# Kerry Group (KRZ.IR)

Canonical: https://gigainvestors.com/s/KRZ.IR

Analysis as of: 2026-10-16T07:34:58.872Z. Financial observations: FY1996–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 93.75 per share; close as of 2026-10-15.

Estimated value: low EUR 50.11 per share, central EUR 56.70 per share, high EUR 65.48 per share. Buy at or below the central value EUR 56.70 per share. Valuation as of 2026-10-16T07:34:58.872Z; scenarios are not confidence intervals.

Expected annual return: 7.1% at the stated quote. About 7.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; IE 10-year bond 3.6% + 4 points).

## Checklist

### understandable: pass

- 4 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.12×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.11×

- FY2017: 0.11×

- FY2018: 0.10×

- FY2019: 0.10×

- FY2020: 0.10×

- FY2021: 0.12×

- FY2022: 0.09×

- FY2023: 0.12×

- FY2024: 0.13×

- FY2025: 0.13×

### moat: pass

- ROIC, median of available years: 16.1%

- ROIC, second-lowest year: 15.3%

- Typical minus recent gross margin: -4.5 pp

- Typical gross margin (annual median): 46.6%

- Recent gross margin (lower of latest and 3-year median): 51.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.0%

- ROIC including acquisitions, ten-year median: 9.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 25.7%

- FY2017: 23.5%

- FY2018: 17.7%

- FY2019: 16.4%

- FY2020: 15.5%

- FY2021: 18.0%

- FY2022: 12.7%

- FY2023: 15.3%

- FY2024: 15.4%

- FY2025: 15.7%

### economics: fail

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 1.07×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 3.7B

- Net income, five-year total: EUR 3.5B

- Return on incremental invested capital: 11.9%

- Working capital / revenue, annual change: 2.0 pp

- Working capital / revenue, change between three-year averages: 16.8 pp

- Working capital / revenue, final three-year average: 11.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.01×

- FY2022: 1.37×

- FY2023: 1.00×

- FY2024: 1.00×

- FY2025: 1.04×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 23.5% vs 15.4%

- Per-share earnings: 3.01 to 4.10 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.7%

- Ordinary dilution, 5-year annual growth: -1.4%

- Market cap gain: EUR 854M

- Cumulative retained earnings: EUR 3.0B

- Diluted shares, 10-year annual growth: -0.7%

- Diluted shares, 5-year annual growth: -1.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 3.9%

- Per-share value change: EUR 1.08

- Per-share value, starting three-year median: EUR 3.01

- Per-share value, ending three-year median: EUR 4.10

- Buybacks concentrated in cheaper years (correlation): -0.50

- Average buyback yield: 2.7%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 2.4B

- Cumulative net income, 10 years: EUR 6.3B

- ROIC, first three-year median: 23.5%

- ROIC, last three-year median: 15.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 3.01

- FY2017: EUR 3.33

- FY2018: EUR 3.06

- FY2019: EUR 3.20

- FY2020: EUR 3.13

- FY2021: EUR 4.30

- FY2022: EUR 3.41

- FY2023: EUR 4.10

- FY2024: EUR 4.24

- FY2025: EUR 3.99

### accounting: pass

- Sloan accruals: -0.9%

- Receivables to sales index (DSRI): 1.05×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.15×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.91×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.0%

- FY2017: -1.1%

- FY2018: -1.3%

- FY2019: -2.1%

- FY2020: -1.3%

- FY2021: 1.0%

- FY2022: -0.9%

- FY2023: -2.6%

- FY2024: -2.0%

- FY2025: -0.9%

## Holders

## Price story

Price needs cash profits to grow 7.4% a year for ten years · sales -2.5%

Story as of 2026-10-16T10:00:03.266Z; price observation 2026-10-15.

Price needs cash profits to grow 7.4% a year for ten years

### Sales · FY2024–2025

sales -2.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 6.1B 

- FY2017: EUR 6.4B 

- FY2018: EUR 6.6B 

- FY2019: EUR 7.2B 

- FY2020: EUR 7.0B 

- FY2021: EUR 7.4B 

- FY2022: EUR 8.8B 

- FY2023: EUR 7.0B 

- FY2024: EUR 6.9B 

- FY2025: EUR 6.8B 

### Gross margin · FY2025

gross margin 51.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 46.1% 

- FY2017: 44.6% 

- FY2018: 44.6% 

- FY2019: 46.6% 

- FY2020: 46.8% 

- FY2021: 46.6% 

- FY2022: 44.5% 

- FY2023: 48.6% 

- FY2024: 51.4% 

- FY2025: 51.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in packaged foods; annual sales are EUR 6.8 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:58.872Z); FY2025: revenue 6757600000; grossProfit 3456700000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); KRZ.IR: Kerry Group plc, together with its subsidiaries, provides taste and nutrition solutions. The company offers taste solutions, such as dairy and dairy-free flavours, savoury flavours and extracts, smoke and grill, sweet flavours and extracts, and taste modulations. It also provides nutrition solutions, including enzymes, proteins, nutritional lipids and bases, soluble dietary fibre, wellness and health, and dairy ingredients. In addition, the company offers functional ingredients, food solutions, and beverage solutions. Further, it provides pharmaceutical excipients, tablet film coatings, pharma lactose, cell culture supplements, fermentation, and acetates solutions. Additionally, the company offers emulsifier ingredients for bakery; food protection and preservation solutions; food reformulation solutions; bakery freshness solutions; texturant solutions; and foodservice solutions that include convenience retail and custom solutions under DaVinci Gourmet, Golden Dipt, Big Train, and Island Oasis brands. The company also engages in the investment and trading activities, as well as provides services. It serves food, beverage, supplement, pharma and life science, and pet markets. The company operates in Europe, the Americas, the Asia Pacific, the Middle East, and Africa. It provides its products through retail and foodservice channels. Kerry Group plc was founded in 1972 and is headquartered in Tralee, Ireland.

### Why customers stay

Margins ranged from 48.6% to 51.4% during 2023–25; it earns 16.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:58.872Z); FY2023: grossProfit / revenue = 48.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:58.872Z); FY2024: grossProfit / revenue = 51.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:58.872Z); FY2025: grossProfit / revenue = 51.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:58.872Z); 10-year return on capital observations [[2016,0.2571124431735273],[2017,0.23506922169892983],[2018,0.17702026351345135],[2019,0.16393951170969745],[2020,0.1546440579971636],[2021,0.18025327630172397],[2022,0.12667315559942982],[2023,0.153054557684184],[2024,0.15406526813271051],[2025,0.15709264516808472]]; median 0.1605160784388911. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Prices fell 0.3%; sales volumes rose.

- Source: https://www.kerry.com/content/dam/kerry/en/pdf/investors/results-presentations/2026/kerry-group-annual-report-2025.pdf (filed ); [p0] the Group, together with reconciliations where the non-IFRS measures are not readily identifiable from the financial statements, are as follows: 1. Revenue Volume performance This represents the sales performance year-on-year, excluding pass-through pricing on input costs, currency impacts, acquisitions, disposals and rationalisation volumes. Volume performance is an important metric as it is seen as the key driver of organic top-line business improvement. Pricing therefore impacts revenue performance positively or negatively depending on whether input costs move up or down. A full reconciliation to reported revenue performance is detailed in the revenue reconciliation below. Following the disposal of Kerry Dairy Ireland and change in segments, the revenue reconciliation has been restated to reflect a geographical split which aligns to the revised segmental disclosures. Revenue Reconciliation Price Europe (0.5%) – – (3.7%) (0.1%) (4.3%) APMEA 4.2% (0.7%) 0.2% (0.1%) (4.6%) (1.0%) Americas 3.8% (0.1%) 0.1% (1.0%) (5.2%) (2.4%) Group – continuing operations 3.0% (0.3%) 0.1% (1.4%) (3.9%) (2.5%) Europe 0.4% (3.2%) – (1.4%) 0.9% (3.3%) APMEA 4.8% (2.3%) 0.6% 0.5% (2.8%) 0.8% Americas 4.1% (1.6%) – (1.5%) (1.2%) (0.2%) Group – continuing operations 3.4% (2.1%) 0.2% (1.0%) (1.2%) (0.7%) 2025 Transaction Acquisitions/ currency Disposals Reported Translation revenue currency performance Volume performance 2024 Disposal revenue in Europe in 2025 primarily reflects the exit of a manufacturing agreement post the finalisation of the Kerry Dairy Ireland separation in the current year. Financial Definitions Financial Statements 283 2. EBITDA EBITDA represents profit before taxation and before finance income and costs, other income, depreciation (net of capital grant amortisation), intangible asset amortisation, non-trading items and

[p1] e year-on-year, excluding pass-through pricing on input costs, currency impacts, acquisitions, disposals and rationalisation volumes. Volume performance is an important metric as it is seen as the key driver of organic top-line business improvement. Pricing therefore impacts revenue performance positively or negatively depending on whether input costs move up or down. A full reconciliation to reported revenue performance is detailed in the revenue reconciliation below. Following the disposal of Kerry Dairy Ireland and change in segments, the revenue reconciliation has been restated to reflect a geographical split which aligns to the revised segmental disclosures. Revenue Reconciliation Price Europe (0.5%) – – (3.7%) (0.1%) (4.3%) APMEA 4.2% (0.7%) 0.2% (0.1%) (4.6%) (1.0%) Americas 3.8% (0.1%) 0.1% (1.0%) (5.2%) (2.4%) Group – continuing operations 3.0% (0.3%) 0.1% (1.4%) (3.9%) (2.5%) Europe 0.4% (3.2%) – (1.4%) 0.9% (3.3%) APMEA 4.8% (2.3%) 0.6% 0.5% (2.8%) 0.8% Americas 4.1% (1.6%) – (1.5%) (1.2%) (0.2%) Group – continuing operations 3.4% (2.1%) 0.2% (1.0%) (1.2%) (0.7%) 2025 Transaction Acquisitions/ currency Disposals Reported Translation revenue currency performance Volume performance 2024 Disposal revenue in Europe in 2025 primarily reflects the exit of a manufacturing agreement post the finalisation of the Kerry Dairy Ireland separation in the current year. Financial Definitions Financial Statements 283 2. EBITDA EBITDA represents profit before taxation and before finance income and costs, other income, depreciation (net of capital grant amortisation), intangible asset amortisation, non-trading items and share of joint ventures’ results after taxation. EBITDA is reflective of underlying trading performance and allows comparison of the trading performance of the Group’s businesses, either year-on-year or with ot

[p2] ange rate translation 4.5% 1.0% Growth in adjusted earnings per share on a constant currency basis 7.5% 9.7% Revenue EBITDA & Margin % Group revenue from continuing operations was €6,758m (2024: €6,929m), comprising volume growth of 3.0%, an overall pricing reduction of 0.3%, favourable transaction currency of 0.1%, unfavourable translation currency of 3.9%, and the effect from disposals net of contribution from acquisitions of 1.4%, resulting in an overall reported decrease of 2.5%. Continuing Group EBITDA of €1,208m (2024: €1,188m), with organic growth partially offset by the impact of disposals net of acquisitions and adverse currency translation. Group EBITDA margin increased by 80bps to 17.9%, driven by benefits from the Accelerate programmes, portfolio developments, operating leverage, and product mix. 22 Strategic Report Financial Review Software and digital assets amortisation Software and digital assets amortisation increased to €30m (2024: €29m) reflecting continued investment in our digital enablement initiatives. Brand Related Intangible Asset Amortisation Brand related intangible asset amortisation was in line with the prior year at €59m (2024: €59m), which is reflective of recent acquisition activity. Finance Costs Net finance costs for the year are comparable to prior year at €52m [Noncontiguous filing excerpt] ings per share on a constant currency basis 7.5% 9.7% Revenue EBITDA & Margin % Group revenue from continuing operations was €6,758m (2024: €6,929m), comprising volume growth of 3.0%, an overall pricing reduction of 0.3%, favourable transaction currency of 0.1%, unfavourable translation currency of 3.9%, and the effect from disposals net of contribution from acquisitions of 1.4%, resulting in an overall reported decrease of 2.5%. Continuing Group EBITDA of €1,208m (2024: €1,188m), with organic gro

[p3] e to prior year at €52m [Noncontiguous filing excerpt] ings per share on a constant currency basis 7.5% 9.7% Revenue EBITDA & Margin % Group revenue from continuing operations was €6,758m (2024: €6,929m), comprising volume growth of 3.0%, an overall pricing reduction of 0.3%, favourable transaction currency of 0.1%, unfavourable translation currency of 3.9%, and the effect from disposals net of contribution from acquisitions of 1.4%, resulting in an overall reported decrease of 2.5%. Continuing Group EBITDA of €1,208m (2024: €1,188m), with organic growth partially offset by the impact of disposals net of acquisitions and adverse currency translation. Group EBITDA margin increased by 80bps to 17.9%, driven by benefits from the Accelerate programmes, portfolio developments, operating leverage, and product mix. 22 Strategic Report Financial Review Software and digital assets amortisation Software and digital assets amortisation increased to €30m (2024: €29m) reflecting continued investment in our digital enablement initiatives. Brand Related Intangible Asset Amortisation Brand related intangible asset amortisation was in line with the prior year at €59m (2024: €59m), which is reflective of recent acquisition activity. Finance Costs Net finance costs for the year are comparable to prior year at €52m (2024: €53m). The Group’s average cost of finance for the year was 3.0% (2024: 2.8%). The increase in finance costs paid is r [Noncontiguous filing excerpt] crease of 2.5%. Continuing Group EBITDA of €1,208m (2024: €1,188m), with organic growth partially offset by the impact of disposals net of acquisitions and adverse currency translation. Group EBITDA margin increased by 80bps to 17.9%, driven by benefits from the Accelerate programmes, portfolio developments, operating leverage, and product mix. 22 Strategic Report Financial

[p4] nce in Southeast A [Noncontiguous filing excerpt] strong performances across proactive health ingredients into supplement applications, with cell nutrition also performing well. Reported revenue of €6,758m reflected volume growth of 3.0%, an overall pricing reduction of 0.3%, favourable transaction currency of 0.1%, unfavourable translation currency of 3.9% and a reduction from disposals net of acquisitions of 1.4%. Volume growth of 3.0% – ahead of food and beverage end markets. Growth led by Snacks, Bakery and Beverage EUMs. Strong growth in foodservice, with good growth in retail. EBITDA of €1,208m with margin +80bps driven by efficiencies, portfolio developments, operating leverage and mix. 27 28 Strategic Report Business Review REGIONAL REVIEW Within North America, Snacks delivered strong growth through innovations utilising Kerry’s range of savoury taste profiles and Tastesense™ salt-reduction technologies with global and emerging brands, underpinned by increased customer focus on improving product nutritional profiles and higher-protein options. Americas Region Continued strong performance across both North America and LATAM Volumes +3.8% reflecting strong market outperformance Growth led by Snacks, Dairy and Bakery EUMs Strong growth across both foodservice and retail channels LATAM achieved strong growth led by Brazil EBITDA margin expansion of 60bps driven by operating leverage, mix and Accelerate Opera [Noncontiguous filing excerpt] %. Volume growth of 3.0% – ahead of food and beverage end markets. Growth led by Snacks, Bakery and Beverage EUMs. Strong growth in foodservice, with good growth in retail. EBITDA of €1,208m with margin +80bps driven by efficiencies, portfolio developments, operating leverage and mix. 27 28 Strategic Report Business Review REGIONAL REVIEW Within North America, Snacks delivered str

[p5] mericas region was [Noncontiguous filing excerpt] AM, strong growth was achieved in Brazil and Central America, led by the Snacks and Meals end markets. Reported revenue in the Americas region was €3,674m reflecting volume growth of 3.8%, an overall pricing reduction of 0.1%, favourable transaction currency of 0.1%, unfavourable translation currency of 5.2% and a reduction from disposals net of acquisitions of 1.0%. Business Review Strategic Report Europe Region APMEA Region Volumes reflected soft market conditions, with strong margin expansion in the year Good overall performance, with growth led by Southeast Asia Volume reduction of 0.5% in the year Volumes +4.2% in the year Beverage and Snacks performed well, with mixed performance across Food EUMs Growth led by Bakery, Meat and Meals Foodservice growth offset by retail performance EBITDA margin expansion of 90bps primarily driven by Accelerate Operational Excellence and portfolio benefits Volume performance in the retail channel reflected subdued markets conditions, while foodservice achieved good overall growth despite a soft finish to the year. Growth in foodservice was led by seasonal and new launch activity with quick service restaurants. Performance in the region was led by Beverage, with good growth in nutritional and refreshing beverages through Kerry’s integrated taste technologies and proactive health ingredients. Growth in Snacks was supported by in [Noncontiguous filing excerpt] on currency of 5.2% and a reduction from disposals net of acquisitions of 1.0%. Business Review Strategic Report Europe Region APMEA Region Volumes reflected soft market conditions, with strong margin expansion in the year Good overall performance, with growth led by Southeast Asia Volume reduction of 0.5% in the year Volumes +4.2% in the year Beverage and Snacks performed well, 

[p6] ins and quick service restaurants. Volume growth in the retail channel was driven by Kerry’s range of local authentic taste profiles with regional leaders. Reported revenue in the APMEA region was €1,644m reflecting volume growth of 4.2%, an overall pricing reduction of 0.7%, favourable transaction currency of 0.2%, unfavourable translation currency of 4.6% and a reduction from disposals net of acquisitions of 0.1%. 29 30 Strategic Report Risk Management Report Risk Management [Noncontiguous filing excerpt] n the retail channel was driven by Kerry’s range of local authentic taste profiles with regional leaders. Reported revenue in the APMEA region was €1,644m reflecting volume growth of 4.2%, an overall pricing reduction of 0.7%, favourable transaction currency of 0.2%, unfavourable translation currency of 4.6% and a reduction from disposals net of acquisitions of 0.1%. 29 30 Strategic Report Risk Management Report Risk Management Report Effective risk management is essential to achieving our strategy, supporting our ambition to grow a sustainable and resilient business in a dynamic market environment. Our Approach We are focused on conducting our business responsibly, safely and legally, while making risk-informed decisions aligned to our purpose and values. Our Enterprise Risk Management framework provides a clear structure to ensure that material risks affecting the Group’s viability are identified and assessed, and that there is a consistent approach to the oversight and management of these risks. This integrated approach, which brings together risk management, internal controls, and business integrity, supports well-informed actions and sustainable value creation. The Board, supported by the Audit Committee, is ultimately responsible for the Group’s risk management programme. This includes determining the nature a

[p7] rt Risk Management [Noncontiguous filing excerpt] n the retail channel was driven by Kerry’s range of local authentic taste profiles with regional leaders. Reported revenue in the APMEA region was €1,644m reflecting volume growth of 4.2%, an overall pricing reduction of 0.7%, favourable transaction currency of 0.2%, unfavourable translation currency of 4.6% and a reduction from disposals net of acquisitions of 0.1%. 29 30 Strategic Report Risk Management Report Risk Management Report Effective risk management is essential to achieving our strategy, supporting our ambition to grow a sustainable and resilient business in a dynamic market environment. Our Approach We are focused on conducting our business responsibly, safely and legally, while making risk-informed decisions aligned to our purpose and values. Our Enterprise Risk Management framework provides a clear structure to ensure that material risks affecting the Group’s viability are identified and assessed, and that there is a consistent approach to the oversight and management of these risks. This integrated approach, which brings together risk management, internal controls, and business integrity, supports well-informed actions and sustainable value creation. The Board, supported by the Audit Committee, is ultimately responsible for the Group’s risk management programme. This includes determining the nature and extent of the risks the Group is willing to accept in [Noncontiguous filing excerpt] industry benchmarks, to monitor and manage performance across all sites. • An ongoing programme of initiatives is in place to continue to enhance the Group’s health and safety culture and processes. Margin Management Description and Impact The Group’s cost base and margin may be impacted by increases in commodities, freight, energy, labour, trade tariffs and other input co

[p8] evenue reconciliation below. Following the disposal of Kerry Dairy Ireland and change in segments, the revenue reconciliation has been restated to reflect a geographical split which aligns to the revised segmental disclosures. Revenue Reconciliation Price Europe (0.5%) – – (3.7%) (0.1%) (4.3%) APMEA 4.2% (0.7%) 0.2% (0.1%) (4.6%) (1.0%) Americas 3.8% (0.1%) 0.1% (1.0%) (5.2%) (2.4%) Group – continuing operations 3.0% (0.3%) 0.1% (1.4%) (3.9%) (2.5%) Europe 0.4% (3.2%) – (1.4%) 0.9% (3.3%) APMEA 4.8% (2.3%) 0.6% 0.5% (2.8%) 0.8% Americas 4.1% (1.6%) – (1.5%) (1.2%) (0.2%) Group – continuing operations 3.4% (2.1%) 0.2% (1.0%) (1.2%) (0.7%) 2025 Transaction Acquisitions/ currency Disposals Reported Translation revenue currency performance Volume performance 2024 Disposal revenue in Europe in 2025 primarily reflects the exit of a manufacturing agreement post the finalisation of the Kerry Dairy Ireland separation in the current year. Financial Definitions Financial Statements 283 2. EBITDA EBITDA represents profit before taxation and before finance income and costs, other income, depreciation (net of capital grant amortisation), intangible asset amortisation, non-trading items and share of joint ventures’ results after taxation. EBITDA is reflective of underlying trading performance and allows comparison of the trading performance of the Group’s businesses, either year-on-year or with other businesses. Continuing operations 2025 €’m 2024 €’m Profit before taxation 758.7 778.4 1.2 0.9 Finance income (33.2) (34.8) Finance costs 85.4 88.3 Other income (7.5) – Non-trading items 94.5 55.8 Intangible asset amortisation 89.0 87.6 Depreciation (net) 220.0 211.8 1,208.1 1,188.0 2025 €’m 2024 €’m EBITDA 1,208.1 1,188.0 Revenue 6,757.6 6,929.1 EBITDA margin 17.9% 17.1% Share of joint ventures’ results after taxation EBITDA 3. EBITDA M

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 500.3 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:58.872Z); FY2016: growth capex 5588396.35869664; upkeep 218211603.64130336; owner earnings 444688396.35869664. Growth capex / owner earnings = 0.012566993887083351.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:58.872Z); FY2017: growth capex 62103920.44357246; upkeep 239196079.55642754; owner earnings 483303920.44357246. Growth capex / owner earnings = 0.12849868957523453.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:58.872Z); FY2018: growth capex 40800000; upkeep 255300000; owner earnings 540500000. Growth capex / owner earnings = 0.07548566142460685.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:58.872Z); FY2019: growth capex 122400000; upkeep 191700000; owner earnings 544620000. Growth capex / owner earnings = 0.22474385810289743.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:58.872Z); FY2020: growth capex 0; upkeep 280000000; owner earnings 458700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:58.872Z); FY2021: growth capex 0; upkeep 263900000; owner earnings 766860000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:58.872Z); FY2022: growth capex 0; upkeep 221000000; owner earnings 829360000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:58.872Z); FY2023: growth capex 0; upkeep 281900000; owner earnings 731580000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:58.872Z); FY2024: growth capex 0; upkeep 305800000; owner earnings 733880000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:58.872Z); FY2025: growth capex 0; upkeep 261600000; owner earnings 684500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:58.872Z); Dividend observations: [[2016,91200000],[2017,102200000],[2018,114400000],[2019,128300000],[2020,143100000],[2021,157500000],[2022,173600000],[2023,191300000],[2024,205200000],[2025,215200000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:58.872Z); FY2025: cash repurchases 500300000 EUR.

### Are managers owners

Insiders own 0.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); KRZ.IR SharesStats.PercentInsiders = 0.155 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 7.4% yearly over ten years; actual growth was 4.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:58.872Z); Ten-year compound average after fade. Initial solved rate 0.09337766086500932. Price 93.75; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.6815076898323764 → FY2025 4.151000606428139. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 66.14 per share

- 2016-11: EUR 66.83 per share

- 2016-12: EUR 67.90 per share

- 2017-01: EUR 65.10 per share

- 2017-02: EUR 72.50 per share

- 2017-03: EUR 73.70 per share

- 2017-04: EUR 75.02 per share

- 2017-05: EUR 78.59 per share

- 2017-06: EUR 75.33 per share

- 2017-07: EUR 76.35 per share

- 2017-08: EUR 78.23 per share

- 2017-09: EUR 81.29 per share

- 2017-10: EUR 86.45 per share

- 2017-11: EUR 88.00 per share

- 2017-12: EUR 93.50 per share

- 2018-01: EUR 85.75 per share

- 2018-02: EUR 81.95 per share

- 2018-03: EUR 82.40 per share

- 2018-04: EUR 84.50 per share

- 2018-05: EUR 90.15 per share

- 2018-06: EUR 89.60 per share

- 2018-07: EUR 90.70 per share

- 2018-08: EUR 98.25 per share

- 2018-09: EUR 95.25 per share

- 2018-10: EUR 90.50 per share

- 2018-11: EUR 91.25 per share

- 2018-12: EUR 86.50 per share

- 2019-01: EUR 89.25 per share

- 2019-02: EUR 90.50 per share

- 2019-03: EUR 99.50 per share

- 2019-04: EUR 99.80 per share

- 2019-05: EUR 103.50 per share

- 2019-06: EUR 105.00 per share

- 2019-07: EUR 105.40 per share

- 2019-08: EUR 108.30 per share

- 2019-09: EUR 107.30 per share

- 2019-10: EUR 108.40 per share

- 2019-11: EUR 116.40 per share

- 2019-12: EUR 111.10 per share

- 2020-01: EUR 115.30 per share

- 2020-02: EUR 115.00 per share

- 2020-03: EUR 105.20 per share

- 2020-04: EUR 104.70 per share

- 2020-05: EUR 111.30 per share

- 2020-06: EUR 110.30 per share

- 2020-07: EUR 112.00 per share

- 2020-08: EUR 110.00 per share

- 2020-09: EUR 109.50 per share

- 2020-10: EUR 102.70 per share

- 2020-11: EUR 117.40 per share

- 2020-12: EUR 118.50 per share

- 2021-01: EUR 111.90 per share

- 2021-02: EUR 99.95 per share

- 2021-03: EUR 106.70 per share

- 2021-04: EUR 107.80 per share

- 2021-05: EUR 110.60 per share

- 2021-06: EUR 117.80 per share

- 2021-07: EUR 125.00 per share

- 2021-08: EUR 124.20 per share

- 2021-09: EUR 116.00 per share

- 2021-10: EUR 116.10 per share

- 2021-11: EUR 108.60 per share

- 2021-12: EUR 113.25 per share

- 2022-01: EUR 112.00 per share

- 2022-02: EUR 106.20 per share

- 2022-03: EUR 101.10 per share

- 2022-04: EUR 105.00 per share

- 2022-05: EUR 96.40 per share

- 2022-06: EUR 91.34 per share

- 2022-07: EUR 103.25 per share

- 2022-08: EUR 102.85 per share

- 2022-09: EUR 91.20 per share

- 2022-10: EUR 88.00 per share

- 2022-11: EUR 90.54 per share

- 2022-12: EUR 84.24 per share

- 2023-01: EUR 85.94 per share

- 2023-02: EUR 90.62 per share

- 2023-03: EUR 91.84 per share

- 2023-04: EUR 95.44 per share

- 2023-05: EUR 91.18 per share

- 2023-06: EUR 89.38 per share

- 2023-07: EUR 90.36 per share

- 2023-08: EUR 86.14 per share

- 2023-09: EUR 79.18 per share

- 2023-10: EUR 72.88 per share

- 2023-11: EUR 74.22 per share

- 2023-12: EUR 78.66 per share

- 2024-01: EUR 82.68 per share

- 2024-02: EUR 81.14 per share

- 2024-03: EUR 79.44 per share

- 2024-04: EUR 80.80 per share

- 2024-05: EUR 77.80 per share

- 2024-06: EUR 75.65 per share

- 2024-07: EUR 86.40 per share

- 2024-08: EUR 90.80 per share

- 2024-09: EUR 93.15 per share

- 2024-10: EUR 91.50 per share

- 2024-11: EUR 91.45 per share

- 2024-12: EUR 93.25 per share

- 2025-01: EUR 99.15 per share

- 2025-02: EUR 101.30 per share

- 2025-03: EUR 96.80 per share

- 2025-04: EUR 93.25 per share

- 2025-05: EUR 96.20 per share

- 2025-06: EUR 93.75 per share

- 2025-07: EUR 81.15 per share

- 2025-08: EUR 78.15 per share

- 2025-09: EUR 76.75 per share

- 2025-10: EUR 79.10 per share

- 2025-11: EUR 79.95 per share

- 2025-12: EUR 78.00 per share

- 2026-01: EUR 74.80 per share

- 2026-02: EUR 75.30 per share

- 2026-03: EUR 68.40 per share

- 2026-04: EUR 72.20 per share

- 2026-05: EUR 73.45 per share

- 2026-06: EUR 80.35 per share

- 2026-07: EUR 82.80 per share

- 2026-08: EUR 84.00 per share

- 2026-09: EUR 85.20 per share

- 2026-10: EUR 90.55 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 23.31 per share, central EUR 26.12 per share, high EUR 29.86 per share

- FY2017: low EUR 30.92 per share, central EUR 36.32 per share, high EUR 42.07 per share

- FY2018: low EUR 33.63 per share, central EUR 39.52 per share, high EUR 45.72 per share

- FY2019: low EUR 38.61 per share, central EUR 46.47 per share, high EUR 53.72 per share

- FY2020: low EUR 36.15 per share, central EUR 42.59 per share, high EUR 49.17 per share

- FY2021: low EUR 40.74 per share, central EUR 47.51 per share, high EUR 54.46 per share

- FY2022: low EUR 51.28 per share, central EUR 61.13 per share, high EUR 70.49 per share

- FY2023: low EUR 46.11 per share, central EUR 53.10 per share, high EUR 61.01 per share

- FY2024: low EUR 54.74 per share, central EUR 61.03 per share, high EUR 69.39 per share

- FY2025: low EUR 48.95 per share, central EUR 55.39 per share, high EUR 63.97 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:40:46.863Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations