Kerry Group used its Investor Day in Beloit, Wisconsin, on 8 October 2026 to restate the 2030 targets it first announced in July: an EBITDA margin of 20-21% by 2030, volume growth of 3-5% a year and high-single-digit-plus earnings growth. It also set out biotechnology, which made up 19% of revenue in 2025, as a core growth platform.
The Tralee-headquartered taste and nutrition group held the event at its Technology and Innovation Centre in Beloit and published the presentation on its investor site. The financial targets themselves were first announced with Kerry's half-year results on 29 July 2026, so the Investor Day was a restatement and a deeper look at strategy rather than a new set of numbers.
- Margin: EBITDA margin target of 20-21% by 2030, from 17.9% in 2025.
- Growth: volume growth of 3-5% a year and high-single-digit-plus constant-currency adjusted EPS growth.
- Returns: cash conversion of 85% or more, and return on average capital employed of 12-13% by 2030.
- Biotechnology: 19% of 2025 revenue, with five biotech platforms highlighted.
- R&D: 5-6% of revenue invested in research, development and application, or 315 million in 2025.
- Scale: more than 1,300 scientists and over 60 Technology and Innovation Centres.
The 2030 targets in full
Kerry's targets apply on average from 2027 to 2030 unless stated otherwise, according to its 2030 targets presentation.
| Measure | Target |
|---|---|
| Volume growth | 3-5% a year, assuming flat end-market growth |
| EBITDA margin | 18-19% in 2026, 19-20% in 2028, 20-21% by 2030 |
| Adjusted EPS growth | High single digit plus, at constant currency |
| Cash conversion | 85% or more |
| ROACE | 12-13% by 2030 (10.6% in 2025) |
| Gross margin | 39% or more by 2030, from 38% in 2025 |
"Our revenue volume growth target range of 3-5% represents our confidence in continuing to deliver consistent strong market outperformance and is set in the context of current market conditions," Chief Executive Edmond Scanlon said when the targets were announced in July. "This growth combined with our EBITDA margin target of 20-21% by 2030 will be the key drivers of delivering our HSD+ earnings growth over the coming years."
The Investor Day presentation sets out how Kerry expects to get from a 17.9% margin in 2025 to 20-21% in 2030: operating leverage, portfolio mix, efficiencies under its Accelerate 2.0 programme, and continued investment.
Biotechnology as a growth platform
Kerry's portfolio is split between integrated taste technologies, 81% of 2025 revenue, and biotechnology solutions, 19%. The Investor Day highlighted five biotech platforms, each marked on the slides as a "50m+" opportunity:
- Modulation for Advanced Nutrition: salt, sugar and fat reduction and nutrient density.
- Fermentation Reimagining Natural: including sorbate-free preservation for beverages and bio-fermented natural colours.
- Biochemistry for Tomorrow's Scarcity: including coffee and cocoa, and dairy protein functionality.
- Future Proof Preservation.
- Food as a Therapeutic.
Kerry did not give the unit or time horizon for the "50m+" figures, or the euro value of its biotech revenue. Named technologies in the presentation include Tastesense Salt, Tastesense Masking, Lactase technologies and KerryXperience fermentation taste solutions.
The scale of Kerry's science base
The Investor Day deck sets out the size of Kerry's research base: more than 1,300 scientists, 22 core technologies, over 60 Technology and Innovation Centres, about 400 people with PhDs and master's degrees, and 1,200 patents and applications. The target is to invest 5-6% of revenue in research, development and application each year, after 315 million in 2025.
By end use, food accounted for 66% of 2025 revenue, beverage for 27% and pharma and other markets for 7%. By region, the Americas made up 55%, Asia-Pacific, Middle East and Africa 24% and Europe 21%.
How Kerry is performing in 2026
Kerry's half-year results to June 2026 showed revenue of EUR 3.3 billion, volume growth of 3.3% and an EBITDA margin up 60 basis points to 16.7%, which the company attributed mainly to Accelerate 2.0. Adjusted earnings per share rose 7.9% at constant currency to 214.1 cent, and the interim dividend rose 10% to 46.2 cent. Kerry maintained its full-year earnings guidance. No new trading update was given at the Investor Day.
Why it matters for Ireland
Kerry is an Irish-headquartered plc with more than 1,300 scientists worldwide, and its growing emphasis on fermentation, enzymes and other biotechnology uses the same bioprocessing skills that Ireland's biopharma sector relies on. Its pharma and other end market, 7% of revenue, is small, but it shows where food science and pharmaceutical science meet.
Frequently Asked Questions (FAQ)
Q: What is Kerry Group's margin target?
A: An EBITDA margin of 20-21% by 2030, with interim milestones of 18-19% in 2026 and 19-20% in 2028. The 2025 margin was 17.9%.
Q: Were these targets new at the Investor Day?
A: No. Kerry first announced its 2030 targets with its half-year results on 29 July 2026 and restated them at the Investor Day on 8 October 2026.
Q: How big is Kerry's biotechnology business?
A: Biotechnology solutions made up 19% of Kerry's revenue in 2025. The euro value was not given.
Q: How much does Kerry spend on research?
A: It targets 5-6% of revenue for research, development and application, which amounted to 315 million in 2025.
Conclusion and Outlook
Kerry's Investor Day did not move its targets, but it made the strategy behind them clearer: steady volume growth, a margin climbing towards 20-21% by 2030, and biotechnology at the centre of how the company plans to grow. The next checkpoint is Kerry's full-year 2026 results, which will show whether the 18-19% margin target for 2026 has been reached.
Cover image: AI-generated illustration of a food science laboratory. It does not show any Kerry Group facility, staff or product.
Sources
- Kerry Group, Investor Day 2026 presentation, 8 October 2026
- Kerry Group, 2030 targets presentation, 29 July 2026
- Kerry Group, Interim Management Report H1 2026, 29 July 2026
- Kerry Group, Investors
