THIRD QUARTER 2024 INTERIM MANAGEMENT STATEMENT

Continued momentum in third quarter, full year guidance reiterated

Announcing new operating model

6 November 2024 – Glanbia plc, the Better Nutrition company (“Glanbia” or the ‘Group’), is issuing this Interim Management Statement for the nine month period ended 5 October 2024 (“the period” or “YTD Q3 2024”).

Highlights1:

  • YTD Q3 2024 Group performance in line with expectations;
  • Reiterating full year guidance of 5% to 8% growth in adjusted EPS2;
  • Group revenue growth of 6.0%;
  • Glanbia Performance Nutrition (“GPN”) revenue growth of +1.7%;
    • Optimum Nutrition and Isopure continued their growth momentum, delivering strong volume growth;
  • Glanbia Nutritionals (“GN”) – Nutritional Solutions (“NS“) revenue growth of +14.4% (7.2% of which related to acquisitions);
    • Volume trends continue to improve with strong growth in premix and protein solutions businesses;
  • €100 million share buyback on-going with €88.6 million bought in the year-to-date;
  • Further €50 million buyback authorisation approved by the Board to commence in early 2025; and
  • As part its on-going portfolio evolution, the Group is today announcing a change in its operating model, separating its Glanbia Nutritionals business into two new segments.

Commenting today Hugh McGuire, Chief Executive Officer, said:

“Glanbia continued to deliver good momentum during the third quarter, driven by revenue growth across our portfolio of better nutrition brands and ingredients. Volume growth was driven by our protein growth brands Optimum Nutrition and Isopure, as well as premix and protein solutions.

Today, we are announcing the separation of our GN business into two new segments – Health & Nutrition and Dairy Nutrition. The new structure is designed to further streamline our business, sharpen our focus on our end use markets, and position ourselves for the next phase of growth. As part of this change in our operating model, we are commencing a group wide transformation programme which will allow us to fund and drive growth in our business, supporting our ambition to maximise long-term value for shareholders.

We are also announcing an additional €50 million share buyback authorisation which reflects our strong cash flows and balance sheet position further increasing our returns to shareholders.

Looking ahead to the remainder of 2024, we will continue to focus on delivering growth across our portfolio and we are reiterating our full year guidance of 5% to 8% growth in adjusted EPS.”

 

1 Current period reported revenues are not comparable with those of the prior period reported numbers as a result of the amendment of commercial arrangements between Glanbia Nutritionals and its US joint venture effective 1 January 2024, hence for the prior period, pro-forma numbers are used for comparative purposes which includes constant currency throughout. Revenue growth includes the impact of the 53rd week. 
2 Adjusted Earnings Per Share (“EPS”) on a constant currency basis.  

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