Kerry Group PLC In-Person US Investor Event Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Ed Donohue - JPMorgan - Analyst : Hi there. Ed Donohue from JPMorgan. Thank you very much for the full day of sessions and breakout sessions. It was super useful to illustrate Kerry's technologies and channels. My question a bit is, you started off a bit -- at the beginning of the day talking about a EUR15 billion market opportunity from penetration upside. I was wondering if you could elaborate a little bit on by when we might see this market opportunity? And really, if you could scope out a bit by categories and by regions, obviously, qualitatively we've seen from the sessions today, but any numbers that you can give on the building blocks behind that EUR15 billion? And my second question is on the margin. So you've alluded beyond 2026 to be looking at 20%-plus margin. I'm wondering, can you break out a little bit by some of the technologies we've seen today like biotech and taste versus some of the other ingredients? You know, when we do a bit of benchmarking, how are the margins and some of these technologies versus others? And, I guess, overall, therefore, what's the kind of margin opportunity that you could see Kerry getting to in the mid to long run?