Glanbia Half Year 2026 results

Strong H1 delivery with adjusted EPS1 of 81.24 $cent ahead of expectations 
FY26 outlook upgraded to 17% to 20% growth in adjusted EPS

6 August 2026 - Glanbia plc (“Glanbia”, the “Group”, the “Company”, the “plc”), the ‘Better Nutrition company’, announces its half year results for the six month period ended 4 July 2026 (“Half Year 2026” or “HY 2026”). 

HY 2026 highlights2:

  • Strong H1 performance with like-for-like (“LFL”) revenue growth across all three segments driven by accelerating category growth and robust end-use market demand
  • Group financial performance:
    Revenue of $2.1 billion (HY 2025: $1.9 billion), an increase of 7.0% (+7.9% reported) EBITDA of $275.4 million (HY 2025: $241.3 million), an increase of 14.1% (+14.1% reported) Adjusted EPS of 81.24 $cent (HY 2025: 63.03 $cent), an increase of 30.0% (+28.9% reported) Basic EPS of 63.68 $cent (HY 2025: 39.04 $cent), an increase of 66.8% (+63.1% reported)
  • Performance Nutrition (“PN”):
    LFL revenue growth of +16.9% with volume +9.3% and pricing +7.6% Optimum Nutrition delivered LFL revenue growth of +25.2% with very strong volume and pricing growth EBITDA margin of 12.6% (2025: 12.7%); continuing to navigate elevated whey input costs
  • Health & Nutrition (“H&N”):
    LFL revenue growth of +12.0% with volume +14.3% driven by demand in end-use markets EBITDA margin of 18.4% (HY 2025: 19.5%) Continued progress on capacity expansion in the US, China and Europe
  • Dairy Nutrition (“DN”):
    EBITDA of $92.3m (HY 2025: $72.2 million) with strong volume and pricing growth in protein solutions Benefitting from sustained underlying consumer demand for protein solutions
  • Continued focus on strategic execution with savings target for Group-wide transformation programme increased from $60 million to $70 million per annum by FY 2027
  • Capital allocation:
    Robust balance sheet with net debt to adjusted EBITDA of 1.41 times (HY 2025: 1.28 times) Interim dividend increased by 10% to 18.92 €cent and €100 million returned to shareholders via share buyback programme and directed buyback3

 

FY 2026 outlook upgrades:

  • Following a strong performance in the first half of the year, Glanbia now expects to deliver:
    • Adjusted EPS growth of 17% to 20% constant currency (previously upper end of 7% to 11%)
    • PN LFL revenue growth of 12% to 14% (previously upper end of 5% to 7%)
    • H&N LFL revenue growth of 8% to 10% (previously upper end of 4% to 6%)
    • DN EBITDA in a range of $170-180 million (previously $160-170 million)
  • All other guidance is in line with the Group’s medium-term outlook

 

Commenting today Hugh McGuire, Chief Executive Officer, said:

“I am pleased to report that the Group delivered a strong performance in the first half of the year with adjusted EPS of 81.24 $cent, an increase of 30.0% on the prior year, resulting in an upgrade to our guidance for the full year to 17% to 20% growth in adjusted EPS.

We delivered volume and like-for-like revenue growth across all three segments, reflecting disciplined execution as we continue to navigate whey cost inflation within Performance Nutrition. Optimum Nutrition delivered double digit volume growth in the period driven by accelerating category growth, increased distribution, ongoing innovation and the brand’s continued leadership within the category. We also generated strong volume growth across Health & Nutrition and Dairy Nutrition, with good demand in H&N’s end-use markets and strong volume and pricing growth in protein solutions within DN. 

We generated strong cash flow, increased our interim dividend by 10% and returned €100 million to shareholders via our share buyback programme3.

We continue to advance our group-wide transformation programme, and following strong progress year-to-date, we are now increasing our annual cost savings target from $60 million to $70 million by FY 2027. 

As a protein powerhouse at the heart of better nutrition, Glanbia is uniquely positioned to meet the growing demand for nutrition that supports healthier and more active lives. We now expect adjusted EPS growth of 17% to 20% which will be driven by category and end-use consumer market demand and a strong operating performance across all three segments.”

 

1 Earnings Per Share (“EPS”). 
2 All changes are shown on a constant currency basis unless otherwise stated. 
3 €50m returned via share buyback programme between 25 February and 17 July 2026 and €50m returned via directed buyback with Tirlán Co-operative Society Limited on 12 June 2026. 

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