Preliminary

Statement

of Results

18 February 2020

Disclaimer: Forward Looking Statements

This presentation/announcement may contain forward looking statements with projections regarding, among other things, the

Group’s strategy, revenues, earnings, trading profit, trading margin, finance costs, tax rate, capital expenditure, dividends, cash

flow, net debt or other financial measures, the impact of foreign exchange fluctuations, the impact of raw material fluctuations and

other competitive pressures. These and other forward looking statements reflect management expectations based on currently

available data.

However, actual results will be influenced by, among other things, macro-economic conditions, food industry supply and demand

issues, foreign exchange fluctuations, raw material and commodity fluctuations, the successful acquisition and integration of new

businesses, the successful execution of business transformation programmes and other, as of today, unknown factors. Therefore

actual results may differ materially from these projections.

These forward looking statements speak only as of the date they were made and the Group undertakes no obligation to publicly

update any forward looking statement, whether as a result of new information, future events or otherwise.

Marguerite Larkin, Chief Financial OfficerEdmond Scanlon, Chief Executive Officer

Outlook & FutureProspects

Financial Review

Review of Business1

2

3

Preliminary Statement of Results 2019

Key Highlights – Continued Delivery and Strategic Development

Driven by Taste & Nutrition

volume growth and

strategic acquisitions

Growth

Kerry’s leading integrated

solutions capability driving

performance and innovation

Integrated Solutions

Continued strong growth,

technology deployment

and strategic expansion

Developing Markets

2018 2019

Revenue

2018 2019

Trading Profit

€903m

€806m€6.6bn

€7.2bn€1.6bn

+10% +12%

Vol

+10%

© Kerry | 4 |

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Developing Markets

Business Review – Taste & Nutrition

© Kerry | 5 | ¹ Volume growth

Continued volume growth ahead of our markets:

• Nutrition and wellbeing a key driver of growth

• Winning across a diverse customer base

• Developing markets +10.0%

• Foodservice +5.5%

Pricing +0.1% – reflecting broadly neutral raw material costs

Margin progression primarily driven by enhanced product

mix and operating leverage

2019 Growth

Revenue €6,018m +4.0%

Trading margin 15.3% +20bps

1

Taste & Nutrition - End Use Market Overview

© Kerry | 6 |

+9%

+9%

+3%+1%

0%

-3%

+6%

+5%

Taste & Nutrition

End Use Market

Analysis

Meat

Snacks

Dairy

Bakery & Confectionery

Meals

Cereal, Sweet & Other

Food EUMs

Beverage EUMs

Pharma EUMs

Food EUMs overall delivered good growth – led by Meat and Snacks

• Meat – excellent performance driven by clean label, natural

preservation and plant-based innovations

• Snacks – very strong growth through healthier snacking

• Dairy – good performance within ice cream through healthy

indulgence innovations

• Bakery & Confectionery – a number of successful LTOs in Europe

• Meals – significant churn across the category

• Cereal & Sweet – overall remained challenged

Beverage EUMs performed well – particularly in Europe & APMEA,

led by health & wellness innovations across category

Pharma EUMs achieved good growth driven by excipients

1

¹ Volume growth by End Use Market

Taste & Nutrition – Business Growth by Region

© Kerry 2020 | 7 |

• North America – good growth

versus softer market volumes,

with Meat and Snacks EUMs

performing strongly

• LATAM – good growth in

Mexico and Brazil, with

Central America solid

• Strategic acquisitions further

enhancing our technology

capabilities

• Performed well, led by good

growth in Beverage, Meat and

Snacks EUMs

• Eastern Europe & Russia

delivered strong growth and

business development

• Foodservice – strong growth

with Beverage menu

innovations

• Strong growth across all Food

and Beverage EUMs

• Southwest Asia and MENAT

delivered excellent growth

• Strategic investments in capacity

expansion and additional

processing capability in China,

India and the Middle East

Volume Growth

by Region

2.7%2.0%

10.3%

Americas Europe APMEA

Kerry Market

Developed

72%

Developing

28%

© Kerry | 7 | Note: Kerry third party reported revenue | Kerry market estimates based on published data and company disclosures

Americas

€3.2bnEurope

€1.5bnAPMEA

€1.3bn

Business Review – Consumer Foods

© Kerry | 8 | Note: ¹ volume growth excluding contract exit

• Solid underlying performance against a backdrop of softer markets

• Overall volume performance impacted by ready meals contract exit

• Pricing of -0.5% reflective of lower input costs and market pricing

• Trading margin improvement – Realignment programme completed

and delivered to plan

• Successful launch of meat-free ranges

2019 Growth

Revenue €1,307m -2.2% / +0.9%

Trading margin 7.6% +10bps

1

Everyday Fresh

• Richmond – good growth in chilled, while frozen challenged

• Spreadable butter – solid overall performance

Convenience Meal Solutions

• New business offset by contract exit and reduced promotional activity

• Frozen – solid performance across the range

Food to Go

• Dairy snacking – Cheestrings grew strongly, supported by new listings

• Meat snacking – Fridge Raiders snacking range continued to reach into broader consumer markets

Acquisitions Completed - Aligned to Strategic Priorities

© Kerry | 9 | Note: Completed 11 acquisitions in 2019 (inclusive of four other acquisitions completed in the year not highlighted above)

Taste

Nutrition

Developing Markets

Foodservice

New Applications

New Geographies

New Solutions

New Channels

New Functionality

Improved Taste

Enhanced Nutrition

Strategic Priorities

Acquisitions CompletedStrategic Value

Creation

Total Consideration of €562m

Marguerite Larkin, Chief Financial Officer

FY 2019 Financial Review

Revenue

€7.2bn €903m 393.7c

Trading Profit

Adjusted EPS

FY 2019 Financial Highlights

Revenue €7.2bn +2.8% volume growth+9.6% reported growth

Trading profit €903m +9.5% constant currency+12.1% reported growth

Trading margin 12.5% +30bps margin expansion

Adjusted EPS 393.7c +8.3% constant currency+11.4% reported growth

Basic EPS 320.4c +4.7% reported growth

ROACE 11.8% FY 2018: 12.0%

Free cash flow €515m 74% cash conversion1

© Kerry | 11 | 1 expressed as a percentage of adjusted earnings after tax

Group Revenue Growth Analysis

€7,241m

2019

9.6%

3.6%

Volume

€6,608m

2018

2.8%

Volume

4.7%

Acquisitions/ disposals

2.1%

Translation currency

© Kerry | 12 | Note: Group net pricing was flat in the year

Group Revenue Breakdown

© Kerry | 13 | ¹ Excluding the impact of the ready meals contract exit, Consumer Foods volumes would have increased by +0.9% | Kerry market volumes estimates based on published data and company disclosures

+2.8%

Group Consumer

Foods

Taste &

Nutrition

€7bn

€6bn

€1bn

-2.2%

+4.0%

Q1 Q2 Q3 Q4

3.8% 3.8%4.0%

4.4%

Group Revenue 2019 Taste & Nutrition Volume Growth

Kerry Reported Revenue Market Volume GrowthKerry Volume Growth

1

FY 2018 Portfolio Mix /Operating Leverage

Net Price KerryexcelEfficiencies

KerryexcelInvestments

Currency Acquisitions Other FY 2019

Group Trading Margin Breakdown

12.2% 0.4% 0.0% 0.3% (0.4%) 0.0% 0.1% (0.1%) 12.5%

Kerryexcel

€806m

€903m

Trading

Margin

¹

© Kerry | 14 | ¹ Other comprises Brexit risk management costs incurred (-11bps) and impact from IFRS 16 ‘Leases’ (+5bps)

Free Cash Flow

2019

€m

2018

€m

Trading profit 903 806

Depreciation (net) 191 134

Movement in average working capital (89) (57)

Pension contributions paid less pension expense (27) (40)

Cash inflow from operations 978 843

Finance costs (net) (81) (65)

Taxation (67) (46)

Capital expenditure (net) (315) (285)

Free cash flow 515 447

Cash conversion 74% 72%

© Kerry | 15 | ¹ Expressed as a percentage of adjusted earnings after tax

1

2019 2020 2021 2022 2023 2024 2025 2029

Up to 1 year

Strong Credit Metrics with Long Maturity Profile

Extended Maturity Profile of Net Debt

Undrawn

€1.1bn

RCF

< 2 years > 5 years2 to 5 years

Strong Credit Metrics 2019 2018

Net debt: EBITDA 1.8x 1.7x

EBITDA: Net interest 13.2x 14.7x

Net Debt of €1.9bn

© Kerry | 16 | * Calculated on a pro-forma basis

On demand

€140m €1m €1,539m€733m(€550m)

*

*

Other Matters

Finance costs (net) Increase of €15m primarily due to acquisitions and the transition to IFRS 16

PensionNet deficit of €9m – decrease of €35m due to strong return on assets offset by movements in

discount rates

Non-trading items Net charge of €92m – due to M&A integration & transaction-related costs and Foods realignment

Kerryconnect North America deployment commenced and progressing well

Dividends Final dividend of 55.1 cent proposed – an increase of 12.0%

Raw materials Overall flat in 2019

Currency2019 EPS translation impact: +3.1%

2020 EPS translation outlook: c. +2-3%

© Kerry | 17 |

Edmond Scanlon, Chief Executive Officer

Outlook & Future Prospects

Accelerating Consumer Change is Reshaping Our Industry

© Kerry | 19 |

Food for Life & Wellbeing

New Taste Experiences

Trust is Core

‘Made-for-me’

Managing Accelerating Fragmentation

Being Trusted

Digital Transformation

Supply Chains Being Redefined

Manufacturing Needs Evolving

Organisational Agility Critical

Integrated Innovation ProcessesElevated Nutrition that Tastes Great

Sustainability Driving Change Across the End-to-End Supply Chain

Consumer Revolution Driving Customer Transformation Reshaping Industry

Traditional Models Being Redefined

© Kerry | 20 |

Investing for the Future

Leading investment in RD&A to shape a sustainable food future

Sustainable by Design

Our innovation programme will be deliberately focused on delivering sustainable nutrition

Sustainable Solutions

Co-creating solutions with customers that address the industry’s biggest challenges

Better for People

Enabling more sustainable nutrition for millions of consumers

Better for Communities

Partnering for a food system that works for everyone

Better for the Planet

Protecting the planet and vital ecosystems on which we depend

+ =

Innovation VisionImpact We Will Deliver2030 Commitments

Sustainable Agriculture

100% of key raw materials are sustainably sourced

Climate Action

Net Zero Emissions by 2050 with absolute reduction of 1/3 by 2030

Circularity

100% waste recovered and 50% reduction in food waste

Our Sustainability Strategy – Innovation Enabling Sustainable Nutrition

The Nutrition & Wellness Partner … right across the beverage market

© Kerry | 21 |

Functional Oats

TasteSenseTM

Oat Frappe for Foodservice

Fermented Probiotic Kombucha Tea

Zero Alcohol Whiskey

Customer & Consumer Insights

Processing Technology

Authentic Ingredients

Analytical Testing

Recipes & Formulas

Sensory

Regulatory & Quality

Ebi-Frappe

ProDiem

Natural Flavour

GanedenBC30

Tea Vinegar

TasteSenseTM

Natural Flavour

Whiskey Absolute

Natural Extracts

Wine Spirit Extract

Red Arrow Smoke Sugar

Nutrition & Wellness now spans across all beverage categories

Categories being redefined and reinvented

ApplicationExpertise

Examples

Outlook 2020

In 2020, we expect to deliver adjusted EPS growth

of 5% to 9% on a constant currency basis

© Kerry | 22 |

• Continued Delivery and Strategic Development

• Taste & Nutrition: Strong innovation pipeline and good growth prospects,

as we continue to further deploy our customer-centric business model

• Consumer Foods: Continue to selectively focus on growth opportunities

• Invest for growth aligned to changing market landscape opportunities

• Pursue M&A opportunities aligned to our strategic growth priorities

Note: Full year guidance reflects estimated impact of coronavirus in Q1 2020

Additional Information

Revenue Growth Components FY 2019

© Kerry | 24 |

Volume Price

Transaction

Currency

Translation

Currency

Acquisitions/

Disposals Total

Taste & Nutrition 4.0% 0.1% 0.0% 2.6% 5.8% 12.5%

Consumer Foods (2.2%) (0.5%) 0.0% 0.3% 0.0% (2.4%)

Group 2.8% 0.0% 0.0% 2.1% 4.7% 9.6%

Trading Margin by Business

© Kerry | 25 |

2019

Revenue

€m

2019

Trading

Profit

€m %

2018

Revenue

€m

2018

Trading

Profit

€m %

Taste & Nutrition 6,017.6 918.5 15.3% 5,350.6 805.3 15.1%

Consumer Foods 1,306.6 98.9 7.6% 1,339.0 100.1 7.5%

Eliminations/unallocated (82.9) (114.7) (82.0) (99.8)

Group 7,241.3 902.7 12.5% 6,607.6 805.6 12.2%

EPS Reconciliation

© Kerry | 26 |

2019

€ cent

2018

€ cent

Basic EPS 320.4 305.9

Brand related intangible asset amortisation 21.4 16.3

Non-trading items (net of related tax) 51.9 31.2

Adjusted EPS 393.7 353.4

Retranslating PY adjusted EPS at current year average fx rates 10.1

Adjusted EPS in constant currency 393.7 363.5

Net Debt as at 31 December 2019

© Kerry | 27 |

Debt

€m

@ Floating

Rates

€m

@ Fixed

Rates

€m

Euro 1,793 245 1,548

Sterling - - -

US dollar 620 397 223

Other 5 5 -

Gross debt 2,418 647 1,771

Cash (555) (555) -

Net debt 1,863 92 1,771

Gross debt 2019 27% 73%

Gross debt 2018 50% 50%

Weighted average maturity of debt: 5.9 years

Exchange Rate Movements

© Kerry | 28 |

Average Exchange Rates – 2019 v 2018

(2%)(2%)

1% 1%

5%

3%

2%

5%

(2%)

AUD BRL CNY GBP MXN MYR RUB USD ZAR

Strong Growth While Maintaining Return on Average Capital Employed

© Kerry | 29 | Adjusted EPS, ROACE and Cash Conversion as defined in the Annual Report

192.1

213.4

234.0

257.9

278.9

301.9

323.4

341.2353.4

393.7

12%

100

150

200

250

300

350

400

450

500

0%

2%

4%

6%

8%

10%

12%

14%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Adjusted EPS ROACE

Leader in R&D | No. 1 in Developing Markets

© Kerry | 30 |

Developing Market Sales

Taste & Nutrition

€m

283 261

180 175

108 105 97 97 79 76

35 23 13

KerryT&N

Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 Peer 11 Peer 12

Largest R&D Spend

Taste & Nutrition

€m

1,647

1,385

1,180 1,033

821 732

654

392 303 298 264

190 155

KerryT&N

Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 Peer 11 Peer 12

Kerry estimates based on most recent accounts published & available information

Share Register

Shares in issue at 31 December 2019: 176,514,942© Kerry | 31 |

North America 20%

UK 15%

Continental Europe | Rest of World 23%

Ireland 2%

Institutional Analysis

Retail 27%

Kerry Co-operative 13%Institutions 60%

Preliminary

Statement

of Results

18 February 2020