FIRST QUARTER 2025 INTERIM MANAGEMENT STATEMENT
First quarter in line with expectations, full year guidance reiterated
30 April 2025 – Glanbia plc, the Better Nutrition company (“Glanbia” or the “Group”), is issuing this Interim Management Statement for the three month period ended 5 April 2025 (“first quarter”, “the period”, or “Q1 2025”). This statement is issued in conjunction with the Group’s Annual General Meeting (“AGM”) which is being held today.
Highlights1:
- Q1 2025 Group performance in line with expectations;
- Reiterating full year guidance of adjusted EPS2 of 124 $cent – 130 $cent;
- Group revenue growth of 7.2% (2.7% of which related to acquisitions);
- Performance Nutrition (“PN”) revenue decline of -6.6% with Optimum Nutrition revenue declining by -3.1%, primarily as a result of lower revenues in the club and specialty channels in the US as anticipated, offsetting growth in online/FDM channels and international markets;
- Health & Nutrition (“H&N”) revenue growth of 24.9% (of which 19.3% related to the acquisition of Flavor Producers), driven by strong volume growth;
- Dairy Nutrition (“DN”) revenue growth of 18.9%, primarily as a result of good demand for protein solutions and strong dairy market pricing;
- €50 million share buyback on-going with €42.7 million repurchased to date;
- Good progress on mitigating short-term input cost inflation in PN; and
- Continued progress on the strategic agenda with group-wide transformation programme ongoing, including the exit of non-core businesses, to drive efficiencies and support the next phase of growth.
Commenting today Hugh McGuire, Chief Executive Officer, said:
“I am pleased to report that Glanbia delivered a resilient performance during the first quarter by delivering Group likefor- like revenue growth of 4.5% whilst navigating macroeconomic volatility and short-term headwinds in our Performance Nutrition division.
Our Health & Nutrition and Dairy Nutrition segments delivered a strong performance. As previously announced, Performance Nutrition is facing short-term challenges in the US club channel and we are offsetting this by delivering good growth in our online and food, drug & mass channels and international markets, which is supported by a strong innovation pipeline.
We have made good progress on our group-wide transformation programme which is focused on delivering efficiencies, optimising our portfolio and maximising long-term value for shareholders. Significant efforts have been made to reduce the impact of input costs on the Group. We now have good visibility of costs to the end of the year and we are reiterating our margin expectations for PN.
With the first quarter having progressed as planned, and whilst noting the ongoing uncertainty in relation to direct tariffs, we are pleased to reiterate our 2025 full year guidance of adjusted EPS2 in the range of 124 $cent – 130 $cent (-11% to -7% constant currency).”
Full results available here
1 Current period reported revenues are not comparable with those of the prior period reported numbers as a result of the amendment to the operating model, separating the Glanbia Nutritionals business into two new divisions, Health & Nutrition and Dairy Nutrition, hence for the prior period, pro-forma numbers are used for comparative purposes, on a constant currency basis throughout.
2 Adjusted Earnings Per Share (“EPS”) on a constant currency basis.