Kerry Group PLC (OTCPK:KRYAY)

Full Year 2024 Kerry Group PLC Earnings Call Transcript

Feb 18, 2025 / 08:00AM GMT

Release Date Price: $101.78 (-1.84%)

Transcript

Key Points

Positve

Kerry Group PLC (KRYAF) reported strong financial performance with a volume growth of 3.4% in Taste & Nutrition for the year and 4.1% in Q4, outperforming end markets.
The company achieved an EBITDA margin expansion of 120 basis points at the group level, leading to a constant currency EPS growth of 9.7% for the year.
Kerry Group PLC (KRYAF) generated strong cash flow of EUR766 million and delivered significant returns to shareholders, including over EUR750 million in capital returns.
The company made good progress on sustainability commitments, including reducing Scope 1 and 2 emissions by 50% and increasing nutritional reach to 1.4 billion consumers.
Kerry Group PLC (KRYAF) successfully transitioned to a pure-play B2B Taste & Nutrition company, enhancing its biotechnology solutions portfolio and completing the sale of Kerry Dairy Ireland.

Negative

The company faced challenging market conditions in China, leading to softer Q4 volume growth in the APMEA region.
Foreign currency translation was 0.9% adverse due to movements in the US dollar and weakness in some emerging market currencies versus the euro.
The company experienced a net charge of EUR16 million in non-trading items, partially offset by profit on disposal of businesses and assets.
Volume growth in Europe was flat due to soft market conditions, although there was improvement in the second half of the year.
The Pharma segment within Taste & Nutrition has been at or below group volume growth for a number of years, raising questions about its role in the portfolio.

William Lynch

Kerry Group PLC - Head of Investor Relations

Good morning, and welcome to Kerry's full-year 2024 results call. I'm joined on the call by our CEO, Edmond Scanlon; and our CFO, Marguerite Larkin. Edmond and Marguerite will go through today's presentation, and following this, we will then open the lines up for your questions. Before we begin, please take note of our disclaimer regarding forward-looking statements.

I will now hand over to Edmond.

Edmond Scanlon

Kerry Group PLC - Chief Executive Officer, Executive Director

Thanks, William, and good morning, everyone, and thank you for joining our call. Beginning with the overview of 2024, which represented a milestone year for Kerry with our transition to a pure-play B2B Taste & Nutrition company, better positioned for growth and long-term value creation.

We're pleased to report a strong financial performance right across our metrics. Volume growth of 3.4% in Taste & Nutrition for the year and 4.1% in Q4, both well ahead of our end markets. And this growth was led by

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