Glanbia (GL9) Q3 2025 earnings summary

Executive summary

• Group like-for-like revenue grew 3.3% year-to-date, exceeding expectations, with strong momentum in performance nutrition, health and nutrition, and dairy nutrition segments.

• Priority brands Optimum Nutrition and Isopure delivered double-digit volume growth in Q3, supported by innovation and expanded distribution.

• Strategic initiatives included the completed sale of SlimFast and Body & Fit and the acquisition of SweetMix in health and nutrition.

• Full-year like-for-like revenue and adjusted EPS guidance upgraded, with EPS now expected at the upper end of $1.30–$1.33.

Financial highlights

• Performance Nutrition like-for-like revenue up 2.5% year-to-date (excluding disposed brands), with double-digit Q3 growth in Optimum Nutrition and Isopure.

• Health & Nutrition like-for-like revenue up 6.1% year-to-date, driven by strong volume growth and the SweetMix acquisition.

• Dairy Nutrition like-for-like revenue up 6.1% year-to-date, with robust demand for protein solutions and favorable pricing.

• Net debt stood at $718.5 million at Q3 end, with €197 million returned to shareholders via share buybacks and €103 million in dividends.

• Group revenue increased by 1.7% year-over-year for the nine-month period, driven by a 2.6% volume increase and 0.7% price increase.

Outlook and guidance

• Performance Nutrition like-for-like revenue growth guidance upgraded to 3–4% for the full year (excluding SlimFast and Body & Fit).

• Health & Nutrition tracking towards the upper end of mid-single-digit revenue growth guidance.

• Performance Nutrition EBITDA margin expected at the lower end of 13–14%; Health & Nutrition EBITDA margin at 18–19%.

• Adjusted EPS expected at the upper end of $1.30–$1.33.

• Operating cash flow conversion expected to exceed 80%; capex forecast at $80–90 million.