Glanbia (GL9) investor relations material

Executive summary

• Group like-for-like revenue increased 7.2% year-over-year, with volume growth across all three business segments and strong Q1 2026 performance.

• Performance Nutrition and Health & Nutrition delivered double-digit like-for-like revenue growth, with Optimum Nutrition leading at 18.8%.

• Transformation program progressing, targeting $60 million+ annual savings by FY27 and delivering efficiency and cost savings.

• €22.2 million returned to shareholders via share buyback.

• Strong consumer demand in protein and health/wellness categories globally, with category growth outpacing competitors.

Financial highlights

• Net debt at quarter-end was $648 million, with committed facilities of $1.4 billion and average maturity of 2.5 years.

• Optimum Nutrition delivered 18.8% like-for-like revenue growth, driven by category growth, expanded distribution, and innovation.

• Capital expenditure for the year expected at $100-$110 million, focused on capacity expansion and IT.

• €22.2 million returned to shareholders via share buybacks, repurchasing and cancelling 1,296,487 shares at an average price of €17.14.

• 2025 final dividend of EUR 0.2567 per share, total dividend payout of EUR 106 million (35.9% payout ratio).

Outlook and guidance

• Adjusted EPS growth for FY26 expected at the upper end of 7%-11% medium-term guidance.

• Performance Nutrition and Health & Nutrition revenues anticipated at the upper end of their guidance ranges, with EBITDA margin progression and Dairy Nutrition EBITDA expected between $160 million and $170 million.

• Operating cash flow conversion targeted at over 85% for the year.

• Dividend payout ratio maintained within 30%-40% target range.