Kerry (KYGA.LN) 3Q26: Accelerating end-market outperformance

Kerry delivered a genuinely strong 3Q with management calling out a strong pipeline and momentum, showcasing that the company has what it takes to sustainably outperform end-markets, especially as reformulation trends accelerate. The update supports increasing confidence on delivering 4%+ sustainable volume growth in the medium term, vs <4% expected by current consensus. Americas/US volume growth of 4.6% in 3Q was stand out, accelerating from 3.9% in 2Q, versus some peers seeing negative growth in the region;