Glanbia Full Year 2024 results 

Strong performance with adjusted EPS1 growth of 6.8% constant currency

26 February 2025 - Glanbia plc (“Glanbia”, the “Group”, the “Company”, the “plc”), the ‘Better Nutrition company’, announces its preliminary results for the 2024 financial year ended 4 January 2025 (“2024” or “FY24”).

FY24 Highlights2:

  • Group Financial Performance:
    • Adjusted EPS of 140.03 $cent (2023: 131.37 $cent) representing growth of 6.8% constant currency (up 6.6% reported) in line with guidance;
    • Group revenues of $3.8 billion2 (2023: $3.6 billion2) representing an increase of 5.8%2, pro forma constant currency;
    • Group EBITDA pre-exceptional of $551.3 million (2023: $493.4 million) representing an increase of 11.8% constant currency (up 11.7% reported);
    • Group EBITDA margin pre-exceptional of 14.4% (2023: 13.6%2) representing an increase of 80bps;
    • Basic EPS of 63.21 $cent (2023: 130.41 $cent) representing a decrease of 51.5%;
    • Operating Cash Flow (“OCF”) conversion of 88.0% (2023: 90.4%);
    • Year-end net debt to adjusted EBITDA ratio of 0.81 times (2023: 0.50 times);
  • Glanbia Performance Nutrition (“GPN”):
    • Revenue growth of +0.5% constant currency with volume +2.9%, pricing (4.2%) and the impact of the 53rd week +1.8%;
    • Optimum Nutrition brand delivered revenue growth of +7.5% constant currency;
    • EBITDA margin of 16.9% (2023: 15.7%), an increase of 120bps;
  • Glanbia Nutritionals (“GN“) - Nutritional Solutions (“GN NS”):
    • Revenue growth of +14.0%2 with volume +3.6%, pricing +0.4%, the impact of the 53rd week +2.3% and the impact of acquisitions +7.7%;
    • Good volume growth across premix and protein solutions businesses;
    • EBITDA margin of 19.8% (2023: 17.8%2), an increase of 200bps2;
  • Capital allocation:
    • Recommended final dividend per share of 23.33 €cent; representing a total 2024 dividend of 38.97 €cent; a 10% increase on prior year, representing a payout ratio of 30.1%;
    • Returned €102 million to shareholders in the year via share buybacks (including €2 million from the launch of a €50 million share buyback programme announced on 6 November 2024 which is ongoing); and
    • Further €100 million buyback authorisation approved by the Board for 2025;

Strategic Updates:

  • Group-wide transformation programme commenced to drive efficiencies and support the next phase of growth, targeting annual cost savings of at least $50 million by 2027. This programme includes:
    • A new operating model with three focused divisions: Performance Nutrition (“PN”), Health & Nutrition (“H&N”) and Dairy Nutrition (“DN”);
    • Unlocking supply chain efficiencies and accelerating digital transformation; and
    • The decision to exit the Benelux Direct-to-Consumer e-commerce business, Body & Fit, and the weight management brand, SlimFast3.

2025 Outlook:

  • Glanbia expects to deliver adjusted EPS between 124 $cent and 130 $cent in FY 2025. This will be driven by a good performance from Health & Nutrition (“H&N”), Dairy Nutrition and the Group’s US joint venture ahead of prior year, with Performance Nutrition (“PN”) expected to deliver a decline in performance versus prior year as a result of an unprecedented level of input cost inflation.

Commenting today Hugh McGuire, Chief Executive Officer, said:

“On behalf of the Glanbia team, I am pleased to report that the Group delivered a strong performance in 2024 with adjusted EPS growth of 6.8% to 140.03$c, driven by growth across our portfolio of better nutrition brands and ingredients. Optimum Nutrition and Isopure, our protein growth brands, delivered double digit volume growth in the year and we saw good growth across our premix and protein solutions businesses within Nutritional Solutions.

Our strong operational and financial performance continued to generate excellent cash flow, with 88.0% cash conversion in 2024. We increased the dividend by 10% and returned €102 million to shareholders via our share buyback programme, including €2 million of a €50 million buyback programme announced in November 2024 which is ongoing and authority for an additional €100 million of share buybacks announced today. We continue to evolve and optimise our portfolio, which included the acquisition of Flavor Producers in April and the decision to exit the Body & Fit business and the SlimFast brand.

We have commenced a multi-year group-wide transformation programme to drive efficiencies and support the next phase of growth. This includes setting up a new operating model, delivering productivity initiatives, and further optimising our portfolio, targeting annual cost savings of at least $50 million by 2027. These actions are designed to drive focus, unlock value and position Glanbia for its next phase of growth.

Looking ahead to 2025, we will focus on continuing to drive performance across our portfolio of better nutrition brands and ingredients, while navigating short-term input cost inflation. In FY 2025, we expect adjusted EPS to be in the range of 124 $cent and 130 $cent.”

1. Earnings Per Share (“EPS”)
2. For comparability purposes, commentary on revenue and EBITDA margins for the Glanbia Nutritionals segment and the Group is presented on a pro forma basis henceforth, reflecting the change in commercial arrangements associated with the Group’s US joint venture. Refer to Appendix 1 for the reconciliation between 2023 reported and pro forma numbers. FY24 revenue and revenue growth include the impact of the 53rd week.
3. The decision to exit the Body & Fit e-commerce business was made by the Board of Directors prior to the year-end and it was classified as held-for-sale. The decision to exit the SlimFast brand was made by the Board of Directors subsequent to the year-end.

 

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