Kerry Group reports revenue decline to US$7.5B in FY25 despite volume growth
Strong Americas and APMEA growth offset subdued European market conditions.
IRELAND – Kerry Group has reported a 2.5% year-on-year decline in revenue for its continuing operations, with full-year 2025 revenue falling to £5.9 billion (US$7.5 billion) from £6 billion (US$7.6 billion) in 2024.
The company also recorded a drop in after-tax profit to £575 million (US$731 million), compared with £641 million (US$815 million) the previous year.
Despite the revenue decline, Kerry achieved 3% volume growth during the year, supported by a strong fourth quarter performance across bakery, beverage and snacks categories.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to £1.1 billion (US$1.4 billion) in 2025, up from £1 billion (US$1.27 billion) in 2024. EBITDA margin increased by 0.8 percentage points to 17.9%, reflecting operational efficiencies and mix improvements.
Chief Executive Officer Edmond Scanlon said the company delivered resilient performance in key markets.
“We delivered another year of strong end market volume outperformance and margin expansion, supporting high-single-digit constant currency adjusted earnings per share growth. We achieved Group revenue of €6.8bn ($7.4 billion) and EBITDA of €1.2bn ($1.3 billion), as we extended our nutritional reach of positive and balanced solutions to 1.46 billion consumers,” he said.
Scanlon noted that volume growth was driven by the Americas region, supported by foodservice innovation and nutritional renovation initiatives.
“Volume growth was driven by a strong performance in the Americas throughout the year. This was led by foodservice innovation and increased nutritional renovation across a broad range of customers, given our positioning as a leader in sustainable nutrition, with customers looking to address nutrition, taste, cost or sustainability aspects,” he added.
Regionally, the Americas delivered 3.8% volume growth, led by snacks, dairy and bakery, with Brazil contributing significantly to Latin America’s performance.
In Europe, Kerry recorded a 0.5% contraction in volume growth following a 2.6% decline in the fourth quarter, reflecting subdued retail conditions despite foodservice resilience.
“The UK is our biggest European market and the reality of the situation is the market in Western Europe and the UK is quite subdued, and we’re seeing that coming through in our numbers,” Scanlon said.
“That said, we do expect 2026 to be in growth. At the best of times, we expect Europe to be in that 1-2 per cent volume growth zone, which we’re not far away from. Western Europe is our smallest region, and by its nature is never going to be a high growth region.”
In APMEA (Asia-Pacific, Middle East and Africa), Kerry reported 4.2% volume growth, driven by strong foodservice and solid retail demand.
“As we look to 2026, Kerry remains well positioned for strong market outperformance, supporting our customers as their innovation and renovation partner. We expect to deliver continued volume growth and margin expansion, resulting in constant currency adjusted earnings per share,” Scanlon said.
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