Kerry’s robust H1 results were particularly well-received, especially when compared to Symrise’s weak performance on the same day. Consumer resilience and pricing allowed the company to meet the street’s expectations. Looking ahead, inflation is starting to moderate. The good innovation pipeline combined with continued inventory destocking in North America will drive volume momentum (volume expected to fall in the range +2% to +3% for the FY). The FY EPS guidance was reiterated.
