Glanbia Full Year 2025 results

Robust delivery with adjusted EPS1 of 134.93 $cent

25 February 2026 - Glanbia plc (“Glanbia”, the “Group”, the “Company”, the “plc”), the ‘Better Nutrition company’, announces its preliminary results for the 2025 financial year ended 3 January 2026 (“2025” or “FY25”).

FY25 highlights2:

  • Like-for-like (“LFL”) revenue and volume growth across all three segments;
  • Group financial performance:
    • Revenue of $3.9 billion (2024: $3.8 billion), an increase of 2.3% (+2.8% reported)
    • EBITDA of $499.1 million (2024: $551.3 million), a decline of 9.4% (-9.5% reported)
    • Adjusted EPS of 134.93 $cent (2024: 140.03 $cent), a decline of 3.4% (-3.6% reported)
    • Basic EPS of 73.16 $cent (2024: 63.21 $cent), an increase of 19.7% (+15.7% reported)
  • Performance Nutrition (“PN”):
    • Pro-forma LFL revenue growth3 of +4.5% with volume +3.6%
    • Optimum Nutrition delivered LFL revenue growth of +6.4% with double digit growth in the second half
    • EBITDA margin of 13.0% (2024: 16.9%), a reported decline of 390bps driven by record whey input costs
  • Health & Nutrition (“H&N”)4:
    • LFL revenue growth of +6.8% with strong volume growth across premix and flavour solutions businesses driven by good demand across end-use markets
    • EBITDA margin of 18.4% (2024: 17.7%) on a reported basis
  • Dairy Nutrition (“DN”)4:
    • LFL volume growth +4.2% driven by strong demand for protein solutions
    • EBITDA of $149.5m (2024: $147.2 million) on a reported basis

  • Capital allocation:

    • Recommended final dividend per share of 25.67 €cent; representing a total 2025 dividend of 42.87 €cent, a 10% increase on prior year, representing a payout ratio of 35.9%
    • Returned approximately €197 million to shareholders in the year via share buybacks
    • Further €100 million buyback authorisation approved by the Board for 2026
    • Strong balance sheet with year-end net debt to adjusted EBITDA ratio of 1.08 times (2024: 0.81 times)

     

Strategic updates:

  • Sale of non-core brands, SlimFast and Body & Fit, in PN
  • Acquisitions of Sweetmix and Scicore5, building out further global scale in H&N
  • Continued momentum on Group-wide transformation programme, targeting annual cost savings of at least $60 million by 2027

  • New medium-term targets for 2026-2028 set out at the Group’s Capital Markets Day held on 19 November 2025

     

2026 outlook:

  • In line with the Company’s medium-term targets, Glanbia expects to deliver adjusted EPS growth of 7% to 11% constant currency and operating cash conversion of 85%+ in FY 2026
  • Segmental performance is expected to be in line with the Group’s medium-term targets.

 

Commenting today Hugh McGuire, Chief Executive Officer, said:

“I am pleased to report that the Group delivered a robust performance in 2025 despite a challenging macroeconomic and operating environment, with adjusted EPS of 134.93 $c.

We delivered volume and like-for-like revenue growth across all three segments, with performance somewhat offset by record whey inflation. Optimum Nutrition delivered double digit volume growth in the second half of the year. We also saw strong volume growth across Health & Nutrition and Dairy Nutrition.

We generated excellent cash flow, with 91% operating cash conversion, allowing us to invest in our brands and ingredients and return cash to shareholders. We increased our dividend by 10% and returned approximately €197 million to shareholders via our share buyback programme. Today we are announcing the Board has approved authority for an additional €100 million of share buybacks.

We continue to execute against our strategic priorities including the acquisition of Sweetmix and Scicore and progressed capacity expansion within H&N. In parallel, we are advancing our group-wide transformation programme, targeting annual cost savings of $60 million by 2027.

Glanbia is a protein powerhouse at the heart of better nutrition with a portfolio of world-class brands and ingredients that help consumers globally achieve their everyday fitness, health and nutrition goals. In line with our new medium-term guidance, we expect adjusted EPS growth of 7% to 11% constant currency in 2026, which will be driven by category and end-use 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. FY 2024 comparison has 53 weeks versus FY 2025 which has 52 weeks.
3 Pro-forma like-for-like (“LFL”) revenue growth for PN excludes SlimFast and Body & Fit revenues in both years. 
4 On 6 November 2024, Glanbia announced a change in the operating model, separating Glanbia Nutritionals into two new segments, Health & Nutrition (“H&N”) and Dairy Nutrition (“DN”). From 5 January 2025, Glanbia has reported results in line with the revised segment structure. Comparative segment information for full year 2024 was restated for comparability purposes. The change does not impact total Group or PN revenue or margins. Further details are referenced in Note 1 (‘Material accounting policy information’) of the financial statements. 
5 Agreement was reached in November 2025 for the acquisition of Scicore Nutra (“Scicore”), which completed post year end.

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