Delivering Better Nutrition

Glanbia plc Annual Report and Financial Statements 2024

Glanbia is a Better Nutrition company.

Leveraging our unique capabilities,

we develop world-class performance

and lifestyle nutrition brands, along

with innovative nutritional and

functional ingredient solutions.

Find us online

Our online report is available at: www.glanbia.com/annualreport

@Glanbia

The Glanbia Group comprises: Glanbia Performance Nutrition,

Glanbia Nutritionals and our Joint Venture. We offer an

incredible breadth of expertise in nutrition. We work with global

food and beverage companies and sell our award-winning and

market-leading products in over 100 countries worldwide.

Nutrition

FOR MORE INFORMATION, SEE OUR

BUSINESS MODEL ON PAGES 18

19.

At Glanbia, we capitalise on our leading market positions,

operational excellence and innovation capabilities. Our agile

business model enables us to consistently deliver value

to all our stakeholders.

Performance

FOR MORE INFORMATION, SEE OUR

CFO REVIEW ON PAGES 34

39.

Glanbia continues to evolve and grow. We are focused

on continuous innovation across our portfolio of great

brands and ingredients.

Innovation

FOR MORE INFORMATION,

SEE OUR OPERATIONS REVIEW

ON PAGES 26

33.

Glanbia plc | Annual Report and Financial Statements 2024

Directors’ Report

Financial Statements Other InformationStrategic Report

Strategic Report

Highlights 02

At a glance 04

Investment case 06

Group Chairman’s statement 08

Chief Executive Officer’s review 10

Strategy 12

Market trends and growth drivers 16

Our Business Model 18

Key performance indicators 20

Our culture and values 24

Operations review 26

Chief Financial Officer’s review 34

Sustainability 42

Risk management 64

Principal risks and uncertainties 70

Directors’ Report

Corporate Governance Report 80

Board of Directors and

Senior Management 82

Audit Committee Report 104

Sustainability Committee Report 112

Nomination and Governance

CommitteeReport 116

Remuneration Committee Report 120

Statutory information and

Forward-looking statement 140

Directors’ Responsibility Statement 154

Financial Statements

Independent Auditor’s Report 157

Group financial statements 168

Notes to the financial statements 173

Company financial statements 230

Notes to the Company

financial statements 232

Other Information

Glossary of non-IFRS

performance measures 236

Shareholder information 245

Contacts 250

Contents

 Glanbia plc | Annual Report and Financial Statements 2024

“We outperformed on all our

mid-term Group financial

targets in 2024, including

adjusted earnings per share,

return on capital employed and

operating cash conversion.”

Hugh McGuire

Chief Executive Officer

Highlights 2024

Financial highlights

(based on continuing operations)

Revenue

$3.8bn

2023: $3.6bn (reported $5.4bn)

+5.8%

2,3

Adjusted EPS ($)

140.03c

2023: 131.37c

+6.6%

/ +6.8%

EBITDA (pre-exceptional)

$551.3m

2023: $493.4m

+11.7%

/ +11.8%

Basic EPS ($)

63.21c

2023: 130.41c

-51.5%

/ -52.0%

Profit after tax

$164.7m

2023: $347.7m

decrease of $183.0m

OCF conversion

88.0%

2023: 90.4%

decrease of 240bps

Return on Capital Employed

12.4%

2023: 12.2%

+20bps

Net debt

$436.0m

2023: $248.7m

increase of $187.3m

1. Definitions and explanation of the key performance indicators and non-IFRS performance measures can be found in the key performance indicators

(“KPIs”) and glossary sections on pages 20-21 and 236-244.

2. For comparability purposes, commentary on revenue and EBITDA margins for the Glanbia Nutritionals segment and the Group is presented on a pro forma

basis reflecting the change in commercial arrangements associated with the Group’s US joint venture. Refer to the glossary on pages 236-244 for the

reconciliation between 2023 reported and pro forma numbers.

3. Reported currency

4. Constant currency

Glanbia plc | Annual Report and Financial Statements 2024

Directors’ Report

Financial Statements Other InformationStrategic Report

Health and safety: lost time

incident rate (“LTIR”)

0.92

reduced performance versus 2023

Scope 1 & 2 greenhouse gas

(“GHG”) emissions

7.5%

reduction versus 2023

Employee engagement score

73 pts

increase of 1 point versus 2023

Non-financial highlights

Avg. Adj. EPS

growth

5-10%

Adj. EPS

growth

+6.8%

Avg. OCF

conversion

+80%

OCF

conversion

88.0%

Avg.

ROCE

10-13%

ROCE

12.4%

CMD metrics

2023-2025 Metrics delivered in 2024

1 Glanbia Group ambition targets as per Capital Market’s Day (“CMD”) November 2022.

2 Constant currency.

 Glanbia plc | Annual Report and Financial Statements 2024

At a glance

Our purpose is to deliver better nutrition

for every step of life's journey. We employ

more than 5,700* people across 32

countries and our brands and ingredients

reach millions of people every day.

*Including joint venture operations.

Delivering

Better Nutrition

Serving growing

consumer trends

Our purpose and our newly refreshed values

provide focus and direction for the organisation

and guide us in our business interactions.

Our diverse, engaged and energetic workforce

drive our strategy to deliver better nutrition

every day.

Focus on healthy living

With the focus of healthy living shifting

towards prevention, consumers

are increasingly choosing food and

beverages based on their health

benefits, nutritional value, functionality,

energy-boosting properties and support

for immunity.

Protein demand

The functional and nutritional benefits

of protein are now recognised by a wide

consumer set.

Holistic approach to health

Consumers are taking a more holistic

approach to health, spending more on

nutrition, fitness, sleep and mindfulness.

Sustainability focus

Consumers are increasingly interested

in learning about ingredient sourcing

and gaining a deeper understanding

of the food system. Customers desire

sustainability to be an integral part of

the supply chain.

P16

Passion for our

customers & consumers

Performance matters

Respect for people

Find a better way

Win together

Sense of fun

Our purpose Our culture & valuesOur culture & values

Our markets

P24

Glanbia plc | Annual Report and Financial Statements 2024

Directors’ Report

Financial Statements Other InformationStrategic Report

Our people are our greatest asset.

We care for our people and we work

to foster an inclusive culture where

every employee can thrive and reach

their full potential.

Glanbia’s success is

built on the talent of

our people

Our people

P24

Routes to market

Nutrition focused

brands and ingredients

P26

Consumer branded

products

by Glanbia Performance Nutrition (“GPN”)

#1 global sports nutrition brand

#1 global seller of whey protein powder

Portfolio of leading brands in

performance and lifestyle nutrition.

Specialty nutritional

ingredients

by Glanbia Nutritionals (“GN”)

#1 US supplier of whey protein isolate

#2 global leader in custom premix solutions

#1 supplier of American-style cheddar cheese

Leading provider of specialised solutions in

premix micronutrients, proteins and flavours.

2024 revenue

$2.0bn

2024 revenue growth

+10.9%

3,4

2024 revenue

$1.8bn

2024 revenue growth

+0.5%

3. Constant currency

4. Based on 2023 pro forma

1. Source: Euromonitor

2. Source: Industry estimates

Better

Nutrition

 Glanbia plc | Annual Report and Financial Statements 2024

Investment case

A simplified

strategy,

focused

on better

nutrition

Glanbia has a unique portfolio

of Better Nutrition brands and

ingredients, which address growing

consumer demand in major healthy

nutrition categories. Our brands and

ingredients play into the growing

market trends of active lifestyles

and health and wellbeing. Our core

strategy is focused on delivering

growth through our Better Nutrition

portfolio of brands and ingredients.

Innovation

supporting

consumer

trends through

brands and

ingredients

In today’s world, consumers

are seeking authentic brands

and ingredients that focus on

performance, healthy lifestyles and

boosting immunity. Consumers are

taking personal accountability for

their own health and wellbeing. We

are supporting them on this journey

through continuous innovation of

our brands and ingredients.

Transformation

Our group-wide transformation

programme aims to drive

efficiencies and support Glanbia’s

next phase of growth through three

focused divisions: Performance

Nutrition, Health & Nutrition and

Dairy Nutrition. This programme

focuses on operating model

optimisation, unlocking supply

chain efficiencies, accelerating

digital transformation and ongoing

portfolio evaluation.

What sets

us apart?

Our key strengths and unique

competitive advantage will

drive sustainable growth.

P12

P16

P14

Glanbia plc | Annual Report and Financial Statements 2024

Directors’ Report

Financial Statements Other InformationStrategic Report

Financial

capacity

We have a strong balance sheet, a

proven record of earnings growth

and cash conversion, all facilitating

investment and shareholder

returns. 92% of Group EBITDA is

now delivered through our Better

Nutrition growth platform of

Glanbia Performance Nutrition and

GN Nutritional Solutions. Improving

the operational, commercial and

financial performance of our

business has helped us maximise

long-term value and deliver superior

returns.

Sustainable

operations

Our sustainability strategy has

been fully integrated into our

business model and targets.

Our sustainability strategy sets

ambitious goals across our priority

areas: emissions, waste, water

usage and packaging. Aligned to

the UN Sustainable Development

Goals, we have committed to the

Science Based Targets initiative and

are very clear on our roadmap for

achieving our targets.

Strong culture

and values

We are a purpose-led business,

committed to building an inclusive

culture that empowers our people

to thrive. Our diverse and engaged

workforce drive our strategy to

deliver better nutrition every day.

We listen to our stakeholders,

our employees, our investors, our

consumers and customers to craft

and deliver on our strategy.

P34

P42

P24

 Glanbia plc | Annual Report and Financial Statements 2024

Group Chairman’s statement

Focused on

performance

Dear Shareholder,

2024 was another year of evolution for

our company, in which we delivered

against our targets and continued to

work towards our strategic objectives,

building on the progress of past years.

Like many organisations, we experienced

continued macroeconomic volatility

including inflation and rising input

costs as well as geopolitical and trade

uncertainty. Many of these challenges

look set to persist and intensify as we look

ahead to 2025, however, Glanbia is well

positioned to navigate these challenges.

We had a number of changes to our

senior leadership team during the year,

with Hugh McGuire taking up the role

of Group Chief Executive Officer on

1 January 2024. The Board is supportive

of Hugh’s commitment to the Company’s

strategy, which seeks to create and

sustain long-term shareholder returns

while building a responsible Company,

guided by a strong sense of purpose.

Financial performance

In 2024 Glanbia delivered against

our key financial metrics, including

adjusted Earnings Per Share (“EPS”),

operating cash conversion and return

on capital employed. The Group

delivered 6.8% adjusted EPS growth on

a constant currency basis, with strong

operational and financial results despite

a challenging macro environment.

We continue to evolve our “Better

Nutrition” strategy (see pages 12-15),

and the fundamental growth drivers

underpinning our business remain

unchanged – see pages 16-17.

Strategy

During the year, the Group continued to

evolve its portfolio with the acquisition

of Flavor Producers, which provides

flavours and extracts to the food and

beverage industries, with a focus on

natural and organic ingredients. The

acquisition is consistent with Glanbia’s

strategy of acquiring complementary

businesses to grow our Better Nutrition

platforms. Flavor Producers significantly

expands our flavours offering, bringing

new capabilities in the attractive and

“ Delivering Better

Nutrition” is our

purpose. We bring

this to life through

our portfolio of

award-winning

brands and

ingredients, as well

our commitment

to our people

and planet.”

The financial and non-financial value

created for our stakeholders by this

model makes Glanbia both highly

resilient and sustainable. We share more

detail on our stakeholder engagement on

pages 44-45.

growing natural and organic flavours

market which are aligned with long-term

consumer trends.

Following a detailed strategy process, we

commenced a Group-wide transformation

programme. This programme supports our

ambition to maximise long-term value for

shareholders. The programme supports

the design of a new fit for purpose

operating model for Glanbia, with three

divisions - Performance Nutrition, Health

& Nutrition and Dairy Nutrition. The

programme will also focus on delivering

supply chain efficiencies, accelerating

digital transformation and continually

evaluating our portfolio, which includes

exiting non-core businesses.

Our strategic objectives will continue

to focus on growing our core brands

and nutritional ingredients, optimising

our business by improving operational,

commercial, sustainability and financial

performance and by maintaining

a disciplined approach to capital

allocation. We achieve this by adhering

to our core values and acting consistently

in line with our purpose.

Donard Gaynor

Group Chairman

Glanbia plc

Glanbia plc | Annual Report and Financial Statements 2024

Directors’ Report

Financial Statements Other InformationStrategic Report

250

300

200

150

100

2020

€95m

€172m

€258m

€190m

€198m

2021 2022 2023 2024

Cumulative Dividends Paid 429m and Share Buybacks 484m

€17m

€91m

€174m

€100m

€102m

€78m

€81m

€84m

€90m

€96m

We are committed to achieving our

ambitious Environmental, Social and

Governance (“ESG”) goals.

Further details on our sustainability

strategy – “Better Nutrition, Better

World” – can be found on pages 42-43.

Shareholder returns

We have a proven cash generative

business model. In line with our capital

allocation policy, we returned €102

million to shareholders via our buyback

programmes in 2024. In a further

testament to the strength of the business,

the Board believes it is appropriate for

Glanbia to deliver a strong dividend for

2024. The Board is recommending a final

dividend of 23.33 euro cent per share

for the year ended 4 January 2025. This

brings the total dividend per share for

the year to 38.97 euro cent per share,

up 10% on the previous year. The Board

will continue to review the availability of

surplus cash and capital in accordance

with the Group’s policies on financial

leverage and capital allocation.

Board and leadership changes

Our evolution as a Company was

accompanied by a transition in our

senior leadership, with Hugh McGuire

taking up the position of Group CEO on

1 January 2024. Wendy Chang Smith was

appointed to the role of Chief Digital

and Transformation Officer in March

2024 and joined the Group Operating

Executive at the same time. Steve

Yucknut, CEO GPN, retired from Glanbia

at the end of 2024. As part of our new

reporting structure, Monica McGurk was

appointed CEO of GPN Americas and

Andy Shaw was appointed CEO GPN

International, both reporting to Hugh

McGuire. Both Monica and Andy joined

the Group Operating Executive effective

1 January 2025.

In line with the Company’s relationship

agreement with Tirlán Co-operative

Society Limited, Gerard O’Brien and Tom

Phelan were appointed to the Board of

Glanbia with effect from 1 June 2024, in

place of Patrick Murphy and Brendan

Hayes, who retired on 1 May 2024 and

31 May 2024, respectively. Dan O’Connor

will retire from the Board at our next

Annual General Meeting (“AGM”). On

behalf of the Board, I would like to warmly

thank Dan, Brendan and Patrick for their

contributions to Glanbia and to wish

them the very best for the future.

Senan Murphy joins the Board as an

Independent Non-Executive Director,

effective at the end of the Company’s

next AGM. Senan brings significant

experience to the Board and reflects

Glanbia’s ability to continue to attract

high calibre Independent Directors.

There were also a number of changes

to the composition of our Committees

during 2024, which are discussed in more

detail in the Nomination and Governance

Committee Report on pages 116-119.

Chairman retirement

After almost twelve years with Glanbia

and over four years as Group Chairman,

I have informed the Board that I intend

to retire from my role as Group Chairman

and step down from the Board of Glanbia

at the conclusion of the 2026 AGM. Until

then, I remain fully committed to Glanbia

and to delivering for all our stakeholders.

Employee engagement

Glanbia continued to make good

progress on our people and engagement

agenda in 2024. A key highlight during

the year was the launch of our newly

refreshed values, which have been rolled

out across our organisation, unifying

Glanbia under one set of shared values.

I have been honoured to serve as the

Group’s first dedicated Workforce

Engagement Director since 2018. I was

delighted to be succeeded in this

role by Gabriella Parisse, effective

1 November 2024.

We continued our focus on workforce

engagement, meeting with hundreds of

our Glanbia colleagues at all levels and at

various sites globally throughout the year.

This included employee engagement

sessions in Chicago and Dublin, townhalls

and roadshows as well as our global

leadership conference in Killarney,

Ireland. These sessions provided two-way

direct dialogue on a range of priorities

and topics including equity and inclusion,

wellbeing, communication, career

progression and more. The engagement

sessions provided rich feedback which

were considered by the Board as we set

priorities for 2025 and beyond.

Summary

On behalf of the Board, I extend my

gratitude to all our colleagues around the

world for their unwavering commitment,

hard work and resilience. Your passion

for delivering Better Nutrition and your

commitment to Glanbia’s values are the

driving forces behind our Company’s

continued and future success.

We have a superb organisation with

a very strong culture. There are many

strengths on which we can build for the

future - great brands and ingredients,

well positioned in fast-growing markets; a

well-established footprint in key markets;

and a talented and committed workforce.

With these strengths, I believe that

Glanbia can continue to deliver attractive

levels of growth over both the short and

the long-term to meet the needs of all our

stakeholders.

Donard Gaynor,

Group Chairman

Dividends paid and share buybacks

5-year history of dividends paid and share buybacks

Dividends Paid (m) Share Buyback (m)

1. One-off incremental Share Buyback programme executed in 2022 utilising Tirlán sales proceeds

 Glanbia plc | Annual Report and Financial Statements 2024

Chief Executive Officer’s review

Delivering

Better Nutrition

Dear Shareholder,

In my first full year as CEO, it has been a

privilege to work with our great people on

our purpose of delivering Better Nutrition.

I am pleased to report that the business

delivered a strong performance in 2024,

demonstrating the strength of our Better

Nutrition brands and ingredients portfolio.

This performance was powered by strong

volume growth across our portfolio and in

particular by our protein growth brands

Optimum Nutrition and Isopure, as well as

our premix and protein solutions.

Despite an uncertain macro environment

and increasing whey input costs in the

second half of the year, we achieved

many successes in 2024. However the

challenges of whey price inflation and

other macroeconomic uncertainties

will continue into 2025. Glanbia’s

fundamental strengths including our

market leading positions, talented teams

and strong financial position ensure that

we are well positioned to manage these

challenges and deliver long-term growth.

Delivering our Better

Nutrition strategy

In 2024 we outperformed on all of our

mid-term Group financial metrics,

delivering on adjusted EPS, return on

capital employed and operating cash

conversion. We will continue to evolve our

“Better Nutrition” strategy (see pages

12-15), but the fundamentals remain

unchanged – global macro trends around

health and wellness continue to drive

significant consumer demand in our core

categories and our portfolio of great

brands and ingredients supports these

trends. (See pages 16-17.)

Growth remains my top priority and I

am pleased with our 2024 performance.

The Group achieved 6.8% adjusted

EPS growth, constant currency, with

strong operational and financial results

despite a competitive and inflationary

environment. Pre-exceptional profit

rose to $310.3 million, an increase of

4.1% reported.

Cash flow generation is a key strength for

Glanbia. In 2024 we delivered operating

cash conversion of 88.0%, enabling us

to increase the dividend by 10% and

packaging design in US retail channels.

The new packaging highlights the protein

and flavour attributes more clearly, to

broaden our appeal to new consumers.

We launched a number of product

innovations, including new flavours of

our flagship Gold Standard Whey protein

powder, as well as new Amino Energy

offerings. We are particularly pleased

with the global performance of Optimum

Nutrition Creatine, which delivered very

strong growth across all channels.

Isopure continued its growth momentum.

Our ‘Add Less. Do More’ campaign is

performing well and aims to further

increase household penetration. Isopure

benefited from product reformulation

and new branding which aims to drive

consumer appeal and connect the

different product offerings within the

Isopure brand family.

GPN delivered good EBITDA growth of

$23.1 million, an increase of 8.3% constant

currency over prior year. This was driven

by lower whey input costs in the first half

and a continued focus on revenue growth

management initiatives. Overall, EBITDA

margins were very strong at 16.9%, an

increase of 120 basis points over prior year.

return €102 million to shareholders

via share buybacks. We expect future

growth will be a blend of organic growth

and acquisitions. We are ambitious for

accretive M&A given our current debt

facilities of approximately $1.3 billion.

We will continue to focus on our strategic

priorities (see pages 12-15) and maintain

investment in the business, particularly

the key enablers to drive growth.

Glanbia Performance Nutrition

In 2024, Glanbia Performance Nutrition

delivered revenue growth of 0.5%

and EBITDA growth of 8.3%, constant

currency. We are particularly pleased

with the performance of Optimum

Nutrition and Isopure, both of which

delivered double digit volume growth.

Optimum Nutrition continued its global

momentum, delivering revenue growth

of 7.5%, constant currency. As a leading

brand in the category, we are focused

on driving recruitment, broadening

the brand’s appeal through education,

broad media reach and partnerships.

We continued to grow household

penetration and expand the brand’s

physical availability. During the third

quarter, we began rolling out new

Hugh McGuire

CEO

Glanbia plc

Glanbia plc | Annual Report and Financial Statements 2024

Directors’ Report

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Glanbia Nutritionals

In 2024, Glanbia Nutritionals delivered

pro forma revenue growth of 10.9%

and EBITDA growth of 16.5%, constant

currency.

Our Nutritional Solutions (“NS”) pro forma

revenue grew by 14.0%, constant currency.

Volume growth was fuelled by a good

performance in our premix and protein

solutions businesses, while the price decline

came largely from the impact of year-over-

year market pricing. Demand remains

strong in our priority end use markets

of vitamins, minerals and supplements

(“VMS”), active lifestyle and functional

beverages, with sustained demand from

customers for fortification and high-protein

healthy snacking.

The functional beverage category is

growing well in international markets,

particularly EMEA, and there is good

demand for our high-protein crisp

offerings into bar and cereal applications.

We continue to invest in innovation to

ensure Glanbia has the best solutions to

meet the growing needs of consumers and

customers. NS EBITDA was $200 million,

up 27.2% constant currency. EBITDA

margins are strong at 19.8%, an increase of

200 basis points versus last year.

In April 2024, we completed the acquisition

of Flavor Producers for $300 million.

Flavor Producers is a leading flavour

platform in the US, providing flavours

and extracts to the food and beverage

industry. Together with Foodarom, Flavor

Producers enhances our scale and flavour

technologies – supported by strong

innovation capabilities particularly in

natural and organic offerings.

US Cheese pro forma revenue increased

by 8.1% in 2024 and EBITDA decreased by

14.7% to $45.9 million due to dairy market

dynamics and lapping procurement

benefits in the prior year.

Group transformation

As announced on 6 November 2024, we

commenced a Group-wide transformation

programme to drive efficiencies across the

new operating model and support the next

phase of growth through three focused

divisions: Performance Nutrition, Health &

Nutrition and Dairy Nutrition.

The programme is a three year initiative

expected to generate annual cost savings

of at least $50 million by 2027. These

savings will be allocated to reinvestment

in the business and profitability

improvement. The programme will deliver

across four areas:

1. Operating model optimisation

The new operating model is designed to

further simplify the business, increase

focus on high-growth end-use markets

and provide greater insight into our

value drivers and growth opportunities.

Health & Nutrition comprises the premix

solutions and flavours platforms. Dairy

Nutrition combines the US Cheese and

NS protein portfolios and will operate as

a standalone business with a dedicated

leadership team from 1 July, with the goal

of optimising profits and returns as a

leading dairy business.

“ 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”

2. Unlocking supply chain efficiencies

From a supply chain perspective, we

identified further efficiency opportunities

to be unlocked by consolidating the

Performance Nutrition and Health &

Nutrition supply chain organisations,

particularly across manufacturing,

procurement and quality.

3. Accelerating digital transformation

As part of our digital transformation

journey, we identified opportunities to

improve business processes, accelerate

growth through commercial excellence

and enhance productivity across

the Group through centralising and

outsourcing the delivery of support

functions.

4. Ongoing portfolio evaluation

As part of our portfolio review and to

ensure the Group can focus on high-

growth opportunities, we evaluated the

role of our Benelux Direct-to-Consumer

e-commerce business, Body & Fit,

and our weight management brand

SlimFast, making the decision to exit both

businesses. We will continue to evaluate

the Group’s broader portfolio with a focus

on delivering sustainable and profitable

growth.

Sustainable operations

Our global sustainability programme,

“Better Nutrition, Better World” is a core

part of our strategy. Our sustainability

commitments allow us to minimise our

impact on the planet, make a positive

impact on society and ensure sustainable

long-term performance. We continued to

improve our environmental performance

during the year. The focus for 2025 will be

to continue to deliver on our commitments

(see pages 42-63) and transparently report

upon our progress as we align with the

EU Corporate Sustainability Reporting

Directive (“CSRD”).

Our valued people

During my first year as CEO, I have taken

great pride in the dedication and talent

of our teams. People are our greatest

asset and we continue to evolve our talent

leadership through new experienced talent

and developing internal capability to build

high-performance teams that can drive

our growth agenda. I am delighted to have

Wendy Chang Smith as Chief Digital and

Transformation Officer, Monica McGurk

as CEO Americas for GPN and Andy Shaw

as CEO International for GPN, join our

Leadership team and I will continue to

evolve this team over the course of 2025.

I would like to personally thank Steve

Yucknut, who retired at the end of 2024, for

his great support and dedication to GPN

over the past ten years.

Our culture is a powerful combination of

our values and our purpose in delivering

better nutrition. During the year, we

launched a refreshed set of shared values

across the Group, with input from internal

and external stakeholders and more then

200 colleagues across the organisation.

Our values define who we are and also the

behaviours that are important to us, and

helps create a culture that is innovative,

entrepreneurial and performance focused.

We will continue to deliver on our

comprehensive people agenda supported

by our new HR operating model as outlined

by our Chief People Officer Sue Sweem on

pages 24-25 and I look forward to working

with our talented teams to deliver on our

growth agenda.

Looking to the future

We operate in exciting categories with

leading market positions, outstanding

teams and a strong financial capability

position. There is no doubt that we will

have challenges to manage in 2025,

including unprecedented whey protein

market dynamics, which we expect to

be transitory, but we are confident we

can navigate these challenges and that

transforming our business and investing

for long-term sustainable growth will help

position us well for the future.

I am focused on driving the growth of

Glanbia and fully committed to our

purpose of delivering better nutrition.

Hugh McGuire

Chief Executive Officer

 Glanbia plc | Annual Report and Financial Statements 2024

Better

Nutrition

Strategy

Delivering

our vision

Our purpose: To deliver better nutrition for every

step of life’s journey.

Our unique portfolio of brands and ingredients addresses thriving health and wellness trends.

When people feel better, stronger and more nourished, they live better. We deliver better nutrition using insight and science-led

innovation to create healthier products that meet the ever-evolving needs of our consumers and customers.

Our strategy

Our strategic priorities will help us to achieve our ambitions and to harness Glanbia’s global growth potential.

We will continue to develop our key enablers, our world-class strategic capabilities and our strong assets.

SEE OUR BUSINESS MODEL ON PAGES 18

19.

Sustainable

operations

READ MORE P34

CMD metrics

2023-2025 Metrics delivered in 2024

1 Glanbia Group ambition targets as per Capital Market’s Day (“CMD”) November 2022.

2 Constant currency.

Glanbia plc | Annual Report and Financial Statements 2024

Directors’ Report

Financial Statements Other InformationStrategic Report

KPIs

Adjusted EPS ($)

140.03c

+6.8% constant currency

GPN revenue

$1.8bn

+0.5% constant currency

GN revenue

$2.0bn

+10.9% constant currency

Key risks

• Macroeconomic headwinds and

geopolitical uncertainties including

tariffs and key ingredient pricing

volatility impacting demand; and

• Competitor promotional activity

or unexpected rapid changes in

consumer behaviour.

FOR MORE INFORMATION

ABOUT RISK, SEE PAGES 64

77.

Link to remuneration

• Adjusted Earnings Per Share is a

performance target in both the annual

incentive and Long Term Incentive Plan

(“LTIP”) for Executive Directors and

Group Operating Executive;

• Business segment EBITA forms part of

the annual incentive for the CEOs of

GPN and GN;

• GPN branded revenue growth forms

part of the annual incentive of the

CEOs of GPN; and

• NS volume revenue growth forms

part of the annual incentive of the

CEO of GN.

FOR MORE INFORMATION

ABOUT REMUNERATION,

SEE PAGES 120

139.

Grow the core

Our core brands and nutritional ingredients are leaders in

categories that are driven by strong health and wellness trends.

Better Nutrition – Strategic priority 

Our strategy

Capture global potential of billion dollar Optimum

Nutrition brand;

Build North America’s branded lifestyle nutrition platform;

Continue to scale our international business; and

Continue to innovate our core brands and ingredients.

2024 progress

• GPN revenue growth of 0.5%

constant currency, with strong

growth in Optimum Nutrition and

healthy lifestyle portfolio;

• GN NS volume growth of 3.6%;

• Optimum Nutrition revenue growth

of 7.5% constant currency;

• Scaled international business

delivering 2.3% revenue growth,

constant currency;

• Continued to invest in innovation

and capacity; and

• Expanded capabilities with the

acquisition of Flavor Producers.

Looking ahead to 2025

• Drive distribution and visibility for

Optimum Nutrition while relentlessly

recruiting performance-driven

consumers in and outside the

category;

• Accelerate the growth of GPN’s

healthy lifestyle portfolio;

• Scale our international business in

strategic markets; and

• Capture proteins growth with

active lifestyle nutrition consumers

through enhanced proprietary

solutions.

1. Based on 2023 pro forma.

STRATEGY IN ACTION

Optimum Nutrition

beyond $1 billion

Optimum Nutrition is the world’s

number one sports nutrition

brand, sold in over 100 countries

and with annual revenue well

in excess of $1bn. The Optimum

Nutrition product portfolio caters

to a range of performance needs

and occasions and includes 100%

Gold Standard Whey – the world’s

number one protein powder – as

well as Amino Energy, Serious Mass

and Creatine.

 Glanbia plc | Annual Report and Financial Statements 2024

STRATEGY IN ACTION

New operating model

We have commenced a multi-year

group-wide transformation programme

to drive efficiencies and support the next

phase of growth. This includes setting

up a new operating model, delivering

productivity initiatives, accelerating digital

transformation and further optimising

our portfolio. This programme includes a

new operating model with three focused

divisions: Performance Nutrition, Health

& Nutrition and Dairy Nutrition. We are

targeting annual cost savings of at least

$50 million by 2027. These actions are

designed to drive focus, unlock value and

position Glanbia for its next phase of

growth.

Strategy continued

KPIs

Adjusted EPS ($)

140.03c

+6.8% constant currency

Employee engagement score

73 points

+1 point

Increase in point score for employees who

said they were happy working at Glanbia

Carbon emission reduction

7.5%

Scope 1 & 2 GHG emissions reduction

versus 2023

Key risks

• A failure to attract, develop, engage

and retain key talent;

• Adverse cyber security events

resulting in significant operational

impacts; and

• Climate or pandemic-related events

impacting supply chains.

FOR MORE INFORMATION

ABOUT RISK, SEE PAGES 64

77.

Link to remuneration

• Adjusted Earnings Per Share is a

performance target in both the annual

incentive and LTIP for Executive

Directors and Group Operating

Executive;

• Development of talent is a personal

objective of Executive Directors and

the Group Operating Executive; and

• Short-Term Incentive Plan (“STIP”) and

LTIP incentives for Executive Directors

and the Group Operating Executive

include measurable metrics aligned to

our strategic road map to deliver on

our ESG targets.

FOR MORE INFORMATION

ABOUT REMUNERATION,

SEE PAGES 120

139.

Optimise

our business

Improving the operational, commercial, sustainability and financial performance of

our business to maximise returns and long-term value.

Better Nutrition – Strategic priority 

Our strategy

Science-led innovation;

Refine business and operating model;

Optimise opportunities for margin expansion; and

Digital transformation.

2024 progress

• Continued to leverage our deep

innovation capability across

our Better Nutrition brands and

ingredients;

• Increased investment in marketing

and capabilities to support growth

agenda;

• Implemented new commercial

arrangements related to our US

joint venture; and

• Appointed a Chief Digital and

Transformation Officer to unlock

opportunities for digitisation and

automation.

Looking ahead to 2025

• Drive innovation in GPN and

Health & Nutrition;

• Commenced a group-wide

transformation programme to

drive efficiencies across the new

operating model and support the

next phase of growth; and

• Enhance productivity and drive

efficiencies across operations

through our transformation

programme.

Glanbia plc | Annual Report and Financial Statements 2024

Directors’ Report

Financial Statements Other InformationStrategic Report

STRATEGY IN ACTION

Progressive

shareholder returns

Our strong cash generation and available

debt facilities provide us with significant

capacity to fund future growth

opportunities. We have clear capital

allocation priorities, with a balanced

approach to investing in the business

and providing returns to shareholders.

Our progressive dividend policy has

a targeted dividend payout ratio of

25%-35%. We supplement this with

further returns to shareholders via share

buyback programmes and in 2024

€102 million was returned in that way.

KPIs

OCF conversion

88.0%

2023: 90.4%

ROCE

12.4%

2023: 12.2%

Net debt

$436.0m

2023: $248.7m

Key risks

• Ineffective due diligence, transaction

completion or business integration;

and

• Failing to obtain accurate and

relevant market intelligence.

FOR MORE INFORMATION

ABOUT RISK, SEE PAGES 64

77.

Link to remuneration

• OCF conversion is a performance

target in the annual incentive for

Executive Directors and the Group

Operating Executive; and

• ROCE is a performance target in the

LTIP for Executive Directors and the

Group Operating Executive.

FOR MORE INFORMATION

ABOUT REMUNERATION,

SEE PAGES 120

139.

Disciplined

capital allocation

Prioritising long-term value through the focused allocation and reallocation

of capital.

Better Nutrition – Strategic priority 

Our strategy

Accretive M& A;

Balance between investment and return of capital

to shareholders;

Focus on cash generation; and

Portfolio optimisation.

2024 progress

• Acquired Flavor Producers, a

leading flavour platform in the US;

• Transitioned to new commercial

arrangements associated with the

Group’s joint venture operations;

• Delivered strong cash generation

with 88.0% (2023: 90.4%) operating

cash conversion;

• Net debt: adjusted EBITDA 0.81

(2023: 0.50) and adjusted EBIT:

adjusted net finance cost 16.7

(2023: 38.1); and

• Increased dividend by 10%

and returned €102 million

to shareholders via share

buyback programmes.

Looking ahead to 2025

• Pursue other margin accretive

strategic M&A opportunities to

complement the current portfolio;

• Maintain progressive capital

allocation strategy through

mechanisms such as dividends and

share buyback programmes; and

• Identify opportunities to reallocate

capital and maximise growth.

 Glanbia plc | Annual Report and Financial Statements 2024

Market trends and growth drivers

Relentless focus

on consumers

Nutrients for

health & wellness

Our focus on

sustainability

P42

Global sports nutrition

market size

$28bn

Source: Euromonitor, Glanbia

analysis.

Global consumers who try

to have a positive impact

on the environment through

everyday actions

45%

Source: Euromonitor Voice of the

Consumer: Sustainability Survey

Performance nutrition

Fitness is no longer an occasional activity: it is

now a lifestyle choice. A growing focus on active

lifestyles, and a greater understanding of the link

between diet, exercise and health is driving strong

demand for sports nutrition products across a range

of convenient formats. Active lifestyles are lived at

various levels of intensity from weekend warriors

to high-performance athletes - all being driven by

measurable goals.

Improve physical and cognitive health

Today’s consumers are increasingly aware of the

importance of nutrition in improving their overall

health and wellbeing. We are searching for better,

healthier and smarter nutritional and functional

ingredients that fit our lifestyles. A desire for

improved health and physical wellness is driving

the demand for functional and nutritional foods

and beverages that are high in fibre and protein or

fortified with key dairy ingredients.

Sustainability

Consumers want high-quality, high-performance

products that are designed and produced

sustainably. They value brands and ingredients that

make sustainable living easier and more accessible.

US consumers who now

consider wellness a top or

important priority in their

everyday lives

82%

Source: McKinsey Future of

Wellness Survey

P26

Glanbia plc | Annual Report and Financial Statements 2024

Directors’ Report

Financial Statements Other InformationStrategic Report

How we are meeting this market need

Market-leading portfolio of brands

and ingredients

GPN’s Optimum Nutrition brand is the #1 sports nutrition brand in the world and has

pioneered performance nutrition for over 35 years. The brand is built on authenticity and

trust and we are enhancing our reach and relevance for a wider range of consumers through

increased marketing and activation.

GN NS has a decades-long history of nutritional product leadership, developing solutions to

help both performance athletes and everyday enthusiasts build muscle, accelerate recovery

and increase endurance. We are the #1 US supplier of whey protein isolate supplying key

market segments including performance nutrition. We create functional and nutritional

solutions to improve the quality, performance, nutritional value, texture and taste of many

foods, beverages and supplements.

How we are meeting this market need

Brands and ingredients to make life healthier

GPN has a dedicated portfolio of healthy lifestyle brands that support consumers’ nutrition

journeys. Isopure provides everyday nutrition with a commitment to purity, simplicity and

quality through products made with necessary ingredients only. think! offers high-protein

low-sugar bars for consumers looking for healthy on-the-go snacking options. Amazing Grass

provides a range of green superfood powders for consumers looking to supplement their

plant-based nutrition.

GN NS offers nutritional solutions to help people live more healthy and energetic lives. From

healthier hearts and bones, to better immune health, to increasing or maintaining muscle, our

science-based solutions target a broad spectrum of benefits. We are always innovating new

ingredients and formulations to help keep people at their best.

How we are meeting this market need

Better Nutrition, Better World

Guided by our strong purpose and values, we continue to drive the integration of our

sustainability programme across the business.

Our sustainability strategy focuses on our people, our planet and our performance. We are

tackling topics that are most material to our business and stakeholders and translate our

overall sustainability efforts into tangible results that enable us improve the environmental,

societal and economic impact of our products.

Together with our suppliers, partners and people, we are committed to delivering our

sustainability targets while meeting the nutritional needs of our customers and consumers.

Glanbia’s market

position

Optimum Nutrition

sports nutrition brand in the world.

GN NS

US supplier of whey protein isolate.

Glanbia’s market

position

GPN is the world’s

sports nutrition company.

GN NS is the world’s

global leader in custom

premix solutions.

 Glanbia plc | Annual Report and Financial Statements 2024

Delivering

Better Nutrition

Our purpose to deliver better nutrition for

every step of life’s journey connects us with

the passion our consumers and customers

have for our performance and lifestyle

nutrition brands and nutritional ingredients.

Our portfolio of brands and ingredients

GPN is home to the world’s #1 sports nutrition brand

with an unrivalled product offering and key channel

and category leadership. As an ingredient supplier

in the B2B arena, GN stands for quality, integrity,

innovation and sustainability.

Our markets

Glanbia’s brands and ingredients are positioned at

the centre of large and growing sports nutrition and

ingredients markets. Our portfolio of products meets

key consumer needs and enables people to achieve

their healthy lifestyles goals.

Our culture and talent

• Committed, adaptive and resilient

• Passion for delivering better nutrition

• Curious and innovative

• Respectful and inclusive

Better

Nutrition

Delivery of our strategy

Our Business Model

Through the delivery of world-class brands and

capabilities, operational efficiency and disciplined

financial management, Glanbia creates value for

all its stakeholders.

Our core

activities

Adding value through customer-focused

innovation and collaboration is central to our

philosophy. It ensures that we can influence

and drive market trends rather than simply

respond to them.

Responsible sourcing

By working with our suppliers and implementing

appropriate due diligence steps, we ensure we

procure responsibly, with social impact and

environmental sustainability in mind.

Manufacturing

Our operational excellence enables us to

manufacture branded products and ingredients

that meet the highest standards of food safety

and quality. All our facilities operate with full

regulatory compliance and good

environmental stewardship.

Innovating

Using our deep understanding of nutritional

trends and behaviours we focus on driving

sustainable innovation that delivers innovative

branded products and patented nutritional

ingredient solutions.

Marketing and brand building

We invest in world-class marketing tools to

build GPN’s brands and sustain our leadership

positions in GN. Supported by dedicated

communication channels, customer partnership/

collaboration, education programmes and events,

including GPN’s Sports Nutrition School.

Selling

In GPN our global sales teams use data, digital

tools and insights to extend our sales and channel

reach and improve our execution. In GN we work

in collaboration with our customers to deliver

bespoke ingredient solutions that enable them to

grow their business.

P12

Glanbia plc | Annual Report and Financial Statements 2024

Directors’ Report

Financial Statements Other InformationStrategic Report

How we add value

The power of our brands and ingredients,

coupled with our unrivalled expertise

in protein, have made us the #1 sports

nutrition company in the world, #1 US

supplier of whey protein isolate and

#2 global leader in custom premix

solutions.

Our brands and ingredients

We actively manage our portfolio of brands and

nutritional ingredients to ensure we offer abroad

range of products across regions, categories and

price points.

READ MORE P24

Value for stakeholders

The impact of our purpose is evidenced

through the delivery of sustainable growth

and value creation for all of society.

Consumers and customers

Optimum Nutrition enjoys strong brand loyalty

as a $1bn brand that continues to grow.

$1.2bn

ON brand revenue in 2024

People

We invest in our people and their careers, providing

development opportunities, competitive rewards

and benefits.

$578.9m

Employee benefits for the wholly-owned Group in 2024

Suppliers

We partner with suppliers to ensure long-term,

mutually beneficial relationships. We have an active risk

assessment programme in place. In 2024, over 5,400

suppliers were risk assessed using the EcoVadis IQ Plus

module, equating to in excess of 95% of total spend.

95%

In 2024, in excess of 95% of total spend was risk assessed

Environment

We continue to focus on climate initiatives and have

committed to a 50% reduction in Scope 1 & 2 carbon

emissions by 2030.

7.5%

Scope 1 & 2 carbon emissions reduction in 2024 versus 2023

Communities

We contributed and donated time and money

to support causes in our local communities.

$1.2m

Raised to support charitable donations in 2024

Investors

Our dividend policy has a target dividend payout ratio

of 25%-35%. In addition, shareholders were returned

€102 million in 2024 under share buyback programmes.

€198.1m

Returned to shareholders via dividends and buybacks in FY 2024

 Glanbia plc | Annual Report and Financial Statements 2024

Key performance indicators

Revenue

$3.8bn

(2023: $3.6bn (reported $5.4bn))

+5.8% constant currency

+5.8% reported currency

Strategic relevance

Revenue growth is a key indicator of how the

Group is succeeding in developing through

investment in organic growth and the ongoing

acquisition programme.

In addition, there are a number of key

components of Group revenue (price, volume

and acquisitions) which are actively monitored

to provide greater insight into performance.

Performance

In 2024, revenue was $3.8 billion (2023 pro forma:

$3.6 billion), an increase of 5.8% on a pro forma

reported and constant currency (“cc”) basis on

2023. Revenue increase was driven by volume

growth of 2.3%, pricing decline of 0.5%,

contribution from acquisitions of 2.0% and a

positive 53rd week adjustment of 2.0%.

Revenue volume growth

2.3%

(2023: -0.5%)

GPN 2.9% (2023: -0.6%)

Constant currency revenue

volumegrowth

GN NS 3.6%

(2023: -3.3%)

Pro forma constant currency revenue

volume growth

Strategic relevance

Revenue volume growth is an important metric

for the Group as it represents the underlying

growth in sales to customers excluding any

impact of price. Volume is further broken down

by Business Unit to understand the brand

growth within GPN and the components of

volume growth in NS within GN.

Performance

Overall volumes increased by 2.3%

in 2024

versus 2023 pro forma. Volumes in GPN and GN

NS increased by 2.9% and 3.6%

respectively.

Volume growth was driven by Optimum Nutrition

and Isopure brands in GPN and premix and

proteins in GN.

EBITDA

$551.3m

(2023: $493.4m)

+11.8% constant currency

+11.7% reported currency

Strategic relevance

Earnings Before Interest, Tax, Depreciation and

Amortisation (“EBITDA”), pre-exceptional items,

is the key performance measure for the

wholly-owned segments of the Group. The

exclusion of depreciation and amortisation aids

comparability between our segments.

EBITDA margin is a key metric to ensure that

growth is being driven in a responsible manner

by maintaining margins within an acceptable

range. The strategy for the Group is to focus on

higher growth, higher margin products within

GPN and GN.

Performance

EBITDA was $551.3 million in 2024, an increase of

11.7% reported currency and up 11.8% cc. GPN’s

EBITDA increased by 8.3% cc versus 2023, while

EBITDA margins were up 120bps to 16.9%. GN

EBITDA increased by 16.5% cc with EBITDA

margins up 60bps versus 2023 to 12.1%,

comprising EBITDA margins in NS of 19.8% (2023:

17.8%) and US Cheese of 4.5% (2023: 5.7%).

Profit after tax

– continuing operations

$164.7m

(2023: $347.7m)

Strategic relevance

Profit after tax is the measure of the profit

generated by the Group for the year, post tax

and post exceptional items.

Performance

Profit after tax from continuing operations

comprises pre-exceptional profit of $310.3 million

(2023: $298.1 million) and exceptional costs of

$145.6 million (2023: exceptional credit of $49.6

million). The exceptional charges in the year

predominantly related to non-cash impairments

in the GPN business.

Basic Earnings Per Share ($)

– continuing operations

63.21c

(2023: 130.41c)

-52.0% constant currency

-51.5% reported currency

Strategic relevance

Basic Earnings Per Share (“EPS”) is an important

IFRS reporting metric and relates to EPS of the

Group post tax and post exceptional items.

Performance

Basic EPS – continuing operations was 63.21

cent, a reported decrease of 51.5% (52.0% cc),

driven by non-cash related exceptional items

during the year.

1. For comparability purposes, commentary on revenue and EBITDA margins

for the Glanbia Nutritionals segment and the Group is presented on a pro

forma basis reflecting the change in commercial arrangements associated

with the Group’s US joint venture. Refer to the glossary on pages 236-244

for the reconciliation between 2023 reported and pro forma numbers.

2. Performance condition of Glanbia’s Annual Incentive Scheme.

3. Both EBITDA and OCF are presented on a pre-exceptional basis.

4. Performance condition of Glanbia’s Long-Term Incentive Plan.

5. GHG emissions reduction in Scope 1 and 2 in comparison to prior year result

(2023). Refer to page 55 for operational control GHG emissions breakdown

by Scope and performance since 2018 base year.

6. Results relate to sites under Glanbia’s operational control. Includes Group’s

wholly-owned operations and MWC-Southwest Holdings LLC joint venture

operations.

Financial KPIs

Glanbia plc | Annual Report and Financial Statements 2024

Directors’ Report

Financial Statements Other InformationStrategic Report

Adjusted Earnings Per Share

($) – continuing operations

2,4

140.03c

(2023: 131.37c)

+6.8% constant currency

+6.6% reported currency

Strategic relevance

Adjusted EPS is an important measure of the

profitability of the Group as it represents the

underlying profit per equity share in issue.

Performance

Adjusted EPS (continuing operations)

increased 6.6% reported (+6.8% cc) to 140.03

cent, due to continued growth in profitability

of the wholly-owned business, net of reduced

profitability in the joint venture.

Return on Capital Employed

– continuing operations

12.4%

(2023: 12.2%)

+20bps

Strategic relevance

Return on Capital Employed (“ROCE”)

measures the efficiency of the Group’s organic

and acquisition investment programme as well

as the utilisation of its assets.

Performance

ROCE from continuing operations increased by

20bps to 12.4% (2023: 12.2%). This increase was

primarily due to the continued growth in

profitability arising from the successful

execution of the Group’s strategy.

OCF conversion

2,3

88.0%

(2023: 90.4%)

Strategic relevance

Operating Cash Flow (“OCF”) conversion is a

measure of the Group’s ability to convert

trading profits to cash, which is then available

for strategic investments and dividend

payments.

Performance

OCF conversion was 88.0% in 2024 (2023:

90.4%) which is ahead of the 80% OCF

conversion target for the year.

Carbon emissions

-7.5%

Objective

Decarbonise our operations supply

in line with the Science Based Target

initiative (“SBTi”) commitment and

future-proofing of organisation

and our value chain.

Strategic relevance

Climate change is impacting all of society.

At Glanbia we are committed to doing our

part by focusing on our most material areas.

Our “Better Nutrition, Better World”

sustainability strategy prioritises energy

efficiency and renewable electricity

procurement for our operations.

Performance

In 2024 we reduced Scope 1 and 2 greenhouse

gas (“GHG”) emissions in our operations by

7.5% from the previous reporting year (2023).

Glanbia’s target is a SBTi validated target

aligned with a 1.5 degrees Celsius climate

scenario. This target is supported by a Board

approved decarbonisation plan for a 50%

reduction in operational Scope 1 and 2 GHG

emissions by 2030 from a 2018 base.

Health and safety

0.92

Lost Time Incident Rate (“LTIR”)

Objective

Maintain the highest possible global

safety standards using LTIR and

sites with no Lost Time Case (“LTC”)

as key benchmarks.

Strategic relevance

The health and safety of our employees is

inherent in our Glanbia values and is reflected

in our organisational goal of “Zero Harm”.

Proportion of sites meeting at least industry

standard safety performance, based on North

American Industry Codes (“NAIC”) benchmark

and reduced severity of injuries, by progression

of the LTIR are established global measures

of safety performance. Glanbia aspires to

zero LTC and all sites achieving and

maintaining a minimum of industry benchmark

performance for lost time injuries.

Performance

In 2024 Group LTIR was 0.92/200,000 hours,

behind the 2023 performance of

0.43/200,000 hours, but still well below

our NAIC food industry benchmark of

1.20 (2023: 1.20). 67% of reporting locations

had zero LTC, improving on our 2023

performance (2023: 55%). Sites below the

NAIC performance maintain robust

improvement plans, which are supported and

monitored by leadership.

Employee engagement score

Objective

Measure employee engagement

and listen to our team members

to understand where we have

opportunities to improve.

Strategic relevance

Employee engagement is a key enabler of

performance. At Glanbia we acknowledge that

people who are positively engaged, motivated

and supported perform to the best of their

ability, find a greater sense of meaning in

what they do and contribute positively to

Glanbia’s success.

Performance

In the 2024 ‘Your Voice’ survey, overall

engagement score was up 1 point with scores

increasing across most Business Units and

continued positive momentum on focus

areas, for example, wellbeing, action taking

and growth. We were pleased to see a 2

percentage point increase in participation

to 82% reflecting employees trust and

engagement in finding a better way together.

Non-Financial Metrics (“NFM”)

 Glanbia plc | Annual Report and Financial Statements 2024

In this section

Our culture and values 24

Operations review 26

Chief Financial Officer’s review 34

We use insight and science-led innovation to

create healthier, smarter nutrition products that

meet market trends and consumer expectations.

Our global network of 19 innovation and collaboration centres helps us

meet our customers’ and our brands’ ambitions through partnership

and co-innovation.

P26

Number of innovation and

collaboration centres globally

GN GPN

17 2

Glanbia plc | Annual Report and Financial Statements 2024

Directors’ Report

Financial Statements Other InformationStrategic Report

 Glanbia plc | Annual Report and Financial Statements 2024

Our culture and values

Q What are your key highlights for 2024?

2024 was another year of evolution and progress on our people

agenda. Transformation continued to be a theme as we focused

on embedding and refining our HR operating model while also

supporting the rollout of our digital transformation programme.

Building the right talent and capabilities to accelerate Glanbia’s

growth continued to be a key focus, while ensuring that our

culture supports this. Our values refresh and rollout was another

important initiative this year. Our annual ‘Your Voice’ survey

is a key measure of employee sentiment as well as a helpful

diagnostic of our culture. Response rates increased this year as

did our overall engagement score. Wellbeing was a priority area

from our engagement survey in the prior year so it was rewarding

to see this area show marked improvement in 2024, moving from

an area of opportunity to an area of strength today.

Q What makes Glanbia’s culture stand out?

Glanbia’s culture is grounded in a powerful combination of

people and purpose. I believe that our shared commitment

to delivering better nutrition and to our core company values

creates a culture that is innovative, entrepreneurial and

performance-oriented but which strikes a balance of working

hard with having some fun along the way.

This strong culture has been crucial to enabling our growth

journey over the last number of years and has helped us to

establish a solid foundation that empowers our people as the key

value drivers of our organisation, as well as enabling us to attract

and retain top talent.

Q How and why have Glanbia’s values changed

this year?

Over the last number of years, our organisation has changed

tremendously. As we look to the next stage of our growth journey,

it was really important to our leadership that we have one shared

set of values across the business. Our values not only define who

we are but serve as a common thread that unites Glanbia under

a single set of guiding behaviours.

With that in mind, last year we began a process to explore a

refresh of our values, to align with the organisation we are today.

We undertook a comprehensive process, encompassing

stakeholder interviews, listening sessions and focus groups,

gathering input from more than 200 colleagues at every level of

our organisation. Through the refresh, we endeavoured to keep

the essence of what makes Glanbia so special, unifying us under

one set of shared values. I think we captured this very well.

Q What actions were taken to embed these

values?

It was key for us to ensure that our values are embedded into

our everyday ways of working. In 2024, we focused on three

areas - building awareness of our refreshed values; defining

the behaviours associated with those values and incorporating

them into our performance management process; and finally,

refreshing our values ambassador network to bring the right

balance of global harmonisation and local autonomy to bring our

values to life in ways that are meaningful for employees.

Q What are your priorities for the year ahead?

Transformation will continue to be an area of focus in 2025 as

we aim to ensure that Glanbia is prepared for our next stage of

growth. We will work on embedding change, while focusing on

optimisation and partnering to deliver a consistent employee

experience in an efficient way.

Implementing a talent strategy that attracts and develops

a diverse, future-ready pipeline of talent to accelerate our

growth, drives high performance to deliver results and enables

compelling careers to drive engagement and retention is another

important priority. Our talent base is already strong and we are

focused on continuing to develop this further.

Q&A with our

Chief People Officer,

Sue Sweem

Engagement score

(+1 from prior year)

Gender representation in

the organisation

Agree with the

statement

‘I feel proud to

work at Glanbia’

(+1 from prior year)

GPN

2,163

2,952

Joint Venture

676

Total Group employees in :

5,791 across 32 countries

62% Male

38%

Female

Glanbia plc | Annual Report and Financial Statements 2024

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Passion for our

customers & consumers

We strive to surpass expectations

and promote better nutrition

and healthier lifestyles through

our innovative, high-quality food

and nutritional solutions and our

authentic and unique brands.

We focus on understanding and

anticipating the needs of our

customers and consumers, ensuring

that every product we create is of

the highest quality.

Respect for people

We care for our people, partners

and communities. We foster an

inclusive culture where every

employee can thrive and reach

their full potential.

We are dedicated to creating a

supportive environment where

everyone feels valued, respected

and empowered to contribute

their best.

Win together

We believe in diversity and our

collective team strengths make

us stronger than our individual

contributions. We collaborate

and build meaningful relationships

because together we are more.

We value diverse perspectives and

we recognise every team member’s

contribution, enabling us to achieve

greater success together than we

could individually.

Find a better way

We relentlessly pursue continuous

improvement and seek better

solutions to positively impact our

business and the environment.

We aspire to work smarter with

a creative mindset.

We encourage our team to

explore innovative ideas that drive

efficiency and sustainability in all

aspects of our business.

Sense of fun

We strike a balance of working

hard and being competitive with

having some fun along the way.

We recognise and celebrate

our successes.

We believe that this approach

fuels creativity and productivity,

making our workplace a vibrant

and dynamic space for everyone.

Performance

matters

We are committed to delivering

performance and shareholder

value through our drive for growth,

entrepreneurial mindset and

dedication to safety, excellence,

quality and teamwork.

We believe that by fostering a

culture of continuous improvement

and innovation, we can achieve

outstanding results together.

Our values underpin our business and how we work, bringing focus to what we expect from one

another and serving as the foundation of our strong culture.

Living our values

 Glanbia plc | Annual Report and Financial Statements 2024

Glanbia

Performance

Nutrition

Our brands

Optimum Nutrition (“ON”) is the world’s

number one sports nutrition brand. Our

portfolio also features healthy lifestyle

brands including Isopure and think!. Each

brand in our portfolio plays a distinct

role, resonating with different consumer

segments with an interest in optimising

their performance and wellbeing.

Our products span a range of

convenient formats such as powders,

capsules, tablets, drinks and bars and are

available globally via online platforms,

mass-market retailers and specialty

channels.

Innovation is central to our success.

By fostering a culture of creativity and

continuous improvement, we are able to

develop and launch new products that

set us apart from the competition.

Our focus on innovation ensures that our

brands remain relevant and appealing

to consumers - driving growth and

strengthening our market presence.

Financial performance 2024

2024 was a year of solid execution as

we continued to deliver against our four

strategic pillars: capturing the global

potential of our $1 billion ON brand;

building a lifestyle nutrition platform

in North America; accelerating growth

in priority international markets; and

maximising the omnichannel opportunity.

GPN revenue increased by 0.5% in 2024.

This was driven by volume increases of

2.9%, price decrease of 4.2% and the

impact of the 53rd week of 1.8%. The

volume increase was largely driven by

the protein growth brands, Optimum

Nutrition and Isopure, both of which

delivered double digit volume growth.

Optimum Nutrition, which represents 66%

of GPN revenue, continues to strengthen

its brand to drive global distribution and

velocities. Pricing was negative largely as

a result of promotional activity and some

tactical price reductions during the year

as a result of an increased competitive

environment.

GPN EBITDA increased by 8.3% versus

prior year to $305.4 million and EBITDA

margin increased by 120 basis points

to 16.9%. This was driven by lower

input costs in the first half of the year,

continued focus on revenue growth

management initiatives, operating

efficiencies and margin optimisation,

somewhat offset by rising input costs in

the second half of the year.

GPN performance overview

$m FY 2024 FY 2023

Reported

Change

Constant

currency

change

Revenue 1,806.7 1,795.6 +0.6% +0.5%

EBITDA 305.4 282.3 +8.2% +8.3%

EBITDA margin 16.9% 15.7% +120 bps

Commentary on percentage movements is on a constant currency basis throughout

and includes the impact of the 53rd week.

Performance highlights

Revenue increase of 0.5% with an increase of 2.9% in volume, a

decrease of 4.2% in pricing and an increase from the impact of

the 53rd week of 1.8%;

Optimum Nutrition, the number one global brand in the sports

nutrition sector, delivered revenue growth of 7.5% which was

driven by volumes increasing 10.4%, pricing decreasing 4.9% and

an increase of 2.0% from the impact of the 53rd week;

EBITDA margin of 16.9%, an increase of 120bps versus 2023.

Revenue

$1.8bn

2023: $1.8bn

EBITDA (pre-exceptional)

$305.4m

2023: $282.3m

EBITDA margin

16.9%

2023: 15.7%

Operations review

sports nutrition

brand globally

Glanbia Performance Nutrition has a leading portfolio of sports nutrition and healthy

lifestyle brands. Our mission is to inspire people everywhere to achieve their performance

and healthy lifestyle goals. We achieve this through our commitment to innovation, quality,

responsible sourcing, advocacy and brand building.

Glanbia plc | Annual Report and Financial Statements 2024

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Isopure is a premium healthy lifestyle brand featuring a range of Protein

Powder and Protein Ready-to-Drink products. Isopure is built on purity –

the highest standards of protein made with the simplest of ingredients,

without sacrificing taste, and appeals to an increasingly broad range of

consumers who are looking for clean, high quality protein supplements

that help them keep in shape. Launched in 1998, Isopure can be found

in online and offline channels in the US, has an established presence in

Mexico and India and enjoyed strong growth in all markets in 2024.

Isopure is reinvigorated via its “Add Less. Do More.” campaign and

has partnered with a number of lifestyle personalities including Molly

Sims and Tiffani Thiessen. Isopure recently benefitted from a new and

improved product formulation to enhance taste and is about to launch

a new pack design to reinforce its purity and premium positioning.

Case Study

Total growth

78% Powders +5%

10% RTE -7%

8% RTD -15%

4% Other -15%

GPN FY 2024 revenue overview

Total growth

35% FDMC +1%

33% Online +4%

20% Distributor -2%

12% Specialty -6%

Total growth

64% Americas -0.5%

36%

International +2.3%

Isopure’s accelerating growth

By region

By channel

By format

 Glanbia plc | Annual Report and Financial Statements 2024

Americas

GPN Americas revenue decreased by

0.5%, with strong growth in the Optimum

Nutrition and Isopure brands offset

by declines in other portfolio brands,

primarily driven by SlimFast. Optimum

Nutrition continues to strengthen its

consumer position and delivered

US consumption growth of 0.4%

, building

International

GPN International, which represents 36%

of GPN revenue, grew revenue by 2.3%.

Growth across the region was driven by

strong volume growth in the Optimum

Nutrition brand across key priority

markets, including solid growth in Asia.

Operations review continued

Glanbia Performance Nutrition

on a strong comparative period. This

was driven by growth in the online and

FDM channels offset by declines in

the specialty channel and competitive

dynamics in the club channel in the

second half. The healthy lifestyle portfolio

saw US consumption growth of 3.3%

across the think!, Isopure and Amazing

Grass brands.

Optimum Nutrition and McLaren –

A world class performance partnership

In 2024, Optimum Nutrition became the

Official Performance Nutrition partner

of the McLaren Formula One team.

In addition to brand visibility on driver

and pit crew clothing, Optimum Nutrition

partnered with McLaren to produce an

exclusive content series called “Optimum

Nutrition: Unlocked” that featured on

social channels and captured the role

that nutrition plays for a Formula One

team. In September, the Optimum

Nutrition McLaren Human Performance

Centre was opened at the McLaren

headquarters in Woking, England which

will be used as a venue for content

production and supporting McLaren

employees in their performance efforts.

The partnership was also brought to life

at retail via the Optimum Nutrition “Hot

Laps” programme that gave consumers

a chance to experience a lap of the

Dubai Grand Prix in a McLaren car.

McLaren enjoyed a highly successful

season, capturing six grand prix wins,

21 podiums in total and winning the

Constructors Championship for the first

time in 26 years.

Case Study

1. Consumption growth is US measured channels and includes Online, FDMC (Food, Drug, Mass, Club) and Specialty channels. Data compiled from published

external sources and Glanbia estimates for the 52 week period to 28 December 2024.

Glanbia plc | Annual Report and Financial Statements 2024

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Fuelling growth for Optimum Nutrition in China

Optimum Nutrition has rapidly grown

its global presence and market share

in China, the second largest world

economy and one of the fastest growing

markets for sports nutrition. Optimum

Nutrition offers a full portfolio range

including whey protein, whey protein

isolate, gainer, creatine, energy and

other supplements through well-

designed route-to-market cross-

border importation as well as local

manufacture. Optimum Nutrition is

widely available in all mainstream

channels such as online marketplaces

(Tmall, JD & PDD) and membership

stores (Sam’s club & Costco). With

the enormous growth of TikTok,

Optimum Nutrition also extended its

footprint into social-commerce to drive

category education and new consumer

recruitment through live stream and

influencer content.

Our brand building and consumer

acquisition initiatives during the year

were instrumental in driving growth and

expanding awareness. A partnership

with the superhit TV show Physical 100

allowed Optimum Nutrition to reach a

broad audience, while our participation

in Spartan Race events showcased the

brand’s alignment with strength and

endurance. Additionally, a dynamic

basketball integrated marketing

campaign featuring China’s men’s

national team players connected

Optimum Nutrition to passionate

sports communities across the country.

Optimum Nutrition also engaged local

TikTok influencers to further drive brand

awareness and connect with a digitally

savvy consumer base.

Through these initiatives, Optimum

Nutrition continues to deepen its

connection with Chinese consumers,

solidifying itself as a premium lifestyle

choice for those pursuing fitness and

peak performance.

Case Study