Glanbia Half Year 2025 results 

Resilient performance with adjusted EPS1 ahead of expectations; full year guidance upgraded

13 August 2025 – Glanbia plc (“Glanbia” or the “Group”), the ‘Better Nutrition company’, announces its half year results for the six month period ended 5 July 2025 (“Half Year 2025” or “HY 2025”).

FY24 Highlights2:

  • First half momentum with volume growth across Health & Nutrition and Dairy Nutrition and sequential improvement in Performance Nutrition, resulting in an upgrade to full year adjusted EPS guidance;
  • Glanbia announces that Paul Duffy will be appointed Company Chair on 1 January 2026 in place of Donard Gaynor who will retire on 31 December 2025;
  • Group Financial Performance:
    • Group revenues of $1.93 billion (HY 2024: $1.82 billion), an increase of 6.0% (+6.1% reported) with volume +0.9%, pricing +3.4% and +1.7% from acquisitions;
    • Group EBITDA pre-exceptional of $241.3 million (HY 2024: $261.6 million), a decrease of 7.5% (down 7.8% reported);
    • Adjusted EPS of 63.03 $cent (HY 2024: 68.20 $cent), a decline of 7.5% (down 7.6% reported);
  • Performance Nutrition (“PN”):
    • Revenue decline of 3.8% (3.6% reported) (decline of 1.5% excluding the impact of SlimFast and Body & Fit) with volume -3.5% and pricing -0.3%;
    • Optimum Nutrition delivered a LFL revenue decline of 0.5%, with sequential improvement through the period with revenue growth versus the prior year of 2% in Q2 (volume +1.5%, pricing +0.5%);
    • EBITDA margin of 12.7% (HY 2024: 17.7%), a decrease of 490bps as a result of elevated whey input costs;
  • Health & Nutrition (“H&N”)3:
    • Revenue growth of 18.0% (18.4% reported) with volume +6.9%, pricing -0.4% and +11.5% from acquisitions;
    • EBITDA margin of 19.5% (HY 2024: 16.9%), an increase of 260bps;
  • Dairy Nutrition (“DN”)3:
    • Revenue growth of 14.1% with volume +4.3% and pricing +9.8%;
    • EBITDA margin of 9.5% (HY 2024: 9.0%), an increase of 50bps;
  • Capital allocation::
    • Strong balance sheet with net debt to adjusted EBITDA ratio of 1.28 times (HY 2024: 1.22 times);
    • Interim dividend increased by 10% to 17.20 €cent and €62.8 million returned via share buyback programmes.

Strategic Updates:

  • Agreement reached for the acquisition of Sweetmix, a Brazil-based nutritional premix and ingredients solutions business within the H&N division;
  • Good progress on transformation programme, targeting annual savings of at least $50m per annum by 2027;
  • Agreement reached for the sale of Body & Fit, the Benelux Direct-to-Consumer e-commerce business;
  • Capital Markets Day to be held on 19th November to update on the Group’s medium-term growth agenda.

FY 2025 Outlook Upgrades:

  • Group adjusted EPS in the range of 130 to 133 $cent4 (previously 124 to 130 $cent);
  • PN like-for-like revenue growth (excluding SlimFast and Body & Fit) of 2 to 3% (previously in line with 2024); and
  • H&N EBITDA margin in the range of 18-19% (previously 17-18%).

Commenting today Hugh McGuire, Chief Executive Officer, said:

“Today’s results reflect a first half of significant execution and progress as we generated 6% revenue growth in the period, underpinned by strong growth in H&N and DN and a sequential improvement in PN through the period as the Group navigated significant macroeconomic volatility.

First half results were driven by volume growth, earnings and margin progression in H&N and DN, reflecting strong customer demand. This was offset by anticipated reduced performance in PN primarily as a result of elevated whey costs during the period. In the second quarter, we were pleased to see volume and price growth in our flagship brand, Optimum Nutrition. Within our H&N division, we have today announced the acquisition of Sweetmix, a Brazil-based nutritional premix and ingredients solutions business, facilitating continued growth in the Latin America region.

We delivered strong operating returns and cash conversion and continue to have a disciplined approach to capital allocation, with a 10% increase in the interim dividend and €62.8 million returned to shareholders via share buyback programmes during the period.

We are today upgrading our full year adjusted EPS guidance to 130 to 133 $cent5 as a result of increased revenue momentum in PN and improved margins in H&N. The category trends remain positive, and we expect to see continued improvement in volumes across PN in the second half of the year with continued momentum in H&N and DN.”

1. Adjusted Earnings Per Share on a constant currency basis
2. All changes are shown on a constant currency basis unless otherwise stated.
3. 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 half year 2024 was restated for comparability purposes. The change does not impact total Group or Performance Nutrition revenues or margins. This change is referenced in Note 2 (‘Basis of preparation’) of the interim financial statements.2024 was restated for comparability purposes. The change does not impact total Group or Performance Nutrition revenues or margins. This change is referenced in Note 2 (‘Basis of preparation’) of the interim financial statements.
4. Adjusted EPS of 130 – 133 $cent translates to a decline of approximately -7% to -5% on a constant currency basis.

 

See full results here 

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