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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.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.
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