Kerry Group plc

Good morning and welcome to our Q1 2026 Trading Update call. I'm joined on the call by our CEO, Edmund Scanlon, and our CFO, Marguerite Larkin. As usual, Edmund and Marguerite will take you through a brief presentation, after which we will open the lines up for your questions. Before we begin, please note the usual disclaimer on our Q1 presentation regarding forward-looking statements. I will now hand over to Edmund.

Thanks, William. Good morning, everyone, and thank you for joining our call. Moving to slide 4 in my overview comments. When we were pleased to report, we delivered a good start to the year in Q1, with volume growth across all three regions and continued strong margin expansion. Beginning with revenue, we delivered Q1 volume growth of 3.1%, reflecting our continued strong in-market outperformance. As we said at Cagney, circa 60% of our customer activity in North America is on renovation activity at the moment, and our innovation pipeline also continues to deliver. And this is what is supporting the volume growth we achieved in the Americas and Apnea, with Europe returning to growth. From a channel perspective, food service continued to strongly outperform the market, driven by new menu innovations, seasonal products, and continued product renovation activity across global QSRs, fast casuals, and coffee chains. Growth in the retail channel was supported by continued product renovation activity across global customers and retailer brands, along with innovation in high-growth areas with a range of customers. Across foreign markets, growth was led by meat, snacks, and dairy. And by technology, we had strong growth across our savory taste and taste sense, salt and sugar reduction technologies, and integrated solutions incorporating various botanicals and natural extracts, combined with our fermentation-derived and enzymatic biofermentation portfolio, and natural clean label food protection and preservation systems.

Moving to margins.