Glanbia
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Glanbia (GL9) investor relations material

Glanbia H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary25 Feb, 2026

Executive summary

  • Delivered robust performance in 2025 with like-for-like revenue and volume growth across all three segments, driven by strong consumer demand for nutrition brands and ingredients, and adjusted EPS of $1.3493, down 3.4% versus prior year.

  • Pre-exceptional EBITDA was EUR 499.1 million ($499.1m), down 9.4%, with margin contraction in performance nutrition due to elevated whey input costs, partially offset by Health & Nutrition margin expansion.

  • Raised interim and final dividend by 10% and returned EUR 197 million to shareholders via buybacks; total payout ratio 35.9%.

  • Advanced group-wide transformation program, implemented new operating model, completed sale of non-core brands, and acquired SweetMix (Brazil) and Scicore (India) to expand Health & Nutrition.

  • Hosted Capital Markets Day outlining financial ambitions for 2026–2028.

Financial highlights

  • Group revenue was $3.95 billion, up 2.3% constant currency; volumes up 3.7%, price up 0.5%.

  • Group EBITDA pre-exceptional charges was $499.1 million, down 9.4% constant currency; EBITDA margin 12.6%.

  • Adjusted EPS $1.3493, down 3.4% constant currency, ahead of guidance; operating cash flow conversion at 91%.

  • Operating cash flow $454 million; free cash flow $360 million.

  • Return on Capital Employed 11.3%, within 10%-13% target.

Outlook and guidance

  • Targeting 5%-7% annual organic revenue growth in performance nutrition and 4%-6% in Health & Nutrition over the medium term.

  • 2026 outlook: PN organic revenue growth 5%-7% (pricing-led), H&N revenue growth 4%-6% (volume-led), DN EBITDA $150-$160 million.

  • Group targeting 7%-11% annual EPS growth, 85%+ cash conversion, and dividend payout ratio of 30%-40%.

  • Expect EBITDA margin progression in PN in 2026, second half weighted due to price increases and transformation savings.

  • Transformation savings of $60 million per annum targeted by 2027.

Whey price impact on smaller competitors
H&N CapEx increase: completion & impact
PN 2028 margin: whey price normalization?
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Frequently asked questions

Glanbia plc is an Ireland-based global nutrition group with a diverse portfolio of products and services. The company operates worldwide, engaging in the manufacture and sale of sports nutrition, lifestyle nutrition products, including powders, ready-to-eat bars, snacking foods, and ready-to-drink beverages. Glanbia's extensive range is distributed through various channels such as specialty retail, online platforms, gyms, and through the food, drug, mass, and club channels. Furthermore, the company is involved in the production of cheese, dairy, and non-dairy nutritional and functional ingredients, alongside vitamin and mineral premixes. The company is headquartered in Kilkenny, Ireland, and its shares are listed on the Irish Stock Exchange.

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