Kerry Group - New mid-term targets launched

Davy Research
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Ahead of its Capital Markets Day (CMD), Kerry has released new targets for the 2022-2026 period – notable callouts include a new operational transformation programme, adoption of EBITDA targets (group >18% by 2026) and volume growth supported by the four key Taste & Nutrition (T&N) growth platforms, which include Plant-Based and Food Waste. Scope 1 and 2 emission targets for 2030 have been increased. New margin ambitions, which incorporate reinvestment, suggest an intensification of operational discipline and strengthening portfolio mix within T&N. Over the plan, we believe average organic EBITDA growth of at least 7% for T&N should be attainable. An updated strategy will be presented at the CMD, which commences at 13:00 GMT today.