’s
whistleblowing arrangements and assisted the
Board in its assessment of the adequacy of these
arrangements. Details of the Group’s whistleblowing
arrangements are outlined in the Corporate
Governance Report on page 80 and are also
described in our Code of Conduct, which is available
from the Group’s website Kerry.com.
The Committee also considered the Group’s
procedures for fraud prevention and detection
to ensure that these arrangements allow for the
proportionate and independent investigation of such
matters and appropriate follow up action. Following
this review, the Audit Committee confirmed to the
Board that it was satisfied that the Group’s fraud
prevention procedures were adequate.
90 Directors’ Report Audit Committee Report
GOVERNANCE REPORT
Governance and Nomination Committee Report
Where to find out more
Membership
• Details of Committee members and their
attendance at all meetings can be found on
Page 81
• Information on the skills and experience of
all Committee members can be found on
pages 58 to 61.
Responsibilities
• The Terms of Reference are available in the
governance section of the Group’s website
kerry.com or upon request.
A Year In Review
During the year under review, the Committee
continued to lead the Board refreshment process
ensuring that the composition of the Board and its
Committees has the appropriate balance of skills,
knowledge, experience, diversity and independence.
Key developments during the year included:
• Ms. Liz Hewitt joined the Board in March 2024 and
she brings with her significant and wide-ranging
business leadership as well as board and audit
committee experience which compliments the
skillset of the Board;
• The Committee oversaw the onboarding of the
new Board members who joined in late 2023 /
early 2024;
• Mr. Christopher Rogers was appointed Senior
Independent Director and he is overseeing the
Chair succession process ahead of my retirement
at the conclusion of the AGM in 2026. This process
is expected to be concluded in early 2026;
• The composition of the Committees was refreshed
and a new designated workforce engagement
Director was appointed following the board
retirements that occurred during the year; and
• An internally facilitated self-assessment of the
effectiveness of the Board and its Committees was
conducted, the outcome of which is that the Board
and Committees are operating effectively.
The Committee also oversaw senior leadership
development and succession planning and kept
up to date with the latest corporate governance
developments including changes to the UK and Irish
Listing rules, upcoming changes to the UK Corporate
Governance Code and the implementation of a new
Irish Corporate Governance Code.
The Year Ahead
The Committee’s priorities for 2025 will continue
to focus on Board and Committee refreshment,
including Chair succession, as well as senior
leadership development and succession planning.
The Committee will also keep up to date with
evolving corporate governance requirements.
Tom Moran
Chairman of the Governance and
Nomination Committee
On behalf of the Governance and
Nomination Committee, I am pleased
to present our report for the year
ended 31 December 2024. This report
sets out the Committee’s main areas
of focus over the past financial year
91Directors’ Report Governance and Nomination Committee Report
Board Refreshment Policy
On an ongoing basis, the Governance and
Nomination Committee reviews and assesses the
structure, size, composition, diversity and overall
balance of the Board and makes recommendations
to the Board regarding refreshment.
Appointments to the Board are for an initial three-
year term, subject to shareholder approval and
annual re-election, after consideration of annual
performance evaluation and statutory provisions
relating to the removal of a Director. The Board
may appoint such Directors for a further term
not exceeding three years and may consider an
additional term if deemed appropriate.
During the year, the Chairman conducted a rigorous
review of all other non-Executive Directors as part of
the Board evaluation process, considering the need
for progressive refreshment of the Board. The Board
explains to shareholders, in the papers accompanying
the resolutions to elect and re-elect the non-Executive
Directors, why it believes each individual Director
should be re-elected based on the results of the formal
performance evaluation. Details of Board refreshment
activities during the year are outlined on pages 94-95.
Governance and Nomination Committee
Advisors
The Governance and Nomination Committee
is authorised to appoint external advisors and
Korn Ferry assisted the Committee with Board
refreshment during 2024. Korn Ferry also provides
leadership and talent consulting services to the
Group through a separate part of their business.
They do not have any other connections with the
Group or with any of the individual Directors that
may impair its independence.
Nomination Process
There is a formal, rigorous and transparent
procedure in appointing new Directors to the
Board. Details of this process are outlined in the
Governance in Action table.
The Committee also makes recommendations to
the Board concerning the re-appointment of any
non-Executive Director at the conclusion of their
specified term and the re-election of all Directors at
the AGM. The terms and conditions of appointment
of non-Executive Directors are set out in formal
letters of appointment, which are available for
inspection at the Company’s registered office during
normal office hours and at the AGM.
1. Assessment
The Committee assessed the skill set, experience and diversity on the Board, the
requirements to meet the Group’s future growth plans, together with the planned
retirements from the Board over the coming years.
2. Requirement
The Committee prepared a detailed role profile; identifying the need for a new non-
Executive Director with business leadership and listed company board experience as
well as a finance skill set. The Committee also considered the Board’s commitment
to enhance the gender profile of the Board in line with developing best practice and
regulatory requirements.
3. Search
The Committee instructed Korn Ferry to conduct a search for an appropriate
candidate for appointment to the Board based on the profile and skillset agreed
by the Committee.
4. Screening
The Committee assessed a long list of candidates identified by Korn Ferry as having
met the criteria.
5. Interview
A shortlist of potential candidates was interviewed by Korn Ferry, the Chairman, the
Committee and the Chief Executive Officer.
6. Approval
A formal recommendation was made by the Committee to the Board proposing the
appointment of Ms. Liz Hewitt as non-Executive Director. The Board approved the
appointment of Ms. Liz Hewitt noting that she has a balance of skills, knowledge
and experience that matched the requirements set. Appointment terms were
drafted and agreed with her.
Governance in Action (example)
Non-Executive Director Appointment
Ms Liz Hewitt was appointed to the Board with effect from 1 March 2024. The key stages of the nomination
process are outlined below.
92 Directors’ Report Governance and Nomination Committee Report
Succession Planning
The Governance and Nomination Committee
reviews the succession plans for the Board and its
Committees on an ongoing basis to ensure an orderly
refreshment of membership, taking into account
Group strategy, challenges and opportunities facing
the Group and the skills, knowledge and experience
required of Board members.
The Committee also reviews succession plans for
senior leadership, which form part of the Group’s
overall annual approach to succession planning
and agrees these with the Chief Executive Officer
before being presented to the Board. The succession
planning process includes defining success criteria
for key roles, identifying and evaluating candidate
pools and aligning successor development activities
with individual and business needs to ensure
leadership continuity and to strengthen the quality of
the leadership succession pipeline.
This process is fully documented and monitored
throughout the year in conjunction with the
Committee. Details of succession planning activities
during the year are outlined in Our People on page 16.
Corporate Governance Developments
During 2024, the Committee also continued to keep
up to date with existing and evolving corporate
governance requirements and ensured that Board
and Committee agendas were appropriately drafted
to include same.
Diversity, Inclusion and Belonging Policy
At Kerry we strive to ensure that we reflect the
communities in which we operate across the globe.
We embrace, celebrate and harness our differences,
seeking to foster an inclusive and supportive work
environment which is positive and productive, and
respectful of everyone.
We recognise the value that different perspectives
and cultures bring to Kerry and encourage individuals
to fully participate and contribute meaningfully to the
overall success of the Group.
The Group’s Diversity, Inclusion and Belonging Policy
is an integral part of the Group’s Code of Conduct
ensuring that diversity and inclusion are embedded
in Kerry Group’s core values.
Within this, the Group seeks to recruit and retain the
best talent from varied backgrounds who bring the
skills and experience necessary to drive innovative
thinking to enable Kerry to maintain a sustained
competitive advantage.
The Board believes in the benefits of having a
diverse Board and the value that it can bring to its
effective operation. In accordance with the Board
and Board Committee Diversity Policy, differences in
background, gender, skills, experiences, nationality,
ethnicity and other attributes are considered in
determining the optimum composition of the Board
and its Committees with the aim being to balance it
appropriately with different views and perspectives.
All Board appointments are made on merit, with due
regard to diversity. The Board currently has a 46%
female representation. Diversity at Board level in
terms of gender, nationality and ethnic background
have all improved in recent years. In line with this
policy, and recommended best practice, the Board is
committed to maintaining a minimum of 40% female
representation on the Board. It has an ambition to
increase the representation of members with diverse
backgrounds such as nationality, ethnicity and other
attributes and to have an appropriate representation
on each of its Committees. As at 31 December 2024
and the date of this report, the Company has met
the UK Listing Rule requirements in relation to Board
diversity, as at least 40% of the Board members are
women, at least one of the senior Board positions is
held by a woman and at least one Board member is
from an ethnic minority background.
In reviewing Board composition and agreeing a
job specification for new non-Executive Director
appointments, the Committee considers the benefits
of all aspects of diversity including, but not limited
to, those described above, to make appointments
that complement the range and balance of skills,
knowledge and experience on the Board. As part
of the identification process, executive recruitment
consultants present a list of potential candidates
who meet the stated specification requirements, for
consideration by the Committee.
Diversity goals have been agreed for senior
leadership succession pools with the Executive
Directors and approved by the Board to improve
the diversity profile of senior leadership teams
and ensure internal candidate pools better reflect
the broader mix of capabilities and cultures within
the Group. The Group is committed to achieving
its goal of equal gender representation in senior
management roles by 2030. The Committee reviews
progress against these goals each year, while
taking account of business growth and geographic
expansion within the organisation. Currently the
Group is on track to achieve these targets.
Further details of the Group’s approach to Diversity,
Inclusion and Belonging, including our broader
organisational goals focused on building an inclusive
and diverse workplace, are outlined in our Sustainability
Statement and in Our People on page 15.
93Directors’ Report Governance and Nomination Committee Report
A summary of the Group’s current position relating to Board and Executive Management diversity, in line with
the UK listing rule requirements, is provided in the table below:
Disclosure Table in the Format Prescribed by the UK Listing Rules
Number
of Board
Members
Percentage
of the
Board
Number of senior
positions on the
Board (CEO, CFO,
SID and Chair)
Number in
Executive
Management
Percentage
of Executive
Management
Gender identity of sex
Men 7 54% 3 13 76%
Women 6 46% 1 4 24%
Not Specified/prefer not to say - - - - -
Diversity of ethnicity
White British or other White
(Including minority-white Groups)
12 92% 4 17 100%
Mixed/Multiple Ethnic Groups - - - - -
Asian/Asian British 1 8% - - -
Black/African/Caribbean/
Black British
- - - - -
Other Ethnic group, including
Arab
- - - - -
Not Specified/prefer not to say - - - - -
Dr. Genevieve Berger Appointed to the Sustainability Committee on 2 May 2024.
Ms. Fiona Dawson Appointed to the Audit Committee on 2 May 2024.
Ms. Emer Gilvarry Appointed to the Governance and Nomination Committee and as Workforce
Engagement Director on 2 May 2024. She retired from the Audit Committee
on the same date.
Prof. Catherine Godson Appointed to the Sustainability Committee on 2 May 2024.
Ms. Liz Hewitt Appointed to the Board and the Audit Committee on 1 March 2024.
Mr. Micheal Kerr Appointed to the Remuneration Committee on 2 May 2024.
Mr. Christopher Rogers Appointed as Senior Independent Director and to the Governance and
Nomination Committee on 2 May 2024. He retired from the Sustainability
Committee on the same date.
Changes to the composition of the Board and its Committees for the year ended 31 December 2024
Corporate Development & M&A
Sustainability
Board & Governance
Financial & Risk Management
Science, Technology & Innovation
International Markets
Food & Beverage Industry
Legal & Regulatory
0 1 2 3 4 5 6 7 8 9 10
Summary of
non-Executive
Directors skills
and experience
1
• The reference date for the disclosures in this table is 31 December 2024. There has been no change in the data disclosed since that date.
• For the purpose of this disclosure Executive Management represents the Executive Leadership Team plus the Company Secretary.
• The data in the table above was collected on the basis of self-reporting by the individuals concerned. When providing the data, the individuals were
asked to select the gender and ethnicity background applicable to them by selecting from the list in the table above.
1
This disclosure addresses ESRS 2 GOV-1 21 c as referenced in the Sustainability Statement on page 132 - subject to limited assurance.
94 Directors’ Report Governance and Nomination Committee Report
On the Committee’s agenda in 2024
The key activities of the Committee throughout the year are detailed below:
Subject Committee Activity
Board Size and
Composition
In 2024, as part of its remit, the Committee considered the size and composition of the Board. On 31
December 2024, the Board comprised 13 members following the appointment of Ms. Liz Hewitt and the
retirement of Dr. Hugh Brady and Dr. Karin Dorrepaal during 2024. The Committee will continue to consider
both Board size and composition during 2025.
Chairman
Succession
During 2023, the Committee, recommended to the Board that Mr. Tom Moran continue as Chairman until
the Annual General Meeting in 2026 and this was formally approved by the Board. Mr. Moran’s re-election as
a Director was strongly supported by shareholders at the 2024 AGM.
A Chair succession committee is undertaking a formal succession process which is being led by Mr.
Christopher Rogers in his role as Senior Independent Director.
Board
Refreshment
Ms Liz Hewitt was appointed to the Board as non-Executive Director on 1 March 2024, following a search
conducted by the Committee in conjunction with an executive recruitment consulting firm. The Committee
and the Board agreed that she has a balance of skills, knowledge and experience that matched the
requirements set.
Committee
Refreshment
Following the planned retirements of Dr. Hugh Brady and Dr. Karin Dorrepaal as Directors at the conclusion
of the AGM held on 2 May 2024, the Board, on the recommendation of the Committee, agreed to the
following changes in Committee composition, all of which took effect at the conclusion of the 2024 AGM
on 2 May 2024: Mr. Christopher Rogers and Ms. Emer Gilvarry joined the Governance and Nomination
Committee; Mr. Michael Kerr joined the Remuneration Committee; Ms. Fiona Dawson joined the Audit
Committee and Dr. Genevieve Berger and Prof. Catherine Godson joined the Sustainability Committee. Mr.
Christopher Rogers resigned from the Sustainability Committee and Ms. Emer Gilvarry resigned from the
Audit Committee. The Committee will continue to consider committee refreshment in 2025.
Designated
Workforce
Engagement
Director
Dr. Karin Dorrepaal retired from the Board and as the designated Workforce Engagement Director at the
conclusion of the AGM on 2 May 2024. The Committee completed a formal process and recommended to
the Board that Ms. Emer Gilvarry be appointed as the designated Workforce Engagement Director effective
from the conclusion of the 2024 AGM.
Re-
appointment
of
non-Executive
Directors
During the year, Ms. Dawson, Mr. Mike Kerr, Mr. Christopher Rogers and Mr. Jinlong Wang each completed
terms as non-Executive Directors. Following a rigorous review of their skills, knowledge, experience and
independence, the Board on the recommendation of the Committee, agreed that they continue to be
effective and independent and make a valuable contribution to the Board, and re-appointed them to serve
additional terms.
Board and
Committees
Effectiveness
As outlined in detail on pages 82-83, an internal evaluation of the Board and its Committees took place in
2024 in line with the provisions of the 2018 UK Corporate Governance Code.
The Committee considered the outcome of this review. Each recommendation was assessed, and an action
plan was developed to address areas for potential improvement. These recommendations will be reviewed
and considered by the Committee in 2025. The conclusion from the evaluation process is that the Board and
its Committees are operating effectively.
Senior
Leadership
Development
and
Succession
During the year, the Committee reviewed senior leadership development and succession plans having
regard to agreed diversity goals to ensure the appropriate level of skills and diversity will exist to support the
delivery of the Group’s strategy.
Corporate
Governance
Review
During 2024, the Committee reviewed and updated the Company’s corporate governance related policies.
In addition, the Committee monitored the Company’s compliance with the 2018 UK Corporate Governance
Code and the Irish Corporate Governance Annex. The Committee also reviewed developments in corporate
governance including the new UK and Irish Listing rules, the new UK Corporate Governance Code and the
new Irish Corporate Governance Code.
Terms of
Reference
During the year, the Committee reviewed and updated its Terms of Reference. A copy of these terms is
available on the Group’s website kerry.com
95
Directors’ Report Governance and Nomination Committee Report
GOVERNANCE REPORT
Sustainability Committee Report
A YEAR IN REVIEW
During the year, we welcomed Dr. Genevieve
Berger, and Prof. Catherine Godson as members
of the Committee. Both Genevieve and Catherine
bring a wealth of ESG experience to discussions.
Dr. Karin Dorrepaal and Mr. Christopher Rogers
retired from the Committee, and I would like to
thank them for their valued contribution during
their tenure on the Committee.
During 2024 the Committee’s core priority continued
to be monitoring how the implementation of the
Group’s Beyond the Horizon sustainability strategy is
progressing as well as reviewing performance versus
our agreed sustainability related commitments.
I am pleased to say that during the year we have
made good progress and are on track to meet these
commitments. Kerry now reaches 1.36bn people
with positive and balanced nutrition solutions as
we continue to support our customers in improving
the nutritional profile of their products. Our Scope 1
and 2 carbon emissions have decreased by 50% and
the food waste reduction across our operations was
38% versus our base year. Further details about our
performance are set out in our Sustainability Review
on pages 38-45 and in the Sustainability Statement
on pages 127-233.
As part of the Group’s readiness for reporting in line
with CSRD requirements, the Committee reviewed
and approved the sustainability material topics for
2024 which were identified following the completion
of a double materiality assessment.
Where to find out more
Membership
• Details of committee members and their
attendance at all meetings can be found on
page 81
• Information on the skills and experience of
all Committee members can be found on
pages 58 to 61.
Responsibilities
• The Terms of Reference are available in the
governance section of the Group’s website
kerry.com or upon request.
Where to find more detail
• More detail on Kerry’s Sustainability
performance is available in the Sustainability
Review on pages 38-45 and in the
Sustainability Statement on pages 127-233
On behalf of the Sustainability
Committee, I am pleased to present
our report for the year ended 31
December 2024, setting out the
Committee’s main areas of focus.
Fiona Dawson
Chairperson of the Sustainability Committee
The Committee oversaw the development and
publication of the Group’s Climate Transition Plan. As
part of this we received regular updates on the work
completed, made decisions as required and approved
changes to the plan as a result of the disposal of the
Dairy Ireland business. The Committee assessed the
key climate risks and opportunities under a number
of climate change scenarios and considered what
impacts may unfold under a range of pathways. We
also considered the actions that can be taken to
reduce the risks identified.
The Committee, in conjunction with the Audit
Committee, considered and approved the
sustainability-related reporting in the 2024 Annual
Report including the Sustainability Review and the
new Sustainability Statement.
Finally, I would like to take this opportunity to
thank the members of the Sustainability Committee
for their input and support during the year and I
look forward to making further progress on our
sustainability journey during 2025.
96 Directors’ Report Sustainability Committee Report
On the Committee’s agenda in 2024
The key activities of the Committee throughout the period are detailed below:
Subject Committee Activities
Oversight of the
Group’s Sustainability
Strategy
The Committee provided guidance and oversight on the continued implementation of the
Group’s Beyond the Horizon sustainability strategy. The Committee was supported in this work
by the Sustainability Executive Committee, whose members are invited to the Committee
meetings to share their expertise on key sustainability topics and to update the Committee
on the implementation of the sustainability strategy.
Performance Versus
Sustainability
Commitments
The Committee monitored progress against the commitments and targets included in
the Group’s Beyond the Horizon sustainability strategy and provided insight and feedback
as appropriate.
Sustainability
Reporting
The Committee, in conjunction with the Audit Committee, considered and approved the
sustainability-related reporting in the 2024 Annual Report including the Sustainability Review
and the Sustainability Statement.
CSRD Readiness The Committee oversaw preparations for reporting under the Corporate Sustainability
Reporting Directive (CSRD) framework and worked with management to ensure that an
appropriate and adequately resourced action plan was in place and executed.
The Committee reviewed and approved the sustainability material topics for 2024 that were
identified in the double materiality assessment completed as part of Group’s readiness for
reporting in line with CSRD r
equirements.
Climate Related
Risks and the Climate
Transition Plan
The Committee reviewed and approved the material climate related risks and opportunities
facing the Group. The Committee also approved the Group’s Climate Transition Plan, which
was published externally on kerry.com in December 2024, and in addition it reviewed and
approved Kerry’s updated Scope 3 targets.
Committee Training Since the establishment of the Committee, training materials have been shared with the
Committee including the Group’s Sustainability Essentials education modules for their
general update on sustainability matters as relevant to Kerry. A training programme for
2024 was agreed and executed. As part of this training, one of the Committee members
participated in a Leaders Sustainability Acceleration Programme which was run in
conjunction with the UCD Michael Smurfit Graduate Business School.
Committee Evaluation As outlined on pages 82-83, an internal evaluation of the Board and its Committees took
place in 2024. The outcome of the review is that the Sustainability Committee is considered
to be operating effectively.
Terms of Reference During the year, the Committee reviewed and updated its Terms of Reference. A copy of
these terms is available on the Group’s website kerry.com
97
Directors’ Report Sustainability Committee Report
GOVERNANCE REPORT
Remuneration Committee Report
Section A
Chairperson’s Annual Statement
Dear Shareholder,
On behalf of the Remuneration Committee, I am pleased
to present the Remuneration Committee Report for the
year ended 31 December 2024 which contains:
• The current Directors’ Remuneration Policy, which
was approved at the AGM on 2 May 2024; and
• The annual Remuneration Report, describing how
the Remuneration Policy has been put into practice
in 2024 and how it will be implemented in 2025.
Context for Remuneration Decisions in 2024
2024 has been an important year for Kerry. In
parallel to delivering a strong financial performance,
our Executive Directors have continued to lead our
strategic development including the sale of the Dairy
Ireland business, culminating in Kerry becoming a
pure play taste & nutrition company.
We could not have achieved this without the continued
and excellent leadership of our Executive Directors, our
leadership teams and our entire global workforce who
continue to demonstrate tremendous commitment
and agility. I would like to pay special tribute to the
employees of Kerry Dairy Ireland and thank them
sincerely for their contributions over the years.
From a remuneration perspective, I would also like to
express my appreciation to our shareholders for their
high level of support with a 95% vote in favour of the
policy at our 2024 AGM. The approved policy enables
the Committee to ensure that Executive Director
remuneration continues to reinforce the Group’s
strategy and medium-term targets in a manner that is
aligned with its purpose and values, and will underpin
success for all stakeholders.
Where to find out more
Membership
• Details of Committee members and their
attendance at all meetings can be found on
page 81.
• Information on the skills and experience of
all Committee members can be found on
pages 58 to 61.
Responsibilities
• The Terms of Reference are available in the
governance section of the Group’s website
Kerry.com or upon request.
Supporting our Colleagues
Throughout 2024, the Committee continued to
ensure a focus on our wider workforce. In the 2023
Remuneration Report we shared a summary of
the targeted actions taken to support our people.
We have continued to build on these actions in
2024 with the additional measures and benefits
highlighted below:
• Following on from a very successful Phase 1 launch
of our Global All Employee Share Plan, (‘OurShare’),
to 8 countries in 2023, we extended OurShare
to a further 16 countries in 2024. OurShare is
now available in 24 countries across all regions,
covering more than 94% of our workforce. 1 in
6 colleagues have chosen to join OurShare, and
as shareholders, now own part of Kerry. Plans
are well underway in preparation for our Phase 3
roll out in 2025 which will focus on the remaining
countries representing another significant
milestone for Kerry.
• Continuing our focus on fostering a healthy,
positive work environment, in 2024, together
with a leading psychology-based organisation,
we developed a structured Emotional Wellbeing
Training Program for people leaders at Kerry. We
commenced our phased rollout across all regions
in 2024 and will continue our rollout in 2025.
• Throughout 2024, we partnered with the Global
Fair Wage Network to enhance our Living Wage
strategy, building on our current certification
and experience in the UK where we have been an
accredited Living Wage Employer since April 2023.
98 Directors’ Report Remuneration Committee Report
Salary increases for the wider workforce in 2025 will
again be aligned to market movements on a country-
by-country basis. We will continue to have flexibility in
our pay review process to facilitate higher increases
for lower-paid positions and to allow for more
frequent reviews in inflationary economies.
Remuneration Policy
2024 was the first year of operation of our new
Remuneration Policy, which is outlined in Section C
on pages 104-111. This policy was approved by
shareholders at the 2024 AGM and provides the
framework for remuneration decisions made by the
Committee for the three-year period 2024 to 2026.
The Committee is confident that the Group’s
Remuneration Policy is aligned with shareholder
interests, promotes long-term sustainable success
and is in line with applicable best market practice.
Furthermore, it ensures that Executive Director
remuneration is aligned with the Group’s purpose
and values and can be clearly linked to the successful
delivery of the Group’s strategy and medium-term
financial targets.
The Committee is satisfied that the policy has
operated as intended and that no changes are
required to the policy, or its operation, for 2025.
Remuneration Outturn 2024
In determining the Executive Directors’ remuneration
outturns for the financial year, the Committee
maintained a clear and rigorous focus on aligning
pay with performance.
2024 Short-Term Incentive Plan
For Executive Directors, the 2024 STIP was based on
financial metrics aligned with the Group’s strategy
with 30% based on Volume Growth, 25% on EBITDA
Margin Expansion and 25% on Cash Conversion.
Performance against key Strategic Objectives formed
the remaining 20% of the overall STIP weighting.
The calculated outturn of the STIP for 2024 was
98% of the maximum available opportunity
as outlined in further detail on page 115. The
Committee reviewed the formulaic outcome of the
quantitative metrics, and its assessment of the
strategic component, in the context of the Group’s
underlying performance and the stakeholder
experience, and is satisfied that the overall outturn
is reflective of the Group’s and the Executives’
strong performance during the year.
In line with the Directors’ Remuneration Policy, one-
third of the STIP payout will be deferred into shares/
share options to be held for two years.
Kerry’s Remuneration Principles
Delivery of Group Purpose, Values and
Strategy
The Group’s short and long-term
remuneration philosophy is to ensure that
Executive Director remuneration is aligned
with the Group’s purpose, values and culture,
supports strategy and promotes the long-
term success of the Group.
Creating Sustainable, Long-Term
Performance
Remuneration includes performance-related
elements designed to align Directors’
interests with those of shareholders and to
promote long-term sustainable growth and
performance at the highest levels, in line with
the Group’s strategy.
Attract, Motivate and Retain Talent
Market-competitive total remuneration is
structured to attract, motivate and retain
individuals of the highest quality on an
international basis.
Stakeholder Interests
By linking a high proportion of Executive
Directors’ potential remuneration to short-
term and long-term performance metrics
with robust share ownership requirements,
the Remuneration Committee believes
that the interests and risk appetite of the
Executive Directors are properly aligned
with the interests of shareholders and other
stakeholders.
Pay For Performance
The Committee ensures alignment with
shareholders’ long-term interests by aligning
remuneration metrics with the Group’s
business model and strategic objectives.
99Directors’ Report Remuneration Committee Report
Long-Term Incentive Plan 2022-2024 Outturn
The three-year performance period in respect of
the 2022-2024 LTIP award ended on 31 December
2024. The 2022 LTIP award was subject to growth in
Adjusted Earnings per Share (EPS), Total Shareholder
Return (TSR), Return on Average Capital Employed
(ROACE) and Sustainability Measures; with weightings
of 40%, 25%, 15% and 20% respectively.
The final outturn of the 2022-2024 LTIP award was
54% of the maximum opportunity as outlined in
further detail on pages 118-119.
The Committee reviewed the formulaic outcome
of the LTIP metrics and is satisfied that the overall
outturn is reflective of the Group’s underlying
performance during the three-year performance
period. In line with the Directors’ Remuneration
Policy, 100% of the vested award will be deferred into
shares/share options to be held for two years.
Remuneration Policy Implementation 2025
Basic Salary
In reviewing the basic salaries for the Executive
Directors, the Committee was again mindful of
the broader external environment, the strong
performance of our Executive team, and in
particular our wider workforce experience as
outlined previously.
For 2025, the basic salaries of the three Executive
Directors will be increased by 3.3%. In line with
the approach taken last year, the increases for
the Executive Directors are again below the
2025 increases available for the wider workforce
population in Ireland and the US (both at 3.5%), with
higher increases available for lower-paid employees
or where market adjustments are required to
maintain appropriate competitive positioning.
Pension
Executive Directors’ pension contributions will remain
aligned to those of Kerry’s wider workforce in Ireland.
Incentive Plans
We have consistently ensured there is a very strong
alignment between our short-term and long-term
incentive metrics and the Group’s business strategy
and financial targets.
During 2024 the Remuneration Committee reviewed
the incentive plan metrics and weightings to ensure
full alignment with the Group’s purpose, values,
culture, strategy and medium-term targets. Targets
were also assessed in the context of the changes in
the Group’s portfolio.
2025 Short-Term Incentive Plan
A review of the STIP design and metrics was
completed to ensure they are aligned to strategy,
consistent with best practice, and the targets are
appropriately stretching.
The Committee concluded that the current metrics
and weightings continue to be appropriate and
will therefore remain unchanged for 2025. The
annual STIP maximum opportunity will also remain
unchanged for 2025, at 200% of basic salary.
2025 Long-Term Incentive Plan
A review of the LTIP design and metrics was also
completed in 2024. The Committee concluded that
the current metrics and weightings continue to be
closely aligned with key value drivers for the Group
(see page 108) and will therefore remain unchanged
for the 2025 award.
A review of the target calibrations for 2025 was also
completed and the Committee concluded that the
targets set for EPS, ROACE and TSR for the 2024 award
continue to be appropriate for the 2025 award in the
context of the internal and market reference points
considered, as well as the award opportunities in place.
The Committee adjusted the target ranges for the
sustainability metrics as the Group moves another
year closer to the targets included in the Beyond the
Horizon sustainability strategy and to reflect changes
in the Group’s portfolio.
The Remuneration Policy approved by shareholders
in 2024 provided for an increase in the maximum
LTIP opportunity. As described last year, following
feedback from shareholders during engagement on
the Committee’s policy proposals, the Committee
decided to implement its proposed increases in
the LTIP opportunities for the Executive Directors
on a phased basis over two years. The Committee
concluded that it is appropriate to implement
the second phase of the increase approved by
shareholders in the 2025 award, given the strong
performance of the Group and each Executive
Director in 2024. As such, the CEO’s LTIP award
opportunity for 2025 will be 375% of basic salary and
the LTIP opportunity for the CFO and CEO Taste &
Nutrition will be 300% of basic salary.
Pay for Performance
Kerry has a strong track record of demonstrating
appropriate rigour and discipline when setting
stretching targets. The Committee is satisfied that
the targets set for the 2025 STIP and LTIP awards are
appropriately stretching, particularly given the current
economic environment, overall weak consumer
demand and subdued market growth rates as well as
the level of capital expenditure required to support
future growth ambitions.
100 Directors’ Report Remuneration Committee Report
Non-Executive Director Fees for 2025
For 2025, no substantive increases are proposed
and, in line with the Remuneration Policy, an annual
increase of 3.3% will be applied to the base fee paid
to the Chairman and the non-Executive Directors.
This increase is lower than the increase available to
the wider workforce in Ireland. No increases will be
applied to Committee membership fees, Committee
Chair fees or any other fees.
Other Matters
Committee Refreshment
Mr. Michael Kerr was appointed to the Committee in
May 2024 following Dr. Karin Dorrepaal’s retirement
from the Board and the Committee.
Committee Performance
An internal review of the Remuneration Committee’s
performance was undertaken during 2024 and the
outcome of this review is that the Committee is
operating effectively.
Conclusion
The Committee continues to review the Group’s
Remuneration Policy to ensure that it remains
aligned to shareholders’ long-term interests and
provides the right framework to attract, retain and
motivate Executive Directors in line with the pay for
performance principle.
As in previous years, the Remuneration Report is
being put to shareholders for an advisory vote.
Last year, 97% of our shareholders who voted, voted
in favour of the Remuneration Report and I hope
shareholders continue to provide their support at
this year’s AGM.
Finally, I would like to take this opportunity to thank
the members of the Remuneration Committee for
their commitment and support during the year.
Emer Gilvarry
Chairperson of the Remuneration Committee
101Directors’ Report Remuneration Committee Report
Section B
Remuneration Committee and Key Activities
Role and Responsibilities
On behalf of the Board, the Remuneration Committee
is responsible for determining the Remuneration
Policy and its implementation for the CEO, other
Executive Directors and members of the Executive
Leadership Team on an annual basis. The CEO is
invited to attend Remuneration Committee meetings
but does not attend Committee meetings when his
own remuneration is discussed. The Committee
also has access to internal and external professional
advice as required. The Committee follows an annual
and tri-annual calendar with matters scheduled and
planned well in advance. Decisions are made within
agreed reference terms, with additional meetings
held as required. In considering the agenda, the
Committee gives due regard to overall business
strategy, the interests of shareholders, employees,
other stakeholders and the performance of the
Group. The main responsibilities of the Committee,
which were reviewed during 2024, are set out in
written Terms of Reference which are available from
the Group’s website Kerry.com or upon request.
Remuneration Activities 2024
The key activities undertaken by the Committee in
discharging its duties during 2024 are set out below:
Subject Remuneration Committee Activity
Remuneration Report A review of best practice remuneration reporting was completed during 2024 to ensure
ongoing compliance with relevant legislation and reporting requirements.
Remuneration Policy
Review
The Committee reviewed the new policy and concluded that it has operated as intended,
and that the second phase of the LTIP changes will be applied from 2025.
Basic Salary The Committee continued to monitor the level of basic salaries of the CEO and Executive
Directors in line with market practice.
STIP
1
The STIP was reviewed during 2024 to ensure that the metrics are aligned with Group
strategy, purpose and values, the weightings are appropriate, and the associated targets
are appropriately stretching.
LTIP
1
The Committee considered the overall effectiveness of the LTIP in 2024 to ensure that it
is structured appropriately to incentivise Executive Directors and senior managers across
the Group.
Chairman & non-
Executive Director Fees
As provided in the Remuneration Policy, the base fees for the Chairman and non-Executive
Directors are reviewed annually.
Executive Leadership
Team
In accordance with the terms of the Code, the Committee set the remuneration
arrangements for the Executive Leadership Team and the Company Secretary.
Workforce Remuneration
and Related Policies
During the year, the Committee was provided with regular updates on pay policies and
procedures for the wider workforce to ensure alignment with the Executive Directors’
Remuneration Policy. The updates included an overview of the approach for the annual
pay reviews in all the countries in which the Group operates. Other agenda items included
updates on gender pay gap reporting, CSRD reporting, living wage strategy and roadmap,
and updates on employee wellbeing and recognition programmes.
All Employee Share Plan The Committee received regular updates on the expansion of Kerry’s All Employee Share
Plan (‘OurShare’) to 16 additional countries in 2024 in addition to the 8 countries launched
in September 2023.
Workforce Engagement
Activity
The Committee was updated by the Chief Human Resources Officer and the designated
Workforce Engagement Director (who is also the Chair of the Committee) in relation to the
dialogue with the workforce concerning executive and workforce remuneration policies.
The feedback received informed the Committee’s decision making in relation to executive
remuneration outcomes for 2024, as well as the level of salary increases for Executive
Directors and the fee increase for non-Executive Directors applicable in 2025.
Shareholder Consultation The Committee reviewed the results of the shareholder vote on the Remuneration Policy
and Report at the 2024 AGM, noting that 95% of shareholders who voted supported the
implementation of the new policy and 97% supported the Report. The Committee also
reviewed the additional feedback received from proxy advisors.
Committee Evaluation As outlined on pages 82-83 an internal review of the Board and its Committees was
conducted during 2024. The outcome of the review is that the Remuneration Committee is
operating effectively.
Terms of Reference During the year, the Committee reviewed and updated its Terms of Reference. A copy of
these terms is available on the Group website Kerry.com.
1
This disclosure addresses ESRS 2 GOV-3 29 e as referenced in the Sustainability Statement on page 132 - subject to limited
assurance.
102 Directors’ Report Remuneration Committee Report
Work of the Committee in Determining
Executive Director Remuneration
The Committee considers the appropriateness of
the Executive Directors’ remuneration not only in
the context of overall business performance and
environmental, social and governance (ESG) matters
but also in the context of wider workforce pay
conditions (taking into account workforce policies and
practices) and external market data to ensure that it
is fair and appropriate for the role, experience of the
individual, responsibilities and performance delivered.
Remuneration Committee Advisors
The Remuneration Committee is authorised by
the Board to appoint external advisors and Ellason
LLP (“Ellason”) is the advisor to the Remuneration
Committee, having been appointed in 2023.
The Committee is satisfied that the advice provided by
Ellason is objective and independent and that Ellason
does not have connections with the Group or any of the
individual Directors that may impair its independence.
The fees incurred with Ellason for advising the
Committee in 2024 were €58,549 (2023: €197,556).
Statement on Shareholder Voting
Below is an overview of the voting which took
place at the most recent AGM to approve the
Directors’ Remuneration Policy and the Directors’
Remuneration Report.
Votes on Remuneration
Total Votes Cast Votes For Votes Against
Votes Withheld/
Abstained
Directors’ Remuneration Policy (2024 AGM)
108,597,731 103,331,399 5,266,332 586,300
95.2% 4.8%
Directors’ Remuneration Report (2024 AGM)
108,582,536 105,508,410 3,074,126 601,495
97.2% 2.8%
The Committee appreciates the level of support shown by the shareholders for the Remuneration Policy
and the Remuneration Reports and is committed to continued consultation with shareholders with regard
to the Remuneration Policy.
103Directors’ Report Remuneration Committee Report
Section C
Remuneration Policy
Remuneration Principles
The Group’s Executive Director remuneration
philosophy is to ensure that executive remuneration
is: aligned to the Group’s purpose, values and
culture; supports strategy; promotes the long-term
success of the Group; properly reflects the duties and
responsibilities of the Executives; and is structured
to attract, retain and motivate individuals of the
highest quality from its international talent market.
Remuneration includes performance-related elements
designed to align Directors’ interests with those of
shareholders and to promote long-term sustainable
growth and performance at the highest levels in line
with the Group’s strategy.
A significant proportion of Executive Directors’ potential
remuneration is based on short-term and long-term
performance-related incentive programmes. By
incorporating these elements, the Remuneration
Committee believes that the interests and risk appetite
of the Executive Directors are properly aligned
with the interests of the shareholders and other
stakeholders. When approving remuneration outturns,
the Committee exercises independent judgement and
discretion, taking account of Group and individual
performance as well as the shareholder experience,
environmental, governance and social matters and
wider workforce pay conditions to ensure that it is
fair and appropriate for the role, experience of the
individual, responsibilities and performance delivered.
Drivers of Shareholder Return
As outlined in the Strategic Report on page 25, Volume
Growth and Margin Expansion are the main drivers
of Adjusted Earnings Per Share (EPS) which is the key
performance metric for measuring growth. Return on
Average Capital Employed (ROACE) is a key measure of
how efficiently the Group employs its available capital.
Cash Conversion is an important indicator of the cash
the Group generates for reinvestment or for return to
shareholders.
These are the main Group metrics included in the
Executive Directors’ Short-Term Incentive Plan (STIP)
and Long-Term Incentive Plan (LTIP) underpinned
by the Group’s sustainability metrics. Together these
metrics drive positive Total Shareholder Return which
aligns the interests of the Executive Directors with
those of shareholders. Our remuneration philosophy
also supports our long-term approach by deferring
a significant part of short and long-term variable
remuneration into share awards, which provides clear
alignment with the long-term interests of shareholders,
together with requiring Executive Directors to acquire
and maintain significant shareholdings in the Group.
Volume
Growth
Margin
Expansion
ROACE
Cash
Conversion
Return
Share
Price
Dividend/
Share
Buyback
EPS
Total
Shareholder
Return
Growth
Underpinned by Sustainability Measures
In line with best practice, malus and clawback
provisions apply to the Executive Directors’ STIP and
LTIP awards.
Remuneration Policy
Consistent with the Group’s commitment to comply
with best corporate governance practice, and with our
existing three year cycle, Kerry’s current Remuneration
Policy was submitted to a non-binding advisory vote
at the 2024 Annual General Meeting, one year earlier
than required under the Shareholder Rights Directive as
enacted in Ireland.
As an Irish incorporated company, Kerry is not obliged
to comply with the UK legislation which requires UK
companies to submit their remuneration policies to a
binding shareholder vote every three years or earlier if
changes are required prior to this.
Similarly, Kerry is not required to comply with the
remuneration reporting regulation contained in
Schedule 8 of the Large and Medium-sized Companies
and Groups (Accounts and Reports) Regulations 2008
(as amended) but follows the requirements as a matter
of best practice unless they conflict with Irish or other
legal requirements or there are other reasons why it is
considered not practical to do so.
In setting remuneration levels, the Committee has
regard to FTSE 100 companies of comparable scale
and complexity, and also to US and European sector
peer companies (as secondary sources) to reflect the
markets in which we compete for leadership talent. The
Committee also considers workforce remuneration and
related policies and employment conditions elsewhere
in the Group.
104 Directors’ Report Remuneration Committee Report
In designing the Remuneration Policy, the Committee considered the best practice features detailed in the
2018 UK Corporate Governance Code as follows:
Matters Examples
Clarity The Committee is committed to having a transparent approach to pay, by engaging regularly
with Executives, shareholders and their representative bodies in order to explain the approach
to executive pay and how it links to the Kerry strategy. We are also committed to clear and
transparent disclosure on all aspects of executive remuneration.
The Committee is informed of the feedback from the workforce in relation to executive and
workforce remuneration matters through regular updates provided by the Chief Human
Resources Officer and the designated Workforce Engagement Director.
Simplicity The Committee considers that the Remuneration Policy is simple and easy to understand.
The Remuneration Policy is aligned with the strategy and business model of the Group. The
Committee has purposefully avoided any complex structures which have the potential to be
misunderstood and deliver unintended outturns.
Risk The Remuneration Policy is designed to discourage inappropriate risk taking and ensure that
this is not rewarded. This is achieved by (i) the balanced use of both short-term and long-term
incentive plans which employ a blend of financial, non-financial and shareholder return targets
(ii) the significant role played by equity in our incentive plans together with shareholding
requirements (iii) malus and clawback provisions and (iv) the ability of the Committee to utilise
discretion to adjust formulaic outturns to ensure outturns are aligned to, and are reflective of,
the underlying business performance of the Group.
Predictability Executive Directors’ remuneration is subject to individual participation caps, with our share-
based plans also subject to market standard dilution limits. The scenario charts on page 111
illustrate how the rewards potentially receivable by our Executive Directors vary based on
performance delivered and share price growth.
Proportionality There is a clear link between individual rewards, delivery of strategy and long-term
performance. In addition, the significant role played by ‘at risk‘ pay delivered through the STIP
and LTIP, together with the structure of the Executive Directors’ service contracts, ensures that
poor performance is not rewarded.
Alignment to
Culture
Kerry has a relentless focus on delivering for our shareholders and other stakeholders and
this is fully aligned with our Remuneration Policy in that employee personal success is directly
linked to the success of the Group through the short-term and long-term incentive plans and
targets we operate.
The Committee is satisfied the Remuneration Policy is fully aligned with the Group’s diverse,
entrepreneurial and results focused culture which is underpinned by our Values of Courage,
Enterprising Spirit, Inclusiveness, Open-mindedness and Ownership.
The Company is operating its remuneration arrangements in line with the approved Remuneration Policy, which
came into effect in 2024 and will apply for up to three years. The Committee is comfortable that the policy
remains appropriate in supporting the Group’s strategy and currently believes that no changes will be required
prior to the triennial vote at the 2027 AGM. The current policy is reproduced below for ease of reference.
105Directors’ Report Remuneration Committee Report
Remuneration Policy Table
The following table details the approved Remuneration Policy for the Executive Directors for the period 2024
to 2026:
Purpose and Link
to Strategy Operation Opportunity
Performance
Metrics
Basic Salary
Reflects the value of the
individual, their skills and
experience.
Competitive salaries are set
to promote the long-term
success of the Group and
attract, retain and motivate
Executive Directors to deliver
strong performance for
the Group in line with the
Group’s strategic objectives.
• Remuneration Committee sets the
basic salary and benefits of each
Executive Director.
• Determined after taking into
account a number of elements
including the Executive Directors’
performance, experience and level
of responsibility.
• Paid monthly in Ireland and bi-
weekly in the US.
• Salary is referenced to job
responsibility and internal/external
market data.
• Set at a level to
attract, retain and
motivate Executive
Directors.
• Typically reviewed
annually with
increases normally set
by reference to the
wider workforce in the
relevant market.
• Full review undertaken
every three years.
• Not applicable.
Benefits
To provide a competitive
benefit package aligned with
the role and responsibilities
of Executive Directors.
• These benefits primarily relate to
the use of a company car or a car
allowance.
• Not applicable. • Not applicable.
Pension
To provide competitive
retirement benefits to
attract and retain Executive
Directors.
• Pension arrangements may vary
based on the Executive Director’s
location.
• Irish resident Executive Directors
participate in the general employee
defined contribution pension
scheme or receive a contribution to
an after-tax savings scheme (where
the lifetime earnings cap has been
reached) or receive a taxable cash
alternative based on a percentage of
basic salary.
• The existing Executive Director in
the US participates in the Group’s
defined benefit and defined
contribution pension schemes.
• The pension
contribution rates for
incumbent Executive
Directors are set at
10% of basic salary,
in line with the wider
workforce rate in
Ireland.
• The maximum
company pension
contribution rate
for new Executive
Director appointments
is aligned to that of
the wider workforce
rate.
• Not applicable.
Short-Term Incentive Plan (STIP)
To incentivise the
achievement, on an annual
basis, of key performance
metrics and short-term goals
beneficial to the Group,
the delivery of the Group’s
strategy and value creation
for all stakeholders.
One third of the award is
deferred in shares/share
options providing a two-year
retention element and aligns
Executive Directors interests
with shareholders’ interests.
• Achievement of predetermined
performance targets set by the
Remuneration Committee.
• Performance targets aligned to the
Group’s published strategic goals
with the targets and weightings for
financial and non-financial metrics
subject to annual review.
• Two thirds of the award is payable
in cash.
• One third of the award is awarded
by way of shares/share options to
be issued two years after vesting
following a deferral period.
• Malus and clawback provisions are
in place for awards under the STIP
(see page 109).
• Maximum opportunity
is 200% of basic
salary.
• Target opportunity
is 50% of maximum
opportunity for on-
target performance.
• Threshold
performance results
in a STIP payable at
0% of maximum.
For FY 2025
• Volume Growth
• Margin
Expansion
• Cash Conversion
• Strategic
Objectives
106 Directors’ Report Remuneration Committee Report
Purpose and Link
to Strategy Operation Opportunity
Performance
Metrics
Long-Term incentive Plan (LTIP)
Retention of key personnel
and incentivisation of
sustained performance
against key Group strategic
metrics over a longer period
of time.
Share-based to provide
alignment with shareholder
interests.
A two-year post vesting
deferral requirement aligns
Executive Directors’ interests
with shareholders’ interests.
• Conditional awards over shares or
share options.
• The awards vest depending on a
number of performance metrics
being met over a performance
period of at least three years.
• Following vesting, 100% of the
earned award is deferred for a
period of up to two years (i.e. to
ensure a combined performance
period and deferral period of five
years).
• Malus and clawback provisions are
in place for awards under LTIP (see
page 109).
• Maximum opportunity
is up to 375% of basic
salary.
For FY 2025
• Adjusted Earnings
Per Share “EPS”
• Total Shareholder
Return “TSR”
• Return on
Average Capital
Employed
“ROACE”
• Sustainability
Metrics
Shareholding Requirement
Maintain alignment of the
interests of the shareholders
and the Executive
Directors and demonstrate
commitment over the long-
term.
• Executive Directors are required
to build and to hold shares in the
Company to a minimum level set in
relation to the LTIP opportunity and
expressed as a percentage of their
basic salary.
• Shareholding requirement to be
satisfied through retention of a
minimum of 50% of vested STIP
and LTIP shares (excluding the sale
of shares to cover tax on vesting),
until the shareholding requirement
is met.
• A post-employment shareholding
requirement obliges Executive
Directors to hold the lower of (i) their
actual shareholding and (ii) their
in-service shareholding requirement
for two years post-employment.
Applies to shares acquired from
awards granted after 2021 and does
not apply to own purchased shares.
• 300%-375% of basic
salary.
• Not applicable.
107
Directors’ Report Remuneration Committee Report
How Remuneration Links with Strategy
Performance
Measures
Strategic Priority Incentive Scheme
Volume Growth Key driver of revenue growth STIP
Margin Expansion Key driver of profit growth STIP
Cash Conversion Cash generation for reinvestment or return to shareholders STIP
Strategic Objectives Development and execution of business strategies STIP
Adjusted EPS Growth Delivery of the Group’s long-term growth strategy LTIP
TSR Delivery of shareholder value LTIP
ROACE Balance growth and return LTIP
Sustainability Core to our strategy and long-term sustainable performance LTIP
Selection of performance targets
STIP
• Financial performance targets under the STIP are set by the Remuneration Committee with
reference to the prior year, current year budget, prevailing market conditions and medium-term
financial targets. They align with the Group’s strategic objectives while also ensuring the long-term
operational and financial stability of the Group. Targets are set at appropriately stretching levels to
achieve threshold, target and maximum payout levels. Performance targets are based predominately
on the financial metrics of Volume Growth, Margin Expansion and Cash Conversion (amounting to
80% of maximum opportunity).
• Volume Growth and Margin Expansion are key performance metrics as they are the main drivers
of Adjusted EPS Growth. Cash Conversion is key to ensuring there are sufficient funds available for
reinvestment or for return to shareholders.
• Strategic objectives (amounting to 20% of maximum opportunity) are relevant to each Executive
Director’s specific area of responsibility and are key in ensuring focus on the strategic and functional
priorities of the business including relevant sustainability priorities.
• Due to commercial sensitivity, the Committee believes it would be detrimental to the Company
to disclose targets in advance of or during the relevant performance period. The Committee will
disclose the targets and performance against them in the Remuneration Report following the end of
the performance year.
LTIP
• The performance targets under the LTIP are set to reflect the Group’s longer-term growth objectives
and at a level where maximum vesting represents genuine outperformance. The performance
measures are currently based on Adjusted EPS Growth, TSR, ROACE and Sustainability metrics.
• Adjusted EPS Growth is a key performance metric encompassing all the components of growth
important to the Group’s stakeholders. EPS Growth is driven by the STIP metrics, Volume Growth
and Margin Expansion. TSR is an important indicator of how successful the Group has been in terms
of shareholder value creation. ROACE represents a good perspective on the Group’s internal rate of
return and financial added value for shareholders. ROACE supports the strategic focus on growth and
margins through ensuring cash is reinvested to generate appropriate returns. Sustainability metrics,
which are core to maintaining our strategy and long-term sustainable performance, are reviewed at
the time of each award.
108 Directors’ Report Remuneration Committee Report
Malus/Clawback
The Committee has the discretion to reduce or
impose further conditions on the STIP and LTIP
awards prior to vesting (malus). The Committee
further has the discretion to recover incentives paid
within a period of two years from vesting (clawback).
The timeframe over which clawback may apply is
considered appropriate by the Committee, as it
reflects the period over which the Group’s processes
and systems are likely to flag any occurrence of any
of the key trigger events.
The key trigger events for the use of malus and
clawback provisions include material misstatement
of the Group’s audited financial results, serious
wrongdoing, payment made on the basis of
erroneous data, gross misconduct, serious
reputational damage and corporate failure.
Any recalculation of the award shall be effected in
such manner and subject to such procedures as the
Group determines to be measured and appropriate,
including repayment of any excess incentive or offset
against any amounts due or potentially due to the
participant under any vested or unvested incentive
awards.
The Company retains the right to apply the malus
and clawback provisions to STIP and LTIP awards
held or vested to former directors. Other elements of
remuneration are not subject to malus or clawback
provisions.
Committee Discretion
The Committee has discretion to adjust the formulaic
outturns under STIP and LTIP, both upwards and
downwards, to ensure outturns are aligned to and
are reflective of the underlying business performance
of the Group.
In line with plan rules, the Committee may, at its
discretion, amend or vary the performance metrics
of the STIP and LTIP, the calculation methodology for
those performance metrics and the composition of
the TSR peer group when appropriate, in the interest
of alignment and fairness.
Service Contracts
The CEO and Executive Directors have service contracts
in place which can be terminated by either party
giving up to 12 months’ notice. In addition, all service
contracts include pay in lieu of notice, non-compete
and non-solicitation provisions of up to 12 months
post departure, accompanied by such payments as are
considered necessary or appropriate to sustain such
provisions, in order to protect the Group’s customer
base, employees and intellectual property.
No ex-gratia severance payments are provided for in
respect of the CEO or Executive Directors.
Payments for Loss of Office
In the event of a Director’s departure, the Group’s
policy on termination is as follows:
• the Group will pay any amounts it is required to
make in accordance with or in settlement of a
Director’s statutory employment rights and in line
with their employment agreement;
• the Group will seek to ensure that no more is paid
than is warranted in each individual case;
• STIP and LTIP awards will be paid out in line with
plan rules on exit (i.e. for good leavers as defined
in the LTIP rules), with awards normally prorated to
reflect the proportion of the performance period
that has elapsed on the date of cessation, and
subject to performance and a two-year deferral
requirement; and
• other payments, such as legal or other professional
fees, repatriation or relocation costs and/or
outplacement fees, may be paid if it is considered
appropriate and at the discretion of the
Committee.
A Director’s service contract may be terminated
without notice and without any further payment or
compensation, except for sums accrued up to the
date of termination, on the occurrence of certain
events such as gross misconduct.
Remuneration Policy for Recruitment of New
Executive Directors
The Remuneration Committee will determine the
contractual terms for new Executive Directors,
subject to appropriate professional advice to ensure
that these reflect best practice and are subject to the
limits specified in the Group’s approved policy as set
out in this report.
Salary levels for new Executive Directors will take into
account the experience and calibre of the individual.
Where it is appropriate to offer a lower salary initially,
a series of increases to the desired salary positioning
may be made over subsequent years (even if higher
than the average increase awarded to the wider
workforce), subject to individual performance and
development in the role.
Pension and benefits will be provided in line with
the approved policy, with relocation, travel or other
expenses provided if necessary.
The structure of the variable pay element will be in
accordance with and subject to the limits set out in
the Group’s approved policy detailed above. Different
performance metrics may be set initially for STIP in
the year an Executive Director joins the Group taking
into account the responsibilities of the individual and
the point in the financial year they join the Board.
Subject to the rules of the scheme, an LTIP award
may be granted after joining the Group.
109Directors’ Report Remuneration Committee Report
If it is necessary to buyout incentive or benefit
arrangements (which would be forfeited on leaving
the previous employer) in the case of an external
appointment, this would be provided for taking into
account the payment vehicle (cash or shares), as well
as the timing and expected value (i.e. likelihood of
meeting any existing performance criteria) of the
remuneration being forfeited. The general policy is
that payment should be no more than the Committee
considers is required to provide reasonable
compensation for remuneration being forfeited. The
Group’s policy is that the period of notice for new
Executive Directors should not exceed 12 months and
should include pay in lieu of notice, non-compete and
non-solicitation provisions to protect the Group.
The Committee will ensure that any arrangements
agreed will be in the best interests of the Group and
shareholders.
Change of Control
Outstanding STIP and LTIP shares/share options
would normally vest and become exercisable on a
change of control, subject to plan rules, including the
satisfaction of any performance conditions and pro-
rating. The Committee may exercise its discretion
to vary the level of vesting having regard to the
circumstances and reasons for the events giving rise
to the change of control.
Alignment with Workforce Pay and Policies
There is strong alignment between how we set pay
for our Executive Directors and the wider workforce,
as well as clear alignment in the mechanics of how
we operate our pay review process and design our
benefit and incentive plans. The key difference
in remuneration structures is that, overall, the
Remuneration Policy for the Executive Directors
is more heavily weighted towards variable pay
compared to other employees.
An update on wider workforce remuneration is tabled
as a specific agenda item at every Remuneration
Committee meeting to enable the Committee to
consider the wider workforce experience when
setting the Remuneration Policy for Executive
Directors and making executive remuneration
decisions.
The Remuneration Policy provides an overview of
the structure that operates for the Group’s Executive
Directors and senior management. Differences
in quantum will depend on size of the role and
responsibility, the location of the role and local
market practice. Senior management are invited to
participate in both the STIP and LTIP to incentivise
performance through the achievement of short-term
and long-term objectives and through the holding of
shares in the Group.
To further strengthen the alignment between
Executive Directors and the wider workforce,
employees can participate in an All Employee Share
Plan (‘OurShare’) which was launched in 2023 to 8
countries and further expanded to an additional 16
countries in 2024. The Committee and the Board
believe that share ownership is a powerful and
important way of creating an ownership culture and
mindset. Plans are well underway in preparation for
our Phase 3 roll out in 2025 which will focus on the
remaining countries representing another significant
milestone for Kerry. See page 16 for further details
on the OurShare All Employee Share Plan.
Consultation with Employees
Our approach to employee engagement is set out
in detail on page 76 including the approach to
understanding the views of our wider workforce.
Ms. Emer Gilvarry, Chair of the Remuneration
Committee, is also the designated Workforce
Engagement Director, and she works closely with
our Chief Human Resources Officer to provide the
Committee with regular updates on engagement
with, and feedback from, employees.
When setting remuneration for Executive Directors
the Committee takes into account the remuneration
structures, policies and practices in the Group as a
whole, the feedback from employee engagement
activities and the information provided by our
external advisors. The Group has a number of
different channels for engagement including an
engagement survey, targeted pulse checks with
specific employee groups, regular town halls, a
dedicated digital employee communication platform
and our Speak Up facility. The Committee continually
reviews and enhances these channels to enable
the Committee to engage more effectively with
the workforce to explain the alignment between
Executive Directors’ Remuneration Policy and the
pay policy and practices applicable to the wider
workforce. In addition, through OurShare, employees
are able to become shareholders in Kerry and
exercise their voting rights as shareholders on all
resolutions submitted for approval at the Annual
General Meeting.
Consultation with Shareholders
The Committee considers the guidelines issued by
major institutional shareholders and the bodies
representing them, the guidelines and feedback
provided by proxy advisors and direct feedback
from shareholders, when completing its annual
and triennial review of the Group’s Executive
Remuneration policies and practices.
The Committee is committed to continued
consultation with shareholders regarding the
Remuneration Policy and its implementation.
110 Directors’ Report Remuneration Committee Report
Non-Executive Directors’ Remuneration
Policy
Non-Executive Directors’ fees, (other than the Board
Chair’s fee, which is determined by the Committee),
are determined by the Executive Directors to fairly
reflect the responsibilities and time spent by the
non-Executive Directors on the Group’s affairs. In
determining the fees, which are set within the limits
approved by shareholders, consideration is given to
both the complexity of the Group and the level of
fees paid to non-Executive Directors in comparable
companies. Fees are reviewed on an annual basis
and the base fee is typically increased in line with the
increase available to the wider workforce in Ireland. A
detailed benchmark review is carried out on a three-
year basis and any recommendations are presented
to the Executive Directors for approval.
Non-Executive Directors do not participate in the
Group’s incentive plans, pension arrangements or
other elements of remuneration provided to the
Executive Directors. Non-Executive Directors are
reimbursed for travel and accommodation expenses
(and any personal tax that may be due on those
expenses). Non-Executive Directors are encouraged
to build up a shareholding in the Company.
Illustration of Remuneration Policy
The following diagrams show the minimum,
target, maximum and maximum +50% share
appreciation, composition balance between the
fixed and variable remuneration components for
each Executive Director, effective for 2025. For
illustration purposes, target performance for LTIP
is reflected as 50% of maximum opportunity. The
innermost circle represents the minimum potential
scenario for remuneration, with the second circle
representing target, the third circle representing
maximum potential opportunity and the outer circle
representing maximum potential opportunity plus
50% increase in the LTIP share value.
The charts above exclude the effect of any
Company share price appreciation except
in the ‘maximum +50%’ scenario.
Basic Salary Pension & Benefits
STIP LTIP
Outer
2nd
3rd
Inner
11%
15%
25%
64%
54%
46%
2%
23%
2%
29%
25%
4%
87%13%
Edmond Scanlon
Outer
2nd
3rd
Inner
13%
16%
27%
59%
49%
41%
2%
26%
2%
33%
28%
4%
88%12%
Marguerite Larkin
Outer
2nd
3rd
Inner
13%
16%
27%
59%
49%
41%
2%
26%
3%
32%
27%
5%
85%15%
Gerry Behan
111Directors’ Report Remuneration Committee Report
Section D
Remuneration Policy Implementation
Part I: Remuneration Policy Implementation
2025
This section of the report sets out how the
Remuneration Policy, as described on pages 104-111,
will operate in 2025.
Basic Salary and Benefits
The salaries of the Executive Directors effective for
the year commencing on 1 March 2025, together with
the comparative figures for 2024, are as follows:
Directors
2025
€’000*
2024
€’000*
Increase
%
Edmond Scanlon 1,379 1,335 3.3%
Marguerite Larkin 853 825 3.3%
$’000* $’000*
Increase
%
Gerry Behan 1,136 1,100 3.3%
* The numbers above reflect rounding
For 2025, the basic salaries of the three Executive
Directors will be increased by 3.3%. In line with
the approach taken last year, the increases for
the Executive Directors are again below the
2025 increases available for the wider workforce
population in Ireland and the US (both at 3.5%), with
higher increases available for lower-paid employees
or where market adjustments are required to
maintain appropriate competitive positioning.
Benefits relate primarily to the use of a company
car/car allowance. Any travel arrangements or travel
costs required for business purposes will also be met
by the Group, on a net of tax basis.
Pensions
The CEO participates in the general employee Irish
defined contribution scheme and the CFO receives
a taxable cash allowance based on a percentage
of basic salary, in lieu of pension. The CEO T&N
participates in a US-defined contribution scheme and
a US-defined benefit pension scheme.
The pension contribution rate for Executive Directors
is aligned to that of Kerry’s wider workforce in Ireland
(currently a rate of 10%).
Short-Term Incentive Plan (STIP)
A review of the STIP metrics was completed in 2024
to ensure that they remain appropriate, are linked to
strategy, consistent with best practice and that the
targets are appropriately calibrated. The Committee
concluded that no changes are required to the
metrics and weightings for 2025.
The maximum STIP opportunity remains the same
as 2024, at 200% of basic salary for the CEO, CFO and
CEO Taste & Nutrition.
2025 STIP – Performance Metrics and Weightings
% of award
Group Metrics Target Max
Volume Growth 15% 30%
Margin Expansion 12.5% 25%
Cash Conversion 12.5% 25%
Strategic Objectives 10% 20%
Total 50% 100%
The Committee is of the view that a 50% of maximum
award payout for on-target performance is
appropriate, taking into account the level of stretch
in the targets set. Due to the commercial sensitivity
of the financial metrics and strategic objectives,
the Committee believes it would be detrimental to
the Company to disclose the targets in advance of,
or during, the relevant performance period. The
Committee will disclose the targets and performance
against them in next year’s Remuneration Report.
112 Directors’ Report Remuneration Committee Report
Long-Term Incentive Plan (LTIP)
A review of the LTIP design and metrics was also
completed in 2024. The Committee concluded that
the current metrics and weightings continue to be
closely aligned with the key value drivers for the
Group and will therefore remain unchanged for 2025.
Consistent with the Committee’s proven track
record of demonstrating rigour and discipline, a
review of the target calibrations for 2025 was also
completed. The Committee concluded that the
targets set for EPS, ROACE and TSR for the 2024
award continue to be appropriate in the context of
the award opportunities in place, and reflect levels
of performance that represent genuine stretch in
the context of our strategic plan and external market
conditions. Therefore, the financial performance
ranges set for the 2025 LTIP will remain unchanged
from those set for the 2024 award.
The Committee adjusted the target ranges for the
sustainability metrics as the Group moves another
year closer to the targets included in the Beyond
the Horizon sustainability strategy and to reflect the
changes in our portfolio during the year.
LTIP Award Year 2025
Performance Metrics Threshold Maximum
EPS (40% weighting)
1
Kerry’s EPS growth per
annum
5% 11%
% of award which vests 25% 100%
ROACE (15% weighting)
ROACE achieved 9% 13%
% of award which vests 25% 100%
Relative TSR (25% weighting)
Position of Kerry in peer
group
2
Median 75th
percentile
and above
% of award which vests 25% 100%
Sustainability
(20% weighting)
3
Nutrition Reach Goal 1.36bn 1.52bn
Carbon Reduction 50% 52%
Food Waste Reduction 35% 40%
% of award which vests 25% 100%
1
Adjusted EPS is measured on a constant currency basis.
2
The TSR Peer Group companies are listed on page 118.
3
The sustainability metrics listed have a weighting of 8%, 6%
and 6% respectively. This disclosure addresses ESRS 2 GOV-3
29 d as referenced in the Sustainability Statement on page 132
- subject to limited assurance.
The Committee is satisfied that the target ranges
are appropriately stretching particularly given
the current economic environment as well as
overall weak consumer demand and subdued
market growth rates. When setting the targets, the
Committee also considered market expectations for
future performance, the impact of M&A multiples
on return-on-investment outcomes, the level of
capital expenditure required to support future
growth ambitions, performance achieved against the
previous targets set and the medium-term targets
included in the latest strategic plan (see pages 24-25).
See Group Key Performance Indicators (KPIs) on
pages 26-27 for more information on the link
between performance metrics used for incentive
purposes and the Group’s Strategic Plan.
The Remuneration Policy approved in 2024 included
an increase in the maximum LTIP opportunity, to be
implemented on a phased basis over two years. In
line with this, the second phase of the increase will
be implemented in 2025 and each Executive Director
will be awarded their maximum LTIP opportunity
as follows; CEO 375% of basic salary (from 340%),
CFO and CEO Taste & Nutrition 300% of basic salary
(from 275%).
Non-Executive Director Remuneration Review
For 2025, no substantial increases are proposed
and, in line with the Remuneration Policy, an annual
increase of 3.3% will be applied to the base fee paid
to the Chairman and non-Executive Directors. This
increase is lower than the increase available to the
wider workforce in Ireland.
The following fees will be applied effective 1 March
2025:
Fee Type
1
2025 Fees
€’000
2024 Fees
€’000
Chairman’s Fee 435 422
Non-Executive Director
Base Fee
95 92
1
There are no changes to the Committee membership,
Committee Chair fees or any other fees. The numbers above
reflect rounding.
113
Directors’ Report Remuneration Committee Report
Part II: Remuneration Policy Outturn 2024
Disclosures regarding Directors’ remuneration have been drawn up on an individual Director basis in
accordance with the requirements of the 2014 Irish Companies Act, the EU Shareholder Rights Directive,
the 2018 UK Corporate Governance Code, the Irish Corporate Governance Annex, the Euronext Dublin Stock
Exchange and the UK Listing Authority.
The information in the tables 1, 4, 5, 6 and 7 below including relevant footnotes (identified as audited) forms
an integral part of the audited consolidated financial statements, as described in the basis of preparation on
page 252. All other information in the Remuneration Report is additional disclosure and does not form an
integral part of the audited consolidated financial statements.
Executive Directors’ Remuneration
Table 1: Individual Remuneration for the year ended 31 December 2024 (Audited)
Irish Based Directors
Euros
US Based Director
US Dollars
Edmond Scanlon
CEO
Marguerite Larkin
CFO
Gerry Behan
6
CEO T&N
2024
€’000
2023
€’000
2024
€’000
2023
€’000
2024
$’000
2023
$’000
Basic Salary
1
1,327 1,283 821 793 1,092 1,053
Benefits
2
74 74 35 35 87 80
Pensions
3
133 128 82 79 110 103
Total Fixed Remuneration 1,534 1,485 938 907 1,289 1,236
% Fixed v Total 25% 32% 27% 35% 27% 36%
STIP
4
2,601 1,822 1,608 986 2,141 1,308
LTIP
5
1,907 1,287 983 716 1,265 848
Total Variable Remuneration 4,508 3,109 2,591 1,702 3,406 2,156
% Variable v Total 75% 68% 73% 65% 73% 64%
Total Remuneration 6,042 4,594 3,529 2,609 4,695 3,392
€’000 €’000
4,307 3,112
1
Annual pay increases are effective from 1st March each year.
2
These benefits primarily relate to the use of a company car or a car allowance.
3
The pension figure for Edmond Scanlon relates to Irish defined contribution pension benefits. Marguerite Larkin received a taxable
cash payment in lieu of pension benefits. The pension figure for Gerry Behan includes both defined benefit and defined contribution
retirement benefits. The employer pension contribution in 2024 for all Executive Directors was 10% of their basic salaries.
4
The 2024 STIP amount represents two thirds delivered in cash with one third delivered by way of shares/share options which are
deferred for two years.
5
The share price used to calculate the value of the LTIP is the average share price for the three months up to the end of the year
being reported. The negative share price movement versus that applicable at the date the conditional awards were granted has
decreased the valuation of the awards (that will vest in 2025) over the three years by (€117k) for Edmond Scanlon, (€60k) for
Marguerite Larkin and by (€71k) for Gerry Behan. The LTIP included in this table for 2024 was awarded in 2022.
6
The table shows the Executive Director’s pay in the currency of payment to ensure clarity in reflecting the year-on-year payment
comparisons.
7
The total remuneration for Executive Directors was €13,878k (2023: €10,315k) using a US dollar exchange rate of 1.09 (2023: 1.09).
114 Directors’ Report Remuneration Committee Report
Basic Salary Increases
Effective 1 March 2024, Edmond Scanlon’s basic salary as CEO was increased by 3.5% and the basic salaries
of Marguerite Larkin and Gerry Behan were increased by 3.5% and 3.75% respectively. These increases were
below the increases for the wider workforce in Ireland (3.75%) and the US (4.0%) respectively.
Annual Incentive Outturns (STIP)
Table 2: STIP Achievement Against Targets
Financial Metrics (CEO, CFO, and CEO T&N – 80% weighting)
Metric
1. Volume Growth
1
(30% weighting)
2. Margin Expansion
2
(25% weighting)
3. Cash Conversion
(25% weighting)
Taste & Nutrition Group Group
Targets
Threshold 0% 0 bps 70%
Target 1.0% +50 bps 80%
Max 3.0% +70 bps 90%
Actual performance 3.4% +90 bps 95%
Bonus outturn 30% 25% 25%
Link to strategy Volume Growth is a key
performance metric as it
is one of the main drivers
of Adjusted EPS Growth
EBITDA Margin
Expansion is a key
performance metric as
it is also a main driver of
Adjusted EPS Growth
Cash Conversion is key
to ensuring there are
sufficient funds available
for reinvestment or for
return to shareholders
1
The 2024 target for the Volume Growth metric was set at the Taste & Nutrition segment level which accounts for 86% of Group revenues.
The target excludes volume performance in the Dairy Ireland segment as the key performance measure for this business segment is
EBITDA, given the impact of raw material supply variability on volumes each year.
2
The targets and actual performance for the EBITDA Margin Expansion metric exclude the mathematical effect of implementing selling
price increases/decreases to maintain cash margin in light of input cost inflation/deflation (+30 bps).
When setting the targets above, the Committee
considered them to be appropriately stretching and, if
achieved, reflective of a good underlying performance.
The target level set for the volume metric took account
of a relatively flat market volume growth rate in
2023, which was anticipated to remain challenged
and uncertain through 2024, given muted overall
consumer demand following a number of years
of significant inflationary pressures. The actual
volume growth rate achieved was 3.4%, which in
the Committee’s opinion, reflects strong market
outperformance driven by success in innovation and
renovation across a wide customer base, especially
within the foodservice channel.
The targets also took account of the targets in the
medium-term plan, planned investments (both capital
and operational) that the Group is making to enable
revenue growth and margin expansion, as well as
necessary working capital investments to mitigate
ongoing global supply chain challenges.
Strategic Objectives – 20% weighting
The Executive Directors are also measured against
strategic objectives. Performance against these
objectives is determined by the Committee by reference
to key targets agreed with the Executives at the start
of the year. The table below sets out the performance
outturn for the strategic element of the STIP.
Metric 4. Strategic Objectives (All – 20% weighting)
CEO CFO CEO T&N
Targets
Threshold 0 0 0
Target 10 10 10
Max 20 20 20
Actual performance 18 18 18
Metric outturn 18% 18% 18%
Link to strategy Specific to the Executive Directors’ responsibilities and linked to strategic plan implementation.
115
Directors’ Report Remuneration Committee Report
Details of Strategic Objectives
The Committee reviewed progress against these objectives and concluded that strong progress was made by
the Executive Directors against the objectives outlined below, which resulted in an above-target outcome.
Strategic
Objective Performance Assessment
CEO Achievement: 18% (90%)
Portfolio &
Strategy
• Completed the acquisition of part of the global lactase enzymes business of Novonesis in April
2024, to expand biotechnology solutions capability and to extend enzyme capability
and footprint.
• Divested Kerry Dairy Ireland to Kerry Co-Operative Creameries Limited, representing a
significant portfolio evolution to a pure play global taste & nutrition company.
• Continued success in commercialising market-leading technology innovation, including
salt and sugar reduction capabilities, preservation and food safety solution capabilities and
masking of proteins.
Operating
Model & Digital
Enablement
• Further strengthened commercial capability with significant improvements in quality, service,
lead times, and customer relationships; enabling market outperformance in volume growth.
• Strengthened connectivity between Technology, Integrated Operations and Process Science to
drive operational excellence and enable innovation.
• Accelerate Operational Excellence Programme delivered targeted 2024 efficiencies.
• Enhanced execution of Digital strategy, with digital products such as KerryNow & Supply Chain
decision intelligence delivering value.
Stakeholder
Engagement
• Extensive shareholder and customer engagement throughout the year which, based on
stakeholder feedback, was positively received.
• Award winning Kerry All-Employee Share Plan (‘OurShare’) extended to a further 16 countries,
bringing the total to 24 countries, and covering 94% of employees.
• Proprietary ‘This Is Sustainable Nutrition’ programme launched to enhance leaders’ and
employees’ understanding of Kerry Foundational Technologies.
• Two years into the four-year partnership with Concern Worldwide, 4,400 farmers have been
trained, 150 acres opened for production, 46 jobs created, over 1,000 children health screened,
and post-harvest waste reduced by 20%.
Leadership Team
and Succession
Planning
• Senior leadership capability further strengthened through targeted development, strategic
sourcing and execution of succession plans including key Executive Leadership Team roles.
• Achieved 35% female representation at senior leadership one year ahead of schedule, with
strong progress in achieving equal representation at senior management level by 2030 (now
at 39%).
CFO Achievement: 18% (90%)
Portfolio &
Strategy
• Completed the acquisition of part of the global lactase enzymes business of Novonesis in
April 2024, to expand biotechnology solutions capability and to extend our enzyme capability
and footprint.
• Divested Kerry Dairy Ireland to Kerry Co-Operative Creameries Limited, representing a
significant portfolio evolution to a pure play global taste & nutrition company.
• Continued success in commercialising market-leading technology innovation, including salt
and sugar reduction capabilities, preservation and food safety solution capabilities and
masking of proteins.
Operating
Model & Digital
Enablement
• Global Business Services (GBS) full maturity assessment completed and phase 2 programme to
further leverage shared services established.
• Significant progress in embedding Digital & Automation across Finance and as an enabler of
business performance (e.g. further simplification of Procure to Pay process, enhanced pricing
& costing tools, enhanced capital planning system).
• Vision and operating model for the Finance function refreshed, underpinned by Digital and GBS.
116 Directors’ Report Remuneration Committee Report
Stakeholder
Engagement
• Extensive engagement with shareholders and financial institutions. Successful US Investor Day
held in October 2024 showcasing Kerry’s strategy and portfolio.
• €3bn European medium-term note programme (EMTN) for future Euro bond issuances
established. Successfully issued €1bn of new public bonds at competitive rates under this
programme ahead of €1bn bond maturity arising in September 2025. The €1.5bn Revolving Credit
Facility was also extended.
• Building on the 2023 programme, two additional Share Buyback programmes commenced in
2024 with the objective of returning €600m of cash to shareholders.
• Significant focus on sustainability performance management and reporting with cross functional
team delivering Kerry’s first CSRD report for 2024.
Leadership Team
and Succession
Planning
• Global Finance Leadership Team capability further strengthened through rigorous succession
planning, targeted development and strategic sourcing.
• Achieved 35% female representation at senior leadership one year ahead of schedule, with strong
progress in achieving equal representation at senior management level by 2030 (now at 39%).
CEO T&N Achievement: 18% (90%)
Portfolio &
Strategy
• Completed the acquisition of part of the global lactase enzymes business of Novonesis in April 2024,
to expand biotechnology solutions capability and to extend our enzyme capability and footprint.
• Continued success in commercialising market-leading technology innovation, including salt and
sugar reduction, preservation & food safety solution capabilities and masking of proteins.
• Evolved our Supplements EUM growth strategy, enhancing our technology portfolio offering and
bringing clarity to prioritised routes to market and specialist capability to execute per market.
Operating
Model & Digital
Enablement
• Continued to build business development and technical sales capability to accelerate growth in
priority areas of focus: proactive health, preservation, authentic taste, sodium & salt reduction
solutions and foodservice brands.
• Significant evolution of our Foundational Technology manufacturing and process technology
capabilities and footprint, to enable the growth of our portfolio.
• Kerry digital platforms effectively leveraged to drive awareness and understanding of our
evolving foundational technology capability, both internally and externally.
Stakeholder
Engagement
• Extensive customer engagement to further build Kerry’s profile as a leader in Sustainable
Nutrition, combined with expansion of our customer base, and extension to new channels/
markets, driving significant growth in our overall pipeline.
• Strong progress in building Kerry’s reputation as a specialist, with participation at key industry
forums and events (e.g. Vitafoods, Supply Side West Expo, International Production & Processing
Expo (IPPE)).
• Proprietary ‘This Is Sustainable Nutrition’ programme launched to enhance leaders’ and
employees’ understanding of Kerry Foundational Technologies.
Leadership Team
and Succession
Planning
• Foundational Technology Leadership Team capability further strengthened through rigorous
succession planning, targeted development and strategic sourcing.
• Achieved 35% female representation at senior leadership one year ahead of schedule, with strong
progress in achieving equal representation at senior management level by 2030 (now at 39%).
Discretion
The Committee concluded that there was no requirement to exercise discretion as the 2024 STIP outturns
reflected the strong underlying performance of the business, the broader stakeholder experience and the strong
performance of the Executive Directors and their delivery against the strategic objectives set.
Final Outturn for 2024
The targets for the Executive Directors, which were set by the Remuneration Committee, were challenging and
stretching in the context of the economic environment, overall weak consumer demand and subdued market
growth rates. For 2024 a payout of 98% of maximum opportunity was achieved by each Executive Director.
Under the Remuneration Policy, two thirds of the award is payable in cash and one third is awarded by way of
shares/share options to be issued two years after vesting following a deferral period.
117Directors’ Report Remuneration Committee Report
Long-Term Incentive Plan (LTIP)
The terms and conditions of the plan were approved
by shareholders at the 2021 AGM. The Remuneration
Committee approves the terms, conditions and
allocation of conditional awards under the Group’s
LTIP to Executive Directors and senior management.
Under this plan, Executive Directors and senior
management are invited to participate in conditional
awards over shares or share options in the Company.
2022 LTIP awards were made in March 2022. The
market price of the shares at the date of the award to
Executive Directors was €96.76.
The vesting of the 2022 LTIP is subject to
performance metrics being met over a three-year
performance period, and the continued employment
of a participant to the vesting date. To the extent that
these conditions are met, awards shall vest in March
2025 and be subject to a further two-year deferral
period. This provides for a combined performance
period and deferral period of five years for the award
to the extent it vests.
The proportion of each conditional award which vests
will depend on the Adjusted EPS Growth, TSR, ROACE
and Sustainability performance during the three-year
performance period.
2022 LTIP Award
Set out below is the performance against targets
for the 2022 LTIP award where the three-year
performance period ended on 31 December 2024
and the award vests in March 2025.
EPS Performance Test
40% of the award vests according to the Group’s
average adjusted EPS growth (‘EPS metric‘) over
the performance period. This measurement is
determined by reference to the Group’s adjusted EPS
growth calculated on a constant currency basis in
each of the three financial years in the performance
period in accordance with the vesting schedule
outlined in the following table:
Average
Adjusted EPS
Growth
Percentage
of the Award
which vests
Threshold 6% 25%
Maximum 12% 100%
Below threshold none of the award vests. Vesting between
threshold and maximum points is on a straight line basis.
Vesting Level for EPS Metric
The outturn of the EPS performance test is an
average adjusted EPS growth of 9.6% which results
in an award outcome of 28% out of a possible
maximum of 40%. When calculating the outturn for
this metric, the adjusted EPS growth % achieved
used for 2022, 2023 and 2024 excludes the dilutive
effect which the significant business disposals
completed during the performance period (the
Russian business and the Sweet Ingredients
Portfolio) had on the reported result for the
adjusted EPS growth metric as these disposals were
not anticipated when the targets were originally set
three years ago. The reported adjusted EPS growth
for 2022 at 7.3%, 2023 at 1.2% and 2024 at 9.7%
recognised a dilution impact of these disposals of
7.6%, 3.0% and 0.1% respectively.
TSR Performance Test
25% of the award vests according to the Group’s TSR
performance over the period measured against the
TSR performance of a peer group of listed companies
over the same three-year performance period. The peer
group consists of Kerry and the following companies:
Chr.Hansen** Givaudan
Kellogg’s/ Kellanova* Sensient Technologies
Barry Callebaut Glanbia
McCormick & Co. Symrise
Corbion Greencore**
Nestlé Tate & Lyle
Ingredion Danone
Novozymes** Unilever
General Mills IFF
Premier Foods**
*
For awards granted from 2023 onwards, Kellogg’s /
Kellanova will be removed from the peer group, following
its acquisition by private company Mars, Inc, scheduled to
complete within the first half of 2025.
** For awards granted from 2024 onwards, the following
companies have been removed from the peer group: Chr.
Hansen, Novozymes, Greencore and Premier Foods. DSM-
Firmenich and Novonesis (formerly Novozymes/Chr. Hansen)
have been added.
The awards vest in line with the following table:
Position of Kerry
in the Peer Group
Percentage
of the Award
which vests
Below median 0%
Median 25%
75th percentile and above 100%
Below Median none of the award vests. Vesting between median
and 75th percentile is on a straight line basis.
118 Directors’ Report Remuneration Committee Report
Vesting Level for TSR Metric
The outturn of the measurement of the TSR metric
in relation to the 2022 award is below median,
resulting in an award outturn of 0% out of a possible
maximum of 25% as the threshold performance level
for this metric was not achieved.
ROACE Performance Test
15% of the award vests according to the Group’s ROACE
over the performance period. ROACE represents a good
perspective on the Group’s internal rate of return and
financial added value for shareholders. ROACE supports
the strategic focus on growth and margins through
ensuring cash is reinvested to generate appropriate
returns. This measurement is determined by reference
to the ROACE in each of the three financial years
included in the performance period:
Return on
Average
Capital
Employed
Percentage
of the Award
which vests
Threshold 9% 25%
Maximum 13% 100%
Below threshold none of the award vests. Vesting between
threshold and maximum points is on a straight line basis.
Vesting Level for ROACE Metric
The outturn of the measurement of the ROACE
metric in relation to the 2022 award is a ROACE of
10.3% resulting in an award outturn of 7% out of a
maximum of 15%.
Sustainability Performance Test
The 2022-2024 LTIP is the second award to include
sustainability measures under the 2021 LTIP rules.
20% of the award vests according to the Group’s
performance versus the commitments set out
in its Beyond the Horizon sustainability strategy.
This measurement is determined by reference to
three key sustainability metrics over the three-year
performance period:
Sustainability
Metrics
Percentage
of the Award
which vests
Nutrition
Reach
Threshold 1.20bn 25%
Maximum 1.40bn 100%
Carbon
Reduction
Threshold 40% 25%
Maximum 48% 100%
Food
Waste
Reduction
Threshold 20% 25%
Maximum 25% 100%
Below threshold none of the award vests. Vesting between
threshold and maximum points is on a straight line basis.
The sustainability metrics listed above for the 2022 LTIP award
had a weighting of 8%, 6% and 6% respectively.
Vesting Level for Sustainability Metrics
The outturn of the measurement of the sustainability
metrics over the three-year period is an award
outturn of 19% out of a maximum of 20%. This was
achieved through above maximum performance for
Carbon Reduction (50%) and Food Waste Reduction
(38%) and a solid performance in our Nutrition
Reach measure (1.36bn) which was marginally below
maximum performance.
The targets for the Sustainability metrics in the 2022
LTIP award were aligned to the Group’s original
Beyond the Horizon sustainability commitments
which were set in 2020. Since then, the Group has
accelerated its commitments on emissions reduction,
aligning its Scope 1 and 2 target with the 1.5 degree
pathway under the Paris Accord. The Group also
fast-tracked certain activities, including transition
to renewable electricity, all of which improved the
Group’s performance in relation to Carbon Reduction
versus the target set. In addition, the targeted
deployment of our Reduce, Reuse, Repurpose,
Recycle strategy improved our performance in
relation to Food Waste versus the anticipated
progress in 2020.
The strong outcomes achieved reflect the significant
progress being made against our Beyond the Horizon
sustainability commitments.
Table 3: Overall Outturn of the 2022 LTIP Award
Vesting in 2025
LTIP Metric
Weighting
%
Actual
Vesting %
EPS 40% 28%
TSR 25% 0%
ROACE 15% 7%
Sustainability 20% 19%
Total 100% 54%
The Committee is satisfied that the Executive
Directors did not benefit from a windfall gain taking
into account the share price at grant and share price
performance over the performance period.
Discretion
The Committee concluded that there was no
requirement to exercise discretion as the 2022-
2024 LTIP outturn reflected the underlying business
performance and the broader stakeholder experience
during the three-year performance period.
119Directors’ Report Remuneration Committee Report
Summary of outstanding LTIP awards
The following table shows the Executive Directors’ and Company Secretary’s interests under the LTIP.
Conditional awards at 1 January 2024 relate to awards made in 2021, 2022 and 2023 which have a three-year
performance period. The 2021 awards vested in 2024. The 2022 and 2023 awards will potentially vest in 2025
and 2026 respectively. The market price of the shares on the date of each award is disclosed in note 29 to
the financial statements.
Executive Directors’ and Company Secretary’s Interests in Long-Term Incentive Plan
Table 4: Individual Interest in LTIP (Audited)
LTIP Vesting and Conditional Awards
LTIP
Scheme
Conditional
Awards at
1 January
2024
Share
Awards
Vested
During
the Year
Share
Option
Awards
Vested
During
the Year
Share/
Option
Awards
Lapsed
During
the Year
Conditional
Awards
Made
During the
Year
Conditional
Awards
at 31
December
2024
Share Price
at Date of
Conditional
Award
Made
During the
Year
Directors
Edmond Scanlon 2021 109,397 _ (17,245) (11,025) 56,061 137,188 €80.94
Marguerite Larkin 2021 57,542 _ (9,598) (6,136) 28,040 69,848 €80.94
Gerry Behan 2021 68,048 (10,425) _ (6,665) 34,491 85,449 €80.94
Company Secretary
Ronan Deasy 2021 10,054 _ (1,798) (1,150) 4,365 11,471 €80.94
Conditional LTIP awards made on 6 March 2024, under the 2021 LTIP Plan, have a three-year performance
period and will potentially vest in March 2027. Under the 2021 LTIP Plan, 100% of the shares/share options
which potentially vest under the 2024 LTIP will be issued to Executive Directors following a two-year deferral
period in March 2029.
The following table shows the share options which are held by the Executive Directors and the Company Secretary
under the STIP and LTIP:
Table 5: Share Options Held Under the STIP and LTIP (Audited)
Share
Options
Outstanding
at 1 January
2024
Share
Options
Exercised
During the
Year
Share
Options
Vested
During the
Year
1
Share
Options
Outstanding
at 31
December
2024
Exercise
Price Per
Share
Directors
Edmond Scanlon 50,698 _ 24,748 75,446 €0.125
Marguerite Larkin 17,176 _ 13,658 30,834 €0.125
Company Secretary
Ronan Deasy 7,448 _ 1,798 9,246 €0.125
1
Share options which vested in March 2024 related to 2021 LTIP awards, and in the case of the Executive Directors also includes
33% of the 2023 STIP (paid in March 2024).
Once vested, share options under the LTIP can be exercised for up to seven years before they lapse. For
share options subject to the two-year deferral period, they can be exercised for up to five years following the
end of the two-year deferral period, before they lapse i.e., seven years following the vest date.
120 Directors’ Report Remuneration Committee Report
Executive Directors’ Pensions
The pension benefits under the defined benefit pension plan for Gerry Behan during the year are outlined in
the following table.
Table 6: Defined Benefit – Pensions Individual Summary (Audited)
Accrued Benefits on Leaving Service at End of Year
Annual Pension Accrued During
the Year (Excluding Inflation)
$’000
Total Annual Accrued
Pension at End of Year
$’000
Transfer Value of Increase
in Accrued Pension
$’000
Gerry Behan
2024 115 966 1,904
2023 134 851 2,130
Note:
The table shows the Executive Director’s pension in the currency of payment to ensure clarity in reflecting year-on-year
payment comparisons.
Note: Contributions were made to an Irish defined contribution plan in respect of Edmond Scanlon. Marguerite Larkin receives a taxable
cash payment in lieu of pension benefits. These contributions are reflected in the single figure table (table 1) on page 114.
Payments to Former Directors
No payments were made to former Directors during 2024 (2023: €nil) in respect of their duties as Directors.
Vested 2019 LTIP awards, which were subject to a two-year deferral period and delivered in 2024 in respect
of a former Executive Director, were disclosed in previous annual reports when earned and therefore are not
disclosed separately.
Payment for Loss of Office
There were no payments for loss of office in 2024 (2023: €nil).
Non-Executive Director Remuneration and Shareholdings
Table 7: Remuneration paid to non-Executive Directors in 2024 and Shareholdings (Audited)
Fees 2024
€’000
1
Fees 2023
€’000
1
31 December 2024
Ordinary Shares
Number
1
31 December 2023
Ordinary Shares
Number
Tom Moran 419 405 1,029 1,029
Hugh Brady 42 123 6,850 6,850
Genevieve Berger 98 15 _ _
Fiona Dawson 133 109 167 167
Karin Dorrepaal 44 125 _ _
Emer Gilvarry 134 123 850 850
Catherine Godson 98 15 _ _
Liz Hewitt 85 _ 1,810 _
Michael Kerr 148 138 20,000 10,000
Christopher Rogers 146 128 1,640 1,640
Patrick Rohan 101 93 5,511 3,289
Jinlong Wang 131 128 _ _
1,579 1,402
1
Non-Executive Directors fees are reflective of when the individuals were appointed to or retired from the Board (see page 94). Year-on-
year fee level variances arise due to annual fee increases in line with the wider workforce and additional fees paid for appointment to
different Committees/Chair roles. Shareholdings for retired non-Executive Directors are reflected as of their date of retirement.
Non-Executive Directors are reimbursed for travel and accommodation expenses and any personal tax that may
be due on those expenses. The gross amount of these expenses that were deemed to be taxable is €39,000.
121Directors’ Report Remuneration Committee Report
Directors’ and Company Secretary’s Interests
There have been no contracts or arrangements with the Company or any subsidiary during the year, in which
a Director of the Company was materially interested and which were significant in relation to the Group’s
business. The interests of the Executive Directors and the Company Secretary of the Company and their
spouses and minor children in the share capital of the Company, all of which were beneficial unless otherwise
indicated, are shown in Table 8.
Table 8: Executive Directors and Company Secretary Shareholdings
31
December
2024
Ordinary
Shares
Number
31
December
2024
Share
Options
Number
31
December
2024
Total
Number
31
December
2023
Ordinary
Shares
Number
31
December
2023
Share
Options
Number
31
December
2023
Total
Number
Directors
Edmond Scanlon 44,806 41,283 86,089 39,806 32,633 72,439
- Deferred
1
_ 34,163 34,163 _ 18,065 18,065
Marguerite Larkin 4,335 12,046 16,381 4,335 7,324 11,659
- Deferred
1
_ 18,788 18,788 _ 9,852 9,852
Gerry Behan 62,588 _ 62,588 65,644 _ 65,644
- Deferred
1
21,805 _ 21,805 12,098 _ 12,098
Company Secretary
Ronan Deasy 3,230 8,966 12,196 3,230 6,849 10,079
- Deferred
1
_ 280 280 _ 599 599
1
The deferred shares and share options above, relate to 33% of the awarded amount of the Executive Directors’ 2022 and 2023 STIP
awards, 50% of the 2020 LTIP award (vested in March 2023), and 100% of the 2021 LTIP Award (vested in March 2024). These awards
are subject to a two-year deferral period and will be delivered in shares/share options in March 2025 and March 2026 respectively.
Shareholding Guidelines
The table below sets out the Executive Directors’ shareholding at 31 December 2024 shown as a multiple
of basic salary. Refer to the Remuneration Policy Table on page 107 in Section C for details of the Executive
Director shareholding requirements.
Table 9: Individual Shareholding as a Multiple of Basic Salary
Executive Director As a Multiple of Basic Salary
1
Edmond Scanlon 8x
Marguerite Larkin 4x
Gerry Behan 8x
1
The share price used to calculate the above is the share price as at 31 December 2024 and the shareholding is based on all shares held
and vested option awards (including deferred) reflected in table 8.
122 Directors’ Report Remuneration Committee Report
TSR Performance and Chief Executive Officer Remuneration
The graph below illustrates the TSR performance of the Group over the past ten years showing the increase in
value of €100 invested in the Group’s shares from 31 December 2014 to 31 December 2024. The remuneration
of the Chief Executive Officer is calculated in line with the methodology captured under legislation which was
enacted for UK incorporated companies and is outlined in Table 11 on page 124.
The indices below have been selected as appropriate indices as they comprise other companies within the
same broad sector as Kerry.
10 Year Shareholder Return
(Value of €100 invested on 31/12/2014)
Table 10: Remuneration Paid to the CEO 2015 – 2024
The Committee believes that the policy and the supporting reward structure provide a clear alignment with
the strategic objectives and performance of the Group. To maintain this relationship, the Committee regularly
reviews the business priorities and the environment in which the Group operates. The table below shows the
CEO’s total remuneration over the last 10 years and the achieved annual variable and long-term incentive pay
awards as a percentage of the plan maximum.
€0
€50
€100
€150
€200
€250
2014 2016 2021 2022 2023 20242020201920182015 2017
Kerry MSCI Europe Food Producers E300 Food & Beverage
Total
Remuneration
€000
Annual incentive
achieved as a
% of maximum
LTIP achieved as a
% of maximum
CEO - Stan McCarthy 2015 4,161 58% 61.8%
2016 3,625 62% 29.4%
2017 5,285 75% 62.3%
CEO - Edmond Scanlon 2017 808 75% 62.3%
2018 2,577 60% 63.7%
2019 3,991 76% 62.8%
2020 2,323 0% 32.5%
2021 3,855 72% 22.0%
2022 3,899 78% 21.3%
2023 4,594 71% 61.0%
2024 6,042 98% 54.0%
1
Edmond Scanlon was appointed CEO and to the Board on 1 October 2017 and his remuneration reflected in the table above relates to
remuneration from that date.
178.3
123Directors’ Report Remuneration Committee Report
Table 11: Annual change in pay for Directors and all Employees
In line with the implementation of Articles 9a and 9b of European Directive 2017/828/EC1 (commonly known
as the Revised Shareholder Rights Directive or SRDII) into the Irish Companies Act 2014, the table below shows
the percentage change in each Director’s total remuneration and the global average total remuneration of an
employee from the year ended 31 December 2023 to the year ended 31 December 2024.
Year-on-year change in pay for Directors compared to the global average employee
Executive Directors
2024
€’000
2023
€’000
2023 to
2024
Change %
2022 to
2023
Change %
2021 to
2022
Change %
2020 to
2021
Change %
2019 to
2020
Change %
Edmond Scanlon* 6,042 4,594 32% 18% 1% 66% (42%)
Marguerite Larkin* 3,529 2,609 35% 17% 1% 98% (28%)
$’000 $’000
Gerry Behan* 4,695 3,392 38% 13% (0.1%) 44% (47%)
Non-Executive Directors
1
€’000 €’000
Hugh Brady 42 123 (66%) 2% 6% 24% (6%)
Genevieve Berger 98 15 553% 100% – – –
Gerard Culligan – – – (100%) (67%) 15% (6%)
Fiona Dawson 133 109 22% 15% 100% – –
Karin Dorrepaal 44 125 (65%) 10% 10% 13% (6%)
Joan Garahy – – – – – – (6%)
Emer Gilvarry 134 123 9% 6% 16% 581% 100%
Catherine Godson 98 15 553% 100% – – –
Liz Hewitt 85 – 100% – – – –
Michael Kerr 148 138 7% 6% 67% – –
Tom Moran 419 405 3%
32% 144% 22% (2%)
Con Murphy – – – (100%) (67%) 15% (6%)
Christopher Rogers 146 128 14% 6% 2% 17% (1%)
Patrick Rohan 101 93 9% 100% – – –
Philip Toomey – – – (100%) (66%) 15% (6%)
Jinlong Wang 131 128 2% 2% 5% – –
All Group Employees
2
57 55 4% 2% 19% 2% 1%
* The table shows each Executive Director’s pay in the currency of payment to ensure clarity in reflecting the year-on-year payment
comparisons.
1
Non-Executive Directors’ fees are reflective of when the individuals were appointed to or retired from the Board (see page 94). Year-
on-year fee level variances arise due to annual increases in line with the wider workforce and additional fees paid for appointment
to different Committees/Chair roles.
2
Calculated by dividing the aggregate payroll costs of employees in 2024 (excluding social welfare costs and costs related to
Executive Directors) by the average number of employees in 2024, as disclosed in note 4 to the consolidated financial statements.
3
The Company performance can be seen in the 10 Year Total Shareholder Return graph on page 123.
124 Directors’ Report Remuneration Committee Report
Relative Importance of Spend on Pay
The total amount spent on Executive Director remuneration (including Long-Term Incentive Plan) and overall
employee pay is outlined below in relation to retained profit, dividends paid and taxation paid.
Dilution
The Group offers Executive Directors and senior management the opportunity to participate in share-based
schemes as part of the Group’s Remuneration Policy. In line with best practice guidelines, the Company
ensures that the level of share awards granted under all share schemes does not exceed 10% of the Group’s
share capital over a rolling ten-year period, with a further limitation of 5% in any ten-year period in respect of
discretionary schemes. The dilution resulting from all vested shares/share options for the ten-year period to
31 December 2024 is 1.2%. This level of dilution is well below the maximum dilution level recommended for
executive share-based incentive plans.
The potential future dilution level from unvested shares/share options as a result of these schemes is a further 1.1%.
CEO Ratio
The UK Companies (Miscellaneous Reporting) Regulations 2018 mandate that certain UK-incorporated
companies disclose the ratio of CEO remuneration to UK staff pay. Although Kerry, as an Irish-incorporated
company, is not obligated to publish this ratio, we have voluntarily reported the ratio of CEO remuneration to
Irish employees since 2019.
Following the introduction of the Corporate Sustainability Reporting Directive (CSRD) with which Kerry is
complying, we are reporting the ratio of CEO remuneration to our global employees for the first time. The
required disclosure under CSRD, and the prescribed calculation methodology for the ratio, will be the standard
for our CEO pay ratio reporting moving forward. For 2024, the ratio on a total remuneration basis is 118:1,
and the ratio excluding variable pay elements is 39:1. Further information is available on page 202 of our
Sustainability Statement.
2024
Director
Remuneration (0.6%)
Profit after tax before NTIs
(30.0%)
Dividends Paid (8.2%)
Taxation Paid (11.2%)
Employee Costs (50%)
2023
Director
Remuneration (0.4%)
Profit after tax before NTIs
(29.6%)
Dividends Paid (8%)
Taxation Paid (12%)
Employee Costs (50%)
125Directors’ Report Remuneration Committee Report
AMPLIFY
MESSSAGE
DIRECTORS REPORT
SUSTAINABILITY
STATEMENT
Independent Practitioners' Limited Assurance Report 128
General
Basis for Preparation 131
Governance 133
Our Sustainability Strategy 137
Double Materiality Assessment Process 140
Environmental
Climate Change (E1) 146
Water and Marine Resources (E3) 165
Biodiversity and Ecosystems (E4) 169
Resource Use and Circular Economy (E5) 175
EU Taxonomy 178
Social
Human Rights Overview 186
Own Workforce (S1) 187
Workers in the Value Chain (S2) 206
Consumers and End-Users (S4) 213
Appendix
1. ESRS 2 Appendix B 223
2. Index of compliance with disclosure requirements 230
3. Disclosures for which phase-in reliefs have been availed of within 233
this Sustainability Statement
127
Sustainability Statement General
We have included this Sustainability Statement in our Annual Report, in accordance with the
Companies Act 2014 and in compliance with the European Sustainability Reporting Standards
(ESRS) issued by the EU Commission.
128
Sustainability Statement
Independent practitioners'
limited assurance report
on Kerry Group plc’s
Sustainability Statement
To the Directors
Limited assurance conclusion
We have conducted a limited assurance engagement on
the consolidated Sustainability Statement of Kerry Group
plc (the “Group”), included in the Sustainability Statement
section of the Directors’ Report (the “Sustainability
Statement”), as at 31 December 2024 and for the year
then ended, prepared in accordance with Part 28 of the
Companies Act 2014.
Certain required disclosures have been presented
elsewhere in the Annual Report, rather than in the
Sustainability Statement. These are cross referenced from
the Sustainability Statement and are identified as subject to
limited assurance.
Based on the procedures we have performed and the
evidence we have obtained, nothing has come to our
attention that causes us to believe that the Sustainability
Statement is not prepared, in all material respects, in
accordance with Part 28 of the Companies Act 2014,
including:
• compliance of the sustainability reporting with the
European Sustainability Reporting Standards (“ESRS”);
• the process carried out by the Group to identify the
information reported pursuant to the sustainability
reporting standards, is in accordance with the
description set out in the basis for preparation section
of the Sustainability Statement; and
• compliance of the disclosures in the EU Taxonomy
section of the Sustainability Statement with Article
8 of EU Regulation 2020/852 (the “Taxonomy
Regulation”).
Basis for conclusion
We conducted our limited assurance engagement in
accordance with the International Standard on Assurance
Engagements (Ireland) 3000, Assurance engagements
other than audits or reviews of historical financial
information - assurance of sustainability reporting
in Ireland (“ISAE (Ireland) 3000”), issued by the Irish
Auditing & Accounting Supervisory Authority (IAASA). The
procedures in a limited assurance engagement vary in
nature and timing from, and are less in extent than for, a
reasonable assurance engagement. Consequently, the level
of assurance obtained in a limited assurance engagement
is substantially lower than the assurance that would have
been obtained had a reasonable assurance engagement
been performed.
We believe that the evidence we have obtained is sufficient
and appropriate to provide a basis for our conclusion. Our
responsibilities under this standard are further described in
the Practitioners' responsibilities section of our report.
Our independence and quality management
We have complied with the independence and other
ethical requirements of the International Code of Ethics
for Professional Accountants (including International
Independence Standards) issued by the International Ethics
Standard Board for Accountants (IESBA Code), which is
founded on fundamental principles of integrity, objectivity,
professional competence and due care, confidentiality
and professional behaviour and the independence
requirements of the Companies Act 2014 and the Code
of Ethics issued by Chartered Accountants Ireland that
are relevant to our limited assurance engagement of the
Sustainability Statement in Ireland.
The firm applies International Standard on Quality
Management (Ireland) 1, which requires the firm to design,
implement and operate a system of quality management
including policies or procedures regarding compliance
with ethical requirements, professional standards and
applicable legal and regulatory requirements.
Directors’ responsibilities for the
Sustainability Statement
As explained more fully in the Directors’ Responsibility
Statement as set out on pages 66-67, the Directors’ of the
Group are responsible for designing and implementing
a process to identify the information reported in the
Sustainability Statement in accordance with the ESRS
and for disclosing this process in the Double Materiality
Assessment Process (IRO-1) section of the Sustainability
Statement. This responsibility includes:
• understanding the context in which the Group’s activities
and business relationships take place and developing an
understanding of its affected stakeholders;
• the identification of the actual and potential impacts
(both negative and positive) related to sustainability
matters, as well as risks and opportunities that affect,
or could reasonably be expected to affect, the Group’s
financial position, financial performance, cash flows,
access to finance or cost of capital over the short,
medium, or long-term;
• the assessment of the materiality of the identified
impacts, risks and opportunities related to
sustainability matters by selecting and applying
appropriate thresholds; and
• making assumptions that are reasonable in the
circumstances.
The Directors of the Group are further responsible for the
preparation of the Sustainability Statement, in accordance
with Part 28 of the Companies Act 2014, including:
• compliance with the ESRS;
• preparing the disclosures in the EU Taxonomy section
of the Sustainability Statement, in compliance with
the Taxonomy Regulation;
• designing, implementing and maintaining such
internal control that the Directors determine
is necessary to enable the preparation of the
Sustainability Statement that is free from material
misstatement, whether due to fraud or error; and
• the selection and application of appropriate
sustainability reporting methods and making
assumptions and estimates that are reasonable in the
circumstances.
Sustainability Statement Independent Practitioners' Limited Assurance Report
129
Inherent limitations in preparing the
Sustainability Statement
Certain metrics reported within the Sustainability
Statement may be subject to inherent limitations, for
example, value chain information relating to emissions
data provided by third parties (as discussed in Section
- Climate Change (E1), subsection 6 - Metrics, Scope 3
Emissions Methodology and Key Assumptions of the
Sustainability Statement) and third party data used in
the nutritional reach metric (as discussed in Section -
Consumer and End Users (S4), subsection 6 - Targets
and Metrics of the Sustainability Statement).
In reporting forward-looking information in accordance
with ESRS, the Directors of the Group are required
to prepare the forward-looking information on the
basis of disclosed assumptions about events that may
occur in the future and possible future actions by the
Group. Actual outcomes are likely to be different since
anticipated events frequently do not occur as expected.
Practitioners' responsibilities
Our responsibility is to plan and perform the assurance
engagement to obtain limited assurance about whether
the Sustainability Statement is free from material
misstatement, whether due to fraud or error, and
to issue a limited assurance report that includes our
conclusion. Misstatements can arise from fraud or
error and are considered material if, individually or in
the aggregate, they could reasonably be expected to
influence decisions of users taken on the basis of the
Sustainability Statement as a whole.
As part of a limited assurance engagement in
accordance with ISAE (Ireland) 3000 we exercise
professional judgement and maintain professional
scepticism throughout the engagement. Our
responsibilities in respect of the Sustainability
Statement, in relation to the Process, include:
• Obtaining an understanding of the Process, but not
for the purpose of providing a conclusion on the
effectiveness of the Process, including the outcome of
the Process;
• Considering whether the information identified
addresses the applicable disclosure requirements of
the ESRS; and
• Designing and performing procedures to evaluate
whether the Process is consistent with the Group’s
description of its Process set out in the Double
Materiality Assessment Process (IRO-1) section of the
Sustainability Statement.
Our other responsibilities in respect of the Sustainability
Statement include:
• Identifying where material misstatements are likely to
arise, whether due to fraud or error; and
• Designing and performing procedures responsive to
where material misstatements are likely to arise in
the Sustainability Statement. The risk of not detecting
a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud
may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
Summary of the work performed
A limited assurance engagement involves performing
procedures to obtain evidence about the Sustainability
Statement. The procedures in a limited assurance
engagement vary in nature and timing from, and
are less in extent than for, a reasonable assurance
engagement. Consequently, the level of assurance
obtained in a limited assurance engagement is
substantially lower than the assurance that would
have been obtained had a reasonable assurance
engagement been performed.
The nature, timing and extent of procedures selected
depend on professional judgement, including
the identification of disclosures where material
misstatements are likely to arise in the Sustainability
Statement, whether due to fraud or error.
In conducting our limited assurance engagement, with
respect to the Process, we:
• Obtained an understanding of the Process by:
» performing inquiries to understand the sources
of the information used by management (e.g.,
stakeholder engagement, business plans and
strategy documents); and
» reviewing the Group’s internal documentation of
its Process.
• Evaluated whether the evidence obtained from our
procedures with respect to the Process implemented
by the Group was consistent with the description of the
Process set out in the Double Materiality Assessment
Process (IRO-1) section of the Sustainability Statement.
In conducting our limited assurance engagement, with
respect to the Sustainability Statement, we:
• Obtained an understanding of the Group’s reporting
processes relevant to the preparation of its
Sustainability Statement by:
» obtaining an understanding of the Group’s
control environment, processes and information
systems relevant to the preparation of the
Sustainability Statement, but not for the purpose
of providing a conclusion on the effectiveness of
the Group’s internal control.
• Evaluated whether the information identified by the
Process is included in the Sustainability Statement;
• Evaluated whether the structure and the
presentation of the Sustainability Statement is in
accordance with the ESRS;
• Performed inquiries of relevant personnel and
analytical procedures on selected information in the
Sustainability Statement;
• Performed substantive assurance procedures to
limited assurance on selected information in the
Sustainability Statement;
• Where applicable, compared disclosures in the
Sustainability Statement with the corresponding
disclosures in the Financial Statements and
Directors’ Report;
• Evaluated the methods assumptions and data
for developing estimates and forward-looking
information;
130
Sustainability Statement
• Obtained an understanding of the Group’s process
to identify taxonomy-eligible and taxonomy-aligned
economic activities and the corresponding disclosures
in the Sustainability Statement; and
• Performed substantive assurance procedures to
limited assurance on selected information with
respect to the EU taxonomy disclosures.
Other Matter – Compliance with the
requirement to mark-up the Sustainability
Statement
Section 1613(3)(c) of the Companies Act 2014 requires
us to report on the compliance by the Group with the
requirement to mark-up the Sustainability Statement
in accordance with Section 1600 of that Act. Section
1600 of the Companies Act 2014 requires that the
Directors’ Report is prepared in the electronic reporting
format specified in Article 3 of Delegated Regulation
(EU) 2019/815 and shall mark-up the Sustainability
Statement. However, at the time of issuing our limited
assurance report, the electronic reporting format has
not been specified nor become effective by Delegated
Regulation. Consequently, the Group is not required to
mark-up the Sustainability Statement. Our conclusion is
not modified in respect of this matter.
Other Matter - References to external
sources or websites
The references to external sources or websites in the
Sustainability Statement are not part of the Sustainability
Statement and therefore are not within the scope of our
limited assurance engagement.
Other Matter - Comparative Information
The comparative information included in the
Sustainability Statement of the Group as at 31 December
2023 and for the year then ended was not subject to an
assurance engagement. Our conclusion is not modified
in respect of this matter.
Use of this report
Our report is made solely in accordance with Section
1613 of the Companies Act 2014 to the Directors of the
Kerry Group plc.
Our assurance work has been undertaken so that
we might state to the Directors those matters we are
required to state to them in a limited assurance report
and for no other purpose. To the fullest extent permitted
by law, we do not accept or assume responsibility to
anyone other than the Group and its Directors, as a
body, for our limited assurance work, for this report, or
for the conclusions we have formed.
Paul Barrie
For and on behalf of PricewaterhouseCoopers
Dublin
17 February 2025
131
Sustainability Statement General
General
Introduction
Our vision to be our customers' most valued partner,
creating a world of sustainable nutrition is underpinned
by our Beyond the Horizon strategy. This Sustainability
Statement details Kerry’s strategic management of the
impacts, risks and opportunities identified for our material
topics based on our double materiality assessment. The
reporting period for the Sustainability Statement coincides
with that of the Financial Statements.
Basis for Preparation
General Basis for Preparation
ESRS 2 BP-1 – General basis for preparation of sustainability
statements
The Sustainability Statement is prepared in accordance with
Part 28 of the Companies Act 2014 and in compliance with the
European Sustainability Reporting Standards (ESRS) issued by
the EU Commission. The purpose of the General section is to
provide stakeholders with an understanding of the material
sustainability-related impacts, risks, and opportunities and
our principles for sustainability reporting which form the basis
for preparation of this Sustainability Statement.
This Sustainability Statement is prepared on a
consolidated basis for the Group for the year ended 31
December 2024. Joint ventures are not included in the
consolidated sustainability data. The consolidation scope
is consistent with that used for the Financial Statements
unless otherwise disclosed. This Sustainability Statement
discloses information related to Kerry’s value chain and to
its own operations. Where information relates to activities
outside of the direct control of the Group, such as Kerry’s
upstream and downstream value chain, it is clearly
identified as such. On 31 December 2024, the Group
completed the sale of the Kerry Dairy Ireland business.
In the relevant topical sections we have quantified
the potential impact of the sale on key metrics where
considered relevant to stakeholders.
In accordance with section 1613 of the Companies Act
2014, this Sustainability Statement, set out on pages
131 to 233, has been subject to limited assurance by
PricewaterhouseCoopers, Chartered Accountants and
Sustainability Assurance Service Providers. Their limited
assurance procedures do not extend to any links or
references to material outside of the Annual Report nor to
other sections of the Annual Report unless clearly indicated
to the contrary. Their limited assurance report is included on
pages 128-130 of the Annual Report and should be read in
conjunction with this Sustainability Statement.
Our broad technology foundation, customer-centric
business model, and recognised integrated solutions
capability are core to the achievement of our vision. Our
business model fundamentally depends on inputs across
our business, including key intangible resources such as
brand reputation, employee expertise, intellectual property
and technology innovation. Guided by our vision, these
key intangible resources drive our engagements with our
customers and our stakeholders. By leveraging these, we
continue to embed sustainability into all aspects of our
business, driving sustainable nutrition.
During the preparation of this statement, the option to omit
any applicable specific pieces of information corresponding
to intellectual property, know-how or the results of
innovation in accordance with ESRS 1 section 7.7 has not
been used. Kerry Group plc is located in Ireland which is an
EU member state. It allows the exemption from disclosure
of impending developments or matters in the course of
negotiation, as provided for in Articles 19a(3) and 29a(3) of
Directive 2013/34/EU. We declare that this exemption has
not been used as it is not applicable to the Group.
Disclosures in relation to Specific
Circumstances
ESRS 2 BP-2 – Disclosures in relation to specific circumstances
Time Horizons
In disclosing certain sustainability information, Kerry
considers sustainability matters over future timeframes.
Kerry defines short, medium and long-term time horizons
as follows:
• Short term: within one year;
• Medium term: from the end of the short term
reporting period up to five years; and
• Long term: more than five years.
Metric Estimation and Measurement
Uncertainty
Kerry has processes in place governing the collection, review
and validation of financial and non-financial data included
in this statement. As we evolve our processes in this area
we are incorporating more automation to enhance the
collection and verification of data where possible. We are
continuously strengthening our data collection processes
and underlying controls. Our operating companies and
data owners report fairly and in accordance with agreed
procedures and instructions, however entities within our
value chain are at different levels of maturity in sustainability
reporting. We will continue to look for opportunities to
minimise our use of data estimated using indirect sources.
As part of determining the measurement of material
metrics, Kerry considers any key judgements, estimates
and assumptions relating to specific matters. Certain
metrics are calculated based on judgements applied in
the implementation of policies. Estimates and underlying
assumptions are based on historical experience and other
factors determined by management and reviewed on an
annual basis. Significant assumptions and estimates have
been disclosed where relevant, unless otherwise stated
there are none. Furthermore, Kerry is subject to certain
risks and uncertainties that may lead to outcomes differing
from these estimates and assumptions. Previous estimates
and assumptions may need to be revised due to evolving
factors or subsequent events that impact the basis on which
they were originally made. Such changes are recognised
in the period in which the estimate is revised unless new
information provides evidence of circumstances that existed
in the prior period, in such rare cases the comparatives are
132
Sustainability Statement
revised. The Scope 3 GHG emissions metric, on pages 161-
164, and the Nutritional Reach metric, on page 219, have a
higher level of estimation uncertainty. No other quantitative
sustainability metrics and monetary amounts reported in
this statement are deemed to be subject to a high level of
measurement uncertainty. Our reported metrics are subject
to limited assurance procedures by our assurance provider
and are not further validated by another external body,
unless specifically identified.
The metrics that are measured directly or estimated
based on sources, such as third-party data or sector
averages and that use value chain data estimated using
indirect sources are identified in the following table. Refer
to the pages referenced for a description of each metrics'
basis of preparation.
Metric Page
Scope 1 and 2 GHG emissions 160-164
Scope 3 GHG emissions 161-164
Deforestation and Conversion 173-174
Adequate Wages 201
Nutritional Reach 219
Comparative Information
Kerry has previously reported sustainability information
within our Annual Report and in a separate Sustainability
Report. This is the first year in which Kerry is reporting
under the requirements of the ESRS. We have opted to
include comparative information for metrics that we
have reported previously, and refrained from including
comparative information for those metrics which we are
reporting for the first time under ESRS. This comparative
information is not covered by the Independent
Practitioners' Limited Assurance Report, and to enable
clarity for the reader this comparative information is
denoted with a Greek letter β (beta). For the metrics in
the following table the comparative information has
been updated to ensure consistency with the calculation
methodology used in the current year, refer to the
pages referenced for further details around the basis
of preparation for each metric. Where baseline data is
required, the metrics have been updated to reflect the
current reporting boundary.
Metric Page
Employee Turnover 199
Work-related injuries/accidents rate 204
Where baseline data is required, the metrics have been
updated to reflect the current reporting boundary.
Disclosure stemming from other legislation
or generally accepted sustainability
reporting pronouncements
For a table disclosing all data points that derive from
other EU legislation, as listed in ESRS 2 Appendix B, please
refer to Appendix 1 to this Sustainability Statement.
Compliance with disclosure requirements
For a table outlining the disclosure requirements complied
with, please refer to Appendix 2 to this Sustainability
Statement.
Disclosures for which phase-in reliefs have
been availed of within this Sustainability
Statement
For a table outlining the disclosure requirements to which
phase-in provisions apply, as specified in ESRS 1 Appendix
C and utilised by Kerry, please refer to Appendix 3 to this
Sustainability Statement.
Incorporation by reference
Certain mandatory disclosures are disclosed in
other parts of the Annual Report rather than in
the Sustainability Statement. These are therefore
incorporated by reference as set out in the table below:
ESRS
Requirement
ESRS Requirement Description Section in
Annual Report
Page
ESRS 2
GOV-1 21 a
The undertaking shall disclose the following information about the
composition and diversity of the members of the undertaking’s
administrative, management and supervisory bodies:
(a) the number of executive and non-executive members;
Directors’ Report -
Board of Directors
61
ESRS 2
GOV-1 21 c
(c) experience relevant to the sectors, products and geographic
locations of the undertaking;
Directors’ Report -
Governance
and Nomination
Committee Report
94
ESRS 2
GOV-3 29 d
and e
The undertaking shall disclose the following information about the
incentive schemes and remuneration policies linked to sustainability
matters for members of the undertaking’s administrative,
management and supervisory bodies, where they exist:
(d) the proportion of variable remuneration dependent on
sustainability-related targets and/or impacts; and
(e) the level in the undertaking at which the terms of incentive
schemes are approved and updated.
Directors’ Report -
Remuneration
Committee Report
113
102
Sustainability Statement General
133
ESRS
Requirement
ESRS Requirement Description Section in
Annual Report
Page
ESRS 2
SBM-1 40 a i
The undertaking shall disclose the following information about the key
elements of its general strategy that relate to or affect sustainability
matters:
(a) a description of:
i. significant groups of products and/or services offered, including
changes in the reporting period (new/removed products and/or
services);
Our Strategy 12
ESRS 2
SBM-1 40 a ii
ii. significant markets and/or customer groups served, including
changes in the reporting period (new/removed markets and/or
customer groups);
Our Markets 22
ESRS 2
SBM-1 42 a,
b, c
The undertaking shall disclose a description of its business model and
value chain, including:
(a) its inputs and its approach to gathering, developing and securing those
inputs;
(b) its outputs and outcomes in terms of current and expected benefits for
customers, investors and other stakeholders; and
(c) the main features of its upstream and downstream value chain and the
undertaking’s position in its value chain, including a description of the
main business actors (such as key suppliers, customers, distribution
channels and end-users) and their relationship to the undertaking.
When the undertaking has multiple value chains, the disclosure shall
cover the key value chains.
Our Business
Model
18-19
Governance
Sustainability Governance Structure
ESRS 2 GOV-1 – The role of the administrative,
management and supervisory bodies
Our strategy puts sustainable nutrition at the core of what
we do every day and enables us to deliver on our purpose,
Inspiring Food, Nourishing Life. The Group’s Board has
overseen the continued evolution of our business in line
with our purpose, including the review and approval of
the Group’s Beyond the Horizon sustainability strategy and
commitments. The commitments encompass a clear focus
on climate action and societal impact. The Board has
ongoing responsibility for overseeing performance and
strategies to deliver our commitments. The Board and
the Sustainability Committee also assess how the Group
is responding to climate-related risks and opportunities
associated with identified impacts, as part of the overall
risk management process.
The Sustainability Committee, a committee of the
Board, is responsible for overseeing the Group’s
sustainability objectives and performance, including the
delivery of the Group’s Beyond the Horizon sustainability
strategy, as outlined in the Committee’s Terms of
Reference, available on kerry.com. Membership of
this Committee includes Board members with deep
experience across food and beverage, as well as
experience in addressing sustainability-related matters.
The Audit Committee supports the Board by overseeing
the Group’s external reporting and reviewing and
monitoring the effectiveness of the Group’s risk
management and internal control processes. This includes
the Group’s preparations for compliance with the ESRS.
See the ‘Board Performance Evaluation’ paragraph on
page 82 for details of Kerry’s approach to performance
evaluation of the Board and its Committees.
The Sustainability Committee is in turn supported by
the Sustainability Executive Committee which steers the
Group’s investment decisions and progress towards our
2030 commitments across people, society, and planet
including plans to reach net zero before 2050, as outlined
in our Beyond the Horizon strategy. Membership of the
Sustainability Executive Committee includes Kerry’s CEO,
CFO and other members of our Executive Leadership Team
who meet throughout the year to consider our strategy,
review progress and prioritise activities and investment.
The Sustainability Executive Committee is supported
by additional governance councils at functional levels
who have accountability for specific environmental
and social areas, as represented in the Sustainability
Governance chart graphic (see page 134). Each council
is led by a member of our Executive Leadership Team
or a senior leader and meets at least quarterly. These
councils discuss strategies and initiatives that are
helping to reach the targets we have stipulated in
our Beyond the Horizon strategy, as well as reviewing
performance against those strategies and initiatives.
134
Sustainability Statement
Oversight
ESRS 2 GOV-2 – Information provided to and sustainability
matters addressed by the undertaking’s administrative,
management and supervisory bodies
The Board, along with the Sustainability and Audit
Committees, receive regular updates from senior
executives including the Chief Corporate Affairs Officer,
the Group Head of Sustainability and the Sustainability
Reporting team on sustainability matters. During 2024,
these included the Group’s performance against our
goals, targets and strategy, our climate-related risks and
opportunities associated with identified impacts, the
evolution of human rights and our double materiality
process and topics. The Board and the Sustainability
Committee also reviewed and approved Kerry’s Climate
Transition Plan (CTP) and our new Scope 3 targets. In
addition, details relating to climate change are provided
to the Board and the Committees by other leaders as part
of their functional updates, ensuring that it is increasingly
integrated into the broader strategic decision-making
process. Input from the Chief Corporate Affairs Officer,
the Group Head of Sustainability and the Sustainability
Reporting team is also included for respective relevant
sustainability matters reported to other committees of
the Board as needed, for example updates on metric
performance to the Remuneration Committee.
In 2024, the Board also considered climate-related metrics
as part of the Group’s financial and business planning
cycle. Climate-related metrics were incorporated within
the budget review process, alongside indicators on
growth, financial performance and returns. Potential
climate impacts were considered by the Board in a range
of areas including decisions on major capital expenditure
and business portfolio decisions.
The Sustainability Committee engaged with Executive
Leadership on climate-related risks and reviewed how
these have been assessed, considered and the risks
and potential impact determined as part of the overall
risk management process in 2024. The output of the
assessment was also shared with the Audit Committee.
The Group Internal Audit function incorporate the audit
of sustainability processes, controls and reporting
in their assurance engagement planning and audit
execution each year.
Board Composition
ESRS 2 GOV-1 – The role of the administrative, management
and supervisory bodies
The Board’s average gender ratio was 46% to 54%,
female to male for the year ending 31 December 2024.
Our Governance and Nomination Committee Report
(page 94) provides a summary of our current position
relating to Board and Executive Management diversity,
in line with listing requirements. For further information
about the composition, experience and diversity of our
Board, please see our Directors' Report on pages 61 and
94. The Board has assessed the independence of the
non-Executive Directors’ and confirm in its opinion, all
non-Executive Directors representing 77% of the Board,
are independent in judgement and character.
In relation to Board representation of employees and
related activities, the Board:
• Received and considered reports from the designated
Workforce Engagement Director on her activities
during the year. Details are outlined in Governance in
Action on page 79;
• Assessed talent and succession planning activities
following presentations from the Chief Executive
Officer and Chief Human Resources Officer;
• Approved the rollout of the All Employee Share Plan
(which was adopted by shareholders at the 2023 AGM)
to a further 16 countries;
• Reviewed the actions taken to support lower-paid
employees following a number of years of cost
inflation; and
• Monitored and assessed the culture of the Group
to ensure it promotes integrity and openness, is
aligned with strategy and is responsive to the views of
shareholders and wider stakeholders.
Board Level
Executive Level
Functional Level
Board of Directors
Sustainability Executive Committee
Remuneration Committee Audit Committee Sustainability Committee
Climate
Council
Portfolio
Council
Responsible
Sourcing
Council
Commercial
Council
Social
Sustainability
Council
Diversity,
Inclusion &
Belonging
Council
Circular
Economy
Council
Sustainability Governance
135
Sustainability Statement General
Sustainability and Remuneration
ESRS 2 GOV-3 – Integration of sustainability-related
performance in incentive schemes
Kerry’s remuneration philosophy ensures that executive
remuneration is aligned to the Group’s purpose, culture
and values, supports strategy and promotes the long-
term success of the company. The Long-Term Incentive
Plan (LTIP) for Executive Directors and senior leaders
reflects this through the three key areas of growth, return
and sustainability. The incentive plan considers core
sustainability metrics linked to our Beyond the Horizon
sustainability strategy. The metrics used include Nutritional
Reach, Carbon Reduction (specifically the progress towards
our science-based targets on Scope 1 and 2 emissions)
and Food Waste Reduction. The LTIP section of the
Remuneration Committee Report (page 113) outlines the
detail of how sustainability metrics are incorporated into
the incentive plan, while the Key Performance Indicators
section of the Strategic Report, on pages 26-27, outlines
the strategic importance of these metrics.
Due Diligence
ESRS 2 GOV-4 – Statement on due diligence
All identified material sustainability topics are considered
in the definition of Kerry’s overall strategy. The overall
strategy is supported by specific strategies on climate
change, environment and people. The following table
provides a mapping of how Kerry applies the core
elements of due diligence and where they are presented
in this Sustainability Statement.
Core Elements of Due
Diligence
Reporting
Area
Disclosures
in the
Sustainability
Statement
Description Page
Number
a)
Embedding due diligence
in governance, strategy
and business model
Governance
ESRS 2 GOV-1
ESRS 2 GOV-2
ESRS 2 GOV-3
ESRS 2 GOV-5
Governance and Board Composition
Oversight
Sustainability and Remuneration
Risk Management
133-134
134
135
136-137
Strategy
ESRS 2 SBM-1
ESRS 2 SBM-3
SBM-3 – E1
SBM-3 – E4
SBM-3 – S1
SBM-3 – S2
Our Sustainability Strategy
Our Sustainability Strategy
Climate Strategy and Business Model
Biodiversity Assessing Our Operations
Own Workforce Strategy
Workers in the Value Chain Strategy
137-138
137-138
156-157
170
188-189
207
Policies
E1-2
E3-1
E4-2
S1-1
S2-1
Climate Policy
Water Policy
Biodiversity Policy
Own Workforce Policies
Workers in the Value Chain Policy
157
165-166
170-171
189-190
208
b)
Engaging with affected
stakeholders in all key
steps of the due diligence
Governance ESRS 2 GOV-2 Oversight 134
Strategy
ESRS 2 SBM-2
SBM-2 – S1
SBM-2 – S2
Stakeholder Engagement
Interests and Views of Our People
Interests and Views of Upstream
Value Chain Workers
138-139
191
208
IRO
ESRS 2 IRO-1
ESRS 2 IRO-1-E1
ESRS 2 IRO-1-E3
ESRS 2 IRO-1-E4
Double Materiality Assessment
Climate Material Impacts, Risks and
Opportunities
Water Material Impacts, Risks and
Opportunities
Biodiversity Material Impacts, Risks
and Opportunities
140-141
151-156
165
169-170
136
Sustainability Statement
Core Elements of Due
Diligence
Reporting
Area
Disclosures
in the
Sustainability
Statement
Description Page
Number
b)
Engaging with affected
stakeholders in all key
steps of the due diligence
Policies
Refer to the Policies described in
section a) above.
Processes for
Engaging
S1-2
S1-3
S2-2
S2-3
S4-2
S4-3
Processes for Engaging with Our
People
Employee Support Channels
Processes for Engagement with
Upstream Value Chain Workers
Grievance Mechanisms
Processes for Engaging with our
Consumers and End-Users
Grievance Mechanisms
191-192
192
209
209
215 and 221
216 and 221
c)
Identifying and assessing
adverse impacts
IRO
ESRS 2 IRO-1 Double Materiality Assessment
Human Rights Overview
140-141
186
Strategy
ESRS 2 SBM-3
SBM-3 – E1
SBM-3 – E4
SBM-3 – S1
SBM-3 – S2
Our Sustainability Strategy
Climate Strategy and Business Model
Biodiversity Assessing Our Operations
Own Workforce Strategy
Workers in the Value Chain Strategy
137-138
156-157
170
188-189
207
d)
Taking actions to address
those adverse impacts
Strategy E1-1 Climate Transition Plan 147-150
Actions
E1-3
E3-2
E4-3
S1-4
S2-4
Climate Change Actions
Water Actions
Biodiversity Actions
Human Rights Overview
Own Workforce Actions
Workers in the Value Chain Actions
147-149
166-167
171-173
186
192-196
210-211
e)
Tracking the effectiveness
of these efforts and
communicating
Targets and
Metrics
E1-4 to E1-8
E3-3
E4-4 to E4-5
S1-5 to S1-17
S2-5
Climate Change Targets and Metrics
Water Targets and Metrics
Biodiversity Targets and Metrics
Own Workforce Targets and Metrics
Workers in the Value Chain Targets and
Metrics
158-164
168
173-174
196-205
212
Risk Management
ESRS 2 GOV-5 – Risk management and internal controls over
sustainability reporting
The identification, assessment and management of climate-
related risks follow the Group’s existing risk management
framework. However, the time horizons have been extended
to allow for the longer-term impacts of climate change.
The Audit Committee is responsible for providing structured
and systematic oversight of the Group’s risk management
and internal control systems. The Group’s risk assessment
process is a coordinated bottom-up and top-down
group-wide approach that facilitates the identification
and evaluation of risks, as well as assessing how the risks
are monitored, managed and mitigated. This process is
facilitated annually by our Internal Audit function and
overseen by the Risk Oversight Committee.
The Group’s risk appetite is agreed annually with the Board
and as a result we seek to minimise climate-related risks,
while ensuring the ongoing success of our business. The
management of these climate-related risks is undertaken
within the function where the risk may occur.
We also continue to plan for emerging non-financial
reporting regulations across multiple jurisdictions.
137
Sustainability Statement General
The divergence in approach, scope and timelines across
different frameworks pose a risk for businesses. We
have engagement with our Board, Executive Leadership
and functional teams to ensure they understand these
forthcoming requirements and that the business can
respond appropriately.
Please refer to the table outlining the material impacts,
risks and opportunities (IROs) from the double materiality
assessment on pages 142-145 for information on the
sustainability material topics addressed by the Board and
the Sustainability Committee during the year.
Our Sustainability Strategy
ESRS 2 SBM-1 – Strategy, business model and value chain
ESRS 2 SBM-3 – Material impacts, risks and opportunities and
their interaction with strategy and business model
As a global player in the food industry, Kerry
acknowledges that innovation is key to address the
adverse effects food production and consumption can
have on both society and the environment. Recognising
the magnitude of the task at hand, encompassing issues
like deforestation, greenhouse gas (GHG) emissions,
food waste, obesity, and malnutrition, we are committed
to developing and executing solutions that promote a
more environmentally responsible and resilient future.
Kerry has an important role to play in influencing
positive change, both within our own operations and
across our supply chain. Kerry is uniquely placed to
influence the impact of business partners downstream
and to that effect, we partner with customers to co-
create solutions that provide positive and balanced
nutrition to consumers globally, while minimising
negative impacts on the Earth's resources.
Our Beyond the Horizon strategy is built on three pillars;
Better for People, Better for Society and Better for
Planet, and sets out our commitment to deliver better
nutrition for consumers, manage our business and
source our materials responsibly, while reducing our
environmental footprint and that of our customers.
Our broad technology foundation, customer-centric
business model and integrated solutions capability
are core to the achievement of our vision, of creating
a world of sustainable nutrition. These solutions are
managed primarily through the lens of the food,
beverage and pharma & other end use markets, through
which we sell a broad portfolio of products that support
customers as they seek to innovate to win in today’s
food and beverage markets.
At Kerry, we define sustainable nutrition as the ability to
provide positive and balanced nutrition solutions that
help maintain good health, while protecting people and
the planet.
Core to our strategy is our ambition to reach over two
billion people with sustainable nutrition solutions by the
end of 2030. We will achieve this by innovating to create
products and solutions that maintain good health, while
protecting people and the planet. These products and
solutions form part of our overall portfolio, for further
details relating to our products and markets in which we
operate, see the Our Markets (page 22) and Our Strategy
(pages 12-13) sections within our Strategic Report. Our
strategy is enabled through our people. For information
relating to our total number of employees, please see the
S1-6 Our Employee Profile disclosures on pages 197-199.
Please see pages 18-19 of our Strategic Report for a
description of our business model and value chain.
We have reviewed the material risks and opportunities
identified and assessed as part of the double materiality
assessment process on pages 140-141 and considered
the current financial effects on our performance for the
current year. The opportunity to expand nutritional reach
through sustainable nutrition within our Taste & Nutrition
business is reflected in increased sales volume growth in
2024. While there have been some climate-related costs
associated with the transition to net zero in line with our
Climate Transition Plan, there was no material current
effect on our business performance. We considered the
current impact on the financial judgements and estimates
and as a result determined there is no material impact
on the valuations of the Group’s assets and liabilities
from these risks as at 31 December 2024. We have not
identified a significant risk of a material adjustment
We are committed to doing business with integrity and seek
to enhance the lives of all those with whom we engage
We are reducing our environmental footprint and enabling
our customers to lower their product impacts in areas like
carbon and waste
We co-create products that deliver better nutrition for
consumers with no compromise on taste
Our 2030 goal is to reach over two billion people with
solutions that maintain good health while protecting
people and the planet
SUSTAINABLE
NUTRITION
BETTER FOR
PLANET
BETTER FOR
PEOPLE
BETTER FOR
SOCIETY
138
Sustainability Statement
within the next annual reporting period to the carrying
amounts of assets and liabilities reported in the related
Financial Statements.
We have opted to exercise the phase-in allowance to omit
the disclosure of anticipated financial effects of material
risks and opportunities on financial position, financial
performance, and cash flows over the short, medium and
long term.
Some of our identified IROs have been covered by
Kerry-specific disclosures, including IROs relating to
our Kerry-defined material topics Consumer Health and
Food Waste. We have further defined additional metrics
and targets to measure and track progress against IROs
in each topical ESRS section. Please refer to the topical
sections for more information.
Stakeholder Engagement
ESRS 2 SBM-2 – Interests and views of stakeholders
To effectively address the complex challenges within
our industry, it is clear that a collaborative approach
is essential. We are committed to forming strategic
partnerships aimed at delivering tangible results.
Our engagement with stakeholders is focused on
understanding their perspectives and integrating them
into our decision-making processes and responding to
their feedback effectively.
Through the convergence of our scientific, technological
and innovative capabilities, we strive to develop new and
enhanced taste and nutrition solutions for consumers
worldwide, contributing to the transformation of
global food production. However, we recognise that
this cannot be achieved in isolation. Our business
actively engages with a broad range of stakeholders,
including employees, suppliers, customers, local and
regional governments, shareholders and communities,
to ensure that their views are incorporated within our
business planning and are considered by our senior
management, including the Board on a regular basis,
in particular as they reviewed the double materiality
process in early 2024. Relevant stakeholders across
Kerry's value chain participated in Kerry’s double
materiality assessment process, providing valuable
perspectives and insights on sustainability matters
relevant to Kerry. See the stakeholder engagement
disclosure, as the third step to our double materiality
process on page 140 for more details.
Conducting stakeholder analysis allows us to identify
groups impacted by our activities, as well as those that
influence Kerry. We engage with these key stakeholders
through various channels, including direct interactions,
engagement with representative bodies, and
participation in relevant multi-stakeholder platforms.
Kerry also maintains channels that enable stakeholders
to directly engage where appropriate.
Our Engagement and Purpose Outcomes from Engagements
Stakeholder: Customers and Consumers
Strong engagement with our customers and consumers enables
us to operate a customer-centric business model and act as our
customers’ most valued partner, creating a world of sustainable
nutrition. Our commercial and sustainability teams have ongoing
engagement with our customers through day-to-day operations,
customer conferences and industry events. Scientific and thought
leadership is enabled through collaboration, including the Kerry
Health and Nutrition Institute
®
and events such as Climate Week in
New York.
• Co-creation and innovation of healthier
products.
• Improving the visibility of sustainability
impacts from our products and our
customers products through tools such
as Kerry Nutri Guide, Kerry Food Waste
Estimator and Kerry Carbon Guide.
• Enhanced awareness around the
importance of sustainable nutrition topics
e.g. climate, sodium reduction etc.
Stakeholder: Our Employees
Regular and ongoing engagement with our employees is key
to attracting, developing and retaining a talented workforce to
successfully deliver our strategy and bring our vision to life. We
are committed to fostering an environment where our people
are highly engaged and collaborate to shape Kerry’s successful
growth. We engage employees through leadership and learning
development, our regular employee experience survey, leadership
pulse checks and physical/virtual town halls. We encourage all
of our people to have the courage to speak up, creating a safe
environment in which everyone feels comfortable to do so.
• Enhanced awareness of training and career
development opportunities.
• Inclusion of OurVoice employee experience
feedback in action planning and delivery.
• Improved employee health, safety and
wellbeing.
• Enhanced rewards and recognition.
• Continuing to promote supports like our
Employee Assistance Programme and
Speak Up.
139
Sustainability Statement General
Our Engagement and Purpose Outcomes from Engagements
Stakeholder: Shareholders
Active engagement with our shareholders ensures they are aware
of the Group's business, environmental and social performance.
Engagement occurs throughout the year through investor
meetings, conferences, our annual reporting process, published
materials and analysts’ briefings. This process allows us to receive
feedback across a range of key topics and shareholder focus areas.
Events such as the investor day at our Beloit, Wisconsin, facility
showcase Kerry’s capabilities.
• Increased awareness of our growth strategy
leveraging sustainable nutrition across the
different channels and regions.
• Clarity on social and environmental
performance and targets.
• Improved understanding of marketplace
dynamics.
• Incorporation of insights to enhance our
approach on key topics.
Stakeholder: Suppliers
We engage with our suppliers regularly through day-to-day
operations to ensure the quality, safety and sustainability of our raw
materials. This is facilitated through direct engagement, supplier
assessments and audits. We also engage through industry events
and multi-stakeholder platforms focused on areas such as carbon
reduction, deforestation and regenerative agriculture. These
platforms include the Consumer Goods Forum, the Sustainable
Dairy Partnership, the Palm Oil Collaboration Group and more. We
use these platforms to engage collaboratively with peers, customers
and suppliers on challenges that are common to our industry and
where collaboration is essential to ensure progress.
• Adherence to Kerry’s Supplier Code of
Conduct.
• Improved product safety, quality and
sustainability standards including
certifications.
• Progress towards reducing Scope 3
emissions.
• Understanding our requirements on the
rights of workers throughout the supply
chain.
• Contingency supply arrangements in
response to ongoing global challenges.
Stakeholder: Government
Through our engagement with government and state authorities,
we outline our contribution to sustainable development at local,
regional and national level. We inform them of our corporate
position on the concerns facing our industry and we can increase
our understanding of wider issues, enabling us to engage as
appropriate in relevant policy and regulatory debates.
• Improved understanding of policy
development and outcomes.
• Preparation for adherence to legislative
changes.
• Enhanced policies and further transparency
in our reporting.
• Access to supports that enable our climate
transition.
Stakeholder: Community
We play an important role in the socio-economic development of
communities where we operate and source our materials. This
goes beyond our business activities through financial support for
community projects, our sponsorships and employee volunteering
initiatives. By fostering strong relationships within these
communities, we can work together to promote positive outcomes
for our business, society and the environment.
• Continued economic development.
• Improved access to services and/or facilities.
• Enhanced nutrition for targeted
communities.
• Employee engagement and community
involvement.
• Promoting sport and active lifestyles.
The ‘ESRS 2 SBM-2 – Interests and views of stakeholders’ social topical disclosures are disclosed on the following pages:
• Own Workforce (S1) page 191;
• Workers in the Value Chain (S2) page 208; and
• Consumers and End-Users (S4) pages 215 and 221.
Please refer to the table outlining the material impacts, risks and opportunities (IROs) in ESRS 2 SBM-3 on pages
142-145 for information on IROs addressed by the Board and the Sustainability Committee during the year.
140
Sustainability Statement
Double Materiality
Assessment Process
Double Materiality Assessment
ESRS 2 IRO-1 – Description of the processes to identify and
assess material impacts, risks and opportunities
Introduction
We completed our double materiality assessment in
early 2024. Double materiality has two-dimensions,
namely, impact materiality and financial materiality.
Impact materiality assessment involves evaluating the
impact of Kerry on environmental, social and governance
(ESG) issues (inside-out) while financial materiality
assessment involves evaluating the impact of these
issues on Kerry (outside-in). Our assessment is based
on definitions within the ESRS issued by the European
Commission and will be reassessed in full every three
years, or earlier, if required.
The double materiality assessment identifies our
most relevant ESG topics and their related impacts,
risks and opportunities (IROs) at which we direct
appropriate action and resources, through our policies
and programmes. It informs the continued evolution
of our Beyond the Horizon strategy and provides input
into our risk management processes, while also
forming the basis for the required disclosures within
this Sustainability Statement. Our material topics
were defined through a five-step process, as outlined
in the following graphic. The process was centrally
managed and involved substantial consultation with
our business leaders, subject matter experts, and a
wide range of stakeholders, including employees,
investors, customers, suppliers and community-
based representatives. Their insights have helped
to inform the materiality of specific topics and the
associated IROs. This ensured that the assessment was
comprehensive and considered impacts across our
entire organisation and the value chain.
This process was underpinned by a robust governance
structure, led by a core group of senior leaders, an
Executive-led steering committee and a Decision-
Making Authority who were a smaller cohort of steering
committee members. Each of our material topics were
reviewed in detail to consider any actual or potential
effects from the sale of the Kerry Dairy Ireland business
on 31 December 2024 and it was concluded that no
changes were required to the list of material topics or
the underlying IROs, as a result of this transaction.
1. Understand the Context
To understand the sustainability context within which
we operate, we conducted a landscape assessment to
identify potential material sustainability topics that may
arise in relation to our business and value chain. The
assessment was based on knowledge of our operations,
business relationships, and relevant sector and
regulatory factors. It incorporated media and regulatory
reviews, and analysis of our peers and value chain to
gain deep insight into sustainability topics which matter
most to Kerry’s stakeholders. The landscape assessment
resulted in the identification of sustainability matters
that could potentially be material for Kerry.
2. Topic Selection
Our next step was to refine and consolidate matters
from the landscape assessment into thematic
sustainability topics and map them to each of the
matters listed within the ESRS. These were further
validated and refined where necessary, before
definitions were assigned to each topic to capture the
anticipated IROs, ensuring alignment with relevant ESRS
sub-topics and sub-sub-topics. The topics were validated
by the Executive-led steering committee, comprising
senior management, functional executives and other key
internal stakeholders. The objective of this phase was to
generate an appropriate list of topics and related IROs to
allow for meaningful engagement with a wider group of
internal and external stakeholders.
3. Stakeholder Engagement
To capture stakeholder perspectives, relevant
stakeholders were identified and mapped against the
value chain and an engagement approach was defined
for each (e.g. by survey and/or interview). To ensure we
engaged a broad set of stakeholders, we developed a
double materiality survey based on the long list of topics
and issued that to our selected external and internal
stakeholders. The survey required respondents to score
the topics and allowed them to provide further context
to explain their scoring of the topics. For a deeper
understanding of the sustainability matters we selected
a sub-set of external and internal stakeholders across
our value chain for in-depth interview. This included
employees in various functions, suppliers, customers,
industry bodies and shareholders.
Our Double Materiality Process:
1.
Understand the
Context
2.
Topic
Selection
3.
Stakeholder
Engagement
4.
Double
Materiality
Assessment
5.
Review
and Report
Assessment of
the external
environment
to determine
universe of
topics.
Refined topic
list developed
with reference to
ESG standards
and definitions
agreed.
Detailed
feedback
received
across varied
stakeholder
groups.
Qualitative and
quantitative
inputs used
to determine
material topics
and IROs.
Topics validated
through internal
governance
process and
disclosed.
141
Sustainability Statement General
4. Double Materiality Assessment
Stakeholder input was carefully assessed, and the IROs
were scored using a predefined scale for both impact
and financial materiality. The scoring approach, including
the weighting of survey and interview responses and the
process to assign numerical scores to interview data, was
reviewed and approved by the Decision-Making Authority.
Impact Materiality
The evaluation of impact materiality involved gathering
insights from surveys and interviews with internal and
external stakeholders. Numerical scores from the survey
and qualitative interview data, were combined to generate
an overall survey and interview score for each topic. This
accounted for positive and negative impacts, as well as
whether an impact was actual or potential.
The severity of impacts was evaluated, considering the scale,
scope, and irremediable nature of each impact for affected
stakeholders across short, medium and long-term time
horizons. This evaluation determined the impact materiality
score for actual impacts. For potential impacts, an additional
parameter of ‘likelihood’ was scored.
Financial Materiality
Financial Materiality scores were determined through a
financial materiality workshop involving finance, strategy,
and sustainability leaders. The scale used to determine
the financial materiality score was calibrated against
Kerry’s Enterprise Risk Management (ERM) financial
threshold scale and assessed across short, medium and
long-term time horizons using both financial magnitude
and likelihood scores.
Validation
On completion of the scoring, we held validation workshops
with the Decision-Making Authority to review the results.
Topics that scored close to the impact and financial
materiality thresholds warranted additional review and
consideration. As a result of this review, these topics and
their related IROs were deemed not to be material.
5. Review and Report
Following the completion of the process, the final results
went through the appropriate governance process and,
finally, were approved by the Sustainability Committee. The
following graphic provides an overview of the material topics
for Kerry, accompanied by the tables on pages 142-145
which identifies the material IROs.
Our Material Topics
This matrix represents the topics that were deemed
to be material, along with those that were deemed
not to be material following the double materiality
assessment process, as described. Refer to Impacts,
Risks and Opportunities section on page 142 for
details of the IROs for each material topic, respectively.
Refer to each of the material topic sections within the
Environmental section of this report for details of the
environmental IRO-1 topical disclosures.
Financial Materiality
Impact Materiality
Environmental Topic Social Topic Governance Topic
Financial Material Topics
Not Material Topics
Impact and Financial Material Topics
Impact Material Topics
Pollution (E2)
Waste and Circular Economy (E5)
Community Relations (S3)
Animal Welfare (G1)
Ethics and Integrity (G1)
Water Stewardship (E3)
Responsible Employer (S1)
Diversity, Inclusion & Belonging (S1)
Responsible Communications (S4)
Climate Change (E1)
Biodiversity and Ecosystems (E4)
Food Waste (E5)
Working Conditions in the Upstream Value
Chain (S2)
Consumer Health (S4)
The topics are illustrated in order of E, S and G topics and by the numerical order of the topics within each ESRS topical
standard. This order is not intended to represent the topics’ relative materiality within each quadrant.
The assessment was conducted without reference to
existing or future mitigations, however, consideration was
given to Kerry’s current controls and processes to help
inform the likelihood of potential risks and opportunities.
As part of our Beyond the Horizon strategy, reducing food
waste is an important topic for Kerry. As identified through
our double materiality assessment, the impact is greatest
in our downstream value chain, partnering with customers
to manage and reduce their food waste. While the impact
from our own operations has become less material over
time, we retain a focus on halving food waste across our
manufacturing sites.
Pollution was a topic for consideration through the double
materiality assessment process and we consulted with
stakeholders ahead of determining that this was not
material at Group level. Our assessment of this topic
included a high-level consideration of our operations and
key activities across the value chain.
As part of the double materiality process, the topic of
governance across the value chain was assessed and
thoroughly evaluated, considering the nature of our
business and the transactions undertaken. Business
integrity is a fundamental non-negotiable value for Kerry
that is incorporated into our ways of working throughout
our material topics.
142
Sustainability Statement
Impacts, Risks and Opportunities
ESRS 2 SBM-3 – Description of material impacts, risks and opportunities resulting from materiality assessment
The material impacts, risks and opportunities (IRO) identified during the double materiality assessment are described
for each material topic, along with the respective time horizon and value chain mapping for each. For impacts, the
IRO Category describes whether they are deemed to be actual or potential, positive or negative.
IRO Description IRO
Category
Time
Horizon
Value Chain
Mapping
Short
Medium
Long
Upstream
Own Ops
1
Downstream
ESRS Topic - E1 Climate Change
Kerry Topic - Climate Change
Reducing GHG emissions across the value chain by working
with stakeholders to create products with a lower carbon
footprint and/or technologies that reduce emissions.
Actual
Positive
Impact
Impact through the utilisation of high carbon raw materials
whose production results in substantial Scope 3 emissions.
Actual
Negative
Impact
Damage to brand and/or business relationships if we fail to
meet stakeholder expectations on climate change.
Risk
Policy changes and the introduction of legislation designed
to constrain emissions which have the potential to add cost
to our operations.
Risk
Cost of adopting and implementing new technology and
interventions to enable the transition to net zero.
Risk
Physical risk due to extreme weather events, which may
affect Kerry's ability to operate, and negatively impact on
cost and/or revenue.
Risk
Increased consumer and customer demand for low-carbon
products leads to increased demand/revenue associated
with Kerry’s sustainable solutions.
Opportunity
ESRS Topic - E3 Water and Marine resources
Kerry Topic - Water Stewardship
The discharge of wastewater from our sites and the
potential for adverse environmental consequences.
Potential
Negative
Impact
Impact on water availability due to water withdrawals at
Kerry's own operations and/or upstream in the value chain.
Potential
Negative
Impact
1
Own Ops = Own Operations
143
Sustainability Statement General
IRO Description IRO
Category
Time
Horizon
Value Chain
Mapping
Short
Medium
Long
Upstream
Own Ops
1
Downstream
ESRS Topic - E4 Biodiversity and Ecosystems
Kerry Topic - Biodiversity and Ecosystems
Land and ecosystem degradation from deforestation and
conversion related to the sourcing of specific forest risk raw
materials.
Potential
Negative
Impact
Land and ecosystem degradation through climate change
related to Scope 3 emissions.
Actual
Negative
Impact
Raw material supply risk due to unsustainable resource
extraction and land use practices, resulting in increased
costs and lower operating profits.
Risk
Regulatory compliance risk due to additional regulatory
burden and due diligence requirements, with reputational
risk and or financial penalties for failure to comply.
Risk
Increased consumer and customer demand for products
with better biodiversity outcomes leads to increased
demand/revenue associated with Kerry's innovation
expertise and sustainable solutions.
Opportunity
ESRS Topic - E5 Resource Use and Circular Economy
Kerry Topic - Food Waste
Reducing the level of food loss and waste generated
downstream through customer use of Kerry’s food
technologies.
Actual
Positive
Impact
Increased revenue due to expansion and development of
the market for longer product shelf-life through food waste
technologies and innovations.
Opportunity
ESRS Topic - S1 Own Workforce
Kerry Topic - Responsible Employer
Own workforce health, safety and wellbeing within the
work-related environment.
Actual
Negative
Impact
Employment security, stability, and engagement, by
respecting employee representation in all regions
according to local law, by having positive relationships
with employee representatives, and maintaining a direct
dialogue with employees.
Actual
Positive
Impact
Creating positive and engaging working conditions and
safeguarding employee rights through compliance with
national labour laws.
Actual
Positive
Impact
144
Sustainability Statement
IRO Description IRO
Category
Time
Horizon
Value Chain
Mapping
Short
Medium
Long
Upstream
Own Ops
1
Downstream
ESRS Topic - S1 Own Workforce
Kerry Topic - Responsible Employer
Employee attraction, retention, and development through
flexibility, upskilling and career advancement opportunities.
Actual
Positive
Impact
Equal treatment and opportunities for employees by
creating an environment that is safe from bullying and
harassment and free from violence in all its forms.
Potential
Positive
Impact
ESRS Topic - S1 Own Workforce
Kerry Topic - Diversity, Inclusion & Belonging
Equal treatment and opportunities for employees by
creating an environment of gender fairness, that is open to
different cultures and abilities, and pays employees equal
pay for work of equal value.
Potential
Positive
Impact
Focusing on gender, ethnic and cultural diversity to ensure
appropriate representation in Kerry.
Potential
Positive
Impact
ESRS Topic - S2 Workers in the Value Chain
Kerry Topic - Working Conditions in the Upstream Value Chain
Possible human rights infringements, particularly in higher-
risk geographies.
Potential
Negative
Impact
Enhancing working conditions in geographies with poor
labour laws by promoting responsible labour practices, fair
wages, a safe working environment and providing support
for representation and collective bargaining for workers in
the upstream value chain.
Potential
Positive
Impact
Potential risk to reputation and exposure to legal action
arising from business relationships with suppliers that
may breach workers rights and/or health and safety
requirements.
Risk
Potential regulatory risk associated with supplier non-
compliance with human rights laws and expectations of
stakeholders resulting in claims and/or fines.
Risk
145
Sustainability Statement General
IRO Description IRO
Category
Time
Horizon
Value Chain
Mapping
Short
Medium
Long
Upstream
Own Ops
1
Downstream
ESRS Topic - S4 Consumers and End-Users
Kerry Topic - Consumer Health
Access to sustainable and healthy nutrition through Kerry’s
portfolio of products that contribute positive and balanced
nutrition to consumer products.
Actual
Positive
Impact
Harm to consumer health resulting from failure to
achieve our stringent food safety management standards
and high product quality.
Potential
Negative
Impact
Regulatory risk due to possible non-compliance with food
ingredients and labelling regulations resulting in fines and
legal consequences.
Risk
Market risk due to consumer preferences changing faster
than Kerry’s business assumptions, resulting in lost revenue
as Kerry lags behind the market shift.
Risk
Regulatory and compliance risk due to increase
in regulatory burden resulting from governments
implementing restrictions on specific food products to
reduce diet-related non-communicable diseases in the
general public.
Risk
Opportunity to expand market position and gain new
customers through sustainable nutrition innovation.
Opportunity
ESRS Topic - S4 Consumers and End-Users
Kerry Topic - Responsible Communications
Provide accurate and substantiated information, and
increased transparency on nutritional labels and claims,
thereby enabling product users to make more informed
consumption decisions.
Actual
Positive
Impact
Reduced stakeholder trust through inaccurate or
misleading communication surrounding progress on
sustainability.
Potential
Negative
Impact
1
Own Ops = Own Operations
146
Sustainability Statement
1. Material Impacts, Risks
and Opportunities
ESRS 2 IRO-1 – Description of the processes to identify
and assess material climate-related impacts, risks and
opportunities
As part of Kerry’s double materiality assessment, we
identified material climate-related impacts, risks and
opportunities (IROs). The material IROs relate to climate
change mitigation, including energy, in addition to climate
change adaptation and are shown in the following table.
Our approach to the materiality assessment is outlined in
the General section on pages 140-145.
Within our double materiality assessment, we defined the
following short, medium and long-term time horizons:
• Short term: within one year;
• Medium term: from the end of the short-term
reporting period up to five years; and
• Long term: more than five years.
Description Time
Horizon
Location in
Value Chain
Short
Medium
Long
Upstream
Own Ops
1
Downstream
Actual
Positive
Impact
Reduced Emissions
Reducing greenhouse gas (GHG) emissions across
the value chain by working with stakeholders to
create products with a lower carbon footprint and/or
technologies that reduce emissions.
Actual
Negative
Impact
Scope 3 Emissions
Impact through the utilisation of high carbon raw materials
whose production results in substantial Scope 3 emissions.
Risk Transition Reputation Risk
Damage to brand and/or business relationships if we fail
to meet stakeholder expectations on climate change.
Risk Transition Policy Risk
Policy changes and the introduction of legislation
designed to constrain emissions which have the
potential to add cost to our operations.
Risk Transition Technology Risk
Cost of adopting and implementing new technology and
interventions to enable the transition to net zero.
Risk Acute and Chronic Physical Risk
Physical risk due to extreme weather events, which may
affect Kerry’s ability to operate, and negatively impact on
cost and/or revenue.
Opportunity Increased Consumer Demand
Increased consumer and customer demand for low-
carbon products leads to increased demand/revenue
associated with Kerry’s sustainable solutions.
1
Own Ops = Own Operations
Climate Change (E1)
1. Material Impacts, Risks and 146
Opportunities
2. Climate Transition Plan 147
3. Climate Resilience Analysis 151
4. Policies 157
5. Targets 158
6. Metrics 159
Climate Change
147
Sustainability Statement Climate Change (E1)
2. Climate Transition Plan
E1-1 – Transition plan for climate change mitigation
E1-3 – Actions and resources in relation to climate
change policies
As a global player in the food industry, Kerry has an
important role to play in combating climate change
and continues to develop and implement solutions
contributing to a more environmentally responsible
future. Our Climate Transition Plan (CTP) details our
journey to net zero before 2050. As part of this, Kerry’s
Scope 1 and 2 target to 2030 is science-based and verified
by the Science Based Targets initiative (SBTi). Kerry's
Scope 1 and 2, and Scope 3 targets before 2050, and
Scope 3 target for 2030 were developed based on SBTi
tools and have been submitted to SBTi for validation.
Our targets have been developed to align with the Paris
Agreement goals to limit the global average increase in
temperatures to 1.5⁰C. Addressing climate change and
the transition to a low carbon economy are complex and
systemic challenges that present risks and opportunities
for our industry. We have modelled how we expect our
GHG emissions to change over time as a result of our
business growth and planned climate actions. Our CTP
sets out a selected range of decarbonisation actions to
reduce our carbon footprint, while collaborating with
others to drive meaningful change for our industry.
Ambition
Through our Beyond the Horizon sustainability strategy,
Kerry has set ambitious GHG emissions reductions
targets. We are committed to reaching net zero before
2050 and have established 2030 science-based targets for
our Scope 1 and 2 emissions. In 2024, we strengthened
our commitment by updating our 2030 Scope 3 target
and more clearly defining our long-term targets.
Near-term Targets (2030)
• 55% reduction in absolute Scope 1 and 2 emissions
versus a 2017 base year
• 30% reduction in absolute Scope 3 Forest, Land and
Agriculture (FLAG) emissions versus a 2022 base year
• 25% reduction in absolute Scope 3 non-FLAG
emissions versus a 2022 base year
Net Zero Targets (Before 2050)
• 90% reduction in absolute Scope 1 and 2 emissions
versus a 2017 base year
• 90% reduction in absolute Scope 3 non-FLAG
emissions versus a 2022 base year
• 72% reduction in absolute Scope 3 FLAG emissions
versus a 2022 base year
In 2024, we achieved a 50% decrease in our Scope 1 and 2
emissions, versus our 2017 base year, and a 5% reduction
in our total Scope 3 emissions, versus a 2022 base year.
For more information on Kerry’s GHG emission reduction
targets that support our CTP, please refer to the Targets
section on pages 158-159.
Actions
Scope 3 Emissions (Upstream)
Approximately 95% of our emissions are generated outside of our direct operations, with 83% attributable to the
procurement of goods and services. We understand that achieving our emissions targets is largely driven by our ability
to engage effectively across our value chain. This necessitates collaboration with our suppliers, industry peers, and a
broader ecosystem of stakeholders across our industry. In 2024, incorporated within our activities were the following
key actions to progress towards the achievement of our climate-related policy objectives and targets:
Action Area Key Actions Taken in 2024 GHG Emission
Achieved in
2024 or Full
Year Expected
Reduction
'000 tCO₂e
Agriculture
• We initiated sustainable sourcing programmes with dairy, wheat and
corn suppliers in North America, incentivising farmers to implement
regenerative agriculture practices, for the purpose of reducing carbon
emissions. Compensation under these programmes is outcome-based
with producers rewarded for the actual carbon reduction achieved and
supported by third-party verification. The reduction in emissions relating
to these initiatives are expected to be realised beginning in 2025.
• In addition to existing sustainable farming practices within the Evolve
programme, we further expanded the programme adding a further
five eligible actions for incentivisation. The programme's primary
goal is to reward suppliers for sustainable farming practices and to
incentivise adoption of additional sustainability measures resulting in
further reductions in carbon emissions.
13
Full year
expected
122
Achieved
in year
148
Sustainability Statement
Scope 1 and 2 Emissions (Own Operations)
Although our own operations represent just 5% of our overall GHG emissions, it is the area where we have the most
direct impact. In 2024, incorporated within our activities were the following key actions to progress towards the
achievement of our climate-related policy objectives and targets:
Action Area Key Actions Taken in 2024 GHG Emission
Achieved in
2024 or Full
Year Expected
Reduction
'000 tCO₂e
Energy
Efficiency
• We invested in advanced process efficiency equipment aimed at reducing
fuel consumption and lowering associated emissions. This included
initiatives such as equipment upgrades and the integration of heat recovery
systems. These investments underscore our commitment to operational
sustainability, enabling energy efficiency and progress toward our
emissions reduction targets.
10
Full year
expected
Renewable
Energy
• We signed Power Purchase Agreements (PPAs) with RWE in the UK. Due to
commence in 2025, these agreements are for 11 years and will meet over
50% of Kerry's current UK electricity consumption. It also supports the UK’s
transition to lower carbon electricity, helping to fund development of two solar
projects. We are currently assessing PPA opportunities across other regions.
• We made ongoing use of Renewable Energy Certificates (RECs) to reduce our
Scope 2 emissions in 2024. Our procurement of market-based certifications
means we align a greater portion of our electricity consumption with certified
renewable energy sources. For more information on Kerry’s Scope 2 market-
based emissions, please refer to the Metrics section on pages 159-164.
279
Achieved
in year
Our Pathway to Net Zero
Our ambition to reach net zero before 2050 is a core element of our Beyond the Horizon sustainability strategy, ensuring
we deliver a positive impact while mitigating future risks and safeguarding the long-term success of our business.
Building on our pathway reported in 2023, we developed a more detailed roadmap to support our transition including
targeted areas for intervention and associated actions. They provide the focus for us globally as we deliver on our
2030 science-based targets and our longer-term journey towards net zero. We will seek to integrate new technologies
and solutions as these become available. Our planned actions, and their estimated contribution towards Kerry’s 2030
reduction targets are set out by GHG scope and action area.
Scope 3 Emissions (Upstream)
Action Area Future Actions Planned Estimated
Emissions
reduction
potential
to 2030
'000 tCO₂e
Time
Horizon
Short
Medium
Long
Agriculture Support increased use of practices to reduce inputs and
emissions, restore soil health and increase biodiversity, e.g.
regenerative practices like no- and low-till, optimisation
of fertiliser use, reduction of livestock methane emissions
through better herd and feed management.
1,195
Land Use &
Deforestation
Prevent deforestation and conversion of land in our supply
chain and seek opportunities for reforestation, which will reduce
emissions related to inputs used in our products.
120
Product
Reformulation
Innovate with lower carbon raw materials in partnership with
customers to reduce the carbon footprint of our portfolio and
our customer solutions.
130
149
Sustainability Statement Climate Change (E1)
Action Area Future Actions Planned Estimated
Emissions
reduction
potential
to 2030
'000 tCO₂e
Time
Horizon
Short
Medium
Long
Logistics Optimise transport and distribution practices, including
encouraging increased renewable energy use among our
logistics partners to reduce emissions.
255
Energy
Management
Improved energy management and the use of renewable energy
resources by suppliers.
165
Other Optimise product design and increase use of renewable
feedstocks for inputs including plastic packaging.
80
Scope 1 and 2 Emissions (Own Operations)
Action Area Future Actions Planned Estimated
Emissions
reduction
potential
to 2030
'000 tCO₂e
Time
Horizon
Short
Medium
Long
Energy
Efficiency
Continued investment in energy efficiency to reduce
consumption and associated emissions while exploring
opportunities for increased electrification of processes.
45
Renewable
Energy
Investigation, piloting and scaling of new renewable thermal
energy sources across our manufacturing sites (e.g. biomethane,
hydrogen), which will reduce our emissions, while continuing to
ensure our electricity is backed by renewable sources.
55
For actions disclosed in this section, the specified
location of the actions across our value chain reflects
where the impacts, risks and opportunities arise. We
acknowledge that Kerry will need to initiate many of
these activities from within our own operations.
Integrating our CTP into our Strategy,
Business Model and Investments
Our Beyond the Horizon sustainability strategy, which
includes our response to climate change, is embedded
into our overall business strategy. Existing partnerships
with customers create healthier, tastier, and more
sustainable products, helping mitigate and adapt to
climate change. We will continue to evolve our actions
and make investments that are aligned with our overall
strategic priorities. Our climate action plan identifies
key areas of focus across our operations and wider
value chain that will be integrated into our business
decisions and financial planning. We will evolve our
approach as we implement initiatives, gain insights,
and adopt new technologies, recognising that there will
be challenges along the journey. Our CTP will ultimately
strengthen the resilience of our business and support
our growth.
We continue to develop and invest in the initiatives
necessary to achieve our 2030 and longer-term net
zero targets. We consider carbon efficiency and
sustainability impacts as part of our investment
programmes. In 2024, we invested €13m of capital
expenditure in the energy efficiency actions outlined
on page 148, this capital expenditure is included
in the additions line within note 12 of the Financial
Statements. The expenditure in 2024 was not eligible
and aligned under the EU Taxonomy, with the majority
of the spend on activities not defined under the climate
objectives. We anticipate that elements of our capital
expenditure, particularly those relating to our planned
energy efficiency projects, e.g. heat pumps and heat
recovery, will meet the eligibility and alignment criteria
under the EU Taxonomy. These investments are directly
linked to our efforts to reduce Scope 1 and 2 emissions,
aligning with the EU Taxonomy’s focus on sustainable
economic activities.
150
Sustainability Statement
Our ability to implement climate-related actions is
closely tied to the availability and allocation of resources,
particularly financial resources. We estimate that the
level of investment to realise future Scope 1, 2, and 3
actions will be approximately 1% of revenue per annum,
on average, in the period to 2030 with funding for
investments expected to come from free cash flow. This
estimate is based on a number of assumptions about the
future of our business, the associated level of emissions
and the potential cost to reduce these. Investments
associated with new initiatives or projects we might
undertake in the future are not fixed or predetermined
and these will be influenced, particularly for Scope 3, by
policy supports, collaborative funding opportunities and
the outcome of engagement with stakeholders in our
value chain.
Locked-in GHG emissions are future emissions that
will occur over the lifetime of an asset or product due
to choices we make today. Our CTP sets out how we
will reduce the majority of our emissions, recognising
that some residual emissions will remain. Any potential
locked-in Scope 1 and 2 GHG emissions are expected
to be small. We anticipate being able to decarbonise
90% or more of our operational emissions. By 2050, we
may have some remaining hard-to-reduce Scope 3 GHG
emissions. To achieve our net zero targets, we will offset
these emissions as necessary in line with SBTi guidelines
using carbon removals, i.e. natural or technical strategies
that remove CO₂ from the atmosphere and provide
secure long-term storage. Within a small number of our
manufacturing sites, we use natural gas in combined
heat and power plants. In 2024 there were no material
capital expenditure (CapEx) investments in these
assets. Kerry is not excluded from the EU Paris-aligned
Benchmarks in accordance with the exclusion criteria
stated in Articles 12.1 (d) to (g) and 12.2 of Commission
Delegated Regulation (EU) 2020/1818 (Climate
Benchmark Standards Regulation).
Collaboration
We directly control only a small portion of our value
chain emissions and driving transformation requires
leadership and collaboration with suppliers, farmers,
ingredient and packaging producers, transport providers,
and customers. Mitigating climate change also requires
collective action across industries and broader society.
At Kerry, we are committed to taking action to reduce
our carbon footprint where feasible solutions exist. We
engage closely with suppliers and industry experts to
drive initiatives and explore innovative solutions aimed at
addressing known challenges and accelerating progress
within key raw material categories, for example our
engagement with the Palm Oil Collaboration Group. As
more consumers seek products that make a positive
impact on both the environment and society, we partner
with our customers and suppliers to calculate product-
level carbon footprints. This effort enhances transparency
in internal decision-making and fosters collaboration with
stakeholders across the value chain. Recognising that
we often share value chain partners with our peers, we
believe in the collective benefits of helping our mutual
suppliers set and achieve their climate goals. Through
joint efforts in training, support, and the standardisation
of data collection, we can overcome barriers and expedite
progress towards reducing GHG emissions.
Governance
Climate Governance
The Sustainability Committee of the Board guides
and oversees Kerry’s Beyond the Horizon sustainability
strategy, including our efforts on climate. It is supported
by the Sustainability Executive Committee, which
comprises Kerry’s CEO, CFO, and other members of
our Executive Leadership Team. Together, they assess
climate-related impacts, risks, and opportunities,
determine strategy, review progress, and prioritise
actions. The Chief Operating Officer and our
Procurement and Integrated Operations teams play a
lead role in driving climate action across our business
and wider supply chain with the support of other
functional leaders and sustainability teams.
The Sustainability Executive Committee steered
development of Kerry’s CTP with extensive cross-
functional support. Our CTP has been reviewed and
approved by the Group’s Board of Directors. Progress
against our plan will be monitored by the Sustainability
Executive Committee and the Sustainability Committee.
See pages 133-137 in the General section for further
information on climate governance.
Reporting
Continuous monitoring of GHG emissions is critical to
making progress. We track performance against our
targets, with progress reported through the relevant
functional sustainability councils, to the Sustainability
Executive Committee and the Board’s Sustainability
Committee. Updates on performance versus our 2030
targets are shared externally in our Annual Report.
We align our reporting with the following recognised
standards and frameworks to maintain consistency
and enable meaningful comparisons of our progress
over time, including the European Sustainability
Reporting Standards (ESRS), EU Taxonomy, Task Force
on Climate-related Financial Disclosures (TCFD), and the
Greenhouse Gas (GHG) Protocol.
Linking Performance to Remuneration
Kerry’s remuneration philosophy ensures that executive
remuneration is aligned to the Group’s purpose,
culture and values, supports strategy and promotes
the long-term success of the company. The Long-Term
Incentive Plan (LTIP) for Executive Directors and senior
leaders reflects this in three key areas of growth, return
and sustainability. The incentive plan considers core
sustainability metrics linked to our Beyond the Horizon
sustainability strategy. The metrics used include Carbon
Reduction, specifically the progress towards our science-
based targets on Scope 1 and 2 emissions.
151
Sustainability Statement Climate Change (E1)
3. Climate Resilience Analysis
Building on our previous climate scenario analysis,
during 2024 we conducted a comprehensive refresh to
assess the resilience of our strategy and business model
to climate-related risks and opportunities.
Identifying Climate-Related Risks
and Opportunities
ESRS 2 IRO-1 – Description of the processes to identify
and assess material climate-related impacts, risks and
opportunities
In 2024, we enhanced our process for identifying and
assessing climate-related impacts, risks and opportunities
(IROs) in our operations and across our value chain, in
line with the ESRS requirements. Our comprehensive
approach incorporated several critical inputs:
1. ESRS Double Materiality Assessment: As part of
Kerry’s double materiality assessment, we identified
material climate-related IROs as outlined on page 146.
2. Previous Climate Risk Assessment: Insights from
our previous detailed assessments provided the
foundation for understanding potential climate risks
and opportunities relevant to our business.
3. Peer Benchmarking and Gap Analysis: We conducted
a benchmarking analysis of industry peers, identifying
areas where our approach could be strengthened.
4. Screening of Actual and Potential GHG Emissions
Sources: We analysed Kerry’s value chain to identify
actual and potential future GHG emission sources
including consideration of Kerry’s decarbonisation
pathway.
5. Climate Hazards: We considered the 28 climate
hazards listed in ESRS E1 AR11, ensuring a thorough
assessment of potential climate-related physical risks
across our operations.
Climate Hazard Screening Process: To identify relevant
climate-related hazards and assess our exposure across
economic activities and assets, we followed a systematic
screening approach:
• Hazard Review: Reviewed the climate hazards
listed in ESRS E1 AR11 and filtered hazards based
on geographical relevance to our global operating
locations. Hazards which are applicable from a
geographical and business perspective were taken into
consideration in the physical risk scenario analysis. All
categories of transition risks as per ESRS E1 AR 12 were
analysed to define significant transition risks for Kerry.
• Significance Evaluation: Assessed the remaining
hazards to identify those representing potentially
significant adverse effects on our economic activities.
For physical risks, third-party climate data was
employed to help assess the potential impact on sites
through projection of exposure to extreme weather
events. For transition risks, we evaluated the Group's
exposure and sensitivity to identified transition
events, considering the likelihood, magnitude, and
duration of these events.
• Data Collection: Gathered data on historical
exposure and projected changes for the identified
hazards for our operating locations.
• Future Intensity Screening: Filtered hazards and
assets potentially exposed to significant increases in
hazard intensity in the future.
• Risk Integration: Integrated the results with
information on new assets and those with potential
financial exposure, based on our previous risk
assessment.
Identified risks and opportunities were categorised in line
with the ESRS requirements: physical risks, encompassing
the direct impacts of climate change on Kerry’s operations
and value chain, and transition risks, arising from the
global transition to a low-carbon economy and evolving
carbon policies. The risks were further classified by risk
types, distinguishing physical risks (acute and chronic)
from transition risks (policy, technology, reputation,
and market). Further details on the methodology used
to assess climate-related hazards are provided in the
Physical Risk Assessment section below.
Through a process of stakeholder engagement, regulatory
guidance, Kerry’s risk management practices and expert
judgement, we defined and documented a prioritised
set of risks and opportunities for detailed quantitative
assessment. This work was governed by a Decision-
Making Authority and the outputs were reviewed by the
Sustainability Executive Committee, the Sustainability
Committee and members of the Audit Committee.
Assessing Climate-Related Risks
and Opportunities
Time Horizons and Climate Scenario Analysis
Approach
Within our climate scenario analysis, we defined the
following short, medium and long-term time horizons:
• Short term: (January 2025 – December 2025)
• Medium term: (January 2026 – December 2030)
• Long term: (January 2031 – December 2049)
We evaluated the prioritised climate-related risks and
opportunities using recognised sources to inform
state-of-the-art scientific climate scenarios. This
analysis drew on three climate scenarios informed
by the Intergovernmental Panel on Climate Change
(IPCC), Shared Socioeconomic Pathways (SSPs) and two
International Energy Agency (IEA) World Energy Outlook
(WEO) scenarios.
The climate scenario analysis covered Kerry’s entire value
chain, encompassing upstream, manufacturing sites in
own operations, and downstream activities.
Climate Scenario Selection
The following climate scenarios were selected to
assess potential physical risks and transition risks and
opportunities over the short, medium, and long term:
• High Carbon Scenario; +4.3°C: IPCC Representative
Concentration Pathway (IPCC SSP5-8.5).
• Medium Carbon Scenario; +2.4°C: IPCC Shared
Socio-Economic Pathway (SSP2-4.5); IEA Stated
Policies Scenario (STEPS).
152
Sustainability Statement
• Low Carbon Scenario; +1.5°C Transition/<+2°C
Physical: IPCC Shared Socio-Economic Pathway (SSP1-
1.9 & SSP1-2.6); IEA WEO Net Zero Emissions by 2050
(NZE). SSP1-2.6 was used to assess physical risk due
to limited integration of SSP1-1.9 within existing risk
models.
The three scenarios represent the potential outcomes of
temperature increases exceeding specific thresholds by
the end of this century. Additionally, data from sources
such as the Network for Greening the Financial System
(NGFS), World Bank, Aqueduct, and Copernicus were
used, among others, to assess risk and opportunity
impacts across different climate scenarios.
By incorporating a Low Carbon Scenario (IPCC SSP1-
1.9) and a High Carbon Scenario (IPCC SSP5-8.5)
for both transition and physical risks, along with a
Medium Carbon Scenario (IPCC SSP2-4.5), we have
comprehensively assessed the combined potential
impacts on our business.
Climate Scenarios - Key Forces and Drivers
The three carbon scenarios reflect varying levels of
policy commitment and technological advancement. The
Low Carbon scenario (+1.5°C/below +2.0°C) anticipates
stringent global policies and rapid renewable energy
advancements, while the Medium Carbon scenario
(+2.4°C) projects moderate policy coordination and
technology progression. The High Carbon scenario
(+4.3°C) represents limited policy action and a slower pace
in sustainable technology adoption, leading to substantial
increases in GHG emissions.
Scenario
Name
+1.5°C/below +2.0°C
Low Carbon Scenario
+2.4°C
Medium Carbon Scenario
+4.3°C
High Carbon Scenario
Description Examines the potential
changes that may occur if
global collaboration enables
aggressive emissions reduction
to meet Paris Agreement goals,
thereby keeping global average
temperature increase below 1.5°C,
for transition, or below 2.0°C for
physical risks, by 2100.
Assumes that governments take
an uncoordinated response
based on announced policy
commitments, which is insufficient
to meet Paris Agreement goals,
resulting in global average
temperature increase exceeding
2.4°C by 2100.
Represents a high-risk future with
rapid economic growth fuelled
by fossil fuels, minimal climate
action, and significant global
warming. Temperatures could
rise over 4°C by 2100, causing
severe environmental and
economic impact.
Sources
Used
IPCC SSP1-1.9 (Transition Risks)
IPCC SSP1-2.6 (Physical Risks)
IEA Net Zero Emissions by 2050
(NZE2050)
IPCC SSP2-4.5
IEA Stated Policies Scenario
(STEPS)
IPCC SSP5-8.5
Policy Governments globally
implement aggressive climate
policies, including high carbon
prices.
Policy commitments are
implemented; however,
they lack coordination
and enforcement. Carbon
pricing levels are moderate,
aligning with existing policy
commitments.
Minimal or ineffective climate
policy action globally, with
minimal or no carbon pricing
implemented.
Technology Rapid advancements in
renewable energy technologies
deployment and energy
efficiency improvements.
Moderate advancements in
renewable energy technologies
deployment and energy
efficiency improvements.
Technological advancements
primarily focused on enhancing
fossil fuel extraction and
consumption efficiency.
Energy
Consumption
Global energy consumption
growth slows down.
Global energy demand
continues to rise.
Global energy consumption
sees significant increases.
Energy Mix A substantial increase in the
share of renewable energy
sources (solar, wind, hydro)
and a decrease in fossil fuel
dependency.
A gradual increase in the share
of renewables, but fossil fuels
remain a significant part of the
energy landscape.
The global energy mix is
dominated by fossil fuels.
Energy
Prices
The cost of renewable energy
technologies continues to
decline, fossil fuel prices
increase.
While renewable energy costs
decrease, fossil fuel prices
remain relatively stable.
Fossil fuel prices remain
competitive, renewable
energy costs do not decrease
significantly.
153
Sustainability Statement Climate Change (E1)
Scenario
Name
+1.5°C/below +2.0°C
Low Carbon Scenario
+2.4°C
Medium Carbon Scenario
+4.3°C
High Carbon Scenario
Environment Reduced greenhouse gas
emissions leading to slower
environmental degradation and
less extreme climate change
impacts, such as extreme
weather events.
Persistent greenhouse gas
emissions, contributing to
increasing global temperatures,
more frequent and extreme
weather events.
Continued high levels of
greenhouse gas emissions lead
to severe environmental impacts,
including significant increases
in average global temperatures,
more frequent and intense
extreme weather events.
Economy Initial economic costs incurred
due to the transition, long-term
economic benefits from green
job creation, reduced health costs
from pollution, and improved
energy security.
Economic growth continues, with
uneven regional distribution.
Certain regions experiencing
more significant impacts from
climate-related disruptions which
affect global supply chains,
agricultural productivity, and
overall economic stability.
Rapid economic growth
increasingly hindered by the
adverse impacts of climate
change, such as damage from
extreme weather, resource
scarcity, and escalating costs
from climate-related disruptions.
Scenario Constraints and Areas of Uncertainty
The selected scenarios offer meaningful insights but
are subject to inherent limitations. The complex array of
variables impacting future outcomes introduces unavoidable
uncertainties. To navigate these challenges and address
data gaps, we have made strategic assumptions regarding
the future trajectory of our business. These assumptions are
grounded in credible third-party data sources and expert
judgement. While third-party climate models provide tools
for evaluating physical risks, the transition to a low-carbon
economy remains uncertain, as differing approaches are
adopted by governments, consumers, and industries at
varied timelines.
The effectiveness of our scenario analysis is contingent
upon several key inputs and constraints:
• Geospatial Specificity: Our analysis incorporates
geospatial coordinates specific to our operational
locations. This allows for a more granular assessment
of physical climate-related risks, enabling us to
identify localised hazards such as extreme weather,
coastal inundation, and water stress that could impact
our assets and operations.
• Value Chain Interaction with Suppliers: In assessing
raw materials risk, we have assumed that suppliers will
transfer all potential carbon emission-related costs to
Kerry, leading to increased costs for the Group.
• Impact of Global Warming on Crop Yields: Global
warming may impact the yields of certain key crops
sourced by Kerry. Nevertheless, crop response to
warming remains uncertain, with effects likely to vary
significantly by region and over time.
• Cost of Net Zero Transition Across Value Chain:
The cost of interventions across Kerry’s value
chain is expected to vary significantly based on
commodity type and geographic region. Our
analysis considers CO₂ pricing impacts as a reliable
indicator of potential worst-case scenarios, allowing
us to quantify the financial risks associated with
increasing carbon prices.
• Macroeconomic Assumptions: CO₂ prices, energy
costs, consumer demand and other scenario
assumptions vary across climate scenario sources and
are subject to evolving market and policy conditions.
• Timing and Scale of Interventions: The timing
and scope of policy measures aimed at reducing
emissions will vary. For transition risks, we assume
a level of intervention aligned with a +1.5°C
temperature pathway, even where the likelihood and
timing of these interventions remains uncertain.
Assessment of Physical Risks
We have established short, medium, and long-term time
horizons to guide our assessment of physical climate
risks. These timeframes are aligned with the expected
lifespan of our assets, our strategic planning cycles, and
capital allocation strategies:
• Short term (1 year): This horizon is aligned with our
annual operational planning and budgeting cycle,
focusing on immediate physical risk impacts affecting
our operational assets.
• Medium term (2–5 years): This period corresponds
to our mid-term strategic planning and the initial
phases of capital allocation, addressing emerging
risks that may influence asset performance and
resource allocation.
• Long term (6–25 years): The long-term horizon
reflects the anticipated operational lifespans of our
key assets and supports our long-range strategic
objective to achieve net zero before 2050.
The scope of this assessment focused on identified
risks across our operations and upstream value chain,
and was based on the high-emission climate scenario
IPCC SSP5-8.5, which identified relevant climate-related
hazards under a worst-case scenario.
Types of Physical Risks Assessed:
• Acute physical risks refer to those risks that are
event driven, including increased severity of extreme
weather events.
• Chronic physical risks refer to longer-term shifts in
climate patterns that may lead to impacts such as
rising sea levels or water stress.
154
Sustainability Statement
To understand the potential exposure and sensitivity of our
assets and business activities to relevant climate-related
hazards, we considered the likelihood, magnitude, and
duration of these hazards. Kerry’s global manufacturing
footprint was screened for exposure across defined time
horizons using third-party climate models and geospatial
coordinates specific to each of our locations, while risks
to key raw materials were assessed on a global basis
using independent published data, including World Bank
commodity prices.
Operations
To assess risks to our manufacturing footprint we reviewed
the list of climate hazards and filtered these based on
geographical relevance to our global operating locations.
We assessed which remaining hazards could potentially
have adverse effects on our economic activities and where
there was potential for significant increases in hazard
intensity over time. By combining this data with outputs
from our previous risk assessment, we prioritised a subset
of sites for further analysis of exposure to relevant hazards.
Extreme Weather and Coastal Inundation: To assess the
potential impact on operational sites, we combined site
revenue and asset information with third-party climate
data to help quantify value at risk and/or losses associated
with potential business interruption.
Water Stress: Sites with higher exposure to water risk were
identified using inputs including water use and data from
the World Resource Institute’s Aqueduct tool. By modelling
potential impacts on production at these sites as a result
of variations in precipitation patterns, we determined
potential revenue losses due to limited water availability.
Raw Material Supply Chain
We examined how future physical climate changes may
impact global raw material availability, focusing on a
selected basket of key agricultural inputs – corn, soy, wheat,
and dairy – used across our business. To assess potential
cost increases, we modelled forecasted purchase volumes
and potential price increases considering anticipated
climate change impacts. While the assessment indicated
the potential for some acute impacts to agricultural output,
with impacts varying by commodity, the most significant
impacts for the selected raw materials are not anticipated
to take effect within the period examined. Given the
uncertainty relating to these impacts, we will continue to
keep this assessment under review.
Physical Risk Assessment – Key Findings
We assessed the physical risks outlined across a range
of scenarios, including a high emissions scenario, and
while we identified a small number of sites with higher
levels of exposure to climate hazards, our assessment has
indicated a low level of financial risk across the period to
2050. Therefore, as the scenario analysis performed has
not shown these risks to be material either individually
or in aggregate, we have not disclosed these separately.
This quantitative modelling provides important insights
into climate-related risks while being subject to inherent
uncertainties and limitations. These models depend on
numerous assumptions, such as future greenhouse gas
emission trajectories, the success of climate mitigation
measures, and the complex responses of natural systems
to rising temperatures. Consequently, forecasts for
physical risks, including floods, storms, heatwaves,
and sea-level rise, can differ considerably based on the
scenario applied, reflecting the range of potential future
climate conditions and the challenges in predicting
specific outcomes with precision. Our double materiality
assessment incorporates the results of the scenario
analysis, while acknowledging its limitations, and also
considering the views of stakeholders on the scale, scope
and irremediable character of risks.
Assessment of Transition Risks
and Opportunities
Transitioning to a lower-carbon economy may entail
extensive policy, technology and market changes.
Depending on the nature, speed and focus of these
changes, transition risks may pose varying levels of
financial risk or opportunity to Kerry. In this analysis, we
evaluated the Group’s exposure and sensitivity to identified
transition events, considering the magnitude and duration
of these events. Climate-related scenario analysis was used
for the assessment of transition risks and opportunities
over the short, medium and long term. The analysis
focused on a +1.5°C pathway consistent with the Paris
Agreement, based on IPCC (SSP1-1.9) and IEA (Net Zero
Emissions by 2050) scenarios.
As part of our assessment of transition risks and
opportunities, we reviewed assets and activities that may
present challenges in aligning with a climate-neutral
economy. With 5% of total emissions arising from Scope
1 and 2 (market-based) sources, Kerry’s exposure to
locked-in emissions is limited.
Policy
Regulatory risks, both current and emerging, are a
key climate consideration for the Group. Given our
global footprint, Kerry may be subject to a range of
regulatory requirements across jurisdictions and the
varying scope, scale, and speed of implementation will
pose challenges for all organisations. Among the most
prominent policy risks for our business is the expansion
of carbon pricing by governments aiming to reduce
emissions in line with the Paris Agreement. Currently,
three of our manufacturing facilities are subject to the
EU and UK emissions trading schemes; the expansion
of these schemes, the introduction of similar pricing
mechanisms in other regions, or the application of
carbon pricing to raw material inputs may result in
significant future costs for our business.
Technology
As detailed in the CTP section above, our journey to
net zero will involve upgrading assets and deploying
new interventions to reach our targets within our own
operations, while new processes, technologies and
innovations will be required across our value chain.
Through our CTP, we have identified key levers for
achieving net zero. For own operations, we modelled the
potential investment to 2030, along with the anticipated
cost savings from a targeted energy mix. The assessment
indicates that decarbonisation of our operations presents
an opportunity for our business. The energy transition will
mitigate potential increases in energy and carbon costs
from fossil fuel-based energy and lead to lower operating
155
Sustainability Statement Climate Change (E1)
expenses. For our value chain, we modelled potential
increases in the costs of key raw materials associated
with implementing new processes, technologies and
innovations using expected carbon prices under the
low carbon (+1.5°C) transition scenario as a proxy for
the investment required over the medium to long term.
The assessment indicates the potential for significant
costs for our business.
Reputation
We realise that climate change also represents a significant
reputational risk for organisations. Kerry works with the
world’s leading food and beverage brands, many of whom
have made their own commitments on climate change.
They increasingly seek partners that are aligned with
their own objectives and can support them in achieving
their targets. This presents an opportunity for Kerry
as we deliver on our Beyond the Horizon commitments.
Conversely, failure to take adequate action on climate
change could impact our reputation and damage
commercial and other important stakeholder relationships,
resulting in the loss of revenue from customers.
Market
While climate change presents potentially significant risks
for our industry, it also offers considerable opportunities
for Kerry, especially as customer and consumer
preferences shift. Our assessment considered how
consumer sentiment may drive demand for lower-carbon
alternatives in the food and beverage sector. Proprietary
research indicates that consumers increasingly favour
healthier products with a reduced environmental impact.
Potential Financial Effects of Material Transition-Related Risks and Opportunities
Risk/Opportunity
Type
Risk/Opportunity
Description Description of +1.5⁰C Scenario Modelled
Short Term:
2025
Medium Term:
2026 - 2030
(Cumulative Impact)
Long Term:
2031 - 2049
(Cumulative Impact)
Policy
Risk
Policy changes and
the introduction
of legislation designed
to constrain emissions
have the potential to add
cost to our operations.
We modelled the impact of a carbon price
applied across both our operations and
selected raw materials based on IEA (Net
Zero Emissions by 2050) projections.
Low High High
Technology
Risk
Cost of adopting
and implementing
new technology and
interventions to enable
the transition to net zero.
We modelled the potential costs and cost
savings associated with a targeted energy
mix and the expected level of investment
required to achieve our Scope 1 and 2
targets. For Scope 3, we modelled the
potential increase in the costs of key raw
materials associated with implementing
new processes, technologies and
innovations using expected carbon prices
under the low carbon scenario (+1.5°C) as
a proxy for the investment required.
Medium High High
Reputation
Risk
Damage to brand and/or
business relationships if
we fail to meet stakeholder
expectations on climate
change .
We modelled a potential reduction in
revenue with a selection of customers
that have made strong climate
commitments.
Low High High
Market
Opportunity
Increased consumer and
customer demand for lower-
carbon products leads to
increased demand/revenue
associated with Kerry’s
sustainable solutions.
We modelled a potential uplift in revenue
for selected lower carbon technologies
(Plant, Food Protection & Preservation
and Smoke Flavours), due to anticipated
shifts in consumer buying preferences.
Med High High
Note: Climate risks and opportunities are considered separately, and the potential impacts are not cumulative.
156
Sustainability Statement
The Impact of Climate Change Risks
on Our Financial Statements
We considered the potential impacts of individual
climate change risks when preparing our Consolidated
Financial Statements and have determined that there is
no material impact on the financial reporting judgements
and estimates and as a result there is no impact on
the valuations of the Group’s assets and liabilities from
these risks as at 31 December 2024. The impact of some
of the climate-related scenarios have been considered
in the impairment testing of goodwill and indefinite
life intangible assets, using the outputs of the climate
scenario analysis. The Group performed a number of
sensitivity scenarios to incorporate climate-related risks
and opportunities including impacts on revenue and
profitability, future capital expenditure and investments, as
well as volatility associated with other risks identified. The
useful lives of assets are based on historical experience
with similar assets, as well as anticipation of future events,
which may impact their life, such as changes in technology
or the location of the asset and its climate-related risk.
As outlined in our CTP, Kerry does not anticipate
significant levels of locked-in GHG emissions. By 2050,
we may have some remaining hard-to-reduce emissions
across Scope 1 and 2, and Scope 3. We will offset these
emissions as necessary, in line with SBTi guidelines using
carbon removals, i.e. natural or technical strategies that
remove CO₂ from the atmosphere and provide secure
long-term storage. We anticipate that elements of our
capital expenditure, particularly those related to our
planned energy efficiency projects, e.g. heat pumps and
heat recovery, will meet the eligibility and alignment
criteria under the EU Taxonomy.
Strategy and Business Model
ESRS 2 SBM-3 – Material impacts, risks and opportunities and
their Interaction with strategy and business model
Scope of the Resilience Analysis
The resilience analysis was conducted in 2024 and aligns
with the time horizons used for scenario analysis and
our climate targets. It takes account of the key drivers
outlined on pages 152-153 and covers our full value
chain, considering the raw materials we source, locations
where we manufacture our products and the potential for
changing customer and consumer demands.
Results of the Resilience Analysis
When reviewing our strategy, considering various
climate-related scenarios, including a +1.5°C scenario
for transition risk, we observe a high level of resilience.
Kerry acknowledges the significant risks posed by
climate change to its operations, supply chain, and
business relationships. Where risks are identified, we
implement mitigating actions to ensure long-term
resilience and sustainability.
The overall resilience analysis was conducted on a Group-
wide basis and used the outputs of our scenario analysis
and CTP as key inputs. Our extensive geographic footprint
and strategy of co-locating operations close to our
customers results in more limited exposure to climate-
related physical hazards at any single location.
In our value chain, while acute weather impacts on
crop production have the potential to create short-term
disruptions and/or price increases, these are managed
through our diversified global sourcing strategy and
pricing model. We assessed the potential for more
chronic climate-related changes on raw material
production in our scenario analysis and expect these to
emerge over a longer time horizon. We acknowledge the
uncertainty within climate models and the potential for
impacts to materialise more quickly and will keep these
risks under ongoing review.
Transition risks and opportunities may emerge more
quickly, and Kerry’s net zero ambition and CTP are crucial
to managing these effectively. The implementation of this
plan will support us in lowering our total emissions thereby
mitigating the impacts of policy and reputational transition
risks and ensuring ongoing resilience of our business.
For climate-related transition opportunities, the
commitment to net zero and decarbonisation of our
operations in line with our published plan will help us
to capitalise on the energy transition. Our innovation
capabilities, our product portfolio and existing strategy,
rooted in sustainable nutrition, means we are ideally
placed to capture the market opportunity for lower-
carbon alternatives as customers and consumers
increasingly integrate climate considerations into their
product choice.
Strategy and Business Model Resilience
Our strategy and business model are centred on
partnering with customers to create healthier, tastier, and
more sustainable products. Given sustainable nutrition
is core to our strategy, climate-related considerations are
increasingly integrated into our strategic planning and
investment decisions. With a global presence, leading
product portfolio and science-backed innovation capability,
we can already integrate climate solutions to create
lower-carbon products for customers and/or to help them
adapt to impacts of climate change on their portfolio. We
continue to develop lower-carbon technologies to further
expand our portfolio of sustainable solutions.
The Group’s CTP sets out how we will reduce our carbon
footprint to reach net zero aligned with the +1.5°C
pathway. The emissions reductions to date and ongoing
achievement of our targets will help to ensure our
progress. Meeting these reductions by 2050 will help
ensure our resilience to transition risks.
To address physical climate-related risks across our
sites, our integrated operations teams assess risks and
manage these at site level or through engagement
with stakeholders such as our insurance providers and
expert partners. A clearly defined approach to crisis
management and business continuity planning also
ensures the resilience of our operations in the event of
impacts from a climate-related hazard.
We are increasingly engaged with our raw material
suppliers on climate change and exploring how raw
materials can be produced with lower impacts. This
work helps us to better understand climate risks within
specific raw material categories. The interventions we
have identified for lowering emissions, like regenerative
agriculture, can also help farms become more resilient to
the future impacts of climate change.
157
Sustainability Statement Climate Change (E1)
Adaptability of Strategy and Business Model
to Climate Change
We consider our current strategy and business model
to be well positioned to manage risks and capture
opportunities presented by climate change over the
short, medium, and long term. Our assessment of
climate-related risks and opportunities enables us to
identify potential impact areas and necessary actions.
The global and diverse nature of our business, combined
with our capacity to innovate at pace in response to
customer and consumer needs, supports our ability
to adapt to evolving external conditions and industry
requirements. This allows us to ensure continued access
to finance at an affordable cost of capital, to redeploy,
upgrade, or decommission assets as needed, to shift our
product and service offerings, and to invest in reskilling
our workforce to remain responsive and resilient in a
changing climate landscape.
Prioritisation of Sustainability-Related Risks
Within our risk management framework, we adopt an
integrated approach to assessing and managing climate-
related risks across our business and wider value chain,
which involves a dual approach as follows:
• We include 'climate change' as a standalone principal
risk for our business, considering the longer-term
systemic nature of the risk and the requirements for
shorter-term action to mitigate and plan for this.
• We also consider how discrete climate-related impacts
can affect other risk areas and integrate climate
considerations within additional principal risks, for
example, the potential impacts of extreme weather on
raw material availability.
As part of the Group’s enterprise risk management
framework, we have defined parameters under which we
quantify potential impact. The significance of this risk is
determined using a standard risk scoring methodology
to ensure consistency in reporting and evaluation of risks.
For more see our Risk Management Report on page 46.
Areas of Uncertainty
Our resilience analysis is global in nature and areas of
risk considered are included within our broader business
strategy and investment decisions, with our CTP helping
to identify relevant mitigations. The analysis is informed
by relevant climate scenarios and as such is subject to
certain limitations relating to the assumptions we have
made about the future of our business, the climate
models used to assess physical risk and timing and
scope of transition impacts. Further details are available
on page 153.
4. Policies
E1-2 – Policies related to climate change mitigation and
adaptation
Our Environmental Responsibility Policy supports the
achievement of our climate targets under our Beyond the
Horizon sustainability strategy. It summarises the strategies
to manage our material climate change impacts, risks, and
opportunities and encompasses climate change mitigation,
including energy, and adaptation.
For climate mitigation, we are committed to reducing
emissions across our operations and value chain,
investing in research and development for low-carbon
products and collaborating to reduce Scope 3 emissions.
The policy underscores our commitment to energy
efficiency through innovation and our goal to achieve
100% renewable purchased electricity by the end of 2025.
For climate adaptation, we focus on managing risks
related to the physical impacts of climate change, such as
extreme weather events, which could affect raw material
availability and operational facilities.
The policy applies globally to Kerry Group plc, including
our subsidiaries, partners, and suppliers, and covers
all business locations and activities. It is designed to
encompass the entire value chain, from raw materials
through to customer use, with potential adjustments to
align with local laws. Key stakeholders impacted by this
policy include Kerry employees, suppliers, customers, and
the local communities in which we operate. We engage
with these stakeholders to incorporate their interests
into our policy framework. For more information on our
stakeholder engagement please see our General section
on pages 138-139.
Kerry is committed to respecting internationally
recognised guidelines and third-party standards through
implementing the policy, including the Paris Climate
Agreement, RE100, Science Based Target initiative (SBTi),
United Nations Global Compact, applicable United Nations
Sustainable Development Goals (UN SDGs), and several
industry-wide initiatives. More information on these
industry initiatives can be found in our full Environmental
Responsibility Policy.
We periodically review our commitments to maintain
a science-based approach to effectively mitigate our
impacts. Our performance is monitored and reported
using climate-related metrics, with accountability upheld
by our Chief Operating Officer, who provides ongoing
oversight of our strategies and progress toward achieving
our climate commitments.
Kerry’s Environmental Responsibility Policy is available on
our intranet and on kerry.com.
158
Sustainability Statement
5. Targets
1
E1-4 – Targets related to climate change mitigation and
adaptation
Kerry generates GHG emissions directly from the fuels
consumed at our facilities (Scope 1), indirectly from the
electricity and heat we procure (Scope 2), and from a
variety of activities throughout our value chain (Scope
3), including the production of raw materials. These
emissions contribute to climate change, which presents
significant environmental and social challenges.
In 2024, we strengthened our commitment to net zero
by updating our 2030 Scope 3 target and establishing
long-term targets, all of which have been submitted to
the Science Based Targets initiative (SBTi) for validation.
This disclosure details our specific GHG emissions targets,
progress, and governance structure.
Our GHG Emission Reduction Targets
In alignment with the Paris Agreement and to achieve
the climate objectives set out in our environmental
policy and CTP, Kerry has set targets to achieve net zero
emissions before 2050, reinforcing our commitment to
climate action. These targets cover our operations and
value chain and are informed by ongoing engagement
with both internal and external stakeholders, through
various avenues and forums, including surveys and
interviews conducted as part of the double materiality
assessment. For more information on our stakeholder
engagement please see our General section on pages
138-139. The targets were set using a combination
of cross-sector and sectoral pathways available from
SBTi to ensure they are compatible with limiting global
temperature increase to 1.5°C. The SBTi validation
process ensures alignment. We use a range of primary
and secondary data to calculate our GHG emissions
and set our targets and this can require us to make
assumptions for certain Scope 3 categories for example,
on the processing of our products by customers. All
our GHG emissions targets are measured in kilotonnes
of CO₂ equivalents. For more information on our
stakeholder engagement please see our General section
on pages 138-139.
Operational Emissions (Scope 1 and 2)
Our Scope 1 and 2 targets are based on the SBTi
Corporate Net Zero Standard and follow a cross-sectoral
decarbonisation pathway, absolute contraction approach
(ACA), that aligns with +1.5°C scenarios. This cross-sectoral
pathway provides a scientifically robust foundation for our
emissions reduction. Our 2030 target is for a 55% absolute
reduction in Scope 1 and 2 (market-based) GHG emissions
by 2030, compared to our 2017 base year. The target
increases to a 90% reduction of emissions before 2050.
100% of emissions reported in the emissions summary
table on page 163 are in scope and a 2017 base year was
selected as an appropriate base year, as it represented
a normal operating period, when this target was first
developed in 2019. The GHG emission reduction targets
are gross targets, meaning that Kerry does not include
GHG removals, carbon credits or avoided emissions as a
means of achieving our GHG emission reduction targets.
Our 2030 target is recognised by SBTi as aligned with a
+1.5°C temperature pathway and our before 2050 target
has recently been submitted for validation. Please refer
to the emissions summary table on page 163 for more
information on Scope 1 and 2 emissions.
Other Indirect Emissions (Scope 3)
Kerry’s Scope 3 target follows the SBTi Forest, Land, and
Agriculture (FLAG) guidelines to address emissions tied
to agriculture, forestry, and other land use, which are
particularly relevant to our upstream value chain. For non-
FLAG emissions, we used a cross-sectoral decarbonisation
pathway, ACA. Both targets align with climate and
policy scenarios that support a +1.5°C pathway. In 2024,
we adopted this approach, categorising our Scope 3
emissions into FLAG and Non-FLAG. These targets have
been submitted to SBTi for validation and are detailed
below.
• FLAG Emissions: Achieve a 30% absolute reduction
in FLAG emissions by 2030 compared to a 2022 base
year and a 72% reduction before 2050.
• Scope 3 Non-FLAG Emissions: Achieve a 25%
reduction in absolute Scope 3 non-FLAG emissions
by 2030, compared to a 2022 base year and a 90%
reduction before 2050.
Key Assumptions in Target Setting
When setting these targets, we made several critical
assumptions related to potential future developments,
including the anticipated increase in sales volumes and
associated impact on emissions. We also considered
the potential impact of regulatory changes, changes to
customer preferences and the advent of new technologies
that will help to advance our climate transition. In doing
so, we ensure our targets and CTP are more resilient
and responsive to evolving market, regulatory, and
technological trends.
Target Boundaries
In line with SBTi requirements, Kerry has defined
boundaries for the application of these targets, with
coverage increasing over time. Our Scope 1 and 2
targets include all emissions. For Scope 3, the following
boundaries apply and are consistent with SBTi guidance:
• Near-Term Boundary (2030): Includes 70% of FLAG
emissions and 68% of our non-FLAG emissions.
• Long-Term Boundary (2050): Covers 90% of our FLAG
and non-FLAG emissions for comprehensive long-
term reduction.
Kerry’s target boundaries focus on categories contributing
most to our emissions, emphasising a strategic approach
to reductions. For further details on our Scope 3 inventory
see pages 161-162.
Base Year and Baseline Value
Prior to 2024 and Kerry’s submission of an absolute
emissions reduction target to SBTi, Kerry had set a
Scope 3 emissions intensity reduction target of 30%
to be achieved by 2030, against a 2017 base year. In
selecting a base year for our updated Scope 3 targets,
Kerry considered previous acquisitions, divestments and
the impacts of COVID-19 and determined that 2022 best
represented a normal operating environment.
1
Comparative information denoted by β (beta) is not covered by the Independent Practitioners' Limited Assurance Report.
159
Sustainability Statement Climate Change (E1)
Achieving our GHG Emission Reduction Targets
Our CTP outlines our path to net zero before 2050,
highlighting key intervention areas and specific actions
that will drive our global efforts to achieve our 2030
science-based targets and form the foundation of our
long-term net zero journey. We will incorporate emerging
technologies and solutions as they become available.
The CTP, found on pages 147-150, provides details on the
actions Kerry will take by decarbonisation lever, along
with the estimated contribution of these actions towards
the achievement of Kerry’s 2030 reduction targets.
In 2024, we made further progress towards our Scope 1
and 2 target with a 50% reduction since our 2017 base
year. The use of renewable electricity across our sites
continues to play an important role in our progress with
99% of our purchases coming from renewable sources or
backed by renewable energy certificates.
Our efforts to reduce Scope 3 emissions are categorised
under FLAG and non-FLAG interventions, in line with our
targets under SBTi. We outline below our performance in
each category, which has contributed towards the overall
reduction of 5% in total Scope 3 emissions since our 2022
base year. We have recorded an 11% reduction in our
non-FLAG emissions supported by reductions relating
to transportation and waste and a 1% reduction in our
FLAG emissions since our 2022 base year. While we have
seen a year-on-year increase in total Scope 3 emissions,
resulting from increased raw material purchases, the
deployment and scale-up of initiatives, such as the
regenerative agriculture programmes launched in North
America in 2024, are expected to positively impact on
our Scope 3 FLAG emissions in future years.
Other Climate-Related Targets
In addition to our Scope 1 and 2, and Scope 3 GHG
emissions reduction targets, we have also established the
following targets which support our ambition to reach net
zero before 2050:
Renewable Electricity:
Source 100% of our electricity from renewable sources
by end of 2025.
Zero Deforestation:
Eliminate deforestation and land conversion from high-
risk raw material categories by end of 2025, details of
which are reported in E4 Biodiversity and Ecosystems on
pages 173-174.
Our approach on climate change is led by the Chief
Operating Officer (COO) with the support of other senior
leaders. A structured governance framework oversees
climate initiatives, led by the Sustainability Executive
Committee with strategic oversight from the Board. The
Chief Corporate Affairs Officer chairs the Sustainability
Executive Committee, which includes the CEO, CFO,
and other executive leaders, leading the delivery of our
climate targets. In parallel, the COO leads the Group’s
Climate Council, which focuses on managing climate
actions within our operations.
For information regarding Kerry’s remuneration policies
linked to our GHG emission reduction targets, please refer
to the General section on page 135.
6. Metrics
1
Energy
E1-5 – Energy consumption and mix
Our sites use energy for a range of processes including
heating, cooling and conveying. Management of
our energy consumption plays an important role
in our ability to achieve our Scope 1 and 2 carbon
reduction targets. The integrated operations team has
developed and implemented comprehensive guidelines
that provide site personnel with clear strategies
for optimising energy usage through improved
measurement, management and control practices. In
line with our Scope 1 and 2 carbon reduction targets,
Kerry is a member of RE100, a group committed to
transitioning 100% of its electricity consumption to
renewable sources by the end of 2025. To support this
goal, Kerry uses Renewable Energy Certificates (RECs)
to confirm that the electricity we consume is matched
by renewable generation. These certificates follow US
Green-e programme guidelines, so they may not always
1
Comparative information denoted by β (beta) is not covered by the Independent Practitioners' Limited Assurance Report.
2030 GHG Emission Reduction Targets Performance
Scope 1 and 2 GHG Emissions Base Year
2017
'000 tCO₂e
2024
'000 tCO₂e
2023β
'000 tCO₂e
Target
reduction
by 2030
Performance
vs Base Year
Total Scope 1 and 2 (market-based)
GHG Emissions
926.4 462.4 481.1 -55% -50%
Scope 3 GHG Emissions Base Year
2022
'000 tCO₂e
2024
'000 tCO₂e
Target
reduction
by 2030
Performance
vs Base Year
Total Scope 3 Emissions 9,316.4 8,855.9 -5%
FLAG Emissions in Scope of 2030 Target 4,235.5 4,194.1 -30% -1%
Non-FLAG Emissions in Scope of 2030 Target 2,072.5 1,835.4 -25% -11%
160
Sustainability Statement
align precisely with specific sites or exact times of use and are typically applied on a country or market level rather
than for individual locations.
Further progress has been made in 2024, with 99% of purchased electricity now sourced from renewable energy
(2023β: 94%).
The table below presents a summary of Kerry’s energy consumption and energy mix for 2024 and 2023β:
Types of consumption Unit 2024 2023β
[1] Fuel consumption from coal and coal products MWh -
[2] Fuel consumption from crude oil and petroleum products MWh 44,241
[3] Fuel consumption from natural gas MWh 2,214,874
[4] Fuel consumption from other fossil sources MWh -
[5] Consumption of purchased or acquired electricity, heat, steam, and cooling
from fossil sources
MWh 134,965
[6] Total fossil energy consumption (calculated as the sum of lines 1 to 5) MWh 2,394,080 2,376,011
Share of fossil sources in total energy consumption % 70% 72%
[7] Consumption from nuclear sources MWh -
Share of consumption from nuclear sources in total energy consumption % -
[8] Fuel consumption for renewable sources, including biomass (also comprising
industrial and municipal waste of biologic origin, biogas, renewable hydrogen, etc.)
MWh 298,743
[9] Consumption of purchased or acquired electricity, heat, steam, and cooling
from renewable energy sources
MWh 724,107
[10] The consumption of self-generated non-fuel renewable energy MWh 272
[11] Total renewable energy consumption (calculated as the sum of lines 8 to 10) MWh 1,023,122 928,092
Share of renewable sources in total energy consumption % 30% 28%
Total energy consumption (calculated as the sum of lines 6, and 11) MWh 3,417,202 3,304,103
In 2024, energy intensity per net revenue in high climate
impact sectors was 428 MWh/€m. Kerry Group's revenue
from high climate impact sectors, as defined in ESRS, is
equal to total net revenue reported in the 2024 Financial
Statements,€7,980.6m.
In accordance with Commission Delegated Regulation
(EU) 2022/1288, high climate impact sectors encompass
those listed under NACE Sections A to H and Section
L. As Kerry activities fall under NACE Section C:
Manufacturing, we have utilised the Group’s total
revenue to determine the required energy intensity,
as outlined in paragraph 40 of the regulation. We
convert all energy related information to MWh using
conversion factors sourced from the UK Department
for Environment, Food & Rural Affairs (DEFRA) public
databases.
In 2024, the amount of internally generated non-
renewable energy was 332,434 MWh and internally
generated renewable energy was 272 MWh.
Gross Scopes 1, 2, 3 and Total GHG
Emissions
E1-6 – Gross Scopes 1, 2, 3 and total GHG emissions
Scope 1 and 2 GHG Emissions
Scope 1 Emissions:
Kerry’s Scope 1 emissions are direct emissions from
sources owned or controlled by Kerry, including fuel
combustion, on-site operations, and company-owned
transport. Our Scope 1 emissions for 2024 totalled
433.6 ktCO₂e, (2023β: 430.3 ktCO₂e).
Biogenic CO₂ emissions from the combustion or
biodegradation of biomass, which are not included in
Scope 1 GHG emissions, were 103.3 ktCO₂e in 2024.
To reduce Scope 1 emissions, we are focused on key
initiatives as identified within our CTP on pages 148-149.
Scope 2 Emissions:
Kerry’s Scope 2 emissions are indirect emissions from
our consumption of purchased electricity, heating and
cooling.
Scope 2 market-based emissions in 2024 totalled
28.7 ktCO₂e (location-based 307.5 ktCO₂e). To manage
Scope 2 GHG emissions, Kerry employs a variety of
contractual instruments. The proportion of unbundled
161
Sustainability Statement Climate Change (E1)
energy attributes for managing Scope 2 emissions
made up 83% of our total Scope 2 management
approach in 2024. Additionally, agreements involving
market-based Scope 2 GHG emissions associated with
purchased electricity bundled with these instruments
was 8% in 2024.
Scope 1 and 2 Emissions: Methodology and
Key Assumptions
We report our Scope 1 and 2 emissions in line with the
Greenhouse Gas Protocol Corporate Accounting and
Reporting Standard.
Our primary sources of GHG emissions are from
stationary and mobile combustion and refrigerants. Our
Scope 1 and 2 emissions are generally calculated using
primary activity data along with secondary emission
factors sourced from the UK DEFRA and Environmental
Protection Agency (EPA) public databases. Primary
activity data includes utility bills, invoices and on-site
metering data. We translate all GHG emissions to carbon
equivalents using the latest Global Warming Potential
(GWP) values from IPCC Assessment Report 6.
For Scope 2 emissions, we source location-based
emission factors from the EPA for the United States,
Department of Climate Change, Energy, the Environment
and Water (DCCEEW) for Australia and from the
International Energy Agency (IEA) for all other countries.
To calculate market-based emissions, we deduct all
emissions from electricity which is backed by bundled or
unbundled Renewable Electricity Contracts (RECs) from
location-based emissions for that site.
These sources of emission factors were chosen as we
consider them to be reliable sources of secondary
emission factors that are publicly available and are issued
from recognised governmental or intergovernmental
organisations.
Scope 3 GHG Emissions
Kerry’s Scope 3 emissions include all other indirect
emissions across our value chain, including emissions
from purchased goods and services, employee
commuting, transportation and distribution, and end-of-
life treatment of sold products.
Scope 3 emissions totalled 8,855.9 ktCO₂e in 2024,
representing the majority of our total GHG footprint. The
percentage of Scope 3 GHG emissions calculated using
primary data was 18% for 2024.
Scope 3 Emissions Methodology and Key
Assumptions
We report our Scope 3 emissions in accordance with the
methodology set out in the GHG Protocol (GHGP) Corporate
Value Chain (Scope 3) Accounting and Reporting Standard.
We use primary activity data to calculate Scope 3
emissions whenever possible and combine this with
the most relevant emission factors. If primary data is
unavailable, we employ average-data or spend-based
methods for estimation. Methodologies are reviewed
annually to ensure alignment with industry best
practices and accuracy in emissions reporting.
Our Scope 3 footprint consists of 12 relevant Scope 3
emission categories (out of 15 defined by the GHGP).
The 12 relevant categories are set out in the table
below and include categories 1-7, 9-12 and 15. Category
8 (operation of leased assets) is included within our
Scope 1 and 2 reporting. Category 13 (Downstream
Leased Assets) is not applicable due to the absence of
asset leasing to customers. Category 14 (Franchises) is
not applicable as Kerry does not operate franchises as
part of its operating model.
To calculate Kerry’s Scope 3 emissions, we have defined
and documented the boundaries and exclusions after a
thorough review of our operations and value chain. Our
assessment includes the full scope of Kerry’s operations
and value chain, covering all sites under our control or
influence.
Scope 3 Emissions Methodology Limitations
Obtaining accurate Scope 3 data is a challenge across
industries. In the absence of verified supplier data,
we must estimate the emissions in our value chain
with standard emission factors. Using standardised
factors creates barriers to fully understanding our
emissions profile, measuring progress and identifying
opportunities for reduction.
The GHG Protocol Corporate Value Chain (Scope 3)
methodology allows flexibility in calculation methods,
which can result in varying estimations between
companies and make accurate comparisons of Scope 3
data challenging.
The following section outlines the methodologies,
assumptions, and emission factor sources employed in
calculating our Scope 3 emissions. Emission factors are
selected from internationally recognised databases that
provide comprehensive, sector-specific coverage relevant
to Kerry’s value chain.
162
Sustainability Statement
Category Methodology Emission Factor
Sources
Category 1 –
Purchased Goods
and Services:
1a. Kerry applies a volume-based calculation. Kerry utilises both
primary and secondary emission factor sources for this category.
Where relevant, Kerry utilises country and/or regional specific
emission factors and global emission factors. Where a country/
regional emission factor is not available a global emission factor is
applied. Kerry’s emission factors are sourced from World Food LCA
Database (WFLDB) and Ecoinvent.
1b. Spend-based calculations are applied, multiplying the
spend relevant to these categories by emission factors from
Environmentally Extended Input-Output (EEIO) models.
WFLDB
Ecoinvent
Primary Data from
Suppliers
EEIO
Category 2 –
Capital Goods:
Spend-based calculations are applied by multiplying the expenditure
for these categories by the applicable EEIO emission factor.
EEIO
Category 3 – Fuel
and Energy Related
Emissions:
An energy usage-based approach is used to calculate the kWh
of energy by applying the corresponding energy emission factor
from the UK Department for Business, Energy & Industrial Strategy
(BEIS), the UK Department for Environment, Food & Rural Affairs
(DEFRA), and/or the International Energy Agency (IEA).
BEIS
DEFRA
IEA
Category 4 – Upstream
Transportation and
Distribution:
Spend-based calculations are applied by multiplying the
expenditure for these categories by the applicable EEIO emission
factor. We use a distance-based method to calculate emissions
from transportation of materials from suppliers’ location to Kerry.
BEIS
Category 5 – Waste
Generated in Own
Operations:
Emissions from waste within our operations is calculated based on
the volume of waste generated. The emission factor assigned is
determined based on the disposal method of the waste.
BEIS
DEFRA
Category 6 –
Business Travel:
Spend-based calculations are applied by multiplying the expenditure
for these categories by the applicable EEIO emission factor. Flight
data is used to calculate emissions from flying for business travel.
EEIO
BEIS
Category 7 –
Employee Commuting:
Employee commuting uses an average data method to estimate
emissions from employee commute to Kerry work locations.
BEIS
Category 9 –
Downstream
Transportation and
Distribution:
A distance-based method is used to calculate emissions based on
the distance the product travels, the mode of transport, and the
shipping or transportation conditions.
EEIO
BEIS
Category 10 – Processing
of Sold Products:
An average data method is used to calculate emissions
processing and use of sold goods and end-of-life treatment of the
sold products.
IEA
Category 11 – Use of
Sold Products:
Category 12 – End-of-
life Treatment of Sold
Products:
Category 15 –
Investments:
A volume-based calculation is used to calculate the emissions from
the product's volume.
Primary EF Data
163
Sustainability Statement Climate Change (E1)
Scope 1 and 2, and Scope 3 Emissions Summary
The following table outlines Kerry’s total GHG emissions for 2024. As noted on pages 158-159, Kerry has ambitious
climate targets across all scopes in support of our net zero goal. In 2024, we achieved a 50% decrease in our Scope
1 and 2 emissions, versus our 2017 base year, and a 5% reduction in our total Scope 3 emissions, versus a 2022 base
year. More details of performance versus our targets can be found on page 159.
Retrospective Milestones and target years
Scopes Base
Year
2024
'000
tCO₂e
2023β
'000
tCO₂e
%
2024/
2023
2025 2030 2050 Annual
% target/
base Year
Scope 1
Gross Scope 1 GHG emissions 433.6 430.3 101%
Scope 1 GHG emissions from regulated
emissions trading scheme (%)
26%
Scope 2
Gross location-based Scope 2 GHG
emissions
307.5
Gross market-based Scope 2 GHG
emissions
28.7 50.8 57%
Significant Scope 3 GHG emissions
Total Gross indirect (Scope 3) GHG
emissions
8,855.9 8,499.0 104%
1. Purchased goods and services 7,362.2
2. Capital goods 88.7
3. Fuel and energy-related Activities (not
included in Scope1 or Scope 2)
148.4
4. Upstream transportation and
distribution
437.6
5. Waste generated in operations 13.9
6. Business traveling 43.0
7. Employee commuting 11.8
8. Upstream leased assets -
9. Downstream transportation 156.5
10. Processing of sold products 302.8
11. Use of sold products 203.3
12. End-of-life treatment of sold products 82.7
13. Downstream leased assets -
14. Franchises -
15. Investments 5.0
Total GHG Emissions
Total GHG emissions (location-based) 9,597.0
Total GHG emissions (market-based) 9,318.2 8,980.1 104%
164
Sustainability Statement
On 31 December 2024, the Group completed the sale of
the Kerry Dairy Ireland business. Kerry’s GHG emissions
for Scope 1 and 2 (market-based) would be 365.5 ktCO₂e
and for Scope 3 would be 7,617.8 ktCO₂e, if they were
adjusted for the sale of that business.
GHG Emission Intensity
GHG Emission Intensity 2024
GHG emissions intensity, location-based
(total GHG kilotonne emissions per €m
net revenue)
1.2
GHG emissions intensity, market-based
(total GHG kilotonne emissions per €m
net revenue)
1.2
Net revenue used as the denominator in the GHG
emission intensity calculation is equal to total net revenue
reported in the 2024 Financial Statements, €7,980.6m.
Biogenic CO₂ emissions relating to Scope 2 and Scope
3 are not reported separately due to an industry-wide
challenge around availability of appropriate emission
factors. We will continue to make efforts to obtain the
required information to enable reporting of biogenic
CO₂ emissions relating to Scope 2 and 3 in a future year.
GHG Removals and GHG Mitigation
Projects Financed Through Carbon
Credits
E1-7 – GHG removals and GHG mitigation projects financed
through carbon credits
As part of a regional strategy to meet customer demand,
two of our sites in APMEA have achieved carbon
neutrality. The carbon neutral claims have been made
with the support of carbon credits for residual GHG
emissions relating to their direct operations. In 2024 there
were no carbon credits relating to carbon neutral claims
cancelled. The amount of carbon credits planned to be
cancelled in 2025 is 3.0 ktCO2e, with 1.7 ktCO2e contracted
and 1.3 ktCO2e, which have not yet been contracted.
The use of carbon credits is not deducted from site
performance, nor the emissions we report in the Metrics
section and is not included when tracking progress
towards the targets, detailed under Targets above. As a
result, we do not believe the limited use of carbon credits
impacts our progress towards achieving our GHG emission
reduction goals and our overall net zero target. For further
information on Kerry’s plans to neutralise our residual
emissions, see our section on ‘Integrating our CTP into our
Strategy, Business Model & Investments’.
The carbon credits contracted in 2024 relate to carbon
reduction projects and are certified under the Gold
Standard for the Global Goals, as this helps to ensure they
originate from specified and audited sources and prevent
double counting. None of the carbon credits have been
issued from projects within the European Union and do
not qualify as corresponding adjustments under Article 6
of the Paris Agreement.
Internal Carbon Pricing
E1-8 – Internal Carbon Pricing
In December 2024 we applied a new internal carbon price
scheme, applying a shadow price for Scope 1 and 2 GHG
emissions for CapEx projects within the Group with a
value of more than €1m.
The introduction of the scheme is intended to help
with the alignment of our financial and environmental
decisions when approving CapEx. The internal shadow
price of carbon utilised is €70 per tonne of carbon,
which has been set taking into consideration carbon
prices applied in existing mandatory emission trading
schemes and the expected development in price and
implementation across relevant jurisdictions.
Types of internal
carbon prices
Volume
at stake
'000
tCO₂e
Prices
applied
€/tCO₂e
Perimeter
description
CapEx shadow
price
0.1 €70/
tCO₂e
Scope 1
and 2 GHG
Emissions for
projects over
€1m
165
Sustainability Statement Water Stewardship (E3)
1. Material Impacts, Risks and
Opportunities
ESRS 2 IRO-1 Description of the process to identify and
assess material water and marine resources-related impacts,
risks and opportunities
As part of Kerry's double materiality assessment, we
defined the following short, medium and long-term time
horizons:
• Short term: within one year;
• Medium term: from the end of the short-term
reporting period up to five years; and
• Long term: more than five years.
As part of our double materiality assessment, we screened
our operations and upstream and downstream value chain
to help identify actual and potential impacts, risks and
opportunities related to water and marine resources.
Across our operations, we assessed manufacturing sites
based on several factors including the volume of water
withdrawals, source of withdrawals, discharges and
consumption, destination of discharges, and any overlap
with areas of high or extremely high water stress (based
on sites' geolocation and using the World Resources
Institute’s Aqueduct Tool).
We also considered exposure to water-related risks,
incorporating outputs from climate scenario analysis.
Water stress was considered as a physical risk in the
climate scenario analysis, details of which can be
found in E1 Climate section on page 154. Outside of
our direct operations, we screened our upstream and
downstream value chain to identify actual or potential
impacts, risks and opportunities (IROs), including
those related to raw materials used in our processes,
technologies and products.
Our stakeholder engagement on water and marine
resources included engagement with suppliers, industry
bodies, customers and leaders across our business.
Although we did not engage directly with affected
communities, representative groups such as NGOs were
included as part of our double materiality assessment.
For more information on our approach to determining
material water-related impacts, risks and opportunities see
the General section on pages 140-145.
2. Policies
E3-1 – Policies related to water and marine resources
Kerry’s Environmental Responsibility Policy summarises
the key activities we undertake to manage our material
water-related impacts on local communities and
stakeholders in the upstream value chain, and supports
the achievement of our water targets under our Beyond
the Horizon sustainability strategy.
Water is an important resource across our operations
and we continuously work towards more responsible
and efficient use of water, implementing new
technologies and innovation where appropriate. We are
committed to preventing water pollution and upholding
water quality standards across our operations,
ensuring equitable access for all users, particularly in
water-stressed areas. Most of Kerry’s sites discharge
Water
Description Time
Horizon
Location in
Value Chain
Short
Medium
Long
Upstream
Own Ops
1
Downstream
Potential
Negative
Impact
Wastewater Discharge
The discharge of wastewater from our sites and the
potential for adverse environmental consequences
Potential
Negative
Impact
Water Withdrawal
Impact on water availability due to water withdrawals
at Kerry’s own operations and/or upstream in the value
chain
1
Own Ops = Own Operations
Water and Marine Resources
(E3)
1. Material Impacts, Risks and 165
Opportunities
2. Policies 165
3. Actions 166
4. Targets and Metrics 168
166
Sustainability Statement
wastewater to municipal systems for treatment, before
being returned to the environment. At sites where
wastewater is discharged directly into the environment,
site-level treatment significantly diminishes the potential
for harmful pollutants to enter local water sources.
Kerry's manufacturing sites monitor the discharge of
wastewater against site-specific consent limits included
within their licences and takes corrective actions to
operate within these limits where any deviations occur.
Kerry is committed to reducing the water withdrawal
intensity within its operations. We recognise the human
right to water as reflected in the UN Sustainable
Development Goals (SDGs) and are committed to
limiting the impact of water withdrawals on the needs of
local communities and other water users.
Our Environmental Responsibility Policy applies to Kerry
Group plc, its subsidiaries, partners, and suppliers,
covering all business locations and activities. It may
be supplemented by additional obligations subject to
specific requirements under local law. Key stakeholders
impacted by this policy include Kerry employees,
suppliers, customers, and the local communities in
which we operate, and we seek to incorporate their
interests in our policy.
Kerry's current focus is on water management across
our manufacturing locations. We acknowledge that
our influence extends to the upstream value chain and
remain committed to collaborating with stakeholders
on water stewardship initiatives. Given its limited
direct impact, Kerry does not have specific policies
or practices related to sustainable oceans and seas.
However, we continually evaluate our environmental
responsibility policies and encompass broader
ecological aspects as appropriate. Our policy also
includes our commitment to reduce water consumption
at sites located in areas of water stress, to help
preserve water resources and ensure their quality.
We monitor and report on our performance through
water-related metrics, and our Chief Operating Officer
has accountability for ongoing oversight of performance
and strategies aimed at delivering our water
commitments. The policy is informed by third-party
standards or initiatives such as ISO 14001, a globally
recognised standard for environmental management
covering various issues including water management.
Kerry’s Environmental Responsibility Policy is available
on our intranet and on kerry.com.
3. Actions
E3-2 – Actions and resources related to water and marine
resources
Water is important for our business, and we recognise
that it is a resource we share with others. Kerry is
implementing a range of best practice techniques to
reduce water withdrawal intensity and protect local
water quality and ecosystems. These help to safeguard
water sources and allow equitable access to water for
our business and other stakeholders.
Our action plan seeks to address the potential negative
impacts relating to water withdrawal and water discharge,
as identified in our double materiality assessment.
In 2024, we took action to progress towards the
achievement of our water-related policy objectives
and targets. For actions disclosed in this section, the
specified location of the actions across our value chain
reflects where the impacts arise. We acknowledge that
Kerry will need to initiate many of these activities from
within our own operations.
Water Withdrawal Action Plan
Kerry has implemented targeted initiatives to address
potential water withdrawal impacts and advance our
water withdrawal policy objectives and targets. We
understand that our impact on water is not limited to
our operations and are committed to collaborating with
suppliers to take collective action in line with the Alliance
for Water Stewardship principles. In 2024, our key
actions included the following:
Potential
Negative
Impact
Key Actions Taken in 2024
Water
Withdrawal
We completed an investment at our site in in Montgomery, Alabama, which significantly reduced
single pass-through cooling at the site, contributing to the Group's improved water withdrawal
intensity efficiency.
We also undertook various smaller initiatives at sites as part of ongoing operational efficiency
measures, including leak repairs, metering, and optimisation of clean-in-place processes, with some
of these initiatives at sites located in areas with high or extremely high water stress. While these are
smaller interventions, collectively they contribute to performance against our target.
167
Sustainability Statement Water Stewardship (E3)
Potential
Negative
Impact
Future Actions Planned Time
Horizon
Short
Medium
Long
Water
Withdrawal
As part of continuing operational efficiency measures, we will improve water
withdrawal efficiency and focus on continuous improvement.
Evolve current water risk assessment for raw materials and suppliers,
developing metrics and action plans to mitigate impacts as appropriate.
Engage with stakeholders potentially affected by our sites located in areas
of high or extremely high water stress, in alignment with water stewardship
principles.
Water Discharge Action Plan
We understand that water discharged from our sites can have an impact on local water quality, and have
measures in place across our operations to ensure we protect local water sources. Water discharged from our
sites undergoes appropriate screening and/or treatment, to meet effluent discharge limits and minimise potential
negative impacts on local biodiversity. At a site level, processes are implemented to monitor compliance with
effluent discharge limits and we are considering appropriate enhancements to the process to support additional
monitoring and performance review at Group level.
In 2024, we took the following key actions to improve the treatment of wastewater from Kerry facilities:
Potential
Negative
Impact
Key Actions Taken in 2024
Water
Discharge
In addition to various projects to maintain water treatment facilities across our operations, we
completed an investment at our site in Norwich, New York to help maintain water quality and
mitigate against potential negative impacts from waste water discharged from the site.
Potential
Negative
Impact
Future Actions Planned Time
Horizon
Short
Medium
Long
Water
Discharge
Improve central monitoring of water discharges to ensure effective
management and performance review.
168
Sustainability Statement
4. Targets and Metrics
1
E3-3 – Targets related to water and marine resources
We withdraw, use and discharge water across all
our manufacturing sites, including those located
in water-stressed areas. Recognising water as a
shared resource, we acknowledge the importance of
responsible water management and are committed
to reducing our water withdrawal intensity per tonne
of production, contributing to equitable access for all
stakeholders, and protecting water sources.
Water Withdrawal in our Own Operations
To help manage the potential impact from water
withdrawals at our manufacturing sites, we are
targeting a 15% reduction in water withdrawal
intensity per tonne of production by end of 2025,
versus our 2017 base year. This voluntary target
was informed by outputs from previous materiality
assessments, which involved engagement with
various stakeholders, and Sustainable Development
Goal (SDG) 6.4 which aims to sustainably increase
water-use efficiency across all sectors. For more
information on our stakeholder engagement please
see our General section on pages 138-139.
Our Environmental, Health & Safety (EHS) teams
continually monitor and evaluate efforts to reduce
our intensity, collaborating closely with Engineering
and Research, Development & Application functions
to identify and implement appropriate measures. To
achieve our target, we focus on water efficiencies
across our sites and investment in capital projects at
key locations.
In 2024, we achieved an 11% reduction in our water
withdrawal intensity per tonne of production, versus
our 2017 base year (2023β: 4%). The investments at
our site in Plant City, Florida, completed at the end of
2023, and our site in Montgomery, Alabama, were key
contributors to performance in the year. We expect
that a continued focus on measures to reduce water
withdrawals, improve water efficiency, and continuous
improvement will enable us to achieve our target by
end of 2025.
Water withdrawal intensity per tonne of production is
recorded monthly at site level and progress towards
the target is reported through the Climate Council
to the Sustainability Executive Committee and the
Board’s Sustainability Committee. It is calculated
using the total volume of water withdrawals at our
manufacturing sites divided by the total tonnes of
production. The volume of water withdrawn is based
on meter readings or invoices. Water withdrawal
intensity in 2024 was 6.07 megalitres per tonne
of production, and our 2017 base year was 6.78
megalitres per tonne of production.
The target we have set to help manage the potential
negative impact from water withdrawals applies to
Group performance, and includes any areas at water
risk. While the target is not a science-based target,
we keep developments relating to target setting for
environmental matters under review.
On 31 December 2024, the Group completed the sale of
the Kerry Dairy Ireland business. If water withdrawals
and tonnes of production for that business were
excluded, 2024 water withdrawal intensity per tonne of
production would be 6.15.
Water Discharge in our Own Operations
To help manage the potential impact of water discharges
from our manufacturing operations we are working to
increase the proportion of our sites certified under ISO
14001. Implementing the process required for certification
helps sites to manage their discharges more effectively
and contributes to reducing potential environmental
impacts. We centrally track the number of sites with ISO
14001 certification and report progress annually.
At the end of 2024, 74% of Kerry’s manufacturing sites
were certified to ISO 14001 Environmental Management
Systems (2023β: 66%). The percentage of sites certified
to ISO 14001 is calculated by dividing the total number of
manufacturing sites with ISO 14001 certification, by the
total number of manufacturing sites.
We are reviewing our approach to evaluating the impact
of water discharges and are working towards metrics that
can more effectively monitor progress against our policy
commitments. We do not currently have a target set for
water discharge in our own operations.
Water Withdrawal in our Supply Chain
We continue to evolve our risk assessment and approach
to water withdrawal in our supply chain. As part of this, we
will develop outcome-focused metrics where appropriate,
which can assist with measuring the effectiveness of our
policies and actions in this area.
We have not identified any material impacts, risks or
opportunities relating to responsible management of
marine resources nor reduction of water consumption.
As a result, we have not set targets relating to these areas.
1
Comparative information denoted by β (beta) is not covered by the Independent Practitioners' Limited Assurance Report.
169
Sustainability Statement Biodiversity & Ecosystems (E4)
As part of our double materiality assessment, we
defined the following short, medium and long-term time
horizons:
• Short term: within one year;
• Medium term: from the end of the short-term
reporting period up to five years; and
• Long term: more than five years.
To understand our impacts, we involved key stakeholder
groups in our double materiality assessment, including
business leaders, sustainability leaders, employees,
investors, customers, suppliers, and community-based
representatives. The insights from these engagements
helped us to assess biodiversity impacts, risks and
opportunities across multiple factors including the scale,
scope, irremediable character, likelihood and time horizon.
Through our assessment we identified several areas of
impact upstream in our value chain including specific raw
material categories palm oil, soy, and paper and pulp-
based products. Based on the current assessment, the
impacts on communities from our direct operations or
value chain activities were not deemed material. This is
Description Time
Horizon
Location in
Value Chain
Short
Medium
Long
Upstream
Own Ops
1
Downstream
Potential
Negative
Impact
Deforestation and Conversion
Land and ecosystem degradation from deforestation
and conversion related to the sourcing of specific forest
risk raw materials.
Actual
Negative
Impact
Scope 3 GHG emissions
Land and ecosystem degradation through climate
change related to Scope 3 emissions.
Risk Raw Material Supply
Raw material supply risk due to unsustainable resource
extraction and land use practices, resulting in increased
costs and lower operating profits.
Risk Regulatory Compliance
Regulatory compliance risk due to additional regulatory
burden and due diligence requirements, with reputational
risk and or financial penalties for failure to comply.
Opportunity Market Expansion
Increased consumer and customer demand for products
with better biodiversity outcomes leads to increased
demand/revenue associated with Kerry's innovation
expertise and sustainable solutions.
1
Own Ops = Own Operations
1. Material Impacts, Risks and
Opportunities
ESRS 2 IRO-1 – Description of the processes to identify and
assess material biodiversity and ecosystem-related impacts,
risks, dependencies and opportunities
Due to the nature of our business and our role in
the food and beverage industry, Kerry depends on
sourcing high-quality raw materials of natural origin. We
recognise that many of the impacts on biodiversity and
ecosystems associated with our products relate to these
raw materials and occur at farm level, beyond our direct
operational control.
We identified the following material impacts, risks and
opportunities relating to Biodiversity and Ecosystems:
Biodiversity and Ecosystems
(E4)
1. Material Impacts, Risks and 169
Opportunities
2. Biodiversity Resilience Analysis 170
3. Policies 170
4. Actions 171
5. Targets and Metrics 173
Biodiversity and Ecosystems
170
Sustainability Statement
an area that we will continue to explore in greater detail
as we undertake a more comprehensive assessment of
biodiversity in the coming year.
Our consideration of transition and physical risks and
opportunities was informed by our assessment of impacts
and dependencies identified through the double materiality
process, including a review of the wider landscape
assessment and engagement with relevant stakeholders.
Within the food and beverage industry, dependencies
commonly include soil health, clean water and a stable
climate that are needed for production of agriculture raw
materials. Intensive resource extraction and unsustainable
land use practices can degrade these ecosystem services,
potentially creating systemic risks over the longer term.
These have the potential to impact Kerry and the wider
industry. Conversely, innovations and creating products
that help address biodiversity impacts can also present an
opportunity for Kerry with customers seeking to address
these risks. The relevant risks and opportunities identified
were assessed for financial impact on Kerry, considering the
likelihood and time horizon over which they may occur.
Assessing Our Operations
SBM 3 – Material impacts, risks and opportunities and their
interaction with strategy and business model
We have conducted an assessment of our direct
operations with the support of the Integrated Biodiversity
Assessment Tool. This analysis shows where we have
sites located in or near (within 5km) a biodiversity
sensitive area. Based on our initial assessment, these
sites do not negatively impact these biodiverse areas or
threatened species and as a result it was concluded that
it is not necessary to implement additional mitigation
measures at these locations. While we have not identified
any material IROs relating to our sites, we will further
review our site-level impacts as we evolve our work
on biodiversity in the coming year. Our Environmental
Responsibility Policy outlines our commitments to
biodiversity and ecosystems protection, which applies to
all locations where Kerry conducts business.
For more information on our approach to determining
material biodiversity and ecosystem-related impacts,
risks and opportunities see the General section on
pages 140-145.
2. Biodiversity Resilience Analysis
E4-1 – Transition plan and consideration of biodiversity and
ecosystems in strategy and business model
Based on the outputs of our double materiality assessment
we performed a qualitative assessment of the resilience
of our strategy and business model to the material risks
related to biodiversity and ecosystems. The analysis
considered the raw material supply and regulatory
compliance risks and the potential impact on the Group's
strategy and business model. It drew on input from
internal stakeholders. The time horizons used align with
those used for our double materiality assessment.
Raw material supply: In the short to medium term,
we see potential for seasonal or limited disruption in
specific raw material categories linked to disease and/or
other challenges. Over the longer term, this disruption
is expected to increase if key impact drivers are not
addressed and ecosystem degradation continues. In such
a scenario, raw material scarcity could potentially drive up
costs and disrupt supply chains. Proactively addressing
these challenges through supplier engagement on
sustainable sourcing practices and promoting responsible
land-use strategies will be critical for Kerry to support
supply chain stability and mitigate risk.
Regulatory compliance: Biodiversity-related regulations,
including mandatory due diligence requirements,
increased complexity and potential reputational and
compliance risks. Working with suppliers to ensure
their practices align with regulatory expectations will be
important to effectively mitigate these risks and maintain
stakeholder trust.
Our strategy and business model are centred on
partnering with customers to create healthier, tastier, and
more sustainable products. Given our diversified portfolio
and global sourcing strategy, we are well positioned to
overcome potential risks that may emerge. Our innovation
capability, global presence and leading product portfolio
also allow us to integrate new solutions where raw
material challenges emerge, supporting our customers to
reformulate products and adapt to impacts on availability.
We are also increasingly engaged with our raw material
suppliers on biodiversity, working to reduce the
potential impact from the raw materials we purchase
and prevent deforestation and land conversion
associated with selected inputs.
We consider our current strategy and business model
to be well positioned to manage risks and capture
opportunities identified over the short, medium, and
long-term. The Group's focus on sustainable nutrition,
combined with our capacity to innovate at pace in
response to customer and consumer needs, or sourcing
constraints, supports our ability to adapt to evolving
external conditions and industry requirements.
Given the complex and often interconnected nature of
biodiversity and ecosystems, this is an area where we will
continue to develop our understanding and further assess
our impacts, risks and opportunities as we learn.
Key assumptions used in the qualitative assessment of
the resilience of our strategy and business model to the
material risks related to biodiversity and ecosystems are
as follows:
• We will achieve our deforestation and conversion-free
commitments covering palm oil, soy, and paper and
pulp-based products.
• Awareness of biodiversity loss will increase, and costs
associated with raw material sourcing will rise due to
regulatory pressures and reduced resource availability.
• Stakeholders including customers, regulators and
investors will demand greater transparency and
accountability for biodiversity impacts.
3. Policies
E4-2 – Policies related to biodiversity and ecosystems
Biodiversity and Ecosystems Policy
Kerry’s Environmental Responsibility Policy summarises
the key activities we undertake to manage our material
biodiversity and ecosystem related impacts, risks and
opportunities in the value chain, and supports the
Sustainability Statement Biodiversity & Ecosystems (E4)
171
achievement of our biodiversity targets under our
Beyond the Horizon sustainability strategy. Our policy on
biodiversity and ecosystems is focused on managing the
material impacts, risks and opportunities. This includes
the effects stemming from Kerry’s raw material sourcing
within our value chain, notably deforestation and land
conversion, land-use change, ecosystem degradation,
and the direct impact of climate change as a driver of
biodiversity loss.
Kerry is committed to ensuring responsible sourcing,
and the achievement of 100% deforestation and
conversion-free (DCF) sourcing for targeted supply chains
for palm oil, soy, and paper and pulp-based products.
For more information on Kerry’s responsible sourcing
programmes, which encompass environmental and social
consequences of biodiversity loss, including our stated
requirement for suppliers to respect human rights, land
rights of communities and the rights of indigenous and
forest dependent people, please see Kerry’s Deforestation
and Conversion-Free Policy on kerry.com.
Our Environmental Responsibility Policy focuses
on climate and land-use change as a contributor to
biodiversity loss. This policy covers Kerry’s operational
sites, sustainable land and agriculture practices and
deforestation. Our primary focus has been on areas
directly related to our operations and value chain,
and while we recognise the importance of sustainable
oceans and seas, these are not within the scope of this
policy. Similarly, direct exploitation, invasive alien species
and pollution are not addressed as no material impact,
risk or opportunity was identified in this area during
Kerry’s materiality assessment.
The policy applies globally to Kerry Group plc, including
our subsidiaries, partners, and suppliers, and covers
all business locations and activities. It is designed to
encompass the entire value chain, from raw materials
through to customer use, with potential adjustments to
align with local laws. Key stakeholders impacted by this
policy include Kerry employees, suppliers, customers, and
the local communities in which we operate. We engage
with these stakeholders to incorporate their interests
into our policy framework. For more information on our
stakeholder engagement please see our General section
on pages 138-139.
The policy is implemented through various measures
such as participation in responsible sourcing
programmes, stakeholder collaboration and
partnerships to support the traceability of raw materials
associated with material impacts or risks.
We monitor and report on our performance through
biodiversity-related metrics, with a current focus on DCF.
For further information on our biodiversity and ecosystem
targets and metrics, please refer to pages 173-174.
Our Chief Operating Officer (COO), who is a member
of our Executive Leadership Team, provides ongoing
oversight of our metrics, strategies and progress toward
achieving our biodiversity and ecosystem commitments.
The policy is informed by third-party standards and
initiatives such as the Accountability Framework
Initiative (AFI), for addressing deforestation and
conversion impacts in the supply chain.
Kerry’s Environmental Responsibility Policy is available
on our intranet and on kerry.com.
4. Actions
E4-3 – Actions and resources related to biodiversity and
ecosystems
At Kerry, our continued success is closely linked to
ecosystem health. Our actions are intended to help
address the actual and potential impacts, risks and
opportunities to biodiversity and ecosystems that we
identified as part of our double materiality assessment.
In 2024, we took action to progress towards the
achievement of our biodiversity-related policy objectives
and targets, with our main focus on addressing the
potential negative impact from deforestation and land
conversion and the actual negative impact from Scope
3 GHG emissions, while continuing to develop our
approach to other important areas of biodiversity. For
actions disclosed in this section, the specified location
of the actions across our value chain reflects where the
impacts, risks and opportunities arise. We acknowledge
that Kerry will need to initiate many of these activities
from within our own operations.
Deforestation and Conversion-Free
Action Plan
Kerry has implemented concentrated initiatives to make
progress towards our deforestation and conversion-free
(DCF) target. These will help mitigate the potential negative
impacts related to the sourcing of specific forest risk raw
materials. As we complete additional comprehensive
assessments of impacts and dependencies, we will
introduce further actions as appropriate.
Potential
Negative
Impact
Key Actions Taken in 2024
Deforestation
and Conversion
We proactively engaged with key suppliers to evaluate the status of their DCF commitments and
implementation plans. The aim was to ensure that suppliers’ practices align with Kerry’s goal of
sourcing 100% DCF palm oil, soy, and paper and pulp-based products by the end of 2025. In these
engagements, we reinforced our targets and approach with our largest suppliers, while also
providing them with an opportunity to outline their commitments and roadmap for DCF.
Beyond direct supplier engagement, we actively participated in multi-stakeholder industry groups
such as the Palm Oil Collaboration Group (POCG) and the Sustainable Agriculture Initiative (SAI)
Platform’s DCF working group. These groups concentrate on accelerating DCF commitments,
enhancing supply chain traceability, and driving collective solutions to increase DCF volumes
across commodities.
172
Sustainability Statement
Potential
Negative
Impact
Future Actions Planned Time
Horizon
Short
Medium
Long
Deforestation
and Conversion
Direct engagement with our suppliers of palm oil, soy, and paper and pulp-
based products. These efforts may encompass global or regional meetings,
targeted one-to-one engagements or engagement by category buyers as
part of their commercial activities.
Participation in multi-stakeholder platforms, such as the POCG and SAI
Platform.
Scope 3 GHG Emissions Action Plan
Please refer to our Climate Change section on pages 147-150 for actions relating to Kerry’s Scope 3 GHG emissions.
Raw Material Supply Risk Action Plan
Beyond our deforestation and conversion-free initiatives, we have expanded our efforts across other key raw
material categories to address risks related to unsustainable resource extraction and land use.
Risk Key Actions Taken in 2024
Raw Material
Supply
In partnership with suppliers and farmers, Kerry launched three programmes in 2024 focused on
implementing regenerative agriculture practices with dairy, wheat and corn suppliers in North
America. The objective of the pilot programmes is to enable our upstream value chain partners to
reduce impacts across carbon emissions, water, and biodiversity contributing to mitigation of raw
material supply risk.
We participated in the SAI Platform’s Regenerating Together framework, a global initiative
promoting regenerative agriculture. The framework defines regenerative agriculture as an
outcome-based farming approach that enhances soil health, biodiversity, climate resilience,
and water resources while supporting farm businesses. Kerry also contributed to the SAI
Platform’s Dairy Working Group and Crops Working Group, both emphasising nature and
biodiversity as core priorities.
Building on our dairy heritage and direct relationship with our supplier farmers, Kerry’s Evolve
programme was launched in 2022. The programme is designed to support the accelerated
adoption of sustainable science-based actions and best practices within our dairy supply
chain in the Southwest of Ireland. In 2024, we continued to engage our suppliers in the
programme, focusing on initiatives that help improve soil health and water quality, and
promote biodiversity and grassland management. This programme also provides an important
blueprint to guide the successful development and implementation of farm level programmes
in other regions and categories.
Risk Future Actions Planned Time
Horizon
Short
Medium
Long
Raw Material
Supply
Engagement in supply chain projects which will have a positive impact
on biodiversity and mitigate the potential negative impact of agriculture
practices.
Participation in multi-stakeholder platforms, such as the SAI Platform and
the Sustainable Spice Initiative.
173
Sustainability Statement Biodiversity & Ecosystems (E4)
Regulatory Compliance Action Plan
Ethical and compliant business practice is a priority for Kerry. By adapting to the dynamic world around us and
adopting new and enhanced ways of working we are well placed to comply with new and emerging regulation.
Risk Key Actions Taken in 2024
Regulatory
Compliance
We engaged directly with the relevant suppliers of our raw materials covered by the EU Regulation
on Deforestation-free Products (EUDR), to ensure our compliance with the regulation which is
expected to come into effect at the end of 2025. This collaboration and engagement with suppliers
will continue in preparation for the regulation coming into force.
Risk Future Actions Planned Time
Horizon
Short
Medium
Long
Regulatory
Compliance
Continuous monitoring of regulatory developments relating to biodiversity
and proactively developing and implementing appropriate actions to ensure
compliance.
Enhancement of our existing supplier requirements relating to biodiversity,
as we strive to improve transparency and accountability and ensure
compliance with developing regulatory environments.
Market Expansion Action Plan
As a leader in sustainable nutrition, we partner with customers to innovate and create more nutritious products with lower
environmental impacts. This approach helps us create opportunities for customers to win with products providing positive
biodiversity outcomes and/or enable reformulation of existing products to reduce inputs that have a potentially negative
impact on biodiversity. Our technologies also allow us to partner with our customers to adapt to sudden changes in the
availability or the supply of specific raw materials. For example, in 2024 Kerry's range of innovative citrus technologies
enabled our customers to adapt to significant supply chain challenges due to decreased orange production, driven by
adverse climate events and citrus greening disease in orange trees in Brazil and Florida.
Opportunity Future Actions Planned Time
Horizon
Short
Medium
Long
Market
Expansion
Support our strategy with more detailed execution plans, encompassing
biodiversity-related actions already underway and prioritising future areas as
we move beyond our 2025 DCF targets.
5. Targets and Metrics
1
E4-4 – Targets related to biodiversity and ecosystems
E4-5 – Impact metrics related to biodiversity and ecosystems change
Driven by industrial farming and land expansion, deforestation and land conversion for agriculture has a devastating
impact on some of the world’s most biodiverse regions, particularly tropical forests. We recognise that we can have a
material impact through the raw materials we source and are committed to mitigating our potential and actual impacts
relating to biodiversity and ecosystems.
Deforestation and Conversion
Our target is for 100% of Kerry's direct volumes of palm oil, soy, and paper and pulp-based products to be deforestation
and conversion-free (DCF) by the end of 2025. While these targets are directly addressing deforestation and land
conversion, they also contribute to the mitigation of the other impacts and risks, and realisation of the opportunity
identified for biodiversity.
1
Comparative information denoted by β (beta) is not covered by the Independent Practitioners' Limited Assurance Report.
174
Sustainability Statement
Our Responsible Sourcing team leads the monitoring
and evaluation of efforts to increase the proportion
of DCF raw materials, working closely with the wider
procurement function including global and regional
buyers. To achieve our targets, we focus on supplier
engagement to improve traceability and purchase third-
party DCF certified volumes, as appropriate.
Palm Oil
In 2024, 78% of our palm oil volumes complied with our
DCF requirements (2023β: 47%), with 29% certified by the
Roundtable on Sustainable Palm Oil (RSPO) Segregated
(SG) or Identity Preserved (IP) and an additional 49%
verified DCF through supplier Implementation Reporting
Framework (IRF) profiles which have third-party
verified compliance with No Deforestation, No Peat,
No Exploitation (NDPE) standards. We expect that our
approach of engaging our suppliers with NDPE IRF profiles
and continued purchase of RSPO SG and IP certified
volumes will allow us to achieve our target by end of 2025.
RSPO SG or IP certificates are recorded, where applicable
within our procurement system. The volumes confirmed
as DCF using NDPE IRF profiles are calculated based on
suppliers annual third-party verified profiles which have
been certified by independent organisations to ensure
supplier compliance with NDPE requirements.
Soy
While there have been improvements in transparency
around soy sourcing in recent years, challenges to
tracing raw materials back to agricultural origin
remain. Maintaining segregation during storage and
transportation in particular makes procuring DCF-
compliant products challenging. We take a risk-based
approach to confirming DCF requirements for our soy
volumes, using agricultural country of origin, with
countries at low risk of deforestation and conversion
deemed to have met our DCF requirements.
In 2024, we made progress collecting traceability data for
our soy volumes sourced, with 34% of the soy products
identified as originating from countries with a low risk of
deforestation and conversion (2023β: 31%). We continue
to engage suppliers and industry stakeholders working
towards achieving our target by the end of 2025, with an
expectation that continued changes in market supply and
demand will assist with this.
Paper and Pulp-Based Products
In 2024, 84% of the paper and pulp-based products we
purchased complied with our DCF requirements for this
category. During the year, supplier engagement confirmed
that 55% of the volumes were from Forest Stewardship
Council (FSC) or Programme for the Endorsement of Forest
Certification (PEFC) certified forests, with an additional
22% coming from recycled fibres, and 7% manufactured in
countries which are considered at low risk of deforestation
and conversion. Direct engagement with suppliers has
been key to confirming DCF status of our volumes and
our expectation is that ongoing engagement during 2025
will allow us to confirm DCF compliance for our remaining
volumes. DCF-compliant volumes of paper and pulp-based
products are confirmed through supplier engagement,
with confirmation received on whether the volumes are
from FSC or PEFC certified forests, recycled fibres or the
country of harvest. This information is then used to risk
assess the volumes for deforestation and conversion.
Outputs from previous materiality assessments, which
involved engagement with various stakeholders, were
considered when setting our DCF targets. The targets
apply to all Kerry’s direct operations and we did not use
biodiversity offsets whilst setting the targets. Progress
towards our targets is reported through the Responsible
Sourcing Council, to the Sustainability Executive
Committee and the Board’s Sustainability Committee.
The percentage of key raw materials we source that
are DCF compliant is recorded monthly or annually
depending on the source of information. To assess
our performance against our DCF targets we measure
the volumes of our palm oil, soy, and paper and pulp-
based products which meet our category-specific DCF
requirements, divided by the total volume of that raw
material. Due to the annual nature of certain inputs
required to allow us to calculate the percentage of
volumes which are compliant with our DCF requirement,
metrics are currently reviewed bi-annually.
Our DCF targets are intended to help avoid deforestation
and conversion and as a result are aligned with the
objectives of the Kunming-Montreal Global Biodiversity
Framework and the EUDR. The absolute nature of the
targets and their alignment with Science Based Targets
initiative (SBTi) FLAG requirements support a science-
based approach, albeit the targets were not originally
set using specific ecological thresholds. The targets
do not relate to the Do No Significant Harm criteria for
Biodiversity as defined in the climate and environmental
delegated acts.
On 31 December 2024, the Group completed the sale
of the Kerry Dairy Ireland business. If 2024 raw material
volumes for that business were excluded from the
total volumes purchased, volumes meeting our DCF
requirements would be 74% palm oil, 49% soy, and 82%
paper and pulp-based products.
Scope 3 GHG emissions
For information regarding our Scope 3 Forest, Land
and Agriculture (FLAG) and SBTi commitments, refer to
our Scope 3 targets detailed within the Climate section
on pages 158-159.
Raw Material Supply, Regulatory Compliance
and Market Expansion
Our DCF targets assist in mitigating the biodiversity-
related risks associated with the production of
raw materials we source and achieving regulatory
compliance, while also contributing to the provision
of DCF or more positive biodiversity products. We
are working to develop additional outcome-focused
metrics to allow us to further measure the effectiveness
of our policies and actions on raw material supply or
regulatory compliance risks and the market expansion
opportunity we identified through our double
materiality assessment.
175
Sustainability Statement Resource Use and Circular Economy (E5)
1. Material Impacts and
Opportunities
IRO-1 – Description of the processes to identify and assess
material resource use and circular economy-related impacts,
risks and opportunities
As a leading provider of food protection and preservation
technologies, Kerry can support the reduction of food
waste downstream. As a part of our double materiality
assessment, we identified material resource use and
circular economy-related impact and opportunity, as
outlined in the following table.
Within our double materiality assessment, we defined
the following short, medium and long-term time
horizons:
• Short term: within one year;
• Medium term: from the end of the short-term
reporting period up to five years; and
• Long term: more than five years.
As part of our double materiality assessment, we
screened our operations and upstream and downstream
value chain to help identify actual and potential resource
use and circular economy-related impacts, risks and
opportunities.
Within our direct operations we assessed the outflows
from our sites, taking into account the types of products
and materials generated by our production processes,
and customers' use of our products. We also considered
various factors relating to waste originating from our
operations, including the volumes and types of waste,
and the waste disposal methods available to our sites.
Outside of our direct operations these factors were also
considered as part of our screening of our downstream
value chain. In addition, we screened our upstream
value chain, considering the volumes and types of
packaging and raw materials used as inputs in our
production processes.
Our assessment included consultation with suppliers,
industry bodies, customers and internal functions.
Food waste arises in many ways across multiple end-
use markets. Given the challenge of involving such a
disparate group in the consultation, we did not engage
directly with these affected communities. However, our
assessment was informed by internal stakeholders,
customers and industry bodies. For more information
on our approach to determining material resource
use and circular economy-related impacts, risks and
opportunities see the General section on pages 140-145.
Description Time
Horizon
Location in
Value Chain
Short
Medium
Long
Upstream
Own Ops
1
Downstream
Actual
Positive
Impact
Reduce Food Waste
Reducing the level of food loss and waste generated
downstream through customer use of Kerry's food
technologies
Opportunity Extend Shelf-life
Increased revenue due to expansion and development
of the market for longer product shelf-life through food
waste technologies and innovations
1
Own Ops = Own Operations
Resource Use and
Circular Economy (E5)
1. Material Impacts and Opportunities 175
2. Policies 176
3. Actions 176
4. Targets and Metrics 177
Food Waste Downstream
176
Sustainability Statement
2. Policies
E5-1 – Policies related to resource use and circular economy
Kerry’s Environmental Responsibility Policy summarises
the key activities we undertake to achieve the material
resource use and circular economy positive impact and
opportunity downstream in our value chain.
Kerry is committed to supporting our customers
to reduce their environmental impact through the
provision of more sustainable solutions, helping
to prevent food waste. By collaborating with our
customers and offering innovative solutions, we aim
to contribute to the UN Sustainable Development Goal
12: Responsible Consumption and Production. This
goal seeks to halve per capita global food waste by
2030, helping to ensure sustainable consumption and
production patterns.
Our Environmental Responsibility Policy outlines how
we bring Kerry’s commitment to reducing food waste in
line with the waste hierarchy’s principles of prevention
and recycling and reflects our priority to minimise waste
production over waste treatment.
The broader policy applies globally to Kerry Group plc,
its subsidiaries, partners, and suppliers, covering all
business locations and activities. The food waste section
of the policy applies to our operations as it is focused
on the key activities we will undertake in relation to the
material impact and opportunity identified under this
topic. Key stakeholders impacted by this policy include
Kerry employees, customers and consumers, and we
seek to incorporate their interests in our policy.
The Chief Science and Technology Officer and Chief
Operating Officer share ultimate accountability for the
implementation of policies relating to resource use and
circular economy, which includes the material impacts
and opportunities we have identified.
Kerry’s Environmental Responsibility Policy is available
on our intranet and on kerry.com.
3. Actions
E5-2 – Actions and resources related to resource use and
circular economy
The food system relies heavily on the Earth’s natural
resources. We recognise Kerry's role in transitioning
towards more sustainable consumption and production
patterns, contributing to a more resilient, equitable and
environmentally sustainable future.
As part of our double materiality assessment, we identified
an actual positive impact downstream in our value chain
from use of our technologies to reduce levels of food
waste. There is a related opportunity from the technologies
we develop to extend shelf-life. Due to the interconnected
nature of the positive impact and opportunity, our action
plan outlines the steps that we are taking which can
contribute to both outcomes. For actions disclosed in this
section, the specified location of the actions across our
value chain reflects where the impact and opportunity
arise. We acknowledge that Kerry will need to initiate many
of these activities from within our own operations.
We leverage our internal expertise and food waste
insights to support our customers in reducing food waste
generated downstream in our value chain. For example,
our proprietary ‘Left on the Shelf’ consumer research,
which involved more than 5,000 consumers across
ten countries, provides valuable insight into consumer
behaviours and attitudes, aiding our customers in better
understanding and addressing these issues.
In partnership with the Department of Food Science and
Technology at the University of Georgia, we also shared
insights with the wider industry on how digital tools,
like the Kerry Food Waste Estimator, can help combat
food waste. Launched in 2022, our proprietary tool can
be used to showcase the potential impact of extending
shelf-life and is available to manufacturers and consumers
to quantify and understand the potential economic and
environmental benefits from reducing food waste. The
Kerry Food Waste Estimator tool is accessible on kerry.com.
177
Sustainability Statement Resource Use and Circular Economy (E5)
In 2024, we also took the following actions towards the achievement of our resource use and circular economy-related
policy objectives:
Actual
Positive
Impact and
Opportunity
Key Actions Taken in 2024
Reduce
Food Waste
and
Extend
Shelf-life
In 2023, Kerry established a technology hub for food protection, in partnership with Wageningen University
& Research (WUR). The technology hub operates within the University to support the work undertaken in
Kerry’s Global technology and innovation centre. During 2024, the technology hub provided accelerated
innovation and validation studies, identifying shelf-life limiting factors in customer products, validating
effectiveness of Kerry’s food waste technologies and assisting with timely delivery of food waste prevention
solutions to the market.
Kerry co-creates with our customers to deliver solutions for improved shelf-life extension, including clean
label solutions and innovation providing extra protection from pathogens and spoilage. An example
of this involved a collaboration allowing our customer to remove a freezer stage in their supply chain
process. This provided extra protection from pathogens and spoilage while also enabling the customer to
reduce their carbon footprint.
In 2024, we actively engaged in customer education to raise awareness about the impacts of food waste
and the benefits of our food protection and preservation products. This included publications, conferences,
tradeshows, webinars, campaigns, and industry partnerships. For example, sharing our tools and insights
with retailers and manufacturers through the food waste coalition within the Consumer Goods Forum.
The following planned future actions are designed to maintain our commitment to continuous innovation and further
reduction in food waste. As we continue to evolve Kerry’s food waste prevention technologies and our suite of innovative
tools, which can provide insight on food preservation to our customers, we will introduce further actions as appropriate.
Actual
Positive
Impact and
Opportunity
Future Actions Planned Time
Horizon
Short
Medium
Long
Reduce
Food Waste
and
Extend
Shelf-life
Ongoing development of tools that can provide insight and support our
customers to reduce food waste through their use of Kerry’s technologies.
Continued collaboration with universities, researchers, accelerators, and
startups, to co-develop new solutions, deliver innovation, and drive adoption
of food waste reduction solutions.
4. Targets and Metrics
1
E5-3 – Targets related to resource use and circular economy
Kerry is tackling food waste through actions including the provision of shelf-life extension technologies and
establishment of a food protection innovation hub to support our customers. We recognise that it is only through
partnership with these customers that we can deliver on our food waste impact and related opportunity, and we seek
to understand their specific product challenges in detail. This customer engagement is crucial to creating effective
solutions that are tailored to their business needs and individual product requirements, and can deliver an impact on
downstream food waste reduction. As we continued to advocate for action, we engaged directly with 377 customers
in 2024, to help address their food waste challenges, representing a 9% increase on the previous year (2023β: 345).
We track and measure the number of engagements with customers to help support our impact and overall business
objectives. This metric is calculated by recording the number of unique customer engagements focused on food
protection and preservation in the reporting year, excluding those which are employed for use in animal and/or
pet nutrition. We continue to explore the development of other outcome-focused metrics and targets to allow us to
measure the effectiveness of our policies and actions relating to food waste.
1
Comparative information denoted by β (beta) is not covered by the Independent Practitioners' Limited Assurance Report.
178
Sustainability Statement
1. Background
To meet the EU’s climate and energy targets for 2030
and reach the objectives of the European Green Deal, the
European Commission established an action plan to direct
investments towards sustainable projects and activities.
The EU Taxonomy (Regulation (EU) 2020/852, “Taxonomy
Regulation”) and supplementary Delegated Regulations
are designed to increase transparency of environmental
information and define, for a limited number of sectors
and activities, a taxonomy of sustainable activities.
At present, the Climate and Environmental Delegated
Acts, which detail the classification criteria under the
six environmental objectives, do not include activities
specifically related to the food and beverage sector. As a
result, only a limited amount of EU Taxonomy activities
will be applicable to Kerry’s operations, limiting the
value reported as taxonomy-eligible but not taxonomy-
aligned (eligible) and taxonomy-aligned (aligned) under
EU Taxonomy.
In 2023, while all six objectives were considered for
eligibility, only climate change mitigation (CCM) and
climate change adaptation (CCA) were assessed for
alignment. In 2024, the Group is required to disclose
eligibility and alignment for all six of the environmental
objectives, with the additional four objectives being
sustainable use and protection of water and marine
resources (WTR), transition to a circular economy (CE),
pollution prevention and control (PPC) and protection
and restoration of biodiversity and ecosystems (BIO).
In accordance with the requirements for the 2024
financial year, the Group has outlined the extent to
which the Group’s operations are associated with eligible
and aligned activities as defined in the applicable
Climate and Environmental Delegated Acts. These
disclosure requirements cover Kerry’s global activities.
2. Assessment and Methodology
The evaluation of eligibility and alignment was
conducted by a cross-functional group, involving
members of the Sustainability Reporting, Engineering,
Integrated Operations, Commercial Finance and
Research, Development & Application (RD&A) teams.
2.1 Eligibility Assessment
The cross-functional team reviewed all activities
defined under the Climate and Environmental
Delegated Acts to identify those activities that might
be relevant to Kerry’s current operations, based on the
activity description, taking into consideration sector
classification and potentially associated NACE Codes.
It created a shortlist of activities that were applicable,
or potentially applicable, to Kerry for a more detailed
review to confirm those activities where there had been
actual spend or revenue in the current year.
For turnover, a cross-functional group comprising the
Sustainability Reporting and Commercial Finance teams
reviewed Kerry technologies in the shortlisted eligible
activities to assess whether any matched the eligibility
requirements. This included a full review of all entities
acquired in the year. The Group’s Chief Science and
Technology Officer reviewed and approved the final list
of eligible turnover.
For CapEx, a cross-functional group comprising the
Sustainability Reporting, Integrated Operations
Finance and Engineering teams, as well as the Global
Sustainability Engineering Lead assessed project
descriptions and asset information to determine eligibility
by comparing them to EU Taxonomy definitions.
Approved eligible spend was then assessed for
alignment, against the specific Technical Screening
Criteria (TSC) for each eligible activity as described in
the Climate and Environmental Delegated Acts.
2.2 Alignment Assessment – Technical
Screening Criteria
Once the eligible activities had been identified, they
were assessed to confirm whether they met the
required TSC. The TSC assessment included a detailed
review of the Substantial Contribution (SC) criteria to
confirm whether the activity met the SC requirements
detailed for its activity category. The Do No Significant
Harm criteria (DNSH) were then reviewed for each
activity that met the SC criteria, with activities which
met both the SC and DNSH criteria being considered to
have met the TSC for that activity.
For CapEx, the final list of potentially aligned CapEx was
reviewed and approved by the cross-functional group.
Under the EU Taxonomy, we have only reported aligned
activities under the climate change mitigation objective.
As a result, there is no double counting with the six
objectives that are in scope. In order to avoid any double
counting in the numerator across economic activities,
we reconcile the total value of each KPI's numerator
(section A1, A2 and B on the KPI templates) back to our
Financial Statements to ensure values have only been
allocated once.
2.3 Alignment Assessment – Minimum
Safeguards
An economic activity can only be classified as
environmentally sustainable within the meaning of the
Taxonomy if it is also conducted in accordance with
certain minimum standards based on international
EU Taxonomy
1. Background 178
2. Assessment and Methodology 178
3. Turnover 179
4. Operating Expenditure 179
5. Capital Expenditure 180
6. KPI Tables 181
Sustainability Statement EU Taxonomy
179
frameworks. We have referred to the Final Report on
Minimum Safeguards, published by the Platform on
Sustainable Finance in October 2022, to support our
interpretation of the scope and application of the
minimum standards. Kerry has policies and processes in
place to align our activities with the minimum safeguards,
as set out in Article 18 of the Taxonomy Regulation:
• Human Rights: Kerry is committed to respecting
the rights of stakeholders. Read more about our
approach to conducting human rights due diligence
on page 186 and in the topical disclosures related to
S1 Own Workforce on pages 187-205 and S2 Workers
in the Value Chain on pages 206-212.
• Anti-Bribery and Corruption: Kerry’s zero tolerance
approach to bribery and corruption is established in
our Anti-Bribery and Corruption policy and related
training, which provides information and guidance
on how to recognise, address and report bribery and
corruption issues.
• Fair Competition: Our Group Code of Conduct, along
with our Fair Competition Policy and related training,
sets out our commitment to free and fair competition
and clearly defines the expectations of all employees
to uphold our compliance standards.
• Taxation: We ensure compliance with tax laws through
our responsible tax practices, see note 7 in the
Financial Statements for further details.
Kerry has not been convicted for material violations
of Human Rights, Anti-Bribery and Corruption, Fair
Competition, or Taxation laws.
3. Turnover
1
The denominator used for the turnover key performance
indicator (KPI) is based on the total revenue recognised
under IAS 1, as reported in our Financial Statements.
For further details on Kerry’s revenue accounting policy,
see note 1 of the Financial Statements. To determine
the turnover KPI, the amount that is either aligned
(numerator) or eligible but not aligned (numerator) is
divided by the turnover denominator.
Kerry’s ordinary business, the manufacture of food and
beverage products, is not eligible as these activities are
currently not defined in the Climate and Environmental
Delegated Acts. As part of the assessment outlined
in section 2.1, we identified a negligible amount of
eligible turnover, 0.2%, in 2024 (2023β: 0.2%). This
turnover is associated with activities that do not directly
relate to, or act as, ingredients for use in the food and
beverage industry. The activities specifically relate to the
manufacture of chlorine (CCM 3.13), the manufacture of
organic basic chemicals (CCM 3.14) and a new activity
which commenced in 2024, the manufacture of active
pharmaceutical ingredients (API) or active substances
(PPC 1.1).
In 2024 no eligible turnover satisfied the Substantial
Contribution criteria, and therefore turnover was not
further assessed for alignment beyond this point.
EU Taxonomy -
Turnover
Reference
to Financial
Statements
2024
€m
2
2023
€m
Revenue Consolidated
Income
Statement
7,980.6 8,020.3
Turnover
denominator
7,980.6 8,020.3
4. Operating Expenditure (OpEx)
At present activities specific to the food and beverage
sector are not defined within the Climate and
Environmental Delegated Acts and as a result there is a
limited amount of Kerry’s ordinary activities in scope. The
EU Taxonomy allows for an exemption from disclosure of
the OpEx KPI under Delegated Regulation (EU) 2021/2178.
Following assessment of our OpEx denominator we have
determined that the exemption is applicable.
The limited scope of the Climate and Environmental
Delegated Acts relative to our ordinary operations
is reflected in 99.8% of our turnover being deemed
Taxonomy non-eligible. Within our OpEx denominator,
the largest OpEx spend relates to research and
development costs, recognised as an expense in our
Consolidated Income Statement as stated in note 3 to
the Financial Statements. It represents 45% of the total
OpEx denominator in 2024 (2023β: 47%). This spend
supports Kerry’s turnover generating activities, which
are not in scope of the activities currently defined in the
Climate and Environmental Delegated Acts, and does
not support other taxonomy activities reaching their
substantial contribution thresholds.
Short-term leases, as included in note 12 iii.i, repairs and
maintenance and other direct expenditure relating to
the day-to-day servicing of assets of property, plant and
equipment, including the internal and external people
cost for the Engineering teams maintaining buildings
and equipment, included in other general overheads
and staff costs in note 3 to the Financial Statements is
equal to 4.2% of Group OpEx in 2024 (2023β: 3.8%), and
is considered not material.
EU Taxonomy – Operating
Expenditure
2024 €m 2023β €m
3
Research and development
costs
235.5 235.9
Short-term leases 3.7 3.7
Maintenance and repairs 141.1 131.6
Other direct expenditures 137.3 128.4
Operating expenditure
denominator
517.6 499.6
1
Comparative information denoted by β (beta) is not covered by the Independent Practitioners' Limited Assurance Report.
2
The revenue included is total revenue, including revenue of Kerry Dairy Ireland, consistent with the total revenue of the Group for the 2024
financial year.
3
In 2024, the method for identifying activities included in the operating expenditure denominator has been refined to better align with the
EU Taxonomy definition. The following items were originally reported in 2023β as Research and development cost €301.3m, Maintenance
and repairs €157.9m, Other direct expenditure €128.6m, and total operating expenditure denominator €591.5m.
180
Sustainability Statement
5. Capital Expenditure
1
The denominator used for the CapEx KPIs is calculated
based on additions and businesses acquired for
property, plant, and equipment (IAS 16), leases (IFRS
16) and intangible assets (IAS 38) as reported in the
Financial Statements. The denominator does not include
any investment property (IAS 40) or agriculture (IAS 41)
assets, as they are not applicable to Kerry. As defined
in the Taxonomy, goodwill is not included in the CapEx
KPI. In determining the KPIs for CapEx, the amount that
is either aligned (numerator) or eligible but not aligned
(numerator) is divided by the CapEx denominator.
The CapEx aligned numerator includes assets that
are associated with taxonomy aligned activities. In
2024, there were four activities which were eligible
and aligned under the Climate Change Mitigation
objective. These activities related to acquisition of
heating, ventilation and air-conditioning systems
(CCM 7.3), charging stations for electric vehicles
(CCM 7.4), building automation and control systems
and energy management systems (CCM 7.5), all of
which are property, plant and equipment additions
and commercial offices (CCM 7.7), which are right-of-
use assets. The process for determining the aligned
numerator is set out in section 2.2 above.
Comparing the aligned and eligible but not aligned
capital additions (numerator) to our additions and
businesses acquired, property, plant and equipment,
right of use assets and intangible assets (denominator)
in 2024, the proportion of aligned activities is 2.6%
(2023β: 3.2%) and of eligible but not aligned is 21.1%
(2023β: 22.0%
2
). The small decrease in the proportion
of aligned activities in 2024 is due to a higher value
of business combinations included in the 2024
denominator, compared to the 2023 denominator.
The majority of the assets in the current year business
combinations are not eligible under the activities
defined under EU Taxonomy.
EU Taxonomy - Capital
Expenditure
Reference
to Financial
Statements
2024
€m
2023
€m
Property, plant and
equipment – Additions
Note 12 i 266.1 273.1
Property, plant and
equipment - Businesses
acquired
Note 12 i 43.0 7.1
Right of use assets –
Additions
Note 12 ii 64.2 36.4
Right of use assets -
Businesses acquired
Note 12 ii 0.1 2.6
Intangible assets –
Additions
Note 13 27.5 15.9
Intangible assets -
Businesses acquired -
Brand-related intangibles
3
Note 13 86.8 23.1
Capital expenditure
denominator
487.7 358.2
1
Comparative information denoted by β (beta) is not covered by the Independent Practitioners' Limited Assurance Report.
2
Comparative information for 2023 proportion of eligible but not aligned activities reported as 18.5% in 2023β, has been re-presented due to
change in 2023 denominator and to include additional eligible activities in 2023. Details of additional activities included on pages 184-185.
3
Comparative information for 2023 Intangible assets - Businesses acquired - Brand-related intangibles has been re-presented, reported as
€41.6m in 2023β. For further information on this, please see note 31 in the Financial Statements.
Our eligibility assessment for EU Taxonomy did not identify any activities relating to nuclear energy or fossil gas, as a
result we have only disclosed Template 1, as per ANNEX XII of Commission Delegated Regulation (EU) 2021/2178.
Nuclear energy related activities
1 The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative
electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.
No
2 The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to
produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen
production, as well as their safety upgrades, using best available technologies.
No
3 The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity
or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from
nuclear energy, as well as their safety upgrades.
No
Fossil gas related activities
4 The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that
produce electricity using fossil gaseous fuels.
No
5 The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool
and power generation facilities using fossil gaseous fuels.
No
6 The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation
facilities that produce heat/cool using fossil gaseous fuels.
No
181
Sustainability Statement EU Taxonomy
Financial year N Year Substantial contribution criteria DNSH criteria
(“Does Not Significantly Harm”)
Economic Activities (1)
Code (2)
Turnover (3)
Proportion of
Turnover, year
N (4)
Climate Change
Mitigation (5)
Climate Change
Adaptation (6)
Water (7)
Pollution (8)
Circular
Economy (9)
Biodiversity (10)
Climate Change
Mitigation (11)
Climate Change
Adaptation (12)
Water (13)
Pollution (14)
Circular Economy
(15)
Biodiversity (16)
Minimum
Safeguards (17)
Proportion of
Taxonomy-aligned
(A.1.) or-eligible
(A.2.) turnover,
year N-1β (18)
Category enabling
activity (19)
Category
transitional
activity (20)
Text €’m % Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Turnover of environmentally sustainable activities
(Taxonomy-aligned) (A.1)
0.0 0.0% 0.0%
Of which enabling 0.0 0.0% 0.0% E
Of which transitional 0.0 0.0% 0.0% T
A.2. Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (g)
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
Manufacture of chlorine CCM 3.13 8.7 0.1% EL N/EL N/EL N/EL N/EL N/EL 0.1%
Manufacture of organic basic chemicals CCM 3.14 7.7 0.1% EL N/EL N/EL N/EL N/EL N/EL 0.1%
Manufacture of active pharmaceutical
ingredients (API) or active substances
PPC 1.1 0.2 0.0% N/EL N/EL N/EL EL N/EL N/EL 0.0%
Turnover of Taxonomy-eligible but not
environmentally sustainable activities (not
Taxonomy-aligned activities) (A.2)
16.6 0.2% 0.2% 0.0% 0.0% 0.0% 0.0% 0.0% 0.2%
A. Turnover of Taxonomy-eligible activities (A.1+A.2) 16.6 0.2% 0.2% 0.0% 0.0% 0.0% 0.0% 0.0% 0.2%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy-non-eligible activities 7,964.0 99.8%
TOTAL
2
7,980.6 100%
Proportion of turnover from products or services associated with Taxonomy-aligned economic activities – disclosure covering 2024 (year N)
1
1
Comparative information denoted by β (beta) is not covered by the Independent Practitioners' Limited Assurance Report.
2
The revenue included is total revenue, including revenue of Kerry Dairy Ireland, consistent with the total revenue of the Group for the 2024 financial year.
182
Sustainability Statement
Financial year N Year Substantial contribution criteria DNSH criteria
(“Does Not Significantly Harm”)
Economic Activities (1)
Code (2)
OpEx (3)
Proportion of
OpEx, year N (4)
Climate Change
Mitigation (5)
Climate Change
Adaptation (6)
Water (7)
Pollution (8)
Circular
Economy (9)
Biodiversity (10)
Climate Change
Mitigation (11)
Climate Change
Adaptation (12)
Water (13)
Pollution (14)
Circular Economy
(15)
Biodiversity (16)
Minimum
Safeguards (17)
Proportion of
Taxonomy-aligned
(A.1.) or-eligible
(A.2.) OpEx, year
N-1β (18)
Category
enabling activity
(19)
Category
transitional
activity (20)
Text €’m % Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
OpEx of environmentally sustainable
activities (Taxonomy-aligned) (A.1)
0.0 0.0% 0.0%
Of which enabling 0.0 0.0% 0.0% E
Of which transitional 0.0 0.0% 0.0% T
A.2. Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (g)
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
OpEx of Taxonomy-eligible but not
environmentally sustainable activities (not
Taxonomy-aligned activities) (A.2)
0.0 0.0% 0.0%
A. OpEx of Taxonomy-eligible activities
(A.1+A.2)
0.0 0.0% 0.0%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
OpEx of Taxonomy-non-eligible activities 517.6 100%
TOTAL 517.6 100%
Proportion of OpEx from products or services associated with Taxonomy-aligned economic activities – disclosure covering 2024 (year N)
1
1
Comparative information denoted by β (beta) is not covered by the Independent Practitioners' Limited Assurance Report.
183
Sustainability Statement EU Taxonomy
Financial year N Year Substantial contribution criteria DNSH criteria
(“Does Not Significantly Harm”)
Economic Activities (1)
Code (a) (2)
CapEx (3)
Proportion of
CapEx, year N (4)
Climate Change
Mitigation (5)
Climate Change
Adaptation (6)
Water (7)
Pollution (8)
Circular Economy
(9)
Biodiversity (10)
Climate Change
Mitigation (11)
Climate Change
Adaptation (12)
Water (13)
Pollution (14)
Circular Economy
(15)
Biodiversity (16)
Minimum
Safeguards (17)
Proportion of
Taxonomy-aligned
(A.1.) or-eligible
(A.2.) CapEx, year
N-1β (18)
2
Category enabling
activity (19)
Category
transitional
activity (20)
Text €’m % Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/
EL
Y; N;
N/EL
Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Installation, maintenance and repair of
energy efficiency equipment
CCM
7.3
0.1 0.0% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 3.2% E
Installation, maintenance and repair of
charging stations for electric vehicles in
buildings (and parking spaces attached to
buildings)
CCM
7.4
0.1 0.0% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.0% E
Installation, maintenance and repair of
instruments and devices for measuring,
regulation and controlling energy
performance of buildings
CCM
7.5
0.4 0.1% Y N/EL N/EL
N/EL N/EL N/EL Y Y Y Y Y Y Y 0.0% E
Acquisition and ownership of buildings CCM
7.7
12.1 2.5% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.0%
CapEx of environmentally sustainable activities
(Taxonomy-aligned) (A.1)
12.7 2.6% 2.6% 0.0% 0.0% 0.0% 0.0% 0.0% Y Y Y Y Y Y Y 3.2%
Of which enabling 0.1% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% Y Y Y Y Y Y Y 3.2% E
Of which transitional 0.0% 0.0% Y Y Y Y Y Y Y 0.0% T
Proportion of CapEx from products or services associated with Taxonomy-aligned economic activities – disclosure covering 2024 (year N)
1
1
Comparative information denoted by β (beta) is not covered by the Independent Practitioners' Limited Assurance Report.
2
Comparatives for CCM 7.3 represented, reported as 3.1% in 2023β EU Taxonomy disclosure. Re-presented due to change in the denominator explained on page 180, there was no change in the numerator.
184
Sustainability Statement
Financial year N Year Substantial contribution criteria DNSH criteria
(“Does Not Significantly Harm”)
Economic Activities (1)
Code (a) (2)
CapEx (3)
Proportion of
CapEx, year N (4)
Climate Change
Mitigation (5)
Climate Change
Adaptation (6)
Water (7)
Pollution (8)
Circular Economy
(9)
Biodiversity (10)
Climate Change
Mitigation (11)
Climate Change
Adaptation (12)
Water (13)
Pollution (14)
Circular Economy
(15)
Biodiversity (16)
Minimum
Safeguards (17)
Proportion of
Taxonomy-aligned
(A.1.) or-eligible
(A.2.) CapEx, year
N-1β (18)
2
Category enabling
activity (19)
Category
transitional
activity (20)
A.2. Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (g)
EL;
N/EL
(t)
EL;
N/EL
(t)
EL;
N/EL
(t)
EL;
N/EL
(t)
EL;
N/
EL
(t)
EL;
N/EL
(t)
Installation and operation of electric heat
pumps
CCM
4.16
0.0 0.0% EL N/EL N/EL N/EL N/EL N/EL 0.0%
Cogeneration of heat/cool and power from
renewable non-fossil gaseous and liquid fuels
CCM
4.19
0.0 0.0% EL N/EL N/EL N/EL N/EL N/EL 0.0%
Production of heat/cool using waste heat CCM
4.25
1.1 0.2% EL N/EL N/EL N/EL N/EL N/EL 0.3%
Construction, extension and operation of
waste water collection and treatment
1
CCM
5.3
7.1 1.5% EL N/EL N/EL N/EL N/EL N/EL 2.1%
Transport by motorbikes, passenger cars
and light commercial vehicles
CCM
6.5
3.8 0.8% EL N/EL N/EL N/EL N/EL N/EL 1.2%
Freight transport services by road CCM
6.6
0.7 0.1% EL N/EL N/EL N/EL N/EL N/EL 0.0%
Construction of new buildings CCM
7.1/CE
3.1
0.0 0.0% EL N/EL N/EL N/EL EL N/EL 10.4%
Renovation of existing buildings CCM
7.2/CE
3.2
12.0 2.5% EL N/EL N/EL N/EL EL N/EL 0.8%
Installation, maintenance and repair of
energy efficiency equipment
CCM
7.3
12.6 2.6% EL N/EL N/EL N/EL N/EL N/EL 2.5%
1
Comparative information for 2023 activity CCM 5.3 (2023β: €7.5m) has been re-presented to include eligible activity in 2023.
2
Comparatives for following activities re-presented due to change in denominator explained on page 180, there was no change in the numerator. Reported in 2023β EU Taxonomy disclosure as CCM 4.25 (0.3%),
CCM 6.5 (1.2%), CCM 7.1 / CE 3.1 (9.9%), CCM 7.2 / CE 3.2 (0.8%), CCM 7.3 (2.4%).
185
Sustainability Statement EU Taxonomy
Financial year N Year Substantial contribution criteria DNSH criteria
(“Does Not Significantly Harm”)
Economic Activities (1)
Code (a) (2)
CapEx (3)
Proportion of
CapEx, year N (4)
Climate Change
Mitigation (5)
Climate Change
Adaptation (6)
Water (7)
Pollution (8)
Circular Economy
(9)
Biodiversity (10)
Climate Change
Mitigation (11)
Climate Change
Adaptation (12)
Water (13)
Pollution (14)
Circular Economy
(15)
Biodiversity (16)
Minimum
Safeguards (17)
Proportion of
Taxonomy-aligned
(A.1.) or-eligible
(A.2.) CapEx, year
N-1β (18)
2
Category enabling
activity (19)
Category
transitional
activity (20)
A.2. Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (g)
Installation, maintenance and repair of
charging stations for electric vehicles in
buildings (and parking spaces attached to
buildings)
CCM
7.4
0.0 0.0% EL N/EL N/EL N/EL N/EL N/EL 0.0%
Installation, maintenance and repair of
instruments and devices for measuring,
regulation and controlling energy
performance of buildings
CCM
7.5
0.0 0.0% EL N/EL N/EL N/EL N/EL N/EL 0.0%
Acquisition and ownership of buildings CCM
7.7
63.4 13.0% EL N/EL N/EL N/EL N/EL N/EL 4.1%
Production of alternative water resources for
purposes other than human consumption
1
CE 2.2 0.2 0.0% N/EL N/EL N/EL N/EL EL N/EL 0.1%
Sorting and material recovery of non-
hazardous waste
1
CE 2.7 0.2 0.0% N/EL N/EL N/EL N/EL EL N/EL 0.1%
Provision of IT/OT data-driven solutions
1
CE 4.1 1.6 0.3% N/EL N/EL N/EL N/EL EL N/EL 0.4%
CapEx of Taxonomy-eligible but not environmentally
sustainable activities (not Taxonomy-aligned
activities) (A.2)
102.7 21.1% 20.7% 0.0% 0.0% 0.0% 0.4% 0.0% 22.0%
A. CapEx of Taxonomy-eligible activities (A.1+A.2) 115.4 23.7% 23.3% 0.0% 0.0% 0.0% 0.4% 0.0% 25.2%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
CapEx of Taxonomy-non-eligible activities 372.3 76.3%
TOTAL 487.7 100%
1
Comparative information for 2023 activities CE 2.2 (2023β: €0.3m), CE 2.7 (2023β: €0.2m), CE 4.1 (2023β: €1.3m) have been re-presented to include an eligible activity in 2023.
2
Comparatives for CCM 7.7 re-presented, reported as 3.9% in 2023β EU Taxonomy disclosure. Re-presented due to change in the denominator explained on page 180, there was no change in the numerator.
186
Sustainability Statement
Human Rights Overview
Our Approach to Human Rights
Kerry is committed to respecting and upholding human
rights across our value chain. Our approach aligns
with internationally recognised frameworks, including
the United Nations Guiding Principles on Business
and Human Rights, OECD Guidelines for Multinational
Enterprises on Responsible Business Conduct,
International Labour Organization's (ILO) Declaration on
Fundamental Principles and Rights at Work, and the UN
Sustainable Development Goals (UN SDGs).
Kerry’s Human Rights Policy is central to our responsible
business practices, which are documented in our
Group Code of Conduct, Supplier Code of Conduct and
Responsible Employer Policy, amongst others.
Human Rights Management
As part of our human rights management, we identify
human rights risks most likely to be impacted by
our business activities. Through a formalised human
rights assessment with a third-party, we identified and
prioritised our salient human rights risks, which are
primarily concentrated in our upstream value chain
and operational activities. This assessment provides
Kerry with the potential severity of harm and salience of
impact of the risk to the rightsholder.
We maintain grievance mechanisms to capture any
potential negative impacts, ensure access to remedies,
and continuously improve our processes so that human
rights are upheld in our own operations and value chain
activities. We use a third-party platform, Sedex (Supplier
Ethical Data Exchange), to support our due diligence
approach in both our operations and upstream value
chain. The Sedex platform offers a robust and widely
used social audit methodology, SMETA (Sedex Members
Ethical Trade Audit).
The Chief Human Resources Officer (CHRO) and Chief
Operating Officer (COO), who are members of the
Executive Leadership Team, are jointly accountable for the
implementation of our Human Rights Policy. Our Social
Sustainability Council, supported by the cross functional
Social Sustainability Working Group, is responsible for
delivering on the Group's human rights commitments.
Human Rights Management
(Own Operations)
At Kerry, we prioritise integrity and ethical conduct in all
business activities. Our practices align with internationally
recognised human rights frameworks and focus on
safeguarding employee rights across all geographies.
Kerry manufacturing sites are registered on Sedex and
maintain an up-to-date Self-Assessment Questionnaire
(SAQ), which includes questions about business practices,
management systems, policies, and information about
our own workforce. This allows designated personnel
at each site to self-assess their sites compliance with
requirements identifying human rights risks and
opportunities to make improvements to working
conditions. We also use Sedex Members Ethical Trade
Audits (SMETA) and independent social compliance audits
to enable comprehensive risk monitoring. Through
our use of Sedex, we identify areas for improvement to
enhance our due diligence processes.
For more information on how we manage and mitigate
human rights risks within our operations, please refer to
the Own Workforce section on pages 187-205.
Human Rights Management
(Upstream Value Chain)
Kerry’s suppliers are required to adhere to the standards
outlined in our Supplier Requirements Manual, which
incorporates our Supplier Code of Conduct. To address
salient human rights risks in our upstream value chain,
we follow a risk-based approach to identify, monitor,
and address these risks effectively. We conduct an
annual risk assessment to identify suppliers with a
high potential for human rights risks. This begins with
a sector risk evaluation, focusing on sectors deemed
high-risk. For these sectors, we perform a detailed
analysis considering inherent manufacturing, forced or
compulsory labour, children and young workers, and
commodity country risks. Suppliers that are located in
countries deemed high-risk are expected to become
Sedex members, initiate and maintain an active link
with Kerry, complete SAQs, and undergo SMETA audits.
We continuously monitor and engage with suppliers to
improve adherence to these requirements.
For more information on how we manage and mitigate
human rights risks within our upstream value chain,
please refer to the Workers in the Value Chain section on
pages 206-212.
Human Rights Management
(Downstream Value Chain)
Downstream value chain partners are low risk, as
determined by our third-party assessment. In addition,
we have not become aware of any significant human
rights risks amongst our downstream value chain
partners. Our grievance mechanisms, such as the Speak
Up channel, are available to downstream partners and
will continue to be monitored for potential issues.
187
Own Workforce (S1)
1 . Material Impacts, Risks 187
and Opportunities
2. Strategy 188
3. Policies 189
4. Engagement Process 191
5. Actions 192
6. Targets 196
7. Metrics 197
Responsible Employer
Kerry’s responsible employer-related material impacts are concentrated within our own operational activities:
Description Time
Horizon
Location in
Value Chain
Short
Medium
Long
Upstream
Own Ops
1
Downstream
Actual
Negative
Impact
Health, Safety and Wellbeing
Own workforce health, safety and wellbeing within the
work-related environment.
Actual
Positive
Impact
Working Conditions and Labour Law Compliance
Creating positive and engaging working conditions and
safeguarding employee rights through compliance with
national labour laws.
Actual
Positive
Impact
Employee Attraction, Retention and Development
Employee attraction, retention, and development
through flexibility, upskilling and career advancement
opportunities.
Actual
Positive
Impact
Employment Security
Employment security, stability, and engagement, by
respecting employee representation in all regions
according to local law, by having positive relationships
with employee representatives, and maintaining a direct
dialogue with employees.
Potential
Positive
Impact
Equal Treatment and Safe Working Environment
Equal treatment and opportunities for employees by
creating an environment that is safe from bullying and
harassment and free from violence in all its forms.
1. Material Impacts, Risks
and Opportunities
As part of Kerry’s double materiality assessment, we
identified material own workforce-related impacts, as
outlined in the tables below, for two material topics
being Responsible Employer and Diversity, Inclusion
and Belonging (DI&B). The term our 'own workforce'
encompasses both employees and non-employees of
the Group. Throughout this disclosure the term ‘own
workforce’ and ‘our people’ will be used interchangeably.
The term ‘employee’ refers specifically to Kerry’s direct
employees, as described in note S1-6 on page 197, while
the term ‘non-employees’ describes individuals who supply
their labour to Kerry under non-contractual employment
arrangements, refer to note S1-7 on page 200 for further
details. Our approach to determining own workforce-
related material impacts is described in the General section
on pages 140-141.
As part of our double materiality assessment, we defined
the following short, medium and long-term time horizons:
• Short term: within one year;
• Medium term: from the end of the short-term
reporting period up to five years; and
• Long term: more than five years.
1
Own Ops = Own Operations
Sustainability Statement Own Workforce (S1)
188
Sustainability Statement
Diversity, Inclusion & Belonging
Kerry’s diversity, inclusion and belonging-related material impacts are concentrated within our own operational activities:
Description Time
Horizon
Location in
Value Chain
Short
Medium
Long
Upstream
Own Ops
1
Downstream
Potential
Positive
Impact
Equal Opportunity and Fairness
Equal treatment and opportunities for employees by
creating an environment of gender fairness, that is open
to different cultures and abilities, and pays employees
equal pay for work of equal value.
Potential
Positive
Impact
Gender, Ethnic and Cultural Diversity
Focusing on gender, ethnic and cultural diversity to
ensure appropriate representation in Kerry.
2. Strategy
ESRS 2 SBM-3 – Material impacts, risks and opportunities and
their interaction with strategy and business model
Responsible Employer
The material responsible employer-related impacts
influence our strategy and business model in the
following ways:
Health, Safety and Wellbeing: We have identified
a material negative impact on our own workforce’s
health, safety and wellbeing within the work-related
environment. To manage this actual impact, we continue
to prioritise a culture of Safety First, Quality Always
across every Kerry location, which includes a specifically
targeted focus on our manufacturing facilities. Through
a range of programmes and ongoing operational
measures, we have implemented a comprehensive
health, safety, and wellbeing approach to promote a
safe working environment in which everyone can be at
their best.
Working Conditions and Labour Law Compliance:
At Kerry, we create positive and engaging working
conditions and safeguard employee rights through
compliance with national labour laws. We ensure fair
treatment through policies focused on merit-based
progression, equal pay, and inclusive practices while
monitoring metrics on pay equity.
Employee Attraction, Retention and Development:
Kerry’s reward and talent strategy includes initiatives
to attract and retain top talent through competitive
benefits, career development programmes, and a
strong employer brand. This supports operational
efficiency, enhances our ability to innovate, and reduces
recruitment costs.
Employment Security: We have identified actual
positive impacts on our employees' employment
security, stability, and engagement, by respecting the
employee representation rights in all regions according
to local and federal law, by having positive relationships
with employee representatives, and by maintaining a
direct dialogue with employees.
Equal Treatment and Safe Working Environment:
We ensure equal treatment and opportunities for
employees by creating a safe working environment
through promoting a zero-tolerance approach to
bullying and harassment and violence in all its forms.
Diversity, Inclusion & Belonging
The material impacts related to DI&B influence our
strategy and business model in the following ways:
Equal Opportunity and Fairness: We ensure fair
treatment through our policies focused on merit-
based progression, equal pay, and inclusive hiring
practices. We also monitor metrics on pay equity,
promotion, and employee demographics to uphold
our commitment to fairness.
Gender, Ethnic and Cultural Diversity: Kerry’s DI&B
initiatives are designed to promote a workforce that
reflects our broad customer and community base.
Our programmes focus on recruitment, leadership
development, and inclusive workplace practices, fostering
an environment where our people feel a sense of
belonging and respect. By building an inclusive culture,
we create a competitive advantage, increase employee
engagement and reduce employee turnover.
1
Own Ops = Own Operations
189
Sustainability Statement Own Workforce (S1)
Relationship Between Own Workforce-
Related Impacts, Risks, Opportunities and
Strategy
Insights from these impacts inform our strategic
adaptations, including expanding safety initiatives,
enhancing employee engagement programmes, and
increasing focus on DI&B initiatives to meet our business
and sustainability goals. Kerry’s OurVoice employee
experience survey helps build our understanding of
our overall employee experience and how employees
could be impacted by our strategic decisions. This
information helps refine the actions taken to address
those potential impacts for the benefit of our people.
Our non-employees are incorporated as part of ongoing
local management practices and engagement, including
town halls, role training and/or other local engagement
and information practices.
Our sustainability commitments result in impacts for
our own workforce, particularly as we aim to transition
to more sustainable operations. To support this, we are
investing in upskilling programmes focused on building
sustainability skills and fostering job creation in roles
dedicated to enable sustainable nutrition.
We are committed to respecting human rights at Kerry
operations. Further information on Kerry’s approach
to Human Rights Due Diligence can be found in the
Human Rights Overview on page 186.
3. Policies
S1-1 – Policies related to own workforce
At the foundation of Kerry’s purpose, vision, and
values lies a strong commitment to our people and our
responsible employer practices. We have an established
Code of Conduct including a comprehensive set of
policies and processes. Our responsible employer-related
policies, which are publicly available on our website,
apply to all employees worldwide (including directors,
contracted personnel, part-time workers, casual workers,
agency workers, interns, etc.).
The Chief Human Resources Officer (CHRO), who is a
member of the Executive Leadership Team, is ultimately
accountable for the implementation of the following
policies (unless otherwise stated) and exercises
ongoing oversight of performance and strategies
aimed at delivering our people commitments.
Our Responsible Employer Policies
Health & Safety Policy
At Kerry, we reinforce a culture of safety at work
and are committed to providing a safe and healthy
workplace for our people in our own operations. We
responsibly manage our business in accordance with the
Group’s Health and Safety Policy, which establishes the
fundamental principles that employees must integrate
into their role and the business decisions they make for
the protection of co-workers and others.
To enable this, we define Health & Safety responsibilities
and accountabilities at all levels of the organisation,
and ensure that our people have the awareness, skills
and capabilities they need to deliver health and safety
excellence in every part of our business. We use a single
standardised global Environmental, Health & Safety
(EHS) Management System to comply with a set of
risk-based global workplace standards that we deem
essential across every Kerry location.
We will continue to review the impact and progress
of our commitment by monitoring and reporting
specific measures and KPIs in all our operations.
Accountability sits with our Global Quality Health Safety
and Environmental (QHSE) Officer, who will ensure
compliance with local laws and relevant standards
while guiding our performance and strategies.
In line with our Health and Safety Policy, our 'Eye for
Safety' is a one-page statement summarising how we
deliver on our commitment to our Safety First, Quality
Always guiding principle of never compromising on the
safety of our people and providing a safe and healthy
workplace. This is displayed in local languages in Kerry
locations. All our people have a role in delivering on
our health and safety commitments, and everyone is
expected to challenge any conditions or behaviours that
are considered to be unsafe.
Responsible Employer Policy
At Kerry, we are passionate about creating positive
working conditions that inspire all our people to
give their best, enabled by ongoing direct dialogue.
We are committed to safeguarding employee rights
and contributing to their wellbeing as we grow our
business together. This commitment is governed by our
Responsible Employer Policy.
Kerry's policies and processes ensure that we
consistently provide our employees with fair and
compliant compensation and working conditions,
meeting or exceeding all federal and local laws,
including those relating to:
• Adequate wages;
• Freedom of association, social dialogue and collective
bargaining;
• Secure employment;
• Work-life balance; and
• Working time.
Pay equity is fundamental to Kerry’s reward philosophy.
Our ongoing relationship and work with the Global Fair
Wage Network is an active and focused commitment to
paying a living wage in line with accepted local standards.
To facilitate career management and progression,
Kerry has established a robust annual career and talent
review process. This comprehensive approach aims to
support employees in both their current position and
when planning for future roles within the Group. Kerry is
dedicated to implementing necessary policies, structures,
and systems designed to empower employees to take
charge of their development and enhance their skills
as they advance their careers within the organisation,
irrespective of their location, function, or role.
To further support our employees, we provide access
to an Employee Assistance Programme (EAP) for all
employees at every location, offering an additional
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Sustainability Statement
confidential support mechanism for employees to
discuss issues relating to their working or personal life.
We also track any formally reported complaints through
our systems (AskHR and Speak Up), ensuring that they
are investigated thoroughly in a timely manner and with
any necessary remediations taken.
Violence-Free Workplace Policy and Bullying
and Harassment-Free Workplace Policy
At Kerry, we have a zero tolerance for violence,
bullying and harassment of any kind. Our focus is on
developing a highly engaged workforce and a safe work
environment where we treat each other with dignity and
respect and where all workplaces are safe and free from
harmful situations.
All employees have an important role to play in
preventing bullying and harassment, both through their
behaviour and by being alert to the actions of others.
Any behaviour which disrespects an employee or is at
odds with our commitment to a respectful and dignified
work environment will not be tolerated.
We have developed these policies to establish
and maintain a safe, healthy, and supportive work
environment. We adhere to legal and regulatory
requirements within our operations for working
conditions that foster wellbeing, respect, and growth for
all members of our team.
Kerry promptly investigates all alleged violence,
bullying and harassment in the workplace, including
engagement with the appropriate local authorities
(with the consent of the alleged victim, where
applicable). We track any formally reported complaints
regarding violence, bullying and harassment through
our systems, ensuring that any such complaints
are investigated in a timely manner in line with all
guidelines which includes a structured analysis of
complaint types across all locations.
Our Diversity, Inclusion & Belonging
Policy
Our Diversity, Inclusion & Belonging (DI&B) Policy is
rooted in Kerry’s core values of Courage, Enterprising
Spirit, Inclusiveness, Open-mindedness, and
Ownership. We value the unique contributions of
employees with a variety of backgrounds, experiences,
and viewpoints, fostering an inclusive culture where
everyone can belong. The policy ensures respectful
and professional treatment for all employees, with
their uniqueness and perspectives valued. This policy
is part of Kerry’s standard employment-related policies
and practices. It is shared with employees when they
join the business as part of their onboarding process
and is available to all Kerry employees through the
employee intranet (MyKerry).
We follow all related laws in employment decisions
in the different locations in which we operate, and
do not discriminate based on age, colour, disability,
ethnic origin, gender identity, political opinion, racial
origin, religion, sex, sexual orientation, social origin,
any other status unrelated to the ability to perform
the job, or any other category protected by law.
Employees’ terms and conditions of employment,
including hiring, training, working conditions,
compensation, benefits, or promotions are based
on the individual’s qualifications, performance,
contribution, motivation, skills, and experience.
Kerry is committed to providing equal access to people
in all aspects of employment. This includes ensuring that
people with disabilities have full access to employment,
training, promotion, and career development in
the organisation, and, where feasible, alteration to
workstations and the adjustment or modification of
equipment.
To monitor the effectiveness and implementation of
our DI&B initiatives, we track employee experience
on a recurring basis through a formal process. We
conduct annual talent and succession review processes
across all locations as appropriate. We track any
formally reported complaints regarding DI&B through
our systems, ensuring that any such complaints
are investigated in a timely manner in line with all
guidelines, which includes a structured analysis of
complaint types across all locations.
We are committed to increasing awareness and
understanding, and to developing skills so that our
leaders, managers, and all employees can play their part
in building a diverse and inclusive organisation.
Our Human Rights Policy
Kerry is dedicated to maintaining the highest standards
of business and ethical conduct, ensuring compliance
with applicable laws, regulations, and internal policies.
Kerry’s Human Rights Policy outlines our commitment
to upholding internationally recognised workers'
rights throughout our value chain. This section
focuses on our human rights commitments for our
own operations. Our Human Rights Policy aligns with
internationally recognised frameworks, including the
UN Guiding Principles on Business and Human Rights,
the International Labour Organization's Declaration on
Fundamental Principles and Rights at Work, and the
OECD Guidelines for Multinational Enterprises. This
policy underscores our commitment to uphold essential
human rights within our own workforce, explicitly
opposing human trafficking, forced labour, and child
labour. For further details on how we manage our
human rights impacts and risks, please refer to the
Human Rights Overview section on page 186.
Kerry’s CHRO and Chief Operating Officer (COO), both
part of the Executive Leadership Team, are jointly
responsible for executing our Human Rights Policy. This
policy reflects our commitment to recognised guidelines
and third-party standards, and we actively participate
in various trade organisations and multi-stakeholder
platforms to further our commitment to human rights.
All of Kerry’s people-related policies are available
on our intranet and website. Further details on the
implementation of these policies through employee
engagement are provided in the Stakeholder
Engagement disclosure on pages 138-139 and in the
following Engagement Process section.
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Sustainability Statement Own Workforce (S1)
4. Engagement Process
Interests and Views of Our People
ESRS 2 SBM-2 – Interests and views of stakeholders
At Kerry, we recognise that our people are key affected
stakeholders, and we are committed to incorporating
their interests, views, and rights, including respect for
their human rights, into our strategy and business
model. Employee representatives from across Kerry’s
key functional areas actively participated in our double
materiality assessment process where they had the
opportunity to voice their opinions and views on the
materiality of the Group’s impact on sustainability topics
and the impact of sustainability topics on the Group.
For more details on Kerry’s stakeholder engagement
approach, please refer to the Stakeholder Engagement
section on pages 138-139.
The interests and views expressed by our people, have
been considered when there have been strategy and
business model updates. The following section outlines
our comprehensive stakeholder engagement process to
ensure that the voices of our employees are heard and
considered in our decision-making processes.
Processes for Engaging with Our
People
S1-2 – Processes for engaging with own workforce and
workers’ representatives about impacts
As previously outlined, our people's perspectives and
interests play a vital role in identifying material impacts,
risks, and opportunities for our organisation. Responsibility
for Kerry’s overall employee engagement strategy and
standards rests with the CHRO, while our Executive
Leadership Team (ELT) holds responsibility for executing
our employee engagement approach. Additionally, our
designated Workforce Engagement Director plays a key
role at Board level, ensuring employee perspectives are
integrated into high-level decision-making.
People Engagement Mechanisms
We employ multiple approaches to ensure the voices of
our employees and non-employee workers throughout
our organisation are heard and considered in our
decision-making. Our approach includes the following key
mechanisms:
• Kerry’s employee experience survey;
• Regular town hall meetings;
• Ongoing two-way engagement through our employee
representative groups;
• Our people health and safety governance forums; and
• A Designated Workforce Engagement Non-Executive
Board Director.
Kerry’s Employee Experience Survey
Kerry’s employee experience survey, OurVoice,
regularly assesses our employee engagement and
collects feedback on employee experience across a
range of dimensions including Safety, Rewards, Talent
Development and Manager Effectiveness. Participation in
Kerry’s OurVoice employee experience survey continues
to be high, with a 93% participation level in our most
recent survey in April 2024. As part of this survey in
2024, we also asked employees to share information on
disability and ethnicity on a voluntary basis in order to
gain further insights. Following our employee experience
survey and follow-up listening sessions together with
employees, we identified engagement initiatives by
function and individual team. These are progressed
to completion per agreed timelines with ongoing
communication on progress through our ‘Making it
better, clearer and easier’ campaign.
Regular Town Hall Meetings
We hold regular town hall meetings at both regional
and local site level, providing dedicated forums for open
communication, sharing business updates and reinforcing
key messages such as the importance of safety within the
organisation. These forums also provide opportunities
for employees to raise questions and suggestions with
leadership team members. In addition, as part of ongoing
communication and social dialogue at regional and site
level, we engage with the European Employee Forum
(EEF), works councils, trade unions and other employee
representative groups across our business.
Ongoing Two-Way Engagement through our
Employee Representative Groups
As one example of ongoing two-way engagement,
our DI&B Global Taskforce, established in 2024, brings
together representatives from our leadership and
employee base from across different functions, Regional
DI&B Committees and our global employee network
groups. This taskforce enables us to showcase and
promote understanding of the value of diversity and
inclusion in Kerry. This taskforce also plays a key role in
raising awareness of and celebrating our achievements
at local level through events to mark and celebrate
several World Days, including International Women’s
Day, World Day for Cultural Diversity for Dialogue, Pride,
and International Day for People with Disabilities.
Our People Health and Safety Governance Forums
To support safety engagement and foster a proactive
safety culture amongst our people, all manufacturing
locations are required to have a Health and Safety
committee. This is chaired by the Plant Leader and
is required to have an equal representation from
management and non-management employees, as well
as both union and non-union employees. The committee
meetings are held regularly as a requirement. Each
Health and Safety committee is responsible for local
adherence to our ‘eight LIFE saving rules’, created with
the purpose of preventing life changing injuries and
fatalities. Deployment toolkits are available in local
languages for use at Kerry locations, including posters,
banners, commitment boards and training materials.
In addition, our 'Eye for Safety' commitment statement
which summarises how we deliver on our commitment
to our Safety First, Quality Always guiding principle is
displayed in local languages in Kerry locations. World
Day for Safety & Health at Work is celebrated over a
week every April, in 2024 the theme was ‘My Safety is
Your Safety’ to continue to build mindset and awareness
around safety being everyone’s responsibility.
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Sustainability Statement
A Designated Workforce Engagement Non-
Executive Board Director
In line with the UK Corporate Governance code, we
have a designated Non-Executive Director in the role
of Workforce Engagement Director. The role of the
designated Workforce Engagement Director is to
amplify and represent the voice of employees in Board
discussions and to actively engage with a range of
employees through various workplace activities. This
approach enables the Board to gain deeper insights into
the workforce’s perspectives, supporting more informed
discussions and decision-making. In 2024, Emer Gilvarry
succeeded Dr. Karin Dorrepaal as Kerry’s designated
Workforce Engagement Director upon Dr. Dorrepaal’s
retirement from the Board of Directors. During the year
our Workforce Engagement Director participated in and
reflected on numerous events, including manufacturing
and office site visits, and participation in our global
Commercial Conference in Beloit, Wisconsin, our Kerry
Inspiring People Recognition Awards ceremony, and
various Culture Week initiatives.
To ensure that our peoples’ perspectives were
represented in our double materiality assessment, we
involved employee representatives from key functional
areas, together with representatives from our HR
function, in the assessment process. Their views and
perspectives were a crucial input in determining the
impact of Kerry on sustainability matters and the impact
of sustainability matters on Kerry. For details on our
two-way employee engagement approach, refer to pages
138-139 of the Stakeholder Engagement section.
Employee Support Channels
S1-3 – Processes to remediate negative impacts and
channels for own workforce to raise concerns
Kerry strives to create an environment where open and
honest communications are the expectation, not the
exception. We want our people to feel comfortable in
approaching their line manager, a senior manager, a HR
Partner, our Ethics and Compliance team or in utilising
our systems to report where they believe potential
violations of our Code of Conduct, policies, regulations,
industry standards or applicable laws have occurred.
To support our employees globally we provide access to
an Employee Assistance Programme (EAP), offering an
additional confidential support mechanism for employees
to discuss and gain advice on issues relating to their
working and/or personal life.
Kerry’s AskHR platform (available internally to employees
in 18 languages) allows our employees to log their
concerns or incidents. In addition, Kerry’s independent
Speak Up platform (available as a website and hotline
to employees and third-parties 24 hours a day, seven
days a week in over 99 languages) enables them to
report concerns confidentially, safely, and anonymously
(where permitted by local laws). We track any reported
complaints, ensuring that they are investigated in line
with established processes, and appropriate action taken
where complaints are substantiated.
All reports received to the Speak Up platform are
reviewed by Kerry’s Ethics and Compliance team and
are treated promptly and confidentially. The Speak Up
programme is overseen by Kerry’s Business Integrity
and Legal Operations Director, who reports directly into
the General Counsel, an executive-led Business Integrity
Committee and the Audit Committee of the Board.
Updates are provided on the Speak Up programme and
activity throughout the year.
As per Kerry’s Speak Up Policy (available on kerry.com),
Kerry does not tolerate retaliation against those who
speak up in good faith in relation to potential, perceived
or actual wrongdoing, no matter what channel they
use to speak up. We seek to provide a safe, healthy and
productive workplace for our people and our business
partners who assist us in our business operations.
All employees receive specific Speak Up training
and regular communications about the Speak Up
platform and how to report concerns; furthermore, this
information is also incorporated in other trainings and
company policies.
An effective reporting system supports and enhances
our efforts to foster a culture of integrity and
ethical decision-making. By creating open channels
of communication, we promote a positive work
environment and maximise productivity.
5. Actions
S1-4 – Taking action on material impacts on own
workforce, and approaches to managing material risks and
pursuing material opportunities related to own workforce,
and effectiveness of those actions
Kerry has processes in place to manage workforce-
related impacts, with planned and budgeted initiatives
to advance our policy objectives and achieve our
organisational targets for DI&B and our role as a
responsible employer. We monitor the efficacy of these
actions through selected metrics that align with our
policy commitments and targets. For more details
please refer to the 7. Metrics section on pages 197-
199. Additionally, Kerry is committed to promoting the
welfare of our people and to ensuring that human rights
are respected and upheld throughout our operations.
For more information on our policies in this area,
please refer to section 3. Policies on pages 189-190. For
actions disclosed in this section, the specified location
of the actions across our value chain reflects where the
impacts arise. We acknowledge that Kerry initiates these
activities from within our own operations.
Responsible Employer Action Plans
Health, Safety and Wellbeing
To avoid contributing to material negative impacts,
Kerry locations implement a comprehensive global
Environmental, Health & Safety (EHS) management
system, which defines responsibilities and
accountabilities at all levels. This system is underpinned
by our health and safety ambition and enables full
engagement and support for our health and safety
programmes and initiatives. It also provides a method
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Sustainability Statement Own Workforce (S1)
for our people to play an active role in promoting a safe working environment through recording observations
around potentially unsafe conditions and behaviour. We have processes to review and monitor locally relevant health
and safety regulations (incorporated as part of the EHS Management system), including taking into consideration
impacts on the design and modification of local equipment, processes, materials, products, and procedures based on
these reviews. Based on risk, our LIFE programme, which sits within the management system, is primarily focused on
our manufacturing locations due to the nature of activities taking place in these locations.
Placing a high priority on the health and wellbeing of our employees, Kerry offers a balanced set of programmes
under its Health and Wellbeing Framework, including a Global EAP and a Global Sabbatical Leave Policy. These
programmes provide resources and promote physical, emotional, nutritional, and financial wellbeing for employees
at various life stages. Our engagement in global initiatives like World Safety and Wellbeing Day and World Mental
Health Awareness Day helps to highlight the further support available to our people and their families.
In 2024, we took the following key actions to progress our health, safety and wellbeing-related policy objectives
and targets.
Actual
Negative
Impact
Key Actions Taken in 2024
Health,
Safety
and
Wellbeing
We reinforced our commitment to health and safety for our people by launching the Global Safety
Guardians programme alongside comprehensive toolkits. These resources aim to raise safety
standards, track leading indicators, and implement proactive strategies to manage safety and reduce
risk.
Kerry recognises that in order for our colleagues to be at their best and deliver superior performance,
they need an environment that helps them lead balanced lives. In 2024, we launched a pilot
programme covering emotional wellbeing training for a cohort of our people leaders, reinforcing our
commitment to promoting work-life balance and supporting employee wellbeing for our people.
We recognise that health, safety and wellbeing-related impacts require continuous monitoring and proactive
management to protect our people and maintain a safe working environment. To achieve this, we have developed a
robust plan.
Actual
Negative
Impact
Future Actions Planned Time
Horizon
Short
Medium
Long
Health,
Safety and
Wellbeing
Building on the success of the 2024 pilot programme, Kerry will roll out the
emotional wellbeing training for people leaders to all regions. This programme
supports work-life balance and reinforces our commitment to our people’s
wellbeing, equipping people leaders with tools to foster a balanced and
supportive environment
1
.
Conduct a safety perception survey to capture employees’ perspectives on
current safety practices. Following the analysis of the survey results, we will
implement targeted plans to address key findings
1
.
Develop programmes to enhance environmental, health & safety (EHS)
awareness at leadership levels
1
.
Develop additional priority standards to strengthen Kerry’s Global EHS
Management System
1
.
1
Affected stakeholders include our people.
Working Conditions and Labour Law Compliance
Total Reward at Kerry is informed by our principles of fairness and equitability and extends beyond pay and financial
incentives to encompass career development, personal growth, opportunities and recognition for the contribution of
employees.
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Sustainability Statement
In 2024, we took the following key actions to progress our responsible employer-related policy objectives and targets:
Actual
Positive
Impact
Key Actions Taken in 2024
Working
Conditions
and Labour
Law
Compliance
Throughout 2024, we partnered closely with the Global Fair Wage Network to develop our Living
Wage strategy, building on our current certification and experience in the UK where we have been an
accredited Living Wage Employer since April 2023.
The Global Fair Wage Network conducted an assessment of our living wage position across all Kerry’s
locations. Based on this analysis we have established a Living Wage roadmap to achieve Living Wage
coverage across all regions.
The Executive Leadership Team honoured our 2024 Inspiring People winners and presented a
recognition award to Kerry’s 12,000 frontline operators across 130 manufacturing sites worldwide. This
award highlights the critical role these operators play in supporting our vision of becoming the most
valued partner for customers and promoting sustainable nutrition. In recognition of their contributions,
Kerry authorised an additional day of paid annual leave in 2024 for all frontline operators.
Building on the success of our employee share plan OurShare in 2023, we expanded the plan to
a further 16 countries. This plan allows employees to become shareholders in the organisation,
fostering a stronger sense of ownership and engagement. The OurShare plan is currently available to
94% of employees across 24 countries.
We are proud of our achievements to date and recognise that there is still more to do to strengthen working
conditions and impacts related to labour law compliance.
Actual
Positive
Impact
Future Actions Planned Time
Horizon
Short
Medium
Long
Working
Conditions
and Labour
Law
Compliance
Leveraging our Living Wage roadmap, we will achieve full Living Wage
coverage in Europe and North America in 2025, followed by LATAM and
APMEA thereafter.
Building on the success of the 2024 OurShare Phase 2 expansion, plans are well
underway in preparation for our Phase 3 roll-out. During 2025, we will extend
the plan to the majority of countries in which we operate.
Employee Attraction, Retention and Development
At Kerry, we recognise the critical importance of leadership development and learning and development in driving
organisational success. Our approach focuses on continuous improvement, structured talent development, and
alignment with Kerry’s strategic priorities. We understand the unique influence of our people leaders in driving both
performance and engagement. Our learning and development strategy also focuses on enhancing core capabilities
through five key priorities: customer centricity, science & technology, innovation, automation & efficiency, and
digital & analytics. By focusing on these areas, we empower our people to drive sustainable business growth while
enhancing their expertise to support their career ambitions.
These initiatives foster a culture of continuous learning and skills development aligned with Kerry’s strategic
priorities. In 2024, we took the following key actions to progress towards the achievement of our responsible
employer-related policy objectives and targets.
Actual
Positive
Impact
Key Actions Taken in 2024
Employee
Attraction,
Retention and
Development
In 2024, we launched a new learning platform for our Digital and Global Business Service
teams, providing access to a curated library of courses. This initiative features the creation of
targeted learning paths, enabling these employees to deepen their expertise and align their skills
development with their career objectives.
195
Sustainability Statement Own Workforce (S1)
The following future-orientated actions will progress our employee attraction, retention and development-related impacts.
Actual
Positive
Impact
Future Actions Planned Time
Horizon
Short
Medium
Long
Employee
Attraction,
Retention and
Development
Our new learning platform will be extended to all functions and relevant roles
providing access to curated courses. Learning paths will be developed for all
functions across Kerry’s business
1
.
Early career development programmes, which currently attract graduates in
Europe and North America, will be expanded to other key regions in which
Kerry operates.
1
Affected stakeholders include employees globally.
Diversity, Inclusion & Belonging Action Plans
At Kerry, we value the unique contributions of employees with varied perspectives and backgrounds. This enhances
creativity and innovation, enabling the organisation to develop solutions to business challenges and achieve Kerry’s
sustainable nutrition goals. By working together we have achieved our target of women representing 35% of senior
leadership roles a year earlier than planned.
To continue our progress in this area, Kerry is committed to integrating and reinforcing DI&B principles across all
processes and practices whilst ensuring at all times that this is done in compliance with regional law and regulations.
For further detail on our 2024 performance towards our gender representation goals see pages 199-200.
The DI&B Global Taskforce is responsible for execution against the following key actions to further our DI&B related
policy objectives and targets.
Potential
Positive
Impact
Key Actions Taken in 2024
Equal
Opportunity
and Fairness
Kerry launched a new Diversity, Inclusion, and Belonging Framework, outlining priorities to enhance
inclusive leadership behaviours, promote equitable experiences for all employees, and improve
education and awareness across all dimensions of diversity.
Gender, Ethnic
and Cultural
Diversity
In 2024, recruitment practices were reviewed to ensure that all qualified candidates are objectively
considered for executive and key roles, including ensuring appropriate involvement of diverse
interview panels to mitigate and reduce bias in the selection process.
To support our target of increasing women in leadership roles, we implemented our Women in
Leadership programme in Europe and LATAM. The objective of this programme is to accelerate
female talent to build a more sustainable and balanced organisation. This is achieved by enhancing
participants’ leadership skills through action learning processes, knowledge of how to create
cultures of equality in their own spheres of responsibility and how to inspire other female leaders,
as examples of programmatic activities.
We have made strong progress but are ambitious to further our diversity, inclusion and belonging-related impacts.
196
Sustainability Statement
Potential
Positive
Impact
Future Actions Planned Time
Horizon
Short
Medium
Long
Equal
Opportunity
and Fairness
Kerry has developed a plan to improve Equal Opportunity & Fairness practices.
This initiative seeks to gain deeper insights into workforce diversity and ensure
merit based workforce opportunities for all employees.
Gender, Ethnic
and Cultural
Diversity
Design and implement an executive leadership development programme
which continues to reinforce the importance of inclusive leadership.
We will continue to rollout a number of DI&B training programmes to other
regions, whilst ensuring compliance with regional law and regulations.
For both material topics, we have reviewed the effectiveness of the key actions taken in 2024, together with our
metrics’ performance and will carry forward the lessons learned as we execute the delivery of our short-term actions
in 2025 and conduct further planning for our medium-term actions thereafter.
6. Targets
1
S1-5 – Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and
opportunities
Diversity of Our Employees
At Kerry, we are committed to mirroring the communities we serve globally. We embrace differences and are dedicated
to fostering an inclusive environment that empowers all employees to actively contribute. Our people deserve a safe and
supportive workplace, where they can grow professionally and have platforms to express their perspectives, such as through
our employee experience surveys and network groups.
Target
Our social targets are integral to our Beyond the Horizon strategy and continue to accelerate our journey towards
building and sustaining a highly inclusive workplace at Kerry. Gender representation continues to be an important
underlying indicator of our ongoing progress across our broader DI&B strategy and we continue to assess our
approach to ensure continued compliance with all applicable law and regulations in the locations in which we
operate. There have been no changes to our target during the current or preceding period.
We are committed to achieving 35% representation of women in senior leadership roles by the end of 2025 and reaching
equal gender representation in senior management by the end of 2030, whilst ensuring we remain in compliance with
applicable law and regulations in the regions in which we operate. Kerry has defined our senior management group and
this is Kerry’s equivalent of the ‘top management’ term under ESRS. Our representation targets are measured in relative
terms, with the senior leadership target representing 35% of all senior leadership positions filled by women, and the senior
management target aiming for a 50/50 gender balance, to the extent permitted by law. Progress toward these targets
will be monitored and reported annually. For more information on the methodology, definitions and assumptions used to
calculate the respective metrics, please refer to the Diversity of our Employees S1-9 metric disclosure on page 199.
Progress and Achievements
We continue to see positive momentum in terms of increasing female representation at both senior leadership
and management levels. At the end of 2024, women held 35% (2023β: 34%) of senior leadership roles and 39%
(2023β: 37%) of our senior management roles. Our commitment to achieve our gender targets, conducting
strategic talent and succession reviews, and supporting employee-led initiatives and external partnerships is
driving improved outcomes.
During 2023, we engaged in an independent review of our DI&B progress to date, involving representatives from
different functions, businesses and from all levels of the organisation as well as referencing external research and
best practices. The objective of this review was to help inform our focus moving forward. Our Global DI&B Council
have spent significant time understanding our strengths and identifying key opportunities for accelerating our
progress, ensuring this reflects the voice of our people and benefits from external inputs, to collectively agree
prioritised actions from 2024 onwards, see the future action plans disclosed above for more details.
1
Comparative information denoted by β (beta) is not covered by the Independent Practitioners' Limited Assurance Report.
197
Sustainability Statement Own Workforce (S1)
Our Inclusion Index allows us to understand employee perception across important externally validated
dimensions of inclusion: Psychological Safety, Belonging, Fair Treatment, Inclusion and Integrating Difference.
In 2024, we scored in the third quartile, reporting an increase of four percentage points within the third
quartile from the previous year, reinforcing our confidence in the approach we are taking to building and
sustaining a truly inclusive workplace globally.
Health and Safety
A safe and healthy workplace is a fundamental priority for Kerry. It is a basic employee right and we have a
responsibility to protect our people, and ensure their wellbeing, both physically and mentally.
Every day, we focus on our culture of safety and our safety performance is an ongoing priority. Safety First, Quality
Always is our guiding principle and our commitment of never compromising on the safety of our people, or the
quality and safety of our products has become a proactive mindset in our operations.
Target
In alignment with our strategic objectives and in consultation with our employee representatives, we set a Total
Incident Rate (TIR) target of less than five for the end of the 2025 financial year. For more information on the
methodology and assumptions used to calculate the TIR and related health and safety metrics, please refer to our
Health and Safety S1-14 metric disclosure on page 203.
This target aligns with our broader policy goals of being committed to continuous improvement in providing a safe
and healthy workplace for our people.
Progress and Achievements
The actions taken have delivered a TIR performance of 4.5 (2023β: 4.8) when calculated based on 1,000,000
hours. Looking ahead, we remain dedicated to continuous improvement and will outline a new target for the 2025
financial year.
Everyone has a role to play in our health and safety ambition, so our approach to safety starts with our people. Much
of our strategy is centred around training and upskilling, ensuring our people have the skills and capabilities they
need to feel empowered, to lead by example and to challenge unsafe conditions and behaviours using our Speak Up
channel, which is available on our website.
7. Metrics
1
Our Employee Profile
S1-6 – Characteristics of the undertaking’s employees
This section provides details of our people, including the total headcount with gender, regional and country
breakdowns. Details of contract type and gender and employee turnover during the reporting period are also
disclosed.
Employee data is reported based on headcount as at 31 December, as recorded in our central HR system. The figures
below include Kerry employees and exclude non-employee workers. See note S1-7 for details of non-employees in
our own workforce on page 200.
For corresponding information in our Financial Statements relating to our headcount, see note 4 on page 266 which
presents headcount as an average.
Employee Headcount by Gender
Gender 2024 2023β
Female 7,205 6,970
Male 14,522 14,431
Other*
- 2
Not Disclosed 1 -
Total Employees 21,728 21,403
*Gender as specified by the employees themselves.
1
Comparative information denoted by β (beta) is not covered by the Independent Practitioners' Limited Assurance Report.
198
Sustainability Statement
On 31 December 2024, the Group completed the sale of the Kerry Dairy Ireland business. If employee figures for that
business were excluded from the Employee Headcount by Gender table, the employee headcount would be 6,828
female, 13,300 male and 1 not disclosed.
Employee Headcount by Gender and Contract Type
2024 Female Male Other* Not
Disclosed
Total
Number of employees 7,205 14,522 -
1 21,728
Number of permanent employees 6,922 14,077 -
1 21,000
Number of temporary employees 283 445 -
- 728
Number of non-guaranteed hours employees - - - - -
Number of full-time employees 7,023 14,437 -
1 21,461
Number of part-time employees 182 85 - - 267
*Gender as specified by the employees themselves.
2023β Female Male Other* Not
Disclosed
Total
Number of employees 6,970 14,431 2 - 21,403
Number of permanent employees 6,780 13,587 2 - 20,369
Number of temporary employees 190 844 - - 1,034
Number of non-guaranteed hours employees - - - - -
Number of full-time employees 6,789 14,284 2 - 21,075
Number of part-time employees 181 147 - - 328
*Gender as specified by the employees themselves.
Employee Headcount by Contract Type and Region
2024 Europe Americas APMEA Total
Number of employees 6,021 9,468 6,239 21,728
Number of permanent employees 5,781 9,284 5,935 21,000
Number of temporary employees 240 184 304 728
Number of non-guaranteed hours employees
- - - -
Number of full-time employees 5,788 9,440 6,233 21,461
Number of part-time employees 233 28 6 267
If employee figures for the Kerry Dairy Ireland business were excluded from the Employee Headcount by Contract
Type and Region table above, the total number of employees in Europe would be 4,424.
199
Sustainability Statement Own Workforce (S1)
2023β Europe Americas APMEA Total
Number of employees 6,123 9,164 6,116 21,403
Number of permanent employees 5,882 9,039 5,448 20,369
Number of temporary employees 241 125 668 1,034
Number of non-guaranteed hours employees - - - -
Number of full-time employees 5,891 9,134 6,050 21,075
Number of part-time employees 232 30 66 328
Methodology and Key Assumptions
Permanent employees include those full-time and part-
time employees on permanent contracts. Where there
are specific country legislations or country practices,
contracts will be considered permanent accordingly.
Temporary employees include those full-time and part-
time employees on fixed-term contracts or specified
purpose contracts.
Non-guaranteed hours employees are those with zero
contracted weekly hours. Kerry has no employees with
zero contracted hours.
Full-time employees are those whose standard weekly
hours and contract weekly hours per week are equal.
Part-time employees are those whose standard weekly
hours and contract weekly hours vary.
Employee Headcount by Country
This table displays all countries in which Kerry has
employees representing at least 10% of our total workforce.
Country 2024 2023β
United States 5,009 4,929
Republic of Ireland 2,290 2,267
Malaysia 2,213 2,182
Total Headcount 9,512 9,378
On 31 December 2024, the Group completed the sale
of the Kerry Dairy Ireland business. If employee figures
for that business were excluded from the Employee
Headcount by Country table, the Republic of Ireland
would not meet the threshold for disclosure.
Employee Turnover
Our employee turnover in 2024 was 4,332 (2023β: 4,436)
employees representing an annual employee turnover
rate of 20.6% (2023β: 21.8%).
Employee turnover is defined as the number of
permanent employees who leave voluntarily or due
to dismissal, retirement, or death in service during
the year. Employees who leave voluntarily are those
who resign or retire. At Kerry, dismissal is defined
as an employee contract being terminated based
on underperformance, misconduct, redundancy,
restructuring or compromise agreement.
Employee turnover rate is defined as the number of
permanent employees who left the company voluntarily,
or due to dismissal, retirement, or death in service
during the year divided by the number of permanent
employees at year end, multiplied by 100.
Note that the 2023 comparative figures, as disclosed
have been revised to align with the employee turnover
and rate definitions above. Employee turnover and
rate were defined in our 2023 external reporting as the
number of permanent employees who left voluntarily
divided by the number of permanent employees at year
end, multiplied by 100.
Diversity of our Employees
S1-9 – Diversity Metrics
We continue to see positive momentum towards
our goal of building a representative organisation.
Women represent 35% (2023β: 34%) of our senior
leadership roles and 39% (2023β: 37%) of our senior
management. If employee figures for the Kerry Dairy
Ireland business were excluded, there is no change to
the percentage of women represented, as disclosed,
for both metrics. As outlined in our Targets section on
page 196, Kerry remains committed to achieving equal
gender representation among senior management
roles by 2030, with women representing 35% of senior
leadership roles by 2025, subject to compliance with law
and regulations in the regions in which we operate.
Senior management encompasses approximately the
top 1,500 employees. Senior leadership encompasses
approximately the top 450 employees.
As referenced in our General section (page 134), for
information in relation to the composition, experience
and diversity of our Board of Directors, please see our
Directors’ Report on pages 61 and 94.
The tables below summarise the gender distribution
of Kerry’s global senior management and the age
distribution among all Kerry employees as at 31
December. See note S1-6, on page 197, for details of the
gender distribution for all Kerry employees.
200
Sustainability Statement
Gender Distribution Senior Management 2024
Number
2024
Percentage
2023β
Number
2023β
Percentage
Female 569 39% 536 37%
Male 874 61% 895 63%
Other* - - - 0%
Not Disclosed - - - 0%
Total 1,443 100% 1,431 100%
*Gender as specified by the employees themselves.
Age Distribution All Employees 2024
Number
2024
Percentage
2023β
Number
2023β
Percentage
Under 30 years old 4,357 20% 4,274 20%
30 - 50 years old 12,599 58% 12,747 60%
Over 50 years old 4,772 22% 4,382 20%
Total 21,728 100% 21,403 100%
Non-employees in our Workforce
S1-7 – Characteristics of non-employees in the undertaking’s own workforce
In 2024, there was an average of 1,339 non-employees in Kerry’s own workforce. Non-employees are defined as all
individuals who are not contractual employees of the Group but are engaged to perform activities on behalf of Kerry,
including temporary workers employed through labour agencies or self-employed individuals who are contracted to
provide work to Kerry as a non-employee.
The total number of non-employees is reported based on full-time equivalents (FTEs). FTE data is calculated as actual
hours worked divided by standard hours (standard hours is 40 hours per week) multiplied by the number of weeks in a
month for the fiscal calendar. Non-employee data is reported based on data recorded in our central system of record.
This is the first year we have reported this metric. 2024 is deemed to be representative of a standard year in relation to the
numbers of non-employees in our own workforce.
Collective Bargaining Coverage and Social Dialogue
S1-8 – Collective bargaining coverage and social dialogue
At Kerry, we respect our employees’ right to form, join or not join a labour union, or a trade union or to have recognised
employee representation in accordance with local law without fear of reprisal, intimidation, harassment, or discrimination.
Collective Bargaining Agreements (CBA) can be negotiated at group, regional or country level.
As at the end of 2024, 30% (2023β: 30%) of all Kerry employees are covered by collective bargaining agreements. For those
employees not part of a collective bargaining agreement, we have a formal pay planning process in all locations covering
terms and conditions for all employees. This table displays the CBA coverage rate in percentage terms for all Kerry
employees in the European Economic Area (EEA) and non-EEA and the percentage of workplace representation for the EEA
only, for countries and regions in which Kerry has employees representing at least 10% of our total workforce.
201
Sustainability Statement Own Workforce (S1)
Collective Bargaining Coverage and Social Dialogue
2024
Collective Bargaining Coverage Social dialogue
Coverage Rate
Employees – EEA
(Country)
Employees – Non-EEA
(Region)
Workplace
representation -
EEA only (Country)
0-19% - APMEA -
20-39% Republic of Ireland Americas -
40-59% - - -
60-79% - - -
80-100% - - Republic of Ireland
On 31 December 2024, the Group completed the sale of the Kerry Dairy Ireland business. If employee figures for that
business were excluded from the analysis in this table, the Republic of Ireland would not be disclosed for Collective
Bargaining Coverage and Social Dialogue, as presented, respectively.
Social Dialogue
The Kerry European Employees Forum (EEF) was established by Kerry to enable social dialogue at a European level.
This forum respects Irish regulations which are aligned with the European Works Councils Directives. In addition to
this, we have local Works Council and Trade Union representation across multiple Kerry locations, which provides for
ongoing social dialogue, including collective bargaining at company, sector or cross-industry level.
Adequate Wages
S1-10 – Adequate Wages
At Kerry, we are committed to achieving and sustaining
pay equity through education, awareness, and
comprehensive analysis. Our approach is underpinned
by robust policies and governance frameworks, ensuring
alignment with our reward philosophy and adherence
to best practices in corporate governance. Our reward
philosophy supports us in striving to be the first choice
for the best talent by providing fair, transparent, and
competitive offerings that our employees value and that
drive an ownership mindset to achieve Kerry’s goals.
During 2024, Kerry's own employees, as described in
S1-6 on page 197, were paid an adequate wage.
To ensure that our own employees receive an adequate
wage, Kerry has compared actual pay to local minimum
wage requirements on a country-by-country basis.
Where a local statutory requirement does not exist, an
appropriate alternative wage standard was identified as
a benchmark for those countries. We engaged the Fair
Wage Network, an independent third-party, to supply
these alternative wage standards.
Key Assumptions
The payroll data used for comparison of pay levels was
base salary, fixed allowances and variable pay while
payments related to overtime were excluded. The payroll
data, for base pay and any fixed allowances, was an
annualised figure based on May, which incorporated the
latest annual salary adjustments occurring every March
as part of our annual pay planning review cycle.
Social Protection
S1-11 – Social protection
Kerry's policies and processes ensure that we, at the
very least, comply with social protection requirements
in all locations. Kerry provides coverage to all own
employees for social protection through public
programmes or through benefits offered by Kerry,
against loss of income due to any of the following
circumstances:
1. Sickness;
2. Unemployment starting from when the own worker is
working for the undertaking;
3. Employment injury and acquired disability;
4. Parental leave; and
5. Retirement.
Our reward programmes are tailored to meet the specific
needs of each location, offering a wide range of retirement
and protection benefits. These programmes, supported
by either government or company initiatives, are designed
to protect the wellbeing of our employees and their
families. The scope and structure of these benefits differ
by location, informed by local market insights, government
provisions, and other factors such as workforce size.
202
Sustainability Statement
Remuneration
S1-16 – Remuneration metrics (pay gap and total
remuneration)
As part of our commitment to diversity, inclusion, and
belonging, we prioritise equal opportunity and fairness
through merit-based advancement, equal pay, and
inclusive hiring practices. We conduct regular reviews of
pay equity, promotion, and workforce demographics to
ensure our policies consistently promote fairness and
inclusivity. We have invested in education, awareness
and analysis on pay equity and continue to evolve and
iterate our underlying processes and practices to reflect
our reward philosophy and best corporate governance
practices.
Gender Pay Gap
The gender pay gap for 2024 is favourable to female
employees by 4.8%. The gender pay gap is calculated
by comparing the average pay levels between female
and male employees, expressed as a percentage of the
average pay level of male employees.
Total Remuneration - CEO : Median Employee
The annual total remuneration ratio for 2024 is 118x.
The annual total remuneration ratio is calculated by
comparing the CEO's remuneration (highest paid
individual) to the median annual total remuneration for
all Kerry's own employees (excluding the CEO).
A significant portion of the CEO’s remuneration is
delivered through Kerry’s short-term and long-term
incentive plans where awards are linked to Group
performance and share price movements over time. This
means that ratios will depend significantly on short-term
and long-term incentive outturns and may fluctuate
from year to year as a result. As the median employee
does not typically participate in Kerry’s short-term or
long-term performance-related incentive plans, the ratio
has also been calculated to exclude these variable pay
elements which results in a ratio of 39x.
Key Assumptions
The payroll data used for comparison of pay levels was
base salary, fixed allowances and variable pay while
payments related to overtime were excluded. The payroll
data, for base pay and any fixed allowances, was an
annualised figure based on May, which incorporated the
latest annual salary adjustments occurring every March
as part of our annual pay planning review cycle. Variable
pay was aggregated across a twelve-month period.
Training and Skills Development
S1-13 – Training and skills development metrics
Training Hours
Our overall learning approach is focused on accelerating
a culture of learning to enable and support individual
and organisational growth. At Kerry, we have
implemented the 70:20:10 learning model meaning that
approximately 70% of our learning and development
comes from job-related experience, 20% comes from
feedback, social interactions and working with others,
and 10% from formal learning experiences.
We define formal learning experiences as planned
activities designed to develop skills, knowledge or
behaviours. This includes e-learning and other self-
paced learning such as engagement with digital content.
We include instructor-led training events conducted
both online and/or in-person.
Our average number of recorded training hours for
all employees of nine hours has increased year-on-
year (2023β: seven hours), see a split by gender in the
following table. Average training hours are calculated
as the total number of training hours completed by
employees per gender category, divided by the total
number of employees per gender category.
Average Employee Training Hours
by Gender
2024
Hours
Female
9
Male 9
Other* -
Not Disclosed 11
Average Number of Training Hours
per employee
9
*Gender as specified by the employees themselves.
203
Sustainability Statement Own Workforce (S1)
Performance and Career Development Reviews
Performance management and career development is a key part of the personal growth agenda at Kerry and a
critical enabler for Kerry’s business performance and future growth.
All employees participate in formal performance and career conversations. The following tables show the total
participation rate. Of the total headcount, an online performance review process is available to 51% of employees
and an online career development review process is available to 52% of employees. The outputs of these
conversations are recorded centrally in our Global HR Information system.
When participation is calculated for those employees for which online processes are available, 97% participated in
performance reviews and 63% in career development reviews. See details of the participation by gender expressed as a
percentage of all employees and those recorded in our online systemised process in the following table:
Employees who Participated in
Performance Reviews
2024
Participation based on
Total Headcount
2
Percentage
2024
Participation based on our
Online Systemised Process
3
Percentage
Female
25% 47%
Male
25% 50%
Other
1
- -
Not Disclosed - -
Total
50% 97%
Employees who Participated in
Career Development Reviews
2024
Participation based on
Total Headcount
2
Percentage
2024
Participation based on our
Online Systemised Process
3
Percentage
Female 17%
33%
Male 16% 30%
Other
1
- -
Not Disclosed - -
Total
33% 63%
1
Gender as specified by the employees themselves.
2
Participation in performance and career development reviews calculated by setting out the number of employees who participated in our
annual performance and career development cycle recorded centrally in our Global HR Information system divided by the total number of
employees.
3
Participation in performance and career development reviews calculated by setting out the number of employees who participated in
our annual performance and career development cycle recorded centrally in our Global HR Information system divided by the number of
employees who have the ability to engage with the process online, being 51% and 52% of the total number of employees respectively.
Health and Safety
S1-14 – Health and safety metrics
At Kerry, we work diligently to drive a culture of safety at work, and we strive for zero harm. We foster a Safety First,
Quality Always culture within the organisation, and through targeted communication, workshops, and various
leadership initiatives, we have seen further improvement in health and safety outcomes in 2024. Our EHS based
approach is subject to internal audit and covers 100% of our people.
During 2024, we sadly lost a Kerry colleague (employee) to a workplace fatality (2023β: one employee) at one of
our manufacturing facilities. We extend our deepest sympathy to their family, friends and colleagues. A full and
comprehensive investigation was immediately initiated following the accident. This investigation involved Kerry
teams working in close partnership with all relevant third-party authorities and external experts. Learnings from this
investigation have been shared across our manufacturing network. Our determination to uphold a safe and secure
working environment has been further reinforced.
204
Sustainability Statement
Work-Related Injuries and Ill Health
The following table outlines our data in relation to
work-related injuries and ill health. Work-related
injuries includes but is not limited to, bruising, cuts and
lacerations, burns, muscle pulls/strains (ergonomic
related), fractures and/or contact with chemicals. Work-
related ill health includes diseases caused by chemical
and physical agents, biological agents and infectious
or parasitic diseases, respiratory and skin diseases,
musculoskeletal disorders, mental and behavioural
disorders, occupational cancer and other occupational
diseases as listed in the ILO list of Occupational
Diseases. Total recordable injuries and ill-health are
captured according to the Occupational Safety and
Health Administration (OSHA) definition.
Figures include Kerry employees and non-employees.
Calculations are based on 1,000,000 hours and
46,398,729 total hours in 2024 (2023β: 46,777,468). Note
that the 2023 rate calculations, as disclosed, have been
revised to be based on 1,000,000 hours as required. Rate
calculations disclosed in our 2023 external reporting
were based on 200,000 hours.
TIR for our own workforce combines work-related
injuries and ill health.
Unit 2024 2023β
Total work-related injuries/accidents ¹ ⁴ Number 208 221
Employees Number 195 208
Non-employees Number 13 13
Total work-related injuries/accidents rate ² Injuries per million hours worked 4.5 4.7
Employees Injuries per million hours worked 4.5 4.8
Non-employees Injuries per million hours worked 4.6 3.9
Total work-related ill health ³ Number - 2
Employees Number - 2
Non-employees Number - -
Total work-related ill health rate ³ Injuries per million hours worked - 0.1
Employees Injuries per million hours worked - 0.1
Non-employees Injuries per million hours worked - -
Lost days due to fatality, illness or injury from
work-related injuries and ill health
4
5
Number 5,847
Employees Number 5,698
Non-employees Number 149
1
Work-related injuries/accidents include fatalities, lost time incidents, restricted cases and medical treatment cases (as per OSHA definitions)
for more details refer to the 'Work-related Injuries and Ill health' disclosure on this page above.
2
Total recordable injuries/accidents and ill health, according to the Occupational Safety and Health Administration (OSHA) definition.
Calculations are based on 1,000,000 hours.
3
Refer to the 'Work-related Injuries and Ill health' disclosure on this page above for details of what is captured and reported for work-related
ill health.
4
We only use personal information in accordance with the law. Our Employee Data Protection Policy outlines the types of personal data we
hold about employees and may include information about health, including any medical conditions, health and sickness records. We have
put in place appropriate security measures to prevent employee personal information from being accidentally lost, used or accessed in an
unauthorised way, altered or disclosed.
5
Lost days refers to the total number of calendar days that were lost as a result of workplace injuries, illnesses or fatalities during the
reporting period.
205
Sustainability Statement Own Workforce (S1)
Human Rights related Complaints
S1-17 – Incidents, complaints and severe human rights impacts
This metric addresses work-related incidents, issues, complaints, and severe human rights impacts affecting our
people as captured and managed through our AskHR and Speak Up systems, described on page 192. It encompasses
issues reported by current Kerry employees as well as those raised by individuals linked to Kerry through our direct
and indirect business relationships. This includes any incidents of discrimination based on gender, race or ethnicity,
nationality, religion or belief, disability, age, sexual orientation, or other relevant factors involving both internal
and external stakeholders during the reporting period. Additionally, it covers harassment as a distinct form of
discrimination. Of the total incidents/complaints received, all 171 were reviewed and 91% have been closed following
review and relevant action. In 2024, we had no severe human rights issues or incidents connected to our people.
Numerical Metric 2024
Number of incidents of discrimination, including harassment
56
Number of complaints filed through channels for people in own workforce to raise concerns* 115
Number of severe human rights issues and incidents connected to own workforce -
Number of severe human rights issues and incidents connected to own workforce that are cases of
non-respect of UN Guiding Principles and OECD Guidelines for Multinational Enterprises
-
Number of severe human rights cases where undertaking played a role in securing remedy for those
affected
-
*No complaints were filed to National Contact Points for OECD Multinational Enterprises.
Fines and Penalties 2024
Amount of fines, penalties, and compensation for damages as a result of incidents of discrimination,
including harassment and complaints filed
-
Amount of fines, penalties, and compensation for severe human rights issues and incidents connected
to own workforce
-
206
Sustainability Statement
1. Material Impacts, Risks
and Opportunities
As part of Kerry’s double materiality assessment, we
identified material impacts and risks relating to working
conditions in the upstream value chain, as outlined in
the table below. Our approach to determining these
impacts and risks is described in the General section on
pages 140-141.
As part of our double materiality assessment, we
defined the following short, medium and long-term time
horizons:
• Short term: within one year;
• Medium term: from the end of the short-term
reporting period up to five years; and
• Long term: more than five years.
Workers in the Value Chain
(S2)
1 . Material Impacts, Risks 206
and Opportunities
2. Strategy 207
3. Policies 208
4. Engagement Process 208
5. Actions 210
6. Targets and Metrics 212
Working Conditions in the Upstream Value Chain
Description Time
Horizon
Location in
Value Chain
Short
Medium
Long
Upstream
Own Ops
1
Downstream
Potential
Negative
Impact
Possible Human Rights Infringements
Possible human rights infringements, particularly in
higher-risk geographies.
Potential
Positive
Impact
Enhancing Working Conditions Through Responsible
Labour Practices in High-Risk Geographies
Enhancing working conditions in geographies with poor
labour laws by promoting responsible labour practices,
fair wages, a safe working environment and providing
support for representation and collective bargaining for
workers in the upstream value chain.
Risk Reputation and Legal Risk Due to Supplier
Non-Conformance
Potential risk to reputation and exposure to legal action
arising from business relationships with suppliers that
may breach worker’s rights and/or health and safety
requirements.
Risk Regulatory Risk Due to Supplier Non-Conformance
Potential regulatory risk associated with supplier non-
compliance with human rights laws and expectations of
stakeholders resulting in claims and/or fines.
1
Own Ops = Own Operations
207
Sustainability Statement Workers in the Value Chain (S2)
2. Strategy
ESRS 2 SBM-3 – Material impacts, risks and opportunities and
their interaction with strategy and business model
How Our Material Impacts and
Risks Shape Our Strategy and
Business Model
Our material impacts and risks relating to working
conditions and other work-related rights in the value
chain are concentrated within our upstream value chain.
Potentially impacted workers include those engaged
in raw material processing and production, particularly
in high-risk geographies. While our efforts and direct
influence are largely on our supplier base, we also
leverage industry collaborations and engagements
with our suppliers who can influence our wider supply
chain. The risks associated with negative impacts to
working conditions in Kerry’s upstream value chain are
managed through our human rights framework which
incorporates our due diligence approach. For more
details on Kerry’s commitment to human rights and our
approach to managing related impacts and risks, please
refer to our Human Rights Overview on page 186.
Our material impacts and risks relating to working
conditions in the upstream value chain influence our
strategy and business model in the following ways:
Possible Human Rights Infringements in
High-Risk Geographies:
We source a range of raw materials to produce value-
add ingredient solutions for customers and this range
of sourcing may open our business model to potential
negative impacts, including risks of forced, compulsory
and child labour within our upstream value chain. These
challenges can relate to wider issues within specific
supply chains, such as poverty and inadequate regulatory
oversight. Across our global sourcing footprint, there
are geographies including Malaysia, India and Pakistan
where we source key raw materials that are associated
with a heightened risk of human rights infringements,
as determined through our use of an independent risk
assessment tool. Our human rights due diligence process,
outlined in our Human Rights Overview on page 186,
enables us to identify and mitigate against these risks.
Enhancing Working Conditions Through
Responsible Labour Practices in High-Risk
Geographies:
At Kerry, we aim to make a positive impact through
collaboration. Partnering with non-governmental
organisations, local governments, and industry groups,
we work to promote responsible sourcing and improve
labour standards in high-risk geographies.
Reputation, Legal and Regulatory Risk Due to
Supplier Non-Conformance:
The complex nature of our global supply chain could
potentially lead to reputational, legal, and/or regulatory
risks arising from supplier non-conformance. Non-
conformance by suppliers, particularly in high-risk
geographies where forced, compulsory or child labour
may exist, could erode stakeholder trust, damage our
brand reputation, and lead to significant legal and
financial penalties.
Management of Impacts and Risks Relating
to Upstream Value Chain Workers
At Kerry, we manage these risks through our human
rights due diligence process which includes the
following key aspects:
Supplier Standards and Compliance:
• Our suppliers are required to adhere to our Supplier
Code of Conduct, which details requirements
on the provision of a safe working environment,
free from child or forced labour, with reasonable
working hours, fair wages, and which is free from
discrimination, amongst other standards.
Conformance Tracking:
• We use a third-party platform, Sedex (Supplier Ethical
Data Exchange), to manage information on our direct
suppliers and their workers, to support our due
diligence process in our upstream value chain.
• Through Sedex, Kerry has access to the findings
of social audits carried out using SMETA (Sedex
Members Ethical Trade Audit) audits. These audits
allow Kerry to evaluate the outcomes of supplier
conformance with human rights standards,
identify areas for improvement and monitor
the implementation of corrective action where
necessary, to manage and mitigate potential
human rights risks and impacts in the upstream
value chain.
Training and Capability Building:
To increase our engagement with our suppliers in high-
risk countries, we provide targeted training to suppliers
which covers:
• Our expectations of suppliers regarding their
management of human rights; and
• Why and how to utilise Sedex’s SAQ (Self-
Assessment Questionnaire) and SMETA audits for
improved engagement on human rights standards.
208
Sustainability Statement
3. Policies
S2-1 – Policies related to value chain workers
We recognise the vital role that workers in our
upstream value chain play in achieving our purpose,
vision, and values. We are committed to supporting
these workers through a comprehensive set of policies
and processes designed to uphold internationally
recognised human rights. This policy applies to all
suppliers and upstream business partners within our
upstream value chain and covers all geographies in
which Kerry conducts business.
Our Human Rights Policy
Our Human Rights Policy outlines our commitment to
upholding internationally recognised workers’ rights
throughout our entire value chain. This section focuses
on our policy’s commitments for our upstream value
chain. We seek to safeguard the rights of those involved
in the provision of goods and services we procure, in
accordance with global human rights standards. Our
Human Rights Policy is supported by our Supplier Code
of Conduct.
We communicate our policies to relevant stakeholders
and entities through multiple channels, including
our website and annual report. The Supplier Code
of Conduct is shared with existing suppliers and is
provided to new suppliers as part of their onboarding
process. It outlines clear expectations for suppliers to
meet our standards, including provisions on worker
safety, human trafficking, and the prohibition of
forced, compulsory or child labour.
We are committed to respecting key internationally
recognised guidelines and third-party standards. These
include the United Nations (UN) Global Compact, UN
SDGs, United Nations Guiding Principles on Business
and Human Rights, OECD Guidelines for Multinational
Enterprises on Responsible Business Conduct, ILO's
Declaration on Fundamental Principles and Rights at Work,
and others. These frameworks underpin the policy and our
commitment to human rights throughout our entire value
chain.
The policy outlines our commitment to implementing
the UN Guiding Principles and to respect human rights
through ongoing human rights due diligence. Our policy
explicitly addresses forced or compulsory labour and child
labour. It also outlines key activities to address material
impacts and risks related to salient human rights issues in
our upstream value chain.
We are committed to engaging with key stakeholders,
including our employees, business partners, primary
producers, and local communities to better understand
our impacts and incorporate these perspectives into our
business activities. Kerry is a member of a number of trade
organisations and multi-stakeholder groups through which
it engages with key stakeholders and interest groups.
We have grievance mechanisms in place to provide or
enable remedies for human rights impacts. For further
details on our grievance mechanisms, please refer to the
following Engagement Process section.
Kerry is committed to the continuous review and
enhancement of our due diligence processes, and we are
committed to reporting on actions taken to implement this
policy and disclosing cases of severe non-respect of human
rights connected to our upstream value chain.
The CHRO and COO, who are members of the
Executive Leadership Team, are jointly accountable
for the implementation of our Human Rights Policy.
Our Social Sustainability Council, supported by the
Social Sustainability Working Group, oversees the
protection of human rights across our value chain.
This cross-functional working group is responsible for
delivering on the Group’s human rights commitments,
including the creation, administration, updating, and
communication of related policies and training.
4. Engagement Process
Interests and Views of Upstream Value
Chain Workers
ESRS 2 SBM-2 – Interests and views of stakeholders
At Kerry, we are keen to understand how workers in
the upstream value chain experience potential negative
and potential positive impacts while working for our
suppliers. This allows us to enrich how we support and
engage with our supplier base, and the areas of focus
for continuous improvement. We continue to increase
our collaboration with multi-stakeholder groups to
ensure we have the best tools, resources and knowledge
needed to influence human rights in our suppliers, and
further up the value chain to our suppliers’ suppliers.
As part of our engagement processes, we utilise
the SMETA audit programme to indirectly gather
perspectives and views from workers in our upstream
value chain. Value chain workers including those that
may be deemed to be most at risk are interviewed as
part of the programme. Our Procurement teams actively
engage with new and existing suppliers that are located
in high-risk countries. For details on how we identify
suppliers in a high-risk country, refer to the 'Human
Rights Management (Upstream Value Chain)' section of
the Human Rights Overview on page 186. As part of our
due diligence process we engage directly with suppliers,
through their employee representatives, to support
corrective actions identified through SMETA audits,
as deemed relevant. Kerry also engages with multi-
stakeholder groups and industry bodies to gain insights
on best practices, including those that can support
strengthened remediation efforts.
Additionally, relevant stakeholders including upstream
value chain representatives participated in Kerry’s
double materiality assessment process, providing
valuable perspectives and views on sustainability
matters material to Kerry. For more details on Kerry’s
stakeholder engagement approach, please refer to the
Stakeholder Engagement section on pages 138-139.
209
Sustainability Statement Workers in the Value Chain (S2)
Processes for Engagement with Upstream
Value Chain Workers
S2-2 – Processes for engaging with value chain workers
about impacts
Our Executive Leadership Team supports Kerry’s
engagement processes with upstream value chain
workers by providing governance, resourcing and
support through our CHRO and COO.
The Procurement team have day-to-day responsibility
for engaging with upstream value chain partners who
supply materials to our manufacturing facilities in line
with our Supplier Requirements Manual and Supplier
Code of Conduct. Core to these supplier requirements
is upholding human rights and ensuring human rights
abuses do not occur in the upstream value chain.
Regular training is provided by the Responsible Sourcing
team to both Procurement and our upstream value
chain partners, to build capability on:
• Our expectations for suppliers on human rights;
• The value of SMETA audit engagement for suppliers’
operations and human rights practices; and
• Our expectations of suppliers on Sedex and SMETA
audit protocols.
These ongoing engagement initiatives play a crucial role
in integrating human rights management into our core
procurement business practices and allow for feedback
from our suppliers.
The SMETA audit process, a key component of our human
rights due diligence process, involves interviews with a
representation of all workers including migrant workers,
casual, temporary, seasonal workers, and women. These
interviews explore critical issues such as workplace
conditions, workers' access to legal documentation,
discrimination (based on race, sex, disability and other
issues). Insights gathered through this process are shared
through the Sedex platform and reviewed by Kerry and
play a vital role in shaping how we engage with suppliers
to uphold human rights for workers in the value chain.
Kerry is a member of various trade organisations
and multi-stakeholder platforms, fostering dialogue
with key upstream value chain stakeholders and their
representatives. Our involvement spans several industry
initiatives, including the Roundtable on Sustainable
Palm Oil (RSPO), Palm Oil Collaboration Group (POCG),
Sustainable Agriculture Initiative (SAI), Sustainable Spices
Initiative (SSI), and the Sustainable Vanilla Initiative (SVI).
This comprehensive engagement strategy enables Kerry
to better understand upstream value chain impacts and
risks, as well as best practices for addressing them.
Our approach for engaging with workers in our upstream
value chain is designed to further a mutual understanding
of human rights requirements with our suppliers and
enhance their compliance. This engagement highlights
the challenges and opportunities, informing actions for
continuous improvement in our suppliers’ due diligence
practices. For more details on Kerry’s stakeholder
engagement approach, please refer to the Stakeholder
Engagement section on pages 138-139.
Grievance Mechanisms
S2-3 – Processes to remediate negative impacts and
channels for value chain workers to raise concerns
We encourage our employees to report, to their line
manager, a member of the Procurement or Responsible
Sourcing teams, where they believe potential negative
human rights impacts may be occurring in our upstream
value chain. The teams will assess the complaint in line
with our due diligence process, investigating the severity
and will work with the supplier to cease, prevent and
mitigate the potential negative impact on workers' human
rights. Third-party input may be sought to support our
efforts in investigating and providing remedy on an issue.
Employees of our suppliers have an opportunity
through SMETA audit interviews to raise a grievance
which can be viewed through the Sedex platform
and remedied by the supplier or with intervention by
Kerry through our due diligence process. Our Speak
Up channel, provides a safe and confidential means
for upstream value chain workers to raise concerns or
report issues while ensuring their anonymity, where
legally permissible. As per Kerry’s Speak Up Policy
(available on our website), Kerry adopts a zero tolerance
approach to any threats, intimidation, violence, or
reprisals against anyone, including employees and
human rights defenders, who reports a concern
involving Kerry. We monitor all complaints through the
Speak Up channel to ensure they are investigated, and
appropriate actions are taken to address and remedy
any substantiated violations of human rights laws
impacting upstream value chain workers.
Our current process for assessing value chain workers'
awareness of our Speak Up channel occurs through
our engagement with upstream value chain employee
representatives when sharing our Supplier Code of
Conduct during the onboarding process. Our existing
suppliers are reminded of our Speak Up channel as
they reconfirm their adherence to our Supplier Code of
Conduct during the retendering process.
Our Human Rights Policy also highlights the availability of
our Speak Up channel, in addition to our Supplier Code of
Conduct which also provides information on how to raise
a grievance.
210
Sustainability Statement
5. Actions
S2-4 – Taking action on material impacts on value chain workers, and approaches to managing material risks and pursuing
material opportunities related to value chain workers, and effectiveness of those actions
For the actions disclosed throughout this section, the specified location of the actions across our value chain reflects
where the impacts and risks arise. We acknowledge that Kerry will need to initiate many of these activities from
within our own operations.
Possible Human Rights Infringements Action Plan
In 2024, Kerry implemented targeted initiatives to address potential human rights infringements in our upstream value
chain. Kerry has actions, with planned and budgeted initiatives in place to advance our Human Rights Policy objectives.
We monitor the efficacy of these actions through the metrics disclosed on page 212. Our key actions included:
Potential
Negative
Impact
Key Actions Taken in 2024
Possible
Human Rights
Infringements
We expanded our risk assessment to include a new dimension. Commodity risk was assessed to
identify additional raw materials sourced from countries with an elevated risk of potential human rights
infringements. The associated suppliers were added to our scope of suppliers considered to be high risk.
For more details around the next steps when a supplier is identified to be located in a country deemed
as high-risk, see the Human Rights Management (Upstream Value Chain) paragraph on page 186.
We recognise that potential negative human rights impacts require continuous monitoring and proactive
management. To achieve this, we have developed the following planned actions:
Potential
Negative
Impact
Future Actions Planned Time
Horizon
Short
Medium
Long
Possible
Human Rights
Infringements
Further enhance our risk assessment process by integrating additional
commodity-specific human rights risks and mapping these newly identified
risks to relevant suppliers and potentially affected stakeholders.
Integrate additional mechanisms into our due diligence process to monitor
and evaluate human rights impacts within our upstream value chain.
Enhancing Working Conditions Through Responsible Labour Practices Action Plan
Enhancing working conditions in our upstream value chain is a key policy objective for Kerry, offering potential for a
positive impact. In 2024, we implemented the following key actions to further our human rights policy objectives:
Potential
Positive
Impact
Key Actions Taken in 2024
Enhancing
Working
Conditions
Through
Responsible
Labour
Practices
We engaged with industry bodies to assess potential targeted initiatives to enhance our
human rights due diligence process. Our Responsible Sourcing team joined the Tech
Against Trafficking Summit to explore data-driven solutions for modern slavery. The team
also participated in a Child Rights in Business (CRIB) working group which focused on
understanding child labour risks and safeguarding children’s rights in supply chains. We also
identified and engaged with a qualified partner to provide expert support on remediation,
should a serious incident be identified in our upstream value chain.
211
Sustainability Statement Workers in the Value Chain (S2)
Potential
Positive
Impact
Future Actions Planned Time
Horizon
Short
Medium
Long
Enhancing
Working
Conditions
Through
Responsible
Labour
Practices
Expand engagement with industry bodies to develop a suite of actions, tools
and resources that can be used by suppliers to increase engagement on
human rights, thereby improving human rights issues through improved
human rights due diligence processes in the value chain.
Reputation, Legal and Regulatory Risk Due to Supplier Non-Conformance Action Plan
The complex nature of Kerry’s global supply chain could potentially lead to reputational, legal, and/or regulatory
risks arising from supplier non-conformance, and this is considered in our risk assessment process. In 2024, we
implemented the following key actions to further our human rights policy objectives:
Risk Key Actions Taken in 2024
Reputation,
Legal and
Regulatory
Risk Due to
Supplier Non-
Conformance
To enhance awareness of human rights standards and build compliance capacity among our
supply chain partners in 2024, we conducted training for suppliers in India and China. This enabled
us to showcase the importance of Sedex and SMETA audit engagement for suppliers’ operations
and human rights practices.
Avoidance of reputation, legal and regulatory risk due to supplier non-conformance requires continuous monitoring,
proactive management and ongoing development of our roadmap of targeted initiatives expanding the scope of our
management of salient human rights issues. To achieve this, we have developed the following planned actions:
Risk Future Actions Planned Time
Horizon
Short
Medium
Long
Reputation,
Legal and
Regulatory
Risk Due to
Supplier Non-
Conformance
Building on our supplier training programmes delivered in China and India
in 2024, we will expand our programmes to further enhance awareness of
human rights standards and build compliance capacity in additional high-
risk geographies.
Incorporate our updated Human Rights Policy into our Supplier Code of
Conduct to ensure suppliers align with our commitment to respecting
human rights.
212
Sustainability Statement
6. Targets and Metrics
1
S2-5 – Targets related to managing material negative
impacts, advancing positive impacts, and managing material
risks and opportunities
Kerry has set metrics to track the effectiveness of its
policies and actions in relation to the material impacts
and risks relating to working conditions in the upstream
value chain. This allows us to understand potential
negative impacts and manage corrective actions to
reduce the impact on upstream value chain workers.
We have not set a target for working conditions in
the upstream value chain. We continue to measure
the following Kerry-defined metrics to inform the
effectiveness of our actions and progress towards our
policy commitments.
Suppliers in high-risk countries
linked on Sedex
The following table outlines the percentage of our
suppliers in high-risk countries that are registered
on the Sedex platform. This metric is derived from a
comprehensive evaluation of all Kerry suppliers classified
as high-risk, based on the results of our detailed risk
assessment process, as outlined in our 'Human Rights
Management (Upstream Value Chain)' on page 186.
By concentrating on these suppliers, the metric aims to
provide a targeted approach for managing and mitigating
potential risks, focusing resources on the most critical
areas of vulnerability within our upstream value chain.
This metric is calculated as spend with suppliers in high-
risk countries linked on Sedex divided by spend with
suppliers in high-risk countries.
Connected with our key action taken on possible
human rights infringements impact on page 210, our
base for calculation has expanded in 2024 to include
commodity risk.
2024
Percentage
2023β
Percentage
Suppliers in high-risk
countries linked on Sedex
88% 88%
Suppliers in high-risk countries that
have completed a SMETA audit
SMETA audits enable us to evaluate supplier compliance,
identify areas for improvement, and implement
corrective action plans where necessary.
This metric is calculated as spend with suppliers in high-
risk countries linked on Sedex that have completed a
SMETA audit within the past three years, divided by spend
with suppliers in high-risk countries linked on Sedex.
2024
Percentage
2023β
Percentage
Suppliers in high-risk
countries who are linked
on Sedex and have
completed a SMETA audit
within the past three years
72% 65%
These audits provide valuable insights from upstream
value chain workers through interviews that address
working conditions and potential human rights
impacts, forming a key component of our continuous
improvement efforts.
Human Rights Issues and Incidents
(Upstream Value Chain)
As outlined on page 190, our Human Rights Policy is
aligned with the UN Guiding Principles on Business and
Human Rights, the ILO Declaration on Fundamental
Principles and Rights at Work, and the OECD Guidelines
for Multinational Enterprises. Kerry is committed to
enforcing the policy across its upstream value chain and
expects its business relationships to uphold the policy.
Through the SMETA audit process, incidents of supplier
non-conformance were identified, which may serve as
indicators of potential human rights issues. These non-
conformances primarily related to occupational health
and safety, economic inclusion and living standards,
and working conditions. We engage directly and
indirectly with suppliers to facilitate the implementation
of corrective actions for identified non-conformances,
ensuring that these corrective actions are sufficiently
robust. We monitored and investigated all formally
reported complaints received through our Speak Up
channel, ensuring appropriate actions are taken.
Aligned to the characteristics of severity outlined in the
UNGP Reporting Framework in the form of scale, scope,
or irremediable character, no severe human rights
issues or incidents were reported in the upstream value
chain in 2024 through either the SMETA audit process or
Speak Up channel.
1
Comparative information denoted by β (beta) is not covered by the Independent Practitioners' Limited Assurance Report.
213
Material Impacts, Risks and
Opportunities
As part of Kerry’s double materiality assessment, we
identified material impacts, risks and opportunities
relating to consumers and end-users. Our approach to
determining these IROs is described in the General section
on pages 140-141. Our material impacts and opportunities
relating to consumers are concentrated within our
downstream value chain, and material risks affecting both
our downstream value chain and our own operations.
We consider our relationship with our consumers from
the perspective of two material topics, Consumer Health
and Responsible Communications, with disclosure of
the applicable material impacts, risks and opportunities,
strategy, policies, actions and targets set out on a topic-by-
topic basis in this section.
As part of our double materiality assessment, we defined
the following short, medium and long-term time horizons:
• Short term: within one year;
• Medium term: from the end of the short-term
reporting period up to five years; and
• Long term: more than five years.
Consumers and End-Users (S4)
Material Impacts, Risks and 213
Opportunities
Consumer Health
1. Material Impacts, Risks and 213
Opportunities
2. Strategy 214
3. Policies 214
4. Engagement Process 215
5. Actions 216
6. Targets and Metrics 219
Responsible Communications
1. Material Impacts 220
2. Strategy 220
3. Policies 220
4. Engagement Process 221
5. Actions 221
6. Targets 222
Description Time
Horizon
Location in
Value Chain
Short
Medium
Long
Upstream
Own Ops
1
Downstream
Actual
Positive
Impact
Access to Positive and Balanced Nutrition
Access to sustainable and healthy nutrition through
Kerry’s portfolio of products that contribute positive and
balanced nutrition to consumer products.
Opportunity Market Share Expansion
Opportunity to expand market position and gain new
customers through sustainable nutrition innovation.
Potential
Negative
Impact
Food Safety and Quality
Harm to consumer health resulting from failure
to achieve our stringent food safety management
standards and high product quality.
Risk Changing Consumer Preferences
Market risk due to consumer preferences changing
faster than Kerry’s business assumptions, resulting in
lost revenue as Kerry lags behind the market shift.
Consumer Health
1. Material Impacts, Risks and Opportunities
The following consumer health-related material IROs were identified as part of our double materiality assessment:
Sustainability Statement Consumers and End-Users (S4)
214
Sustainability Statement
2. Strategy
ESRS 2 SBM-3 – Material impacts, risks and opportunities
and their interaction with strategy and business model
Our Beyond the Horizon strategy sets out our goal to
reach over two billion people with sustainable nutrition
solutions by the end of 2030. Led by our purpose
of Inspiring Food, Nourishing Life, we recognise the
significant role we can play in shaping the health of
consumer diets, to help deliver balanced nutrition in
a way that protects both people and the planet. Our
sustainable nutrition spectrum sets out the steps we
take to realise our ambition. The material impacts, risks
and opportunity related to consumer health apply to
consumers of products that contain a Kerry ingredient.
Global nutrition and health concerns predominantly
revolve around obesity and non-communicable diseases,
largely attributed to excessive consumption of fat,
salt, and sugar in modern diets. Nutritional profiling
of Kerry’s Taste & Nutrition portfolio shows that more
than 80% of the portfolio is positive and balanced with
regards to the levels of sugar, salt and fat that they
contribute to customers’ final products.
Providing access to sustainable and healthy nutrition
through Kerry’s portfolio of products that contribute
positive and balanced nutrition provides actual positive
impacts to consumers. We do however recognise a
potential material negative impact from any incidents
that arise if we fail to achieve our stringent food safety
and high product quality standards. Kerry manages
the regulatory risk associated with non-compliance
with food safety regulations through a Food Safety
and Quality Policy and associated actions, and we
are committed to complying with new regulations
governments may apply restricting specific food types to
reduce diet-related communicable diseases.
Consumer preference is also a key element of our
marketing and consumer insights strategy, as we seek to
mitigate the risk of falling behind market shifts and take
advantage of opportunities to develop new products in
response to evolving consumer needs.
3. Policies
S4-1 – Policies related to consumers and end-users
Our Consumer Health Policy
Kerry’s Consumer Health Policy outlines its commitment
to shaping the health of consumer diets and delivering
balanced nutrition in a way that protects both
people and the planet. This policy is central to Kerry’s
purpose of Inspiring Food, Nourishing Life. The policy
establishes Kerry’s commitment to contribute towards
the health of consumers through our products and
work with customers to co-create and innovate for
more sustainable and nutritious consumer products. It
outlines our key activities to address material impacts,
risks and opportunities related to consumer health,
covering consumers and end-users.
The policy applies to Kerry Group plc and all its
subsidiaries, associated companies, joint venture
partners, and all employees worldwide, and includes
all locations where Kerry conducts business. It may be
augmented or adjusted by other local jurisdictional
laws, policies, and processes. In such cases, the stricter
guideline applies. The Chief Science and Technology
Officer and the Chief Commercial Officer, who are
members of the Executive Leadership Team, are jointly
accountable for this policy’s implementation and review.
The policy is committed to respecting internationally
recognised guidelines and third-party standards. These
include the UK Department of Health & Food Safety
Authority 2016, a UK traffic light nutrient profiling
system, the World Health Organisation, the Food and
Agriculture Organization, the Consumer Goods Forum,
FoodDrinkEurope, and the International Organization of
the Flavour Industry.
Key stakeholders impacted by this policy include Kerry
employees, suppliers, customers, and consumers. This
policy is available on our intranet and website. The
impact listed in this policy has been identified through
internal and external stakeholder engagement as part of
our double materiality assessment.
Description Time
Horizon
Location in
Value Chain
Short
Medium
Long
Upstream
Own Ops
1
Downstream
Risk Regulatory Risk
Regulatory risk due to possible non-compliance with
food ingredients and labelling regulations resulting in
fines and legal consequences.
Risk Compliance Risk
Regulatory and compliance risk due to increase in regulatory
burden resulting from governments implementing
restrictions on specific food products to reduce diet-related
non-communicable diseases in the general public.
1
Own Ops = Own Operations
215
Sustainability Statement Consumers and End-Users (S4)
Our Food Safety and Quality Policy
Kerry’s Food Safety and Quality (FSQ) Policy outlines
its commitment to ensuring that its products meet the
highest standards of safety, integrity, and consumer
satisfaction. This policy is central to ensuring we provide
good nutrition and food security for consumers and
end-users. The policy outlines Kerry’s commitments and
the key activities it undertakes to address its material
FSQ impact. It sets guiding principles and ambitions
regarding managing Kerry’s FSQ, providing a holistic
enterprise perspective including its supply chain end to
end. The policy is monitored through the implementation
of the Kerry Global Quality and Food Safety (Q&FS)
Food Protection Systems Standard and a Global Hazard
Analysis Critical Control Point (HACCP) Standard.
The policy applies to all Kerry management,
facilities, and functions, including but not limited to
manufacturing sites, Research, Development and
Application (RD&A) facilities, pilot plants, raw material
supply, shared services (purchasing, quality, supply
chain, regulatory), warehouses, distribution centres
and joint ventures. All Kerry facilities and functions are
required to comply with this policy. The policy may be
augmented or adjusted by other local jurisdictional
laws, policies, and processes. In such cases, the stricter
guideline applies. The Global Quality Health Safety and
Environmental (QHSE) Officer is ultimately accountable
for this policy’s implementation.
The policy sets out Kerry's commitment to respecting
select internationally recognised guidelines and
third-party standards. These include the Global Food
Safety Initiative (GFSI) Benchmarked Standards,
specifically BRCGS, FSSC 22000, SQF, and ISO/TS
22002-1 Prerequisite Programmes on Food Safety.
Key stakeholders impacted by this policy include Kerry
staff, suppliers, and customers. The impact listed in
this policy has been identified through internal and
external stakeholder engagement as part of Kerry’s
double materiality assessment. This policy is published
on Kerry’s website, where it is accessible to all potentially
affected stakeholders. Kerry leverages the ‘Eye for Food
Safety and Quality’ document, a one-page commitment
statement available in local languages in Kerry locations,
to communicate and achieve the objectives of this policy.
4. Engagement Process
Interests and Views of Consumers and End-
Users
ESRS 2 SBM-2 – Interests and views of stakeholders
Kerry gathers perspectives and views from consumers
and end-users of our products through ongoing
engagement to better understand their needs and
perspectives and respond more effectively to any
potential impacts or risks that are identified. The rights
of our consumers continue to be a core component of
our strategy and business model, and our commitment
is seen through our continued contributions to food
safety and the health of our consumers.
Additionally, a selection of Kerry’s customers participated
in Kerry’s double materiality assessment process, providing
valuable perspectives and views on sustainability matters
material to Kerry from an impact perspective through
surveys and interviews. For more details on Kerry’s
stakeholder engagement approach, please refer to the
Stakeholder Engagement section on pages 138-139.
Processes for Engaging with our Consumers
and End-Users
S4-2 – Processes for engaging with consumers and end-
users about impacts
While Kerry primarily operates as a Business-to-Business
(B2B) organisation, understanding the end consumer is
vital to our success. By fostering ongoing engagement
with customers and consumers from pre-innovation
to product manufacture and beyond, we operate a
customer-centric business model, positioning ourselves
as a trusted partner in creating a world of sustainable
nutrition. Through insights gathered by our commercial
teams, participation in market forums, and initiatives
led by the Kerry Health and Nutrition Institute
®
(KHNI),
we drive growth, deliver value, and provide distinctive
perspectives that result in innovation for a dynamic
and evolving consumer. To showcase our innovation
capabilities, we engage customers and industry partners
through campaigns, conferences, tradeshows, webinars,
and strategic partnerships. These efforts are designed
to inspire customers and industry partners to develop
healthier products. We use platforms such as KHNI and
customer innovation workshops, to apply our knowledge
and expertise early in the development cycle, during the
ideation of new concepts and innovations.
The KHNI delivers impactful sustainable nutrition
insights to customers, academics, employees, and
consumers. Supported by a network of scientists, external
collaborators, and the Scientific Advisory Council, KHNI
shares its ‘Science for Healthier Food’ insights with
subscribers. These insights inform decision-making by
providing a comprehensive understanding of the views of
our customers and consumers.
At Kerry, we work closely with our customers to manage
actual and potential impacts on consumers and end-users.
Our cross-functional teams work collaboratively with
customers to co-develop innovative solutions, enabling us
to make a meaningful contribution to the UN Sustainable
Development Goals, particularly Goal 3: Good Health
and Well-being. Through our technology portfolio and
Kerry Nutri Guide tool, we create products optimised for
consumer health in alignment with regional nutrition
profiling guidelines.
We actively promote sustainable nutrition by educating
and raising awareness among our customers. Our
offerings include science-based capabilities, sustainability
services, product and application impact calculators, expert
commercial teams, and customer engagement platforms
such as our website and Customer Portal. This approach
fosters shared responsibility and supports a holistic
understanding of the benefits of sustainable nutrition.
Responsibility for Kerry’s engagement processes with
consumers and end-users rests with the Chief Science and
Technology Officer and the Chief Commercial Officer.
216
Sustainability Statement
Grievance Mechanisms
S4-3 – Processes to remediate negative impacts and channels
for consumers and end-users to raise concerns
Kerry is committed to providing effective remedies
where we have caused or contributed to material
negative impacts on consumers. We provide several
channels for consumers to raise concerns directly with
us, including:
Our Customer Account Managers: Our customers can
contact their account manager, through regular business
dealings, to raise any queries or concerns they may
have. These queries and concerns will be investigated
and dealt with promptly.
Kerry’s Customer Care Line: Kerry’s Customer
Care team serves as the primary point of contact for
customer complaints and concerns, including quality
and consumer-related issues. The Customer Care team
will investigate and respond to these complaints and
concerns in line with our processes.
Our Speak Up Channel: Kerry’s Speak Up channel offers
customers and consumers a safe and confidential way to
raise concerns or report issues, with anonymity provided
where legally permissible. All complaints received
through the Speak Up channel are monitored to ensure
thorough investigation, and appropriate actions are
taken to address and resolve substantiated concerns.
We have a strict policy prohibiting retaliation or reprisals
against any employee or stakeholder who reports a
concern or assists in an investigation in good faith.
5. Actions
S4-4 – Taking action on material impacts on consumers and
end-users, and approaches to managing material risks and
pursuing material opportunities related to consumers and
end-users, and effectiveness of those actions
Kerry has processes in place to manage consumer
health-related material impacts, risks and opportunities
with planned and budgeted initiatives to advance our
policy objectives and achieve our organisational targets
for consumer health.
For the actions disclosed in this section, the specified
location of the actions across our value chain reflects
where the impacts, risks and opportunity arise. We
acknowledge that Kerry will need to initiate many of
these activities from within our own operations.
In 2024, we took the following key actions to progress
the achievement of our consumer health policy
objectives and target:
Actual
Positive
Impact
Key Action Taken in 2024
Access to
Positive and
Balanced
Nutrition
In 2024, Kerry advanced its sodium reduction capabilities for snack products with the launch
of the Sodium Reduction Simulator. This tool assesses taste challenges across various flavour
profiles and sodium levels. When combined with Kerry’s Tastesense™ salt portfolio, this technology
facilitates the development of snacks with significantly less sodium. To support this initiative, we
launched educational resources, including a scientific webinar for customers and articles detailing
the science behind sodium reduction.
Opportunity Key Action Taken in 2024
Market Share
Expansion
Kerry leveraged its Innovation Framework in 2024 to commercialise technologies in support of our
consumer health commitments. Key highlights include solutions for nutritionally optimised plant-
based alternatives and clean-label meat preservation without harmful nitrites.
Risk Key Action Taken in 2024
Changing
Consumer
Preferences
Enabled by our recognised proprietary Insight toolkit, Kerry identified marketplace opportunities
and transformed insights into actionable strategies. Our goal is to inform better business
decisions and inspire proactive, outward-looking perspectives. Our Insight toolkit includes
proprietary research which utilises the latest methods to uncover consumer motivations and
emerging behaviours, exemplified by our 2024 ‘Future Lens’ work. It also includes a framework to
accelerate speed-to-market with purpose-driven, turnkey innovation solutions.
217
Sustainability Statement Consumers and End-Users (S4)
To accelerate progress towards our consumer health objectives, we plan to implement the following forward-
looking actions:
Actual
Positive
Impact
Future Actions Planned Time
Horizon
Short
Medium
Long
Access to
Positive and
Balanced
Nutrition
Continue investing in the development of impact tools, platforms and
innovation centres that can support product nutritional optimisation
during innovation.
Collaborate with universities, researchers, accelerators, and startups, to co-
develop new solutions and deliver breakthrough innovation.
Risk Future Actions Planned Time
Horizon
Short
Medium
Long
Changing
Consumer
Preferences
Continue to develop our Consumer Insight resources which include
Consumer Trends, and Category Trends which enables a consumer-centred
culture of innovation to achieve Kerry’s future of sustainable nutrition.
Publish the annual edition of the KHNI 'Top 10 Health and Nutrition' trends
for 2025 on KHNI website.
Regulatory Risk Assessment
Kerry has processes in place to ensure compliance with regulatory changes and shifting market preferences, these
outline the procedures for reviewing regional regulation changes and communicating them to internal stakeholders.
We also regularly review and update the Kerry Nutri Guide tool to account for any changing requirements surrounding
various government-endorsed front-of-pack nutrition labelling systems and national legislation requirements.
Consistent with applicable local and international laws and regulations, we are committed to providing for/or
cooperating in the equitable remediation of identified adverse impacts to our consumers and end-users that we may
have caused, contributed to, or are directly linked to our own operations.
During 2024, we undertook the following actions to manage regulatory and compliance risks identified:
Risk Key Actions Taken in 2024
Regulatory
Risk
The Kerry Nutri Map tool was launched in 2024 demonstrating country-level nutritional guidelines,
salt regulations and sugar taxes for over 55 countries globally, equipping our commercial teams
with the latest information that impacts their customers across regions. The Kerry Nutri Guide
tool was updated in 2024 to include the new front-of-pack nutrition labelling calculations for
Canada and Colombia, enabling our RD&A teams to identify areas of nutritional optimisation for
customers' products within these regions.
Compliance
Risk
Kerry’s regulatory team monitored regulatory updates and their impact on Kerry’s commercial
activities. In 2024, the European Union introduced new regulations in relation to specific flavours.
Kerry has developed a hub to inform customers about these regulations and has innovation to
provide alternative solutions.
218
Sustainability Statement
We will continue to monitor draft and confirmed regulation to manage our readiness to meet new requirements and
ensure our compliance. We have planned additional risk management actions to further enhance our resilience:
Risk Future Actions Planned Time
Horizon
Short
Medium
Long
Regulatory
Risk
Kerry Nutri Map and Kerry Nutri Guide tools will be updated with forthcoming
updates to nutritional labelling globally as it emerges. Kerry Nutri Guide with
be updated in 2025 to reflect the new algorithm for Nutri-Score which will be
relevant in European markets in 2026.
Food Safety and Quality
The quality of the food we produce is a key priority and an enabler of Kerry achieving our vision of becoming our
customers’ most valued partner, creating a world of sustainable nutrition. Our Food Safety Strategy is based on the
underlying principle of Safety First, Quality Always, which reflects our collective and company-wide commitment
to the safety of our people and the safety and quality of our products. Food safety and quality are embedded in
Kerry’s culture and are a cornerstone of our shared values. Our Global Food Safety and Quality Risk Management
Framework is a proactive risk-based approach to food safety management. It ensures that we begin with identifying
potential risks, implementing preventative controls, and monitoring effectiveness.
Kerry ensures food safety management through implementing the Kerry Global Q&FS Food Protection Systems
Standard that is leveraged by all sites to develop, implement, and maintain a food safety plan. Kerry is a member
of the Global Food Safety Initiative (GFSI), which utilises several schemes to ensure food safety is maintained
throughout the global food supply chain. We abide by the principles laid out by ISO 22000, which includes food safety
requirements that are standardised and to be maintained across organisations to assist in controlling hazards to
food safety. In addition, Kerry is an active member of the global non-profit SSAFE, which works to strengthen food
safety and improve wellbeing for humans, animals, and plants.
Potential
Negative
Impact
Key Action Taken in 2024
Food Safety
and Quality
We facilitated in excess of 800 external food safety and quality audits across our global
manufacturing facilities, which includes customer and accreditation audits, in addition to those
from our internal Group Food Safety Quality (FSQ) audit team, which are key to maintaining and
improving our food safety and quality standards.
We continue to assess and elevate the food safety and quality maturity of our manufacturing facilities through the
standardisation of food safety requirements and the Global FSQ Internal Audit programme. Our teams drive and
work to further embed and improve our culture of Safety First, Quality Always across the organisation, with further
actions planned to advance this objective:
Potential
Negative
Impact
Future Actions Planned Time
Horizon
Short
Medium
Long
Food Safety
and Quality
Ensure our own workforce behaviour continues to put Safety First, Quality
Always at the forefront of our daily decision-making. This will ensure that
we are delivering on our customers’ expectations for safe, high quality and
nutritious products.
Maintain accreditation to GFSI-recognised standards in currently certified
manufacturing facilities and achieve accreditation for the small number
of Kerry manufacturing facilities not currently certified against a GFSI-
recognised standard.
219
Sustainability Statement Consumers and End-Users (S4)
6. Targets and Metrics
1
S4-5 – Targets related to managing material negative
impacts, advancing positive impacts, and managing
material risks and opportunities
The quality of the food we produce is a key priority
and an enabler of Kerry achieving our vision. Our
Sustainable Nutrition Spectrum integrates nutritional,
environmental, and social measures, enabling us to act
in key impact areas and strategically evolve our portfolio
to support our customers in reaching their sustainable
nutrition goals. Our targets are guided by ongoing
engagement with our consumers to understand and
address their evolving nutritional needs.
Nutritional Reach Target
Our 2030 target is to reach over two billion people with
sustainable nutrition solutions that contribute to and
maintain good health for consumers and end-users.
Nutritional Reach Metric Performance
In 2024, we expanded our reach with positive
and balanced nutrition solutions to 1.36 billion
people (2023β: 1.25 billion), by expanding into new
markets and developing regions, through customer
partnerships and the availability of new technologies
within our portfolio. We also continue to maintain a
Taste & Nutrition portfolio of more than 80% (2023β:
more than 80%) positive and balanced nutrition.
We apply a nutritional profile scoring to our products.
The nutritional profile is then categorised into positive,
balanced and poor nutrition. The revenue associated
with each product is then categorised in the same way
and the total of positive and balanced is then compared
to the overall Taste & Nutrition revenue. Our progress
towards our target is in line with expectations and is
monitored by our Portfolio Council.
Our Nutritional Reach metric calculates the number
of consumers reached with positive and balanced
nutrition solutions.
The calculation methodology includes:
Step 1 - Nutritional Profiling:
• Each of Kerry’s ingredient solutions are nutritionally
analysed using objective nutritional databases that
calculate the specific nutrient levels based on the raw
materials used and their contribution in the product
formulation;
• These nutrient levels are compared to the UK traffic
light food and beverage thresholds for salt, sugar, fat,
saturated fat, and trans fat; and
• Each ingredient is categorised into; ‘positive’,
‘balanced’ or ‘poor’ nutrition in application.
Step 2 - Quantifying Nutritional Reach:
• Allocating the revenue associated with those products
that have positive and balanced nutrition solutions
within each end use market in each country;
• Leveraging third-party data and expertise to estimate
the number of people who consume a product with
positive or balanced Kerry technology; and
• Eliminating double counting through the use of statistical
methods. For more information, see Kerry’s nutrition
profiling methodology whitepaper at kerry.com.
Product Recalls Target
The safety and quality of our food is a key priority. Our
target is for zero product recalls annually.
Kerry has a responsibility to ensure food safety and
integrity is treated with the utmost importance.
As a global organisation, we apply consistent food
safety and quality standards through agreed global
processes and structures. As part of this approach,
Kerry has a clear policy outlining its commitment to
produce safe and legal products, while complying with
all applicable regulatory requirements.
Product Recalls Metric Performance
Product recalls measure the number of product recall
events relating to products that may cause adverse
health consequences to consumers and/or end-users,
aligned to the Food & Drug Administration definitions
for recall classification.
In 2024, there was one product recall notification (2023β:
zero). This recall arose due to potential microbiological
contamination. A supplier to Kerry recalled a number of
raw materials that had been supplied to, and used by,
Kerry manufacturing sites. Due to our well-established
processes there were no reported illnesses associated
with the recalled Kerry product.
Global Food Safety Initiative Accreditation
Kerry is an active member of the GFSI, an
industry initiative that reduces food safety risk
by delivering equivalence between effective food
safety management systems. Kerry recognises the
importance of accreditation of our manufacturing sites
to GFSI-recognised standards and requires that they
obtain certification against these standards, which
include Brand Reputation through Compliance Global
Standards (BRCGS), Food Safety System Certification
22000 (FSSC 22000), or Safe Quality Food (SQF)
schemes. We support and guide our non-certified sites
in the journey toward accreditation ensuring that the
safety and quality of our products is always assured.
In 2024, 97% of Kerry food manufacturing sites held
accreditation against GFSI-recognised standards.
This metric represents the number of Kerry food and
beverage manufacturing sites holding valid accreditation
against one or more of the GFSI-recognised standards
on 31 of December of the reporting year, expressed
as a percentage of the total number of Kerry food and
beverage manufacturing sites.
1
Comparative information denoted by β (beta) is not covered by the Independent Practitioners' Limited Assurance Report.
220
Sustainability Statement
Responsible Communications
1. Material Impacts
The following Responsible Communications related material impacts were identified as part of our double
materiality assessment:
Description Time
Horizon
Location in
Value Chain
Short
Medium
Long
Upstream
Own Ops
1
Downstream
Actual
Positive
Impact
Substantiated Information
Provide accurate and substantiated information, and
increased transparency on nutritional labels and claims,
thereby enabling product users to make more informed
consumption decisions.
Potential
Negative
Impact
Stakeholder Trust
Reduced stakeholder trust through inaccurate or
misleading communication surrounding progress on
sustainability.
2. Strategy
ESRS 2 SBM-3 – Material impacts, risks and opportunities and
their interaction with strategy and business model
Kerry in its engagements communicates responsibly, for
ethical reasons and to ensure we maintain the trust of
customers, end-users (the public) and all stakeholders.
Our approach to verifying that what we communicate
externally is accurate and substantiated enables
interested parties to rely on information we provide.
Our strategy for communicating responsibly and
effectively with customers and consumers can produce
an actual positive impact, by providing information on
a product’s nutritional composition, which can lead to
more informed consumer choices.
Enabling sustainable nutrition for our customers and
their consumers underpins our broader strategy and
our business model supports us in delivering on impact.
Communicating effectively and accurately is crucial
to increasing awareness of sustainability challenges
and solutions available to address these. For example,
understanding the nutritional profile of products and
what can influence this is important to allow customers
to innovate and create healthier products. Our Kerry
Nutri Guide tool can help them to understand key impact
areas, and as we partner with them on innovation and
reformulation, being clear on the potential impact of our
technologies is essential for their product development
and onward messaging to consumers. By ensuring
accurate and transparent communication, we can enable
more informed consumer choice and support a shift to
healthier diets.
In a similar way communication with our wider
stakeholders allows us to transparently share
information on our sustainability progress.
We recognise our role in preventing a potential negative
impact, and the resulting loss of trust that may arise,
due to misleading or inaccurate communication on
sustainability progress.
3. Policies
S4-1 – Policies related to consumers and end-users
Responsible Communications Policy
Our Responsible Communications Policy aims to ensure
that communications from the channels outlined within
the scope of the policy are truthful, accurate, and
substantiated, thereby protecting stakeholders from
inaccurate or misleading information.
It outlines our key activities to address material impacts
related to responsible communications, including the
preparation of communications in line with established
standards, an approval and sign-off process, and
an information management protocol to maintain
communication records and facilitate verification. Kerry
is dedicated to adhering to industry standards and best
practices to safeguard the wellbeing of consumers and
promote healthy choices. The policy also outlines the
actions required of employees and business partners
to ensure responsible communication principles are
adhered to. The Chief Corporate Affairs Officer, who is a
member of the Executive Leadership Team, is accountable
for the implementation and review of this policy.
The Responsible Communications Policy references
several third-party standards that have informed its
approach, including the International Chamber of
Commerce Code, the International Food & Beverage
1
Own Ops = Own Operations
221
Sustainability Statement Consumers and End-Users (S4)
Alliance 2021 Global Policy on Marketing Communications
to Children, and the Advertising Standards Authority for
Ireland Code of Standards advertising and marketing
communications in Ireland. This policy is available on
our intranet and website. The Corporate Affairs team are
responsible for investigating any potential breach of this
policy and for working with business function leaders to
ensure that appropriate mitigation and remediation steps
are taken. These may include reporting breaches of laws
to the relevant authorities as required by applicable laws.
4. Engagement Process
Interests & Views of Consumers and End-Users
ESRS 2 SBM-2 – Interests and views of stakeholders
For Kerry, our customers and the consumers of finished
products are a key group of affected stakeholders, and we
are committed to incorporating their interests, views, and
rights into our strategy and business model. Additionally,
consumer representatives participated in Kerry’s double
materiality assessment process, providing valuable
perspectives and views on sustainability matters material
to Kerry from an impact perspective through surveys
and interviews. For more details on Kerry’s stakeholder
engagement approach, please refer to the Stakeholder
Engagement section on pages 138-139.
Processes for Engaging with Consumers and
End-Users
S4-2 – Processes for engaging with consumers and end-
users about impacts
Stakeholders receive our communications in several
formats, including via social media, our website (Kerry.
com), press releases, and marketing materials, including
marketing-related product claims. Additionally, through
data and science-based tools, Kerry Group communicates
information to consumers about food products, helping
them to make informed choices. The Kerry Nutri Guide
supports front-of-pack labels through nutritional
verification; our Kerry Food Waste Estimator helps
manufacturers and end-users understand the impact of
waste; and our Kerry Carbon Guide ensures our customers
can better understand their carbon footprint. Facilitating
the availability of trusted information via these tools helps
users to make more informed purchasing decisions.
Responsibility for Kerry’s engagement processes for
responsible communications with consumers and end-
users rests with the Chief Corporate Affairs Officer.
Our processes are designed to receive feedback from
those with whom we communicate, so that we can
understand how those communications are being
received. We can assess the effectiveness of our
engagement, based in part on the nature of queries we
receive on our materials. We engage with our customers
directly on an ongoing basis and provide publicly
accessible contact information in our materials and on
our website, to facilitate contact from the public and
other stakeholders.
For further detail on our two-way stakeholder
engagement, please see the Stakeholder Engagement
section on pages 138-139. For a comprehensive overview
of the results of our engagement with consumers and
end-users regarding sustainability matters, as well
as our assessment of the associated impacts, risks,
and opportunities, please see the double materiality
assessment on pages 140-141.
Grievance Mechanisms
S4-3 – Processes to remediate negative impacts and
channels for consumers and end-users to raise concerns
We engage with our customers directly on an ongoing
basis and provide publicly accessible contact information
in our materials and on our website, to facilitate contact
from the public and other stakeholders.
At Kerry we take any allegations of breaches of our
responsible communication principles seriously and have
grievance mechanisms in place for reporting concerns.
Consumers, individuals conducting business with Kerry
and other indirect stakeholders are encouraged to use
the Speak Up platform to report concerns confidentially,
safely, and anonymously (via Speak Up where permitted
by local laws). All complaints received through the
Speak Up channel are monitored to ensure thorough
investigation, Kerry is committed to providing effective
remedies where we have caused or contributed to
material negative impacts on consumers and end-users.
We have a strict policy prohibiting retaliation or reprisals
against any employee or stakeholder who reports a
concern or assists in an investigation in good faith.
5. Actions
S4-4 – Taking action on material impacts on consumers and
end-users, and approaches to managing material risks and
pursuing material opportunities related to consumers and
end-users, and effectiveness of those actions
At Kerry we acknowledge the impact that our
communications can have on informing the actions
of our stakeholders, and the choices they make. As
such, we recognise the importance of ensuring that
those communications are undertaken in a responsible
manner. Kerry has processes in place to manage
responsible communication-related material impacts,
with planned and budgeted for initiatives to advance our
policy objectives.
The initiatives outlined below demonstrate how Kerry
prevents and mitigates against negative impact, as well as
delivering positive impact to consumers and end-users.
For the actions disclosed in this section, the specified
location of the actions across our value chain reflects
where the impacts arise. We acknowledge that Kerry will
need to initiate many of these activities from within our
own operations.
222
Sustainability Statement
During 2024, we undertook action to manage our responsible communications impact:
Actual
Positive
Impact
Key Actions Taken in 2024
Substantiated
Information
Kerry engaged with customers to promote nutritional awareness and provide accurate and
transparent information that enables consumers to make informed and healthier choices.
In addition, we took action to maintain stakeholder trust:
Potential
Negative
Impact
Key Actions Taken in 2024
Stakeholder
Trust
To ensure that Kerry communications are accurate and substantiated, so that they can be a trusted
source of information for our stakeholders, we monitor updates on evolving regulations related to
communications and claims, to stay informed about the changing requirements.
In 2024, Kerry launched a series of educational campaigns through the Kerry Health and Nutrition Institute
®
(KHNI) to inform stakeholders about the benefits of sustainable nutrition and healthier food choices.
Upholding our commitment to communicating responsibly requires continuous focus, and we have future actions
planned to support that:
Actual
Positive
Impact
Future Actions Planned Time
Horizon
Short
Medium
Long
Substantiated
Information
To inform healthier, more sustainable consumer choices, we will continue
to promote awareness of nutrition and sustainability considerations by
providing accurate and transparent information on relevant topics, via own
communications channels.
Actions are planned to continue to build on stakeholder trust in the future:
Potential
Negative
Impact
Future Actions Planned Time
Horizon
Short
Medium
Long
Stakeholder
Trust
Recognising the importance of trusted information on topics of nutrition and
sustainability, we will continue to ensure that statements and claims made in official
communications follow citation and referencing standards and policies, with data
references being maintained for verification and substantiation purposes.
Continue to review industry best practice on responsible communications
to ensure that the information delivered via our channels meets the highest
applicable standards for trusted sources.
We track and assess the effectiveness of these actions and initiatives through regular monitoring and review. Our formal
approval process for communications materials ensures consistency and compliance with communication policies.
6. Targets
S4-5 – Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and
opportunities
We maintain our adherence to relevant regulatory guidelines, industry standards and best practices in this area, and
investigate any suspected breaches of these practices where identified. We have not set an outcome-oriented target for
responsible communications at this time, given the qualitative nature of related commitments.
223
Sustainability Statement Appendix
1. ESRS 2 Appendix B
The table below illustrates the datapoints in ESRS 2 and topical ESRS that derive from other EU legislation.
Disclosure Requirement and
related datapoint
SFDR Reference Pillar 3 Reference Benchmark Regulation
Reference
EU Climate
Law
Reference
Material/Not
Material
Page
Number
ESRS 2 GOV-1 Board’s gender
diversity paragraph 21 (d)
Indicator number 13 of
Table #1 of Annex 1
Commission Delegated
Regulation (EU) 2020/1816
(27), Annex II
Material 134
ESRS 2 GOV-1
Percentage of board members who
are independent paragraph 21 (e)
Delegated Regulation (EU)
2020/1816, Annex II
Material 134
ESRS 2 GOV-4
Statement on due diligence
paragraph 30
Indicator number 10
Table #3 of Annex 1
Material 135
ESRS 2 SBM-1
Involvement in activities related to
fossil fuel activities paragraph 40 (d) i
Indicators number 4
Table #1 of Annex 1
Article 449a Regulation (EU) No
575/2013; Commission Implementing
Regulation (EU) 2022/2453 (28)
Table 1: Qualitative information
on Environmental risk and Table 2:
Qualitative information on Social risk
Delegated Regulation (EU)
2020/1816, Annex II
Not Material -
ESRS 2 SBM-1
Involvement in activities related to
chemical production paragraph 40
(d) ii
Indicator number 9 Table
#2 of Annex 1
Delegated Regulation (EU)
2020/1816, Annex II
Not Material -
ESRS 2 SBM-1
Involvement in activities related to
controversial weapons paragraph 40
(d) iii
Indicator number 14
Table #1 of Annex 1
Delegated Regulation
(EU) 2020/1818 (29),
Article 12(1) Delegated
Regulation (EU)
2020/1816, Annex II
Not Material -
ESRS 2 SBM-1
Involvement in activities related to
cultivation and production of tobacco
paragraph 40 (d) iv
Delegated Regulation (EU)
2020/1818, Article 12(1)
Delegated Regulation (EU)
2020/1816, Annex II
Not Material -
ESRS E1-1
Transition plan to reach climate
neutrality by 2050 paragraph 14
Regulation
(EU)
2021/1119,
Article 2(1)
Material 147-150
224
Sustainability Statement
Disclosure Requirement and
related datapoint
SFDR Reference Pillar 3 Reference Benchmark Regulation
Reference
EU Climate
Law
Reference
Material/Not
Material
Page
Number
ESRS E1-1
Undertakings excluded from Paris-
aligned Benchmarks paragraph 16 (g)
Article 449a Regulation (EU) No
575/2013; Commission Implementing
Regulation (EU) 2022/2453 Template
1: Banking book-Climate Change
transition risk: Credit quality of
exposures by sector, emissions and
residual maturity
Delegated Regulation (EU)
2020/1818, Article12.1 (d)
to (g), and Article 12.2
Material 150
ESRS E1-4
GHG emission reduction targets
paragraph 34
Indicator number 4 Table
#2 of Annex 1
Article 449a Regulation (EU) No
575/2013; Commission Implementing
Regulation (EU) 2022/2453 Template
3: Banking book – Climate change
transition risk: alignment metrics
Delegated Regulation (EU)
2020/1818, Article 6
Material 158-159
ESRS E1-5
Energy consumption from fossil
sources disaggregated by sources
(only high climate impact sectors)
paragraph 38
Indicator number 5 Table
#1 and Indicator n. 5
Table #2 of Annex 1
Material 160
ESRS E1-5
Energy consumption and mix
paragraph 37
Indicator number 5 Table
#1 of Annex 1
Material 160
ESRS E1-5
Energy intensity associated with
activities in high climate impact
sectors paragraphs 40 to 43
Indicator number 6 Table
#1 of Annex 1
Material 160
ESRS E1-6
Gross Scope 1, 2, 3 and Total GHG
emissions paragraph 44
Indicators number 1 and
2 Table #1 of Annex 1
Article 449a; Regulation (EU) No
575/2013; Commission Implementing
Regulation (EU) 2022/2453 Template
1: Banking book – Climate change
transition risk: Credit quality of
exposures by sector, emissions and
residual maturity
Delegated Regulation (EU)
2020/1818, Article 5(1), 6
and 8(1)
Material 163
ESRS E1-6
Gross GHG emissions intensity
paragraphs 53 to 55
Indicators number 3
Table #1 of Annex 1
Article 449a Regulation (EU) No
575/2013; Commission Implementing
Regulation (EU) 2022/2453 Template
3: Banking book – Climate change
transition risk: alignment metrics
Delegated Regulation (EU)
2020/1818, Article 8(1)
Material 164
225
Sustainability Statement Appendix
Disclosure Requirement and
related datapoint
SFDR Reference Pillar 3 Reference Benchmark Regulation
Reference
EU Climate
Law
Reference
Material/Not
Material
Page
Number
ESRS E1-7
GHG removals and carbon credits
paragraph 56
Regulation
(EU)
2021/1119,
Article 2(1)
Material 164
ESRS E1-9
Exposure of the benchmark portfolio
to climate-related physical risks
paragraph 66
Delegated Regulation
(EU) 2020/1818, Annex II
Delegated Regulation (EU)
2020/1816, Annex II
Material - see
Appendix 3
233
ESRS E1-9
Disaggregation of monetary amounts
by acute and chronic physical risk
paragraph 66 (a)
Article 449a Regulation (EU) No
575/2013; Commission Implementing
Regulation (EU) 2022/2453 paragraphs
46 and 47; Template 5: Banking
book - Climate change physical risk:
Exposures subject to physical risk.
Material - see
Appendix 3
233
ESRS E1-9
Location of significant assets at
material physical risk paragraph 66
(c).
Material - see
Appendix 3
233
ESRS E1-9 Breakdown of the carrying
value of its real estate assets by
energy-efficiency classes paragraph
67 (c).
Article 449a Regulation (EU) No
575/2013; Commission Implementing
Regulation (EU) 2022/2453 paragraph
34;Template 2:Banking book -
Climate change transition risk: Loans
collateralised by immovable property -
Energy efficiency of the collateral
Material - see
Appendix 3
233
ESRS E1-9
Degree of exposure of the portfolio
to climate-related opportunities
paragraph 69
Delegated Regulation (EU)
2020/1818, Annex II
Material - see
Appendix 3
233
ESRS E2-4
Amount of each pollutant listed in
Annex II of the E-PRTR Regulation
(European Pollutant Release and
Transfer Register) emitted to air,
water and soil, paragraph 28
Indicator number 8
Table #1 of Annex 1
Indicator number 2
Table #2 of Annex 1
Indicator number 1 Table
#2 of Annex 1 Indicator
number 3 Table #2 of
Annex 1
Not Material -
226
Sustainability Statement
Disclosure Requirement and
related datapoint
SFDR Reference Pillar 3 Reference Benchmark Regulation
Reference
EU Climate
Law
Reference
Material/Not
Material
Page
Number
ESRS E3-1
Water and marine resources
paragraph 9
Indicator number 7 Table
#2 of Annex 1
Material 165-166
ESRS E3-1
Dedicated policy paragraph 13
Indicator number 8 Table
2 of Annex 1
Material 165-166
ESRS E3-1
Sustainable oceans and seas
paragraph 14
Indicator number 12
Table #2 of Annex 1
Not Material -
ESRS E3-4
Total water recycled and reused
paragraph 28 (c)
Indicator number 6.2
Table #2 of Annex 1
Not Material -
ESRS E3-4
Total water consumption in m 3
per net revenue on own operations
paragraph 29
Indicator number 6.1
Table #2 of Annex 1
Not Material -
ESRS 2- SBM 3 - E4 paragraph 16 (a) i Indicator number 7 Table
#1 of Annex 1
Not Material -
ESRS 2- SBM 3 - E4 paragraph 16 (b) Indicator number 10
Table #2 of Annex 1
Not Material -
ESRS 2- SBM 3 - E4 paragraph 16 (c) Indicator number 14
Table #2 of Annex 1
Not Material -
ESRS E4-2
Sustainable land/agriculture practices
or policies paragraph 24 (b)
Indicator number 11
Table #2 of Annex 1
Material 170-171
ESRS E4-2
Sustainable oceans/seas practices or
policies paragraph 24 (c)
Indicator number 12
Table #2 of Annex 1
Not Material -
ESRS E4-2
Policies to address deforestation
paragraph 24 (d)
Indicator number 15
Table #2 of Annex 1
Material 170-171
ESRS E5-5
Non-recycled waste paragraph 37 (d)
Indicator number 13
Table #2 of Annex 1
Not Material
-
ESRS E5-5
Hazardous waste and radioactive
waste paragraph 39
Indicator number 9 Table
#1 of Annex 1
Not Material -
227
Sustainability Statement Appendix
Disclosure Requirement and
related datapoint
SFDR Reference Pillar 3 Reference Benchmark Regulation
Reference
EU Climate
Law
Reference
Material/Not
Material
Page
Number
ESRS 2- SBM3 - S1
Risk of incidents of forced labour
paragraph 14 (f)
Indicator number 13
Table #3 of Annex I
Not Material -
ESRS 2- SBM3 - S1
Risk of incidents of child labour
paragraph 14 (g)
Indicator number 12
Table #3 of Annex I
Not Material -
ESRS S1-1
Human rights policy commitments
paragraph 20
Indicator number 9 Table
#3 and Indicator number
11 Table #1 of Annex I
Material 190
ESRS S1-1
Due diligence policies on issues
addressed by the fundamental
International Labor Organisation
Conventions 1 to 8, paragraph 21
Delegated Regulation (EU)
2020/1816, Annex II
Material 190
ESRS S1-1
processes and measures for
preventing trafficking in human
beings paragraph 22
Indicator number 11
Table #3 of Annex I
Material 186
ESRS S1-1
workplace accident prevention policy
or management system paragraph
23
Indicator number 1 Table
#3 of Annex I
Material 189
ESRS S1-3
grievance/complaints handling
mechanisms paragraph 32 (c)
Indicator number 5 Table
#3 of Annex I
Material 192
ESRS S1-14
Number of fatalities and number
and rate of work-related accidents
paragraph 88 (b) and (c)
Indicator number 2 Table
#3 of Annex I
Delegated Regulation (EU)
2020/1816, Annex II
Material 204
ESRS S1-14
Number of days lost to injuries,
accidents, fatalities or illness
paragraph 88 (e)
Indicator number 3 Table
#3 of Annex I
Material 204
ESRS S1-16
Unadjusted gender pay gap
paragraph 97 (a)
Indicator number 12
Table #1 of Annex I
Delegated Regulation (EU)
2020/1816, Annex II
Material 202
228
Sustainability Statement
Disclosure Requirement and
related datapoint
SFDR Reference Pillar 3 Reference Benchmark Regulation
Reference
EU Climate
Law
Reference
Material/Not
Material
Page
Number
ESRS S1-16
Excessive CEO pay ratio paragraph
97 (b)
Indicator number 8 Table
#3 of Annex I
Material 202
ESRS S1-17
Incidents of discrimination paragraph
103 (a)
Indicator number 7 Table
#3 of Annex I
Material 205
ESRS S1-17 Non-respect of UNGPs
on Business and Human Rights and
OECD Guidelines paragraph 104 (a)
Indicator number 10
Table #1 and Indicator n.
14 Table #3 of Annex I
Delegated Regulation
(EU) 2020/1816, Annex II
Delegated Regulation (EU)
2020/1818 Art 12 (1)
Material 205
ESRS 2- SBM3 – S2
Significant risk of child labour or
forced labour in the value chain
paragraph 11 (b)
Indicators number 12
and n. 13 Table #3 of
Annex I
Material 207
ESRS S2-1
Human rights policy commitments
paragraph 17
Indicator number 9 Table
#3 and Indicator n. 11
Table #1 of Annex 1
Material 208
ESRS S2-1
Policies related to value chain
workers paragraph 18
Indicator number 11 and
n. 4 Table #3 of Annex 1
Material 208
ESRS S2-1
Non-respect of UNGPs on Business
and Human Rights principles and
OECD guidelines paragraph 19
Indicator number 10
Table #1 of Annex 1
Delegated Regulation
(EU) 2020/1816, Annex II
Delegated Regulation (EU)
2020/1818, Art 12 (1)
Material 208
ESRS S2-1
Due diligence policies on issues
addressed by the fundamental
International Labor Organisation
Conventions 1 to 8, paragraph 19
Delegated Regulation (EU)
2020/1816, Annex II
Material 208
ESRS S2-4
Human rights issues and incidents
connected to its upstream and
downstream value chain paragraph
36
Indicator number 14
Table #3 of Annex 1
Material 210
229
Sustainability Statement Appendix
Disclosure Requirement and
related datapoint
SFDR Reference Pillar 3 Reference Benchmark Regulation
Reference
EU Climate
Law
Reference
Material/Not
Material
Page
Number
ESRS S3-1
Human rights policy commitments
paragraph 16
Indicator number 9
Table #3 of Annex 1 and
Indicator number 11
Table #1 of Annex 1
Not Material -
ESRS S3-1
Non-respect of UNGPs on Business
and Human Rights, ILO principles or
OECD guidelines paragraph 17
Indicator number 10
Table #1 Annex 1
Delegated Regulation
(EU) 2020/1816, Annex II
Delegated Regulation (EU)
2020/1818, Art 12 (1)
Not Material -
ESRS S3-4
Human rights issues and incidents
paragraph 36
Indicator number 14
Table #3 of Annex 1
Not Material -
ESRS S4-1 Policies related to
consumers and end-users paragraph
16
Indicator number 9 Table
#3 and Indicator number
11 Table #1 of Annex 1
Material 214 and 220
ESRS S4-1
Non-respect of UNGPs on Business
and Human Rights and OECD
guidelines paragraph 17
Indicator number 10
Table #1 of Annex 1
Delegated Regulation
(EU) 2020/1816, Annex II
Delegated Regulation (EU)
2020/1818, Art 12 (1)
Not Material -
ESRS S4-4
Human rights issues and incidents
paragraph 35
Indicator number 14
Table #3 of Annex 1
Not Material -
ESRS G1-1
United Nations Convention against
Corruption paragraph 10 (b)
Indicator number 15
Table #3 of Annex 1
Not Material -
ESRS G1-1
Protection of whistle- blowers
paragraph 10 (d)
Indicator number 6 Table
#3 of Annex 1
Not Material -
ESRS G1-4
Fines for violation of anti-corruption
and anti-bribery laws paragraph 24
(a)
Indicator number 17
Table #3 of Annex 1
Delegated Regulation (EU)
2020/1816, Annex II)
Not Material -
ESRS G1-4
Standards of anti- corruption and
anti- bribery paragraph 24 (b)
Indicator number 16
Table #3 of Annex 1
Not Material
-
230
Sustainability Statement
2. Index of compliance with disclosure requirements
ESRS 2 IRO-2 – Disclosure Requirements in ESRS covered by the undertaking’s sustainability statement
The following table covers general disclosure requirements and disclosure requirements for the topics that were
deemed to be material following the double materiality assessment.
ESRS Material DR Description Page
Number
ESRS 2 – General Disclosures
ESRS 2
BP-1 General basis for preparation of sustainability statement 131
BP-2 Disclosures in relation to specific circumstances 131
GOV-1 The role of the administrative, management and supervisory bodies 133
GOV-2 Information provided to and sustainability matters addressed by the
undertaking’s administrative, management and supervisory bodies
134
GOV-3 Integration of sustainability-related performance in incentive schemes 135
GOV-4 Statement on due diligence 135
GOV-5 Risk management and internal controls over sustainability reporting 136
SBM-1 Strategy, business model and value chain 137
SBM-2 Interests and views of stakeholders 138
SBM-3 Material impacts, risks and opportunities and their interaction with
strategy and business model
137 and 142
IRO-1 Description of the processes to identify and assess material impacts,
risks and opportunities
140
IRO-2 Disclosure Requirements in ESRS covered by the undertaking’s
sustainability statement
230
E1 – Climate Change
ESRS E1
ESRS 2 GOV-3
– E1
Integration of sustainability-related performance in incentive
schemes
135
E1-1 Transition plan for climate change mitigation 147
ESRS 2 SBM-3
– E1
Material impacts, risks and opportunities and their interaction with
strategy and business model
156
ESRS 2 IRO-1
– E1
Description of the processes to identify and assess material climate-
related impacts, risks and opportunities
146 and 151
E1-2 Policies related to climate change mitigation and adaptation 157
E1-3 Actions and resources in relation to climate change policies 147
E1-4 Targets related to climate change mitigation and adaptation 158
E1-5 Energy consumption and mix 159
E1-6 Gross Scopes 1, 2, 3 and Total GHG emissions 160-164
E1-7 GHG removals and GHG mitigation projects financed through
carbon credits
164
E1-8 Internal carbon pricing 164
231
Sustainability Statement Appendix
ESRS Material DR Description Page
Number
E3 – Water and Marine Resources
ESRS E3
ESRS 2
IRO-1 – E3
Description of the processes to identify and assess material water
and marine resources-related impacts, risks and opportunities
165
E3-1 Policies related to water and marine resources 165
E3-2 Actions and resources related to water and marine resources 166
E3-3 Targets related to water and marine resources 168
E4 – Biodiversity and Ecosystems
ESRS E4
E4-1 Transition plan and consideration of biodiversity and ecosystems in
strategy and business model
170
ESRS 2
SBM-3 – E4
Material impacts, risks and opportunities and their interaction with
strategy and business model
170
ESRS 2
IRO-1– E4
Description of processes to identify and assess material biodiversity
and ecosystem-related impacts, risks and opportunities
169
E4-2 Policies related to biodiversity and ecosystems 170
E4-3 Actions and resources related to biodiversity and ecosystems 171
E4-4 Targets related to biodiversity and ecosystems 173
E4-5 Impact metrics related to biodiversity and ecosystems change 173
E5 - Resource Use and Circular Economy
ESRS E5
ESRS 2
IRO-1 – E5
Description of the processes to identify and assess material resource
use and circular economy-related impacts, risks and opportunities
175
E5-1 Policies related to resource use and circular 176
E5-2 Actions and resources related to resource use and circular economy 176
E5-3 Targets related to resource use and circular economy 177
S1 – Own Workforce
ESRS S1
ESRS 2
SBM-2 – S1
Interests and views of stakeholders 191
ESRS 2
SBM-3 – S1
Material impacts, risks and opportunities and their interaction with
strategy and business model
188
S1-1 Policies related to own workforce 189
S1-2 Processes for engaging with own workforce and workers’
representatives about impacts
191
S1-3 Processes to remediate negative impacts and channels for own
workforce to raise concerns
192
S1-4 Taking action on material impacts on own workforce, and approaches
to managing material risks and pursuing material opportunities
related to own workforce, and effectiveness of those actions
192
232
Sustainability Statement
ESRS Material DR Description Page
Number
S1 – Own Workforce
ESRS S1
S1-5 Targets related to managing material negative impacts, advancing
positive impacts, and managing material risks and opportunities
196
S1-6 Characteristics of the undertaking’s employees 197
S1-7 Characteristics of non-employees in the undertaking’s own workforce 200
S1-8 Collective bargaining coverage and social dialogue 200
S1-9 Diversity metrics 199
S1-10 Adequate wages 201
S1-11 Social protection 201
S1-13 Training and skills development metrics 202
S1-14 Health and safety metrics 203
S1-16 Remuneration metrics (pay gap and total remuneration) 202
S1-17 Incidents, complaints and severe human rights impacts 205
S2 – Workers in the Value Chain
ESRS S2
ESRS 2
SBM-2 – S2
Interests and views of stakeholders 208
ESRS 2
SBM-3 – S2
Material impacts, risks and opportunities and their interaction with
strategy and business model
207
S2-1 Policies related to value chain workers 208
S2-2 Processes for engaging with value chain workers about impacts 209
S2-3 Processes to remediate negative impacts and channels for value
chain workers to raise concerns
209
S2-4 Taking action on material impacts on value chain workers, and
approaches to managing material risks and pursuing material
opportunities related to value chain workers, and effectiveness of
those actions
210
S2-5 Targets related to managing material negative impacts,
advancing positive impacts, and managing material risks and
opportunities
212
S4 – Consumers and End-Users
ESRS S4
ESRS 2 SBM-2
– S4
Interests and views of stakeholders 215 and 221
ESRS 2 SBM-3
– S4
Material impacts, risks and opportunities and their interaction with
strategy and business model
214 and 220
S4-1 Policies related to consumers and end-users 214 and 220
S4-2 Processes for engaging with consumers and end-users about impacts 215 and 221
S4-3 Processes to remediate negative impacts and channels for
consumers and end-users to raise concerns
216 and 221
233
Sustainability Statement Appendix
ESRS Disclosure Requirement Full name of Disclosure Requirement
ESRS 2 SBM-1 40 b and c Strategy, business model and value chain
ESRS 2 SBM-3 48 e Material impacts, risks and opportunities and their interaction with strategy
and business model
E1-9 Anticipated financial effects from material physical and transition risks and
potential climate-related opportunities
E3-5 Anticipated financial effects from water and marine resources-related risks
and opportunities
E4-6 Anticipated financial effects from biodiversity and ecosystem-related risks
and opportunities
E5-6 Anticipated financial effects from resource use and circular economy-related
risks and opportunities
S1-12 Persons with disabilities
S1-15 Work-life balance
ESRS Material DR Description Page
Number
S4 – Consumers and End-Users
ESRS S4
S4-4 Taking action on material impacts on consumers and end-users,
and approaches to managing material risks and pursuing material
opportunities related to consumers and end-users, and effectiveness
of those actions
216 and 221
S4-5 Targets related to managing material negative impacts, advancing
positive impacts, and managing material risks and opportunities
219 and 222
3. Disclosures for which phase-in reliefs have been availed of within this Sustainability Statement
FINANCIAL
STATEMENTS
Financial Statements234
235Financial Statements / Independent Auditors’ Report
Report on the audit of the
financial statements
Opinion
In our opinion, Kerry Group plc’s Consolidated
financial statements and Company financial
statements (the “financial statements”):
– give a true and fair view of the Group’s and the
Company’s assets, liabilities and financial position
as at 31 December 2024 and of the Group’s profit
and the Group’s and the Company’s cash flows for
the year then ended;
– have been properly prepared in accordance with
International Financial Reporting Standards
(“IFRSs”) as adopted by the European Union and,
as regards the Company’s financial statements, as
applied in accordance with the provisions of the
Companies Act 2014; and
– have been properly prepared in accordance with
the requirements of the Companies Act 2014 and,
as regards the Consolidated financial statements,
Article 4 of the IAS Regulation.
We have audited the financial statements, included
within the Annual Report 2024 (“Annual Report”),
which comprise:
– the Consolidated and Company Balance Sheets as
at 31 December 2024;
– the Consolidated Income Statement and
Consolidated Statement of Comprehensive
Income for the year then ended;
– the Consolidated and Company Statements of
Cash Flows for the year then ended;
– the Consolidated and Company Statements of
Changes in Equity for the year then ended; and
– the notes to the financial statements, which
include a description of the accounting policies.
Certain required disclosures have been presented
elsewhere in the Annual Report, rather than in the
notes to the financial statements. These are cross-
referenced from the financial statements and are
identified as audited.
Our opinion is consistent with our reporting to the
Audit Committee.
INDEPENDENT AUDITORS’ REPORT
Independent auditors’ report to
the members of Kerry Group plc
Separate opinion in relation to IFRS
Accounting Standards as issued by the
International Accounting Standards Board
As explained in note 1 to the financial statements,
the Group, in addition to applying IFRSs as adopted
by the European Union, has also applied IFRS
Accounting Standards as issued by the International
Accounting Standards Board (IASB).
In our opinion, the Consolidated financial
statements comply with IFRS Accounting Standards
as issued by the IASB.
Basis for opinion
We conducted our audit in accordance with
International Standards on Auditing (Ireland) (“ISAs
(Ireland)”) and applicable law. Our responsibilities
under ISAs (Ireland) are further described in the
Auditors’ responsibilities for the audit of the financial
statements section of our report. We believe that the
audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Independence
We remained independent of the Group in
accordance with the ethical requirements that are
relevant to our audit of the financial statements in
Ireland, which includes IAASA’s Ethical Standard as
applicable to listed public interest entities, and we
have fulfilled our other ethical responsibilities in
accordance with these requirements.
To the best of our knowledge and belief, we declare
that non-audit services prohibited by IAASA’s
Ethical Standard were not provided to the Group
or the Company.
Other than those disclosed in note 3 to the financial
statements, we have provided no other services to
the Group or the Company in the period from
1 January 2024 to 31 December 2024.
236 Financial Statements / Independent Auditors’ Report
Our audit approach
Overview
Overall materiality
– €41.7 million (2023: €40 million) - Consolidated financial statements.
– Based on approximately 5% of profit before taxation and non-trading items
from continuing operations.
– €31.5 million (2023: €14.4 million) - Company financial statements.
– Based on approximately 1% of net assets.
Performance materiality
– €31.2 million (2023: €30 million) - Consolidated financial statements.
– €23.6 million (2023: €10.8 million) - Company financial statements.
Audit scope
– We conducted audit work in 33 reporting components. We selected these
components due to their size or characteristics and to ensure appropriate audit
coverage. An audit of the complete financial information of 19 components
was performed. Specific audit procedures on certain balances and transactions
were also performed at a further 14 components. We have audited centrally the
external debt and derivatives which are managed by the central Treasury function
and the defined benefit post-retirement schemes within Ireland and the UK. We
also performed audit work at each of the Group’s principal shared service centres.
– The reporting components where an audit of the complete financial information
was performed accounted for in excess of 75% of Consolidated revenue from
continuing operations and in excess of 75% of Consolidated profit before taxation
and non-trading items from continuing operations.
Key audit matters
– Goodwill and indefinite life intangible assets impairment assessment (Group).
– Income taxes (Group).
– Disposal of Kerry Dairy Ireland (Group and Company).
– Recoverability of Investments in Subsidiaries (Company).
The scope of our audit
As part of designing our audit, we determined materiality and assessed the risks of material misstatement
in the financial statements. In particular, we looked at where the directors made subjective judgements, for
example in respect of significant accounting estimates that involved making assumptions and considering
future events that are inherently uncertain. As in all of our audits we also addressed the risk of management
override of internal controls, including evaluating whether there was evidence of bias by the directors that
represented a risk of material misstatement due to fraud.
Key audit matters
Key audit matters are those matters that, in the auditors’ professional judgement, were of most significance in the
audit of the financial statements of the current period and include the most significant assessed risks of material
misstatement (whether or not due to fraud) identified by the auditors, including those which had the greatest effect
on: the overall audit strategy; the allocation of resources in the audit; and directing the efforts of the engagement
team. These matters, and any comments we make on the results of our procedures thereon, were addressed in
the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not
provide a separate opinion on these matters. This is not a complete list of all risks identified by our audit.
Key audit matter How our audit addressed the key audit matter
Goodwill and indefinite life intangible assets
impairment assessment (Group)
Refer to note 1 ‘Statement of accounting policies’
- “Intangible assets”, “Impairment of non-financial
assets”, “Critical accounting estimates and
judgements” and note 13 ‘Intangible assets’.
The Group has goodwill and indefinite life
intangible assets of €4,950.7 million at 31
December 2024 representing approximately 40%
of the Group’s total assets at year end.
Our audit team, assisted by our in-house valuation
experts, considered the Group’s impairment models
and evaluated the methodology followed and key
assumptions used. We tested the mathematical accuracy
of the underlying calculations in the models.
We assessed management’s future cash flow forecasts,
and the process by which they were drawn up, including
comparing them to the latest board approved budgets.
In evaluating these forecasts we considered the Group’s
historic performance and its past record of achieving
strategic objectives, and management’s assessment
of the likely impact the current macro-economic
environment and climate related risks may have on
financial performance.
237Financial Statements / Independent Auditors’ Report
Key audit matter How our audit addressed the key audit matter
Goodwill and indefinite life intangible assets
impairment assessment (Group)
(continued)
Goodwill and indefinite life intangible assets are
subject to impairment testing on an annual basis or
more frequently if there are indicators of impairment.
Management carried out an impairment test as at
31 December 2024 and concluded there was no
impairment.
We determined this to be a key audit matter given the
scale of the assets and because the determination
of whether an impairment charge for goodwill or
indefinite life intangible assets was necessary involves
significant judgement in estimating the future
results of the business, which includes the cash flows
(including revenue growth rates and EBITDA margin
percentages) and long term growth rate assumptions,
and determining the appropriate discount rate to use.
We assessed the appropriateness of the Group’s
long term growth rate assumptions used to calculate
terminal values at year five, by comparing them to
independent sources (for example OECD statistics) of
projected growth rates for each region.
We used our in-house valuation experts in assessing
management’s calculation of the discount rates.
Our experts developed a range of discount rates
(adjusted to reflect risks associated with each group
of CGUs) using observable inputs from independent
external sources.
We also considered management’s sensitivity analysis
which included the potential impact of the current
macro-economic environment and climate related
events and performed our own sensitivity analysis
on the impact of changes in key assumptions on the
impairment assessment, for example the cash flows
(including revenue growth rates and EBITDA margin
percentages), discount rates and the long term rates
of growth assumed by management.
Based on our procedures we determined that
management’s conclusion that there was no
goodwill or indefinite life intangible assets
impairment was reasonable.
We assessed the appropriateness of the related
disclosures within the financial statements and
consider the disclosures, including the assessed
impact of climate change on the impairment
assessment to be reasonable.
Income taxes (Group)
Refer to note 1 ‘Statement of accounting policies’ -
“Income taxes” and “Critical accounting estimates
and judgements”, note 7 ‘Income taxes’ and note 18
‘Deferred tax assets and liabilities’.
The global nature of the Group means that it operates
across many jurisdictions and is subject to periodic
challenges by local tax authorities on a range of tax
matters during the normal course of business. Tax
legislation is open to different interpretations and
the tax treatments of many items are uncertain. Tax
audits can require several years to conclude, and
transfer pricing judgements by tax authorities may
impact the Group’s tax liabilities.
Management judgement and estimation is required
in the measurement of uncertain tax positions in the
context of the recognition of current and deferred tax
assets/liabilities.
We determined this to be a key audit matter due
to its inherent complexity and the estimation and
judgement involved in the measurement of uncertain
tax positions in the context of the recognition of
current and deferred tax assets/liabilities.
We obtained an understanding of the Group tax
strategy through discussions with management and
the Group’s in-house tax specialists.
The team, assisted by PwC International and Irish
taxation specialists, challenged judgements used
and estimates made by management to measure
uncertain tax positions in the context of the
recognition of current and deferred tax assets/
liabilities. This included obtaining explanations
regarding the tax treatment applied to material
transactions and evidence to corroborate
management’s explanations. Such evidence, where
appropriate, included management’s communications
with local tax authorities and copies of the tax advice
obtained by management from its external tax
advisors including transfer pricing studies.
We also considered any tax developments during the
financial year, including outcomes of concluded tax
authority audits.
Based on the evidence obtained, while noting the
inherent uncertainty with such tax matters, we
determined the measurement of uncertain tax
positions in the context of the recognition of
current and deferred tax assets/liabilities as at
31 December 2024 to be within an acceptable
range of reasonable estimates.
238 Financial Statements / Independent Auditors’ Report
Key audit matter How our audit addressed the key audit matter
Disposal of Kerry Dairy Ireland
(Group and Company)
Refer to note 1 ‘Statement of accounting policies’ -
“Discontinued operations”, note 5 ‘Non-trading items’,
note 8 ‘Discontinued operation’, note 24 ‘Analysis
of financial instruments by category’ and note 25 ‘
Financial instruments’.
On 12 November 2024, the Group announced that it
has entered into an agreement with Kerry Co-Operative
Creameries Limited (the ‘Co-Op’) in relation to the sale
of the Group’s shareholding in Kerry Dairy Holdings
(Ireland) Limited (“Kerry Dairy Ireland”), to be completed
in two phases.
On 31 December 2024, the Group completed phase
one of the sale which resulted in the disposal of 70%
of its shareholding in Kerry Dairy Ireland. The profit
on disposal (before tax) recorded in the Consolidated
financial statements amounted to €24.2 million and
has been classified within ‘Non-trading items’. Included
within ‘Other non-current financial instruments’ in the
Consolidated and Company financial statements is
other financial assets of €148.5 million relating to the
retained 30% shareholding.
The disposal is accounted for and disclosed in
accordance with the requirements of IFRS 5 -
‘Non-current Assets Held for Sale and Discontinued
Operations’. The retained investment has been
accounted for in accordance with IFRS 9 -
‘Financial Instruments’.
We determined the accounting for the disposal to
be a key audit matter due to the significance of the
transaction and the impact that the disposal has on
the presentation of the financial statements.
We read and understood the terms of the
disposal and related agreements.
We assessed management’s determination
that the business met the definition of a
discontinued operation (for disposals) in accordance
with IFRS 5 - ‘Non-current Assets Held for Sale and
Discontinued Operations’.
We tested the calculation of the profit recognised on
disposal and the classification of that profit within
‘Non-trading items’ in the consolidated financial
statements.
We evaluated the accounting for the €148.5
million other financial asset for the retained 30%
shareholding as a financial instrument measured
at fair value through profit and loss in accordance
with IFRS 9 - Financial Instruments. We focused on
the Group’s conclusion that no significant influence
exists, considering the decision-making rights
arising from the 30% shareholding and the effect
of the immediately exercisable call option held by
the Co-Op. We also evaluated whether the Group’s
entitlement to a dividend of €7.5 million per annum
was fixed.
We assessed the appropriateness of the
presentation of and accounting for the disposal
within the financial statements and determined
them to be reasonable.
Recoverability of Investments in Subsidiaries
(Company)
Refer to note 1 ‘Statement of accounting policies’
- “Investments in subsidiaries” and note 16
‘Investments in subsidiaries’.
The Company has investments in subsidiaries of
€1,049.8 million at 31 December 2024. The carrying
value of the investments in subsidiaries needs to
be considered for impairment where any indicators
arise that suggest that the carrying value of these
investments would not be recoverable.
We determined this to be a key audit matter due to
the significance of these investments in subsidiaries.
We considered management’s assessment as to
whether there were any indicators of impairment
at year end taking into account the market
capitalisation of the Company and the procedures
performed on the future cash flow forecasts
prepared for the purposes of the impairment
assessment as described in the “Goodwill and
indefinite life intangible assets impairment
assessment” key audit matter above.
Based on our procedures we determined that
management’s conclusion that there are no
impairment indicators was reasonable.
How we tailored the audit scope
We tailored the scope of our audit to ensure that we performed enough work to be able to give an opinion on
the financial statements as a whole, taking into account the structure of the Group, the accounting processes
and controls, including those performed at the Group’s shared service centres and the industry in which the
Group operates.
The Group is structured along two operating segments: Taste & Nutrition and Dairy Ireland. The majority of
the Group’s components are supported by one of either of the Group’s principal shared service centres in
Malaysia and Mexico.
239Financial Statements / Independent Auditors’ Report
We determined that an audit of the complete
financial information (a “full scope” audit) should
be performed at 19 components due to their size
or risk characteristics and to ensure appropriate
coverage. Specific audit procedures on certain
balances and transactions were also performed at a
further 14 components. The reporting components
where an audit of the complete financial
information was performed accounted for in excess
of 75% of Consolidated revenues from continuing
operations and in excess of 75% of Consolidated
profit before taxation and non-trading items from
continuing operations.
The Group team performed the audit of certain
group and central functions. These procedures
included, amongst others, procedures over IT
systems, external debt and derivatives, defined
benefit post-retirement schemes within Ireland
and the UK, the consolidation process and key
audit matters including uncertain tax positions,
impairment testing of goodwill and indefinite
life intangible assets and the accounting for the
disposal of Kerry Dairy Ireland. Component auditors
within PwC ROI and from other PwC network firms,
operating under our instruction, performed the
audit on all other in scope components and the
required supporting audit work at each of the
Group’s principal shared service centres.
The Group team was responsible for the scope
and direction of the audit. Where the work was
performed by component auditors, we determined
the level of involvement the Group team needed
to have to be able to conclude whether sufficient
appropriate audit evidence had been obtained as a
basis for our opinion on the consolidated financial
statements as a whole.
In the current year, the Group team continued a
programme of site visits which are designed so
that senior team members regularly visit the full
scope audit locations on a rotational basis. During
2024, the Group team visited component locations
in Ireland, the United States, United Kingdom
and Malaysia. In addition to site visits, senior
members of the Group engagement team used
video conferencing to facilitate our oversight of the
component auditor work and had video meetings
and discussions with certain management and
component audit teams in locations that we did not
visit in the current year.
The meetings, both physical and virtual, with our
component teams confirmed their audit approach.
The meetings also involved discussing and
understanding the significant audit risk areas and
obtaining updates on local laws and regulations
and other relevant matters. In addition to the
meetings noted above, the Group team interacted
regularly with the component teams during
all stages of the audit. We received a detailed
memorandum of examination on work performed
and relevant findings in addition to an audit report
that supplemented our understanding of the
individual components.
The Group engagement team also reviewed certain
audit working papers in component audit files.
Conference calls were held with all full scope audit
teams to discuss their audit findings.
This, together with audit procedures performed by
the Group team gave us the evidence we needed for
our opinion on the consolidated financial statements
as a whole.
Materiality
The scope of our audit was influenced by our
application of materiality. We set certain quantitative
thresholds for materiality. These, together with
qualitative considerations, helped us to determine the
scope of our audit and the nature, timing and extent
of our audit procedures on the individual financial
statement line items and disclosures and in evaluating
the effect of misstatements, both individually and in
aggregate on the financial statements as a whole.
Based on our professional judgement, we
determined materiality for the financial statements
as a whole as follows:
Consolidated
financial
statements
Company
financial
statements
Overall
materiality
€41.7 million
(2023: €40 million).
€31.5 million
(2023: €14.4
million).
How we
determined
it
Approximately 5% of
profit before taxation
and non-trading
items from continuing
operations.
Approximately
1% of net
assets.
Rationale for
benchmark
applied
We applied this
benchmark because
in our view this is
a metric against
which the recurring
performance of the
Group is commonly
measured by its
stakeholders and
it results in using a
materiality level that
excludes the impact
of non-recurring
items which are
not reflective of the
Group’s ongoing
trading activity.
The entity
is a holding
Company
whose main
activity is the
management
of investments
in subsidiaries.
240 Financial Statements / Independent Auditors’ Report
We use performance materiality to reduce to
an appropriately low level the probability that
the aggregate of uncorrected and undetected
misstatements exceeds overall materiality.
Specifically, we use performance materiality in
determining the scope of our audit and the nature
and extent of our testing of account balances,
classes of transactions and disclosures, for example
in determining sample sizes. Our performance
materiality was 75% of overall materiality, amounting
to €31.2 million (Group audit) and €23.6 million
(Company audit).
In determining the performance materiality, we
considered a number of factors - the history of
misstatements, risk assessment and aggregation
risk and the effectiveness of controls - and concluded
that an amount at the upper end of our normal
range was appropriate.
We agreed with the Audit Committee that we would
report to them misstatements identified during our
audit above €2.0 million (Group audit) (2023: €1.9
million) and €1.58 million (Company audit) (2023:
€720,000) as well as misstatements below that
amount that, in our view, warranted reporting for
qualitative reasons.
Conclusions relating to going concern
Our evaluation of the directors’ assessment of the
Group and Company’s ability to continue to adopt
the going concern basis of accounting included:
– evaluating the Directors’ going concern
assessment (being the period of 12 months from
the date on which the financial statements are
authorised for issue) and challenging the key
assumptions. In evaluating these forecasts, we
considered the Group’s historic performance and
its past record of achieving strategic objectives.
Additionally we have considered management’s
assessment of the likely impact which the current
macroeconomic environment and climate related
risks may have on financial performance and
liquidity for a period of 12 months from the date
on which the financial statements are authorised
for issue;
– testing the mathematical integrity of the forecasts
and the models and reconciling these to board
approved budgets;
– considering whether the assumptions underlying
the base case were consistent with related
assumptions used in other areas of the entity’s
business activities, for example in testing for non-
financial asset impairment;
– performing our own independent sensitivity
analysis to assess further appropriate downside
scenarios; and
– considering the Group’s available liquidity,
financing and maturity profile to assess liquidity
through the going concern assessment period.
Based on the work we have performed, we
have not identified any material uncertainties
relating to events or conditions that, individually
or collectively, may cast significant doubt on the
Group’s or the Company’s ability to continue as
a going concern for a period of at least twelve
months from the date on which the financial
statements are authorised for issue.
In auditing the financial statements, we have
concluded that the directors’ use of the going
concern basis of accounting in the preparation of the
financial statements is appropriate.
However, because not all future events or conditions
can be predicted, this conclusion is not a guarantee
as to the Group’s or the Company’s ability to
continue as a going concern.
In relation to the Company’s reporting on how they
have applied the UK Corporate Governance Code,
we have nothing material to add or draw attention
to in relation to the directors’ statement in the
financial statements about whether the directors
considered it appropriate to adopt the going
concern basis of accounting.
We are required to report if the directors’ statement
relating to going concern in accordance with the
Listing Rules for Euronext Dublin is materially
inconsistent with our knowledge obtained in the
audit. We have nothing to report in respect of this
responsibility.
Our responsibilities and the responsibilities of
the directors with respect to going concern are
described in the relevant sections of this report.
Reporting on other information
The other information comprises all of the
information in the Annual Report other than the
financial statements and our auditors’ report
thereon. The directors are responsible for the
other information. Our opinion on the financial
statements does not cover the other information
and, accordingly, we do not express an audit opinion
or, except to the extent otherwise explicitly stated in
this report, any form of assurance thereon.
In connection with our audit of the financial
statements, our responsibility is to read the other
information and, in doing so, consider whether
the other information is materially inconsistent
with the financial statements or our knowledge
obtained in the audit, or otherwise appears to be
materially misstated. If we identify an apparent
material inconsistency or material misstatement,
we are required to perform procedures to conclude
whether there is a material misstatement of the
financial statements or a material misstatement
of the other information. If, based on the work
we have performed, we conclude that there is a
material misstatement of this other information, we
are required to report that fact. We have nothing to
report based on these responsibilities.
241Financial Statements / Independent Auditors’ Report
Corporate Governance Statement
The Listing Rules and ISAs (Ireland) require us to
review the directors’ statements in relation to going
concern, longer-term viability and that part of the
Corporate Governance Statement relating to the
Company’s compliance with the provisions of the UK
Corporate Governance Code and the Irish Corporate
Governance Annex (the “Code”) specified for our
review. Our additional responsibilities with respect
to the Corporate Governance Statement as other
information are described in the Reporting on other
information section of this report.
Based on the work undertaken as part of our audit,
we have concluded that each of the following
elements of the Corporate Governance Statement is
materially consistent with the financial statements
and our knowledge obtained during the audit and
we have nothing material to add or draw attention
to in relation to:
– The directors’ confirmation that they have carried
out a robust assessment of the emerging and
principal risks;
– The disclosures in the Annual Report that describe
those principal risks, what procedures are in place
to identify emerging risks and an explanation of
how these are being managed or mitigated;
– The directors’ statement in the financial
statements about whether they considered it
appropriate to adopt the going concern basis
of accounting in preparing them, and their
identification of any material uncertainties to the
Group’s and Company’s ability to continue to do
so over a period of at least twelve months from
the date of approval of the financial statements;
– The directors’ explanation as to their assessment
of the Group’s and Company’s prospects, the
period this assessment covers and why the period
is appropriate; and
– The directors’ statement as to whether they have
a reasonable expectation that the Company will
be able to continue in operation and meet its
liabilities as they fall due over the period of its
assessment, including any related disclosures
drawing attention to any necessary qualifications
or assumptions.
Our review of the directors’ statement regarding the
longer-term viability of the Group was substantially
less in scope than an audit and only consisted of
making inquiries and considering the directors’
process supporting their statement; checking that
the statement is in alignment with the relevant
provisions of the UK Corporate Governance Code;
and considering whether the statement is consistent
with the financial statements and our knowledge and
understanding of the Group and Company and their
environment obtained in the course of the audit.
With respect to the Directors’ Report, we also
considered whether the disclosures required by
the Companies Act 2014 (excluding the information
included in the “Non Financial Statement” and the
sustainability reporting required by that Act on which
we are not required to report) have been included.
Based on the responsibilities described above and
our work undertaken in the course of the audit,
ISAs (Ireland) and the Companies Act 2014 require
us to also report certain opinions and matters as
described below.
– In our opinion, based on the work undertaken in
the course of the audit, the information given in
the Directors’ Report (excluding the information
included in the “Non Financial Statement” and
the sustainability reporting on which we are
not required to report) for the year ended 31
December 2024 is consistent with the financial
statements and has been prepared in accordance
with the applicable legal requirements.
– Based on our knowledge and understanding of
the Group and Company and their environment
obtained in the course of the audit, we did
not identify any material misstatements in the
Directors’ Report (excluding the information
included in the “Non Financial Statement” and
the sustainability reporting on which we are not
required to report).
– In our opinion, based on the work undertaken
in the course of the audit of the financial
statements,
- the description of the main features of the
internal control and risk management systems
in relation to the financial reporting process
included in the Corporate Governance Report;
and
- the information required by Section 1373(2)
(d) of the Companies Act 2014 included in the
Report of the Directors;
is consistent with the financial statements and has
been prepared in accordance with section 1373(2)
of the Companies Act 2014.
– Based on our knowledge and understanding of
the Company and its environment obtained in the
course of the audit of the financial statements,
we have not identified material misstatements
in the description of the main features of the
internal control and risk management systems
in relation to the financial reporting process
and the information required by section 1373(2)
(d) of the Companies Act 2014 included in the
Corporate Governance Report and the Report of
the Directors.
– In our opinion, based on the work undertaken
during the course of the audit of the financial
statements, the information required by section
1373(2)(a),(b),(e) and (f) of the Companies Act
2014 and regulation 6 of the European Union
(Disclosure of Non-Financial and Diversity
Information by certain large undertakings and
groups) Regulations 2017 is contained in the
Corporate Governance Statement.
242 Financial Statements / Independent Auditors’ Report
In addition, based on the work undertaken as
part of our audit, we have concluded that each
of the following elements of the Corporate
Governance Statement is materially consistent
with the financial statements and our knowledge
obtained during the audit:
– The directors’ statement that they consider
the Annual Report, taken as a whole, is fair,
balanced and understandable, and provides
the information necessary for the members
to assess the Group’s and Company’s position,
performance, business model and strategy;
– The section of the Annual Report that describes
the review of effectiveness of risk management
and internal control systems; and
– The section of the Annual Report describing the
work of the Audit Committee.
We have nothing to report in respect of our
responsibility to report when the directors’
statement relating to the Company’s compliance
with the Code does not properly disclose a departure
from a relevant provision of the Code specified
under the Listing Rules for review by the auditors.
Responsibilities for the financial statements
and the audit
Responsibilities of the directors for the
financial statements
As explained more fully in the Directors’
Responsibility Statement set out on pages 66-67,
the directors are responsible for the preparation
of the financial statements in accordance with the
applicable framework and for being satisfied that
they give a true and fair view.
The directors are also responsible for such internal
control as they determine is necessary to enable
the preparation of financial statements that are free
from material misstatement, whether due to fraud
or error.
In preparing the financial statements, the directors
are responsible for assessing the Group’s and the
Company’s ability to continue as a going concern,
disclosing as applicable, matters related to going
concern and using the going concern basis of
accounting unless the directors either intend
to liquidate the Group or the Company or to
cease operations, or have no realistic alternative
but to do so.
Auditors’ responsibilities for the audit of the
financial statements
Our objectives are to obtain reasonable assurance
about whether the financial statements as a whole
are free from material misstatement, whether due
to fraud or error, and to issue an auditors’ report
that includes our opinion. Reasonable assurance is a
high level of assurance, but is not a guarantee that
an audit conducted in accordance with ISAs (Ireland)
will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error
and are considered material if, individually or in the
aggregate, they could reasonably be expected to
influence the economic decisions of users taken on
the basis of these financial statements.
Irregularities, including fraud, are instances of
non-compliance with laws and regulations. We
design procedures in line with our responsibilities,
outlined above, to detect material misstatements in
respect of irregularities, including fraud. The extent
to which our procedures are capable of detecting
irregularities, including fraud, is detailed below.
Based on our understanding of the Group and
industry, we identified that the principal risks of
non-compliance with laws and regulations related
to breaches of environmental regulations, food
safety and hygiene regulations and health and
safety regulations, and we considered the extent
to which non-compliance might have a material
effect on the financial statements. We also
considered those laws and regulations that have
a direct impact on the preparation of the financial
statements such as the Irish Companies Act 2014
and tax legislation. We evaluated management’s
incentives and opportunities for fraudulent
manipulation of the financial statements (including
the risk of override of controls), and determined
that the principal risks were related to posting
inappropriate journal entries to manipulate
financial results and potential management bias in
accounting estimates. Audit procedures performed
by the engagement team included:
– Discussions with the Audit Committee,
management, legal and internal audit including
any known or suspected instances of non-
compliance with laws and regulations and fraud;
– Reading the meeting minutes of the Board of
Directors, Audit, Risk Oversight, Governance and
Nomination, Sustainability and Remuneration
Committees;
– Considered the results of the audit procedures
performed by component teams relating to
compliance with applicable laws and regulations
and to address assessed fraud risk;
– Considered the Group’s assessment of matters
reported on the Group’s whistleblowing service
referred to as the ‘Speak Up Programme’ and
the results of the Ethics and Compliance Team’s
investigation of matters raised in so far as they
are related to the financial statements;
243Financial Statements / Independent Auditors’ Report
Other required reporting
Companies Act 2014 opinions on
other matters
– We have obtained all the information and
explanations which we consider necessary for the
purposes of our audit.
– In our opinion the accounting records of the
Company were sufficient to permit the Company
financial statements to be readily and properly
audited.
– The Company Balance Sheet is in agreement with
the accounting records.
Other exception reporting
Directors’ remuneration and transactions
Under the Companies Act 2014 we are required to
report to you if, in our opinion, the disclosures of
directors’ remuneration and transactions specified
by sections 305 to 312 of that Act have not been
made. We have no exceptions to report arising from
this responsibility.
We are required by the Listing Rules to review
the six specified elements of disclosures in the
report to shareholders by the Board on directors’
remuneration. We have no exceptions to report
arising from this responsibility.
Prior financial year Non Financial Statement
We are required to report if the Company has not
provided the information required by Regulation
5(2) to 5(7) of the European Union (Disclosure of
Non-Financial and Diversity Information by certain
large undertakings and groups) Regulations 2017 in
respect of the prior financial year. We have nothing
to report arising from this responsibility.
Prior financial year Remuneration Report
We are required to report if the Company has not
provided the information required by Section 1110N
of the Companies Act 2014 in respect of the prior
financial year. We have nothing to report arising
from this responsibility.
Appointment
We were appointed by the members on 28 April
2016 to audit the financial statements for the
year ended 31 December 2016 and subsequent
financial periods. The period of total uninterrupted
engagement is 9 years, covering the years ended 31
December 2016 to 31 December 2024.
Paul Barrie
for and on behalf of PricewaterhouseCoopers
Chartered Accountants and Statutory Audit Firm
Dublin
17 February 2025
– Inspection of internal audit reports in so far as
they related to the financial statements;
– Evaluating whether there was evidence of
management bias that represents a risk of
material misstatement due to fraud;
– Identifying and testing journal entries, including
manual revenue entries, unusual account
combinations and consolidation journals based
on our risk assessment; and
– Designing audit procedures to incorporate
elements of unpredictability around the nature
and extent of audit procedures performed.
There are inherent limitations in the audit
procedures described above. We are less likely to
become aware of instances of non-compliance with
laws and regulations that are not closely related to
events and transactions reflected in the financial
statements. Also, the risk of not detecting a material
misstatement due to fraud is higher than the risk
of not detecting one resulting from error, as fraud
may involve deliberate concealment by, for example,
forgery or intentional misrepresentations, or
through collusion.
Our audit testing might include testing complete
populations of certain transactions and balances,
possibly using data auditing techniques. However,
it typically involves selecting a limited number of
items for testing, rather than testing complete
populations. We will often seek to target particular
items for testing based on their size or risk
characteristics. In other cases, we will use audit
sampling to enable us to draw a conclusion about
the population from which the sample is selected.
A further description of our responsibilities for the
audit of the financial statements is located on the
IAASA website at:
https://www.iaasa.ie/getmedia/b2389013-1cf6-
458b-9b8f-a98202dc9c3a/Description_of_auditors_
responsibilities_for_audit.pdf
This description forms part of our auditors’ report.
Use of this report
This report, including the opinions, has been
prepared for and only for the Company’s members
as a body in accordance with section 391 of the
Companies Act 2014 and for no other purpose. We
do not, in giving these opinions, accept or assume
responsibility for any other purpose or to any other
person to whom this report is shown or into whose
hands it may come save where expressly agreed by
our prior consent in writing.
244 Financial Statements
CONSOLIDATED INCOME STATEMENT
for the financial year ended 31 December 2024

|  |  |  |  | Re-presented* |  |
|  | Before |  |  | Before |  |
|  | Non- | Non- |  | Non- | Non- |
|  | Trading | Trading |  | Trading | Trading |
|  | Items | Items | Total | Items | Items | Total
|  | 2024 | 2024 | 2024 | 2023 | 2023 | 2023
| Notes | €’m | €’m | €’m | €’m | €’m | €’m
Continuing operations |  |  |  |  |  |  |
Revenue | 2 | 6,929.1 | - | 6,929.1 | 6,974.9 | - | 6,974.9
Earnings before interest, tax, depreciation | 2/3 | 1,188.0 | - | 1,188.0 | 1,111.7 | - | 1,111.7
and amortisation |  |  |  |  |  |  |
Depreciation (net) and intangible asset amortisation | 3 | (299.4) | - | (299.4) | (277.5) | - | (277.5)
Non-trading items | 5 | - | (55.8) | (55.8) | - | 8.1 | 8.1
Operating profit | 3 | 888.6 | (55.8) | 832.8 | 834.2 | 8.1 | 842.3
Finance income | 6 | 34.8 | - | 34.8 | 21.8 | - | 21.8
Finance costs | 6 | (88.3) | - | (88.3) | (71.8) | - | (71.8)
Share of joint ventures’ results after taxation | 15 | (0.9) | - | (0.9) | (1.9) | - | (1.9)
Profit before taxation |  | 834.2 | (55.8) | 778.4 | 782.3 | 8.1 | 790.4
Income taxes | 5/7 | (117.2) | 12.2 | (105.0) | (98.4) | 8.7 | (89.7)
Profit from continuing operations |  | 717.0 | (43.6) | 673.4 | 683.9 | 16.8 | 700.7
Discontinued operations |  |  |  |  |  |  |
Profit from discontinued operations | 5/8 | 33.2 | 27.8 | 61.0 | 26.8 | 0.6 | 27.4
Profit after taxation |  | 750.2 | (15.8) | 734.4 | 710.7 | 17.4 | 728.1
Attributable to: |  |  |  |  |  |  |
Equity holders of the parent - continuing operations |  |  |  | 673.4 |  |  | 700.9
Equity holders of the parent - discontinued operations |  |  |  | 61.0 |  |  | 27.4
Non-controlling interests - continuing operations |  |  |  | - |  |  | (0.2)
|  |  |  | 734.4 |  |  | 728.1
Earnings per A ordinary share |  |  |  | Cent |  |  | Cent
Basic Earnings Per Share (cent) |  |  |  |  |  |  |
Continuing operations | 10 |  |  | 389.2 |  |  | 395.0
Discontinued operations | 10 |  |  | 35.3 |  |  | 15.4
|  |  |  | 424.5 |  |  | 410.4
Diluted Earnings Per Share (cent) |  |  |  |  |  |  |
Continuing operations | 10 |  |  | 388.6 |  |  | 394.3
Discontinued operations | 10 |  |  | 35.2 |  |  | 15.4
|  |  |  | 423.8 |  |  | 409.7

*
As re-presented to reflect the impact of discontinued operations. See note 8 for further information.
245Financial Statements
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the financial year ended 31 December 2024

|  |  | Re-presented*
|  | 2024 | 2023
| Notes | €’m | €’m
Profit after taxation |  | 734.4 | 728.1
Other comprehensive income: |  |  |
Items that are or may be reclassified subsequently to profit or loss: |  |  |
Fair value movements on cash flow hedges |  | 1.8 | (1.6)
Cash flow hedges - reclassified to profit or loss from equity | 25 | (1.9) | 1.3
Net change in cost of hedging | 25 | 0.6 | 0.1
Deferred tax effect of fair value movements on cash flow hedges | 18 | (0.5) | (0.4)
Exchange difference on translation of foreign operations |  |  |
- Continuing operations |  | 206.9 | (129.0)
Cumulative exchange difference on translation recycled on disposal |  |  |
- Continuing operations | 5 | 0.4 | (1.5)
- Discontinued operations | 8 | (0.6) | -
Items that will not be reclassified subsequently to profit or loss: |  |  |
Re-measurement on retirement benefits obligation | 27 | 10.8 | (33.5)
Deferred tax effect of re-measurement on retirement benefits obligation | 18 | (2.9) | 7.1
Net income/(expense) recognised directly in total other comprehensive income |  | 214.6 | (157.5)
Total comprehensive income |  | 949.0 | 570.6
Attributable to: |  |  |
Equity holders of the parent - continuing operations |  | 888.6 | 543.4
Equity holders of the parent - discontinued operations |  | 60.4 | 27.4
Non-controlling interests - continuing operations |  | - | (0.2)
|  | 949.0 | 570.6

*
As re-presented to reflect the impact of discontinued operations. See note 8 for further information.
246 Financial Statements
CONSOLIDATED BALANCE SHEET
as at 31 December 2024

|  | 31 December | 31 December
|  | 2024 | 2023
| Notes | €’m | €’m
Non-current assets |  |  |
Property, plant and equipment | 12 | 2,106.7 | 2,133.0
Intangible assets | 13 | 5,778.1 | 5,749.8
Financial asset investments | 14 | 59.2 | 52.0
Investments in joint ventures | 15 | 38.9 | 39.8
Other non-current financial instruments | 24/25 | 295.7 | 125.0
Retirement benefits asset | 27 | 100.7 | 98.0
Deferred tax assets | 18 | 93.3 | 80.2
|  | 8,472.6 | 8,277.8
Current assets |  |  |
Inventories | 17 | 1,050.7 | 1,100.2
Trade and other receivables | 20 | 1,235.5 | 1,279.0
Cash at bank and in hand | 24 | 1,610.0 | 943.7
Other current financial instruments | 24/25 | 113.6 | 13.7
Tax assets |  | 26.6 | -
Assets classified as held for sale | 19 | 3.5 | 1.5
|  | 4,039.9 | 3,338.1
Total assets |  | 12,512.5 | 11,615.9
Current liabilities |  |  |
Trade and other payables | 21 | 1,742.5 | 1,773.1
Borrowings and overdrafts | 24/25 | 950.3 | 37.1
Other current financial instruments | 24/25 | 32.3 | 7.5
Tax liabilities |  | 179.0 | 173.0
Provisions | 26 | 7.0 | 18.3
Deferred income | 22 | 1.0 | 4.5
|  | 2,912.1 | 2,013.5
Non-current liabilities |  |  |
Borrowings | 24/25 | 2,482.7 | 2,432.6
Other non-current financial instruments | 24/25 | 0.5 | 9.7
Retirement benefits obligation | 27 | 33.4 | 49.7
Other non-current liabilities | 23 | 134.2 | 132.4
Deferred tax liabilities | 18 | 400.9 | 394.2
Provisions | 26 | 50.6 | 46.4
Deferred income | 22 | 10.8 | 14.6
|  | 3,113.1 | 3,079.6
Total liabilities |  | 6,025.2 | 5,093.1
Net assets |  | 6,487.3 | 6,522.8
Equity |  |  |
Share capital | 28 | 20.8 | 21.9
Share premium |  | 1,879.2 | 398.7
Other reserves |  | 205.6 | (44.6)
Retained earnings |  | 4,380.2 | 6,145.3
Equity attributable to equity holders of the parent |  | 6,485.8 | 6,521.3
Non-controlling interests |  | 1.5 | 1.5
Total equity |  | 6,487.3 | 6,522.8

The financial statements were approved by the Board of Directors on 17 February 2025 and signed on its behalf by:
Tom Moran, Chairman Edmond Scanlon, Chief Executive Officer
247Financial Statements
COMPANY BALANCE SHEET
as at 31 December 2024

|  | 31 December | 31 December
|  | 2024 | 2023
| Notes | €’m | €’m
Non-current assets |  |  |
Investments in subsidiaries | 16 | 1,049.8 | 1,058.5
Other non-current financial instruments | 24/25 | 148.5 | -
|  | 1,198.3 | 1,058.5
Current assets |  |  |
Cash at bank and in hand | 24 | - | -
Trade and other receivables | 20 | 2,039.5 | 394.2
|  | 2,039.5 | 394.2
Total assets |  | 3,237.8 | 1,452.7
Current liabilities |  |  |
Trade and other payables | 21 | 79.1 | 5.1
|  | 79.1 | 5.1
Non-current liabilities |  |  |
Deferred income | 22 | - | -
|  | - | -
Total liabilities |  | 79.1 | 5.1
Net assets |  | 3,158.7 | 1,447.6
Issued capital and reserves |  |  |
Share capital | 28 | 20.8 | 21.9
Share premium |  | 1,879.2 | 398.7
Other reserves |  | 197.1 | 154.1
Retained earnings |  | 1,061.6 | 872.9
Shareholders’ equity |  | 3,158.7 | 1,447.6

The Company earned a profit after taxation of €2,695.6m for the financial year ended 31 December 2024 (2023: €650.4m) as
disclosed in note 9.
The financial statements were approved by the Board of Directors on 17 February 2025 and signed on its behalf by:
Tom Moran, Chairman Edmond Scanlon, Chief Executive Officer
248 Financial Statements
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the financial year ended 31 December 2024

|  |  |  | 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 2023 |  | 22.1 | 398.7 | 64.3 | 5,736.8 | 6,221.9 | 1.7 | 6,223.6
Profit after taxation |  | - | - | - | 728.3 | 728.3 | (0.2) | 728.1
Other comprehensive expense |  | - | - | (130.7) | (26.8) | (157.5) | - | (157.5)
Total comprehensive |  |  |  |  |  |  |  |
(expense)/income |  | - | - | (130.7) | 701.5 | 570.8 | (0.2) | 570.6
Shares issued during the financial year | 28 | - | - | - | - | - | - | -
Shares (purchased)/cancelled |  |  |  |  |  |  |  |
during the financial year | 28 | (0.2) | - | 0.2 | (101.7) | (101.7) | - | (101.7)
Dividends paid | 11 | - | - | - | (191.3) | (191.3) | - | (191.3)
Share-based payment expense | 29 | - | - | 21.6 | - | 21.6 | - | 21.6
At 31 December 2023 |  | 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 | 28 | 2.1 | 1,480.5 | - | - | 1,482.6 | - | 1,482.6
Shares (purchased)/cancelled |  |  |  |  |  |  |  |
during the financial year | 28 | (3.2) | - | 3.2 | (2,301.7) | (2,301.7) | - | (2,301.7)
Dividends paid | 11 | - | - | - | (205.2) | (205.2) | - | (205.2)
Share-based payment expense | 29 | - | - | 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

Other Reserves comprise the following:

|  |  |  | Share- |  |  |  |
|  | Capital | Other | Based |  |  | Cost of |
|  | Redemption | Undenominated | Payment Translation | Hedging | Hedging |
|  | Reserve | Capital | Reserve | Reserve | Reserve | Reserve | Total
| Note | €’m | €’m | €’m | €’m | €’m | €’m | €’m
At 1 January 2023 |  | 1.7 | 0.3 | 130.3 | (71.0) | 4.5 | (1.5) | 64.3
Other comprehensive (expense)/ |  |  |  |  |  |  |  |
income |  | - | - | - | (130.5) | (0.3) | 0.1 | (130.7)
Shares cancelled during the financial year |  | 0.2 | - | - | - | - | - | 0.2
Share-based payment expense | 29 | - | - | 21.6 | - | - | - | 21.6
At 31 December 2023 |  | 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 | 29 | - | - | 39.8 | - | - | - | 39.8
At 31 December 2024 |  | 5.1 | 0.3 | 191.7 | 5.2 | 4.1 | (0.8) | 205.6

The nature and purpose of each reserve within shareholders’ equity is described in note 36.
249Financial Statements
COMPANY STATEMENT OF CHANGES IN EQUITY
for the financial year ended 31 December 2024

|  | Share | Share | Other | Retained |
|  | Capital | Premium | Reserves | Earnings | Total
| Notes | €’m | €’m | €’m | €’m | €’m
Company: |  |  |  |  |  |
At 1 January 2023 |  | 22.1 | 398.7 | 132.3 | 515.5 | 1,068.6
Profit after taxation | 9 | - | - | - | 650.4 | 650.4
Other comprehensive income |  | - | - | - | - | -
Total comprehensive income |  | - | - | - | 650.4 | 650.4
Shares issued during the financial year | 28 | - | - | - | - | -
Shares (purchased)/cancelled during the financial year | 28 | (0.2) | - | 0.2 | (101.7) | (101.7)
Dividends paid | 11 | - | - | - | (191.3) | (191.3)
Share-based payment expense | 29 | - | - | 21.6 | - | 21.6
At 31 December 2023 |  | 21.9 | 398.7 | 154.1 | 872.9 | 1,447.6
Profit after taxation | 9 | - | - | - | 2,695.6 | 2,695.6
Other comprehensive income |  | - | - | - | - | -
Total comprehensive income |  | - | - | - | 2,695.6 | 2,695.6
Shares issued during the financial year | 28 | 2.1 | 1,480.5 | - | - | 1,482.6
Shares (purchased)/cancelled during the financial year | 28 | (3.2) | - | 3.2 | (2,301.7) | (2,301.7)
Dividends paid | 11 | - | - | - | (205.2) | (205.2)
Share-based payment expense | 29 | - | - | 39.8 | - | 39.8
At 31 December 2024 |  | 20.8 | 1,879.2 | 197.1 | 1,061.6 | 3,158.7

Other Reserves comprise the following:

|  | Capital | Other | Share-Based |
|  | Redemption | Undenominated | Payment |
|  | Reserve | Capital | Reserve | Total
| Note | €’m | €’m | €’m | €’m
At 1 January 2023 |  | 1.7 | 0.3 | 130.3 | 132.3
Other comprehensive income |  | - | - | - | -
Shares cancelled during the financial year |  | 0.2 | - | - | 0.2
Share-based payment expense | 29 | - | - | 21.6 | 21.6
At 31 December 2023 |  | 1.9 | 0.3 | 151.9 | 154.1
Other comprehensive income |  | - | - | - | -
Shares cancelled during the financial year |  | 3.2 | - | - | 3.2
Share-based payment expense | 29 | - | - | 39.8 | 39.8
At 31 December 2024 |  | 5.1 | 0.3 | 191.7 | 197.1

The nature and purpose of each reserve within shareholders’ equity is described in note 36.
250 Financial Statements
CONSOLIDATED STATEMENT OF CASH FLOWS
for the financial year ended 31 December 2024

|  | 2024 | 2023
| Notes | €’m | €’m
Cash flows from operating activities |  |  |
Profit before taxation |  | 841.8 | 822.6
Adjustments for: |  |  |
Depreciation (net) |  | 234.8 | 219.6
Intangible asset amortisation |  | 87.8 | 79.5
Share of joint ventures’ results after taxation | 15 | 0.9 | 1.9
Non-trading items income statement charge/(income) | 5 | 31.6 | (8.8)
Finance costs (net) | 6/8 | 53.9 | 50.3
Change in working capital | 30 | (43.4) | 185.5
Pension contributions paid less pension expense |  | (12.1) | (13.5)
Payments on non-trading items |  | (50.7) | (99.8)
Exchange translation adjustment |  | (3.8) | (14.2)
Cash generated from operations |  | 1,140.8 | 1,223.1
Income taxes paid |  | (108.2) | (119.5)
Finance income received |  | 23.8 | 13.9
Finance costs paid |  | (67.7) | (79.7)
Net cash from operating activities |  | 988.7 | 1,037.8
Investing activities |  |  |
Purchase of assets | 30 | (305.8) | (281.9)
(Outflow)/inflow from the sale of assets (net of disposal expenses) | 5/8 | (5.6) | 11.6
Capital grants received |  | 2.3 | 3.3
Purchase of businesses (net of cash acquired) | 31 | (166.4) | (131.1)
Payments relating to previous acquisitions |  | (1.6) | (9.7)
Purchase of investments | 14 | (1.8) | (3.0)
Disposal of businesses (net of disposal expenses) | 5/8 | (27.7) | 316.4
Net cash used in investing activities |  | (506.6) | (94.4)
Financing activities |  |  |
Dividends paid | 11 | (205.2) | (191.3)
Purchase of own shares |  | (556.5) | (101.7)
Payment of lease liabilities | 30 | (40.8) | (36.4)
Issue of share capital | 28 | - | -
Repayment of borrowings | 30 | (2.5) | (695.9)
Cash inflow from interest rate swaps on repayment of borrowings | 30 | 3.3 | 34.4
Proceeds from borrowings | 30 | 994.0 | 4.1
Net cash movement due to financing activities |  | 192.3 | (986.8)
Net increase/(decrease) in cash and cash equivalents |  | 674.4 | (43.4)
Cash and cash equivalents at beginning of the financial year |  | 909.0 | 969.8
Exchange translation adjustment on cash and cash equivalents |  | 24.2 | (17.4)
Cash and cash equivalents at end of the financial year | 30 | 1,607.6 | 909.0
Reconciliation of Net Cash Flow to Movement in Net Debt |  |  |
Net increase/(decrease) in cash and cash equivalents |  | 674.4 | (43.4)
Cash flow from debt financing |  | (994.8) | 657.4
Changes in net debt resulting from cash flows |  | (320.4) | 614.0
Fair value movement on interest rate swaps (net of adjustment to borrowings) | 30 | 3.4 | 1.0
Exchange translation adjustment on net debt | 30 | 13.3 | (2.3)
Movement in net debt in the financial year |  | (303.7) | 612.7
Net debt at beginning of the financial year - pre lease liabilities |  | (1,535.5) | (2,148.2)
Net debt at end of the financial year - pre lease liabilities | 24 | (1,839.2) | (1,535.5)
Lease liabilities | 12/30 | (86.6) | (68.6)
Net debt at end of the financial year | 24/30 | (1,925.8) | (1,604.1)

251Financial Statements
COMPANY STATEMENT OF CASH FLOWS
for the financial year ended 31 December 2024

|  | 2024 | 2023
| Notes | €’m | €’m
Cash flows from operating activities |  |  |
Profit before taxation |  | 2,692.5 | 645.9
Adjustments for: |  |  |
Depreciation (net) |  | - | 0.1
Non-trading items income statement income |  | (179.0) | -
Finance costs |  | 1.5 | -
Finance income |  | (5.6) | (4.2)
Change in working capital | 30 | (1,625.2) | (138.0)
Cash generated from operations |  | 884.2 | 503.8
Finance income received |  | 5.6 | 4.2
Net cash from operating activities |  | 889.8 | 508.0
Investing activities |  |  |
Investments in subsidiary undertakings | 16 | (123.9) | (215.0)
Disposal of businesses (net of disposal expenses) |  | (4.2) | -
Net cash used in investing activities |  | (128.1) | (215.0)
Financing activities |  |  |
Dividends paid | 11 | (205.2) | (191.3)
Issue of share capital | 28 | - | -
Purchase of own shares |  | (556.5) | (101.7)
Net cash movement due to financing activities |  | (761.7) | (293.0)
Net decrease in cash and cash equivalents |  | - | -
Cash and cash equivalents at beginning of the financial year |  | - | -
Cash and cash equivalents at end of the financial year | 30 | - | -

252 Financial Statements / Notes to the Financial Statements
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 December 2024
1. Statement of accounting policies
General information
Kerry Group plc is a public limited company
incorporated in the Republic of Ireland. The registered
number is 111471 and registered office address is
Prince’s Street, Tralee, Co. Kerry, V92 EH11, Ireland. The
principal activities of the Company and its subsidiaries
are described in the Business Reviews and note 37
‘Group entities’.
Basis of preparation
The consolidated financial statements of Kerry
Group plc have been prepared in accordance with
International Financial Reporting Standards as issued
by the IASB (‘IFRS Accounting Standards’), International
Financial Reporting Interpretations Committee (‘IFRIC’)
interpretations and those parts of the Companies
Act, 2014 applicable to companies reporting under
IFRS Accounting Standards. The financial statements
comprise the Consolidated Income Statement, the
Consolidated Statement of Comprehensive Income,
the Consolidated Balance Sheet, the Company Balance
Sheet, the Consolidated Statement of Changes in
Equity, the Company Statement of Changes in Equity,
the Consolidated Statement of Cash Flows, the
Company Statement of Cash Flows and the notes to the
financial statements. The financial statements include
the information in the remuneration report described
as being an integral part of the financial statements.
Both the Parent Company and Group financial
statements have also been prepared in accordance
with International Financial Reporting Standards
(‘IFRS’) adopted by the European Union (‘EU’) which
comprise standards and interpretations approved by
the International Accounting Standards Board (‘IASB’).
The Group financial statements comply with Article 4 of
the EU IAS Regulation. IFRS adopted by the EU differs
in certain respects from IFRS Accounting Standards
issued by the IASB. References to IFRS hereafter refer
to IFRS adopted by the EU.
The Parent Company’s financial statements are
prepared using accounting policies consistent with
the accounting policies applied to the consolidated
financial statements by the Group.
The consolidated financial statements have been
prepared under the historical cost convention, as
modified by the revaluation of certain financial
assets and liabilities (including derivative financial
instruments) and financial asset investments which
are held at fair value. Assets and liabilities classified as
held for sale are stated at the lower of carrying value
or fair value less costs to sell. The investments in joint
ventures are accounted for using the equity method.
The consolidated financial statements contained herein
are presented in euro, which is the functional currency
of the Parent Company, Kerry Group plc. The functional
currencies of the Group’s main subsidiaries are euro,
US dollar and sterling.
In the 2024 consolidated financial statements, the
2023 Balance Sheet was re-presented due to IFRS 3
measurement period adjustments (note 31). As a result
of this, balances were re-presented in the following
notes, note 2 ‘Analysis of results’, note 13 ‘Intangible
assets’, note 18 ‘Deferred tax assets and liabilities’,
note 23 ‘Other non-current liabilities’, note 24 ‘Analysis
of financial instruments by category’, and note 25
‘Financial instruments’.
Following the disposal of 70% of Kerry Dairy Holdings
(Ireland) Limited (‘Kerry Dairy Ireland’) and related
assets, and in accordance with the requirements
of IFRS 5 ‘Non-current assets held for sale and
discontinued operations’, the results of Kerry Dairy
Ireland to 31 December 2024, the date of disposal,
have been presented within profit from discontinued
operations in the consolidated income statement
with the prior year comparatives re-presented
accordingly.
Certain income statement headings and other financial
measures included in the consolidated financial
statements are not defined by IFRS such as earnings
before interest, tax, depreciation and amortisation
(‘EBITDA’), non-trading items and net debt. The Group
makes this distinction to enhance the understanding
of the financial performance of the business as
outlined in the Supplementary Information section
on pages 322-326.
The consolidated and company financial statements
have been prepared on the going concern basis of
accounting. The Directors have considered the Group’s
business activities and how it generates value, together
with the main trends and factors likely to affect future
development, business performance and position of
the Group including liquidity and access to financing
as outlined in note 25 and the potential impacts of
climate, geopolitical, technological and macroeconomic
environment related risks on profitability. The
going concern of the Group was also assessed by
considering the potential impact of climate-related
risks on profitability and liquidity, macroeconomic
and geopolitical developments, customer inventory
management and changing interest rates during the
period. There are no material uncertainties that cast
significant doubt on the Group’s ability to continue as a
going concern over a period of at least 12 months from
the date of approval of these financial statements.
The Directors report that they have satisfied
themselves that the Group is a going concern, having
adequate resources to continue in operational
existence for the foreseeable future. In forming this
view, the Directors have reviewed the Group’s forecast
for a period not less than 12 months, the medium term
plan, and its cashflow implications have been taken
into account, including proposed capital expenditure,
and compared these with the Group’s committed
borrowing facilities and projected gearing ratios.
253Financial Statements / Notes to the Financial Statements
1. Statement of accounting policies (continued)
Basis of consolidation
Subsidiaries
The consolidated financial statements incorporate the
financial statements of the Company and the entities
controlled by the Company (its subsidiaries), all of
which prepare financial statements up to 31 December.
Accounting policies of subsidiaries are consistent with
the policies adopted by the Group. Control is achieved
where the Company has the power over the investee,
has exposure or has rights to variable returns from its
involvement with the investee and has the ability to use
its power to affect its returns.
The results of subsidiaries acquired or disposed of
during the financial year are included in the Consolidated
Income Statement from the date the Company gained
control until the date the Company ceased to control the
subsidiary. All inter-group transactions and balances are
eliminated on consolidation.
Non-controlling interests
Non-controlling interests represent the portion of the
equity of a subsidiary not attributable either directly or
indirectly to the Group and are presented separately in
the Consolidated Income Statement and within equity
in the Consolidated Balance Sheet, distinguished from
the Group’s shareholders’ equity. Where not all of the
equity of a subsidiary is acquired, the non-controlling
interests are recognised at the non-controlling
interest’s share of the acquiree’s net identifiable assets.
Joint ventures
Joint ventures are all entities over which the Group has
joint control, whereby the Group has rights to the net
assets of the arrangement, rather than rights to its
assets and obligations for its liabilities. Investments
in joint ventures are accounted for using the equity
method of accounting and are initially recognised at
cost. On acquisition of the investment in joint venture,
any excess of the cost of the investment over the
Group’s share of the net fair value of the identifiable
assets and liabilities of the investee is recognised as
goodwill, which is included within the carrying value of
the investment.
The Group’s share of its joint ventures post-acquisition
profits or losses is recognised in ‘Share of joint
ventures’ results after taxation’ in the Consolidated
Income Statement, and its share of post-acquisition
movements in reserves is recognised in reserves until
the date on which joint control ceases. The cumulative
post-acquisition movements are adjusted against
the carrying amount of the investment, less any
impairment in value. Where indicators of impairment
arise, the carrying amount of the joint venture is tested
for impairment by comparing its recoverable amount
with its carrying amount.
Unrealised gains arising from transactions with joint
ventures are eliminated to the extent of the Group’s
interest in the entity. Unrealised losses are eliminated
to the extent that they do not provide evidence of
impairment. The accounting policies of joint ventures
are amended where necessary to ensure consistency of
accounting treatment at Group level.
Revenue
Revenue represents the value of the consideration
received or receivable, for both segments from third
party customers. Revenue is recorded at invoice value,
net of discounts, allowances, volume and promotional
rebates and excludes VAT. Revenue is recognised when
control of the products has transferred, which is usually
upon shipment, or in line with terms agreed with
individual customers. Revenue is recorded when there
is no unfulfilled obligation on the part of the Group. An
estimate is made on the basis of historical sales returns
and is recorded to allocate these returns to the same
period as the original revenue is recorded. Rebates
and discounts are provided for based on agreements
or contracts with customers, agreed promotional
arrangements and accumulated experience using
the expected value method. Any unutilised accrual is
released after assessment that the likelihood of such
a claim being made is highly improbable. Under IFRS
15 ‘Revenue from Contracts with Customers’ revenue
is primarily recognised at a point in time. Revenue
recorded over time during the year was not material to
the Group.
The Group disaggregates revenue by End Use Market
(EUM) and primary geographic market. An EUM is
defined as the market in which the end consumer or
customer of Kerry’s product operates. The economic
factors within the EUMs of Food, Beverage and Pharma
& other which affect the nature, amount, timing and
uncertainty of revenue and cash flows are similar.
Segmental analysis
Operating segments are reported in a manner
consistent with the internal management structure
of the Group and the internal financial information
provided to the Group’s Chief Operating Decision
Maker (the Executive Directors) who is responsible
for making strategic decisions, allocating resources,
monitoring and assessing the performance of each
segment. EBITDA as reported internally by segment is
the key measure utilised in assessing the performance
of operating segments within the Group. Other
Corporate activities, such as the cost of corporate
stewardship, are reported along with the elimination
of inter-group activities under the heading ‘Group
Eliminations and Unallocated’. Non-trading items, net
finance costs and income taxes are managed on a
centralised basis and therefore, these items are not
allocated between operating segments and are not
reported per segment in note 2. Given that borrowings,
deferred tax balances and certain intangible assets
are managed on a centralised basis, these items are
not allocated between operating segments for the
purposes of the information presented in note 2.
For the period ended 31 December 2024 and
comparative periods, the Group has determined it
has two operating segments: Taste & Nutrition and
Dairy Ireland. The Taste & Nutrition segment is a world
leading provider of taste and nutrition solutions for the
food, beverage and pharmaceutical markets. Utilising
a broad range of ingredient solutions to innovate with
our customers to create great tasting products, with
improved nutrition and functionality, while ensuring a
better impact for the planet. Kerry is driven to be our
customers’ most valued partner, creating a world of
sustainable nutrition through solving our customers’
most complex challenges with differentiated solutions.
254 Financial Statements / Notes to the Financial Statements
1. Statement of accounting policies (continued)
Segmental analysis (continued)
The Taste & Nutrition segment supplies industries
across Europe, Americas and APMEA (Asia Pacific,
Middle East and Africa). The Dairy Ireland segment is
a leading Irish provider of value-add dairy ingredients
and consumer products. The dairy ingredients product
portfolio includes functional proteins while our dairy
consumer brands can be found predominantly in
chilled cabinets in retailers across Ireland and the UK.
Property, plant and equipment
Property, plant and equipment, other than freehold
land, are stated at cost less accumulated depreciation
and any accumulated impairment losses. Cost
comprises purchase price and other directly
attributable costs. Freehold land is stated at cost and
is not depreciated. Depreciation on the remaining
property, plant and equipment is calculated by
charging equal annual instalments to the Consolidated
Income Statement at the following annual rates:
- Buildings 2% - 5%
- Plant, machinery and equipment 7% - 25%
- Motor vehicles 20%
The charge in respect of periodic depreciation is
calculated after establishing an estimate of the asset’s
useful economic life and the expected residual value
at the end of its useful economic life. Increasing/
(decreasing) an asset’s expected useful economic life
or its residual value would result in a (decreased)/
increased depreciation charge to the Consolidated
Income Statement as well as an increase/(decrease) in
the carrying value of the asset.
The useful economic lives of Group assets are
determined by management at the time the assets are
acquired and reviewed annually for appropriateness.
These useful economic lives are based on historical
experience with similar assets as well as anticipation of
future events, which may impact their useful economic
life, such as changes in technology or the location
of the asset and its climate-related risk. Historically,
changes in useful economic lives or residual values
have not resulted in material changes to the Group’s
depreciation charge.
Assets in the course of construction for production or
administrative purposes are carried at cost less any
recognised impairment loss. Cost includes professional
fees and other directly attributable costs. Depreciation
of these assets commences when the assets are ready
for their intended use, on the same basis as other
property assets.
Leasing
At the commencement date of the lease, the Group
recognises a right-of-use asset and a lease liability on
the balance sheet. The right-of-use asset is measured
at cost, which consists of the initial measurement of
the lease liability, any initial direct costs incurred by
the Group in setting up/entering into the lease, an
estimate of any costs to dismantle and remove the
asset at the end of the lease and any payments made
in advance of the lease commencement date (net of
any incentive received).
The Group depreciates right-of-use assets on a
straight-line basis from the lease commencement
date to the earlier of the end of the useful economic
life or the end of the lease term. The carrying
amounts of right-of-use assets are reviewed at each
balance sheet date to determine whether there is
any indication of impairment. An impairment loss
is recognised when the carrying value of an asset
exceeds its recoverable amount.
The Group measures the lease liability at the
present value of the lease payments unpaid at that
date, discounted using the applicable incremental
borrowing rate. Lease payments included in the
measurement of the lease liability comprises of fixed
or variable payments (based on an index or rate),
amounts expected to be payable under a residual
value guarantee and payments arising from options
reasonably certain to be exercised.
Subsequent to the initial measurement, the liability
will be reduced for payments made and increased
for the interest applied and is remeasured to reflect
any reassessment or contract modifications. When
the lease liability is remeasured, the corresponding
adjustment is reflected in the right-of-use asset or in
the Consolidated Income Statement if the right-of-use
asset is already reduced to nil.
The Group has elected to record short-term leases of
less than 12 months and leases of low-value assets
as defined in IFRS 16 as an operating expense in the
Consolidated Income Statement on a straight-line basis
over the lease term.
The Group has also elected not to separate non-lease
components from lease components, and instead
account for each lease component and any associated
non-lease components as a single lease component,
further increasing the lease liability.
255Financial Statements / Notes to the Financial Statements
1. Statement of accounting policies (continued)
Discontinued operations
A discontinued operation is a component of the
Group’s business, the operations and cash flows of
which can be clearly distinguished from the rest of the
Group and which:
- represents a separate major line of business or
geographic area of operations;
- is part of a single co-ordinated plan to dispose of
a separate major line of business or geographic
area of operations; or
- is a subsidiary acquired exclusively with a view
to resale.
Classification as a discontinued operation occurs at the
earlier of disposal or when the operation meets criteria
to be classified as held for sale. When an operation is
classified as a discontinued operation, the comparative
income statement and statement of comprehensive
income are presented as if the operation had been
discontinued from the start of the comparative
period. In determining the amount to be presented as
discontinued operations, all intercompany items are
eliminated on consolidation. These items are eliminated
against continuing operations when an arrangement
will continue and are eliminated against discontinued
operations where an arrangement will not continue.
Discontinued operations are excluded from the results
of continuing operations and are presented as a single
amount as profit or loss from discontinued operations
in the income statement. Net cash flows attributable
to the operating, investing and financing activities of
discontinued operations are separately disclosed in the
notes to the financial statements.
Intangible assets
Goodwill
Goodwill arises on business combinations and
represents the excess of the cost of acquisition over
the Group’s interest in the fair value of the identifiable
assets and liabilities acquired.
Goodwill arising on acquisitions before the date of
transition to IFRS has been retained at the previous
Irish/UK GAAP amounts subject to impairment testing.
Goodwill written off to reserves under Irish/UK GAAP
prior to 1998 has not been reinstated and is not
included in determining any subsequent profit or loss
on disposal.
At the date control is achieved, goodwill is allocated for
the purpose of impairment testing to groups of cash
generating units (CGUs) provided they represent the
lowest level at which management monitor goodwill for
impairment purposes. Goodwill is not amortised but is
reviewed for indications of impairment at least annually
and is carried at cost less accumulated impairment
losses, where identified. Impairment is recognised
immediately in the Consolidated Income Statement
and is not subsequently reversed. On disposal of a
subsidiary, the attributable amount of goodwill (not
previously written off to reserves) is included in the
determination of the profit or loss on disposal.
Brand related intangibles
Brand related intangibles acquired as part of a
business combination are valued at their fair value
at the date control is achieved. Intangible assets
determined to have an indefinite useful economic life
are not amortised and are tested for impairment at
least annually. Indefinite life intangible assets are those
for which there is no foreseeable limit to their expected
useful economic life. In arriving at the conclusion that
these brand related intangibles have an indefinite
useful economic life, management considers the
nature and type of the intangible asset, the absence of
any legal or other limits on the assets’ use, the fact the
business and products have a track record of stability,
the high barriers to market entry and the Group’s
commitment to continue to invest for the long-term
to extend the period over which the intangible asset
is expected to continue to provide economic benefits.
The classification of intangible assets as indefinite
is reviewed annually. The future expectation of
potential market disruption due to changing consumer
preferences or changes in supply chain of raw
materials linked to sustainability and climate change
were assessed as part of this review and were deemed
to have no material impact.
Finite life brand related intangible assets are amortised
over the period of their expected useful economic
lives, which predominantly range from 2 to 20 years, by
charging equal annual instalments to the Consolidated
Income Statement. The useful economic life used to
amortise finite intangible assets relates to the future
performance of the assets acquired and management’s
estimate of the period over which economic benefit
will be derived from the asset. Historically, changes
in useful economic lives have not resulted in material
changes to the Group’s amortisation charge.
Computer software
Computer software separately acquired, including
computer software which is not an integral part of
an item of computer hardware, is stated at cost less
any accumulated amortisation and any accumulated
impairment losses. Cost comprises purchase price and
other directly attributable costs.
Costs relating to the development of computer
software for internal use are capitalised once the
following recognition criteria outlined are met:
- an asset can be separately identified;
- it is probable that the asset created will generate
future economic benefits;
- the development cost of the asset can be
measured reliably;
- it is probable that the expected future economic
benefits that are attributable to the asset will flow
to the entity;
- the cost of the asset can be measured reliably;
and
- the Group controls the asset.
Computer software is amortised over its expected
useful economic life, which ranges from 3 to 7 years, by
charging equal annual instalments to the Consolidated
Income Statement. Amortisation commences when the
assets are ready for use.
256 Financial Statements / Notes to the Financial Statements
1. Statement of accounting policies (continued)
Research and development expenditure
Expenditure on research activities is recognised as an
expense in the financial year it is incurred.
Development expenditure is assessed and capitalised
as an internally generated intangible asset only if it
meets all of the following criteria:
- it is technically feasible to complete the asset for
use or sale;
- it is intended to complete the asset for use or
sale;
- the Group has the ability to use or sell the
intangible asset;
- it is probable that the asset created will generate
future economic benefits;
- adequate resources are available to complete the
asset for sale or use; and
- the development cost of the asset can be
measured reliably.
Capitalised development costs are amortised over
their expected economic lives. Where no internally
generated intangible asset can be recognised, product
development expenditure is recognised as an expense
in the financial year it is incurred. Accordingly, the
Group has not capitalised product development
expenditure to date.
Impairment of non-financial assets
Goodwill and other intangible assets that have an
indefinite useful economic life are not subject to
amortisation. They are tested annually for impairment
or when indications exist that the asset may be
impaired. For the purpose of assessing impairment,
these assets are allocated to groups of cash generating
units (CGUs) using a reasonable and consistent basis.
An impairment loss is recognised immediately in the
Consolidated Income Statement for the amount by
which the asset’s carrying value exceeds its recoverable
amount. The recoverable amount is the higher of an
asset’s fair value less costs to sell or its value in use.
Value in use is determined as the discounted future
cash flows of the CGU. The key assumptions during
the financial year for the value in use calculations are
discount rates, cash flows (including revenue growth
rates and EBITDA margin percentages) and long-term
growth rates.
When an impairment loss (other than on goodwill)
subsequently reverses, the carrying amount of the asset
is increased to the revised estimate of its recoverable
amount, not exceeding its carrying amount that would
have been determined had no impairment loss been
recognised for the asset in prior years. Assets that are
subject to amortisation are reviewed for impairment
whenever events or changes in circumstances
indicate the carrying amount may not be recoverable.
Impairment is reviewed by assessing the asset’s value in
use when compared to its carrying value.
The carrying amounts of property, plant and equipment
are reviewed at each balance sheet date to determine
whether there is any indication of impairment. An
impairment loss is recognised when the carrying value
of an asset exceeds its recoverable amount.
Income taxes
Income taxes include both current and deferred
taxes. Income taxes are charged or credited to the
Consolidated Income Statement except when they
relate to items charged or credited directly in other
comprehensive income or shareholders’ equity. In this
instance the income taxes are also charged or credited
to other comprehensive income or shareholders’ equity.
The current tax charge is calculated as the amount
payable based on taxable profit and the tax rates
applying to those profits in the financial year together
with adjustments relating to prior years. Deferred
taxes are calculated using the tax rates that are
expected to apply in the period when the liability is
settled or the asset is realised, based on tax rates that
have been enacted or substantively enacted at the
balance sheet date.
The Group is subject to uncertainties, including tax
audits, in any of the jurisdictions in which it operates.
The Group accounts for uncertain tax positions
in line with IFRIC 23 ‘Uncertainty over Income Tax
Treatments’. The Group considers each uncertain tax
treatment separately or together with one or more
uncertain tax treatments based on which approach
better predicts the resolution of the uncertainty. If the
Group concludes that it is not probable that a taxation
authority will accept an uncertain tax treatment
the Group reflects the effect of the uncertainty in
determining the related taxable profit, tax bases,
unused tax losses, unused tax credits or tax rate.
The Group reflects the effect of uncertainty for each
uncertain tax treatment using an expected value
approach or a most likely approach depending on
which method the Group expects to better predict the
resolution of the uncertainty. The unit of account for
recognition purposes is the income tax/deferred tax
assets or liabilities and the Group does not provide
separately for uncertain tax positions. When the
final tax outcome for these items is different from
amounts recorded, such differences will impact the
income tax and deferred tax in the period in which
such a determination is made, as well as the Group’s
cash position.
Deferred taxes are calculated based on the temporary
differences arising between the tax base of the asset
or liability and its carrying value in the Consolidated
Balance Sheet. Deferred taxes are recognised on all
temporary differences in existence at the balance sheet
date except for:
- temporary differences which arise from the initial
recognition of an asset or liability in a transaction
other than a business combination that at the
time of the transaction does not affect accounting
or taxable profit or loss, or on the initial
recognition of goodwill for which a tax deduction
is not available; and
- temporary differences which arise on investments
in subsidiaries where the timing of the reversal
is controlled by the Group and it is probable that
the temporary difference will not reverse in the
foreseeable future.
The recognition of a deferred tax asset is based upon
whether it is probable that sufficient and suitable
taxable profits will be available in the future, against
which the reversal of temporary differences can be
deducted. Deferred tax assets are reviewed at each
reporting date.
257Financial Statements / Notes to the Financial Statements
1. Statement of accounting policies (continued)
Income taxes (continued)
Current income tax assets and current income tax
liabilities are offset where there is a legally enforceable
right to offset the recognised amounts and the Group
intends to settle on a net basis. Deferred income tax
assets and deferred income tax liabilities are offset
where there is a legally enforceable right to offset
the recognised amounts, the deferred tax assets and
deferred tax liabilities relate to taxes levied by the same
taxation authority and the Group intends to settle on a
net basis.
Retirement benefits obligation
Payments to defined contribution schemes are
recognised in the Consolidated Income Statement as
they fall due and any contributions outstanding at the
financial year end are included as an accrual in the
Consolidated Balance Sheet.
Actuarial valuations for accounting purposes are
carried out at each balance sheet date in relation to
defined benefit schemes, using the projected unit
credit method, to determine the schemes’ liabilities and
the related cost of providing benefits. Scheme assets
are accounted for at fair value using bid prices.
Current service cost is recognised as it arises within
staff costs in the Consolidated Income Statement. Net
interest which is calculated by applying the discount
rate to the net balance of the defined benefit obligation
and the fair value of plan assets is recognised in
interest costs in the Consolidated Income Statement.
Gains or losses on the curtailment or settlement of a
scheme are recognised in the Consolidated Income
Statement when the curtailment or settlement occurs.
Re-measurement of retirement benefits obligation,
comprising actuarial gains and losses and the return
on scheme assets (excluding amounts included in
net interest cost) are recognised in full in the period
in which they occur in the Consolidated Statement of
Comprehensive Income.
The defined benefit liability recognised in the
Consolidated Balance Sheet represents the present
value of the defined benefit obligation less the fair value
of any scheme assets. Defined benefit assets are also
recognised in the Consolidated Balance Sheet but are
limited to the present value of available refunds from,
and reductions in future contributions to, the scheme.
Provisions
Provisions can be distinguished from other types of
liability by considering the events that give rise to the
obligation and the degree of uncertainty as to the
amount or timing of the liability. These are recognised
in the Consolidated Balance Sheet when:
- the Group has a present obligation (legal or
constructive) as a result of a past event;
- it is probable that the Group will be required to
settle the obligation; and
- a reliable estimate can be made of the amount of
the obligation.
The amount recognised as a provision is the best
estimate of the amount required to settle the present
obligation at the balance sheet date, after taking
account of the risks and uncertainties surrounding the
obligation.
The outcome depends on future events which are by
their nature uncertain. In assessing the likely outcome,
management bases its assessment on historical
experience and other factors that are believed to
be reasonable in the circumstances. Provisions are
disclosed in note 26 to the consolidated financial
statements.
Non-trading items
Certain items, by virtue of their nature and/or amount,
are disclosed separately in order for the user to obtain
a proper understanding of the financial information.
These items relate to events or circumstances that are
not related to normal trading activities and are labelled
collectively as ‘non-trading items’.
Non-trading items predominantly include gains or losses
on the disposal of businesses, disposal of assets (non-
current assets and assets classified as held for sale),
costs in preparation of disposal of assets, impairment
of goodwill and intangible assets, costs relating to
material restructuring or material transformation plans
and material transaction, integration and restructuring
costs associated with acquisitions. Non-trading items
are disclosed in note 5 to the consolidated financial
statements and are presented separately in the
Consolidated Income Statement.
Inventories
Inventories are valued at the lower of cost and net
realisable value. Cost includes raw materials, direct
labour and all other expenditure incurred in the normal
course of business in bringing the products to their
present location and condition. Cost is calculated
at the weighted average cost incurred in acquiring
inventories. Net realisable value is the estimated
selling price of inventory on hand less all further costs
to completion and all costs expected to be incurred
in distribution and selling. Write-downs of inventories
are primarily recognised under ‘Raw materials and
consumables’ in the Consolidated Income Statement.
Dividends
Dividends are accounted for when they are
approved, through the retained earnings reserve.
Dividends proposed do not meet the definition of a
liability until such time as they have been approved.
Dividends are disclosed in note 11 to the consolidated
financial statements.
Share-based payments
Long-Term and Short-Term Incentive Plan:
The Group has granted share-based payments to
Executive Directors and senior executives under a long-
term incentive plan and to Executive Directors under a
short-term incentive plan.
The equity-settled share-based awards granted under
these plans are measured at the fair value of the equity
instrument at the date of grant. The cost of the award
is charged to the Consolidated Income Statement
over the vesting period of the awards based on the
probable number of awards that will eventually vest,
with a corresponding credit to shareholders’ equity.
258 Financial Statements / Notes to the Financial Statements
1. Statement of accounting policies (continued)
Share-based payments (continued)
Long-Term and Short-Term Incentive Plan: (continued)
For the purposes of the long-term incentive plan, the
fair value of the award is measured using the Monte
Carlo Pricing Model. For the short-term incentive plan,
the fair value of the expense equates directly to the cash
value of the portion of the short-term incentive plan that
will be settled by way of shares/share options.
At the balance sheet date, the estimate of the level
of vesting for all share-based payments is reviewed
and any adjustment necessary is recognised in the
Consolidated Income Statement and in the Statement of
Changes in Equity. Share-based payments are disclosed
in note 29 to the consolidated financial statements.
All Employee Share Plan:
The Group grants share-based payments to
participating employees under its All Employee Share
Plan (AESP). The equity-settled share-based awards
granted under the plan are measured at the fair value
of the equity instrument at the date of grant. The cost
of the award is charged to the Consolidated Income
Statement over the vesting period of the awards based
on the probable number of awards that will eventually
vest, with a corresponding credit to shareholders’
equity. The fair value of the award is measured using
the Monte Carlo option pricing model.
At the balance sheet date, the estimate of the level of
vesting for this plan is reviewed and any adjustment
necessary is recognised in the Consolidated Income
Statement and in the Statement of Changes in Equity.
Share-based payments are disclosed in note 29 to the
consolidated financial statements.
Foreign currency
Foreign currency transactions are translated into
functional currency at the rate of exchange ruling
at the date of the transaction. Exchange differences
arising from either the retranslation of the resulting
monetary assets or liabilities at the exchange rate
at the balance sheet date or from the settlement of
the balance at a different rate are recognised in the
Consolidated Income Statement when they occur.
On consolidation, the income statements of foreign
currency subsidiaries are translated monthly into euro
at the average exchange rate. If this average is not a
reasonable approximation of the cumulative effect
of the rates prevailing on the transaction dates, a
weighted average rate is used. The balance sheets of
such subsidiaries are translated at the rate of exchange
at the balance sheet date. Resulting exchange
differences arising on the translation of foreign
currency subsidiaries are taken directly to a separate
component of shareholders’ equity.
Goodwill and fair value adjustments arising on the
acquisition of foreign subsidiaries are treated as
assets and liabilities of the foreign subsidiaries and are
translated at the closing rate.
On disposal of a foreign currency subsidiary, the
cumulative translation difference for that foreign
subsidiary is recycled to the Consolidated Income
Statement as part of the profit or loss on disposal.
Business combinations
The acquisition method of accounting is used
for the acquisition of businesses. The cost of the
acquisition is measured at the aggregate fair value
of the consideration given. The acquiree’s identifiable
assets, liabilities and contingent liabilities that
meet the conditions for recognition under IFRS 3
‘Business Combinations’ are recognised at their fair
value at the date the Group assumes control of the
acquiree. Acquisition related costs are recognised in
the Consolidated Income Statement as incurred. If
the business combination is achieved in stages, the
acquisition date fair value of the Group’s previously
held investment in the acquiree is remeasured to fair
value at the acquisition date through profit or loss.
Certain assets and liabilities are not recognised at their
fair value at the date control was achieved as they
are accounted for using other applicable IFRSs. These
include deferred tax assets/liabilities and also any
assets related to employee benefit arrangements.
If the initial accounting for a business combination is
incomplete by the end of the reporting period in which
the combination occurs, the Group reports provisional
amounts for the items for which the valuation of the fair
value of assets and liabilities acquired is still in progress.
Those provisional amounts are adjusted during the
measurement period of one year from the date control
is achieved when additional information is obtained
about facts and circumstances which would have
affected the amounts recognised as of that date.
Where applicable, the consideration for the acquisition
includes any asset or liability resulting from a
contingent consideration arrangement measured at
fair value at the date control is achieved. Subsequent
changes in such fair values are adjusted against the
cost of acquisition where they qualify as measurement
period adjustments. All other subsequent changes in
the fair value of contingent consideration classified as
an asset or liability are accounted for in accordance
with relevant IFRSs.
Any fair value adjustments in relation to acquisitions
completed prior to 1 January 2010 have been accounted
for under IFRS 3 ‘Business Combinations (2004)’.
Investments in subsidiaries
Investments in subsidiaries held by the Parent
Company are carried at cost less accumulated
impairment losses.
Investments in joint ventures
Investments in joint ventures held by the Group
are accounted for using the equity method, after
initially being recognised at cost in the Consolidated
Balance Sheet.
Financial instruments
Financial assets and financial liabilities are recognised
on the Consolidated Balance Sheet when the Group
becomes party to the contractual provisions of the
instrument.
Financial assets and liabilities are initially measured
at fair value plus transaction costs, except for those
classified as fair value through profit or loss, which are
initially measured at fair value.
259Financial Statements / Notes to the Financial Statements
1. Statement of accounting policies (continued)
Financial instruments (continued)
All financial assets are recognised and derecognised
on a trade date basis, where the purchase or sale of a
financial asset is under a contract whose terms require
delivery of the financial asset within the timeframe of
the market concerned.
Financial assets and liabilities are offset and presented
on a net basis in the Consolidated Balance Sheet, only
if the Group holds an enforceable legal right of set off
for such amounts and there is an intention to settle
on a net basis or to realise an asset and settle the
liability simultaneously. In all other instances they are
presented gross in the Consolidated Balance Sheet.
The Group classifies its financial assets in the following
measurement categories:
- those to be measured subsequently at fair value
(either through other comprehensive income
(‘OCI’) or through profit or loss); and
- those to be measured at amortised cost.
The classification depends on the Group’s business
model for managing the financial assets and the
contractual terms of the cash flows. For assets
measured at fair value, gains and losses will either
be recorded in profit or loss or OCI. For investments
in equity instruments that are not held for trading,
this will depend on whether the Group has made an
irrevocable election at the time of initial recognition to
account for the equity investment at fair value through
other comprehensive income (‘FVOCI’).
Debt instruments:
Subsequent measurement of debt instruments depend
on the Group’s business model for managing the asset
and the cash flow characteristics of the asset. There are
three measurement categories into which the Group
classifies its debt instruments:
- Amortised cost: Assets that are held for collection
of contractual cash flows, where those cash
flows represent solely payments of principal
and interest, are measured at amortised cost.
Any gain or loss arising on derecognition is
recognised directly in the Consolidated Income
Statement. Impairment losses are presented in
the Consolidated Income Statement.
- FVOCI: Assets that are held for collection of
contractual cash flows and for selling the financial
assets, where the assets’ cash flows represent
solely payments of principal and interest, are
measured at FVOCI. The Group has no debt
instruments measured at FVOCI.
- FVPL: Assets that do not meet the criteria for
amortised cost or FVOCI are measured at fair
value through profit or loss (‘FVPL’). In addition,
assets that are irrevocably designated as FVPL at
origination to eliminate or significantly reduce
an accounting mismatch are also measured at
FVPL. A gain or loss on a debt investment that is
subsequently measured at FVPL is recognised in
the Consolidated Income Statement.
Equity instruments:
The Group subsequently measures all equity
investments at fair value. Where the Group’s
management has elected to present fair value gains
and losses on equity investments in OCI, there is no
subsequent reclassification of fair value gains and
losses to the Consolidated Income Statement following
the derecognition of the investment. Dividends from
such investments continue to be recognised in the
Consolidated Income Statement when the Group’s
right to receive payments is established.
Changes in the fair value of financial assets measured
at FVPL (Rabbi Trust assets) are recognised in the
Consolidated Income Statement. Impairment
losses (and reversal of impairment losses) on equity
investments measured at FVOCI are not reported
separately from other changes in fair value.
Trade and other receivables:
Trade receivables are amounts due from customers
for goods sold or services performed in the ordinary
course of business. Trade receivables are recognised
initially at the amount of consideration that is
unconditional unless they contain significant financing
components. The amount of consideration that is
unconditional approximates to fair value. The Group
holds the trade receivables with the objective to collect
the contractual cash flows and therefore measures
them subsequently at amortised cost using the
effective interest method.
Cash and cash equivalents:
Cash and cash equivalents carried at amortised cost
consists of cash at bank and in hand, bank overdrafts
held by the Group and short-term bank deposits with
a maturity of three months or less from the date of
placement. Cash at bank and in hand and short-term
bank deposits are shown under current assets on
the Consolidated Balance Sheet under the heading
‘Cash at bank and in hand’. Bank overdrafts are shown
within ‘Borrowings and overdrafts’ in current liabilities
on the Consolidated Balance Sheet but are included
as a component of cash and cash equivalents for the
purpose of the Statement of Cash Flows. The carrying
amount of these assets and liabilities approximates to
their fair value.
Financial liabilities measured at amortised cost
Other non-derivative financial liabilities consist
primarily of trade and other payables and borrowings.
Trade and other payables are stated at amortised
cost, which approximates to their fair value given the
short-term nature of these liabilities. Trade and other
payables are non-interest bearing.
Debt instruments are initially recorded at fair value, net
of transaction costs. Subsequently they are reported at
amortised cost, except for hedged debt. To the extent
that debt instruments are hedged under qualifying
fair value hedges, the carrying value of the debt
instrument is adjusted for changes in the fair value
of the hedged risk, with changes arising recognised
in the Consolidated Income Statement. The fair value
of the hedged item is primarily determined using the
discounted cash flow basis.
260 Financial Statements / Notes to the Financial Statements
1. Statement of accounting policies (continued)
Financial instruments (continued)
Financial liabilities at fair value through profit or loss (FVPL)
Financial liabilities at FVPL arise when the financial
liabilities are either derivative liabilities held for trading
or they are designated upon initial recognition as FVPL.
The Group classifies as held for trading certain
derivatives that are not designated and effective as
a hedging instrument. The Group does not have any
other financial liabilities classified as held for trading.
Impairment of financial assets
The Group assesses on a forward looking basis
the expected credit losses associated with its debt
instruments carried at amortised cost and FVOCI. The
impairment methodology applied depends on whether
there has been a significant increase in credit risk.
For trade receivables, the Group applies the simplified
approach permitted by IFRS 9 ‘Financial Instruments’,
which requires expected lifetime losses to be
recognised from initial recognition of the receivables.
Further detail is provided in note 20.
Derecognition of financial liabilities
The Group derecognises financial liabilities only
when the Group’s obligations are discharged, cancelled
or expired.
Derivative financial instruments and hedge accounting
Derivatives are carried at fair value. The Group’s
activities expose it to risks of changes in foreign
currency exchange rates and interest rates in relation
to international trading and long-term debt. The Group
uses foreign exchange forward contracts, interest rate
swaps and forward rate agreements to hedge these
exposures. The Group does not use derivative financial
instruments for speculative purposes. When cross
currency interest rate swaps are used to hedge interest
rates and foreign exchange rates, the change in the
foreign currency basis spreads element of the contract,
that relates to the hedged item, is recognised within
other reserves under the cost of hedging reserve.
At inception of the hedge relationship, the Group
documents the economic relationship between
hedging instruments and hedged items including
whether changes in the cash flows of the hedging
instruments are expected to offset changes in the cash
flows of hedged items. The Group documents its risk
management objective and strategy for undertaking its
hedge transactions.
Fair value of financial instrument derivatives
The fair value of derivative instruments is calculated
using quoted prices. Where such prices are not
available a discounted cash flow analysis is used based
on the applicable yield curve adjusted for counterparty
risk for the duration and currency of the instrument,
which are observable:
- foreign exchange forward contracts are measured
using quoted forward exchange rates to match
the maturities of these contracts; and
- interest rate swaps are measured at the present
value of future cash flows estimated and
discounted based on the applicable yield curves
adjusted for counterparty credit risk.
Cash flow hedges
Where derivatives, including forward foreign exchange
contracts and floating to fixed interest rate swaps
or cross currency swaps are used, they are primarily
treated as cash flow hedges. The gain or loss relating
to the effective portion of the interest rate swaps and
cross currency interest rate swaps is recognised in
OCI and is reclassified to profit or loss in the period
when the hedged item is recognised through profit
or loss. All effective amounts are directly offset
against movements in the underlying hedged item.
Any ineffective portion of the hedge is recognised
in the Consolidated Income Statement. The gain
or loss relating to the effective portion of forward
foreign exchange contracts is recognised in OCI
and is reclassified to profit or loss in the period the
hedged item is recognised through profit or loss. Any
ineffective portion of the hedge is recognised in the
Consolidated Income Statement. When the hedged
firm commitment or forecasted transaction occurs and
results in the recognition of an asset or liability, the
amounts previously recognised in the hedge reserve,
within OCI are reclassified through profit or loss in
the periods when the hedged item is impacting the
Consolidated Income Statement.
When a hedging instrument expires, or is sold or
terminated, or when a hedge no longer meets the
criteria for hedge accounting, any cumulative deferred
gain or loss and deferred cost of hedging in equity
at that time remains in equity until the forecast
transaction occurs, resulting in the recognition of
a non-financial asset, such as inventory. When the
forecast transaction is no longer expected to occur,
the cumulative gain or loss and deferred cost of
hedging that were reported in equity are immediately
reclassified to profit or loss.
Cash flow hedge accounting is applied to foreign
exchange forward contracts which are expected to
offset the changes in fair value of expected future
cash flows. In order to achieve and maintain cash flow
hedge accounting, it is necessary for management
to determine, at inception and on an ongoing basis,
whether a forecast transaction is highly probable.
Fair value hedges
Where fixed to floating interest rate swaps are used,
they are treated as fair value hedges when the
qualifying conditions are met. Changes in the fair value
of derivatives that are designated as fair value hedges
are recognised directly in the Consolidated Income
Statement, together with any changes in the fair value
of the hedged asset or liability that are attributable to
the hedged risk.
Hedge accounting is derecognised when the hedging
relationship ceases to exist. The fair value adjustment
to the carrying amount of the hedged item arising
from the hedged risk is amortised over the remaining
maturity of the hedged item through the Consolidated
Income Statement from that date.
261Financial Statements / Notes to the Financial Statements
1. Statement of accounting policies (continued)
Financial instruments (continued)
Trading derivatives
Certain derivatives which comply with the Group’s
financial risk management policies are not accounted
for using hedge accounting. This arises where the
derivatives; (a) provide a hedge against foreign
currency borrowings without having to apply hedge
accounting; or (b) where management have decided
not to apply hedge accounting. In these cases the
instrument is reported independently at fair value with
any changes recognised in the Consolidated Income
Statement. In all other instances, cash flow or fair value
hedge accounting is applied.
Supplier finance arrangements
The Group facilitates a supplier financing arrangement
that allows suppliers to discount their receivable
position ahead of the due date from the Group. These
are not seen as financing arrangements by the Group.
Under the arrangement, a bank agrees to pay amounts
to a participating supplier in respect of invoices owed
by the Group and receives settlement from the Group
at a later date.
The Group has not derecognised the original liabilities
to which supplier finance arrangements apply because
neither a legal release was obtained nor was the
original liability substantially modified on entering into
the arrangement. From the Group’s perspective, the
arrangement does not significantly extend payment
terms beyond the normal terms agreed with other
suppliers that are not participating. The Group does
not incur any additional interest to the bank on the
amounts due to the suppliers. The Group therefore
discloses the amounts factored by suppliers within
trade payables because the nature and function of
the financial liability remain the same as those of
other trade payables but discloses disaggregated
amounts in the notes. All payables under supplier
finance arrangements are classified as current as at
31 December 2024. The payments to the bank are
included within operating cash flows because they
continue to be part of the normal operating cycle of the
Group and their principal nature remains operating, as
payments for the purchase of goods and services.
Critical accounting estimates and judgements
The preparation of the Group consolidated financial
statements requires management to make certain
estimations, assumptions and judgements that affect
the reported profits, assets and liabilities.
Estimates and underlying assumptions are reviewed
on an ongoing basis. Changes in accounting estimates
may be necessary if there are changes in the
circumstances on which the estimate was based or as
a result of new information or more experience. Such
changes are recognised in the period in which the
estimate is revised.
In particular, information about significant areas
of estimation and judgement that have the most
significant effect on the amounts recognised in the
consolidated financial statements are described
below and in the respective notes to the consolidated
financial statements.
Impairment of goodwill and intangible assets (Estimation)
Determining whether goodwill and intangible assets
are impaired or whether a reversal of an impairment
of intangible assets (other than on goodwill) should
be recorded requires comparison of the value in
use for the relevant groups of cash generating units
(CGUs) to the net assets attributable to those CGUs.
The value in use calculation is based on an estimate
of future cash flows expected to arise from the CGUs
and these are discounted to net present value using
an appropriate discount rate. The tests are dependent
on management’s estimates, in particular in relation to
the forecasting of future cash flows, the discount rates
applied to those cash flows, the expected long-term
growth rate of the applicable businesses and terminal
values. Such estimates are subject to change as a result
of changing economic conditions. As forecasting future
cash flows are dependent upon the Group successfully
leveraging its base of intangible assets over the
long-term, estimates are required in relation to future
cash flows which will support the asset value. These
estimates may depend upon the outcome of future
events and may need to be revised as circumstances
change. The impact of climate change has also been
considered, specifically on the timing and the extent
of costs and cash outflows and is based on a critical
evaluation of the facts currently available to the Group
taking into account factors such as, existing technology,
currently enacted laws and regulations and knowledge
and expertise within the Group. Changes to legislation
and government policy relating to climate change as
well as potential market disruption due to changing
consumer preferences or changes in supply chain of raw
materials have been considered in the assessment of
the impact of climate change. The measurement of the
impact of climate change is based on reasonable and
supportable assumptions that represent management’s
current best estimate of the range of conditions that
will exist in the foreseeable future. The potential impact
of climate-related events, aligned with those included
in the Group’s physical climate risk assessment, was
also considered as part of the sensitivity analysis
and had no impact on our conclusions. Details of
the assumptions used and key sources of estimation
involved are outlined in note 13 to these consolidated
financial statements. The Group continues to monitor its
assessment of the economic environment particularly
due to macroeconomic and geopolitical developments,
industry inflation and customer inventory management.
The long-term outlook for our businesses currently
remains positive, supports our CGU valuations and no
impairment was identified as a result of the impairment
testing review carried out. There is significant headroom
in the recoverable amount of the related CGUs as
compared to their carrying value and any impairment is
not considered likely to occur in the next financial year.
Business combinations (Estimation)
When acquiring a business, the Group is required
to bring acquired assets and liabilities on to the
Consolidated Balance Sheet at their fair value, the
determination of which requires a significant degree of
estimation.
262 Financial Statements / Notes to the Financial Statements
1. Statement of accounting policies (continued)
Critical accounting estimates and judgements (continued)
Business combinations (Estimation) (continued)
Acquisitions may also result in intangible benefits being brought into the Group, some of which qualify for recognition
as intangible assets while other such benefits do not meet the recognition requirements of IFRS and therefore form
part of goodwill. Estimation is required in the assessment and valuation of these intangible assets. For intangible assets
acquired, the Group bases valuations on expected future cash flows taking into consideration the impact of climate-
related risk and macroeconomic conditions where applicable. This method employs a discounted cash flow analysis
using the present value of the estimated after-tax cash flows expected to be generated from the purchased intangible
asset using risk adjusted discount rates, revenue forecasts and estimated customer attrition as appropriate. The period
of expected cash flows is based on the expected useful economic life of the intangible asset acquired.
Depending on the nature of the assets and liabilities acquired, determined provisional fair values may possibly be
adjusted within the measurement period as allowed by IFRS 3 ‘Business Combinations’.
The useful economic lives of intangible assets are determined by management at the time the assets are acquired
and reviewed annually for appropriateness, including assessment as finite or indefinite. These useful economic lives
are based on historical experience with similar assets as well as anticipation of future events, such as changes in
technology, the location of the asset and its climate-related risk.
Intangible assets are disclosed in note 13 and business combinations in note 31 to the consolidated financial statements.
Income tax charge and income/deferred tax assets and liabilities (Estimation and Judgement)
Significant judgement and a high degree of estimation is required in determining the income tax charge as the Group
operates in many jurisdictions and the tax treatment of many items is uncertain with tax legislation being open to
different interpretation. Furthermore, the Group can also be subject to uncertainties, including tax audits in any of the
jurisdictions in which it operates, which by their nature are often complex and can require several years to conclude.
The Group considers these uncertain tax positions in the recognition of its income tax/deferred tax assets or liabilities.
In line with its accounting policy, the Group bases its assessment on the probability of a tax authority accepting its
general treatment having regard to all information available on the tax matter and when it is not probable reflects the
uncertainty in income tax/deferred tax assets or liabilities. When applying its accounting policy at the year end the
Group generally considered each uncertain tax treatment separately and reflected the effect of the uncertainty in the
income tax/deferred tax assets or liabilities using an expected value approach as this better predicts the resolution
of the uncertainty. Such estimates are determined based on management judgement, interpretation of the relevant
tax laws, correspondence with the relevant tax authorities and external tax advisors and past practices of the tax
authorities. Where the final outcome of these tax matters is different from the amounts that were recorded, such
differences will impact the income tax and deferred tax charge in the period in which such determination is made.
Income taxes and deferred tax assets and liabilities are disclosed in notes 7 and 18 to the consolidated financial
statements, respectively.
New standards and interpretations
Certain new and revised accounting standards and new International Financial Reporting Interpretations Committee
(‘IFRIC’) interpretations have been issued. The Group intends to adopt the relevant new and revised standards
when they become effective and endorsed by the EU. The Group’s assessment of the impact of these standards and
interpretations is set out below.
The following Standards and Interpretations are effective for the Group in 2024 but do not have a
material effect on the results or financial position of the Group:
Effective Date
- IAS 1 (Amendments) Presentation of Financial Statements 1 January 2024
- IFRS 16 (Amendments) Leases 1 January 2024
- IAS 7 & IFRS 7 (Amendments) Supplier Finance Arrangements 1 January 2024
The following Standards and Interpretations are not yet effective for the Group and are not
expected to have a material effect on the results or financial position of the Group:
Effective Date
- IAS 21 (Amendments) The Effects of Changes in Foreign Exchange Rates 1 January 2025
- IFRS 7 & IFRS 9 (Amendments) Classification and Measurement of Financial Instruments 1 January 2026
- IFRS 18 Presentation and Disclosure in Financial Statements 1 January 2027
- IFRS 19 Subsidiaries without Public Accountability: Disclosures 1 January 2027
263Financial Statements / Notes to the Financial Statements
2. Analysis of results
For the period ended 31 December 2024 and comparative periods, the Group has determined it has two operating
segments: Taste & Nutrition and Dairy Ireland. The Taste & Nutrition segment is a world leading provider of taste and
nutrition solutions for the food, beverage and pharmaceutical markets. Utilising a broad range of ingredient solutions to
innovate with our customers to create great tasting products, with improved nutrition and functionality, while ensuring
a better impact for the planet. Kerry is driven to be our customers’ most valued partner, creating a world of sustainable
nutrition through solving our customers’ most complex challenges with differentiated solutions. The Taste & Nutrition
segment supplies industries across Europe, Americas and APMEA (Asia Pacific, Middle East and Africa). The Dairy Ireland
segment is a leading Irish provider of value-add dairy ingredients and consumer products. The dairy ingredients product
portfolio includes functional proteins while our dairy consumer brands can be found predominantly in chilled cabinets in
retailers across Ireland and the UK.
Following the sale of Kerry Dairy Ireland (which forms the Dairy Ireland segment) as described in Note 8, effective 2025 the
Group’s reportable segments will change from two to the following three segments: Europe, Americas and APMEA. This
realignment reflects the way resources will be allocated and performance will be assessed by the Chief Operating Decision
Maker from 2025 following the sale of the Dairy Ireland segment. In the Group’s financial reporting for 2025, comparative
information for 2024 will be restated to reflect the changes in reportable segments. Segmental information presented in
these financial statements is based on the segment structure for the financial year ended 31 December 2024, being Taste &
Nutrition and Dairy Ireland. The change in segment reporting post year end does not have a financial impact on the Group’s
Consolidated Financial Statements for the financial year ended 31 December 2024.

| Continuing | Discontinued | Group |  | Continuing | Discontinued | Group |
| Operations | Operations | Eliminations |  | Operations | Operations | Eliminations |
| Taste & | Dairy | and |  | Taste & | Dairy | and |
| Nutrition | Ireland | Unallocated* | Total | Nutrition | Ireland | Unallocated* | Total
| 2024 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2023
| €’m | €’m | €’m | €’m | €’m | €’m | €’m | €’m
External revenue | 6,879.0 | 1,101.6 |  | - 7,980.6 | 6,936.7 | 1,083.6 |  | - 8,020.3
Inter-segment | 50.1 | 213.5 | (263.6) | - | 38.2 | 199.8 | (238.0) | -
revenue |  |  |  |  |  |  |  |
Revenue | 6,929.1 | 1,315.1 | (263.6) | 7,980.6 | 6,974.9 | 1,283.4 | (238.0) | 8,020.3
EBITDA** | 1,256.1 | 62.8 | (68.1) | 1,250.8 | 1,185.9 | 53.4 | (74.2) | 1,165.1
Depreciation (net) | (211.5) | (23.0) | (0.3) | (234.8) | (197.7) | (21.4) | (0.5) | (219.6)
Intangible asset | (51.4) | (0.2) | (36.2) | (87.8) | (39.0) | (0.2) | (40.3) | (79.5)
amortisation |  |  |  |  |  |  |  |
Non-trading items | - | 24.2 | (55.8) | (31.6) | - | 0.7 | 8.1 | 8.8
Operating profit | 993.2 | 63.8 | (160.4) | 896.6 | 949.2 | 32.5 | (106.9) | 874.8
Finance income |  |  |  | 34.8 |  |  |  | 21.8
Finance costs |  |  |  | (88.7) |  |  |  | (72.1)
Share of joint ventures’ |  |  |  | (0.9) |  |  |  | (1.9)
results after taxation |  |  |  |  |  |  |  |
Profit before taxation |  |  |  | 841.8 |  |  |  | 822.6
Income taxes |  |  |  | (107.4) |  |  |  | (94.5)
Profit after taxation |  |  |  | 734.4 |  |  |  | 728.1
Attributable to: |  |  |  |  |  |  |  |
Equity holders of the parent - continuing operations |  |  |  | 673.4 |  |  |  | 700.9
Equity holders of the parent - discontinued |  |  |  | 61.0 |  |  |  | 27.4
operations |  |  |  |  |  |  |  |
Non-controlling interests - continuing operations |  |  |  | - |  |  |  | (0.2)
|  |  |  | 734.4 |  |  |  | 728.1

*
Inter-segment revenue eliminations form part of discontinued operations. See note 8 for further information. All other Group
Eliminations and Unallocated amounts form part of continuing operations.
**
EBITDA represents profit before finance income and costs, income taxes, depreciation (net of capital grant amortisation),
intangible asset amortisation, non-trading items and share of joint ventures’ results after taxation.
264 Financial Statements / Notes to the Financial Statements
2. Analysis of results (continued)
Segment assets and liabilities

| Continuing | Discontinued | Group |  | Continuing | Discontinued | Group |
| Operations | Operations | Eliminations |  | Operations | Operations | Eliminations |
| Taste & | Dairy | and |  | Taste & | Dairy | and |
| Nutrition | Ireland | Unallocated | Total | Nutrition | Ireland | Unallocated | Total
| 2024 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2023
| €’m | €’m | €’m | €’m | €’m | €’m | €’m | €’m
Assets | 7,733.2 | - | 4,779.3 | 12,512.5 | 8,088.9 | 683.4 | 2,843.6 | 11,615.9
Liabilities | (1,739.6) | - | (4,285.6) | (6,025.2) | (1,657.6) | (247.7) | (3,187.8) | (5,093.1)
Net assets | 5,993.6 | - | 493.7 | 6,487.3 | 6,431.3 | 435.7 | (344.2) | 6,522.8
Other segmental information |  |  |  |  |  |  |
Property, plant | 303.0 | 26.5 | 0.8 | 330.3 | 271.0 | 37.6 | 0.9 | 309.5
and equipment |  |  |  |  |  |  |  |
additions |  |  |  |  |  |  |  |
Intangible asset | 3.7 | - | 23.8 | 27.5 | 1.6 | - | 14.3 | 15.9
additions |  |  |  |  |  |  |  |
Share of joint | 0.9 | - | - | 0.9 | 1.9 | - | - | 1.9
ventures’ results |  |  |  |  |  |  |  |
after taxation |  |  |  |  |  |  |  |

Revenue analysis
Disaggregation of revenue from external customers is analysed by End Use Market (EUM), which is the primary market
in which Kerry’s products are consumed and primary geographic market. An EUM is defined as the market in which the
end consumer or customer of Kerry’s product operates. The economic factors within the EUMs of Food, Beverage and
Pharma & other and within the primary geographic markets which affect the nature, amount, timing and uncertainty of
revenue and cash flows are similar.
Analysis by EUM

| Continuing | Discontinued |  | Continuing | Discontinued |
| Operations | Operations |  | Operations | Operations |
| Taste & Nutrition | Dairy Ireland | Total | Taste & Nutrition | Dairy Ireland | Total
| 2024 | 2024 | 2024 | 2023 | 2023 | 2023
| €’m | €’m | €’m | €’m | €’m | €’m
Food | 4,533.0 | 1,090.3 | 5,623.3 | 4,637.3 | 1,051.9 | 5,689.2
Beverage | 1,850.0 | 11.3 | 1,861.3 | 1,798.6 | 31.7 | 1,830.3
Pharma & other | 496.0 | - | 496.0 | 500.8 | - | 500.8
External revenue | 6,879.0 | 1,101.6 | 7,980.6 | 6,936.7 | 1,083.6 | 8,020.3

Analysis by primary geographic market
Disaggregation of revenue from external customers is analysed by geographical split:
Continuing

|  | Discontinued |  | Continuing | Discontinued |
| Operations | Operations |  | Operations | Operations |
| Taste & Nutrition | Dairy Ireland | Total | Taste & Nutrition | Dairy Ireland | Total
| 2024 | 2024 | 2024 | 2023 | 2023 | 2023
| €’m | €’m | €’m | €’m | €’m | €’m
Republic of Ireland | 87.6 | 405.9 | 493.5 | 134.7 | 405.3 | 540.0
Rest of Europe | 1,367.2 | 626.3 | 1,993.5 | 1,382.5 | 600.3 | 1,982.8
Americas | 3,763.5 | 31.0 | 3,794.5 | 3,772.5 | 32.5 | 3,805.0
APMEA | 1,660.7 | 38.4 | 1,699.1 | 1,647.0 | 45.5 | 1,692.5
External revenue | 6,879.0 | 1,101.6 | 7,980.6 | 6,936.7 | 1,083.6 | 8,020.3

Information about geographical areas

| Europe | Americas | APMEA | Total | Europe | Americas | APMEA | Total
| 2024 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2023
| €’m | €’m | €’m | €’m | €’m | €’m | €’m | €’m
Assets by location | 5,675.6 | 5,196.4 | 1,640.5 | 12,512.5 | 5,177.2 | 4,941.4 | 1,497.3 | 11,615.9
Property, plant and equipment additions | 80.7 | 165.5 | 84.1 | 330.3 | 92.1 | 161.9 | 55.5 | 309.5
Intangible asset additions | 23.8 | 3.4 | 0.3 | 27.5 | 14.3 | 1.6 | - | 15.9

265Financial Statements / Notes to the Financial Statements
2. Analysis of results (continued)
Information about geographical areas (continued)
The revenue and non-current assets (as defined in IFRS 8 ‘Operating Segments’) attributable to the country of domicile and
all foreign countries of operation, for which revenue exceeds 10% of total external Group revenue, are set out below.
Kerry Group plc is domiciled in the Republic of Ireland and the revenues from external customers in the Republic of
Ireland were €493.5m (2023: €540.0m). The non-current assets at 31 December 2024 located in the Republic of Ireland
are €2,245.0m (2023: €1,285.7m).
Revenues from external customers include €896.1m (2023: €939.9m) in the UK and €2,940.3m (2023: €2,972.1m) in the
USA. The non-current assets in the UK are €243.5m (2023: €352.1m) and in the USA are €3,264.0m (2023: €3,112.1m).
For clarity the UK is included within Europe in the tables above.
Taste & Nutrition external revenues consists of €2,242.8m (2023: €2,186.4m) in emerging markets and €4,636.2m (2023:
€4,750.3m) in developed markets. Third party revenues in Taste & Nutrition in the foodservice channel was €2,209.0m
(2023: €2,138.0m) and €4,670.0m (2023: €4,798.7m) in the non-foodservice channels.
There are no material dependencies or concentrations on individual customers which would warrant disclosure under IFRS
8 ‘Operating Segments’. The accounting policies of the operating segments are the same as the Group’s accounting policies
as outlined in the Statement of Accounting Policies. Under IFRS 15 ‘Revenue from Contracts with Customers’ revenue is
primarily recognised at a point in time. Revenue recorded over time during the year was not material to the Group.
3. Operating profit
(i) Analysis of costs by nature

|  |  | Re-presented*
|  | Continuing | Continuing
|  | Operations | Operations
|  | 2024 | 2023
| Notes | €’m | €’m
External revenue |  | 6,879.0 | 6,936.7
Inter-segment revenue |  | 50.1 | 38.2
Continuing revenue |  | 6,929.1 | 6,974.9
Less operating costs: |  |  |
Raw materials and consumables |  | 3,361.1 | 3,446.7
Other general overheads |  | 1,047.5 | 1,024.6
Staff costs | 4 | 1,316.5 | 1,261.7
Loss allowances on trade receivables | 20 | 1.6 | 0.9
Foreign exchange losses/(gains) |  | 6.7 | (11.6)
Change in inventories of finished goods |  | 7.7 | 140.9
Earnings before interest, tax, depreciation and amortisation |  | 1,188.0 | 1,111.7
Depreciation (net): |  |  |
- property, plant and equipment | 12 (i) | 172.8 | 165.0
- right-of-use assets | 12 (ii) | 39.8 | 34.1
- capital grants amortisation | 22 | (0.8) | (0.9)
Intangible asset amortisation | 13 | 87.6 | 79.3
Non-trading items | 5 | 55.8 | (8.1)
Operating profit |  | 832.8 | 842.3
And is stated after charging: |  |  |
Research and development costs |  | 304.4 | 294.0

*
As re-presented to reflect the impact of discontinued operations. See note 8 for further information.
266 Financial Statements / Notes to the Financial Statements
3. Operating profit (continued)
(ii) Auditors’ remuneration

| PwC | PwC | PwC | PwC | PwC | PwC
| Ireland | Other | Worldwide | Ireland | Other | Worldwide
| 2024 | 2024 | 2024 | 2023 | 2023 | 2023
| €’m | €’m | €’m | €’m | €’m | €’m
Statutory disclosure: |  |  |  |  |  |
Group audit | 1.4 | 2.4 | 3.8 | 1.4 | 2.4 | 3.8
Other assurance services | 0.6 | - | 0.6 | - | - | -
Total assurance services | 2.0 | 2.4 | 4.4 | 1.4 | 2.4 | 3.8
Tax advisory services | - | - | - | - | - | -
Other non-audit services | - | - | - | - | 0.1 | 0.1
Total non-audit services | - | - | - | - | 0.1 | 0.1
Total auditors’ remuneration | 2.0 | 2.4 | 4.4 | 1.4 | 2.5 | 3.9
Assurance services |  |  | 100% |  |  | 97%
Non-audit services |  |  | 0% |  |  | 3%
Total |  |  | 100% |  |  | 100%

Group audit consists of fees payable for the consolidated and statutory audits of the Group and its subsidiaries. Included
in Group audit are total fees of €5,207 (2023: €5,056) which are due to the Group’s auditor in respect of the Parent
Company. Included in other assurance services is €0.5m (2023: €nil) for CSRD limited assurance report. Reimbursement of
auditors’ expenses amounted to €0.2m (2023: €0.1m).
4. Total staff numbers and costs
The average number of people employed by the Group was:

|  |  |  |  | Re-presented* |
| Continuing | Discontinued |  | Continuing | Discontinued |
| Operations | Operations |  | Operations | Operations |
| Taste & | Dairy |  | Taste & | Dairy |
| Nutrition | Ireland | Total | Nutrition | Ireland | Total
| 2024 | 2024 | 2024 | 2023 | 2023 | 2023
| Number | Number | Number | Number | Number | Number
Europe | 3,856 | 1,501 | 5,357 | 4,017 | 1,582 | 5,599
Americas | 9,843 | - | 9,843 | 9,948 | - | 9,948
APMEA | 6,447 | - | 6,447 | 6,245 | - | 6,245
| 20,146 | 1,501 | 21,647 | 20,210 | 1,582 | 21,792

*
As re-presented to reflect the impact of discontinued operations. See note 8 for further information.
The aggregate payroll costs of employees (including Executive Directors) was:

|  |  |  |  | Re-presented* |
| Continuing | Discontinued |  | Continuing | Discontinued |
| Operations | Operations |  | Operations | Operations |
| Taste & | Dairy |  | Taste & | Dairy |
| Nutrition | Ireland | Total | Nutrition | Ireland | Total
| 2024 | 2024 | 2024 | 2023 | 2023 | 2023
| €’m | €’m | €’m | €’m | €’m | €’m
Europe | 299.2 | 108.3 | 407.5 | 290.3 | 105.8 | 396.1
Americas | 753.6 | - | 753.6 | 725.5 | - | 725.5
APMEA | 263.7 | - | 263.7 | 245.9 | - | 245.9
| 1,316.5 | 108.3 | 1,424.8 | 1,261.7 | 105.8 | 1,367.5

*
As re-presented to reflect the impact of discontinued operations. See note 8 for further information.
Social welfare costs of €173.6m (2023: €168.2m) and share-based payment expense of €39.8m (2023: €21.6m) are
included in payroll costs. Pension costs included in the payroll costs are disclosed in note 27.
267Financial Statements / Notes to the Financial Statements
5. Non-trading items

|  |  |  |  | Re-presented* |  |
|  | Continuing | Discontinued |  | Continuing | Discontinued |
|  | operations | operations | Total | operations | operations | Total
|  | 2024 | 2024 | 2024 | 2023 | 2023 | 2023
| Notes | €’m | €’m | €’m | €’m | €’m | €’m
Global Business Services expansion | (ii) | - | - | - | (4.1) | - | (4.1)
Acquisition integration costs | (iii) | (4.8) | - | (4.8) | (16.5) | - | (16.5)
Accelerate Operational Excellence | (iv) | (43.3) | - | (43.3) | (53.5) | - | (53.5)
|  | (48.1) | - | (48.1) | (74.1) | - | (74.1)
(Loss)/profit on disposal of businesses and assets | (i)/8 | (7.7) | 24.2 | 16.5 | 82.2 | 0.7 | 82.9
Non-trading items (before tax) |  | (55.8) | 24.2 | (31.6) | 8.1 | 0.7 | 8.8
Tax on above | 7/8 | 12.2 | 3.6 | 15.8 | 8.7 | (0.1) | 8.6
Non-trading items (net of related tax) |  | (43.6) | 27.8 | (15.8) | 16.8 | 0.6 | 17.4

*
As re-presented to reflect the impact of discontinued operations. See note 8 for further information.
(i) Loss on disposal of businesses and assets - continuing operations

|  | Total
|  | 2024
| Notes | €’m
Property, plant and equipment - disposed | 12 | (4.2)
Property, plant and equipment - impaired | 12 | (0.2)
Goodwill | 13 | (0.6)
Brand related intangible assets | 13 | (2.0)
Inventories |  | (0.9)
Assets classified as held for sale - disposed | 19 | (0.7)
Assets classified as held for sale - impaired | 12 | (1.2)
Deferred tax liability |  | 0.5
|  | (9.3)
Cash received |  | 4.6
Disposal related costs |  | (3.4)
Cumulative exchange difference on translation recycled on disposal |  | 0.4
Loss on disposal of businesses and assets |  | (7.7)

| Total
| 2024
Net cash outflow on disposal: | €’m
Consideration | 4.6
Less: disposal related costs paid* | (22.3)
| (17.7)

*
Includes payments that were fully provided for in prior years primarily relating to costs associated with the divestment of the
Sweet Ingredients Portfolio in 2023.
The above table represents continuing operations. See note 8 for further information on discontinued operations.
268 Financial Statements / Notes to the Financial Statements
5. Non-trading items (continued)
(i) Loss on disposal of businesses and assets - continuing operations (continued)
In 2024, the Group disposed of a non-core business and assets in Europe, APMEA and North America for a combined
consideration of €4.6m resulting in a loss of €7.7m including an impairment of €1.4m in the Americas. A tax credit of
€2.0m arose on the disposals.
In 2023, the Group completed the sale of the trade and assets of its Sweet Ingredients Portfolio and also disposed of
small operations in South Africa and South Korea. In addition, the Group disposed of property, plant and equipment
primarily in North America and Europe. The combined final consideration for the divested business’ and assets was
€495.7m resulting in a gain of €111.7m for the year ended 31 December 2023, with the related tax charge of €3.8m. The
profit on disposal of property, plant and equipment was offset by an impairment charge of €15.3m in North America
and a €13.5m charge with respect to related disposal costs resulting in a net gain of €82.2m.
(ii) Global Business Services expansion
In 2020, the Group commenced a programme to evolve, migrate and expand its Global Business Services model to
better enable the business and support further growth. This phase of the programme completed at the end of 2023 and
the Group incurred no costs in the year ended 31 December 2024 (2023: €4.1m). The costs in the prior year reflected
relocation of resources, advisory fees, redundancies and the streamlining of operations. The associated tax credit was
€nil (2023: €0.5m).
(iii) Acquisition integration costs
These costs of €4.8m (2023: €16.5m) reflect the relocation of resources, the restructuring of operations in order to
integrate the acquired businesses into the existing Kerry operating model and external costs associated with deal
preparation, integration planning and due diligence. A tax credit of €0.9m (2023: €2.8m) arose due to tax deductions
available on acquisition related costs.
(iv) Accelerate Operational Excellence
These costs of €43.3m (2023: €53.5m) predominantly reflect cost of streamlining operations, project management costs
and consultancy fees incurred in the year relating to our Accelerate Operational Excellence transformation programme,
which was predominately completed at the end of 2024. This material transformation project deploying next generation
manufacturing processes, including advanced process controls, was combined with building capabilities within the
Group to enhance continuous improvement in manufacturing processes which delivered step change manufacturing
excellence across the organisation. This project also focused on supply chain excellence, optimising the Group’s
warehousing and distribution network. A tax credit of €9.3m (2023: €9.1m) arose due to tax deductions available on
accelerated operational excellence costs.
6. Finance income and costs

|  |  | Re-presented*
|  | Continuing | Continuing
|  | Operations | Operations
|  | 2024 | 2023
| Notes | €’m | €’m
Finance income: |  |  |
Interest income on deposits |  | 24.5 | 14.5
Interest income on vendor loan note | 25 | 10.3 | 7.3
Finance income |  | 34.8 | 21.8
Finance costs: |  |  |
Interest payable and finance charges |  | (85.9) | (72.8)
Interest on lease liabilities | 12 (iii.i) | (3.8) | (2.3)
Interest rate derivative |  | - | 0.2
|  | (89.7) | (74.9)
Net interest income on retirement benefits obligation | 27 | 1.4 | 3.1
Finance costs |  | (88.3) | (71.8)
Net finance costs |  | (53.5) | (50.0)

*
As re-presented to reflect the impact of discontinued operations. See note 8 for further information.
269Financial Statements / Notes to the Financial Statements
7. Income taxes

|  | 2024 | 2023
| Notes | €’m | €’m
Recognition in the Consolidated Income Statement (before credit on non-trading items) |  |  |
Current tax expense in the financial year |  | 129.3 | 126.5
Adjustments in respect of prior years |  | (0.7) | 1.9
|  | 128.6 | 128.4
Deferred tax in the financial year |  | (5.4) | (25.3)
Income tax expense (before credit on non-trading items) |  | 123.2 | 103.1
Income tax expense (before credit on non-trading items) on continuing operations |  | 117.2 | 98.4
Income tax expense (before credit on non-trading items) on discontinued operations |  | 6.0 | 4.7
Income tax expense (before credit on non-trading items) |  | 123.2 | 103.1
(Credit)/charge on non-trading items: |  |  |
Current tax |  | (20.3) | (0.8)
Deferred tax |  | 4.5 | (7.8)
| 5 | (15.8) | (8.6)
Credit on non-trading items on continuing operations |  | (12.2) | (8.7)
(Credit)/charge on non-trading items on discontinued operations |  | (3.6) | 0.1
Income tax expense (before credit on non-trading items) |  | (15.8) | (8.6)
Recognition in the Consolidated Income Statement (after credit on non-trading items) |  |  |
Current tax expense in the financial year |  | 109.0 | 125.7
Adjustments in respect of prior years |  | (0.7) | 1.9
|  | 108.3 | 127.6
Deferred tax in the financial year | 18 | (0.9) | (33.1)
Income tax expense (after credit on non-trading items) |  | 107.4 | 94.5
Income tax expense on continuing operations |  | 105.0 | 89.7
Income tax expense on discontinued operations |  | 2.4 | 4.8
Income tax expense (after credit on non-trading items) |  | 107.4 | 94.5

The tax on the Group’s profit before taxation differs from the amount that would arise applying the standard
corporation tax rate in Ireland as follows:

| 2024 | 2023
| €’m | €’m
Profit before taxation | 841.8 | 822.6
Taxed at Irish Standard Rate of Tax (12.5%) | 105.2 | 102.8
Adjustments to current tax and deferred tax in respect of prior years | 0.1 | 1.4
Net effect of differing tax rates | 14.5 | 3.6
Changes in standard rates of taxes | - | (2.8)
Income not subject to tax | (8.9) | (4.8)
Recognition of unprovided deferred tax assets | (5.1) | (5.6)
Other adjusting items | 1.6 | (0.1)
Income tax expense | 107.4 | 94.5

An increase in the Group’s applicable tax rate of 1% would reduce profit after tax by €8.4m (2023: €8.2m).
Factors that may affect the Group’s future tax charge include the effects of restructuring, acquisitions and disposals,
changes in tax legislation and rates and the use of brought forward losses.
The Government of Ireland, the jurisdiction in which Kerry Group plc is incorporated, transposed the Global Minimum
Tax Pillar Two rules into domestic legislation as part of the Finance (No. 2) Act 2023 (the ‘Finance Act’). The Irish
legislation closely follows the EU Minimum Tax Directive and OECD Guidance released to date. The Pillar Two legislation
took effect from 1 January 2024 and applies a 15% effective tax rate on the Group’s profits. The Pillar Two legislation
sets out a detailed and highly complex set of rules on how to calculate the 15% effective tax rate. As a result of these
complexities, the accounting effective tax rate is not always indicative of the effective tax rate as calculated under the
Pillar Two legislation. In addition, the Pillar Two legislation includes transitional safe harbour provisions, which aim to
ease the administrative burden for in-scope groups during the initial periods of the application of the legislation.
270 Financial Statements / Notes to the Financial Statements
7. Income taxes (continued)
In respect of the year ended 31 December 2024, Kerry Group plc is availing of the transitional safe harbour rules in
respect of a significant number of the jurisdictions in which it operates. There is an immaterial current tax charge in
respect of Pillar Two income taxes which has been included in the income tax expense. The Group applies the exception
to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as
provided in the amendments to IAS 12 issued in May 2023.
The Group will continue to monitor changes in law and guidance as they apply to the Group.
8. Discontinued operations
On 12 November 2024, the Group announced that it had entered into an agreement with Kerry Co-Operative Creameries
Limited (the ‘Co-Op’) in relation to the sale of the Group’s shareholding in Kerry Dairy Holdings (Ireland) Limited (‘Kerry
Dairy Ireland’) for a total expected consideration of €500 million. Consideration is subject to adjustments for customary
completion accounts adjustments in respect of cash, debt and working capital and a potential valuation adjustment
should Kerry Dairy Ireland not achieve adjusted EBITDA targets for fiscal year end 2025. Preliminary completion
adjustments have been processed through the Phase 1 vendor loan receivable. To the extent any further adjustments
should arise, the Group does not expect these to be material.
The sale comprises two stages:
1. Phase 1, wherein the Co-Op acquired a 70% shareholding in Kerry Dairy Ireland, with the Group retaining a 30%
shareholding. Phase 1 consideration comprises redemption of a portion of the Co-Op’s shareholding in Kerry; cash
receivable; and a vendor loan receivable. The Group will be entitled to a fixed dividend of €7.5 million per annum
during the period of the joint ownership.
Prior to this transaction, the Co-Op held approximately 11% of the issued share capital of Kerry Group plc. The following
steps (the ‘share exchange’) form part of Phase 1:
- Share for Share exchange: A share for share exchange whereby the Group acquired approximately 85% of the shares
in the Co-Op that were held by its members, in exchange for issuing an amount of Kerry Group plc shares directly to the
members of the Co-Op, equal in value to approximately 85% of the Kerry Group plc shares previously held by the Co-Op;
- Redemptions: (a) The redemption by the Group of the Co-Op’s entire shareholding in Kerry Group plc (19,045,396
shares), in exchange for a promissory note of equivalent value, and (b) the redemption by the Co-Op of the Co-Op
shares held by the Group (as acquired in the share for share exchange above) in exchange for a promissory note of
equivalent value;
- Promissory note set off: The amounts outstanding under each promissory note are offset against each other,
which results in a promissory note balance in favour of the Co-Op equal to approximately 15% of the market value
of the Co-Op’s original 11% shareholding in Kerry Group plc and which was used by the Co-Op to fund part of the
Phase 1 consideration.
Pursuant to this share exchange, the Group’s issued share capital reduced by 2,858,372 shares; the Co-Op ceased to be a
shareholder of Kerry Group plc and members of the Co-Op instead hold shares in Kerry Group plc directly. The portion of the
consideration attributable to the share redemption was €261.9m based on a volume-weighted average share price of €91.63.
2. Phase 2, wherein the Group and the Co-Op have agreed to a put-call arrangement that will transfer the remaining
30% shareholding in Kerry Dairy Ireland to the Co-Op. At any time on or prior to 31 July 2035, the Co-Op will have
the right to purchase the remaining 30% shareholding in Kerry Dairy Ireland in exchange for cash in an amount of
€150 million (the ‘Call Option’). In the event that the Co-Op does not exercise the Call Option before 31 July 2030,
the Group will have the right at any time after 31 July 2030 and on or prior to 31 July 2035, to require the Co-Op to
purchase the entire 30% shareholding in Kerry Dairy Ireland for a consideration of €150 million (the ‘Put Option’).
The Phase 2 consideration of €150m is subject to certain adjustment mechanisms as outlined above. To the extent
any such adjustments should arise, the Group does not expect these to be material.
The agreement for the sale of Kerry Dairy Ireland was approved by Co-Op members and by the Group’s shareholders on
16 December 2024 and 19 December 2024, respectively. Pursuant to respective shareholder approval, Phase 1 of the sale
of Kerry Dairy Ireland (which forms the Dairy Ireland segment), completed on 31 December 2024. Accordingly, the Group
ceased to control Kerry Dairy Ireland on 31 December 2024. The Group analysed the quantitative and qualitative factors
relevant to the Kerry Dairy Ireland business and determined that the criteria for discontinued operations presentation were
met as at 31 December 2024. The operating results of the Kerry Dairy Ireland business were therefore reported separately
as discontinued operations, net of income tax expense, in the Consolidated Income Statement and Consolidated Statement
of Comprehensive Income for the financial years ended 31 December 2024 and 2023, respectively.
Accounting for the Group’s 30% shareholding in Kerry Dairy Ireland requires judgement relating to accounting treatment
for this investment and the put and call options that are part of the transaction. The terms and conditions of the call
option are relevant in determining the accounting treatment for the 30% shareholding, as the Group needs to determine
whether the 30% shareholding represents a joint arrangement or an associate over which the Group has significant
influence. There is judgement in determining whether the call option held by the Co-Op is substantive. The Co-Op’s call
option is immediately exercisable and in management’s judgement this gives the Co-Op control of Kerry Dairy Ireland.
The existence and effect of the immediately exercisable call option held by the Co-Op means the Group’s current
interest in Kerry Dairy Ireland is limited to the €150m call option price. As a result, the Group does not have access to
the economic benefits associated with a present ownership interest in Kerry Dairy Ireland and therefore does not have
significant influence. The 30% shareholding therefore represents a financial asset and this asset is accounted for at fair
value through profit and loss. Refer to notes 24 and 25 for further detail.
271Financial Statements / Notes to the Financial Statements
8. Discontinued operations (continued)
(i) Analysis of costs by nature

|  | 2024 | 2023
| Notes | €’m | €’m
Revenue |  | 1,315.1 | 1,283.4
Inter-segment revenue |  | (263.6) | (238.0)
Discontinued revenue | 2 | 1,051.5 | 1,045.4
Less operating costs: |  |  |
Raw materials and consumables |  | 747.0 | 701.9
Other general overheads |  | 142.0 | 148.6
Staff costs |  | 108.3 | 105.8
Loss allowances on trade receivables |  | - | -
Foreign exchange (gains)/losses |  | (1.2) | 0.4
Change in inventories of finished goods |  | (7.4) | 35.3
Earnings before interest, tax, depreciation and amortisation |  | 62.8 | 53.4
Depreciation (net): |  |  |
- property, plant and equipment | 12 (i) | 23.1 | 21.6
- right-of-use assets | 12 (ii) | 0.8 | 0.8
- capital grants amortisation | 22 | (0.9) | (1.0)
Intangible asset amortisation | 13 | 0.2 | 0.2
Non-trading items | 5 | (24.2) | (0.7)
Operating profit |  | 63.8 | 32.5
Finance costs |  | (0.4) | (0.3)
Profit before taxation |  | 63.4 | 32.2
Income taxes |  | (2.4) | (4.8)
Profit from discontinued operations |  | 61.0 | 27.4
Operating profit is stated after charging: |  |  |
Research and development costs |  | 5.4 | 7.3

(ii) Other comprehensive income movement from discontinued operations

| 2024 | 2023
| €’m | €’m
Profit from discontinued operations | 61.0 | 27.4
Cumulative exchange difference on translation recycled on disposal | (0.6) | -
Total comprehensive income | 60.4 | 27.4

(iii) Cash flows (used in)/from discontinued operations

| 2024 | 2023
| €’m | €’m
Net cash from operating activities | 27.6 | 38.0
Net cash used in investing activities | (27.7) | (35.3)
Net cash used in financing activities | (0.8) | (0.7)
Net cash flows for the period | (0.9) | 2.0

272 Financial Statements / Notes to the Financial Statements
8. Discontinued operations (continued)
(iv) Effect of disposal on financial position of the Group
The composition of assets and liabilities disposed of are set out in the table below:

|  | Total
|  | 2024
| Notes | €’m
Property, plant and equipment (net of grants) - disposed | 12/22 | (205.3)
Goodwill | 13 | (132.2)
Brand related intangible assets | 13 | (24.4)
Computer software | 13 | (0.3)
Cash disposed |  | (10.3)
Inventories |  | (110.0)
Trade and other receivables |  | (224.8)
Deferred tax liabilities |  | 15.1
Trade and other payables |  | 191.5
Net amounts due to Kerry entities | 34 | 12.3
|  | (488.4)
Consideration |  |
Share redemption consideration |  | 261.9
Consideration receivable - to be satisfied in cash* |  | 56.0
Working capital - receivable on closing* |  | 47.5
Phase 1 vendor loan receivable** |  | 20.6
Retained investment in Kerry Dairy Ireland |  | 150.0
|  | 536.0
Disposal related costs |  | (24.0)
|  | 512.0
Cumulative exchange difference on translation recycled on disposal |  | 0.6
Profit on disposal of businesses and assets (before tax) |  | 24.2
Tax on above |  | 3.6
Profit on disposal of businesses and assets (net of related tax) |  | 27.8

*
These amounts of a combined €103.5m were due from the Co-Op at 31 December 2024 and were received by the Group
on 8 January 2025.
**
Phase 1 vendor loan receivable balance following draft completion account adjustments.

| Total
| 2024
Net cash outflow on disposal: | €’m
Consideration received | -
Less: cash disposed | (10.3)
Less: disposal related costs paid | (5.3)
| (15.6)

9. Profit attributable to Kerry Group plc
In accordance with section 304(2) of the Companies Act, 2014, the Company is availing of the exemption from
presenting its individual income statement to the Annual General Meeting and from filing it with the Registrar of
Companies. The Company’s profit after taxation for the financial year is €2,695.6m (2023: €650.4m). The profit primarily
arose due to the receipt of dividends from subsidiaries of the Company.
273Financial Statements / Notes to the Financial Statements
10. Earnings per A ordinary share

|  |  |  | Re-presented* |  |
| Continuing | Discontinued |  | Continuing | Discontinued |
| Operations | Operations | Total | Operations | Operations | Total
| 2024 | 2024 | 2024 | 2023 | 2023 | 2023
Basic earnings per share |  |  |  |  |  |
Profit after taxation attributable to equity | 673.4 | 61.0 | 734.4 | 700.9 | 27.4 | 728.3
holders of the parent (€’m) |  |  |  |  |  |
Basic earnings per share (cent) | 389.2 | 35.3 | 424.5 | 395.0 | 15.4 | 410.4

|  |  |  | Re-presented* |  |
| Continuing | Discontinued |  | Continuing | Discontinued |
| Operations | Operations | Total | Operations | Operations | Total
| 2024 | 2024 | 2024 | 2023 | 2023 | 2023
Diluted earnings per share |  |  |  |  |  |
Profit after taxation attributable to equity | 673.4 | 61.0 | 734.4 | 700.9 | 27.4 | 728.3
holders of the parent (€’m) |  |  |  |  |  |
Diluted earnings per share (cent) | 388.6 | 35.2 | 423.8 | 394.3 | 15.4 | 409.7

|  | 2024 | 2023
Number of Shares | Note | m’s | m’s
Basic weighted average number of shares |  | 173.0 | 177.4
Impact of share options outstanding |  | 0.3 | 0.3
Diluted weighted average number of shares |  | 173.3 | 177.7
Actual number of shares in issue | 28 | 166.4 | 175.8
as at 31 December |  |  |

11. Dividends

| 2024 | 2023
| €’m | €’m
Group and Company: |  |
Amounts recognised as distributions to equity shareholders in the financial year |  |
Final 2023 dividend of 80.80 cent per A ordinary share paid 10 May 2024 | 140.4 | 130.0
(Final 2022 dividend of 73.40 cent per A ordinary share paid 12 May 2023) |  |
Interim 2024 dividend of 38.10 cent per A ordinary share paid 8 November 2024 | 64.8 | 61.3
(Interim 2023 dividend of 34.60 cent per A ordinary share paid 10 November 2023) | 205.2 | 191.3

Since the financial year end the Board has proposed a final 2024 dividend of 89.0 cent per A ordinary share which
amounts to €148.1m based on ordinary shares in issue at 31 December 2024. The payment date for the final dividend
will be 9 May 2025 to shareholders registered on the record date as at 11 April 2025. The consolidated financial
statements do not reflect this dividend.
12. Property, plant and equipment

|  | 2024 | 2023
| Notes | €’m | €’m
Group: |  |  |
Property, plant and equipment | (i) | 2,026.6 | 2,070.3
Right-of-use assets | (ii) | 80.1 | 62.7
|  | 2,106.7 | 2,133.0

274 Financial Statements / Notes to the Financial Statements
12. Property, plant and equipment (continued)
(i) Property, plant and equipment analysis

|  |  | Plant, |  |  |
|  |  | Machinery |  |  |
|  | Land and | and | Construction | Motor |
|  | Buildings | Equipment | in Progress | Vehicles | Total
| Notes | €’m | €’m | €’m | €’m | €’m
Group: |  |  |  |  |  |
Cost |  |  |  |  |  |
At 1 January 2023 |  | 1,351.3 | 2,152.6 | 209.3 | 14.4 | 3,727.6
Businesses acquired |  | 0.5 | 2.0 | 4.6 | - | 7.1
Additions |  | 23.8 | 37.7 | 209.0 | 2.6 | 273.1
Purchase adjustments |  | (3.6) | - | - | - | (3.6)
Transfer from construction in progress |  | 55.0 | 153.6 | (208.6) | - | -
Businesses disposed |  | (1.0) | (2.2) | - | - | (3.2)
Disposals |  | (32.0) | (155.7) | (0.8) | (2.1) | (190.6)
Transfer from/(to) held for sale |  | 1.1 | (6.6) | 0.1 | - | (5.4)
Exchange translation adjustment |  | (46.6) | (34.3) | (5.0) | (0.2) | (86.1)
At 31 December 2023 |  | 1,348.5 | 2,147.1 | 208.6 | 14.7 | 3,718.9
Businesses acquired | 31 | 20.2 | 22.8 | - | - | 43.0
Additions |  | 13.3 | 25.2 | 226.9 | 0.7 | 266.1
Transfer from construction in progress |  | 42.1 | 158.8 | (200.9) | - | -
Disposal of discontinued operations | 8 | (169.9) | (425.0) | (8.7) | (6.2) | (609.8)
Disposals | 5 | (11.3) | (64.3) | - | (2.7) | (78.3)
Transfer to held for sale | 19 | (3.5) | (1.2) | - | - | (4.7)
Exchange translation adjustment |  | 43.0 | 65.7 | 6.1 | (0.6) | 114.2
At 31 December 2024 |  | 1,282.4 | 1,929.1 | 232.0 | 5.9 | 3,449.4
Accumulated depreciation and impairment |  |  |  |  |  |
At 1 January 2023 |  | 430.0 | 1,248.6 | - | 11.8 | 1,690.4
Charge during the financial year |  | 42.3 | 143.1 | - | 1.2 | 186.6
Businesses disposed |  | - | (1.5) | - | - | (1.5)
Disposals |  | (24.3) | (153.2) | - | (1.8) | (179.3)
Transfer from/(to) held for sale |  | 0.5 | (3.3) | - | - | (2.8)
Exchange translation adjustment |  | (10.4) | (34.1) | - | (0.3) | (44.8)
At 31 December 2023 |  | 438.1 | 1,199.6 | - | 10.9 | 1,648.6
Charge during the financial year | 3/8 | 43.7 | 151.0 | - | 1.2 | 195.9
Disposal of discontinued operations | 8 | (69.6) | (325.2) | - | (5.7) | (400.5)
Disposals | 5 | (10.4) | (61.6) | - | (2.1) | (74.1)
Transfer to held for sale | 19 | (1.3) | (0.7) | - | - | (2.0)
Impairments |  | - | 1.4 | - | - | 1.4
Exchange translation adjustment |  | 13.6 | 39.9 | - | - | 53.5
At 31 December 2024 |  | 414.1 | 1,004.4 | - | 4.3 | 1,422.8
Carrying value |  |  |  |  |  |
At 31 December 2023 |  | 910.4 | 947.5 | 208.6 | 3.8 | 2,070.3
At 31 December 2024 |  | 868.3 | 924.7 | 232.0 | 1.6 | 2,026.6

275Financial Statements / Notes to the Financial Statements
12. Property, plant and equipment (continued)
(ii) Right-of-use assets analysis

|  |  | Plant, |  |
|  |  | Machinery |  |
|  | Land and | and | Motor |
|  | Buildings | Equipment | Vehicles | Total
| Notes | €’m | €’m | €’m | €’m
Group: |  |  |  |  |
Cost |  |  |  |  |
At 1 January 2023 |  | 104.7 | 21.7 | 13.7 | 140.1
Businesses acquired |  | 2.6 | - | - | 2.6
Additions |  | 19.4 | 13.0 | 4.0 | 36.4
Terminations |  | (18.5) | (1.8) | (3.0) | (23.3)
Transfer to held for sale |  | (0.6) | (0.1) | (0.1) | (0.8)
Exchange translation adjustment |  | (2.8) | (0.4) | (0.2) | (3.4)
At 31 December 2023 |  | 104.8 | 32.4 | 14.4 | 151.6
Businesses acquired | 31 | - | - | 0.1 | 0.1
Additions |  | 48.9 | 11.1 | 4.2 | 64.2
Disposal of discontinued operations | 8 | (4.0) | (3.1) | (0.1) | (7.2)
Terminations |  | (13.9) | (4.8) | (1.6) | (20.3)
Exchange translation adjustment |  | 1.3 | 0.5 | (0.1) | 1.7
At 31 December 2024 |  | 137.1 | 36.1 | 16.9 | 190.1
Accumulated depreciation |  |  |  |  |
At 1 January 2023 |  | 54.9 | 13.5 | 9.6 | 78.0
Charge during the financial year |  | 25.1 | 7.0 | 2.8 | 34.9
Terminations |  | (16.8) | (1.6) | (2.9) | (21.3)
Transfer to held for sale |  | (0.4) | - | - | (0.4)
Exchange translation adjustment |  | (2.0) | (0.2) | (0.1) | (2.3)
At 31 December 2023 |  | 60.8 | 18.7 | 9.4 | 88.9
Charge during the financial year | 3/8 | 29.7 | 8.0 | 2.9 | 40.6
Disposal of discontinued operations | 8 | (1.7) | (1.7) | (0.1) | (3.5)
Terminations |  | (11.6) | (4.7) | (1.5) | (17.8)
Exchange translation adjustment |  | 1.5 | 0.4 | (0.1) | 1.8
At 31 December 2024 |  | 78.7 | 20.7 | 10.6 | 110.0
Carrying value |  |  |  |  |
At 31 December 2023 |  | 44.0 | 13.7 | 5.0 | 62.7
At 31 December 2024 |  | 58.4 | 15.4 | 6.3 | 80.1

The right-of-use assets consist of:
- land and buildings for warehouse space, offices and manufacturing facilities. The lease terms vary and range from
1 to 89 years for buildings and range from 1 to 86 years for land;
- machinery, equipment, tools, furniture and other equipment when combined are insignificant to the total leased
assets portfolio and have an average remaining lease term of 2 years; and
- motor vehicles for management and sales functions and trucks for distribution in specific businesses. The lease
terms for motor vehicles range from 1 to 5 years with an average remaining term of 2 years.
276 Financial Statements / Notes to the Financial Statements
12. Property, plant and equipment (continued)
(iii) Lease disclosures
(iii.i) Amounts recognised in the Consolidated Income Statement:

|  |  | Re-presented*
|  | Continuing | Continuing
|  | Operations | Operations
|  | 2024 | 2023
| Note | €’m | €’m
Depreciation charged during the financial year |  | 39.8 | 34.1
Expenses relating to short-term leases |  | 3.8 | 3.4
Expenses relating to leases of low-value assets, excluding |  | 0.2 | 0.2
short-term leases of low-value assets |  |  |
Interest on lease liabilities charged during the financial year | 6 | 3.8 | 2.3

*
As re-presented to reflect the impact of discontinued operations. See note 8 for further information.
(iii.ii) Amounts recognised in the Consolidated Statement of Cash Flows:

| 2024 | 2023
| €’m | €’m
Total cash outflow for leases during the year* | 47.7 | 41.5

*
Includes interest expense and principal repayments of lease liabilities and short-term and low-value lease expenses.
*
As re-presented to reflect the impact of discontinued operations. See note 8 for further information.
(iii.iii) Lease liabilities

| 2024 | 2023
| €’m | €’m
At beginning of the financial year | 68.6 | 69.2
Additions | 64.2 | 39.0
Terminations | (2.6) | (1.9)
Remeasurements | - | -
Payments | (40.8) | (36.4)
Disposal of discontinued operations | (4.1) | -
Exchange translation adjustment | 1.3 | (1.3)
At end of the financial year | 86.6 | 68.6

| 2024 | 2023
Analysed as: | €’m | €’m
Current liabilities | 31.1 | 26.2
Non-current liabilities | 55.5 | 42.4
At end of the financial year | 86.6 | 68.6

(iii.iv) At the balance sheet date the Group had commitments under non-cancellable leases which fall due as follows:

| Discounted | Undiscounted | Discounted | Undiscounted
| 2024 | 2024 | 2023 | 2023
| €’m | €’m | €’m | €’m
Within 1 year | 31.1 | 36.9 | 26.2 | 31.0
Between 1 and 2 years | 23.0 | 25.9 | 16.9 | 18.5
Between 2 and 5 years | 26.4 | 29.7 | 18.2 | 24.1
After 5 years | 6.1 | 10.0 | 7.3 | 10.7
| 86.6 | 102.5 | 68.6 | 84.3

277Financial Statements / Notes to the Financial Statements
13. Intangible assets

|  |  | Brand |  |
|  |  | Related | Computer |
|  | Goodwill | Intangibles | Software | Total
| Notes | €’m | €’m | €’m | €’m
Cost |  |  |  |  |
At 1 January 2023 |  | 3,225.1 | 2,726.0 | 409.8 | 6,360.9
Businesses acquired |  | 118.9 | 23.1 | - | 142.0
Additions |  | - | - | 15.9 | 15.9
Purchase adjustment |  | 8.2 | 3.2 | - | 11.4
Businesses disposed |  | (0.7) | (0.5) | - | (1.2)
Disposals |  | - | (7.2) | (7.5) | (14.7)
Transfer (to)/from held for sale |  | (10.3) | 20.2 | (2.7) | 7.2
Exchange translation adjustment |  | (42.2) | (30.3) | 0.4 | (72.1)
At 31 December 2023 |  | 3,299.0 | 2,734.5 | 415.9 | 6,449.4
Businesses acquired | 31 | 29.2 | 86.8 | - | 116.0
Additions |  | - | - | 27.5 | 27.5
Disposal of discontinued operations | 8 | (132.2) | (45.0) | (1.5) | (178.7)
Businesses disposed | 5 | (0.6) | (2.6) | - | (3.2)
Disposals |  | - | - | (6.4) | (6.4)
Exchange translation adjustment |  | 64.1 | 72.0 | 5.9 | 142.0
At 31 December 2024 |  | 3,259.5 | 2,845.7 | 441.4 | 6,546.6
Accumulated amortisation and impairment |  |  |  |  |
At 1 January 2023 |  | 14.4 | 337.6 | 288.9 | 640.9
Charge during the financial year |  | - | 52.3 | 27.2 | 79.5
Businesses disposed |  | - | - | - | -
Disposals |  | - | (7.2) | (7.5) | (14.7)
Transfer (to)/from held for sale |  | (11.0) | 19.4 | (2.6) | 5.8
Exchange translation adjustment |  | (2.9) | (8.4) | (0.6) | (11.9)
At 31 December 2023 |  | 0.5 | 393.7 | 305.4 | 699.6
Charge during the financial year | 3 | - | 58.6 | 29.2 | 87.8
Disposal of discontinued operations | 8 | - | (20.6) | (1.2) | (21.8)
Businesses disposed | 5 | - | (0.6) | - | (0.6)
Disposals |  | - | - | (6.4) | (6.4)
Exchange translation adjustment |  | - | 6.5 | 3.4 | 9.9
At 31 December 2024 |  | 0.5 | 437.6 | 330.4 | 768.5
Carrying value |  |  |  |  |
At 31 December 2023 |  | 3,298.5 | 2,340.8 | 110.5 | 5,749.8
At 31 December 2024 |  | 3,259.0 | 2,408.1 | 111.0 | 5,778.1

Allocation of the purchase price in a business combination affects the results of the Group as finite life intangible assets
are amortised, whereas indefinite life intangible assets, including goodwill, are not amortised. This could result in
differing amortisation charges based on the allocation to finite life and indefinite life intangible assets.
Included in brand related intangibles are intangibles of €1,691.7m (2023: €1,629.9m) which have indefinite lives.
Approximately €10.7m (2023: €4.4m) of computer software additions during the year were internally generated,
included in this are payroll costs of €5.3m (2023: €3.9m). The Group has not capitalised product development
expenditure in 2024 (2023: €nil).
The Group has no separate individual intangible asset that is material, as all intangibles acquired are integrated and
developed within the existing business.
278 Financial Statements / Notes to the Financial Statements
13. Intangible assets (continued)
Impairment testing
Goodwill and indefinite life intangibles are subject to impairment testing on an annual basis, or more frequently if there
are indicators of impairment. These assets are allocated to groups of cash generating units (CGUs). The recoverable
amount of each of the three CGUs (2023: four CGUs) is determined on value in use calculations. Intangible assets
acquired in a business combination are allocated to CGUs that are expected to benefit from the business acquisition,
rather than where the assets are owned.
Cash flow forecasts employed for the value in use calculations are for a five year period approved by management and
a terminal value which is applied to the year five cash flows. The terminal value reflects the discounted value of the cash
flows beyond year five which is based on the weighted average long-term growth rates for each CGU.
No impairment was recognised in 2024 or 2023 as a result of the impairment testing which identified significant
headroom in the recoverable amount of the related CGUs as compared to their carrying value.
A summary of the allocation of the carrying value of goodwill and indefinite life intangible assets by CGU, is as follows:

|  |  | Indefinite Life | Indefinite Life
| Goodwill | Goodwill | Intangibles | Intangibles
| 2024 | 2023 | 2024 | 2023
| €’m | €’m | €’m | €’m
Taste & Nutrition |  |  |  |
Europe | 669.9 | 644.0 | 188.5 | 166.4
Americas | 2,241.2 | 2,181.5 | 1,455.6 | 1,398.3
APMEA | 347.9 | 346.0 | 47.6 | 41.1
Dairy Ireland |  |  |  |
Europe | - | 127.0 | - | 24.1
| 3,259.0 | 3,298.5 | 1,691.7 | 1,629.9

Key assumptions
Forecasts are generally derived from a combination of internal and external factors based on historical experience and
take account of expected growth in the relevant region. The key assumptions for calculating value in use calculations
are those relating to the discount rate, growth rate and cash flows (including revenue growth rates and EBITDA margin
percentages). The table below outlines the weighted average discount rates and weighted average long-term growth
rates used in the terminal value for each CGU:

| Discount | Discount | Growth | Growth
| Rates | Rates | Rates | Rates
| 2024 | 2023 | 2024 | 2023
Taste & Nutrition |  |  |  |
Europe | 7.7% | 8.8% | 1.4% | 1.3%
Americas | 8.2% | 8.8% | 1.2% | 1.1%
APMEA | 9.4% | 9.8% | 3.2% | 3.7%
Dairy Ireland |  |  |  |
Europe | N/A | 8.5% | N/A | 2.0%

Management estimate discount rates using pre-tax rates consistent with the Group’s weighted average cost of capital
and the risks specific to the CGUs. A higher discount rate is applied to higher risk markets, while a lower rate is applied
to more stable markets.
Long-term growth rates are based on external market data, are broadly in line with long-term industry growth rates
and are conservative in nature. Generally, lower growth rates are used in mature markets while higher growth rates are
used in emerging markets.
The assumptions used by management in estimating cash flows for each CGU include future profitability and capital
expenditure requirements. The cash flows included in the value in use calculations are generally determined based
on historical performance, management’s past experience, management’s expectation of future trends affecting the
industry and other developments and initiatives in the business including the Group’s strategic plans. Management
also considered the impact of the economic environment particularly industry inflation, changing interest rates and
customer inventory management on the Group which has been reflected in the cash flow forecasts employed in
the value in use calculations. Capital expenditure requirements to maintain the CGUs performance and profitability
are based on the Group’s strategic plans, excluding future development activity, and broadly assume that historic
investment patterns will be maintained.
279Financial Statements / Notes to the Financial Statements
13. Intangible assets (continued)
Impairment testing (continued)
Sensitivity analysis
Sensitivity analysis has been performed across the three CGUs. If the discount rate was 1% higher than management’s
estimates, there would have been no requirement for the Group to recognise any impairment charge in 2024 or 2023.
Further, a 5% increase in the discount rate would not have resulted in an impairment charge in 2024 or 2023 as there
is headroom in the discounted cash flows. If the estimated growth rate was 1% lower than management’s estimates,
there would have been no requirement for the Group to recognise any impairment charge in 2024 or 2023. If the
estimated cash flows were 5% lower than management’s estimates, again there would have been no requirement for
the Group to recognise any impairment charge in 2024 or 2023. Management believes that no reasonable change, in
normal circumstances, in any of the above key assumptions would cause the carrying value of any CGU to exceed its
recoverable amount. The potential impact of climate-related events, aligned with those included in the Group’s physical
climate risk assessment, and the estimated capital expenditure required to achieve the Group’s sustainability objectives
in reducing carbon emissions and achieving the ambition to become net zero before 2050 were also considered as part
of the sensitivity analysis and had no impact on our conclusions.
14. Financial asset investments

| FVOCI | Other |
| Investments | Investments | Total
| €’m | €’m | €’m
At 1 January 2023 | 15.1 | 43.8 | 58.9
Additions | 3.0 | 2.9 | 5.9
Disposals | (5.7) | (6.7) | (12.4)
Fair value movements | - | 1.4 | 1.4
Exchange translation adjustment | (0.3) | (1.5) | (1.8)
At 31 December 2023 | 12.1 | 39.9 | 52.0
Additions | 1.8 | 5.2 | 7.0
Disposals | (0.2) | (9.3) | (9.5)
Fair value movements | - | 6.6 | 6.6
Exchange translation adjustment | 0.7 | 2.4 | 3.1
At 31 December 2024 | 14.4 | 44.8 | 59.2

Investments held at fair value through other comprehensive income
During 2024, the Group increased its investments by €1.8m (2023: €3.0m), which was offset by a disposal of €0.2m
(2023: €5.7m). These investments have no fixed maturity or coupon rate. A fair value assessment was performed at 31
December 2024 and at 31 December 2023 which did not result in a change to the carrying value of these assets.
Other investments
The Group maintains Rabbi Trusts in the USA. The assets of these trusts primarily consist of equities, bonds and cash
which are restricted for use. These assets are fair valued through profit or loss at each financial year end using quoted
market prices. The corresponding liabilities are recognised within other non-current liabilities (note 23).
280 Financial Statements / Notes to the Financial Statements
15. Investments in joint ventures

| 2024 | 2023
| €’m | €’m
At 1 January | 39.8 | 41.7
Share of results after taxation during the financial year | (0.9) | (1.9)
At 31 December | 38.9 | 39.8

The Group’s investments in joint ventures represents the shareholding in Proparent B.V. (see note 37). The amounts
included in these Group consolidated financial statements in respect of the post acquisition profits or losses of this
joint venture are taken from their latest financial statements prepared up to their financial year end together with
management accounts for the intervening period to the Group’s year end.
16. Investments in subsidiaries

| 2024 | 2023
| €’m | €’m
Company: |  |
At 1 January | 1,058.5 | 843.5
Additions | 191.4 | 215.0
Disposals | (200.1) | -
At 31 December | 1,049.8 | 1,058.5

In 2024, the movement in investments in subsidiaries related to preparing Kerry Dairy Ireland and its subsidiaries for
disposal and the subsequent disposal of the Company’s investment in Kerry Dairy Ireland.
17. Inventories

| 2024 | 2023
| €’m | €’m
Raw materials and consumables | 533.9 | 509.4
Finished goods and goods for resale | 437.4 | 514.4
Expense inventories | 79.4 | 76.4
At 31 December | 1,050.7 | 1,100.2

These inventory balances are valued at the lower of cost and net realisable value. Write-downs of inventories
recognised as an expense approximates to 1.3% (2023: 1.8%*) of raw materials and consumables in the Consolidated
Income Statement.
* As re-presented to reflect the impact of discontinued operations. See note 8 for further information.
281Financial Statements / Notes to the Financial Statements
18. Deferred tax assets and liabilities
The following is an analysis of the movement in the major categories of deferred tax liabilities/(assets) recognised by
the Group:

|  |  |  |  |  | Short-Term |
|  |  |  |  |  | Temporary |
|  | Property, |  |  | Retirement | Differences |
|  | Plant and | Intangible | Tax Credits | Benefits | and Other |
|  | Equipment | Assets | and NOLs | Obligation | Differences | Total
| Note | €’m | €’m | €’m | €’m | €’m | €’m
At 1 January 2023 |  | 103.0 | 397.8 | (29.3) | 3.5 | (94.6) | 380.4
Consolidated Income | 7 | 2.8 | (10.9) | (11.2) | 3.1 | (16.9) | (33.1)
Statement movement |  |  |  |  |  |  |
Recognised in OCI during the financial year |  | - | - | - | (7.1) | 0.4 | (6.7)
Related to businesses |  | - | (22.1) | - | - | 0.5 | (21.6)
acquired/(disposed) |  |  |  |  |  |  |
Exchange translation |  | (2.6) | (6.0) | 0.5 | 0.2 | 2.9 | (5.0)
adjustment |  |  |  |  |  |  |
At 31 December 2023 |  | 103.2 | 358.8 | (40.0) | (0.3) | (107.7) | 314.0
Consolidated Income | 7 | (2.5) | (4.3) | 0.1 | 1.9 | 3.9 | (0.9)
Statement movement |  |  |  |  |  |  |
Recognised in OCI during the financial year |  | - | - | - | 2.9 | 0.5 | 3.4
Related to businesses |  | (6.5) | (9.7) | - | - | 0.6 | (15.6)
acquired/(disposed) |  |  |  |  |  |  |
Exchange translation |  | 4.6 | 7.1 | 0.3 | (0.6) | (4.7) | 6.7
adjustment |  |  |  |  |  |  |
At 31 December 2024 |  | 98.8 | 351.9 | (39.6) | 3.9 | (107.4) | 307.6

The short-term temporary differences and other temporary differences recognised in other comprehensive income
comprise fair value movements on cash flow hedges of €0.5m (2023: €0.4m). In the above table, NOLs refers to Net
Operating Losses.
The following is an analysis of the deferred tax balances (after offset) for balance sheet purposes:

| 2024 | 2023
| €’m | €’m
Deferred tax assets | (93.3) | (80.2)
Deferred tax liabilities | 400.9 | 394.2
| 307.6 | 314.0

The total deductible temporary differences and unused tax losses for which deferred tax assets have not been
recognised is €10.3m (2023: €12.0m). The Group does not have any unrecognised losses which have an expiry date.
Deferred tax has not been recognised in respect of withholding taxes and other taxes that would be payable on
the unremitted earnings of foreign subsidiaries, as the Group is in a position to control the timing of reversal of the
temporary differences and it is probable that the temporary differences will not reverse in the foreseeable future. The
deferred tax liabilities which have not been recognised in respect of these temporary differences are not material as the
Group can rely on the availability of participation exemptions and tax credits in the context of the Group’s investments
in subsidiaries.
An increase of 1% in the tax rates at which deferred tax is calculated would increase the net deferred tax balance of the
Group by €14.0m (2023: €14.7m).
282 Financial Statements / Notes to the Financial Statements
19. Assets and liabilities classified as held for sale

| 2024 | 2023
| €’m | €’m
Assets classified as held for sale |  |
Property, plant and equipment | 3.5 | 1.5
Total assets classified as held for sale | 3.5 | 1.5

Non-current assets are transferred to assets and liabilities classified as held for sale when it is expected that their
carrying amounts will be recovered principally through disposal and a sale is considered highly probable. They are held
at the lower of carrying amount or fair value less costs to sell.
During the year, the Group held certain property, plant and equipment classified as held for sale in the Europe and
Americas Taste & Nutrition segment. These assets have been impaired by €1.2m representing their fair value less costs
to sell (note 5).
20. Trade and other receivables

| Group | Group | Company | Company
| 2024 | 2023 | 2024 | 2023
| €’m | €’m | €’m | €’m
Trade receivables* | 1,187.4 | 1,228.8 | - | -
Loss allowances | (34.5) | (40.3) | - | -
Trade receivables due within 1 year | 1,152.9 | 1,188.5 | - | -
Other receivables and prepayments | 31.8 | 47.5 | - | -
Amounts due from subsidiaries | - | - | 2,039.5 | 394.2
VAT receivable | 47.0 | 41.3 | - | -
Receivables due after 1 year | 3.8 | 1.7 | - | -
| 1,235.5 | 1,279.0 | 2,039.5 | 394.2

*
Included in trade receivables of €1,187.4m is a balance of €21.9m relating to Kerry Dairy Ireland - see note 34 for further details.
All receivable balances are due within 1 year except for €3.8m (2023: €1.7m) outlined above. All receivable balances are
within terms with the exception of certain trade receivables which are past due and are detailed below.
The following table shows an analysis of trade receivables split between past due and within terms accounts, where past
due is deemed to be when an account exceeds the agreed terms of trade:

| 2024 | 2023
| €’m | €’m
Within terms | 1,012.9 | 1,050.6
Past due not more than 1 month | 84.4 | 89.9
Past due more than 1 month but less than 2 months | 25.7 | 27.1
Past due more than 2 months but less than 3 months | 17.4 | 12.3
Past due more than 3 months | 12.5 | 8.6
Trade receivables (net) | 1,152.9 | 1,188.5

The following table summarises the movement in loss allowances:

|  | 2024 | 2023
| Note | €’m | €’m
At beginning of the financial year |  | 40.3 | 46.3
Increase in loss allowance charged to the Consolidated Income Statement | 3 | 1.6 | 0.9
Written off during the financial year |  | (5.2) | (6.2)
Disposal of discontinued operations |  | (2.6) | -
Exchange translation adjustment |  | 0.4 | (0.7)
At end of the financial year |  | 34.5 | 40.3

283Financial Statements / Notes to the Financial Statements
20. Trade and other receivables (continued)
Trade and other receivables are stated at amortised cost less loss allowances. The fair value of these receivables
approximates their carrying value as these are short-term in nature; hence, the maximum exposure to credit risk at the
reporting date is the carrying value of each class of receivable.
The Group applies the IFRS 9 ‘Financial Instruments’ simplified approach to measuring expected credit losses which uses
a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables
have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are
based on the payment profiles of sales and the corresponding historical credit loss experience. The historical loss rates
are adjusted to reflect current and forward looking information on macroeconomic factors, including the GDP of the
countries in which the Group sells its goods and services, that affect the ability of customers to settle receivables.
There is no material provision for impairment in the Company’s intercompany receivables balance of €2,039.5m
(2023: €394.2m) as all amounts are expected to be recovered in full in the short term.
Before accepting any new customer, the Group uses a credit scoring system to assess the potential customer’s credit
quality and defines credit limits by customer. These credit limits are reviewed regularly throughout the financial year.
The Group does not typically require collateral in respect of trade receivables.
There is no significant concentration of credit risk or transaction currency risk with respect to trade receivables, as the
Group has a large number of internationally dispersed customers. Further disclosures on currency risk are provided in
note 25 to the financial statements.
The Group considers the following as constituting an event of default for internal credit risk management purposes
as historical experience indicates that financial assets that meet either of the following criteria are generally not
recoverable:
- when there is a breach of financial covenants by the debtor;
- information developed internally or obtained from external sources indicates that the debtor is unlikely to pay its
creditors, including the Group, in full.
The Group writes off a trade receivable when there is information indicating that the debtor is in severe financial
difficulty and there is no realistic prospect of recovery, for example when a debtor has been placed under liquidation or
has entered into bankruptcy proceedings.
21. Trade and other payables

| Group | Group | Company | Company
| 2024 | 2023 | 2024 | 2023
| €’m | €’m | €’m | €’m
Trade payables* | 1,443.7 | 1,535.4 | 7.5 | 4.5
Other payables and accruals | 238.4 | 190.6 | 71.1 | -
Lease liabilities | 31.1 | 26.2 | - | -
Deferred payments on acquisition of businesses | 7.6 | 2.1 | 0.5 | 0.6
PAYE | 14.1 | 11.6 | - | -
Social security costs | 7.6 | 7.2 | - | -
| 1,742.5 | 1,773.1 | 79.1 | 5.1

*
Included in trade payables of €1,443.7m is a balance of €9.6m relating to Kerry Dairy Ireland - see note 34 for further details.
Trade and other payables are stated at amortised cost, which approximates to fair value given the short-term nature of
these liabilities. The above balances are all due within 1 year.
284 Financial Statements / Notes to the Financial Statements
22. Deferred income

|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
| Notes | €’m | €’m | €’m | €’m
Grants and other At beginning of the financial year |  | 19.1 | 19.4 | - | 0.1
Grants received during the financial year |  | 2.3 | 3.3 | - | -
Amortised during the financial year | 3/8 | (1.7) | (1.9) | - | (0.1)
Utilised during the financial year |  | (0.4) | (1.6) | - | -
Disposal of discontinued operations |  | (7.7) | - | - | -
Exchange translation adjustment |  | 0.2 | (0.1) | - | -
At end of the financial year |  | 11.8 | 19.1 | - | -
Analysed as: |  |  |  |  |
Current liabilities |  | 1.0 | 4.5 | - | -
Non-current liabilities |  | 10.8 | 14.6 | - | -
|  | 11.8 | 19.1 | - | -

There are no material unfulfilled conditions or other contingencies attaching to any government grants and other
deferred income received.
23. Other non-current liabilities

| Group | Group | Company | Company
| 2024 | 2023 | 2024 | 2023
| €’m | €’m | €’m | €’m
Other payables and accruals | 63.4 | 66.5 | - | -
Lease liabilities | 55.5 | 42.4 | - | -
Deferred payments on acquisition of businesses | 15.3 | 23.5 | - | -
| 134.2 | 132.4 | - | -

All of the above balances are payable within 2 to 5 years except for €6.1m (2023: €7.3m) which is not due to be paid until
after 5 years.
285Financial Statements / Notes to the Financial Statements
24. Analysis of financial instruments by category
The following table outlines the financial assets and liabilities held by the Group at the balance sheet date:

|  | Financial | Assets/ |  |  |
|  | Assets/ | (Liabilities) | Derivatives |  |
|  | (Liabilities) | at Fair Value | Designated | Assets/ |
|  | at Amortised | through Profit | as Hedging | (Liabilities) at |
|  | Cost | or Loss | Instruments | FVOCI | Total
|  | 2024 | 2024 | 2024 | 2024 | 2024
| Notes | €’m | €’m | €’m | €’m | €’m
Group: |  |  |  |  |  |
Financial asset investments | 14 | - | 44.8 | - | 14.4 | 59.2
Derivative financial instruments | 25 (iii) | - | - | 12.3 | - | 12.3
Vendor loan note | 25 (v) | 124.6 | - | - | - | 124.6
Other financial assets | 25 (v) | 123.9 | 148.5 | - | - | 272.4
Trade and other receivables | 20 | 1,235.5 | - | - | - | 1,235.5
Cash at bank and in hand | 25 (v) | 1,610.0 | - | - | - | 1,610.0
Total financial assets |  | 3,094.0 | 193.3 | 12.3 | 14.4 | 3,314.0
Borrowings and overdrafts | 25 (iv.i) | (3,436.3) | 3.3 | - | - | (3,433.0)
Derivative financial instruments | 25 (iii) | - | - | (32.8) | - | (32.8)
Trade and other payables | 21/23 | (1,853.8) | (22.9) | - | - | (1,876.7)
Total financial liabilities |  | (5,290.1) | (19.6) | (32.8) | - | (5,342.5)
Total net financial (liabilities)/assets |  | (2,196.1) | 173.7 | (20.5) | 14.4 | (2,028.5)
Included in the previous table are the following components of net debt: |  |  |  |  |  |
Analysis of net debt by category |  |  |  |  |  |
Bank overdrafts |  | (2.4) | - | - | - | (2.4)
Bank loans |  | 2.0 | - | - | - | 2.0
Senior Notes |  | (3,435.9) | 3.3 | - | - | (3,432.6)
Borrowings and overdrafts |  | (3,436.3) | 3.3 | - | - | (3,433.0)
Interest rate swaps |  | - | - | (16.2) | - | (16.2)
Cash at bank and in hand | 25 (v) | 1,610.0 | - | - | - | 1,610.0
Net debt - pre lease liabilities |  | (1826.3) | 3.3 | (16.2) | - | (1,839.2)
Lease liabilities | 21/23 | (86.6) | - | - | - | (86.6)
Net debt |  | (1,912.9) | 3.3 | (16.2) | - | (1,925.8)

All Group borrowings and overdrafts and interest rate swaps are guaranteed by Kerry Group plc. No assets of the Group
have been pledged to secure these items.
As at 31 December 2024, the Group’s debt portfolio included:
- €750m of Senior Notes issued in 2015 and €200m issued in April 2020 as a tap onto the original issuance (2025
Senior Notes). €175m of the issuance in 2015 were swapped, using cross currency swaps, to US dollar;
- €750m of Senior Notes issued in 2019 (2029 Senior Notes);
- €750m of sustainability-linked bond notes issued in 2021 (2031 SLB Senior Notes); and
- €1,000m of Senior Notes issued in 2024 under a €3,000m EMTN programme - €500m 2033 Senior Notes and
€500m 2036 Senior Notes.
The adjustment to Senior Notes classified under fair value through profit or loss of €3.3m of an asset (2023: €6.6m)
represents the part adjustment to the carrying value of debt from applying fair value hedge accounting for interest
rate risk. This amount is primarily offset by the fair value adjustment on the corresponding hedge items being the
underlying cross currency interest rate swaps.
286 Financial Statements / Notes to the Financial Statements
24. Analysis of financial instruments by category (continued)

|  | Financial | Assets/ |  |  |
|  | Assets/ | (Liabilities) | Derivatives |  |
|  | (Liabilities) | at Fair Value | Designated as | Assets/ |
|  | at Amortised | through | Hedging | (Liabilities) at |
|  | Cost | Profit or Loss | Instruments | FVOCI | Total
|  | 2023 | 2023 | 2023 | 2023 | 2023
| Notes | €’m | €’m | €’m | €’m | €’m
Group: |  |  |  |  |  |
Financial asset investments | 14 | - | 39.9 | - | 12.1 | 52.0
Derivative financial instruments | 25 (iii) | - | - | 14.4 | - | 14.4
Vendor loan note | 25 (v) | 124.3 | - | - | - | 124.3
Other financial assets | 25 (v) | - | - | - | - | -
Trade and other receivables | 20 | 1,279.0 | - | - | - | 1,279.0
Cash at bank and in hand | 25 (v) | 943.7 | - | - | - | 943.7
Total financial assets |  | 2,347.0 | 39.9 | 14.4 | 12.1 | 2,413.4
Borrowings and overdrafts | 25 (iv.i) | (2,476.3) | 6.6 | - | - | (2,469.7)
Derivative financial instruments | 25 (iii) | - | - | (17.2) | - | (17.2)
Trade and other payables | 21/23 | (1,879.9) | (25.6) | - | - | (1,905.5)
Total financial liabilities |  | (4,356.2) | (19.0) | (17.2) | - | (4,392.4)
Total net financial (liabilities)/assets |  | (2,009.2) | 20.9 | (2.8) | 12.1 | (1,979.0)
Included in the previous table are the following components of net debt: |  |  |  |  |  |
Analysis of net debt by category |  |  |  |  |  |
Bank overdrafts |  | (34.7) | - | - | - | (34.7)
Bank loans |  | 0.2 | - | - | - | 0.2
Senior Notes |  | (2,441.8) | 6.6 | - | - | (2,435.2)
Borrowings and overdrafts |  | (2,476.3) | 6.6 | - | - | (2,469.7)
Interest rate swaps |  | - | - | (9.5) | - | (9.5)
Cash at bank and in hand | 25 (v) | 943.7 | - | - | - | 943.7
Net debt - pre lease liabilities |  | (1,532.6) | 6.6 | (9.5) | - | (1,535.5)
Lease liabilities | 21/23 | (68.6) | - | - | - | (68.6)
Net debt |  | (1,601.2) | 6.6 | (9.5) | - | (1,604.1)

The following table outlines the financial assets and liabilities held by the Company at the balance sheet date:

|  | 2024 | 2023
| Notes | €’m | €’m
Company: |  |  |
Financial assets at amortised cost (unless stated) |  |  |
Cash at bank and in hand |  | - | -
Other financial asset 1 | 25 (v) | 148.5 | -
Trade and other receivables | 20 | 2,039.5 | 394.2
Total financial assets |  | 2,188.0 | 394.2
Financial liabilities at amortised cost |  |  |
Borrowings and overdrafts |  | - | -
Trade and other payables | 21 | (79.1) | (5.1)
Total financial liabilities - all current |  | (79.1) | (5.1)
Total net financial assets |  | 2,108.9 | 389.1

1
At fair value through profit or loss.
287Financial Statements / Notes to the Financial Statements
25. Financial instruments
Capital management
The financing structure of the Group is managed in order to optimise shareholder value while allowing the Group
to take advantage of opportunities that arise to grow the business. The Group targets acquisition and investment
opportunities that are value enhancing and the Group’s policy is to fund these transactions from cash flow or
borrowings while maintaining its strong investment grade credit rating.
The capital structure of the Group consists of debt related financial liabilities, cash and cash equivalents, deferred
payments on acquisitions of businesses and equity attributable to equity holders of the parent, comprising issued
capital, reserves and retained earnings. These items are disclosed in the Consolidated Statement of Changes in Equity,
as represented in the table below:

|  | 2024 | 2023
| Notes | €’m | €’m
Equity attributable to equity holders of the parent |  | 6,485.8 | 6,521.3
Net debt - pre lease liabilities | 24 | 1,839.2 | 1,535.5
Lease liabilities | 21/23 | 86.6 | 68.6
Deferred payments on acquisition of businesses | 21/23 | 22.9 | 25.6
|  | 8,434.5 | 8,151.0

The Group has no borrowings that carry financial covenants.
Net debt is subject to seasonal fluctuations that can be up to 25% above year end debt levels, before allowance for
acquisition activity undertaken during the financial year.
Capital is managed by setting net debt to earnings before finance income and costs, income taxes, depreciation
(net), intangible asset amortisation and non-trading items (EBITDA) targets while allowing flexibility to accommodate
significant acquisition opportunities. Any expected variation from these targets should be reversible in a period of time
that retains our strong investment grade credit rating, otherwise consideration would be given to issuing additional
equity in the Group.

| 2024 | 2023
| Times | Times
Net debt:EBITDA | 1.6 | 1.5
EBITDA:Net interest | 21.7 | 21.8

The Net debt:EBITDA and EBITDA:Net interest ratios disclosed are calculated using an adjusted EBITDA, adjusted finance
costs (net of finance income) and an adjusted net debt value to adjust for the impact of acquisitions net of disposals and
deferred payments in relation to acquisitions.
288 Financial Statements / Notes to the Financial Statements
25. Financial instruments (continued)
Financial risk management objectives
The Group has a clearly defined Financial Risk Management Programme, which is approved by the Board of Directors
and is subject to regular monitoring by the Group Finance Committee and Group Internal Audit. The Group operates a
centralised treasury function, which manages the principal financial risks of the Group and Company.
The principal objectives of the Group’s Financial Risk Management Programme are:
- to manage the Group’s exposure to foreign exchange rate risk;
- to manage the Group’s exposure to interest rate risk;
- to ensure that the Group has sufficient credit facilities available to fund the Group and manage liquidity risk; and
- to ensure that counterparty credit risk is monitored and managed.
Residual exposures not managed commercially are hedged using approved financial instruments. The use of financial
derivatives is governed by the Group’s policies and procedures. The Group does not engage in speculative trading.
The principal objectives of the Group’s Financial Risk Management Programme are further discussed across the
following categories:
(i) Foreign exchange rate risk management
(ii) Interest rate risk management
(iii) Derivative financial instruments
- forward foreign exchange contracts
- interest rate swap contracts
- forward commodity contracts
(iv) Liquidity risk management - key banking facilities available to the Group and the maturity profile of the Group’s debt.
(v) Credit risk management - details in relation to the management of credit risk within the Group.
(vi) Fair value of financial instruments - disclosures in relation to the fair value of financial instruments.
(vii) Offsetting financial instruments - disclosures in relation to the potential offsetting values in financial instruments.
(i) Foreign exchange rate risk management
The Group is exposed to transactional foreign currency risk on trading activities conducted by subsidiaries in currencies
other than their functional currency. Group policy is to manage foreign currency exposures commercially and through
netting of exposures wherever possible. Any residual exposures arising on foreign exchange transactions are hedged
in accordance with Group policy using approved financial instruments, which consist primarily of spot and forward
exchange contracts and currency swaps.
As at 31 December, the Group had an exposure to a US dollar liability of €16.2m (2023: €27.9m asset) and a sterling
asset of €1.5m (2023: €28.5m liability). Based on these net positions, as at 31 December 2024, a weakening of 5% of the
US dollar and sterling against all other key operational currencies, and holding all other items constant, would have
impacted the profit after taxation of the Group for the financial year by an increase of €0.6m (2023: €nil).
The Group’s gain or loss on the retranslation of the net assets of foreign currency subsidiaries is taken directly to the
translation reserve. As at 31 December 2024, a 5% strengthening of the euro against the US dollar and sterling, holding
all other items constant, would have resulted in an additional translation reserve loss of €108.6m (2023: €99.4m) and
€23.3m (2023: €25.5m), respectively.
The Group’s activities expose it to risks of changes in foreign currency exchange rates in relation to international
trading, primarily sales in US dollar and sterling out of the Eurozone and sales and purchases in US dollar in APMEA.
The Group uses forward foreign exchange contracts to hedge these exposures. All such exposures are highly probable.
Derivative financial instruments are held in the Consolidated Balance Sheet at their fair value.
Further details on the forward foreign exchange contracts are included within derivative financial instruments (section iii).
289Financial Statements / Notes to the Financial Statements
25. Financial instruments (continued)
Financial risk management objectives (continued)
(ii) Interest rate risk management
The Group is exposed to interest rate risk as the Group holds borrowings on both a fixed and floating basis. This
exposure to interest rate risk is managed by optimising the mix of fixed and floating rate borrowings and by using
interest rate swaps, cross currency swaps and forward rate agreements to hedge these exposures, in accordance with
Group policy as approved by the Board of Directors. The Group reviews the mix of fixed and floating rate borrowings on
an ongoing basis and adjusts where necessary to comply with Group policy.
(ii.i) Interest rate profile of financial liabilities excluding related derivatives fair value
The Group’s exposure to interest rates are detailed in the table below including the impact of cross currency swaps (CCS)
on the currency profile of net debt (including cash at bank and lease liabilities):

|  |  |  | Floating |
| Total | Impact | Total | Rate | Fixed
| Pre CCS | of CCS | after CCS | Net Debt | Rate Debt
| €’m | €’m | €’m | €’m | €’m
Euro | (2,473.1) | 175.0 | (2,298.1) | 976.9 | (3,275.0)
Sterling | 104.1 | - | 104.1 | 104.1 | -
US Dollar | 292.8 | (175.0) | 117.8 | 117.8 | -
Others | 163.3 | - | 163.3 | 163.3 | -
At 31 December 2024 | (1,912.9) | - | (1,912.9) | 1,362.1 | (3,275.0)
Euro | (2,214.0) | 175.0 | (2,039.0) | 236.0 | (2,275.0)
Sterling | 93.0 | - | 93.0 | 93.0 | -
US Dollar | 314.3 | (175.0) | 139.3 | 139.3 | -
Others | 205.5 | - | 205.5 | 205.5 | -
At 31 December 2023 | (1,601.2) | - | (1,601.2) | 673.8 | (2,275.0)

The Group holds €950m of 2025 Senior Notes of which €750m were issued in 2015 and €200m were issued in 2020.
€175m of the 2025 Senior Notes from 2015 were swapped, using cross currency swaps, from euro fixed to US dollar
floating and are accounted for as fair value hedges of the related debt. The fair value of the related derivative includes
a liability of €12.1m (2023: €1.4m liability) for movement in exchange rates since the date of execution which is directly
offset by a gain of €12.1m (2023: €1.4m gain) on the application of hedge accounting on the cross currency swaps.
The floating rate financial liabilities are at rates which fluctuate mainly based upon SOFR, SONIA and EURIBOR and
comprise of bank borrowings and other financial liabilities bearing interest rates fixed in advance for periods ranging
from 1 to 6 months. At the financial year end approximately 7% (2023: 10%) of gross debt was held at floating rates.
The floating rate net debt as set out above, includes cash at bank, which attracts interest at market rates. If the interest
rates applicable were to rise by 1% holding all other items constant, the profit of the Group before taxation and non-
trading items in the Consolidated Income Statement could increase by 1.3% (2023: 0.8%).
Further details on the interest rate swap contracts are included within derivative financial instruments (section iii).
290 Financial Statements / Notes to the Financial Statements
25. Financial instruments (continued)
Financial risk management objectives (continued)
(iii) Derivative financial instruments
The following table details the portfolio of derivative financial instruments at the balance sheet date:

|  |  | 2024 | 2024 | 2024 | 2023 | 2023 | 2023
|  | Hedging | €’m | €’m | €’m | €’m | €’m | €’m
|  | Relationship | Asset | Liability | Total | Asset | Liability | Total
Forward foreign | Non-current | Cash flow hedges | 0.3 | (0.5) | (0.2) | 0.7 | (0.2) | 0.5
exchange contracts: | Current | Cash flow hedges | 10.1 | (16.1) | (6.0) | 13.7 | (7.5) | 6.2
|  |  | 10.4 | (16.6) | (6.2) | 14.4 | (7.7) | 6.7
Forward commodity | Non-current |  | 1.9 | - | 1.9 | - | - | -
contracts: | Current |  | - | - | - | - | - | -
|  |  | 1.9 | - | 1.9 | - | - | -
Interest rate swaps: | Non-current | Cash flow hedges | - | - | - | - | (0.1) | (0.1)
| Current | Cash flow hedges | - | - | - | - | - | -
|  |  | - | - | - | - | (0.1) | (0.1)
| Non-current | Fair value hedges | - | - | - | - | (9.4) | (9.4)
| Current | Fair value hedges | - | (16.2) | (16.2) | - | - | -
|  |  | - | (16.2) | (16.2) | - | (9.4) | (9.4)
|  |  | - | (16.2) | (16.2) | - | (9.5) | (9.5)
Total derivative | Non-current |  | 2.2 | (0.5) | 1.7 | 0.7 | (9.7) | (9.0)
financial instruments: | Current |  | 10.1 | (32.3) | (22.2) | 13.7 | (7.5) | 6.2
|  |  | 12.3 | (32.8) | (20.5) | 14.4 | (17.2) | (2.8)

291Financial Statements / Notes to the Financial Statements
25. Financial instruments (continued)
Financial risk management objectives (continued)
(iii) Derivative financial instruments (continued)
The following table details the impact of the portfolio of derivative financial instruments on the Consolidated Balance
Sheet as at 31 December:

| Interest |  | Forward |  | Interest |  | Forward |
| Rate |  | Foreign | Forward | Rate |  | Foreign | Forward
| Swaps | Interest | Exchange | Commodity | Swaps | Interest | Exchange | Commodity
| - Cash | Rate Swaps | Contracts | Contracts | - Cash | Rate Swaps | Contracts | Contracts
| Flow | - Fair Value | - Cash Flow | - Cash Flow | Flow | - Fair Value | - Cash Flow | - Cash Flow
| Hedges | Hedges | Hedges | Hedges | Hedges | Hedges | Hedges | Hedges
| 2024 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2023
| €’m | €’m | €’m | €’m | €’m | €’m | €’m | €’m
Derivative financial | - | (16.2) | (6.2) | 1.9 | (0.1) | (9.4) | 6.7 | -
instruments |  |  |  |  |  |  |  |
Fixed rate |  |  |  |  |  |  |  |
borrowings: |  |  |  |  |  |  |  |
Interest rate | - | 3.3 | - | - | - | 6.6 | - | -
movements |  |  |  |  |  |  |  |
Receivables: |  |  |  |  |  |  |  |
Foreign exchange | - | 12.1 | - | - | - | 1.4 | - | -
rate fluctuations |  |  |  |  |  |  |  |
Other assets: |  |  |  |  |  |  |  |
Cash at bank and in hand | 3.3 | - | - | - | - | - | - | -
Retained earnings |  |  |  |  |  |  |  |
and other reserves: |  |  |  |  |  |  |  |
Cash flow hedging | (3.3) | - | 1.1 | (1.9) | 0.1 | - | (4.3) | -
reserve |  |  |  |  |  |  |  |
Amount reclassified | - | - | 5.1 | - | - | - | (2.4) | -
from OCI to profit |  |  |  |  |  |  |  |
or loss |  |  |  |  |  |  |  |
Hedge | - | - | - | - | - | - | - | -
ineffectiveness |  |  |  |  |  |  |  |
Cost of hedging | - | 0.8 | - | - | - | 1.4 | - | -
reserve | - | 16.2 | 6.2 | (1.9) | 0.1 | 9.4 | (6.7) | -

292 Financial Statements / Notes to the Financial Statements
25. Financial instruments (continued)
Financial risk management objectives (continued)
(iii) Derivative financial instruments (continued)
The following table details the impact of the portfolio of derivative financial instruments on the Consolidated Statement
of Comprehensive Income and in the Consolidated Income Statement during the financial year:

| Interest |  | Forward |  | Interest |  | Forward |
| Rate |  | Foreign | Forward | Rate |  | Foreign | Forward
| Swaps | Interest | Exchange | Commodity | Swaps | Interest | Exchange | Commodity
| - Cash | Rate Swaps | Contracts | Contracts | - Cash | Rate Swaps | Contracts | Contracts
| Flow | - Fair Value | - Cash Flow | - Cash Flow | Flow | - Fair Value | - Cash Flow | - Cash Flow
| Hedges | Hedges | Hedges | Hedges | Hedges | Hedges | Hedges | Hedges
| 2024 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2023
| €’m | €’m | €’m | €’m | €’m | €’m | €’m | €’m
Movements recognised in the Consolidated Statement of Comprehensive Income |  |  |  |  |  |  |  |
Amount recognised | 3.5 | - | (3.6) | 1.9 | 5.0 | - | (3.8) | -
in cash flow |  |  |  |  |  |  |  |
hedging reserve |  |  |  |  |  |  |  |
Amount recognised | - | 0.6 | - | - | 0.1 | - | - | -
in cost of hedging |  |  |  |  |  |  |  |
reserve |  |  |  |  |  |  |  |
Amount reclassified | - | - | (1.8) | - | (4.3) | - | 2.0 | -
from hedge reserve |  |  |  |  |  |  |  |
to profit or loss re: |  |  |  |  |  |  |  |
foreign exchange |  |  |  |  |  |  |  |
rate fluctuations |  |  |  |  |  |  |  |
Amount reclassified | (0.1) | - | - | - | 0.7 | - | - | -
from OCI to profit |  |  |  |  |  |  |  |
or loss re: interest |  |  |  |  |  |  |  |
rate fluctuations |  |  |  |  |  |  |  |
Ineffectiveness | - | - | - | - | 0.1 | - | - | -
recognised in profit |  |  |  |  |  |  |  |
or loss | 3.4 | 0.6 | (5.4) | 1.9 | 1.6 | - | (1.8) | -
Movements recognised in the Consolidated Income Statement |  |  |  |  |  |  |  |
Derivative financial instruments |  |  |  |  |  |  |  |
Amount reclassified | 0.1 | - | 1.8 | - | 0.7 | - | (2.0) | -
from OCI to profit |  |  |  |  |  |  |  |
or loss |  |  |  |  |  |  |  |
Ineffectiveness | - | - | - | - | 0.1 | (0.1) | - | -
recognised in profit |  |  |  |  |  |  |  |
or loss |  |  |  |  |  |  |  |
Foreign exchange | - | (10.8) | - | - | (4.3) | 6.1 | - | -
rate fluctuations |  |  |  |  |  |  |  |
Interest rate | - | 3.9 | - | - | - | 5.9 | - | -
movements |  |  |  |  |  |  |  |
Fixed rate borrowings |  |  |  |  |  |  |  |
Foreign exchange | - | - | - | - | 4.3 | - | - | -
rate fluctuations |  |  |  |  |  |  |  |
Interest rate | - | (3.9) | - | - | - | (5.9) | - | -
movements |  |  |  |  |  |  |  |
Receivables |  |  |  |  |  |  |  |
Foreign exchange | - | 10.8 | - | - | - | (6.1) | - | -
rate fluctuations | 0.1 | - | 1.8 | - | 0.8 | (0.1) | (2.0) | -

The full fair value of a hedging derivative is classified as a non-current asset or liability if the remaining maturity of the
hedged item is more than twelve months and as a current asset or liability if the maturity of the hedged item is less
than twelve months.
293Financial Statements / Notes to the Financial Statements
25. Financial instruments (continued)
Financial risk management objectives (continued)
(iii) Derivative financial instruments (continued)
(iii.i) Forward foreign exchange contracts
The following table details the foreign exchange contracts classified as cash flow hedges at 31 December:

|  | Fair Value (Liability)/Asset |  | Notional Principal
| 2024 | 2023 | 2024 | 2023
| €’m | €’m | €’m | €’m
Forward foreign exchange contracts |  |  |  |
less than 1 year | (6.0) | 6.2 | 1,242.1 | 1,408.8
1 - 2 years | (0.2) | 0.5 | 44.1 | 52.9
Forward foreign exchange contracts - cash flow hedges | (6.2) | 6.7 | 1,286.2 | 1,461.7

The Group adopted the hedge accounting requirements of IFRS 9 ‘Financial Instruments’. The Group enters into hedge
relationships when there is an economic relationship between the underlying highly probable forecasted transactions
(hedged item) and the forward foreign exchange contracts (hedged instruments). As the critical terms match for the
prospective assessment of effectiveness, a qualitative assessment is performed. The Group has established a 1:1
hedge ratio as the underlying risks in the forward foreign currency exchange contract are identical to the hedged risk
components. Hedge effectiveness is determined at the origination of the hedging relationship. In instances where
changes occur to the hedged item which result in the critical terms no longer matching, the Group uses the hypothetical
derivative method to assess effectiveness.
There were no transactions during 2024 or 2023 which were designated as hedges that did not occur, nor are there
hedges on forecast transactions that are no longer expected to occur.
The fair value included in the hedging reserve will primarily be released to the Consolidated Income Statement within 6
months (2023: 9 months) of the balance sheet date. All forward contracts relate to sales revenue and purchases made
in their respective currencies and forward foreign exchange contracts that provide a hedge against foreign currency
receivables from ‘within Group’ lending.
The Group does not hold any forward foreign exchange contracts classified as fair value hedges.
(iii.ii) Interest rate swap contracts
The Group’s activities expose it to risks of changes in interest rates in relation to long-term debt. The Group uses
interest rate swaps, cross currency swaps and forward rate agreements to hedge these exposures. Derivative financial
instruments are held in the Consolidated Balance Sheet at their fair values.
The Group adopts an ‘exit price’ approach to valuing interest rate derivatives to allow for credit risk.
The Group adopted the hedge accounting requirements of IFRS 9 ‘Financial Instruments’. The Group enters into hedge
relationships when there is an economic relationship between the identified notional amount of the underlying debt
instrument (hedged item) and the interest rate swap contract (hedged instrument).
Interest rate swap
As the critical terms match for the prospective assessment of effectiveness, a qualitative assessment is performed. The
Group has established a 1:1 hedge ratio as the underlying risks in the interest rate swap contracts are identical to the
hedged risk components. Hedge effectiveness is determined at the origination of the hedging relationship. In instances
where changes occur to the hedged item which result in the critical terms no longer matching, the Group uses the
hypothetical derivative method to assess effectiveness. Hedge ineffectiveness may occur due to the credit/debit value
adjustment on the interest rate swaps which is not matched by the loan.
Cross currency interest rate swap
The Group uses the hypothetical derivative method to assess effectiveness for such swaps as while the critical terms match,
both qualitative and quantitative assessments are required to be performed as there remains characteristics in cross
currency interest rate swap contracts that are not present in the hedged item, being basis risks. The Group has established
a 1:1 hedge ratio as the underlying risks in the cross currency interest rate swap contracts are identical to the hedged risk
components. Hedge effectiveness is determined at the origination of the hedging relationship and at each reporting date.
The full fair value of a hedging derivative is classified as a non-current asset or liability if the remaining maturity of the
hedged item is more than twelve months and as a current asset or liability if the maturity of the hedged item is less
than twelve months.
Under cash flow hedge interest rate swap contracts, including cross currency interest rate swaps, the Group agrees
to exchange the difference between the fixed and floating rate interest amounts calculated on the agreed notional
principal amounts.
Under fair value hedge interest rate swap contracts including cross currency interest rate swaps, the Group agrees to
exchange the difference between the floating and fixed interest amounts calculated on the agreed notional
principal amounts.
294 Financial Statements / Notes to the Financial Statements
25. Financial instruments (continued)
Financial risk management objectives (continued)
(iii) Derivative financial instruments (continued)
(iii.ii) Interest rate swap contracts (continued)
Cross currency interest rate swap (continued)
The following table details the notional principal amounts and remaining terms of:
a) cash flow hedges, where the Group receives a floating or a fixed interest rate and pays fixed interest rate
on swaps; and
b) fair value hedges, where the Group receives a fixed interest rate and pays a floating interest rate on swaps:

| Average Contracted |  |  |  |  |
| Fixed Interest Rate |  |  | Fair Value Asset/(Liability) |  | Notional Principal
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023
| % | % | €’m | €’m | €’m | €’m
a) Cash flow hedges |  |  |  |  |  |
> 5 years 1 | - | 2.43 | - | (0.1) | - | 375.0

b) Fair value hedges |  |  |  |  |  |
less than 1 year | 2.38 | - | (16.2) | - | 175.0 | -
1 - 2 years | - | 2.38 | - | (9.4) | - | 175.0
Total interest rate swaps |  |  | (16.2) | (9.5) | 175.0 | 550.0

The cash flow hedges interest rate swaps settle on a 6 monthly basis, the difference between the floating rate or fixed
rate due to be received and the fixed rate to be paid are settled on a net basis.
The fair value hedges interest rate swaps settle on a 6 monthly or annual basis. The floating interest rate paid by the
Group is based on 6 month market interest rates for the underlying swap currency. All hedges are highly effective on a
prospective and retrospective basis.
1
During 2024 the Group cancelled out of the €375.0m forward starting interest rate swap entered into during 2023. In 2023, the
forward starting interest rate swap was accounted for as a cash flow hedge of a future debt issuance. The swap provided protection
to the Group against interest rate movements in 2024 and was cancelled when the Group issued the future debt issuance, the 2036
Euro Senior Notes. When cancelled, the Group received a cash inflow of €3.3m. As the hedged item exists, the €3.3m is recognised in
the cashflow hedge reserve and will be released as a credit to interest expense over the first 10 years of the 2036 Euro Senior Notes.
(iii.iii) Forward commodity contracts

|  | Fair Value Asset/(Liability)
| 2024 | 2023
| €’m | €’m
Forward Commodity contracts |  |
1-2 years | 1.9 | -
> 5 years | - | -
Forward Commodity Contracts - cash flow hedges | 1.9 | -

The entity has entered into two Virtual Power Purchase Agreements (vPPAs) in the United Kingdom both of which
include an embedded derivative. A vPPA is a contract for differences where the entity agrees to pay or receive the
difference between the market price of electricity and a fixed price. The embedded derivative is classified as a cashflow
hedge. The hedged risk is the exposure to variability in future cash flows caused by the fluctuation of the wholesale
electricity price component of forecast electricity purchases. The fair value of the embedded derivative is determined
using a valuation technique that incorporates significant unobservable inputs (Level 3).
Level 3 Fair value disclosures
Valuation Techniques and Inputs: The fair value of the embedded derivative is determined using a discounted cash flow
model. Key inputs include forecasted electricity prices, discount rates, and the expected production of the renewable
energy asset. Observable inputs are possible for a period of the valuation, beyond which the unobservable inputs are
constructed using a forward curve of the UK baseload electricity using proxy curves and other adjustments to other
observable and unobservable market data inputs.
Reconciliation of Fair Value Measurements: As this is the first period of reporting, all amounts in 2024 were for Transfers
into Level 3 for €1.9m and is included in OCI. There were no transfers between fair value levels during the period.
Sensitivity Analysis: The Group performs a sensitivity analysis for the significant unobservable inputs used in the fair
value measurement. A +/- 5% movement in the capture rates input to determine the fair value of the vPPA contracts
would have resulted in movements +/- of the fair value by €1.8m
295Financial Statements / Notes to the Financial Statements
25. Financial instruments (continued)
Financial risk management objectives (continued)
(iii) Derivative financial instruments (continued)
(iii.iii) Forward commodity contracts (continued)
Credit risk assessment
The Group assess the credit risk associated with the counterparty to the vPPAs. The fair value is adjusted to reflect the
two-way risk of loss for both the Group and the counterparty using a CVA/DVA approach. There was a minimal impact
for credit risk assessment as at 31 December 2024.
(iv) Liquidity risk management
Liquidity risk considers the risk that the Group could encounter difficulties in meeting obligations associated with
financial liabilities that are settled by delivering cash or another financial asset. There is no significant concentration of
liquidity risk.
The Group entered 2024 with significant available liquidity. During 2024, the Group exercised the first of the two
1-year extension options on the €1,500m revolving credit facility. 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.
Group funding and liquidity is managed by ensuring that sufficient facilities are available from diverse funding sources
with an appropriate spread of debt maturities. The Group uses cash flow forecasts to constantly monitor the funding
requirements of the Group.
Group businesses are funded from cash generated from operations, borrowings from banks and Senior Notes from
capital markets. It is Group policy to ensure that:
- sufficient facilities are available to cover its gross forecast debt by at least 1.25 times; and
- at least 75% of total facilities available are committed.
Both targets were met at 31 December 2024 and 2023.
All Group credit facilities are arranged and managed by Group Treasury and approved by the Board of Directors. Where
possible, facilities have common terms and conditions.
At 31 December 2024, the Group had undrawn committed bank facilities of €1,500m (2023: €1,500m), and a portfolio of
undrawn standby facilities amounting to €344m (2023: €335m). The undrawn committed facilities comprise primarily of
a revolving credit facility maturing between 4- 5 years (2023: between 4 - 5 years).
(iv.i) Contractual maturity profile of non-derivative financial instruments
The following table details the Group’s remaining contractual maturity of its non-derivative financial instruments,
including lease liabilities and deferred payments on acquisitions of businesses, excluding the remaining trade and
other payables (note 21) and other non-current liabilities (note 23). This information has been drawn up based on the
undiscounted cash flows of financial liabilities to the earliest date on which the Group can be required to repay. The
analysis includes both interest commitments and principal cash flows. To the extent that interest rates are floating, the
rate used is derived from interest rate yield curves at the end of the reporting date and as such, are subject to change
based on market movements.
296 Financial Statements / Notes to the Financial Statements
25. Financial instruments (continued)
Financial risk management objectives (continued)
(iv) Liquidity risk management (continued)
(iv.i) Contractual maturity profile of non-derivative financial instruments (continued)

|  | On |  |  |  |
|  | demand & |  |  |  |
|  | up to 1 | Up to | 2 - 5 |  |
|  | year | 2 years | years | > 5 years | Total
| Note | €’m | €’m | €’m | €’m | €’m
31 December 2024 |  |  |  |  |  |
Bank overdrafts |  | (2.4) | - | - | - | (2.4)
Bank loans |  | - | - | - | - | -
Senior Notes |  | (950.0) | - | (750.0) | (1,750.0) | (3,450.0)
Borrowings and overdrafts - contractual repayments |  | (952.4) | - | (750.0) | (1,750.0) | (3,452.4)
Lease liabilities (undiscounted) | 12 (iii.iv) | (36.9) | (25.9) | (29.7) | (10.0) | (102.5)
Deferred payments on acquisition of businesses |  | (7.6) | (15.3) | - | - | (22.9)
|  | (996.9) | (41.2) | (779.7) | (1,760.0) | (3,577.8)
Interest commitments on borrowings and overdrafts |  | (62.5) | (46.9) | (139.3) | (191.5) | (440.2)
At 31 December 2024 |  | (1,059.4) | (88.1) | (919.0) | (1,951.5) | (4,018.0)
Reconciliation to net debt position: |  |  |  |  |  |
Borrowings and overdrafts - contractual repayments |  | (952.4) | - | (750.0) | (1,750.0) | (3,452.4)
Bank Loans - amortised cost adjustments |  | - | - | 2.0 | - | 2.0
Senior Notes - amortised cost adjustments |  | (1.2) | - | 4.8 | 10.5 | 14.1
Senior Notes - fair value adjustment |  | 3.3 | - | - | - | 3.3
Borrowings and overdrafts |  | (950.3) | - | (743.2) | (1,739.5) | (3,433.0)
Interest rate swaps |  | (16.2) | - | - | - | (16.2)
Cash at bank and in hand |  | 1,610.0 | - | - | - | 1,610.0
Net debt - pre lease liabilities |  | 643.5 | - | (743.2) | (1,739.5) | (1,839.2)
Lease liabilities (discounted) | 12 (iii.iv) | (31.1) | (23.0) | (26.4) | (6.1) | (86.6)
Net debt as at 31 December 2024 |  | 612.4 | (23.0) | (769.6) | (1,745.6) | (1,925.8)
31 December 2023 |  |  |  |  |  |
Bank overdrafts |  | (34.7) | - | - | - | (34.7)
Bank loans |  | (2.4) | - | - | - | (2.4)
Senior Notes |  | - | (950.0) | - | (1,500.0) | (2,450.0)
Borrowings and overdrafts - contractual repayments |  | (37.1) | (950.0) | - | (1,500.0) | (2,487.1)
Lease liabilities (undiscounted) | 12 (iii.iv) | (31.0) | (18.5) | (24.1) | (10.7) | (84.3)
Deferred payments on acquisition of businesses |  | (2.1) | (7.1) | (16.4) | - | (25.6)
|  | (70.2) | (975.6) | (40.5) | (1,510.7) | (2,597.0)
Interest commitments on borrowings and overdrafts |  | (33.8) | (26.8) | (33.8) | (22.5) | (116.9)
At 31 December 2023 |  | (104.0) | (1,002.4) | (74.3) | (1,533.2) | (2,713.9)
Reconciliation to net debt position: |  |  |  |  |  |
Borrowings and overdrafts - contractual repayments |  | (37.1) | (950.0) | - | (1,500.0) | (2,487.1)
Bank Loans - amortised cost adjustments |  | - | - | 2.6 | - | 2.6
Senior Notes - amortised cost adjustments |  | - | (2.9) | - | 11.1 | 8.2
Senior Notes - fair value adjustment |  | - | 6.6 | - | - | 6.6
Borrowings and overdrafts |  | (37.1) | (946.3) | 2.6 | (1,488.9) | (2,469.7)
Interest rate swaps |  | - | (9.4) | - | (0.1) | (9.5)
Cash at bank and in hand |  | 943.7 | - | - | - | 943.7
Net debt - pre lease liabilities |  | 906.6 | (955.7) | 2.6 | (1,489.0) | (1,535.5)
Lease liabilities (discounted) | 12 (iii.iv) | (26.2) | (16.9) | (18.2) | (7.3) | (68.6)
Net debt as at 31 December 2023 |  | 880.4 | (972.6) | (15.6) | (1,496.3) | (1,604.1)

297Financial Statements / Notes to the Financial Statements
25. Financial instruments (continued)
Financial risk management objectives (continued)
(iv) Liquidity risk management (continued)
(iv.ii) Contractual maturity profile of derivative financial instruments
The following table details the Group’s remaining contractual maturity of its derivative financial instruments. The table
has been drawn up based on the undiscounted net cash inflows and outflows on derivative instruments that settle on a
net basis. To the extent that the amounts payable or receivable are not fixed, the rate used is derived from interest rate
yield curves at the end of the reporting date and as such are subject to change based on market movements.

| On demand & | Up to | 2 - 5 |  |
| up to 1 year | 2 years | years | > 5 years | Total
| €’m | €’m | €’m | €’m | €’m
Interest rate swaps inflow | 2.9 | - | - | - | 2.9
Interest rate swaps outflow | (20.3) | - | - | - | (20.3)
Net interest rate swaps inflow/(outflow) | (17.4) | - | - | - | (17.4)
Forward foreign exchange contracts outflow | (6.0) | (0.2) | - | - | (6.2)
Forward commodity contracts inflow | - | 1.9 | - | - | 1.9
At 31 December 2024 | (23.4) | 1.7 | - | - | (21.7)
Interest rate swaps inflow | 4.2 | 2.9 | - | 4.0 | 11.1
Interest rate swaps outflow | (11.8) | (8.6) | (3.0) | (0.1) | (23.5)
Net interest rate swaps (outflow)/inflow | (7.6) | (5.7) | (3.0) | 3.9 | (12.4)
Forward foreign exchange contracts inflow | 6.2 | 0.5 | - | - | 6.7
At 31 December 2023 | (1.4) | (5.2) | (3.0) | 3.9 | (5.7)

Included in the interest rate swaps inflow and outflow is the foreign currency differential on final maturity of the cross
currency interest rate swaps as follows:

At 31 December 2024 | (12.1) | - | - | - | (12.1)
At 31 December 2023 | - | (1.4) | - | - | (1.4)

(iv.iii) Summary of borrowing arrangements
(a) Bank loans
Bank loans comprise committed term loan facilities, committed revolving credit facilities, bilateral term loans and other
uncommitted facilities:
- demand facilities;
- committed revolving credit facilities of €1,500m to June 2029; and
- bilateral term loans with maturities ranging up to 1 year.
(b) Public bonds
All issued by Kerry Group Financial Services Unlimited Company and Guaranteed by Kerry Group plc.

| 2025 | Euro | 2029 | Euro | 2031 | Euro | 2033 | Euro | 2036 | Euro
|  | Senior Notes |  | Senior Notes |  | Senior Notes |  | Senior Notes |  | Senior Notes
Issue date(s) |  | 10 Sept. 2015 / |  | 20 Sept. 2019 |  | 01 Dec. 2021 |  | 05 Sept. 2024 |  | 05 Sept. 2024
|  | 20 April 2020 |  |  |  |  |  |  |  |
Maturity Date |  | 10 Sept. 2025 |  | 20 Sept. 2029 |  | 01 Dec. 2031 |  | 05 Mar. 2033 |  | 05 Sept. 2036
Amount |  | € 950m 1 |  | € 750m |  | € 750m 2 |  | € 500m |  | € 500m
Coupon Rate |  | 2.375% |  | 0.625% |  | 0.875% |  | 3.375% |  | 3.750%
Documentation |  | Standalone |  | Standalone |  | Standalone |  | EMTN Programme 3 |  | EMTN Programme 3

All Senior Notes issued by the Group are rated by S&P (BBB+) and Moody’s (Baa1).
1
€750m issued in 2015 and €200m tap issuance in 2020.
2
Euro sustainability-linked bond notes with targets to 1) Reduce absolute Scope 1 & 2 carbon emissions by 55% by 2030 against the
2017 baseline; 2) Reduce Food Waste by 50% by 2030 against the 2017 baseline. Should either of these targets not be met by 2030
there is a +0.5% increase in the final interest coupon. If both targets are not met there is a 1% increase in the final interest coupon.
The step up in the interest coupon (if any) is payable to investors on the last interest payment date in December 2031.
3
€3bn EMTN programme entered into in August 2024.
298 Financial Statements / Notes to the Financial Statements
25. Financial instruments (continued)
Financial risk management objectives (continued)
(iv) Liquidity risk management (continued)
(iv.iii) Summary of borrowing arrangements (continued)
(c) Lease liabilities
The Group’s lease liabilities are set out in note 12 (iii).(iii).
(d) Supplier finance arrangement
The Group facilitates a supplier financing arrangement that allows suppliers to discount their receivable position
ahead of the due date from the Group. A small portion of total financial liabilities are included in the supplier financing
arrangement and therefore does not result in concentration of liquidity risk of the Group.

|  | Group 2024 | Group 2023
Carrying amount of liabilities |  |  |
Presented within trade and other payables: | €’m | 169.4 | 218.6
– of which suppliers have received payment from finance provider | €’m | 113.3 | 180.6
Range of payment due dates |  |  |
Liabilities that are part of the arrangement | Days | 90-180 | 90-180
Trade payables that are not part of an arrangement | Days | 60-180 | 60-180

(v) Credit risk management

|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
| Notes | €’m | €’m | €’m | €’m
Cash at bank and in hand | (a) | 1,610.0 | 943.7 | - | -
Trade & other receivables | (b) | 1,235.5 | 1,279.0 | 2,039.5 | 394.2
Vendor loan notes | (c) | 124.6 | 124.3 | - | -
Other financial assets |  |  |  |  |
- Current assets | (d) | 103.5 | - | - | -
- Non-current assets | (d) | 168.9 | - | 148.5 | -

(a) Cash deposits and other financial assets give rise to credit risk on the amounts due from counterparties.
The Group controls and monitors the distribution of this exposure by ensuring that all financial instruments are held with
reputable and financially secure institutions and that exposure to credit risk is distributed across a number of institutions.
At 31 December 2024 and 2023, all cash, short-term deposits and other liquid investments had a maturity of less than 3
months. Cash at bank and in hand of €1,610.0m (2023: €943.7m) includes an amount of €943.9m (2023: €243.8m) held on
short-term deposit of which €227.0m (2023: €50.8m) was held under a Sustainable Deposits programme.
Credit risk exposure to financial institutions is actively managed across the portfolio of institutions by setting appropriate
credit exposure limits based on a value at risk calculation that takes the EBITDA of the Group and calculates approved
tolerance levels based on credit default swap rates for the financial institutions. These levels are applied in controlling
the level of material surplus funds that are placed with counterparties and for controlling the institutions with which the
Group enters into derivative contracts. Credit default swaps are updated and reviewed on an ongoing basis.
The Group’s exposure to its counterparties is continuously monitored and the aggregate value of transactions entered
into is spread amongst approved counterparties.
(b) Trade receivables consist of a large number of customers, spread across diverse geographical areas. Ongoing
credit evaluation is performed on the financial condition of accounts receivable at operating unit level at least on a
monthly basis.
(c) The Group holds an interest-bearing vendor loan note which was entered into as part of the consideration for the
sale of the trade and assets of the Sweet Ingredients Portfolio from the Taste & Nutrition segment during 2023. The
carrying amount of the debt receivable is €124.6m (2023: €124.3m), this represents the amount due from third parties,
initially recognised at fair value of €125.0m and interest capitalised on a bi-annual basis. As the Group objective for
the vendor loan note is to collect the contractual cash flows when due, the Group measures at amortised cost using
the effective interest method subsequent to initial recognition adjusted for any expected credit loss assessment. The
borrower shall repay the interest-bearing vendor loan note in full (together with all accrued but unpaid interest thereon)
on the 3 year tenor termination date. The termination date may be extended using extension options.
299Financial Statements / Notes to the Financial Statements
25. Financial instruments (continued)
Financial risk management objectives (continued)
(v) Credit risk management (continued)
(d) The Group’s other financial assets of €272.4m (2023: €nil) arises from the completion of Phase 1 of the sale of Kerry
Dairy Ireland and comprises:
- €103.5m (2023: €nil) in current, which was cash settled on the 08 January 2025; and
- €168.9m (2023: €nil) in non-current , which includes:
- €20.4m (2023: €nil), being the €20.6m Phase 1 vendor loan receivable adjusted for an expected credit loss
assessment of €0.2m (2023: €nil); and
- €148.5m (2023: €nil), being the carrying amount of the retained investment in Kerry Dairy Ireland of €150m,
net of a downwards adjustment through profit or loss for associated credit risk of €1.5m (2023: €nil).
Credit risk is assessed as low, and has been considered in the measurement of the outstanding balances as
described above.
As the Group objective for the Phase 1 vendor loan receivable of €20.4m (2023:€nil) is to collect the contractual
cashflows when due it is recognised at amortised cost using the effective interest method subsequent to initial
recognition, adjusted for any expected credit loss assessment.
Due to its nature and associated terms, the retained investment in Kerry Dairy Ireland of €148.5m (2023: €nil) is
measured at fair value through profit or loss. The fair value of the retained investment is determined using a discounted
cash flow model, which includes significant unobservable inputs, and is therefore included in Level 3 of the fair value
hierarchy. Significant unobservable inputs include discount rates, which are based on the Group’s internal models, and
assumptions about market conditions, including credit risk assessments. There were no transfers between fair value
levels during the period.
The Company’s other financial asset comprises the €148.5m (2023: €nil) retained investment in Kerry Dairy Ireland as
described above. Further details are set out in Note 8 - Discontinued Operations.
The Group’s maximum exposure to credit risk consists of gross trade receivables (note 20), cash/deposits (note 24)
and other financial assets (note 24), which are primarily vendor loan notes, retained investment in Kerry Dairy Ireland,
interest rate swaps and foreign exchange contracts.
(vi) Fair value of financial instruments
(a) Fair value of financial instruments carried at fair value
Financial instruments recognised at fair value are analysed between those based on:
- quoted prices in active markets for identical assets or liabilities (Level 1);
- those involving inputs other than quoted prices included in Level 1 that are observable for the assets or liabilities,
either directly (as prices) or indirectly (derived from prices) (Level 2); and
- those involving inputs for the assets or liabilities that are not based on observable market data (unobservable
inputs) (Level 3).

|  |  |  | 2024 | 2023 |
|  | Fair Value | Assets | Liabilities | Assets | Liabilities
|  | Hierarchy | €’m | €’m | €’m | €’m
Interest rate swaps: | Non-current | Level 2 | - | - | - | (9.5)
| Current | Level 2 | - | (16.2) | - | -
Forward foreign exchange | Non-current | Level 2 | 0.3 | (0.5) | 0.7 | (0.2)
contracts: | Current | Level 2 | 10.1 | (16.1) | 13.7 | (7.5)
Forward commodity contracts: Non-current |  | Level 3 | 1.9 | - | - | -
| Current | Level 3 | - | - | - | -
Financial asset investments: | Fair value through profit or loss | Level 1 | 44.8 | - | 39.9 | -
| Fair value through other | Level 3 | 14.4 | - | 12.1 | -
| comprehensive income |  |  |  |  |
Other financial asset | Fair value through profit or loss | Level 3 | 148.5 | - | - | -
Deferred payments on acquisition of businesses | Non-current | Level 3 | - | (15.3) | - | (23.5)
| Current | Level 3 | - | (7.6) | - | (2.1)

300 Financial Statements / Notes to the Financial Statements
25. Financial instruments (continued)
Financial risk management objectives (continued)
(vi) Fair value of financial instruments (continued)
(a) Fair value of financial instruments carried at fair value (continued)
The reconciliation of Level 3 for forward commodity contracts is included under (iii.iii) forward commodity contracts of
this note 25.
The reconciliation of Level 3 for other financial asset is included under (v) credit risk management of this note 25.
The reconciliation of Level 3 financial asset investments is provided in note 14.
Deferred contingent consideration is included in Level 3 of the fair value hierarchy, details of the movement in the year
are included in note 31. The fair value is determined considering the expected payment, discounted to present value
using a risk adjusted discount rate. The expected payment is determined separately in respect of each individual earn-
out agreement taking into consideration the expected level of profitability of each acquisition.
(b) Fair value of financial instruments carried at amortised cost
Except as detailed in the following table, it is considered that the carrying amounts of financial assets and financial
liabilities recognised at amortised cost in the financial statements approximate their fair values.

|  | Carrying | Fair | Carrying | Fair
|  | Amount | Value | Amount | Value
| Fair Value | 2024 | 2024 | 2023 | 2023
| Hierarchy | €’m | €’m | €’m | €’m
Financial liabilities: Senior Notes - Public | Level 2 | (3,435.9) | (3,242.3) | (2,441.8) | (2,204.5)

(c) Valuation principles
The fair value of financial assets and liabilities are determined as follows:
- assets and liabilities with standard terms and conditions which are traded on active liquid markets are determined
with reference to quoted market prices. This includes equity investments;
- other financial assets and liabilities (excluding derivatives) are determined in accordance with generally accepted
pricing models based on discounted cash flow analysis using prices from observable current market transactions
and dealer quotes for similar instruments. This includes interest rate swaps and forward foreign exchange
contracts which are determined by discounting the estimated future cash flows;
- the fair values of financial instruments that are not based on observable market data (unobservable inputs)
requires entity specific valuation techniques; and
- derivative financial instruments are calculated using quoted prices. Where such prices are not available, a
discounted cash flow analysis is performed using the applicable yield curve for the duration of the instruments.
Forward foreign exchange contracts are measured using quoted forward exchange rates and yield curves derived
from quoted interest rates adjusted for counterparty credit risk, which is calculated based on credit default swaps
of the respective counterparties. Interest rate swaps are measured at the present value of future cash flows
estimated and discounted based on the applicable yield curves derived from quoted interest rates adjusted for
counterparty credit risk, which is calculated based on credit default swaps of the respective counterparties.
301Financial Statements / Notes to the Financial Statements
25. Financial instruments (continued)
Financial risk management objectives (continued)
(vii) Offsetting financial instruments
The Group enters into derivative transactions under International Swaps and Derivatives Association (ISDA) master
netting agreements. The ISDA agreements do not meet the criteria for offsetting in the Consolidated Balance Sheet.
This is because the Group does not have any current legally enforceable right to offset recognised amounts, because
the right to offset is enforceable only on the occurrence of future events such as a default on the bank loans or other
credit events. No collateral is paid or received.
The following table sets out the carrying amounts of recognised financial instruments that are subject to the
above agreements.
The table also sets out where the Group has offset bank overdrafts against cash at bank and in hand based on a legal
right of offset as set out in the banking agreements.

|  |  |  | Effects of offsetting in the Consolidated Balance Sheet |
|  |  | Amounts |  |
|  | Gross amounts | of financial | Related |
|  | offset | instruments | financial |
|  | in the | presented in the | instruments |
| Gross | Consolidated | Consolidated | that are not |
| amounts | Balance Sheet | Balance Sheet | offset | Net amount
| €’m | €’m | €’m | €’m | €’m
At 31 December 2024 |  |  |  |  |
Financial assets |  |  |  |  |
Cash at bank and in hand | 1,610.0 | - | 1,610.0 | - | 1,610.0
Derivative financial instruments | 12.3 | - | 12.3 | (7.4) | 4.9
| 1,622.3 | - | 1,622.3 | (7.4) | 1,614.9
Financial liabilities |  |  |  |  |
Bank overdrafts | (2.4) | - | (2.4) | - | (2.4)
Derivative financial instruments | (32.8) | - | (32.8) | 7.4 | (25.4)
| (35.2) | - | (35.2) | 7.4 | (27.8)
At 31 December 2023 |  |  |  |  |
Financial assets |  |  |  |  |
Cash at bank and in hand | 943.7 | - | 943.7 | - | 943.7
Derivative financial instruments | 14.4 | - | 14.4 | (4.6) | 9.8
| 958.1 | - | 958.1 | (4.6) | 953.5
Financial liabilities |  |  |  |  |
Bank overdrafts | (34.7) | - | (34.7) | - | (34.7)
Derivative financial instruments | (17.2) | - | (17.2) | 4.6 | (12.6)
| (51.9) | - | (51.9) | 4.6 | (47.3)

302 Financial Statements / Notes to the Financial Statements
26. Provisions

| Insurance | Non-Trading Items | Environmental | Total
| €’m | €’m | €’m | €’m
Group: |  |  |  |
At 1 January 2023 | 46.7 | 6.5 | 12.6 | 65.8
Provided during the financial year | 17.1 | 2.2 | 2.4 | 21.7
Utilised during the financial year | (15.8) | - | - | (15.8)
Released during the financial year | (6.7) | - | - | (6.7)
Transferred to payables and accruals | - | (0.9) | - | (0.9)
Exchange translation adjustment | 1.0 | - | (0.4) | 0.6
At 31 December 2023 | 42.3 | 7.8 | 14.6 | 64.7
Provided during the financial year | 14.5 | - | - | 14.5
Utilised during the financial year | (3.3) | (7.3) | - | (10.6)
Released during the financial year | (13.3) | - | - | (13.3)
Transferred to payables and accruals | - | (0.5) | - | (0.5)
Exchange translation adjustment | 2.1 | - | 0.7 | 2.8
At 31 December 2024 | 42.3 | - | 15.3 | 57.6

| 2024 | 2023
| €’m | €’m
Analysed as: |  |
Current liabilities | 7.0 | 18.3
Non-current liabilities | 50.6 | 46.4
| 57.6 | 64.7

Insurance
The Group operates a level of self-insurance. Under these arrangements, the Group retains certain exposures up to
pre-determined self-insurance levels. The amount of self-insurance is reviewed on a regular basis to ensure it remains
appropriate. The provision for these exposures represents amounts provided for based on advice from insurance
consultants, industry information, actuarial valuation and historical data in respect of claims that are classified as
incurred but not reported and outstanding loss reserves. The methodology of estimating the provision is periodically
reviewed to ensure that the assumptions made continue to be appropriate. The utilisation of the provision is dependent
on the timing of settlement of the outstanding claims. Historically, the average time for settlement of outstanding
claims ranges from 2 to 3 years from claim date.
Non-trading items
Non-trading items relate to restructuring and acquisition integration provisions expensed in 2023 and 2022.
Environmental
This includes provisions for site remediation, restoration and environmental works stemming from established best
practice for recently acquired acquisitions. The timing of utilisation of these provisions is uncertain.
27. Retirement benefits obligation
The Group operates post-retirement benefit schemes in a number of its businesses throughout the world. These
schemes are structured to accord with local conditions and practices in each country they operate in and can include
both defined contribution and defined benefit schemes. The assets of the schemes are held, where relevant, in separate
trustee administered funds.
Defined contribution schemes
The Group has a number of defined contribution pension schemes in operation. Payments to defined contribution
schemes are recognised in the Consolidated Income Statement as they fall due.
Defined benefit schemes
Defined benefit post-retirement schemes exist primarily in Republic of Ireland, the UK and the USA (included in Rest of
World). These defined benefit schemes comprise final salary pension schemes, career average salary pension schemes
and post-retirement medical plans. All material defined benefit pension schemes are closed to future accrual. The
post-retirement medical plans operated by the Group relate primarily to a number of USA employees and are closed to
new entrants. Defined benefit schemes in Ireland, the UK, and the USA are administered by Boards of Trustees. These
Boards are responsible for the management and governance of the schemes including compliance with all relevant laws
and regulations.
303Financial Statements / Notes to the Financial Statements
27. Retirement benefits obligation (continued)
Defined benefit schemes (continued)
The values used in the Group’s consolidated financial statements are based on the most recent actuarial valuations
which have been updated by the schemes’ independent and professionally qualified actuaries to incorporate the
requirements of IAS 19 ‘Employee Benefits’ in order to assess the liabilities of the various schemes as at 31 December
2024 using the projected unit credit method. All assets in the schemes have been measured at their fair value at the
balance sheet date. Full actuarial valuations, which are not available for public inspection, are carried out every three
years in Ireland (most recent 1 January 2024) and the UK (most recent 31 December 2023); and annually in the USA
(most recent 1 January 2024).
The defined benefit schemes expose the Group to risks such as interest rate risk, investment risk, inflation risk and
mortality risk.
Interest rate risk
The present value of the defined benefit obligation is sensitive to the discount rate which is derived from the interest
yield on high quality corporate bonds at the balance sheet date. Fluctuations in interest rates can significantly impact
the present value of the defined benefit obligation which can lead to volatility in the Group’s consolidated financial
statements. Interest rates also impact the funding requirements of the schemes. However, a portion of the schemes’
assets are invested in Liability Driven Investment (LDI) strategies which are designed to offset the impact of changes in
interest rates on the scheme’s liabilities, hence mitigating some of the interest rate risk.
Investment risk
The net surplus/(deficit) recognised in the Consolidated Balance Sheet represents the present value of the defined
benefit obligation less the fair value of the schemes’ assets. When assets generate a rate of return less than the
discount rate this results in an increase/(decrease) in the net surplus/(deficit). The schemes have a diversified portfolio
of investments which include equities, bonds and other asset classes. The investment allocation for each scheme is
reviewed periodically by the scheme’s external investment consultants who advise on the most appropriate asset
allocation taking account of asset valuations, funding requirements, liability duration and the achievement of an
appropriate return on assets.
Inflation risk
A significant proportion of the defined benefit obligation is linked to inflation, therefore an increase in inflation rates will
increase the defined benefit obligation. However, a portion of the schemes’ assets are invested in LDI strategies which
are designed to offset the impact of changes in inflation rates on the scheme’s liabilities, hence mitigating some of the
inflation rate risk. Some benefits are also subject to inflation caps.
Mortality risk
The present value of the defined benefit obligation is calculated by reference to the best estimate of the mortality
of schemes’ participants. An increase in the life expectancy of the schemes’ participants will increase the defined
benefit obligation.
(i) Recognition in the Consolidated Income Statement and Consolidated Statement of Comprehensive Income
The following amounts have been recognised in the Consolidated Income Statement and the Consolidated Statement of
Comprehensive Income in relation to defined contribution and defined benefit post-retirement schemes:

| 2024 | 2023
| €’m | €’m
Service cost: |  |
- Costs relating to defined contribution schemes | 69.7 | 62.9
- Current service cost relating to defined benefit schemes | 4.7 | 1.4
- Past service and settlements | (1.4) | (2.0)
Net interest income | (1.4) | (3.1)
Recognised in the Consolidated Income Statement | 71.6 | 59.2
Re-measurements of the net defined benefit liability: |  |
- Return on scheme assets (excluding amounts included in net interest cost) | 90.6 | (11.3)
- Experience (gains)/losses on schemes’ liabilities | (8.0) | 11.9
- Actuarial gains arising from changes in demographic assumptions | (4.5) | (14.5)
- Actuarial (gains)/losses arising from changes in financial assumptions | (88.9) | 47.4
Recognised in the Consolidated Statement of Comprehensive Income | (10.8) | 33.5
Total | 60.8 | 92.7

The total service cost is included in total staff numbers and costs (note 4) and the net interest (income)/cost is included
in finance income and costs (note 6).
304 Financial Statements / Notes to the Financial Statements
27. Retirement benefits obligation (continued)
(ii) Recognition in the Consolidated Balance Sheet
The net defined benefit post-retirement schemes’ surplus/(deficit) at 31 December, which has been recognised in the
Consolidated Balance Sheet, was as follows:

| Schemes | Schemes |  | Schemes | Schemes |
| in Surplus | in Deficit | Total | in Surplus | in Deficit | Total
| 2024 | 2024 | 2024 | 2023 | 2023 | 2023
| €’m | €’m | €’m | €’m | €’m | €’m
Present value of defined benefit obligation | (304.9) | (644.1) | (949.0) | (314.2) | (703.1) | (1,017.3)
Fair value of scheme assets | 405.6 | 610.7 | 1,016.3 | 412.2 | 653.4 | 1,065.6
Net recognised surplus/(deficit) before deferred tax | 100.7 | (33.4) | 67.3 | 98.0 | (49.7) | 48.3
Net related deferred tax (liability)/asset | (12.6) | 8.2 | (4.4) | (12.3) | 12.2 | (0.1)
Net recognised surplus/(deficit) after deferred tax | 88.1 | (25.2) | 62.9 | 85.7 | (37.5) | 48.2

Net recognised surplus/(deficit) by region:

|  |  | Rest of |  |  |  | Rest of |
| Ireland | UK | World | Total | Ireland | UK | World | Total
| 2024 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2023
| €’m | €’m | €’m | €’m | €’m | €’m | €’m | €’m
Present value of defined | (304.9) | (555.9) | (88.2) | (949.0) | (314.2) | (617.1) | (86.0) | (1,017.3)
benefit obligation |  |  |  |  |  |  |  |
Fair value of scheme assets | 405.6 | 545.4 | 65.3 | 1,016.3 | 412.2 | 589.1 | 64.3 | 1,065.6
Net recognised surplus/ | 100.7 | (10.5) | (22.9) | 67.3 | 98.0 | (28.0) | (21.7) | 48.3
(deficit) before deferred tax |  |  |  |  |  |  |  |
Net related deferred tax | (12.6) | 2.6 | 5.6 | (4.4) | (12.3) | 6.9 | 5.3 | (0.1)
(liability)/asset |  |  |  |  |  |  |  |
Net recognised surplus/ | 88.1 | (7.9) | (17.3) | 62.9 | 85.7 | (21.1) | (16.4) | 48.2
(deficit) after deferred tax |  |  |  |  |  |  |  |

The surplus at 31 December 2024 relates to the Irish scheme (31 December 2023: Irish scheme) and has been
recognised in accordance with IFRIC 14 ‘The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their
Interaction’ as it has been determined that the Group has an unconditional right to a refund of the surplus.
In June 2023, the UK High Court (Virgin Media Limited V NTL Pension Trustees II Limited) ruled that certain historical
amendments for contracted-out defined benefit schemes were invalid if they were not accompanied by the relevant
actuarial confirmation. The judgement was appealed and in July 2024 the UK Court of Appeal upheld the decision of the
High Court. The Group is currently evaluating the impact of this ruling. However, as the evaluation is still ongoing, it is
appropriate that no changes have been made to the Group Consolidated Financial Statements at this time.
(iii) Financial and demographic assumptions
The principal financial assumptions used by the Group’s actuaries in order to calculate the defined benefit obligation
at 31 December, some of which have been shown in range format to reflect the differing assumptions in each scheme,
were as follows:

|  | 2024 |  |  | 2023 |
|  |  | Rest of |  |  | Rest of
| Ireland | UK | World | Ireland | UK | World
| % | % | % | % | % | %
Rate used to discount schemes’ liabilities | 3.60 | 5.60 | 4.75 - 6.00 | 3.60 | 4.60 | 4.70 - 6.00
Inflation assumption | 2.10 | 3.10 | 2.50 | 2.20 | 3.00 | 2.50
Rate of increase in salaries | N/A* | N/A* | 3.50 | N/A* | N/A* | 4.50
Rate of increase for pensions in payment | 2.10 | 2.00 - 2.95 | - | 2.20 | 2.35 - 2.95 | -
and deferred pensions |  |  |  |  |  |

*
Not applicable as the Irish and UK defined benefit schemes are closed to future accrual.
FinancialStatements/NotestotheFinancialStatements305
27. Retirement benefits obligation (continued)
(iii) Financial and demographic assumptions (continued)
The most significant demographic assumption is mortality. The mortality assumptions used are based on advice from
the pension schemes’ actuaries and reflect each scheme’s population. The life expectancy of a member retiring at 31
December at age 65, now and in 20 years’ time, some of which have been shown in range format to reflect the differing
assumptions in each scheme, is as follows:

|  | 2024 |  |  | 2023 |
|  |  | Rest of |  |  | Rest of
| Ireland | UK | World | Ireland | UK | World
| Years | Years | Years | Years | Years | Years
Male - retiring now | 23 | 21 | 21 - 22 | 23 | 21 | 21 - 22
Female - retiring now | 24 | 24 | 23 | 24 | 23 | 23
Male - retiring in 20 years’ time | 24 | 23 | 22 - 23 | 24 | 22 | 22 - 23
Female - retiring in 20 years’ time | 26 | 26 | 24 - 25 | 26 | 26 | 24 - 25

There are inherent uncertainties surrounding the financial and demographic assumptions adopted by the Group.
The assumptions may differ from the actual data as a result of changes in economic and market conditions as well as
the actual experience within each scheme. The present value of post-retirement benefit schemes’ liabilities is heavily
dependent on the discount rate. As the discount rate is based on a market driven measure, which is the interest yield on
high quality corporate bonds at the balance sheet date, the present value of post-retirement benefit schemes’ liabilities
can fluctuate significantly from valuation to valuation. The expected rate of inflation impacts the schemes’ liabilities
in that inflation is the basis for the calculation of the assumed future salary and revaluation increases in each scheme
where applicable. In relation to demographic assumptions, differing expectations regarding current and future changes
in mortality rates can have a significant impact on the schemes’ liabilities.
The table below gives an approximate indication of the impact of a change in the principal financial actuarial
assumptions (discount rate, inflation rate & pension increases and salary increases) and the principal demographic
actuarial assumption (mortality) on the schemes’ liabilities. The present value of the defined benefit obligation has been
calculated using the projected unit credit method. The impact on the defined benefit obligation at 31 December 2024
is calculated on the basis that only one assumption is changed with all other assumptions remaining unchanged. The
assessment of the sensitivity analysis below could therefore be limited as a change in one assumption may not occur in
isolation as assumptions may be correlated. There have been no changes from the previous year in the methods and
assumptions used in preparing the sensitivity analysis.

|  |  | Impact on schemes’ liabilities of changes in assumptions |  |  |  |
|  | 2024 | 2023 |  |  |  |
|  |  |  | Rest of |  |  | Rest of
| Ireland |  | UK | World | Ireland | UK | World
Change in Assumption | % |  | % | % | % | % | %
Discount rate |  |  |  |  |  |  |
Decrease of 0.50% | 7.9% |  | 7.1% | 3.7% | 8.2% | 8.1% | 4.0%
Increase of 0.50% | (7.0%) |  | (6.4%) | (3.4%) | (7.3%) | (7.2%) | (3.8%)
Inflation Rate and Pension Increases |  |  |  |  |  |  |
Increase of 0.50% | 6.2% |  | 2.6% | - | 6.5% | 3.3% | -
Decrease of 0.50% | (5.6%) |  | (2.8%) | - | (5.9%) | (3.4%) | -
Salary Increase |  |  |  |  |  |  |
Increase of 0.50% | - |  | - | 0.2% | - | - | 0.2%
Decrease of 0.50% | - |  | - | (0.2%) | - | - | (0.2%)
Mortality |  |  |  |  |  |  |
Increase in life expectancy of 1 Year | 3.5% |  | 4.0% | 1.9% | 4.1% | 4.0% | 2.0%
Decrease in life expectancy of 1 Year | (3.5%) |  | (4.0%) | (1.9%) | (4.1%) | (4.0%) | (2.0%)

306 Financial Statements / Notes to the Financial Statements
27. Retirement benefits obligation (continued)
(iv) Reconciliations for defined benefit schemes
The movements in the defined benefit schemes’ obligation during the financial year were:

| 2024 | 2023
| €’m | €’m
Present value of the defined benefit obligation at beginning of the financial year | (1,017.3) | (964.3)
Current service cost | (4.7) | (1.4)
Past service and settlements | 1.4 | 2.0
Contributions by employees | - | -
Interest expense | (44.2) | (44.5)
Benefits paid | 48.8 | 45.2
Re-measurements: |  |
- experience gains/(losses) on schemes’ liabilities | 8.0 | (11.9)
- actuarial gains arising from changes in demographic assumptions | 4.5 | 14.5
- actuarial gains/(losses) arising from changes in financial assumptions | 88.9 | (47.4)
Exchange translation adjustment | (34.4) | (9.5)
Present value of the defined benefit obligation at end of the financial year | (949.0) | (1,017.3)
Present value of the defined benefit obligation at end of the financial year that relates to: |  |
Wholly unfunded schemes | (17.4) | (14.0)
Wholly or partly funded schemes | (931.6) | (1,003.3)
| (949.0) | (1,017.3)

The weighted average duration of the defined benefit obligation at 31 December 2024 is approximately 15 years
(2023: approximately 15 years).
The movements in the schemes’ assets during the financial year were:

| 2024 | 2023
| €’m | €’m
Fair value of scheme assets at beginning of the financial year | 1,065.6 | 1,029.7
Interest income | 45.6 | 47.6
Contributions by employer | 12.5 | 12.0
Contributions by employees | - | -
Benefits paid | (48.8) | (45.2)
Re-measurements: |  |
- return on scheme assets (excluding amounts included in net interest cost) | (90.6) | 11.3
Exchange translation adjustment | 32.0 | 10.2
Fair value of scheme assets at end of the financial year | 1,016.3 | 1,065.6

307Financial Statements / Notes to the Financial Statements
27. Retirement benefits obligation (continued)
(iv) Reconciliations for defined benefit schemes (continued)
The fair values of each of the categories of the pension schemes’ assets at 31 December were as follows:

| 2024 | 2023
| €’m | €’m
Liability Driven Investment | 514.3 | 604.5
Other Bonds and Debt Securities: |  |
- Investment Grade Credit | 163.7 | 181.7
- Asset Backed Securities | 176.7 | 92.3
- Other bonds | - | 54.8
Equities: |  |
- Global Equities | 145.2 | 96.0
- Emerging Market Equities | - | 11.4
Diversified Growth Funds | - | 13.9
Cash and other | 16.4 | 11.0
Total fair value of pension schemes’ assets | 1,016.3 | 1,065.6

The majority of equity securities and bonds have quoted prices in active markets. The schemes’ assets are invested
with professional investment managers. Investments in the Group’s own financial instruments, if any, are solely at the
discretion of the investment managers concerned. The actual amount of the Group’s own financial instruments held by
the pension schemes during 2024 and 2023 were not material. No property held by the pension schemes was occupied
by the Group nor were any other pension schemes’ assets used by the Group during 2024 or 2023.
The Irish, UK and USA schemes have invested in Liability Driven Investment (LDI) strategies. The primary goal of this asset
class is to mitigate the impact of interest rate and inflation volatility and enable better matching of investment returns
with the cash outflows required to pay benefits. The LDI solutions invest in various leveraged/unleveraged bonds and
derivatives and the value of the LDI assets at 31 December 2024 across the schemes was €514.3m (2023: €604.5m) which
is based on the latest market bid price for the underlying investments, which are traded daily on liquid markets.
(v) Funding for defined benefit schemes
The Group operates a number of defined benefit schemes in a number of countries and each scheme is required to
be operated in line with local legislation, conditions, practices and the regulatory framework in place for the specific
country. As a result, there are a number of different funding arrangements in place that accord with the specific local
legislative, regulatory and actuarial requirements.
Funding for each scheme is carried out by cash contributions from the Group’s subsidiaries. These funding
arrangements have been advised by the pension schemes’ actuaries and agreed between the Group and the relevant
Trustees. Actuarial valuations, which are not available for public inspection, are carried out every three years in Ireland
and the UK; and every year in the USA. During the financial year ending 31 December 2025, the Group expects to make
contributions of approximately €12.0m to its defined benefit schemes.
28. Share capital

|  | 2024 | 2023
|  | €’m | €’m
Group and Company: |  |  |
Authorised |  |  |
280,000,000 | A ordinary shares of 12.50 cent each | 35.0 | 35.0
Allotted, called-up and fully paid (A ordinary shares of 12.50 cent each) |  |  |
At beginning of the financial year |  | 21.9 | 22.1
Shares issued during the financial year |  | 2.1 | -
Shares cancelled during the financial year |  | (3.2) | (0.2)
At end of the financial year |  | 20.8 | 21.9

The Company has one class of ordinary share which carries no right to fixed income. The total number of shares in issue
at 31 December 2024 was 166,440,652 (2023: 175,792,661).
308 Financial Statements / Notes to the Financial Statements
28. Share capital (continued)
Shares issued
During 2024 a total of 264,089 (2023: 179,441) A ordinary shares, each with a nominal value of 12.50 cent, were issued
at nominal value per share under the Long-Term and Short-Term Incentive Plans.
Share exchange pursuant to Kerry Dairy Ireland Sale
Arising from the implementation of the share exchange as part of Phase 1 of the sale of Kerry Dairy Ireland, the
Company, on 31 December 2024, redeemed and cancelled Kerry Co-Operative Creameries Limited’s entire shareholding
of 19,045,396 A Ordinary Shares and the Company issued a total of 16,187,024 A Ordinary Shares directly to the
members of Kerry Co-Operative Creameries Limited and to satisfy fractional share entitlements. As a result, the
Company’s issued share capital reduced by 2,858,372 shares. See Note 8 for further information regarding the sale of
Kerry Dairy Ireland.
Share Buyback Programme
At the 2024 Annual General Meeting, shareholders passed a resolution authorising the Company to purchase up to 10%
of its own issued share capital.
In May 2024 and November 2024, the Board approved new Share Buyback Programmes of up to €300 million each.
The Share Buyback Programmes are underpinned by the Group’s strong balance sheet and cash flow and is aligned to
Kerry’s Capital Allocation Framework.
The May 2024 Share Buyback Programme commenced on 7 May 2024 and was completed by 12 November 2024. The
total number of shares acquired as part of the May 2024 Share Buyback Programme was 3,632,456 at a cost of €300.3m
including transaction costs of €0.3m.
The November 2024 Share Buyback Programme commenced on 13 November 2024. In the period from 13 November
2024 to 31 December 2024 the Company purchased 644,079 shares at a total cost of €57.6m. At 31 December 2024,
there was no financial liability recorded in relation to the Share Buyback Programme. Since the period end, and up to
31 January 2025, the Company repurchased 458,271 shares at a cost of €43.3m.
The previous Share Buyback Programme announced in October 2023, commenced on 1 November 2023 and was
completed by 30 April 2024. The total number of shares acquired during 2023 was 1,373,261 at a cost of €101.7m.
During the period 1 January 2024 to 30 April 2024, an additional 2,481,191 shares were acquired at a cost of €198.6m,
resulting in a total number of shares acquired as part of this programme of 3,854,452 at a total cost of €300.3m
including transaction costs of €0.3m.
All shares acquired as part of the above Share Buyback Programmes were A ordinary shares with a nominal value of
12.50 cent. The shares acquired were cancelled immediately following their repurchase.
The buyback programme is conducted in accordance with the relevant provisions of the Market Abuse Regulation
596/2014/EU (‘MAR’ and including MAR as in force in the UK and as amended by the Market Abuse (Amendment) (EU
Exit) Regulations 2019) and the Commission Delegated Regulation (EU) 2016/1052 (including as in force in the UK and as
amended by the FCA’s Technical Standards (Market Abuse Regulation) (EU Exit) Instrument 2019) as well as the rules of
the Central Bank of Ireland.
29. Share-based payments
The Group operates three equity-settled share-based payment plans. The first plan is the Group’s Long-Term Incentive
Plan, the second is the element of the Group’s Short-Term Incentive Plan that is settled in shares/share options after
a 2 year deferral period and the third is the Group’s All Employee Share Plan. Details on each of the Group’s plans are
outlined below and are the same as those recognised in the Company financial statements.
The Group recognised an expense of €39.8m (2023: €21.6m) related to equity-settled share-based payment transactions
in the Consolidated Income Statement during the financial year. The expectation of meeting performance criteria was
taken into account when calculating this expense.
(i) Long-Term Incentive Plan
The Group operates an equity-settled Long-Term Incentive Plan (LTIP) under which an invitation to participate was made
to Executive Directors and senior executives. The proportion of each invitation which vests will depend on the Adjusted
Earnings Per Share (EPS) performance, Total Shareholder Return (TSR), Return on Average Capital Employed (ROACE)
and Sustainability metrics of the Group during a three year period (‘the performance period’). The invitations made in
2022, 2023 and 2024 will potentially vest in 2025, 2026 and 2027 respectively.
309Financial Statements / Notes to the Financial Statements
29. Share-based payments (continued)
(i) Long-Term Incentive Plan (continued)
For the 2022, 2023 and 2024 awards, the performance conditions are weighted 40% for Adjusted EPS growth calculated
on a constant currency basis, 25% for TSR, 15% for ROACE and the remaining 20% of the shares/share options will vest
according to the Group’s Sustainability metrics versus predetermined targets. An invitation may lapse if a participant
ceases to be employed within the Group before the vesting date.
Under the LTIP, the Group introduced career shares awards, under which an invitation to participate was made to a
limited number of senior executives. The proportion of each invitation which vests will depend on personal objectives
during a three year period (‘the performance period’) and the senior executives remaining within the Group for a four
year period (‘the retention period’). The invitations made in 2019 - 2021 will potentially vest in 2025 - 2027 respectively.
An invitation may lapse if a participant ceases to be employed within the Group before the vesting date.
A summary of the status of the LTIP as at 31 December and the changes during the financial year are presented below:

| Number of | Number of
| Conditional | Conditional
| Awards | Awards
| 2024 | 2023
Outstanding at beginning of the financial year | 1,600,533 | 1,420,418
Forfeited | (119,539) | (88,076)
Shares vested | (76,723) | (59,462)
Share options vested | (188,811) | (112,933)
Relinquished | (155,329) | (210,134)
New conditional awards | 791,831 | 650,720
Outstanding at end of the financial year | 1,851,962 | 1,600,533

|  | Number of Conditional Awards 2024 |  |  | Number of Conditional Awards 2023 |
|  | Share |  |  | Share |
| Shares | Options | Total | Shares | Options | Total
Outstanding at beginning of the financial year | 444,904 | 1,155,629 | 1,600,533 | 417,964 | 1,002,454 | 1,420,418
Forfeited | (56,944) | (62,595) | (119,539) | (40,046) | (48,030) | (88,076)
Vested | (76,723) | (188,811) | (265,534) | (59,462) | (112,933) | (172,395)
Relinquished | (42,499) | (112,830) | (155,329) | (58,848) | (151,286) | (210,134)
New conditional awards | 234,059 | 557,772 | 791,831 | 185,296 | 465,424 | 650,720
Outstanding at end of the financial year | 502,797 | 1,349,165 | 1,851,962 | 444,904 | 1,155,629 | 1,600,533

| Number of | Number of
| Share | Share
| Options | Options
| 2024 | 2023
Share options arising under the LTIP |  |
Outstanding at beginning of the financial year | 260,397 | 240,118
Options released at vesting date | 161,968 | 69,805
Options released from deferral | 54,130 | 62,432
Exercised | (170,909) | (111,958)
Outstanding and exercisable at end of the financial year | 305,586 | 260,397

Share options under the LTIP scheme have an exercise price of 12.50 cent. The remaining weighted average life for
share options outstanding is 2.8 years (2023: 3.8 years). The weighted average share price at the date of exercise was
€83.79 (2023: €86.80). 26,843 share options (2023: 43,128 share options) which vested in the financial year are deferred
and therefore are not exercisable at year end.
310 Financial Statements / Notes to the Financial Statements
29. Share-based payments (continued)
(i) Long-Term Incentive Plan (continued)
At the invitation grant date, the fair value per conditional award and the assumptions used in the calculations are
as follows:

| 2024 | 2023 | 2022 | 2021
| Conditional | Conditional | Conditional | Conditional
| Award at | Award at | Award at | Award at
LTIP Scheme | Grant Date | Grant Date | Grant Date | Grant Date
Conditional Award Invitation date | March 2024 | March 2023 | March 2022 | March 2021
Year of potential vesting | 2027 | 2026 | 2025 | 2024
Share price at grant date | €80.94 | €91.26 | €95.46 | €107.80
Exercise price* | €0.125 | €0.125 | €0.125 | €0.125
Expected volatility | 21.9% | 22.9% | 28.6% | 25.5%
Expected life | 3 years | 3 years | 3 years | 3 years
Risk free rate | 2.6% | 3.1% | (0.3%) | (0.7%)
Expected dividend yield | 1.4% | 1.0% | 0.8% | 0.8%
Expected forfeiture rate | 5.0% | 5.0% | 5.0% | 5.0%
Weighted average fair value at grant date | €65.20 | €73.50 | €77.68 | €89.78
Valuation model | Monte Carlo | Monte Carlo | Monte Carlo | Monte Carlo
| Pricing | Pricing | Pricing | Pricing

*
Exercise price refers to exercise price for both shares and share options.
Expected volatility was determined by calculating the historical volatility of the Group’s share price over the previous
three years. Market based vesting conditions, such as the TSR condition, have been taken into account in establishing
the fair value of equity instruments granted. The TSR performance over the period is measured against the TSR
performance of a peer group of listed companies. Non‐market based performance conditions were not taken into
account in establishing the fair value of equity instruments granted, however the number of equity instruments
included in the measurement of the transaction is adjusted so that the amount recognised is based on the number of
equity instruments that eventually vest.
(ii) Short-Term Incentive Plan
In 2013 the Group’s Short-Term Incentive Plan (STIP) for Executive Directors was amended to incorporate a share-based
payment element with 33% of the total bonus to be settled in shares/share options. The shares/share options awarded
as part of this scheme will be issued 2 years after the vesting date once a deferral period has elapsed. There are no
further performance conditions relating to the shares/share options during the deferral period.
There are 14,808 share options (2023: 5,601 share options) outstanding and exercisable in relation to the STIP.
A share-based payment expense is recognised in the Consolidated Income Statement for the scheme to reflect the cash
value of the bonus to be paid by way of shares/share options. The issuance of shares/share options under the STIP
which related to the 2023 and 2024 financial years will be released from deferral in 2025 and 2026 respectively.
(iii) All Employee Share Plan
The Group implemented a new all employee share plan (AESP) in September 2023. Phase one of the plan was available
to employees in the following countries: Ireland, UK, Spain, Australia, India, Indonesia, Thailand and Singapore. Phase
two of the plan was implemented in September 2024 and was extended to the following countries: Brazil, Canada,
China, Costa Rica, Denmark, France, Germany, Italy, Malaysia, Mexico, Netherlands, New Zealand, Oman, Poland, United
Arab Emirates and the United States. The plan is structured as an equity-settled scheme. Under the plan, participating
employees are granted one share for every three shares purchased. The additional share is issued to the participating
employee after a two-year period.
The expense of €244,032 (2023: €5,623) related to the AESP has been recognised in the Consolidated Income Statement.
The fair value of the shares granted under the AESP as at December 31 2024 was €nil (2023: €nil). The weighted average
fair value of the shares granted was €nil (2023: €nil).
311Financial Statements / Notes to the Financial Statements
30. Cash flow components
(i) Cash flow analysis

|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
| Notes | €’m | €’m | €’m | €’m
Change in working capital |  |  |  |  |
(Increase)/decrease in inventories |  | (26.6) | 220.9 | - | -
(Increase)/decrease in trade and other receivables |  | (165.1) | 136.2 | (1,684.2) | (163.2)
Increase/(decrease) in trade and other payables |  | 116.9 | (176.0) | 19.2 | 3.6
Decrease in non-current liabilities |  | (8.4) | (17.2) | - | -
Share-based payment expense | 29 | 39.8 | 21.6 | 39.8 | 21.6
|  | (43.4) | 185.5 | (1,625.2) | (138.0)
Purchase of assets |  |  |  |  |
Purchase of property, plant and equipment |  | (278.3) | (266.0) | - | -
Purchase of intangible assets | 13 | (27.5) | (15.9) | - | -
|  | (305.8) | (281.9) | - | -
Cash and cash equivalents |  |  |  |  |
Cash at bank and in hand | 24 | 1,610.0 | 943.7 | - | -
Bank overdrafts | 24 | (2.4) | (34.7) | - | -
|  | 1,607.6 | 909.0 | - | -

(ii) Net debt reconciliation

|  | Cash at | Overdrafts | Interest | Borrowings | Borrowings | Net Debt |  |
|  | bank and | due within | Rate | due within | due after - pre lease | Lease | Net
|  | in hand | 1 year* | Swaps | 1 year* | 1 year* | liabilities | liabilities* | Debt
| Note | €’m | €’m | €’m | €’m | €’m | €’m | €’m | €’m
At 1 January 2023 |  | 970.0 | (0.2) | 15.5 | (700.9) | (2,432.6) | (2,148.2) | (69.2) | (2,217.4)
Cash flows |  | (8.9) | (34.5) | (34.4) | 687.3 | 4.5 | 614.0 | 36.4 | 650.4
Foreign exchange |  | (17.4) | - | 2.5 | 12.9 | (0.3) | (2.3) | 1.3 | (1.0)
adjustments |  |  |  |  |  |  |  |  |
Other non-cash |  | - | - | 6.9 | (1.7) | (4.2) | 1.0 | (37.1) | (36.1)
movements |  |  |  |  |  |  |  |  |
At 31 December 2023 | 24 | 943.7 | (34.7) | (9.5) | (2.4) | (2,432.6) | (1,535.5) | (68.6) | (1,604.1)
Cash flows |  | 642.1 | 32.3 | (3.3) | 2.5 | (994.0) | (320.4) | 40.8 | (279.6)
Foreign exchange |  | 24.2 | - | (10.8) | (0.1) | - | 13.3 | (1.2) | 12.1
adjustments |  |  |  |  |  |  |  |  |
Other non-cash |  | - | - | 7.4 | (947.9) | 943.9 | 3.4 | (57.6) | (54.2)
movements |  |  |  |  |  |  |  |  |
At 31 December 2024 | 24 | 1,610.0 | (2.4) | (16.2) | (947.9) | (2,482.7) | (1,839.2) | (86.6) | (1,925.8)

*
Liabilities from financing activities.
312 Financial Statements / Notes to the Financial Statements
31. Business combinations
The following acquisitions were completed by the Group during 2024:

|  | Completion | Percentage |  |  |
Acquisition | Type | date | acquired | Segment | Principal activity | Strategic rationale
Part of the | Asset | April 2024 | Certain trade and | Taste & | The Lactase | This acquisition adds
global lactase | & |  | assets of Chr. | Nutrition | Enzymes | enzyme technology which
enzymes | Equity |  | Hansen’s global |  | Business which | helps create lactose-free
business of |  |  | lactase enzyme |  | includes NOLA ® | and sugar reduced dairy
Novonesis |  |  | business on a |  | Products, further | products, while preserving
(formerly |  |  | carve-out basis and |  | enhances Kerry’s | their authentic clean
Chr. Hansen |  |  | 100% of the share |  | biotechnology | taste. Global demand for
Holdings |  |  | capital of Nuocheng |  | solutions | lactase is being driven by
A/S (‘Chr. |  |  | Trillion Food (Tianjin) |  | capability. | increased awareness of
Hansen’) and |  |  | Co., Ltd., a Chinese |  |  | lactose intolerance, while
Novozymes A/S |  |  | subsidiary of |  |  | many consumers are also
(‘Novozymes’)). |  |  | Novozymes. |  |  | choosing lactose-free for
|  |  |  |  |  | lifestyle and health reasons.
LactoSens ® | Asset | September | The LactoSens ® | Taste & | Lactose testing | To enhance Kerry’s position
testing |  | 2024 | testing technology | Nutrition | technology. | and capability in providing
technology. |  |  | assets and related |  |  | the complete solution as
|  |  | business from |  |  | regards lactose-free dairy
|  |  | DirectSens GmbH. |  |  | products.

The table below provides details of the identifiable net assets, including adjustments to provisional fair values,
in respect of the acquisitions completed during the year ended 31 December 2024:

| Total
| 2024
| €’m
Recognised amounts of identifiable assets acquired and liabilities assumed: |
Non-current assets |
Property, plant and equipment | 43.1
Brand related intangibles | 86.8
Current assets |
Cash at bank and in hand | 0.8
Inventories | 5.9
Trade and other receivables | 3.8
Current liabilities |
Trade and other payables | (2.3)
Non-current liabilities |
Other non-current liabilities | (0.1)
Total identifiable assets | 138.0
Goodwill | 29.2
Total consideration | 167.2
Satisfied by: |
Cash | 167.2

Net cash outflow on acquisition:

| Total
| 2024
| €’m
Cash | 167.2
Less: cash and cash equivalents acquired | (0.8)
| 166.4

313Financial Statements / Notes to the Financial Statements
31. Business combinations (continued)
The acquisition method has been used to account for businesses acquired in the Group’s financial statements. Given
that the valuation of the fair value of assets and liabilities recently acquired is still in progress, some of the values
are determined provisionally, primarily values relating to property, plant and equipment and liabilities (as not all
information is available at this point in time). The valuation of the fair value of assets and liabilities will be completed
within the measurement period. For the acquisitions completed in 2023, there have been material revisions of the
provisional fair value adjustments since the initial values were established as outlined in the table below. The Group
performs quantitative and qualitative assessments of each acquisition in order to determine whether it is material for
the purposes of separate disclosure under IFRS 3 ‘Business Combinations’. None of the acquisitions completed during
the period were considered material to warrant separate disclosure.
The goodwill is attributable to the expected profitability, revenue growth, future market development and assembled
workforce of the acquired businesses and the synergies expected to arise within the Group after the acquisition. €24.5m
of the goodwill recognised is expected to be deductible for income tax purposes.
Transaction expenses related to these acquisitions of €2.9m were charged in the Group’s Consolidated Income
Statement during the financial year. The fair value of the financial assets acquired includes trade and other receivables
with a fair value of €3.7m and a gross contractual value of €3.8m.
The revenue and profit after taxation attributable to equity holders of the parent to the Group contributed from date of
acquisition for all business combinations effected during the financial year is as follows:

| Total
| 2024
| €’m
Revenue | 40.7
Profit after taxation attributable to equity holders of the parent | 5.3

The revenue and profit after taxation attributable to equity holders of the parent to the Group determined in
accordance with IFRS as though the acquisition date for all business combinations effected during the financial year had
been the beginning of that financial year would be as follows:

|  | Continuing Operations |
|  | Kerry Group | Consolidated
|  | excluding | Group
| 2024 | 2024 | including
| acquisitions | acquisitions | acquisitions
| €’m | €’m | €’m
Revenue | 59.4 | 6,888.4 | 6,947.8
Profit after taxation attributable to equity holders of the parent | 7.5 | 668.1 | 675.6

2023 Acquisitions
During 2023, the Group completed a total of two acquisitions both of which are 100% owned by the Group. The initial
assessment of fair values to identifiable net assets acquired was performed on a provisional basis. As part of the
finalisation of the expected contingent consideration and the fair value exercise in respect of the 2023 acquisitions, the
Group considered the valuations applied to intangible and tangible assets acquired. The outcome of this exercise resulted
in a reduction of goodwill arising on acquisition by €58.0m and a reduction in contingent consideration of €75.1m. The
amendments to these fair values were made to the comparative figures during the subsequent reporting window within
the measurement period imposed by IFRS 3 ‘Business Combinations’. The provisional fair value of these assets recorded,
together with the adjustments made to those carrying values to arrive at the final fair values were as follows:

| Provisional fair | Measurement |
| values of 2023 | period |
| acquisitions | adjustments | Total
| 2023 | 2023 | 2023
| €’m | €’m | €’m
Property, plant and equipment | 9.7 | - | 9.7
Goodwill arising on acquisition | 176.9 | (58.0) | 118.9
Other brand-related intangibles | 41.6 | (18.5) | 23.1
Non-current assets | 228.2 | (76.5) | 151.7
Current assets | 14.2 | - | 14.2
Non-current liabilities | (13.5) | 1.4 | (12.1)
Current liabilities | (18.8) | - | (18.8)
Total identifiable assets | 210.1 | (75.1) | 135.0
Total consideration | 210.1 | (75.1) | 135.0

314 Financial Statements / Notes to the Financial Statements
32. Contingent liabilities

| 2024 | 2023
| €’m | €’m
Company: |  |
(i) Guarantees in respect of borrowings of subsidiaries | 3,436.3 | 2,476.3

(ii) For the purposes of Section 357 of the Companies Act, 2014, the Company has undertaken by Board resolution to
indemnify the creditors of its subsidiaries incorporated in the Republic of Ireland, as set out in note 37, in respect of
all amounts shown as liabilities or commitments in the statutory financial statements as referred to in Section 357 (1)
(b) of the Companies Act, 2014 for the financial year ending on 31 December 2024 or any amended financial period
incorporating the said financial year. All other provisions of Section 357 have been complied with in this regard. The
Company has given similar indemnities in relation to its subsidiaries in Germany (section 264 paragraph 3 of the
Commercial Code), Luxembourg (Article 70 of the Luxembourg law of 19 December 2002 as amended) and Netherlands
(Article 2:403 of the Dutch Civil Code), as set out in note 37. In addition, the Company has also availed of the exemption
from filing subsidiary financial statements in Luxembourg, Germany, Netherlands and Ireland.
The Company does not expect any material loss to arise from these guarantees and considers their fair value to
be negligible.
33. Other financial commitments
Commitments for the acquisition of property, plant, equipment and computer software at 31 December for which no
provision has been made in the accounts are as follows:

| 2024 | 2023
| €’m | €’m
Group: |  |
Commitments in respect of contracts placed | 93.4 | 50.8
Expenditure authorised by the Directors but not contracted for at the financial year end | 150.2 | 150.9
| 243.6 | 201.7

34. Related party transactions
(i) Trading with Directors
In the ordinary course of business as a farmer during 2024, one Director has traded on standard commercial terms
with the Group’s Dairy Ireland reporting segment. Aggregate purchases from, and sales to, this Director during the year
amounted to €0.1m (2023: €0.1m) and €nil (2023: €nil) respectively. The trading balance outstanding to the Group at the
financial year end was €nil. All transactions with this Director were on standard commercial terms. No expense has been
recognised in the financial year for bad or doubtful debts in respect of amounts owed by this Director.
(ii) Trading between Parent Company and subsidiaries
Transactions in the financial year between the Parent Company and its subsidiaries included:

| 2024 | 2023
| €’m | €’m
Dividends received by the Parent Company | 2,550.0 | 668.3
Cost recharges from subsidiaries of the Parent Company | 31.0 | 27.4
Trade and other receivables to the Parent Company | 2,039.5 | 394.2

315Financial Statements / Notes to the Financial Statements
34. Related party transactions (continued)
(iii) Trading with joint ventures
Details of transactions and balances outstanding with joint ventures are as follows:

|  |  |  |  |  | Amounts receivable
|  | Rendering of services |  | Sale of goods |  | at 31 December
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023
| €’m | €’m | €’m | €’m | €’m | €’m
Joint ventures | - | 0.1 | 0.4 | 0.2 | 4.8 | 4.2

These trading transactions are undertaken and settled at normal trading terms.
(iv) Trading with other related parties
As detailed in the Directors’ Report, Kerry Co-Operative Creameries Limited was considered to be a related party of the
Group during 2024 as a result of its significant shareholding in the Parent Company. During 2024, dividends of €23.3m
(2023: €21.6m) were paid to Kerry Co-Operative Creameries Limited based on its shareholding. A subsidiary of Kerry
Group plc traded product to the value of €0.1m (2023: €0.1m) on behalf of Kerry Co-Operative Creameries Limited.
On 31 December 2024, Phase 1 of the sale of Kerry Dairy Ireland to Kerry Co-Operative Creameries Limited completed.
At 31 December 2024, Kerry Group plc had a net trading receivable balance of €12.3m which consisted of a receivable
balance of €21.9m and a payable balance of €9.6m with Kerry Dairy Ireland. Receivables from Kerry Co-Operative
Creameries Limited as part of the Phase 1 sale of Kerry Dairy Ireland are disclosed in note 8. In note 21 an amount due
to related parties of €50.0m is included within ‘Other payables and accruals’ in both the group and company financial
statements. See notes 8, 21, 25 (v)(d) and 28 for further information.
(v) Transactions with key management personnel
The Board of Directors are deemed to be key management personnel of Kerry Group plc as they are responsible for
planning, directing and controlling the activities of the Group.
In addition to their salaries and short-term benefits, the Group also contributes to post-retirement defined benefit,
defined contribution and saving plans on behalf of the Executive Directors (note 27). The Directors also participate in the
Group’s Long-Term Incentive Plan (LTIP) (note 29).
Remuneration cost of key management personnel is as follows:

| 2024 | 2023
| €’m | €’m
Short-term benefits (salaries, fees and other short-term benefits) | 11.1 | 8.6
Post-retirement benefits | 0.3 | 0.3
LTIP accounting charge | 5.1 | 2.9
Other long-term benefits | - | -
Termination benefits | - | -
Total | 16.5 | 11.8

Retirement benefit charges of €0.1m (2023: €0.1m) arise under a defined benefit scheme relating to 1 Director
(2023: 1 Director) and charges of €0.2m (2023: €0.2m) arise under a defined contribution scheme relating to 2 Directors
(2023: 2 Directors). The LTIP accounting charge above is determined in accordance with the Group’s accounting policy
for share-based payments.
Post-retirement benefits in the above table and the statutory and listing rules disclosure in respect of pension
contributions in the Executive Directors’ remuneration table in the remuneration report are determined on a current
service cost basis.
The aggregate amount of gains accruing to Executive Directors on the exercise of share options is €nil (2023: €1.8m).
Dividends totalling €0.2m (2023: €0.1m) were also received by key management personnel during the financial year,
based on their personal interests in the shares of the company.
316 Financial Statements / Notes to the Financial Statements
35. Events after the balance sheet date
Since the financial year end, the Group has:
- proposed a final dividend of 89.0 cent per A ordinary share (note 11);
- subsequent to year end, the Company repurchased 458,271 shares at a cost of €43.3m up to 31 January 2025.
The Company’s intention is to continue to repurchase shares up to the announced amount of €300.0m and will
end no later than 30 June 2025 (note 28); and
- Following the sale of Kerry Dairy Ireland (which formed the Dairy Ireland segment) as described in note 8,
effective 2025 the Group’s reportable segments will change from two to the following three segments: Europe,
Americas and APMEA. See note 2 for further information. In the Group’s financial reporting for 2025, comparative
information for 2024 will be restated to reflect the changes in reportable segments. Segmental information
presented in these financial statements is based on the segment structure for the financial year ended 31
December 2024, being Taste & Nutrition and Dairy Ireland. The change in segment reporting post year end
does not have a financial impact on the Group’s Consolidated Financial Statements for the financial year ended
31 December 2024.
There have been no other significant events, outside the ordinary course of business, affecting the Group since
31 December 2024.
36. Reserves
Fair value through other comprehensive income reserve (FVOCI)
The fair value through other comprehensive income reserve represents the unrealised gains and losses on the financial
assets held at fair value through other comprehensive income by the Group.
Capital redemption reserve
Capital redemption reserve represents the nominal cost of the cancelled shares in 2007, 2023 and 2024.
Other undenominated capital
Other undenominated capital represents the amount transferred to reserves as a result of renominalising the share
capital of the Parent Company due to the euro conversion in 2002.
Share-based payment reserve
The share-based payment reserve relates to invitations made to employees to participate in the Group’s Long-Term
Incentive Plan and the All Employee Share Plan for participating employees. Further information in relation to share-
based payment is set out in note 29.
Translation reserve
Exchange differences relating to the translation of the balance sheets of the Group’s foreign currency operations from
their functional currencies to the Group’s presentation currency (euro) are recognised directly in other comprehensive
income and accumulated in the translation reserve.
Hedging reserve
The hedging reserve represents the effective portion of gains and losses on hedging instruments from the application
of cash flow hedge accounting for which the underlying hedged transaction is not impacting profit or loss. The
cumulative deferred gain or loss on the hedging instrument is reclassified to profit or loss only when the hedged
transaction affects the profit or loss.
Cost of hedging reserve
The cost of hedging reserve arises from where the Group has entered into cross currency interest rate swaps. Such
cross currency interest rate swaps have basis risk as there are characteristics in the cross currency interest rate swap
contracts that are not present in the hedged item, being currency basis spreads.
Retained earnings
Retained earnings refers to the portion of net income, which is retained by the Group rather than distributed to
shareholders as dividends.
Non-controlling interests
Non-controlling interests represent the portion of the equity of a subsidiary not attributable either directly or indirectly
to the Group.
317Financial Statements / Notes to the Financial Statements
37. Group entities
Principal subsidiaries and joint venture undertakings

Country | Company Name | Nature of Business | Registered Office
Ireland | Carteret Investments Unlimited Company | Investment | 1
| Cuarto Limited | Taste & Nutrition | 1
| Dawn Dairies Limited | Services | 1
| Golden Vale Limited | Investment | 1
| Kerry Agri Business Holdings Limited | Investment | 1
| Kerry Dairy Consumer Foods Limited | Services | 1
| Kerry Food Ingredients (Cork) Limited | Taste & Nutrition | 1
| Kerry Group Business Services Limited | Services | 1
| Kerry Group Finance International Limited | Services | 1
| Kerry Group Financial Services Unlimited Company | Services | 1
| Kerry Group Services International Limited | Services | 1
| Kerry Group Services Limited | Services | 1
| Kerry Health and Nutrition Institute Limited | Taste & Nutrition | 1
| Kerry Holdings International (Ireland) Limited | Investment | 1
| Kerry Holdings (Ireland) Limited | Investment | 1
| Kerry Ingredients & Flavours Limited | Taste & Nutrition | 1
| Kerry Dairy Holdings (Ireland) Limited (30% shareholding) | Investment | 1
| Kerry Taste & Nutrition (Ireland) Limited | Taste & Nutrition | 1
| Lifesource Foods Research Limited | Investment | 1
| Linovale Limited | Investment | 1
| Princemark Holdings Designated Activity Company | Services | 1
| Tacna Investments Limited | Investment | 1
| Zenbury International Limited | Services | 1
UK | Dairy Produce Packers Limited | Services | 2
| Golden Vale (NI) Limited | Investment | 2
| Kerry Foods Limited | Services | 3
| Kerry Holdings (U.K.) Limited | Investment | 3
| Kerry Ingredients (UK) Limited | Taste & Nutrition | 3
| Kerry Ingredients Holdings (U.K.) Limited | Investment | 3
| Kerry Management Services (UK) Limited | Services | 3
Belgium | Kerry Ingredients Belgium N.V. | Taste & Nutrition | 4
Netherlands | Kerry (NL) B.V. | Taste & Nutrition | 5
| Kerry Group B.V. | Investment | 5
| Proparent B.V. (75% shareholding) | Taste & Nutrition | 6
| Niacet B.V. | Taste & Nutrition | 7
Czech Republic Kerry Ingredients & Flavours S.R.O. | Taste & Nutrition | 8
France | Kerry Ingredients Holdings France SAS | Investment | 9
| Kerry Savoury Ingredients France SAS | Taste & Nutrition | 9
| Kerry Flavours France SAS | Taste & Nutrition | 10

318 Financial Statements / Notes to the Financial Statements
37. Group entities (continued)
Principal subsidiaries and joint venture undertakings (continued)

Country | Company Name | Nature of Business | Registered Office
Germany | Kerry Food GmbH | Taste & Nutrition | 11
| Kerry Ingredients GmbH | Taste & Nutrition | 11
| Red Arrow Handels GmbH | Taste & Nutrition | 12
| Kerry Biotech GP GmbH | Taste & Nutrition | 13
| c-LEcta GmbH (93% shareholding) | Taste & Nutrition | 14
Denmark | Cremo Ingredients A/S | Taste & Nutrition | 15
Italy | Kerry Ingredients & Flavours Italia S.p.A. | Taste & Nutrition | 16
Poland | Kerry Polska Sp. z o.o. | Taste & Nutrition | 17
Hungary | Kerry Hungaria Kft | Taste & Nutrition | 18
Luxembourg | Kerry Luxembourg S.a.r.l. | Services | 19
| Zenbury International Limited S.a.r.l. | Services | 19
Romania | Kerry Romania S.R.L. | Taste & Nutrition | 20
Spain | Kerry Iberia Taste & Nutrition, S.L.U. | Taste & Nutrition | 21
| Harinas y Sémolas del Noroeste, S.A.U. | Taste & Nutrition | 22
| Pevesa Biotech, S.A.U. | Taste & Nutrition | 23
| Biosearch, S.A.U. | Taste & Nutrition | 24
Slovakia | Dera SK, S.R.O. | Taste & Nutrition | 25
Sweden | Tarber AB | Taste & Nutrition | 26
Ukraine | Kerry Ukraine LLC | Taste & Nutrition | 27
USA | Kerry Holding Co. | Investment | 28
| Kerry Inc. | Taste & Nutrition | 28
| Ganeden Biotech, Inc. | Taste & Nutrition | 28
| Fleischmann’s Vinegar Company, Inc. | Taste & Nutrition | 28
| Insight Beverages, Inc. | Taste & Nutrition | 29
| Kerry Stock & Broth Company Inc. | Taste & Nutrition | 30
| Niacet Corporation | Taste & Nutrition | 31
| Natreon, Inc. | Taste & Nutrition | 32
Canada | Kerry (Canada) Inc. | Taste & Nutrition | 33
Mexico | Kerry Ingredients (de Mexico), S.A. de C.V. | Taste & Nutrition | 34
| Enmex, S.A. de C.V. | Taste & Nutrition | 35
Brazil | Kerry do Brasil Ltda | Taste & Nutrition | 36
| Kerry da Amazonia Ingredientes e Aromas Ltda | Taste & Nutrition | 37
Costa Rica | Baltimore Spice Central America, S.A. | Taste & Nutrition | 38
Chile | Kerry Chile Ingredientes, Sabores Y Aromas Ltda | Taste & Nutrition | 39
Colombia | Kerry Ingredients & Flavours Colombia S.A.S. | Taste & Nutrition | 40
| Real S.A.S. | Taste & Nutrition | 41
| Proexcar S.A.S. | Taste & Nutrition | 42
Panama | Kerry Panama S.A. | Taste & Nutrition | 43
Guatemala | Baltimore Spice Guatemala, S.A. | Taste & Nutrition | 44
| Kerry Guatemala, S.A. | Taste & Nutrition | 44
| Aromaticos de Centroamerica, S.A. | Taste & Nutrition | 45

319Financial Statements / Notes to the Financial Statements
37. Group entities (continued)
Principal subsidiaries and joint venture undertakings (continued)

Country | Company Name | Nature of Business | Registered Office
El Salvador | Baltimore Spice de El Salvador, S.A. de C.V. | Taste & Nutrition | 46
| Aromaticos de Centro America, S.A. de C.V. | Taste & Nutrition | 46
Thailand | Kerry Ingredients (Thailand) Limited | Taste & Nutrition | 47
Philippines | Kerry Food Ingredients (Philippines), Inc. | Taste & Nutrition | 48
| Kerry Manufacturing (Philippines), Inc. | Taste & Nutrition | 49
Singapore | Kerry Ingredients (S) PTE Ltd | Taste & Nutrition | 50
Malaysia | Kerry Ingredients (M) Sdn. Bhd. | Taste & Nutrition | 51
| Kerry Group Business Services (ASPAC) Sdn. Bhd. | Taste & Nutrition | 51
| Almer Malaysia Sdn. Bhd. | Taste & Nutrition | 51
Japan | Kerry Japan Kabushiki Kaisha | Taste & Nutrition | 52
China | Kerry Food Ingredients (Hangzhou) Co., Ltd | Taste & Nutrition | 53
| Kerry Foods (Nantong) Co., Ltd | Taste & Nutrition | 54
| TianNing Flavor & Fragrance (JiangSu) Co., Ltd | Taste & Nutrition | 55
| Zhejiang Hangmai Food Technologies Co., Ltd | Taste & Nutrition | 56
| Sias Food Co., Ltd | Taste & Nutrition | 57
| Shandong Tianbo Food Ingredients Co., Ltd | Taste & Nutrition | 58
| Shanghai Greatang Orchard Food Co., Ltd. | Taste & Nutrition | 59
| Kerry Food (Shandong) Co., Limited | Taste & Nutrition | 60
| Kerry Food (Shanghai) Co., Ltd | Taste & Nutrition | 61
| Nuocheng Trillion Food (Tianjin) Co., Ltd | Taste & Nutrition | 62
Egypt | Kerry Egypt LLC | Taste & Nutrition | 63
Indonesia | PT. Kerry Ingredients Indonesia | Taste & Nutrition | 64
| PT. Kerry Trading Indonesia | Taste & Nutrition | 65
India | Kerry Ingredients India Private Limited | Taste & Nutrition | 66
Australia | Kerry Ingredients Australia Pty. Ltd | Taste & Nutrition | 67
New Zealand | Kerry Ingredients (NZ) Limited | Taste & Nutrition | 68
Kenya | Kerry Kenya Limited | Taste & Nutrition | 69
| Kerry Taste & Nutrition Kenya Limited | Taste & Nutrition | 69
Cameroon | Afribon Cameroun SARL | Taste & Nutrition | 70
Nigeria | Kerry Ingredients Nigeria Limited | Taste & Nutrition | 71
Rwanda | Kerry Taste & Nutrition Rwanda Limited | Taste & Nutrition | 72
Tanzania | Kerry Taste & Nutrition Tanzania Ltd | Taste & Nutrition | 73
Uganda | Kerry Taste & Nutrition Uganda - SMC Limited | Taste & Nutrition | 74
South Africa | Kerry Ingredients South Africa (Proprietary) Limited | Taste & Nutrition | 75
South Korea | Kerry Ingredients Korea LLC | Taste & Nutrition | 76
Saudi Arabia | AATCO Food Industries LLC | Taste & Nutrition | 77
Oman | Kerry Oman S.P.C. | Taste & Nutrition | 78
Vietnam | Kerry Taste & Nutrition (Vietnam) Company Limited | Taste & Nutrition | 79
UAE | Kerry MENAT DMCC | Taste & Nutrition | 80

Notes
(a) All group entities are wholly owned subsidiaries unless otherwise stated.
(b) Country represents country of incorporation and operation. Ireland refers to the Republic of Ireland.
(c) With the exception of the USA, Canadian and Mexican subsidiaries, where the holding is in the form of common
stock, all holdings are in the form of ordinary shares.
(d) Pursuant to Section 314-316 of the Companies Act 2014, a full list of subsidiaries, joint ventures and associated
undertakings will be annexed to the Company’s Annual Return to be filed in the Companies Registration Office
in Ireland.
320 Financial Statements / Notes to the Financial Statements
37. Group entities (continued)
Registered Office
1 Prince’s Street, Tralee, Co Kerry, V92 EH11, Ireland.
2 Millburn Road, Coleraine, Londonderry, BT52 1QZ, United Kingdom.
3 Kerry, Bradley Road, Royal Portbury Dock, Bristol, BS20 7NZ, United Kingdom.
4 Boulevard Industriel 9, 1070, Brussels, Belgium.
5 Maarssenbroeksedijk 2a, 3542 DN, Utrecht, Netherlands.
6 Cuneraweg 9c, 4051 CE, Ochten, Netherlands.
7 Papesteeg 91, 4006 WC Tiel, Netherlands.
8 Pujmanové 1753/10a, Nusle, 140 00, Praha 4, Czech Republic.
9 43 Rue Pasteur, 62575, Blendecques, France.
10 Zone Industrielle du Plan, BP 82067, 06131 Grasse cedex, France.
11 Hauptstrasse 22, 63924, Kleinheubach, Germany.
12 Hanna-Kunath-Strasse 25, 28199, Bremen, Germany.
13 c/o Kerry Food GmbH, Hauptstrasse 22, 63924, Kleinheubach, Germany.
14 Perlickstrasse 5, 04103, Leipzig, Germany.
15 Toftegårdsvej 3, DK-5620, Glamsbjerg, Denmark.
16 Via Capitani di Mozzo, 12/16, 24030, Mozzo, Bergamo, Italy.
17 Ul. Energetyczna 13, 56-400, Olesnica, Poland.
18 Dévai utca 26-28, Budapest, H-1134, Hungary.
19 17 Rue Antoine Jans, Luxembourg, L-1820, Luxembourg.
20 5th Floor, Room A-7.3, 313 - 315 Barbu Vacarescu Street, District 2, Bucharest, 020272, Romania.
21 Calle Coto de Doñana, 15, 28320 Pinto, Madrid, Spain.
22 Polígono Industrial de las Gándaras de Budiño, O Porriño, Pontevedra, Spain.
23 Avenida Industria S/N Pol. Ind. Poliviso, 41520 El Viso Del Alcor, Sevilla, Spain.
24 Camino del Purchil, 66, 18004, Granada, Spain.
25 Hodžovo námestie 1A, Bratislava, 811 06, Slovakia.
26 Box 1420 - Frejgatan 13, 114 79 Stockholm, Sweden.
27 Khmelnytska Street, 20/21, Kiev, 03115, Ukraine.
28 3400 Millington Road, Beloit WI 53511, United States.
29 635 Oakwood Drive, Lake Zurich IL 60047, United States.
30 1711 North Liberty Street, Harrisonburg VA 22802, United States.
31 275 Northpointe Parkway, Suite 105, Amherst NY 14228, United States.
32 2-D Janine Place, New Brunswick NJ 08901, United States.
33 Osler, Hoskin & Harcourt, LLP, 100 King Street West, 1 First Canadian Place, Suite 6200, PO Box 50, Toronto
ON M5X IB8, Canada.
34 Carretera Panamericana Irapuato-Salamanca, Km 11.2, Apartado Postal 789, Irapuato, Guanajuato, 36660, Mexico.
35 Rio Lerma 228, Fraccionamiento Industrial San Nicolas, Tlalnepantla de Baz, Estado de Mexico, CP 54030, Mexico.
36 Avenida Mercedes Benz 460, Distrito Industrial, Campinas, Sao Paolo, 13054-750, Brazil.
37 Rua Hidra 188, Santo Agostinho, Manaus, 69036-520, Brazil.
38 Liceo de Pavas 200m West, 100 mts North, PO Box 1035 - 1200, San Jose, 10109, Costa Rica.
39 C.M. El Trovador No 4280, Of 1205, Las Condes, Suc. Cerro Portezuelo 9901, Quilicura, Santiago, Chile.
40 Carrera 7 No 71-52, Torre A Piso 5, Bogota, Colombia.
41 Carrera 3 # 6a – 100 oficina 703., Ed. Torre Protección, Cartagena, Bolivar, Colombia.
42 Carrera 50G #10B - Sur 14, Bodega 6, Medellin, Antioquia, Colombia.
43 Parque Industrial Costa del Este, Calle 3ra Lote 88. Corregimiento Parque Lefevre, 0819-01869, Panama.
321Financial Statements / Notes to the Financial Statements
37. Group entities (continued)
Registered Office (continued)
44 Kilómetro 26.5 Carretera al Pacifico, Paso a Desnivel, Entrada a Amatitlán, Amatitlán, Guatemala.
45 23 Avenida 34-61, Zona 12, Colonia Santa Elisa, Guatemala, Guatemala.
46 2 Calle Oriente Avenida Melvin Jones, Local 14, Centro Comercial Argoz, Santa Tecla, La Libertad, El Salvador.
47 No. 618, Moo 4, Bangpoo Industrial Estate, Tambol Prakesa, Amphur Muang Samutprakarn, Samutprakarn
Province, Thailand.
48 Room 406, Cebu Business & Investments Consultants, 4/F Tulips Centre, AS Fortuna Street, Mandaue City, Cebu,
6014, Philippines.
49 8/F The W Fifth Avenue Building, 5th Avenue, Bonifacio Global City, Fort Bonifacio, Taguig City, 1634, Philippines.
50 8A Biomedical Grove, #02-05/12, Immunos, 138648, Singapore.
51 Tricor Corporate Services Sdn Bhd (779773-H), Suite 1301, 13th Floor, City Plaza, Jalan Tebrau, 80300 Johor Bahru,
Johor, Malaysia.
52 Kamiyacho Sankei Building, 2F, 1-7-2, Azabudai 1-chome, Minato-ku, Tokyo 106-0041, Japan.
53 Renhe Industry Zone, Jiulong Village, Hangzhou, China.
54 North Side of Xiangjiang Road, Rudong County, Nantong City, China.
55 Dujiashan, Huayang County, Jurong, Jiangsu Province, 212425, China.
56 26 Tai Ping Qiao Industry Park, Xin’an, Deqing County, Zhejiang Province, China.
57 North side of XinYe Road, West side of LiDaXian, DaChang Industrial District, LangFang City, HeBei Province, China.
58 No.6 Haichuan Road, Jiezhuang Street, Hi-tech Zone, Jining, Shandong Province, China.
59 No. 101 Qianxin Road, Jinshanwei Town, Jinshuan District, Shanghai, China.
60 Southeast corner of intersection of Quanxing Road and Jingong Road, Economic Development Zone, Sishui County,
Jining City, Shandong, 272000, China.
61 Floor 2,3,4, Building B, No 1397 Yishan Road, Xuhui District, Shanghai, China.
62 No.35 Taihua Road, Tianjin Economic and Technological Development Area, China.
63 5th Floor, Namaa Bulding, Rameses Extension Street, 6th District, Nasr City, Cairo, Egypt.
64 JL. Industri Utama Blok SS-6 Kws.Ind Jababeka II, Cikarang Utara, Desa/Kelurahan Mekarmukti, Kec. Cikarang
Utara, Kab. Bekasi, Provinsi Jawa Barat, 17834, Indonesia.
65 Jalan Industri Utama Blok SS-6 Kawasan Industri Jababeka 2, Desa/Kelurahan Mekarmukti, Kec. Cikarang Utara,
Kab. Bekasi, Provinsi Jawa Barat, 17834, Indonesia.
66 8th Floor, Pritech Park Annex, Marathahalli-Sarjapur Outer Ring Road, Bellandur, Bangalore, Karnataka, 560103,
India.
67 Suite 202, 7-9 Irvine Place Bella Vista NSW 2153, Australia.
68 11-13 Bell Avenue, Otahuhu, Auckland, New Zealand.
69 EcoGreen Business Centre, Ngecha Chunga Mali Road, Off A104 Nairobi -Nakuru Highway, Kenya.
70 Akwa, Douala, PO Box 5449, Cameroon.
71 1st Floor Plot 8, Dr Nurdeen Olowopop Ikeja Central Business District, Agidingbi, Ikeja, Lagos Estate, Nigeria.
72 Niboye, Kicukiro, Umujyi wa Kigali, Rwanda.
73 Plot Number 24, Sawe Street, Mikocheni Industrial Road, P.O. Box 62043, Dar-es-Salaam, United Republic of
Tanzania.
74 Plot No.3 Kakoma Road, Barkati House, Ntinda Industrial Area, Kampala, Uganda.
75 Block 3 Nguni Park, 4-6 Lucas Drive, Hillcrest, Durban, KwaZulu Natal, 3610, South Africa.
76 9th Fl., Sheenbang Bldg, 2575 Nambusunhwan-ro, Seocho-Gu, Seoul, 06735, Republic of Korea.
77 PO Box Number: 5802, PC 21432, 2nd Industrial City, Jeddah, Kingdom of Saudi Arabia.
78 P.O. Box 130, Postal Code 322, Sohar, Sultanate of Oman, Oman.
79 Me Linh Point Tower, 2 Ngo Duc Ke Street, Ben Nghe Ward, District 1, Ho Chi Minh City, Vietnam.
80 Unit No: AG-GF-01, AG Tower, Plot No: JLT-PH1-I1A, Jumeirah Lakes Towers, Dubai, United Arab Emirates.
322 Financial Statements / Financial Definitions
Supplementary Information
FINANCIAL DEFINITIONS
(not covered by independent auditors’ report)
Kerry uses a number of financial and non-financial key performance indicators (KPIs) to measure performance across
its business. These KPIs help inform decision making, assist effective goal setting and track progress in achieving the
Group’s strategic objectives. Kerry believes that long-term sustainable success will be achieved by generating value for all
stakeholders, while developing and monitoring strategy, managing the risks that face the organisation and embedding
the Group’s purpose and values. Non-financial key performance indicators are outlined in pages 26-27, while the principal
financial definitions used by the Group, together with reconciliations where the non-IFRS measures are not readily
identifiable from the financial statements, are as follows:
1. Revenue
Volume performance
This represents the sales performance year-on-year, excluding pass-through pricing on input costs, currency impacts,
acquisitions, disposals and rationalisation volumes.
Volume performance is an important metric as it is seen as the key driver of organic top-line business improvement.
Pricing therefore impacts revenue performance positively or negatively depending on whether input costs move up or
down. A full reconciliation to reported revenue performance is detailed in the revenue reconciliation below.
Revenue Reconciliation
2024
Volume
performance Price
Transaction
currency Acquisitions Disposals
Translation
currency
Reported
revenue
performance
Taste & Nutrition 3.4% (2.1%) 0.2% 0.8% (1.8%) (1.2%) (0.7%)
Dairy Ireland -
discontinued operations
1.6% 2.2% 0.3% - (2.3%)* 0.7% 2.5%
Group 3.3% (1.9%) 0.2% 0.7% (1.9%) (0.9%) (0.5%)
2023
Taste & Nutrition 1.1% 1.1% - 1.2% (6.0%) (3.4%) (6.0%)
Dairy Ireland -
discontinued operations
(6.5%) (9.3%) (0.1%) - - (0.7%) (16.6%)
Group (0.9%) (0.7%) - 1.0% (5.1%) (2.9%) (8.6%)
*
Reduction in revenue reflects changes in contractual arrangements implemented in the current year, where Dairy Ireland has
become an agent, in accordance with IFRS 15 ‘Revenue from Contracts with Customers’. The related revenue in 2024 amounted
to €2.7m (2023: €32.5m).
2. EBITDA
EBITDA represents profit after taxation before finance income and costs, income taxes, depreciation (net of capital
grant amortisation), intangible asset amortisation, non-trading items and share of joint ventures’ results after taxation.
EBITDA is reflective of underlying trading performance and allows comparison of the trading performance of the
Group’s businesses, either year-on-year or with other businesses.
Continuing
Operations
2024
€’m
Discontinued
Operations
2024
€’m
Total
2024
€’m
Continuing
Operations
2023
€’m
Discontinued
Operations
2023
€’m
Total
2023
€’m
Profit after taxation 673.4 61.0 734.4 700.7 27.4 728.1
Share of joint ventures’
results after taxation
0.9 - 0.9 1.9 - 1.9
Finance income (34.8) - (34.8) (21.8) - (21.8)
Finance costs 88.3 0.4 88.7 71.8 0.3 72.1
Income taxes 105.0 2.4 107.4 89.7 4.8 94.5
Non-trading items 55.8 (24.2) 31.6 (8.1) (0.7) (8.8)
Intangible asset amortisation 87.6 0.2 87.8 79.3 0.2 79.5
Depreciation (net) 211.8 23.0 234.8 198.2 21.4 219.6
EBITDA 1,188.0 62.8 1,250.8 1,111.7 53.4 1,165.1
323Financial Statements / Financial Definitions
3. EBITDA Margin
EBITDA margin represents EBITDA expressed as a percentage of revenue.
Continuing
Operations
2024
€’m
Discontinued
Operations
2024
€’m
Total
2024
€’m
Continuing
Operations
2023
€’m
Discontinued
Operations
2023
€’m
Total
2023
€’m
EBITDA 1,188.0 62.8 1,250.8 1,111.7 53.4 1,165.1
Revenue 6,929.1 1,051.5 7,980.6 6,974.9 1,045.4 8,020.3
EBITDA margin 17.1% 6.0% 15.7% 15.9% 5.1% 14.5%
4. Operating Profit
Operating profit is profit before income taxes, finance income, finance costs and share of joint ventures’ results after
taxation.
Continuing
Operations
2024
€’m
Discontinued
Operations
2024
€’m
Total
2024
€’m
Continuing
Operations
2023
€’m
Discontinued
Operations
2023
€’m
Total
2023
€’m
Profit before taxation 778.4 63.4 841.8 790.4 32.2 822.6
Finance income (34.8) - (34.8) (21.8) - (21.8)
Finance costs 88.3 0.4 88.7 71.8 0.3 72.1
Share of joint ventures’
results after taxation
0.9 - 0.9 1.9 - 1.9
Operating profit 832.8 63.8 896.6 842.3 32.5 874.8
5. Group Income Statement
Continuing
Operations
2024
€’m
Discontinued
Operations
2024
€’m
Total
2024
€’m
Continuing
Operations
2023
€’m
Discontinued
Operations
2023
€’m
Total
2023
€’m
External revenue 6,879.0 1,101.6 7,980.6 6,936.7 1,083.6 8,020.3
Inter-segment revenue 50.1 (50.1) - 38.2 (38.2) -
Revenue 6,929.1 1,051.5 7,980.6 6,974.9 1,045.4 8,020.3
EBITDA 1,188.0 62.8 1,250.8 1,111.7 53.4 1,165.1
Depreciation (net) (211.8) (23.0) (234.8) (198.2) (21.4) (219.6)
Intangible asset amortisation (87.6) (0.2) (87.8) (79.3) (0.2) (79.5)
Non-trading items (55.8) 24.2 (31.6) 8.1 0.7 8.8
Operating profit 832.8 63.8 896.6 842.3 32.5 874.8
Finance income 34.8 - 34.8 21.8 - 21.8
Finance costs (88.3) (0.4) (88.7) (71.8) (0.3) (72.1)
Share of joint ventures’
results after taxation
(0.9) - (0.9) (1.9) - (1.9)
Profit before taxation 778.4 63.4 841.8 790.4 32.2 822.6
Income taxes (105.0) (2.4) (107.4) (89.7) (4.8) (94.5)
Profit after taxation 673.4 61.0 734.4 700.7 27.4 728.1
324 Financial Statements / Financial Definitions
6. Adjusted Earnings Per Share and Performance in Adjusted Earnings Per Share
on a Constant Currency Basis
The performance in adjusted earnings per share on a constant currency basis is provided as it is considered more
reflective of the Group’s underlying trading performance. Adjusted earnings is profit after taxation attributable to equity
holders of the parent before brand related intangible asset amortisation and non-trading items (net of related tax).
These items are excluded in order to assist in the understanding of underlying earnings. A full reconciliation of adjusted
earnings per share to basic earnings is provided below. Constant currency eliminates the translational effect that arises
from changes in foreign currency year-on-year. The performance in adjusted earnings per share on a constant currency
basis is calculated by comparing current year adjusted earnings per share to the prior year adjusted earnings per share
retranslated at current year average exchange rates.
Continuing and Discontinued operations
2024
EPS
cent
Performance
%
2023
EPS
cent
Performance
%
Basic earnings per share 424.5 3.4% 410.4 20.0%
Brand related intangible asset amortisation 33.9 - 29.5 -
Non-trading items (net of related tax) 9.1 - (9.8) -
Adjusted earnings per share 467.5 8.7% 430.1 (2.4%)
Impact of retranslating prior year adjusted earnings per
share at current year average rates*
1.0% 3.6%
Growth in adjusted earnings per share on a constant
currency basis
9.7% 1.2%
*
Impact of 2024 translation was (4.4)/430.1 cent = 1.0% (2023: 3.6%).
Continuing
Operations
2024
EPS
cent
Discontinued
Operations
2024
EPS
cent
Total
2024
EPS
cent
Continuing
Operations
2023
EPS
cent
Discontinued
Operations
2023
EPS
cent
Total
2023
EPS
cent
Basic earnings per share 389.2 35.3 424.5 395.0 15.4 410.4
Brand related intangible asset
amortisation
33.8 0.1 33.9 29.5 - 29.5
Non-trading items (net of related tax) 25.2 (16.1) 9.1 (9.6) (0.2) (9.8)
Adjusted earnings per share 448.2 19.3 467.5 414.9 15.2 430.1
Adjusted EPS Growth (%) 8.0% 27.0% 8.7%
Impact of exchange rate translation* 1.1% (1.3%) 1.0%
Growth in adjusted earnings per share
on a constant currency basis
9.1% 25.7% 9.7%
*
Impact of 2024 translation for continuing operations was (4.6)/414.9 cent = 1.1%
*
Impact of 2024 translation for discontinued operations was 0.2/15.2 cent = (1.3%)
325Financial Statements / Financial Definitions
7. Free Cash Flow
Free cash flow is EBITDA plus movement in average working capital, capital expenditure net (purchase of assets,
payment of lease liabilities, (outflow)/inflow from the sale of assets (net of disposal expenses) and capital grants
received), pensions contributions paid less pension expense, finance costs paid (net) and income taxes paid.
Free cash flow is seen as an important indicator of the strength and quality of the business and of the availability to
the Group of funds for reinvestment or for return to shareholders. Movement in average working capital is used when
calculating free cash flow as management believes this provides a more accurate measure of the increase or decrease
in working capital needed to support the business over the course of the year rather than at two distinct points in time
and more accurately reflects fluctuations caused by seasonality and other timing factors. Average working capital is the
sum of each month’s working capital over 12 months adjusted for the impact of acquisitions and disposals. Below is a
reconciliation of free cash flow to the nearest IFRS measure, which is ‘Net cash from operating activities’.
Continuing and Discontinued operations
2024
€’m
2023
€’m
Net cash from operating activities 988.7 1,037.8
Difference between movement in monthly average working capital and movement
in the financial year end working capital
72.3 (147.1)
Payments on non-trading items 50.7 99.8
Purchase of assets (305.8) (281.9)
Payment of lease liabilities (40.8) (36.4)
(Outflow)/inflow from the sale of property, plant and equipment (5.6) 11.6
Capital grants received 2.3 3.3
Exchange translation adjustment 3.8 14.2
Free cash flow 765.6 701.3
8. Cash Conversion
Cash conversion is defined as free cash flow, expressed as a percentage of adjusted earnings after taxation.
Cash conversion is an important metric as it measures how much of the Group’s adjusted earnings is converted into cash.
Continuing and Discontinued operations
2024
€’m
2023
€’m
Free cash flow 765.6 701.3
Profit after taxation attributable to equity holders of the parent 734.4 728.3
Brand related intangible asset amortisation 58.6 52.3
Non-trading items (net of related tax) 15.8 (17.4)
Adjusted earnings after taxation 808.8 763.2
Cash Conversion 95% 92%
9. Liquidity Analysis
The Net debt:EBITDA and EBITDA:Net interest ratios disclosed are calculated using an adjusted EBITDA, adjusted finance
costs (net of finance income) and an adjusted net debt value to adjust for the impact of acquisitions net of disposals and
deferred payments in relation to acquisitions.
2024
Times
2023
Times
Net debt:EBITDA 1.6 1.5
EBITDA:Net interest 21.7 21.8
326 Financial Statements / Financial Definitions
10. Average Capital Employed - continuing operations
Average capital employed is calculated by taking an average of the shareholders’ equity less vendor loan note relating
to the Sweet Ingredients Portfolio divestment and net debt over the last three reported balance sheets.
2024
€’m
H1 2024
€’m
2023
€’m
H1 2023
€’m
2022
€’m
Equity attributable to equity holders of the parent 6,485.8 6,512.8 6,521.3 6,356.5 6,221.9
Vendor loan note (124.6) (128.0) (124.3) (125.0)
Net debt 1,925.8 1,843.9 1,604.1 1,846.5 2,217.4
Total capital employed 8,287.0 8,228.7 8,001.1 8,078.0 8,439.3
Average capital employed 8,172.3 8,172.8
11. Return on Average Capital Employed (ROACE)
This measure is defined as profit after taxation attributable to equity holders of the parent before non-trading
items (net of related tax), brand related intangible asset amortisation and finance income and costs expressed as a
percentage of average capital employed. ROACE is a key measure of the return the Group achieves on its investment in
capital expenditure projects, acquisitions and other strategic investments.
Continuing and Discontinued operations
2024
€’m
2023
€’m
Profit after taxation attributable to equity holders of the parent 734.4 728.3
Non-trading items (net of related tax) 15.8 (17.4)
Brand related intangible asset amortisation 58.6 52.3
Net finance costs 53.9 50.3
Adjusted profit 862.7 813.5
Average capital employed 8,172.3 8,172.8
Return on average capital employed 10.6% 10.0%
12. Total Shareholder Return
Total shareholder return represents the change in the capital value of Kerry Group plc shares plus dividends in the
financial year.
2024 2023
Share price (1 January) €78.66 €84.24
Interim dividend (cent) 38.1 34.6
Dividend paid (cent) 80.8 73.4
Share price (31 December) €93.25 €78.66
Total shareholder return 20.1% (5.3%)
13. Market Capitalisation
Market capitalisation is calculated as the share price times the number of shares in issue.
2024 2023
Share price (31 December) €93.25 €78.66
Shares in issue (‘000) 166,440.7 175,792.7
Market capitalisation (€’m) 15,520.6 13,827.9
14. Enterprise Value
Enterprise value is calculated as per external market sources. It is market capitalisation plus reported borrowings less
total cash and cash equivalents.
15. Net Debt
Net debt comprises borrowings and overdrafts, interest rate derivative financial instruments, lease liabilities and cash at
bank and in hand. See full reconciliation of net debt in note 24 to the financial statements on pages 285-286.
CBP023485
Kerry Group
Prince’s Street, Tralee,
Co. Kerry, V92 EH11, Ireland.
T: +353 66 718 2000
www.kerry.com