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

Directors’ Report

Financial Statements Other InformationStrategic Report

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

Directors’ Report

Financial Statements Other InformationStrategic Report

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

Directors’ Report

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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

 Glanbia plc | Annual Report and Financial Statements 2024

Glanbia

Nutritionals

Operations review continued

US Cheese performance highlights:

Revenue

increase by 8.1%.

EBITDA decrease by 14.7% to $45.9 million.

GN divisional performance overview

FY 2024 FY 2023

$m Revenue EBITDA Margin % Revenue¹ EBITDA Margin %

Nutritional Solutions 1,007.7 200.0 19.8% 885.4 157.3 17.8%

US Cheese 1,025.3 45.9 4.5% 948.8 53.8 5.7%

Total GN 2,033.0 245.9 12.1% 1,834.2 211.1 11.5%

Commentary on percentage movements is on a constant currency basis throughout

and includes the impact of the 53rd week.

NS performance highlights:

Revenue

increase of 14.0% with volume growth of +3.6%.

EBITDA margin

of 19.8%, an increase of 200 basis points

versus 2023.

Pricing growth of 0.4%, an increase of 2.3% from the impact of

the 53rd week and an increase of 7.7% from acquisitions.

What we do

GN NS is a global business delivering

a broad range of innovative ingredient

solutions that improve product

functionality and nutritional profile. The

business has a deep protein expertise, a

scaled position in custom premix solutions

and global flavours expertise that

enhance global solutions capabilities.

Through our innovative ingredient

solutions, we proudly solve our customers’

product challenges across the mainstream

food and beverage industry, health and

fitness industry and specialised nutrition

sector. Our expertise, innovations and

custom formulations enable our customers

to outperform the competition. GN’s US

Cheese business together with its US

joint venture cheese and dairy operations

is a leading supplier and marketer of

American-style cheddar cheese, used

by leading retail brand owners and food

service organisations.

Financial performance 2024

GN NS revenue increased by 14.0% in 2024.

This was driven by 3.6% increase in volume,

0.4% increase in price, 2.3% increase as

a result of the impact of the 53rd week

and 7.7% increase driven by the impact

of acquisitions. The volume increase was

driven by a good performance in the premix

solutions and proteins businesses. The price

increase was driven by strong dairy market

pricing, somewhat offset by negative

premix pricing.

global leader

in custom

premix solutions

US supplier of

whey protein

isolate

#2#1

Revenue

$2.0bn

2023: $1.8bn

EBITDA (pre-exceptional)

$245.9m

2023: $211.1m

EBITDA margin

12.1%

2023: 11.5%

Glanbia Nutritionals is a leading innovation and solutions partner to the global food and

nutrition industry. GN Nutritional Solutions (“GN NS”) is a global provider of customised premix

solutions, proteins and flavours. GN US Cheese, together with our joint venture partner, is the

leading supplier and marketer of American-style cheddar cheese in the US.

1 For comparability purposes, commentary on revenue and EBITDA margins is presented on a pro

forma basis henceforth, reflecting the change in commercial arrangements associated with the

Group’s US joint venture operations. Refer to the glossary on pages 236 to 244 for the reconciliation

between 2023 reported and pro forma numbers.

Glanbia plc | Annual Report and Financial Statements 2024

Directors’ Report

Financial Statements Other InformationStrategic Report

The acquisition of Flavor Producers, which

was completed in April 2024, significantly

expands GN NS’s flavours offering in the

attractive and growing natural and organic

flavours market and is performing well.

GN NS EBITDA was $200.0 million, a 27.2%

increase versus prior year. EBITDA margin

increased by 200 basis points to 19.8%

primarily as a result of stronger dairy

pricing within the proteins business.

US Cheese revenue increased by 8.1% in

2024. This was driven by a 0.1% increase in

volume, a 5.8% increase in price and a 2.2%

increase as a result of the impact of the

53rd week. Price increases were primarily as

a result of dairy market pricing.

US Cheese EBITDA decreased by 14.7%

to $45.9 million due to market dynamics

and lapping procurement benefits in the

prior year.

New operating model in 2025

From 2025 onwards, GN will be split into

two new segments – Health & Nutrition

and Dairy Nutrition. The Health & Nutrition

segment will primarily incorporate the

premix solutions and flavours platforms,

with the Dairy Nutrition segment focusing

on cheese and dairy ingredients and

will comprise the portfolios of protein

solutions (currently in NS) and US Cheese,

as well as being the commercial partner

for the Group’s joint venture MWC-

Southwest Holdings LLC.

Joint Venture – MWC-Southwest Holdings LLC

$m 2024 2023 Change

Share of joint venture’s profit after tax 0.1 12.5 (12.4)

The Group’s share of joint ventures’ profit after tax pre-exceptional items

decreased by $12.4 million to $0.1 million, largely driven by higher input costs

as a result of unfavourable market pricing dynamics.

Case Study

Our global R&D footprint includes 17 innovation and collaborations centres.

Our innovation and collaboration centres

• Create an optimal setting to collaborate with customers

and accelerate the product development cycle;

• Contain the latest technologies and prototyping

equipment for scale-up to develop products that have a

competitive advantage in the marketplace; and

• Provide our customers access to a breadth of scientific

knowledge and intellectual property making it possible

to optimise nutrition, flavour and texture in finished

applications.

Driving excellence through expertise

• Our scientists specialise in food formulations, food

chemistry, nutrition, taste and in creating the ideal

prototypes.

• We have a deep protein chemistry knowledge which

has resulted in a broad portfolio of solutions for Ready-

to-Drink beverages, Ready-to-Mix beverages, high

protein cereals, handheld snacks, fresh dairy and bakery

applications.

• We are experts in developing vitamin and mineral solutions

for food applications and have developed encapsulation

technologies that extend the shelf life of vitamins and

other ingredients that may be susceptible to degradation

while unused.

• We create and optimise flavours for food products. Our

flavourists take into account processing parameters,

nutrient composition and shelf-life conditions when

creating and optimising flavours.

As we continue to expand our significant ingredients

portfolio, we are capitalising on our deep understanding and

synergistic portfolio impact of having flavour, premix and

proteins to create new products that match market trends

and expectations and deliver an optimal eating experience.

Innovation through R&D:

connecting us to our customers

1. Health & Nutrition segment

• Premix solutions

• Flavours platforms

2. Dairy Nutrition segment

• US cheese

• NS protein

 Glanbia plc | Annual Report and Financial Statements 2024

Functionally optimised ingredients technologies

Our innovative technologies are used to improve the functionality of nutrients in our customers’ food, beverage and

supplement products.

NutraShield® Technology

Vitamin and mineral encapsulation retains nutritional

benefit of vitamins and minerals that are released upon

ingestion and absorbed for better nutrition.

Gummy Technology

New formulation technology that limits vitamin and

bioactive ingredient loss in gummy formats.

Beverage Technology

ProTherma

and BevWise

provide protein powders

that disperse exceptionally well in heat and different

pH conditions respectively, while maintaining the full

integrity of the protein.

Flavour Technology

Deep flavour chemistry to understand flavour and food

interactions to optimise flavour in finished products.

Flavourists create flavour systems that complement the

application and provide a sensory result that consumers

want to experience again.

High Protein Extrusion Technology

Technology to replace sugar found in hand held snacks

and cold cereals with protein and fibre, while maintaining

the crunch, taste, texture and flavour.

Bar Technology

Bar technologies create the right texture

and nutritional profile for dairy and non-dairy

nutritional bars.

Case Study

Ready to Mix

Beverages

Confectionary

Applications

High Protein

Cereals

Nutritional

Bars

Operations review continued

Glanbia Nutritionals

Glanbia plc | Annual Report and Financial Statements 2024

Directors’ Report

Financial Statements Other InformationStrategic Report

Acquisition of

Flavor Producers

“M&A is an important part of our

growth strategy and this transaction

represents a further opportunity to

scale our business, unlock synergies

and acquire unique and

complementary capabilities.”

Brian Phelan

CEO Glanbia Nutritionals

Executing on our M&A strategy

to build scale in flavours

In April 2024, we made a significant investment to scale up

our flavours offering with the acquisition of Flavor Producers,

one of the largest independent suppliers of natural and

organic flavours in the US.

The Flavor Producers acquisition expands our production scale

and footprint in the US, complementing our existing presence

in North America and Europe, allowing us to rapidly formulate

and supply bespoke flavours to better serve our global

customer base.

Flavor Producers brings a 40-year legacy of innovation with a

focus on natural and organic flavours, aligned with long-term

consumer trends for clean-label, health-focused products.

Flavor Producers serves a diverse roster of customers from

major corporates to emerging high-growth brands and its

orientation towards beverage and nutritional supplement

categories complements our existing customer base in

custom premix and protein solutions.

With a library of over 30,000 proprietary flavours and

best-in-class formulation capabilities, Flavor Producers’

expertise in product development enhances our ability to

deliver holistic multi-ingredient applications for our customers.

This significant investment further underlines our commitment

to continue building and strengthening our business through

acquisition, a key pillar of our growth strategy.

Production sites

across the US

R&D and innovation personnel

Acquisition overview

Annual revenue

$84m

Case Study

 Glanbia plc | Annual Report and Financial Statements 2024

Chief Financial Officer’s review

Strong performance

and increased

shareholder returns

EBITDA (pre-exceptional)

$551.3m

(2023: $493.4m)

+11.7% reported currency

+11.8% constant currency

Profit after tax – continuing operations

$164.7m

(2023: $347.7m)

-52.6% reported currency

-53.1% constant currency

Adjusted EPS – continuing operations ($)

140.03 cent

(2023: 131.37 cent)

+6.6% reported currency

+6.8% constant currency

Basic EPS – continuing operations ($)

63.21 cent

(2023: 130.41 cent)

-51.5% reported currency

-52.0% constant currency

OCF conversion

88.0%

(2023: 90.4%)

OCF as % of EBITDA

Dividend payout ratio

30.1%

(2023: 29.2%)

Dividend per share as a % of adjusted EPS

ROCE – continuing operations

12.4%

(2023: 12.2%)

+20bps

Dear Shareholder,

Glanbia delivered a strong financial performance in 2024, with

adjusted EPS growth of 6.8% constant currency. The Group

returned €102 million to shareholders via our share buyback

programmes and also increased dividends by 10%.

A combination of volume growth and operational efficiencies

enabled the Group to successfully navigate volatile market

conditions, delivering earnings in line with market guidance, while

continuing to evolve the Group’s strategic agenda.

The Group amended the commercial arrangements associated

with its US joint venture effective 1 January 2024. Under the

new commercial terms, in accordance with IFRS 15, Glanbia

recognises commissions earned on the sale of joint venture

products, whereas previously Glanbia recorded the gross value

of revenues and corresponding cost of sales on joint venture

products sold.

For comparability purposes the table below re-presents the

reported and pro forma revenue and EBITDA margin for 2023

to reflect the change in the Group’s commercial arrangements

between Glanbia Nutritionals and its US joint venture, as if

the terms were effective from the beginning of 2023. Refer to

the Glossary on pages 236 to 244 for a detailed reconciliation

between 2023 reported and pro forma numbers.

Pro forma Revenue and EBITDA Margin

2024

Reported

2023

Reported

2023

Pro forma

adjustment

2023

Pro forma

Revenue

GPN 1,806.7 1,795.6 – 1,795.6

GN 2,033.0 3,629.8 (1,795.6) 1,834.2

Group Revenue 3,839.7 5,425.4 (1,795.6) 3,629.8

EBITDA (pre-exceptional)

GPN 305.4 282.3 – 282.3

GN 245.9 211.1 – 211.1

Group EBITDA 551.3 493.4 – 493.4

EBITDA margin (pre-exceptional)

GPN 16.9% 15.7% – 15.7%

GN 12.1% 5.8% 570bps 11.5%

Group EBITDA margin 14.4% 9.1% 450bps 13.6%

Glanbia plc | Annual Report and Financial Statements 2024

Directors’ Report

Financial Statements Other InformationStrategic Report

Revenues increased by 5.8% on a pro forma constant currency

basis to $3.8 billion with EBITDA (before exceptional items)

of $551.3 million achieved, representing an increase of 11.8%

constant currency (11.7% reported) over prior year. The Group

reported adjusted EPS of 140.03 cent (all continuing operations),

an increase of 6.8% constant currency (6.6% reported) on prior

year. Basic EPS from continuing operations of 63.21 cent was

achieved (2023: 130.41 cent), a decrease of 52.0% constant

currency (51.5% reported) primarily due to non-cash impairments

in the Glanbia Performance Nutrition business.

OCF was strong at $485.1 million converting 88.0% of EBITDA into

OCF, against a target of 80% conversion. Free cash flow (“FCF”)

for the year was $402.5 million.

The Group’s portfolio continued to evolve with the acquisition

of Flavor Producers, which expanded our flavour offerings,

bringing new capabilities in the attractive and growing natural

and organic flavours market, which are aligned with long-term

consumer trends. As part of its portfolio review and to ensure

focus on high growth opportunities, the Group has evaluated the

role of its Benelux Direct-to-Consumer e-commerce business,

Body & Fit, and its weight management brand SlimFast, making

the decision to exit both businesses. The Group continues

to evaluate its broader portfolio with a focus on delivering

sustainable and profitable growth.

Share buyback activity continued during 2024, returning

€102 million to shareholders in the year. With confidence

in the strong cash generation abilities of the organisation,

two €50 million programmes were completed in 2024 and a

third €50 million programme commenced in December 2024.

The Board has further authorised an additional €100 million in

share buybacks for 2025 as an effective mechanism to return

value to shareholders. In addition, the Board is recommending a

final dividend of 23.33 €cent per share, representing a dividend

payout of 30.1% of adjusted EPS in respect of 2024.

Banking facilities were refinanced in late 2022, extending the

maturity of all near term Group facilities, with the earliest

becoming due for repayment in December 2027. The current

debt facilities of approximately $1.3 billion and the Group’s ability

to generate cash position the Group well with the capacity to

finance future investments and progress the strategic growth

agenda.

ROCE from continuing operations increased by 20 basis points to

12.4% (2023: 12.2%), with the consistent delivery of profits as the

Group reshapes and simplifies the portfolio, invests in profitable

growth and continues to drive margin improvement and strong

operating returns.

Looking ahead

As announced on 6 November 2024, Glanbia has commenced

a group-wide transformation programme to drive efficiencies

across the Group’s new operating model and support the next

phase of growth through three focused divisions: Performance

Nutrition, Health & Nutrition and Dairy Nutrition.

Health & Nutrition comprises the premix solutions and flavours

platforms and will focus on high-growth priority end-use

markets. Dairy Nutrition combines the US Cheese and Nutritional

Solutions 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 operating model is designed to further simplify the

business, increase focus on high-growth end-use markets, and

provide greater insight into Glanbia’s value drivers and growth

opportunities.

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 across a mix of reinvestment into the business

and profitability improvement.

2024 Income statement review

The 2024 results are for the 53 week period ended 4 January

2025 while 2023 comparatives are for the 52 week period ended

30 December 2023.

Revenue and EBITDA

Revenue and EBITDA are key performance indicators (“KPIs”) for

the Group. In particular the Group focuses on revenue, volumes

and EBITDA margins to assess underlying performance. Details

of these KPIs are set out below.

The Group has adopted EBITDA as a key performance measure

from 2024. This aligns with industry standards.

$m 2024

Pro forma

2023

Pro forma

change

Pro forma

constant

currency

change

Revenue

GPN 1,806.7 1,795.6 0.6% 0.5%

GN 2,033.0 1,834.2 10.8% 10.9%

Group Revenue 3,839.7 3,629.8 5.8% 5.8%

EBITDA (pre-exceptional)

GPN 305.4 282.3 8.2% 8.3%

GN 245.9 211.1 16.5% 16.5%

Group EBITDA 551.3 493.4 11.7% 11.8%

EBITDA margin (pre-exceptional)

GPN 16.9% 15.7% 120 bps 120 bps

GN 12.1% 11.5% 60 bps 60 bps

Group EBITDA margin 14.4% 13.6% 80bps 80bps

1. References to constant and reported currency percentage movements

herein are based on 2023 pro forma.

Revenue

Revenue increased in 2024 by 5.8% versus prior year on a

constant currency basis to $3.8 billion, driven by volume increase

of 2.3%, pricing declines of 0.5%, impact of 53rd week 2.0% and

M&A related increase of 2.0%. Further details on revenue by

Business Unit is set out overleaf.

 Glanbia plc | Annual Report and Financial Statements 2024

Chief Financial Officer’s review continued

Glanbia Performance Nutrition

FY23 FX FY23 cc Volume Price 53rd week FY24

$0m

$300m

$600m

$1,000m

$1,300m

$1,600m

$2,000m

2.2m 2.9% (4.2%)$1,795. 6m $1,797.8m 1.8% $1,806.7m

GPN revenue increased by 0.5% constant currency (0.6%

reported) 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 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 strong consumer position

and delivered US consumption growth of 0.4%

, building on a

strong comparative period. This was driven by strong 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.

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 strong growth in Asia.

Glanbia Nutritionals

Glanbia Nutritionals (“GN”) revenues increased by 10.9%

constant currency (10.8% reported) driven by volume increases of

1.7%, price increases of 3.2%, M&A related increases of 3.7% and

2.3% increase from 53rd week.

Nutritional Solutions

$0m

$250m

$500m

$750m

$1,000m

$1,250m

(1.7) 3.6% 0.4%$885.4m $883.7m 7.7% 2. 3% $1,007.7m

FY23 FX FY23 cc Volume Price FY24

53rd

weekAcquisitions

GN NS revenue increased by 14.0% in 2024. This was driven by

3.6% increase in volume, 0.4% increase in price, 2.3% increase as

a result of the impact of the 53rd week and 7.7% increase driven

by the net impact of acquisitions. The volume increase was driven

by a good performance in the premix solutions and proteins

businesses. The price increase was driven by strong dairy market

pricing, somewhat offset by negative premix pricing.

1. Consumption growth is US measured in 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.

US Cheese

FY23 FX FY23 cc Volume Price FY24

$0m

$200m

$400m

$600m

$800m

$1,000m

$1,200m

53rd week

(0.0m) 5.8%0.1%$948.8m 2.2% $1,025.3m$948.8m

US Cheese revenue increased by 8.1% in 2024. This was driven by

0.1% increase in volume, 5.8% increase in price and 2.2% increase

as a result of the impact of the 53rd week. Price increases were

primarily as a result of dairy market pricing.

EBITDA (pre-exceptional)

EBITDA before exceptional items increased 11.8% constant

currency (11.7% reported) to $551.3 million (2023: $493.4 million)

with strong EBITDA growth in both GPN and GN. EBITDA margin

in FY 2024 was 14.4% compared to 13.6% in 2023, representing an

increase of 80 basis points.

GPN EBITDA increased by 8.3% constant currency 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.

GN NS EBITDA was $200.0 million, a 27.2% constant currency

increase versus prior year. EBITDA margins increased by

200 basis points to 19.8% primarily as a result of stronger

dairy pricing within the proteins business. US Cheese EBITDA

decreased by 14.7% to $45.9 million due to market dynamics and

lapping procurement benefits in the prior year.

Net finance costs (pre-exceptional)

$m 2024 2023 Change

Finance income 5.4 9.8 (4.4)

Finance costs (32.2) (22.1) (10.1)

Net finance costs (26.8) (12.3) (14.5)

Net finance costs (pre-exceptional) increased by $14.5 million

to $26.8 million (2023: $12.3 million). The increase was primarily

driven by an increase in the Group’s average net financial

indebtedness during 2024 due to the acquisition of the Flavor

Producers business, as well as the full year impact of higher

interest charges on $169 million of bank borrowings which were

re-fixed at higher interest rates in late 2023. The Group’s average

interest rate was 4.60% (2023: 2.0%). Glanbia operates a policy of

fixing a significant proportion of its interest rate exposure.

Share of results of joint ventures (pre-exceptional)

$m 2024 2023 Change

Share of profits of joint ventures 0.1 12.5 (12.4)

The Group’s share of joint ventures’ profit after tax

(pre-exceptional) decreased by $12.4 million to $0.1 million,

largely driven by higher input costs as a result of unfavourable

market pricing dynamics.

Glanbia plc | Annual Report and Financial Statements 2024

Directors’ Report

Financial Statements Other InformationStrategic Report

Income taxes

$m 2024 2023 Change

Income taxes 43.3 44.7 (1.4)

Exceptional tax credit 15.8 1.8 14.0

Income taxes (pre-exceptional) 59.1 46.5 12.6

Effective tax rate 16.0% 14.0% 2%

The 2024 pre-exceptional tax charge increased by $12.6 million to

$59.1 million (2023: $46.5 million). This represents an effective tax

rate, excluding joint venture, of 16.0% (2023: 14.0%). The tax credit

related to exceptional items is $15.8 million (2023: credit of $1.8

million) and relates primarily to the impairment of the SlimFast

Americas cash generating unit. The Group currently expects that

its effective tax rate for 2025 will be in the range of 14% to 16%.

Exceptional items

$m – continuing operations 2024 2023

Group-wide transformation programme

(note 1)

18.0 6.0

Acquisition and integration costs (note 2) 5.7 –

Pension related costs (note 3) 0.3 2.5

Net gain on disposal/exit of operations

(note 4)

– (56.3)

Impairment of non-core assets held for

sale (note 5)

46.0 –

Impairment of intangible assets (note 6) 91.4 –

Total 161.4 (47.8)

Exceptional tax credit (15.8) (1.8)

Total exceptional charge/(gain) –

continuing operations 145.6 (49.6)

$m – discontinued operations 2024 2023

Exceptional charge after tax from

discontinued operations (note 7) – 3.2

Total exceptional charge/(gain) in the year 145.6 (46.4)

1. Group-wide transformation programme: During 2023 the

Group commenced a number of initiatives to realign support

functions and optimise structures to more efficiently support

business operations and growth. On 6 November 2024, a

group-wide transformation programme was announced to drive

efficiencies across the new operating model and support the

next phase of growth. This multi-year programme is focused

on driving efficiencies across the Group’s operating model and

supply chains while leveraging the Group’s digital transformation

capabilities.

During 2024, the Group incurred costs of $18.0 million

(2023: $6.0 million) primarily related to advisory fees and

people related costs.

2. Acquisition and integration costs: These costs relate to the

transaction and integration costs associated with the Flavor

Producers business.

3. Pension related costs: These costs relate to the restructure of

certain legacy defined benefit pension schemes in the UK. Final

wind up is anticipated in 2025.

4. Net gain on disposal/exit of operations: The prior year net

gain related primarily to disposals of the UK and EU Leprino

Foods (formerly known as Glanbia Cheese) joint ventures and

a small US bottling facility (Aseptic Solutions) which were

previously designated as held for sale.

5. Impairment of non-core assets held for sale: The charge

relates to fair value adjustments to reduce the carrying value of

assets held for sale to recoverable value. The assets relate to the

Benelux Direct-to-Consumer (“DTC”) online branded business

(Body & Fit Sportsnutrition B.V.). Following the completion of a

portfolio review, these assets and liabilities were determined to

be non-core and a decision was made to divest of them, resulting

in the designation as held for sale at year end. A process of

disposal has commenced and a sale is expected to be executed

in FY 2025.

6. Impairment of intangible assets: In accordance with IAS 36

Impairment of Assets, the Group is required to assess goodwill

and other intangible assets for impairment. Accordingly,

impairment reviews are performed annually, or more frequently

if there is an indication that the carrying amount may not be

recoverable. A non-cash impairment charge of $91.4 million

has been recognised during the year in respect of the SlimFast

Americas cash generating unit reflecting continuing challenges

in the weight management category impacting the brand’s

performance. Subsequent to year end the Directors approved the

commencement of a sales process for the SlimFast brand.

7. Exceptional charge after tax from discontinued operations:

Prior year charge related to the crystallisation of certain

contingent costs associated with the Group’s divestment of

Tirlán Limited.

Profit after tax

$m 2024 2023 Change

Profit after tax –

continuing operations 164.7 347.7 (183.0)

Loss after tax –

discontinued operations – (3.2) 3.2

Profit after tax for the year 164.7 344.5 (179.8)

Profit after tax from continuing operations comprises pre-

exceptional profit of $310.3 million (2023: $298.1 million). The

$12.2 million increase in pre-exceptional profit after tax from

continuing operations is driven by the continued growth

in profitability of wholly-owned businesses net of reduced

profitability of the joint venture, and an increase in net

finance costs.

Exceptional charges after tax of $145.6 million in the year

predominantly related to non-cash impairments in the GPN

business. In the prior year, exceptional gains of $46.4 million

mainly related to profit on disposal of UK and EU Leprino Foods

joint ventures.

Profit after tax and exceptionals for the year was $164.7 million

compared to $344.5 million in 2023, comprising continuing

operations of $164.7 million (2023: $347.7 million).

 Glanbia plc | Annual Report and Financial Statements 2024

Chief Financial Officer’s review continued

Earnings Per Share

$ 2024 2023 Change

Constant

Currency

Change

Basic EPS 63.21c 129.21c (51.1%) (51.5%)

– continuing 63.21c 130.41c (51.5%) (52.0%)

– discontinued – (1.20c) 100% 100%

Adjusted EPS 140.03c 131.37c 6.6% 6.8%

– continuing 140.03c 131.37c 6.6% 6.8%

– discontinued nil nil nil nil

Basic EPS from continuing operations decreased by 51.5%

reported versus prior year, driven by exceptional charges

predominantly related to non-cash impairments in the

GPN business.

Adjusted EPS is a KPI of the Group, a key metric guided to the

market and a key element of Executive Director and senior

management remuneration. Adjusted EPS increased by 6.8%

constant currency (6.6% reported) in the year, all from continuing

operations.

Foreign exchange

Group results are impacted by year-on-year fluctuations in

exchange rates versus the US dollar. Key non-US dollar currencies

for the Group during the year were euro and pound sterling, for

which average and year-end rates were as follows:

Average Year-end

1 US dollar = 2024 2023 2024 2023

euro 0.9246 0.9247 0.9710 0.9050

Pound sterling 0.7827 0.8043 0.8058 0.7865

Cash flow and capital allocation

Cash flow generation and conversion

$m 2024 2023

EBITDA (pre-exceptional) 551.3 493.4

Movement in working capital (pre-

exceptional) (37.5) (25.0)

Business-sustaining capital expenditure (28.7) (22.5)

Operating cash flow 485.1 445.9

Net interest and tax paid (65.7) (51.8)

Payment of lease liabilities (23.7) (19.9)

Dividend from related parties 5.0 32.0

Other inflows/(outflows) 1.8 (16.4)

Free cash flow 402.5 389.8

Strategic capital expenditure (58.4) (51.7)

Dividends paid to Company shareholders (104.4) (97.2)

Share buyback (purchase of own shares) (111.4) (108.7)

Payment for acquisition of businesses/

subsidiaries (297.0) (72.2)

Exceptional cash paid (22.7) (13.5)

Loans/investment in related parties – 67.8

Proceeds on disposal of non-core

businesses – 132.0

Net cash flow (191.4) 246.3

Exchange translation 2.4 (5.5)

Cash acquired on acquisition 1.7 0.5

Net debt movement (187.3) 241.3

Opening net debt (248.7) (490.0)

Closing net debt (436.0) (248.7)

Operating Cash Flow (“OCF”) is a Group KPI guided to the market

and is an element of Executive Director and senior management

remuneration. The Group’s OCF was $485.1 million in the year

(2023: $445.9 million) and represents a strong cash conversion on

EBITDA of 88.0% (2023: 90.4%). The OCF conversion target for the

year was 80%.

The increase in OCF versus prior year relates primarily to higher

EBITDA of $57.9 million across the business, partially offset by a

modest increase in working capital outflow of $12.5 million and

an increase in business-sustaining capex of $6.2 million.

The Group’s FCF amounted to $402.5 million versus $389.8 million

in the prior year. The increase was primarily due to an increase in

OCF which was partially offset by higher interest payments and

lower dividends received from joint ventures.

Capital allocated for the benefit of shareholders includes

regular dividend payments of $104.4 million (2023: $97.2 million).

Acquisition spend relates primarily to the acquisition of Flavor

Producers for an initial consideration of $299.7 million.

Group financing

Financing measures 2024 2023

Net debt ($m) 436.0 248.7

Net debt: adjusted EBITDA 0.81 times 0.50 times

Adjusted EBIT: adjusted net finance cost 16.7 times 38.1 times

The Group’s financial position continues to be strong. At year

end 2024, net debt was $436.0 million (2023: $248.7 million), an

increase of $187.3 million from prior year and the Group had

committed debt facilities of $1.3 billion (2023: $1.3 billion) with

a weighted average maturity of 3.8 years (2023: 4.7 years).

Glanbia’s ability to generate cash, as well as available debt

facilities ensures the Group has considerable capacity to finance

future investments. Net debt to adjusted EBITDA was 0.81 times

(2023: 0.50 times) and interest cover was 16.7 times (2023: 38.1

times), both metrics remaining well within financing covenants.

Capital expenditure

Cash outflow relating to capital expenditure in the year

amounted to $87.1 million (2023: $74.2 million), including

$28.7 million of business-sustaining capital expenditure and

$58.4 million of strategic capital expenditure. Key strategic

projects completed in 2024 include ongoing capacity

enhancement, business integrations and IT investments to drive

further efficiencies in operations.

Dividends

The Board is recommending a final dividend of 23.33 €cent

per share which brings the total dividend for the year to 38.97

€cent per share, a 10% increase on the prior year. This total

dividend represents a payout ratio of 30.1% of 2024 adjusted

EPS which is in line with the Board’s target dividend payout ratio

of 25% to 35%. The final dividend will be paid on 2 May 2025 to

shareholders on the share register on 21 March 2025.

Dividend per Share and Payout Ratio

2020 2021 2022 2023 2024

38.97c

35.43c

32.21c

29.28c

26.62c

38.97c

35.43c

32.21c

29.28c

26.62c

30.1%

29.2%

31.0%

33.6%

36.1%

Dividend Per Share Dividend Payout Ratio

Glanbia plc | Annual Report and Financial Statements 2024

Directors’ Report

Financial Statements Other InformationStrategic Report

Share buyback

Share buyback activity continued during 2024, returning €102

million to shareholders in the year. With confidence in the

strong cash generation abilities of the organisation, the Board

has further authorised an additional €100 million in share

buybacks for 2025 as an effective mechanism to return value to

shareholders.

Return on Capital Employed

2024 2023 Change

Return on Capital Employed

– continuing operations 12.4% 12.2% +20bps

ROCE increased in 2024 by 20 basis points to 12.4%. This increase

was primarily due to the continued growth in profitability of

the wholly-owned business, as well as operational efficiencies

to improve margin and drive sustainable long-term returns.

Acquisitions remain a key part of the growth strategy of the

Group with investments assessed against a target benchmark of

12% return after tax by the end of year three.

Sustainability

Glanbia as an organisation is focused on delivering against

our stated commitments and integrating sustainability within

our strategic decisions. This includes enhancing our reporting

capabilities and related Sustainability Reporting Framework

to meet the EU Corporate Sustainability Reporting Directive

requirements, coming into effect for Glanbia in financial

year 2025.

We continued to progress our sustainability agenda, including

the effective management of the evolving regulatory

environment globally.

During 2024, the Group agreed Sustainability Linked Loan (“SLL”)

status for all its bilateral Revolving Credit Facilities amounting

to $729 million. The loan agreements now incorporate annual

targets in relation to four separate environmental metrics,

namely, Emissions, Water usage, Packaging and Waste

throughout the remaining life of the facilities.

Further details on our sustainability performance can be found

on page 42-63.

Investor relations

Glanbia has a proactive approach to shareholder engagement

with the Annual General Meeting (“AGM”) being a key event

annually. In 2024, an in person AGM was held on 1 May at the

Newpark Hotel in Kilkenny, Ireland. All details relating to the AGM

were published on the Company’s website: www.glanbia.com/

agm.

In 2024, the Group engaged with shareholders and investors

through a series of strategic activities. These included a

shareholder consultation on resolution 6 (remuneration policy),

which was put to the AGM in May 2024. It also included several

investor roadshows and media briefings following the Group’s

full year and half year results, providing opportunities for direct

engagement and communication. Additionally, the Group held

an investor day in the United States, which included a tour of

Glanbia Performance Nutrition’s production plant in Aurora,

Illinois, and provided an update on key brands within the Glanbia

Performance Nutrition portfolio.

In addition to full year and half year results, Glanbia publishes

interim management statements after the first and third

quarters to provide investors with a regular update on

performance and expectations throughout the year. All releases,

reports and presentations are made available immediately on

publication, on the Group’s website: www.glanbia.com.

Audit tender

In compliance with the regulations mandating public interest

entities to tender their audits every ten years, the Board

commenced an audit tender process in 2024 to select the

Group’s next statutory auditor effective FY 2026. The Audit

Committee recommended EY as the Group’s statutory auditor

to the Board, which it has approved. Subject to approval at

the AGM, EY will be appointed as our new statutory auditor

commencing from 4 January 2026.

Annual General Meeting (“AGM”)

Glanbia plc’s AGM will be held on Wednesday, 30 April 2025, at

11.00 a.m. at Killashee Hotel, Kilcullen Road, Naas, Co. Kildare,

W91 DC98, Ireland.

Mark Garvey

Chief Financial Officer

 Glanbia plc | Annual Report and Financial Statements 2024

In this section

Sustainability 42

Risk management 64

Principal risks and uncertainties 70

Working together with our stakeholders and

focusing on the areas where we have the highest

impact, we strive to contribute positively to the

environment and society in which we operate.

Our sustainability strategy “Better Nutrition, Better World” focuses on

the three pillars: our planet, our people and our performance. Within this

section we outline our commitments and related performance against these

pillars. We also highlight the steps we are taking to meet the associated

increased reporting and transparency requirements in preparation for the

EU Corporate Sustainability Reporting Directive (“CSRD”).

Sustainable operations

P42

Glanbia plc | Annual Report and Financial Statements 2024

Directors’ Report

Financial Statements Other InformationStrategic Report

 Glanbia plc | Annual Report and Financial Statements 2024

Better

Nutrition

Sustainability

Global group strategy

Our strategic priorities are supported by the following enablers:

• Powerful consumer trends

• Culture and talent

• Disciplined financial management

• Sustainable operations

In this section, we outline our main sustainability commitments, actions, and the

2024 financial year mandatory sustainability reporting requirements. This includes

disclosures relating to the EU Non-Financial Reporting Directive, EU Taxonomy

for Sustainable Activities, and Taskforce for Climate-related Financial Disclosures

(“TCFD”) Report.

The 17 United Nations Sustainable Development Goals (“SDGs”) aim to address

global issues like poverty, injustice, and climate change. Our business aims to

create measurable value and contribute positively to society. While all 17 SDGs are

important, we focus on six where we can make the biggest impact. More details

on how we manage our key sustainability topics and how we contribute to the UN

SDGs are included in our separate Sustainability Report, published on our website

glanbia.com.

In preparation for the EU Corporate Sustainability Reporting Directive (“CSRD”)

due to come into effect for Glanbia for financial year 2025, we aligned our separate

Sustainability Report with the associated standards, where possible. This includes

publishing the results of our double materiality assessment.

Performance

Objective:

Fostering sustainable growth

through a culture of environmental

and social responsibility, strong

governance, and accountability,

while striving for the highest

standards of business ethics.

We are a trustworthy business

with trusted brands.

Planet

Objective:

Along with growing our business

we will reduce our impact on

the environment in the areas of

emissions, water, nature and waste.

People

Objective:

We are dedicated to building an

inclusive culture that empowers our

employees and positively impacts

people across all our activities,

from workers in our value chain

through to our valued consumers.

We believe people are the key to

growing sustainably and supporting

our consumers ongoing nutritional

requirements.

Our sustainability strategy

“Better Nutrition, Better World”

supports our global goals.

At Glanbia, our mission is to provide better nutrition throughout

your life. We believe it’s our duty to protect the planet for future

generations. That’s why we created our “Better Nutrition,

Better World” sustainability strategy. This plan helps us grow

responsibly while caring for the environment and society.

It focuses on three sustainability pillars: Planet, People,

and Performance.

Glanbia plc | Annual Report and Financial Statements 2024

Directors’ Report

Financial Statements Other InformationStrategic Report

Goals:

• Embed environmental, social and

governance (“ESG”) responsibilities

and culture across our business to

drive incremental change to meet our

wider “Better Nutrition, Better World”

objectives.

• Conduct business ethically and with

strong governance, resulting in growth

with integrity.

• Invest in markets and technologies

to drive innovation and growth, while

adhering to our environmental targets.

Relevant UN Sustainable

Development Goals:

Goals:

• Reducing our greenhouse gas (“GHG”)

emissions across our operations and

our value chain, in line with globally

recognised expectations.

• Enhancing water stewardship and

nature conservation across our

operations and our value chain.

• Optimising resource use and

minimising waste by promoting

circularity in our value chain, whilst

continuously refining our own

operations.

Relevant UN Sustainable

Development Goals:

Our strategic enablers

Focus areas

Powerful

consumer

trends

Culture

and

talent

Disciplined

financial

management

Sustainable

operations

Reducing

GHG emissions

Water stewardship and

nature conservation

Circular economy

Our strategic enablers

Focus areas

Powerful

consumer

trends

Culture

and

talent

Disciplined

financial

management

Sustainable

operations

ESG governance

Business ethics

Innovation investment

Goals:

• Foster an inclusive and diverse culture

that supports employee growth and

wellbeing, while ensuring a safe and

healthy working environment.

• Ensure fair and safe working

conditions for all workers in our value

chain.

• Ensure robust product safety and

transparency to maintain consumer

trust and wellbeing.

Relevant UN Sustainable

Development Goals:

Our strategic enablers

Focus areas

Powerful

consumer

trends

Culture

and

talent

Disciplined

financial

management

Sustainable

operations

Inclusive culture

Health & safety

Food quality and

safety

 Glanbia plc | Annual Report and Financial Statements 2024

Sustainability continued

Our engagement with stakeholders

One of our core values is ‘Respect for People’.

Valuing all our stakeholders is at Glanbia’s core

and builds a better business.

To support this core value Glanbia aims to create trusted relationships through effective

engagement and understanding the needs of all our stakeholders. We reflect the outcomes

of this engagement within our sustainability strategy and related actions.

The Board is aware that the Group’s actions and decisions impact all our stakeholders, and it

ensures that there is regular dialogue with stakeholders, carried out by those most relevant to the

stakeholder group or issue, and discussed appropriately in the boardroom. For more information

see pages 89-90.

leadership and

education

Employees

Regular and ongoing

engagement with our

employees is key to

attracting, developing and

retaining a talented,

dedicated and motivated

workforce, which ensures the

successful delivery of our

strategy and achievement of

our purpose.

Pages 58-59

Key topic

• Group strategic agenda/

priorities

• Safety and support at work

• Smart (flexible) working

• Diverse and inclusive

workplaces

• Career development

• Reward framework

How we engage

• Implemented multi-year

‘Grow@Glanbia’ programme,

using technology to enable

personalised employee

development and engagement

• Ongoing engagement through

one-to-one meetings, team

meetings and townhalls

• Engagement and regular

pulse surveys

• Connection to the Board

through a dedicated Workforce

Engagement Director

• Employee Resource Groups

• ‘Speak Up’ and Whistleblowing

procedures

• Monitoring of actions to

address topics raised by

employees

• Regular on-site initiatives,

including Wellbeing Week

Outcome

Employee attraction,

retention and engagement

Our approach keeps us

connected with our people. It

helps attract, develop, retain, and

motivate our workforce,

sustaining our competitive

advantage and long-term

success. It provides key insights

into the effectiveness of

employee-related programmes

and key focus areas. It also helps

us strengthen our approach to

diversity, equity and inclusion

across our businesses.

• Employee engagement score of

73 points (up 1 point since 2023).

• Employee survey scores

increased across all Business

Units on our key focus areas of

wellbeing and communication.

our consumers and

customers

Customers and consumers

Strong engagement with our

customers and consumers

enables us to operate a

customer-centric business

model and act as our

customers’ most valued

partner, creating a world of

sustainable nutrition.

Pages 26-33

Key topic

• Insights on consumer trends

• Stable supply of high-quality

products and ingredients

• Food safety & quality

• Sustainable food with a lower

environmental footprint,

produced in a responsible way

How we engage

• Customer relationship

development – key account

managers, R&D insights and

brand teams

• Company websites &

social media

• Formal market research

• Exhibitions

• Product information

on packaging

• Customer surveys

• GPN Sports Nutrition School

Outcome

Engaging with our consumers

means we enable them to

achieve their lifestyle and

nutrition goals. We bring strong

market insights and ensure the

supply of quality product to our

customers

• The Optimum Nutrition (“ON”)

brand is one of the world’s

most awarded, most reviewed,

and most nominated sports

nutrition brands by consumers.

• ON is a $1bn brand consistently

achieving strong Net Promotor

Scores.

• Gold Standard Whey tub was

assigned ‘Widely Recycled’ by

How2Recycle.

• GN is the ingredients partner of

choice to some of the world’s

leading brands.

• Supporting customer ESG

ambition through the provision

of transparent, product specific

data sharing.

Glanbia plc | Annual Report and Financial Statements 2024

Directors’ Report

Financial Statements Other InformationStrategic Report

Local communities

Our committed focus is on

the wellbeing and prosperity

of the communities directly

affected by our activities

within our operational

regions, supply chains,

and employment areas.

Pages 61 and 90

Key topic

• Economic development of

the communities in which

we operate

• ESG impact on local

communities

How we engage

• GPN Sports Nutrition School

• Employee volunteering

programme

• Ongoing dialogue and funding

of community and charitable

organisations

• Providing safe and inclusive

workplaces

• Building sustainable supply

chains

• Delivering programmes to

support health and wellbeing

Outcome

Strong and positive

community relationships

Engagement with our local

communities in 2024 extended

from creating satisfying work to

helping to improve the lives of

those people who live close to our

operations.

Shareholders

Active engagement with our

shareholders ensures they

are aware of the Group’s

business environment,

strategy, performance, and

sustainability commitments.

The views of our shareholders

help to inform the strategic

decision making of the Board.

Read more Page 89

Key topic

• Strategic agenda/priorities

• Governance performance

• Portfolio evolution through

organic growth, acquisitions,

and divestments

• ESG agenda and priorities

How we engage

• Investor meetings

and conferences

• Regular publicly available

performance and strategy

updates

• Perception survey

• Annual general meeting

• One-to-one meetings and calls

• Climate Disclosure Project

(“CDP”) reporting

• Key investor rating assessments

Outcome

Trust and engagement from

the shareholder and investor

community

Engagement with investors helps

us understand their expectations

of our strategic agenda, risk

management, financial and ESG

performance. During 2024,

investor focus continued around

the Group’s strategic direction,

performance, emissions

reduction, and employee

engagement.

our value chain

partners

Suppliers, joint venture

and business partners

By partnering and engaging

with our suppliers and joint

venture partner, and

establishing trusted business

partnerships within our value

chain, we enable them to

meet our high standards in

food safety and quality,

business ethics, labour, human

rights, and the environment.

Pages 61 and 90

Key topic

• Responsible sourcing and

use of raw materials

• Long-term, sustainable

partnerships

• Positive environmental and

social impact

• Ethical business conduct

How we engage

• Supplier surveys and audits

• Contractual meetings

• Tenders

• Information requests

• E-tendering platforms

• Assessment and due diligence

• Membership of industry

associations

• Membership on industry

expert panels

• Communication of Group

policies

Outcome

Partnering with

our suppliers, joint venture

partner, and business partners

to make sustained positive

impacts in the value chain

We engage with suppliers to

develop a responsible and

sustainable supply chain to

deliver innovative and

sustainable products. During

2024, we engaged with our

suppliers specifically on driving

improvements across our

sustainability priority areas.

our value chain

partners

Other stakeholders

Through active engagement

with governments, non-

governmental organisations

(“NGOs”) and group

representatives of silent

stakeholders such as nature,

we can share valuable insights

gained as a global nutrition

business on the strategic issues

facing our industry, while

increasing our understanding

of wider issues, enabling us to

add value to relevant policy

and regulatory debates and

support industry initiatives.

Read more Page 90

Key topic

• Regulation across all

business activities

• Reliable and complete

corporate reporting

• Contribution to local economy

and communities

• Climate change and

environmental preservation

• Responsible sourcing

• Human rights, diversity, equity

and inclusion

How we engage

• Industry associations

• Briefings & direct meetings

• Multistakeholder forums

• Participating in relevant calls

for information

• One-to-one meetings

• Participation in relevant events

Outcome

Engagement with

other stakeholders

Our engagement with local and

national regulators, governments

and industry associations,

ensures that we contribute to

issues relevant to our activities,

improve our sustainability

performance and compliance

and progress projects for the

enhancement of society.

Through our memberships and

partnerships with NGOs we

continue to be involved in

developing industry best

practices across a range of

established sustainability topics

and collaborating on integrated

solutions across the value chain.

 Glanbia plc | Annual Report and Financial Statements 2024

1. Climate governance

Board’s oversight on climate-related

risks and opportunities

The Board has actively overseen the

Group’s sustainability strategy, with

a clear focus on climate action and

performance. This includes regular

updates from senior leadership, such as

the Senior Vice President of Sustainability

and the Head of ESG Governance and

Reporting, on the Group’s climate goals,

strategies, and disclosures. Climate

change impacts are integrated into

the broader strategic decision-making

process, including major capital

expenditures and business acquisitions.

The Board monitors progress against

climate-related targets through

detailed reports from the Sustainability

Committee. Additionally, climate-related

metrics are considered in the Group’s

financial and business planning cycles,

with specific attention to Scope 1, 2 and

3 emissions strategies as these, along

with water and waste performance, were

identified as key mitigants to the risks

explored through our scenario analysis.

Management’s role

The Chief Executive Officer and Executive

team (Group Operating Executive)

oversee sustainability performance

and execute the Group’s strategic

plans. The CEO of Glanbia Nutritionals

holds overall ownership of Glanbia’s

sustainability strategy reflecting GN’s

significant manufacturing footprint.

The Chief Financial Officer ensures

compliance with reporting requirements

and integrates ESG metrics into

capital acquisitions. The Operations

Steering Committee, includes senior

leadership from operations, engineering,

sustainability and procurement. This

committee evaluates and manages

sustainability performance. Key

agenda items include updates on

performance against targets, progress

on decarbonisation initiatives, and

evaluation of climate-related risks and

opportunities. Management provided

regular reports to the Sustainability

Committee on climate change matters

through formal reports, meeting four

times during the year. Furthermore,

executive remuneration policy is aligned

with sustainability goals, incorporating

metrics for carbon reduction and other

environmental targets. For further

information refer to the Sustainability

Committee Report on page 112.

Planet

Along with growing our business we will reduce our impact on the environment in the areas of

emissions, water, nature and waste.

1. Climate

governance

2. Strategic impact 3. Scenario

analysis and risk

management

4. Metrics and targets

At Glanbia, sustainability and environmental stewardship is at the core of our operations.

This section of our annual report, “Planet,” outlines our ongoing efforts and achievements in

reducing our environmental impact. We align our reporting with the Environmental, Social,

and Governance (“ESG”) standards, ensuring transparency and accountability in our practices.

Glanbia recognises that measuring,

managing, and reporting environmental

impact is critical not only for the planet

and communities where we work but also

for our future growth.

Our Task Force on Climate-related

Financial Disclosures (“TCFD”) Report,

provides a comprehensive overview

of how we manage climate-related

risks and opportunities and concludes

with the analyses of our Scope 1, 2 and

3 greenhouse gas (“GHG”) emissions,

water usage, waste management, and

packaging initiatives. These areas are

critical to our sustainability strategy

and reflect our dedication to creating a

positive environmental impact.

Task Force on Climate-related

Financial Disclosures Report

We identified and assessed our

climate-related risks and opportunities

and continue to monitor and embed

these impacts within our governance,

operations, strategic model and risk

management system.

Glanbia has complied with all of the

requirements of LR 9.8.6R by including

climate-related financial disclosures

in this section (and in the information

available at the locations referenced

therein) consistent with the TCFD

recommendations.

This statement applies to the parts of

the business over which Glanbia has

operational control. This includes both

the Group’s wholly-owned operations and

the MWC-Southwest Holdings LLC joint

venture operations where Glanbia plc has

authority to introduce and implement

operating policies in accordance with our

sustainability strategy.

Our disclosure follows four key pillars,

summarised below:

Sustainability continued

Planet

Glanbia plc | Annual Report and Financial Statements 2024

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Financial Statements Other InformationStrategic Report

2. Strategic impact

Climate-related risks and opportunities

are assessed and managed as a

fundamental part of our governance

and business management processes.

Central to our response has been our

sustainability strategy, which includes

setting Scope 1, 2 and 3 carbon emission

reduction targets and creating robust

roadmaps for their delivery.

In the Sustainability Committee Report

on page 112 we describe the Board

and related Committees’ oversight of

climate-related risks and opportunities

and the role of management in assessing

these. In the Risk Management Report on

page 64, we explain how climate-related

risk is integrated into the risk processes

that operate throughout the Group.

Included on page 66 in the ‘Identifying

and assessing climate related risks

and opportunities’ section we describe

our assessment of the physical and

transitional impacts of climate change on

the Group’s operations in terms of both

risks and opportunities. On pages 50-51

we describe the potential impacts of such

risks and opportunities under different

scenarios and page 52 outlines resilience

measures and actions to mitigate risks

and capitalise on opportunities.

Focus on climate impact

Our purpose is to deliver better nutrition

for every step of life’s journey and

integrating our sustainability strategy

and commitments is a key lever to

accelerate our performance in the

markets we operate in. We continuously

review our climate commitments,

aligning with a science-based approach

and focusing on delivering our stated

targets in the areas of GHG emissions

reduction, freshwater use reduction,

improved waste management and

packaging circularity.

We are focused on three priorities aligned

with our growth ambition:

• Optimise the business: Driving

operational efficiency, reducing

environmental impact, and improving

financial performance to ensure

sustainability.

• Grow the core: Innovating and

collaborating with customers to

anticipate market trends and create

sustainable products that meet

nutritional needs.

• Disciplined capital allocation:

Investing in areas that enhance

our expertise, align with climate

commitments, and reflect evolving

climate and regulatory trends.

We recognise the impact that climate

change can play in influencing the

delivery of our business strategy. This is

dependent on the global actions and the

associated impacts observed, including

socioeconomic impacts as the globe

transitions to a low carbon economy, with

physical risks accelerating where global

temperatures continue to increase. We

continue to assess the potential climate-

related risks and opportunities for our

business, ensuring that we maintain a

focus on reducing our emissions while

adapting to these changing external

conditions. We also recognise the

interrelated risks to natural resources

that are critical to our ingredients and the

importance of supply chain partnerships

to deliver scalable solutions.

Identifying and reviewing climate-

related risks and opportunities

In 2024, Glanbia again partnered with

the Carbon Trust, an independent

sustainability consultant and through

executive-led workshops, assessed the

impact of climate change on the Group

to identify the most relevant climate-

related risks and opportunities. The

risks are incorporated into the Group

Sustainability Risk Register and are

updated and reviewed periodically

throughout the year, assessing

impact scale, likelihood and velocity in

conjunction with our internal subject

matter experts. Mitigation measures

are considered as part of this process to

evaluate the potential residual risk. This

evaluation forms part of the wider Group

Risk Management Framework. Refer to

page 64.

As part of this process, we assessed

our business readiness to respond to

such risks and reviewed our mitigation

measures and strategic plans to support

our resilience assessment. Refer to page

52 for details on our key resilience factors

and page 49 for details on the potential

opportunity impacts we are monitoring.

Included on the next page is a table

which summarises table of the climate

risk areas assessed.

Functional Workstreams

Group Operating Executive

Glanbia plc Board

Remuneration Committee Sustainability Committee Audit Committee

Energy Water Waste Packaging Procurement

Sustainability Operations Steering Committee

Climate-related governance

 Glanbia plc | Annual Report and Financial Statements 2024

Sustainability continued

Planet continued

Assessing climate-related risks

and opportunities

In 2024, we assessed our climate-related

risks and opportunities to deepen our

understanding of how they might impact

our business, operations, and strategy.

We partnered with the Carbon Trust

to run various scenarios using climate

science and scenario data.

This comprehensive modelling approach

quantified the potential financial

implications of identified climate-related

risks and opportunities on Glanbia’s

operations and broader value chain.

Transition risks and opportunities were

assessed to a 2033 timeframe, while

physical risks were modelled up to 2050

due to their longer-term impact.

This analysis provided a critical

evaluation of Glanbia’s most significant

climate-related risks and opportunities.

It enabled us to prioritise these

risks, determine their materiality,

identify critical risk hotspots, assess

our business’s readiness to address

these challenges, explore potential

opportunities, and evaluate our current

strategies and business continuity plans

against defined scenarios.

Transition risk

Glanbia understands that transitioning

to a lower carbon economy will entail

extensive market, policy and technology

changes. Depending on the nature, speed

and focus of these changes, transition

risks may pose varying levels of financial

and reputational risk to organisations.

Market

In a Glanbia context this risk relates to

changing customer/consumer behaviour

due to sustainability concerns and how

this impacts the dairy market. We closely

monitor this risk through our consumer

insights team and direct engagement

with our customers, including

questionnaires and data requests

through our commercial management

teams. The insights team uses a number

of strategies to track end-consumer

sentiment and emerging trends toward

dairy, which then feed into our overall

product strategy and research and

development pipeline.

For the assessment of this risk in our

scenario modelling we have looked at how

a shift to a vegetarian diet by consumers,

in an effort to reduce climate impact, may

impact our sales in the dairy market.

Reputation

Glanbia partners with leading global food

and beverage brands and retailers, all

of which have their own climate change

commitments. These brands increasingly

seek partners who can adapt to the

shifting customer requirements and

help them achieve their targets. Failing

to take adequate action on climate

change could harm our reputation and

damage our commercial and stakeholder

relationships, presenting a potential

reputational and commercial risk.

In our modelling we looked at how not

aligning with our customers Scope 3

reduction targets could impact our business.

Policy

The risk of current and emerging

regulations is a key climate consideration

monitored by Glanbia. This includes

regulations and policies which have a

direct impact such as carbon taxes.

In our risk assessment we have modelled

the impact of increased energy prices due

to carbon taxes, the impact of regulation

on dairy farmers to reduce methane

emissions and regulations concerning

consumer packaging specifications.

Technology

Our assessment of technology risk

focuses on the required investment in

operational decarbonisation to fulfil our

stated Scope 1 and 2 emission reduction

targets and we integrated these

requirements into our business strategy.

As a result, we did not include this risk

area within our scenario modelling,

instead we classified the actions

associated with it as a key mitigant to the

market and policy risks identified.

Physical risk

As part of our risk assessment process,

we considered a range of physical risks,

across the time horizons, which could

potentially impact our operations and

supply chain. These risks include drought,

water stress, coastal flood, cyclone,

extreme heat and wildfire. We reviewed

both potential chronic and acute type

risks as part of this exercise.

In conjunction with third-party experts

and using supporting external models,

we evaluated the risk exposure to these

specific climate hazards. We identified

a small number of sites that have an

exposure to increasing heat, with water

stress identified as the most significant

physical risk. The three sites of Clovis,

New Mexico, Twin Falls, Idaho, and

Carlsbad, California are classified as

having the highest water risk and as a

result we consider related risks within

our business continuity management.

We continue to monitor all our sites with

regular World Resources Institute (“WRI”)

aqueduct analysis, the latest completed

in quarter four 2024.

For the scenario risk assessment we

modelled heat stress impacting dairy

productivity and milk yields, along with

the potential impact on crop yields which

are used for feeding dairy cows.

In addition, we assessed how water stress

(and associated rising cost of water utilities)

could impact the cost of operations across

our highest water usage facilities in North

America, with specific focus on one of our

largest dairy facilities in New Mexico, which

is located in an area of high-water stress.

Climate-related risks

TCFD Category Risk area(s)

Most relevant

time horizon

Business readiness

assessment

Transition Market Changing customer/consumer behaviour Medium In plan

Reputation Shifting customer requirements not met Medium In plan

Policy Direct/indirect cost of regulation on operational inputs Short-Medium Monitored

Technology Investment in operational decarbonisation Short-Medium In plan

Physical

risks

Chronic Impact of water stress on key operational sites Medium In plan

Impact of weather pattern variability on dairy supply and dependent inputs Long Monitored

Acute Impact of extreme weather on dairy supply Long Monitored

Time horizon

Short: Up to three years. Aligned with our Group strategy cycle where we

develop detailed financial projections and use them to manage performance.

Medium: From three to 10 years. Nearer term to primarily capture transition risks

and opportunities, embedded with our sustainability strategy.

Long: Beyond 10 years. Greatest level of uncertainty associated with

these climate-related risks and opportunities, primarily linked to the

physical risks identified.

Business readiness

In plan: Related response to risk has been built into Glanbia’s sustainability

strategic plan, with a view to operationalise based on output of relevant

scoping and feasibility assessments.

Monitored: Recognition that associated risks may require action but currently

based on level of uncertainty being monitored with a view to incorporating into

our strategic plan where appropriate.

Glanbia plc | Annual Report and Financial Statements 2024

Directors’ Report

Financial Statements Other InformationStrategic Report

Business

as usual

Low

emissions

High

emissions

HighLow

Physical risk

High

Low

Opportunity

Proactively addressing climate change presents significant opportunities for Glanbia. By adopting sustainable practices, we can

enhance our brand reputation, align with customer preferences for low-emission and sustainable products, and gain a competitive

edge. Innovation in supply chain and agricultural practices can lead to cost savings and improved resource efficiency. Investing in climate

resilience allows us to mitigate risks and capitalise on new market opportunities. Embracing these opportunities can drive long-term growth.

The climate-related opportunities presented in the table below are examples where we see potential benefits to the business and

ultimately to our customers as we support them with their climate commitments.

Opportunity Description Potential Impact Time horizon*

Resource

efficiency

Impact of resource

usage efficiency

on operating costs

A key lever in the achievement of our 2030 Scope 1 and 2 targets is an ongoing

focus on energy efficiency through use of energy management systems,

targeted upgrades in our plant equipment and transitioning from fossil-based

energy to renewable alternatives. Given energy price volatility, this increase in

efficiency provides a potential opportunity for reduced energy costs and lower

emissions, which helps reduce our exposure to carbon pricing.

Short-medium

Market Delivery of lower

carbon products

As we execute our emission reduction commitments, together with detailed primary

data associated with our value chain, we become the supplier of choice for our

customers to deliver low carbon products, leading to expanded reach and sales growth.

Short-medium

Energy source Anaerobic

digestor

investment

As part of decarbonising the value chain, opportunities exist to support

farmers through investment in renewable energy technologies with

downstream value chain partners. Securing carbon reductions within the value

chain is a cost-effective solution to long-term reduction targets.

Medium-long

*see page 48 for definition

3. Scenario analysis and risk management

We examined our business under various scenarios, modelling different climate pathways to assess potential climate-related risks

and opportunities (“CROs”). A bespoke model was created for each risk and opportunity, incorporating relevant economic factors such

as price and demand. We selected two scenarios; a “current policies” scenario (business as usual) and a stress scenario (see below)

which tests extreme transition or physical risks. This analysis evaluates hypothetical outcomes based on various future states and

assumptions, not as a forecast or prediction.

Scenarios:

Current policies:

Business as usual, includes all climate policies pledged by

countries under the Paris Agreement, even if they are not yet

implemented.

Stress scenarios:

Transition risk: time horizon considered-up to 2033

Low emissions, ambitious low-carbon transition, typically

aligned with Net Zero or 1.5 degrees Celsius targets. Leads to

high transition risk but lower physical risk than current policies.

Physical risk: time horizon considered-up to 2050

High emissions, limited action taken to reduce global emissions

lead to significant increase in temperatures. Scenarios typically

aligned with 3-4 degrees Celsius increase. Leads to high

physical risk but lower transition risk than current policies.

Approach

CRO specific scenario parameters

(e.g. Carbon price) available from

external sources.

Matched to affected assets value

drivers; internal data and sectoral

statistics.

Financial impact calculated;

how value drivers change with changes

to scenario parameters.

Assumptions

Business model – there will be no significant changes to the Glanbia business model or facilities.

Acquisitions – in our model there are no further acquisitions or divestments.

Growth – growth has been kept flat to better isolate the impact of the scenarios applied.

Targets – we achieve our publicly stated targets under emissions, water, waste and packaging.

Sources – we used various sources, including Network for Greening the Financial System (“NGFS”) and WRI, as well as academic sources and informed assumptions.

Transition risk

 Glanbia plc | Annual Report and Financial Statements 2024

Sustainability continued

Planet continued

Scenario analysis outcome

Transition risk

TCFD category/risk

Driver

Impact

Methodology for

risk calculation

How we manage the risk

Market

End consumers

changing their diets to

decrease their carbon

footprint.

In the current policies scenario, consumer

preference shifts away from meat, increasing

demand for dairy and eggs, leading to revenue

growth by 2050. In the stress scenario, however,

consumers substitute animal proteins with

plant-based alternatives, resulting in a decline

in dairy consumption.

Assumptions for the modelling came from

the WRI ‘Creating a Sustainable Food Future’

Report.

The current policies scenario sees a moderate increase in

dairy related revenue as people shift away from meat and

replace it with dairy protein.

The stress scenario identifies a potential reduction in

revenues. Within the scenario reducing emissions in

line with our Science Based Target commitments and

the assumption that this will bring emissions from dairy

products to a level that is acceptable to our consumers

was incorporated into the model. As a result, the impact on

dairy related revenues is expected to be largely negated,

resulting in an estimated impact that is low.

We monitor the above with ongoing market insights and

trend analysis that is overseen by our dedicated market

insights team, augmented by expert analysis from our

industry associations (US Dairy Export Council and the

International Dairy Foods Association). We are currently

seeing a robust market for our existing product offerings.

We acknowledge that consumer trends may evolve over

time, and recognise there is a market opportunity. Refer to

‘Opportunities’ analysis on the next page for further details.

Reputation

Customers with Science

Based Targets (“SBTs”),

opting for alternative

suppliers if Glanbia

does not decrease

emissions in line with

our SBT commitments.

Customers that have adopted or will adopt SBTs

may shift away from Glanbia’s products if the

Company does not decarbonize in line with their

targets. In the current policies scenario, this

represents customers requiring a 25% reduction

in their Scope 3 emissions. In the stress scenario

this figure rises to a 31% reduction required.

In both scenarios if we fail to meet our reduction targets,

revenue from customers with SBTs would fall as they have

to look elsewhere to achieve their reductions.

Our mitigation is the delivery of our SBTs for our Scope

1 & 2 reduction target; along with the Scope 3 reduction

targets which are currently being revised in line with the

Paris Agreement. Successful execution of this strategy

is expected to reduce the residual impact to low in both

scenarios.

We will continue to engage with our strategic customers on

emissions reductions project opportunities.

Policy

Climate regulation

on dairy.

Risk that stricter methane regulations may

increase decarbonisation costs for farmers. It

is modelled by estimating the cost of methane

(“CH₄”) abatement, based on reductions in

CH₄ emissions in the Network for Greening

the Financial System (“NGFS”) scenarios:

Nationally determined contributions (“NDCs”)

(current policies) and “Net Zero 2050” (stress).

This approach captures the financial impact

from regulatory pressure to reduce methane

emissions and assumes constant milk and whey

procurement for Glanbia.

The costs identified in both scenarios are part of the

upstream value chain. To assess the extent of the impact

Glanbia would need to consider the potential level of

government support, farmers ability to absorb margin

reduction and the availability of other forms of assistance.

As these scenarios are tied to regulatory measures, they

will impact the entire US industry. This makes cost pass-

through a likely mitigation strategy for both farmers and

processors, provided the product remains ‘affordable and

nutritious’. The estimated impact on Glanbia is regarded

as low.

Given the importance of public policy supports in scaling

emissions reductions, Glanbia continues to assess the

implications of the new US government.

Policy

Higher fuel and energy

prices as a result of

government policy,

such as a carbon tax.

Or regulatory and

market changes.

Using NGFS scenario ‘NDCs’ for the current

policies scenario and NGFS ‘Net Zero 2050’

as the stress scenario we applied applicable

increases to fuel costs as they relate to our own

logistics and our third party logistics, assuming

the same level of fuel usage. We also applied

the same scenarios for energy prices across our

current energy spend, assuming consumption

does not change from current levels.

The financial impact generated by both scenarios is

expected to be low for logistics when mitigation actions are

considered.

Mitigation actions include optimising our own logistics

operations and considering fleet electrification where

suitable. For third-party logistics, we will prioritise

low-carbon transport options from our partners where

available and optimise logistics operations. Both actions

will contribute to the Scope 3 emissions reduction target,

see page 54.

Our Scope 1 & 2 target to reduce emissions by 50% by 2030

will help mitigate rising energy prices. This will be achieved

through energy efficiency projects, energy management

and energy procurement efforts.

These actions are expected to reduce the impact of rising

energy prices to low.

Policy

Sustainable trends

in packaging.

Both the current policies and stress scenarios

modelled the higher cost of increasing the

recyclability and the post-consumer recycled

(“PCR”) content of our consumer packaging

in GPN and in related GN packaging, with the

stress scenario looking at an even greater

PCR content requirement. The incremental

cost assumptions were supplied by internal

procurement sources.

The assessed impact under both scenarios is expected

to be low. This risk is further mitigated by a dedicated

sustainable packaging working group. The group

focuses on areas such as packaging redesign, pilot refill

programmes and procurement initiatives for packaging

supply. These actions will help us apply innovative solutions

to maximise results, while minimising costs.

Revenue

Operating costs

Driver impact

Glanbia plc | Annual Report and Financial Statements 2024

Directors’ Report

Financial Statements Other InformationStrategic Report

Physical risk

TCFD category/risk

Driver

Impact

Methodology for

risk calculation

How we manage the risk

Chronic & Acute

Effect of temperature

increases (both acute

and chronic) on key

aspects of Glanbia’s

dairy supply chain.

Separate models were constructed to evaluate

the impact of increased temperatures on our

dairy supply chain.

The following areas were considered:

• dairy productivity (chronic);

• milk yields (acute); and

• crop yields – a key input into animal feed

(chronic).

These models considered the potential impact

of such conditions on dairy suppliers margins

and/or the price of milk as an input cost,

potentially resulting in an increased product

cost to recoup via the market or through

required production efficiencies to maintain

product margins.

Scenario data come from NGFS Climate Impact

Explorer tool, as well as a variety of academic

sources, including to estimate yields’ sensitivity

to weather and temperature changes.

Under both scenarios, the effects are expected to

materialise over a longer term horizon beyond 2033.

Quantifying these impacts is challenging due to the

inherent uncertainty surrounding future global warming.

In the short to medium term Glanbia is protected against

milk supply shortages, and associated price increases due

to milk supply agreements, joint venture business model

structures and the milk and cheese market conditions in

which Glanbia operates. However, Glanbia recognises the

potential for tipping points in the longer term. Prolonged

physical impacts could make dairy production unviable at

the farm level, affecting milk supply and costs.

We analyse comprehensive dairy production data in

our supply chain on an ongoing basis and leverage US

Department of Agriculture datasets to track productivity

and trends.

Acute

The risk of growing

water scarcity

affecting water

procurement costs.

The impact of increasing water scarcity

in certain regions due to droughts, rising

temperatures, heatwaves, and growing water

demand, affecting water availability in most

US states. This reduction in water availability

is likely to drive up water prices, impacting

Glanbia’s operational costs. Scenario data

comes from WRI Aqueduct Water Atlas with

the model applying elasticity of water price

increases, to changes in water stress levels.

The expected increase in cost from water utilities under

both scenarios is not considered significant in our own

operations at our sites in the areas at water risk.

The sites identified from this analysis are already within the

Group’s priority locations for water risk with efforts already

underway to manage water use at these sites, including our

high priority site in Clovis, New Mexico which is located in a

high-water risk area.

Opportunities

TCFD category

Driver

Impact

Methodology for

opportunity calculation

How we manage the opportunity

Energy source

Carbon credit and clean

energy markets.

Both opportunities are of high relevance to

Glanbia as they can be generated through the

use of Anaerobic Digesters (“ADs”) which some

Glanbia sites are currently using. The focus of

the modelling is on the generation of carbon

credits through the avoided emissions resulting

from AD both directly at Glanbia sites and

indirectly at farms. We assume that the value

of the carbon credits grow proportionally to the

NGFS carbon prices.

There is an opportunity to leverage carbon credits

through ADs, however it is important to note that regulation

around carbon credit markets is still uncertain and depends

on the market being used.

AD is an important component in decarbonising both our

operations and supply chain. We are working through the

potential for on farm adoption and the optimisation of our

AD investments at our manufacturing sites, including the

potential for carbon credit generation in what is a rapidly

evolving space.

Markets

Shift towards lower

emission sources of

protein and vegetarian/

vegan diets.

Assumptions for the modelling came from

the WRI ‘Creating a Sustainable Food Future’.

The scenarios modelled the opportunity for

increased revenue from plant-based products

due to sustainability concerns. In the current

policies scenario, a positive impact is seen as

end consumers move away from meat and

substitute part of their protein intake with

processed plant-based products. In the stress

scenario, consumers substitute animal proteins

with non-processed whole foods like pulses

and soy.

The current policies scenario recognises the potential of

our product offerings to capitalise on a shift to plant-based

proteins. We can either achieve this through established

sports nutrition brands such as ON or through our wellness

brands such as Isopure and Amazing Grass alongside our

Nutritional Solutions offerings.

Our teams actively monitor customer sentiment, ensuring

we are well positioned to respond to market changes.

The stress scenario shows no opportunity in our current

offering as the consumers move to unprocessed whole

foods (such as legumes and pulses).

 Glanbia plc | Annual Report and Financial Statements 2024

Sustainability continued

Planet continued

The impact of climate change on

our financial statements

When preparing our Financial

Statements, we evaluated the potential

impacts of climate change risks. We

found that these risks do not significantly

affect our financial reporting judgements

and estimates. Consequently, there is no

impact on the valuations of the Group’s

assets and liabilities as at 4 January

2025. For more details, please refer

to pages 173 and 203 in the financial

statements.

Resilience and associated

strategic actions

We continuously assess the

organisation’s resilience, considering the

climate-related risks and opportunities

it faces. Under current policies and

stress scenarios, in the short to medium

term, Glanbia is sufficiently-protected

against climate-related risks that could

affect the value chain, thanks to its

market position, business partnerships,

contractual relationships and both

existing and planned mitigation actions.

Sustainability strategy

Alignment with, and delivery of, science

based targets across Scope 1, 2 and 3 is

considered a key mitigant against the

impact of the transition risks, identified

in the previous sections, including risks

associated with changing consumer

behaviour and shifting customer

requirements.

For the risks that have a direct

operational cost impact such as direct

and indirect carbon taxes, increasing

energy prices and sustainable trends in

packaging, we demonstrate resilience

through improving resource efficiency at

the production and distribution level, cost

pass-through and fulfilment of our stated

packaging commitments.

Environment and technology needs

are key to our strategy and guide our

investment decisions.

Innovation and market

Glanbia’s growth strategy incorporates

innovative business models and

expertise. We take pride in our ability

to swiftly meet the diverse nutritional

needs of our customers and consumers.

We recognise the commercial value in

aligning with a low-carbon transition.

Our strong brand portfolio, with a

loyal customer base, offers a variety of

ingredient choices.

Our market insight teams enhance our

capacity to adapt to shifting consumer

trends and evolving market dynamics by

developing new branded products and

ingredients. For instance, we created a

range of non-dairy protein alternatives

under our leading consumer brand ON

and our Amazing Grass product lines and

offer plant based nutritional solutions to

our business to business customers.

Further along the value chain, our

extensive geographical presence,

diverse customer base, and wide range

of channels and products help mitigate

risks associated with specific categories

or market segments, fostering innovation

across multiple end-use markets.

Physical risk insights

Our physical risk assessment provided

valuable insights into the long-term risks

across our operations and supply chain,

highlighting areas for further analysis

and monitoring. Actions taken include

consideration of climate-related risks

into business continuity planning for

higher-risk sites and reviewing public

policies, particularly focusing on water

stress areas.

We recognise that long-term

climate pattern shifts and increased

incidence of extreme weather events

could significantly impact the dairy

supply chain. This necessitates close

monitoring, such as ongoing WRI water

risk assessments, to ensure existing

mitigation measures remain effective

and that our strategic and operational

plans are prepared to address these

challenges.

Dairy partnership

Our dedicated milk procurement and

dairy economics teams support our

dairy suppliers by closely monitoring

production levels and supplier trends.

We adopt a partnership approach

with our dairy suppliers to enhance

and build resilience.

Responsible sourcing

To manage potential future risks to the

availability of key commodities due to

regional climatic impacts, our global

procurement and responsible sourcing

commitments are crucial. This involves

analysing single-source suppliers,

profiling risks in sourcing regions, and

using third-party risk assessments like

EcoVadis to support our evaluations.

Future focus

Glanbia understands the importance

of assessing the impact of climate

change on our business and strategy.

Our disclosures help stakeholders

comprehend the potential risks and

opportunities of climate change in the

short, medium, and long term.

As a global nutrition business, we

acknowledge the connections between

food systems and the planet’s health, as

well as the future impacts of a changing

climate. We are committed to managing

our impacts, particularly regarding our

Scope 1 and 2 emission targets. Our

decarbonisation plan includes shifting to

100% renewable electricity procurement

(Scope 2) by 2028 and reducing on-site

emissions (Scope 1) through operational

efficiencies and capital investment.

For more information on our targets

and progress, refer to page 53 for how

these metrics form part of our strategic

response to the identified risks.

We also recognise the significant impact

of our Scope 3 emissions, which make up

approximately 98% of our total emissions.

We developed a roadmap to meet our

Scope 3 commitments.

The following sections detail the

commitments and actions of the

functional workstreams to address

emissions, water, and waste and include

specific metrics and performance

indicators we use to manage these areas.

Additionally, we acknowledge the need

for further investigation into nature-

related impacts in 2025, recognising this

area requires more focused work.

Glanbia plc | Annual Report and Financial Statements 2024

Directors’ Report

Financial Statements Other InformationStrategic Report

Emissions (tCO

350,000

300,000

250,000

200,000

100,000

150,000

50,000

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

Our commitment

Glanbia is dedicated to integrating

climate-related considerations into its

business strategy and operations. The

Group has set ambitious greenhouse

gas (“GHG”) emissions reduction

targets validated by the Science

Based Targets initiative (“SBTi”) in

line with the Paris Agreement. These

targets include significant reductions

in Scope 1 and 2 emissions, with a

focus on energy efficiency, renewable

energy procurement and operational

optimisation. Glanbia’s commitment

is reflected in its Long-Term Incentive

Plan for Executive Directors, which

aligns executive remuneration with

sustainability metrics, including GHG

emission reduction.

Progress 2024

In 2024, Glanbia made substantial

progress towards its emissions reduction

goals. The Group continued to integrate

energy management systems into

dairy processing sites’ operations,

implemented various efficiency projects

to optimise natural gas and electricity

consumption, and followed its renewable

electricity procurement strategy which

includes green energy contracts with

local utilities and certified Green-e

Renewable Energy Certificates (“RECs”)

purchasing. These efforts allowed cutting

Scope 1 and 2 and biogenic emissions

by 14% vs 2018 base year, with recent

reductions primarily relating to Scope 2

related emissions that decreased by

49% vs 2018 baseline.

As Glanbia’s decarbonisation plan includes

significant Scope 1 reductions over the next

five years, our team of internal experts

has been conducting feasibility studies

and developing a number of business

cases aimed at phasing down fossil fuels

consumption, as natural gas used at

our processing sites forms the majority

of the Group’s Scope 1 emissions. These

projects include equipment upgrades and

introduction of new technology.

Overall, Glanbia is on track to meet

its 2030 Scope 1 and 2 and biogenic

emissions reduction target which is

a part of our SBTi-validated climate

commitment.

Actions 2025

The Group will continue to focus on

reducing Scope 1 and 2 emissions through

the introduction of new technologies and

the sustainable execution of its renewable

electricity procurement strategy.

Key initiatives include the deployment of

advanced energy management systems

in more of our manufacturing sites,

optimisation of production processes to

minimise energy loss, and the integration

of energy-efficient technologies during

equipment upgrades and replacements,

such as industrial heat pumps.

To strengthen our renewable electricity

commitment, we aim to further explore

on-site renewable electricity generation

options and potential partnerships with

local utilities allowing Glanbia to put

additional green energy into the mix.

Glanbia is committed to achieving its

near-term GHG emissions reduction

targets through existing asset

replacement cycles and strategic capital

spend. The Company is also evaluating

potential options for setting long-term

decarbonisation targets beyond 2030, on

which we will provide an update in the next

two years.

4. Metrics and targets

GHG emissions

Strategic goals

Reducing our GHG emissions

across our operations and our

value chain, in line with globally

recognised expectations.

Scope 1 & 2 and

biogenic emissions

Targets

50%

absolute reduction in operations’

emissions by 2030 vs 2018 baseline

100%

renewable electricity by 2028

Decarbonisation Plan 2030 for Scope 1 & 2 and biogenic, aligned with 1.5 degrees Celsius SBTi target

1. GHG emissions adjusted for organisational changes including footprint of the acquisitions contracted by Glanbia in FY 2024. Scope 2 GHG emissions were calculated

using the market-based approach, accounting for procured renewable electricity (including RECs), energy providers’ and Green-e Residual Mix Emissions Rates where

appropriate. Site-specific averages were used to estimate energy consumption where primary data was incomplete.

2. In 2021, a new-to-world dairy processing facility was commissioned in Michigan, resulting in an absolute Scope 1 and 2 GHG emissions increase, which will be eliminated

by 2025 in line with the Board-approved decarbonisation plan.

Scope  Scope  Biogenic Rebaseline . degrees Celsius

 Glanbia plc | Annual Report and Financial Statements 2024

Our commitment

In 2024, the Board approved an

accelerated ambition for Scope 3

decarbonisation, aligning with the latest

scientific consensus and the Forest, Land

and Agriculture guidance (“FLAG”) from

the SBTi. Our value chain assessments

demonstrate that dairy emissions,

classified under SBTi as FLAG, continue

to represent the most material source.

Since setting a Scope 3 ambition in 2021

our business model has evolved and

as a result, our revised ambition also

includes a target to reduce our non-FLAG

emissions, primarily relating to non-dairy

ingredient sourcing and transportation.

Progress 2024

To support our strategic review, we

conducted value chain emissions

modelling across our entire supply chain,

which informed our revised SBTi ambition.

Dairy remains the most material

contributor to our Scope 3 emissions and

our work on emissions reduction primarily

involved detailed on-farm footprinting

and economic analysis assessments.

Reflecting the evolution of our business,

the value chain assessment identified

non-dairy ingredients and transportation

emissions as material to our non-FLAG

ambition, necessitating collaboration

with logistics providers and engagement

with material suppliers. This work resulted

in the creation of both FLAG and non-

FLAG decarbonisation roadmaps.

Actions 2025

In 2024, the Board approved our

accelerated ambition based on the

assumption that all stakeholders,

including governments, are taking action

and supporting the economic transition.

Over the next five years, tackling Scope 3

emissions is a significant undertaking.

In 2025, for FLAG emissions we aim to:

• Improve value chain data for better

monitoring, validation, and reporting;

• Continue on-farm assessments;

• Partner with joint venture partners

for robust farm roadmaps;

• Execute our US Department of

Agriculture funded project on Idaho

farms to incentivise emissions

reduction technologies; and

• Assess through our industry

association engagement the US

government policies that support

decarbonisation.

For non-FLAG emissions, we will:

• Partner with material suppliers to

assess emissions data for product life

cycle assessments.

• Partner with transport suppliers to

track emissions reduction progress.

Impact area Units 2024

53rd week

adjustment

LFL

2024 2023

2018 base

year value

Change vs

base year

Scope 1 tonnes CO

e 144,609 -2,729 141,880 144,041 116,993 21%

Scope 2 tonnes CO

e 67,985 -1,283 66,702 86,074 131,820 -49%

Biogenic emissions tonnes CO

e 15,626 -295 15,331 11,944 10,174 51%

Scope 1 & 2 tonnes CO

e 212,593 -4,011 208,582 230,115 248,813 -16%

Total Scope 1 & 2 and biogenic

emissions tonnes CO

e 228,219 -4,306 223,913 242,058 258,987 -14%

Renewable electricity % 71% – 71% 62% 38% 33%

Total electricity consumed MWh 360,706 -6,806 353,900 350,906 279,256 27%

Total energy consumed MWh 1,222,176 -23,060 1,199,116 1,186,943 949,718 26%

Energy intensity KWh/Kg produced 0.80 – 0.80 0.78 0.84 -6%

Total renewable energy MWh 346,195 -6,532 339,663 284,593 164,211 107%

Impact area

2023 (base year)

value, tonnes CO

Total Scope 3 11,288,218

Scope 3 FLAG

(Dairy sourcing) 8,455,553

Scope 3 Non FLAG 2,607,649

Other Scope 3 excluded from targets 225,016

Metric tables footnotes

1. In 2024, we changed our reporting approach to include cut-off adjustments to align with our financial reporting year, prior year comparatives were not adjusted.

2. The Group’s performance in 2024 was recorded over a 53 week period, whereas the prior year was a 52 week period. The 53rd week adjustment is to allow for consistent

comparison of the metric. For the understanding of the reader, commentary related to metric performance is on a like-for-like basis, excluding the impact of the 53rd week.

3. Base year and prior year values adjusted for acquisitions and disposals, in accordance with the GHG Protocol.

4. FLAG target follows SBTi FLAG Sector Pathway with a boundary on dairy sourcing including milk and dairy derivatives, subject to SBTi validation in 2025. Non-FLAG target follows

SBTi Absolute Contraction Pathway, subject to SBTi validation in 2025

5. Water stress/risk areas identified based on WRI Aqueduct assessment completed for Glanbia facilities in 2024, with the exception of the recently acquired Flavor Producers sites.

The acquired sites will be risk-assessed in 2025.

Emissions and energy metrics

Scope 3 emissions

Targets

30%

absolute reduction in FLAG⁴ emissions

associated with dairy sourcing by 2030

25%

absolute reduction in non-FLAG⁴ emissions

by 2030

* Subject to SBTi validation in H1 2025.

Sustainability continued

Planet continued

Glanbia plc | Annual Report and Financial Statements 2024

Directors’ Report

Financial Statements Other InformationStrategic Report

Impact Area Units 2024¹

53rd week

adjustment

LFL

2024 2023³

2021 Base

Year Value

Change vs

base year

Freshwater withdrawals mL 5,664 -107 5,557 5,417 5,631 -1.3%

Freshwater intensity L/Kg produced 3.69 - 3.69 3.58 3.80 -2.9%

Freshwater intensity (high-water stress areas)

L/Kg produced 4.20 - 4.20 4.14 4.12 2.1%

Water consumption mL 1,533 -29 1,504 1,574 - -

Water consumption (high-water stress areas)

mL 1,510 -28 1,481 1,551 - -

Water recovered mL 5,448 -103 5,345 5,503 - -

Water recovered (high-water stress areas)

mL 4,363 -83 4,280 4,385 - -

Water and nature-related impacts

Water use and consumption metrics

Strategic goals

Enhancing water stewardship

and nature conservation across

our operations and our value

chain.

Targets

Freshwater withdrawals

10%

reduction in freshwater use

by 2025 (vs 2021 baseline)

At Glanbia, we recognise the critical

importance of nature-related impacts

within our operations, our value chain,

and the broader environment. We

are committed to understanding

and mitigating our impact on natural

ecosystems.

In 2024, we conducted our first

comprehensive study on nature-related

impacts through a Taskforce on Nature-

related Financial Disclosures (“TNFD”)

initiative, supported by the Carbon

Trust. This study identified gaps in our

understanding and highlighted areas

where we can enhance our contributions

to nature. In 2025, we will further analyse

the TNFD study results and determine

next steps.

Additionally, acknowledging the

significant harmful role of deforestation,

we are committed to pursuing

deforestation-free supply chains for our

key commodities.

Nature-related impacts

Our commitment

At Glanbia, we are dedicated to

sustainable water management.

Our Environmental Policy focuses

on reducing freshwater use and

maximising water reuse. The policy

outlines our commitment to efficient

water management across all our

manufacturing sites, especially

in areas facing high water stress.

Progress 2024

In 2024, on a like-for-like basis, freshwater

usage remained below baseline but

offtrack against target to reduce

freshwater use by 10% by the end of 2025.

Headwinds to progress include, improved

milk fat and protein components that

reduce the amount of recoverable

water, product mix where higher protein

ingredients are more water intense, along

with necessary operational changes.

We formed a specialised engineering

team to identify water reduction

opportunities at key dairy manufacturing

sites. This team, supported by third-

party engineers, prioritised projects on

increasing water recyclability, improving

condensate recovery, enhancing water

recovery from milk, and optimising

cleaning processes.

From a strategic perspective, we utilised

the WRI Aqueduct water risk assessment

tool in a refreshed analysis of water

stress levels across the Group, including

our recent acquisitions and updated

our water risk and impact mapping.

This allowed for better monitoring and

visibility of current and future risks.

Actions 2025

We will continue focusing on water

efficiency and recovery to support

meeting our target reduction. We

mobilised the dedicated team who

supported the highly impactful water

reduction progress of our site in Clovis,

New Mexico from 2015 to 2020, the team

will focus on implementing the most

effective projects as informed by on-site

assessments.

Looking beyond 2025, we will maintain

rigorous scrutiny at our most critical

sites, informed by the WRI Aqueduct

assessment, to identify future water-

saving opportunities. Our ongoing efforts

will maximise water reuse and recycling,

reduce freshwater consumption, and

ensure a sustainable water supply for

Glanbia’s operations.

 Glanbia plc | Annual Report and Financial Statements 2024

Case Study

Our commitment:

GPN is dedicated to achieving

100% recyclability, reusability, or

compostability of consumer packaging

by 2030. In 2024, GPN reached 84%

recyclability by weight, up from 76%

in 2023. Our leadership team regularly

reviews progress and integrates

these targets into remuneration

assessments. We collaborate with

industry associations and NGOs like The

Sustainable Packaging Coalition and

How2Recycle to ensure our packaging

designs meet recyclability standards. We

also monitor global regulations to guide

our efforts and ensure compliance.

Glanbia continuously focuses on efficient

resource management, reducing

operational waste generation at source,

as well as recovering and recycling every

type of waste that cannot be avoided. We

are committed to progressing our journey

to TRUE Zero Waste Certification for all

production facilities.

Progress 2024

Consumer packaging: In 2024, Optimum

Nutrition and Isopure brands led our

sustainable packaging efforts. All rigid

containers within these brand portfolios

are now widely recyclable, and Isopure

introduced a store-drop off recyclable

pouch. We incorporated 51% post-consumer

recycled content in European shake bottles,

added tethered caps, and added clear

disposal instructions to ensure the effective

capture and circularity of these packaging

formats. We are phasing out PVC tamper-

evident bands, aiming to eliminate 33 metric

tonnes of plastic by 2026. This change will

Consumer packaging & waste

Strategic goals

Optimising resource use and

minimising waste by promoting

circularity in our value chain

whilst continuously refining our

own operations.

Targets

Consumer packaging

100%

recyclable, reusable or

compostable by 2030

Waste

100%

Glanbia sites achieving TRUE

Zero Waste certification by 2025



Sustainability continued

Planet continued

Isopure sustainable

packaging

In 2023, GPN partnered with How2Recycle

to simplify recycling through standardised

labelling, enhancing transparency of

recyclability claims. In 2024, Isopure became

the first GPN brand to display these labels

on all rigid containers, earning “Widely

Recyclable” designations. The sustainability

team then focused on other formats, switching

the 32g Protein ready-to-drink product

from glass to fully recyclable plastic bottles,

reducing the carbon footprint. Isopure also

launched a 28-serve Collagen powder in

a recyclable pouch with “Store Drop-Off”

instructions. These initiatives represent the

first steps toward enhancing sustainable

packaging, focusing on improving the

recyclability of large bags and films used in

sachets and stick packs.

Consumer packaging & waste metrics

Units 2024 2023

Total waste generated tonnes 361,995

347,504

Waste diverted from landfill and incineration % 97.9% 97.5%

Food waste recovered % 99.9%

99.9%

Packaging recyclability rate by weight % 84%

76%

1. Total relates to calendar year, therefore 53rd week adjustment is not required.

2. Food waste recovered through diversion to animal feed, anaerobic digestion, and recycling.

3 Recyclability percentage result represents the total weight of recyclable consumer packaging over the total weight

of packaging on consumer sales in the year.

4. Based on 2021 operational control boundary.

be reflected on all North American and

European SKUs in early 2025.

Waste: TRUE Zero Waste certification is

underway at all operational sites. Eight

sites achieved silver and gold certifications

in 2024. Seven sites are on track to be

certified in 2025 with some currently

having their applications submitted and

undergoing third party auditors’ review.

As part of our commitment to reduce food

waste by 50% by 2030, we launched a

dedicated initiative aiming to update our

roadmap in 2025. In 2024, 99.9% of our food

waste was repurposed to animal feed, with

the rest going to anaerobic digestion and

other recovery options including natural

fertiliser production.

Actions 2025

Consumer packaging: Our sustainable

packaging group continues to develop and

design solutions for challenging packaging

formats, focusing on large bags, BSN red

tubs, and ready-to-eat films. We will also

explore plastic alternatives and increase

the use of post-consumer recycled content

where feasible. Our commitment to

sustainable packaging remains strong and

we are on track to meet our 2030 goal.

Waste: With all sites that were in our 2021

baseline set to achieve TRUE Zero waste

certification, 2025 will focus on delivering

against our target. We will embed the

related programme requirements across

our sites to maintain sufficient waste

diversion rates and achievement of TRUE

qualification credits. We will also develop

an updated strategy to tackle food waste

and loss which, including cross-functional

actions to achieve more efficient planning,

sourcing, storage and logistics.

Glanbia plc | Annual Report and Financial Statements 2024

Directors’ Report

Financial Statements Other InformationStrategic Report

Task Force on Climate-related Financial Disclosures (“TCFD”) Index

The below table summarises where we addressed the four areas of TCFD focus, with 11 associated recommended disclosures, detailed

throughout the annual report.

Governance

Disclose the organisation’s governance

around climate-related risks and

opportunities

Board’s oversight of climate-related

risks and opportunities

Risk management section p64-67; Audit Committee

Report p106-107; Sustainability Committee Report p113-115;

Corporate Governance Report p96-97

Management’s role

Chief Executive Officer’s review p11; Risk management

section p65; Sustainability Committee Report p113-115

Strategy

Disclose the actual and potential

impacts of climate-related risks and

opportunities on the organisation’s

businesses, strategy, and financial

planning where material

Risks and opportunities over

the short, medium, and long-term

TCFD Report p46-51

Impact on business, strategy and

financial planning

TCFD Report p46 and p52, Sustainability section p53-56;

Sustainability Committee Report p113-114

Resilience of strategy considering

different climate-related scenarios

TCFD Report p49-52

Risk

management

Disclose how the organisation

identifies, assesses, and manages

climate-related risks and opportunities

Climate-related risks and opportunities identification

and assessment

TCFD Report p47-48, Risk management section p64-73;

Audit Committee Report p105-107;

Sustainability Committee Report p113-114

Climate-related risk and opportunities management

TCFD Report p49-52; Risk management section p64;

Audit Committee Report p105-106;

Sustainability Committee Report p112-115

Integration of processes into overall

risk management

Risk management section p64-73; Audit Committee Report

p105-107; Sustainability Committee Report p114-115

Metrics and

targets

Disclose the metrics and targets used

to assess and manage relevant climate-

related risks and opportunities

Metrics used to assess risks and opportunities in line

with strategy and risk management process

Sustainability section p53-56

Scope 1, Scope 2, and, if appropriate,

Scope 3 greenhouse gas (“GHG”)

emissions and the related risks

Sustainability section p53-54;

Key Performance Indicators p21

Targets to manage risks, opportunities,

and performance against targets

Sustainability section p53-56;

Remuneration Committee Report p130-133

 Glanbia plc | Annual Report and Financial Statements 2024

Sustainability continued

People

We are dedicated to building an inclusive culture that empowers our employees and impacts people

positively across all our activities, from workers in our value chain through to our valued consumers.

Our Diversity, Equity and Inclusion

(“DE&I”) ambition is to nurture a diverse

workforce where every person is valued

for their unique perspectives, driving

business growth through innovation,

creativity and a deep understanding

of the markets we serve. We celebrate

individuality and respect the unique

contributions of each person. Respect for

people is a core value and we are actively

working towards advancing diversity,

fostering inclusion and embedding equity

into our culture. To have the greatest

impact, we need a diverse community of

inspired colleagues who bring forth the

best ideas, experiences and perspectives

as we develop the nutrition of tomorrow.

We measure our employees’ sense of

belonging and their sentiment around

equal opportunity in our annual ‘Your

Voice’ survey.

Our inclusion score – a combination of

employee sentiment around belonging

and equal opportunity – improved +1 point

this year. We continued to make progress

on our inclusion goals in 2024, focusing on

improving representation and supporting

our Employee Resource Groups.

We refreshed our strategy in 2024,

refocusing our ambitions around three

key pillars of workforce, workplace and

community. Our next phase of work will

involve building out detailed action plans

against each of these pillars.

Whilst we recognise the progress

already made, we know there is more to

do. Alongside progressing our female

representation at management levels

ambition (+2% in 2024) we must also

focus on achieving our ambitions across

all aspects of diversity.

Fostering inclusion

Strategic pillars

Workforce

Our long-term ambition is to achieve

representation that reflects the diversity of

the communities and consumers we serve.

Workplace

All employees will feel equally valued, heard

and able to contribute fully within an

inclusive culture. Individuality will be

acknowledged and celebrated.

Our ambition will be brought to life through

internal communication, education and

engagement activities.

Community

Our policies and practices will ensure we

maintain an adequate living wage and the

protection of basic human rights for all

employees.

We will maintain external partnerships

with organisations that can further our

culture of belonging. We will pursue

appropriate external recognition.

Strategic goals

Foster an inclusive and diverse

culture that supports employee

growth and wellbeing, while

ensuring a safe and healthy

working environment.

Results

70 (+1)

Inclusion index

42% (+2%)

Female representation at management level

Glanbia plc | Annual Report and Financial Statements 2024

Directors’ Report

Financial Statements Other InformationStrategic Report

At Glanbia, every voice matters. Our

listening strategy is an ongoing process

designed to ensure we hear from our

employees at key moments that matter,

empowering us to continuously evolve

and improve, ensuring we can find a

better way together.

We are proud to have strong employee

engagement levels right across our

organisation. We are proud that our 2024

“Your Voice” survey had 82% participation,

an increase of 2% on the previous year, as

well as a significant increase in the number

of employee comments recorded, an

indication of employee trust in the survey.

People managers have digital access to

their team’s engagement data, enabling

faster action planning and focusing on

their specific opportunity areas.

Our overall engagement score was

73 points, increasing +1 point versus the

prior year. Our employees continue to

express high levels of pride in working

for Glanbia with an 83 score on ‘I would

recommend Glanbia products to a friend

or family member.’

Wellbeing (+1 point) was identified as an

area of opportunity for 2023 and has

shown marked improvements across

the organisation, moving to an area of

strength in our engagement survey in

2024. Employee wellbeing was supported

through a range of initiatives including

smart working, supportive employee

policies on topics including family leave

and engaging in on-site activities, such

as Wellbeing Week which were held

throughout 2024.

Looking ahead to 2025, continuing to

make progress in communications across

all levels of the organisation will be a

priority area, as well as continuing to

focus on employee wellbeing.

Strategic goals

We aim to foster an engaging

and inclusive culture where

every employee has a voice,

feels valued, and has the

opportunity to thrive and

reach their full potential.

Results

73 (+1)

Engagement score

68 (+1)

Wellbeing score

Employee Engagement and Wellbeing

Would recommend Glanbia products to a

friend or family member score

Glanbia is committed to the growth

of employees by providing a variety of

development opportunities to meet their

potential.

Effective career and talent management

is essential for attracting and retaining

talent to support Glanbia’s growth

and for sustaining high employee

engagement levels.

We are intentionally investing in building

future-ready capabilities and talent by

focusing on attracting high potential and

successor talent, accelerating diverse

and emerging talent and building people

leader and coaching capability.

We continue to offer a range of best-in-

class tailored programmes aligned to our

leadership capability model, including

Leading the Future, our executive

leadership programme; Leading to

Accelerate for emerging female leaders;

and Leading the Glanbia Way, our

foundational programme that introduces

our leadership capability model.

Our career growth tools ‘MyLearning’

and ‘MyCareer’ continue to enable our

people to gain the skills, leadership

capabilities and career pathways to be

future-ready. In 2024, over 19,000

courses were completed by employees

in our Learning Management System

(“LMS”) in areas including management,

communication and technology skills,

enabling all employees to continue to

build skillsets that will enable career

growth and progression. Overall, our

learning platform was accessed by more

than 4,000 employees during the year.

In 2024, we also launched our first global

Development Days campaign with a

theme of ‘Engage, Enrich, Energise’. This

was an entire week dedicated to career

development, learning and sharing

knowledge.

Our Development Days initiative featured

focused content on career development

training for people leaders on coaching

their employees to uncover their

strengths, clarify aspirations and connect

to Glanbia’s needs; talent assessments

for employees; leadership panels and

external speakers on creating a career

brand. Over 900 colleagues attended

various Development Days sessions,

with high employee satisfaction ratings

recorded.

Enabling future growth through talent development

Strategic goals

Creating a future-ready Glanbia

with the capabilities to enable

our business and our people to

thrive and grow.

Results

19,000

Courses completed

900

Employees attended the Development Days

initiative

 Glanbia plc | Annual Report and Financial Statements 2024

NAIC Average Food Manufacturing

3.5

4.0

1.5

3.0

2.5

1.0

2.0

0.5

2024 2023

1.60

1.93

NAIC Average Food Manufacturing

1.8

2.0

0.8

1.6

1.4

0.6

1.0

0.2

2024 2023

0.4

1.2

0.43

0.92

Health and safety benchmarking – food manufacturing

Total Recordable Incident Rate (“TRIR”)¹ Lost Time Incident Rate (“LTIR”)²

Glanbia’s 2024 TRIR score was 1.93, up from 1.60 in 2023 but still

substantially better than the NAIC Food Manufacturing Average of 4.0.

1. TRIR is the number of recordable, work-related incidences per 200,000 hours worked.

2. LTIR is the number of lost time work related incidences per 200,000 hours worked.

Glanbia’s 2024 LTIR was 0.92, up from last year (0.43). Glanbia's score is

significantly better than the NAIC Food Manufacturing Average of 1.2.

Culture of safety

At Glanbia, employee health and safety

is an inherent part of our values and

commitments. We recognise that a

safe and healthy workplace is among

the fundamental principles and rights

at work. To achieve this we continually

work to the two core principles of “Zero

Harm” and “Business Excellence”.

These principles are inextricably linked,

supported by management system

structures designed to reinforce this

approach and mindset. A strong

health and safety culture, supported

by our “Zero Harm” mindset, is driven

by management and employees at all

levels. All employees are empowered

to challenge unsafe work conditions or

practices. We support this by having

a safety committee, which includes

members from all levels of the business

across all our operational sites.

Our management approach

Glanbia sites are operated under the

Glanbia Risk Management System

(“GRMS”). This occupational health and

safety management system allows a

unified approach to identify and mitigate

risks, and to engage our workforce in

continual improvement activities and

ensure that appropriate training is

provided and tailored to people’s roles.

All sites are also subject to regular

health and safety audits by the relevant

government bodies, internal audit and

external assurance providers. Using

industry best practice, guidelines and

standards, the GRMS was developed as

an approach to deliver zero fatalities or

life-changing/critical injuries across the

Group.

We proactively manage assessed gaps

and process improvements which are

a direct output from GRMS. We use our

Glanbia Performance System (“GPS”)

which is based on lean thinking principles

as a framework to implement these

improvements. This is Glanbia’s in-house

vehicle to drive continuous improvement

using industry best practices to achieve

business excellence. Health and safety is

one of the key pillars of our GPS structure.

In 2024, the Audit Committee received

regular updates on health and safety

related incidents including the corrective

actions taken.

Our progress and key initiatives

While we recognise that there is no

acceptable level of accident or injury, we

experienced no fatalities (2023: 0) or life

changing/critical injuries (2023: 0) during

the year.

For 2024, our Lost Time Incident Rate

(“LTIR”) was 0.92 (2023: 0.43), while the

Group’s Total Recordable Incident Rate

(“TRIR”) was 1.93 (2023: 1.60). The 2024

performance remained much better than

the industry benchmark NAIC (“North

American Industry Code”), see chart

below. One of the drivers for the increase

in rates is the acquisitions that were

integrated into Group reporting in 2024.

In relation to the 30 manufacturing and

warehouse sites across GN and GPN, 20

locations had no lost time case in 2024,

while 13 locations had no recordable

injury. Furthermore, we had zero lost

time incidences in all laboratories, R&D

centres, and administrative/corporate

offices globally.

Health and safety

Strategic goals

Ensure fair and safe working

conditions for all workers

in our value chain.

Targets

Zero Harm

Non-negotiable target

of zero critical injuries

Sustainability continued

People continued

Glanbia plc | Annual Report and Financial Statements 2024

Directors’ Report

Financial Statements Other InformationStrategic Report

Our value chain

Workers in the value chain

Responsible sourcing

The shared mission statement of

Glanbia’s procurement teams is to

“create value for all stakeholders

through responsible procurement”.

This involves sourcing products and

services in an ethical, sustainable and

socially conscious way. We achieve

this by driving greater awareness and

understanding across our procurement

teams of responsible sourcing practices,

actively engaging with suppliers,

applying responsible sourcing criteria

to our supplier selection decisions and

incorporating responsible sourcing

principles into our Global Procurement

Policy, supported by appropriate

risk assessment and due diligence

procedures.

This includes setting clear expectations

of our suppliers in relation to complying

with the laws and regulations of the

countries in which they operate, including

those relating to human rights, labour,

food safety, environment and health and

safety regulations. These requirements

are communicated through our Group

Code and separate Supplier Code of

Conduct and supported by the Group

procurement policy and associated

management system. Our management

system includes risk assessment,

due diligence and related approval

and onboarding criteria and supplier

engagement requirements. Glanbia

has a related internal training and

communication programme established

tailored to role requirements to support

above processes. Our standard supplier

terms and conditions and contracts also

reflect these requirements.

Glanbia uses EcoVadis IQ Plus which is

a tool for performing risk analysis on our

active suppliers. Based on the results of

this risk analysis, Glanbia carries out a

deeper risk verification analysis using the

EcoVadis Ratings Platform on suppliers

that are deemed Very High (1%), High

(16%) and Medium High (28%) Risk

. The

EcoVadis methodology evaluates a

company’s ESG management system

through its policies, actions and results,

focusing on environment, labour and

human rights, ethics and sustainable

procurement. The platform helps us

benchmark against our industry, reduce

risk, drive performance and improve

environmental and social outcomes by

collaborating with our suppliers on ESG

performance.

1. Percentages based on rolling 12 month total spend

at the time of the bi-annual risk assessment was

ran (September 2024).

To prevent and mitigate against adverse

impacts, Glanbia reviews the corrective

action plans associated with the

EcoVadis Ratings Platform and engages

with its suppliers to assist improvement

on key areas. We use EcoVadis Ratings

to track the completion of corrective

actions and understand the average

performance of our network year-on-

year. This allows us to compare our

performance to the average score of

the EcoVadis network in the Labor &

Human Rights theme. It helps us monitor

and demonstrate improvements in our

supply chain’s protection of workers. To

strengthen value chain oversight, Glanbia

has additional procedures, including a

dedicated Speak Up line and community

engagement forums that are actively

monitored and reviewed.

In recognition of the interdependence of

our dairy facilities and milk suppliers, there

are dedicated structures in place including

Glanbia Farm Relationship Managers

and active participation and support

of industry best practice programmes.

These include U.S. Dairy Net Zero Initiative

(“NZI”), Innovation Center for U.S. Dairy,

The U.S. Dairy Stewardship Commitment

(which demonstrates action against key

sustainability targets) and U.S. National

Milk Producers Federation (“NMPF”)

and their Farmers Assuring Responsible

Management (“FARM”) programmes.

We acknowledge the importance of

transparent reporting. We annually

publish our Modern Slavery Statement,

participate in Sedex and Ecovadis

scorecards for our sites and align with

the related Global Reporting Initiative

disclosure requirements within our

Sustainability Report, available on our

website glanbia.com.

Giving back

We support our local communities

by focusing on areas aligned with our

purpose of delivering better nutrition,

through monetary and product donations

as well as non-commercial sponsorships

for not-for-profit organisations,

community groups and volunteering.

Glanbia recognises the importance

of communities within our value chain.

Glanbia is proud of its longstanding

relationships with partners across its

supply chain and operating contexts.

Reflecting our purpose of delivering

better nutrition, Glanbia recognises

and defines “our communities” as those

encompassing the geographic areas in

which we operate, source raw materials

and employ individuals.

Developing and supporting the

communities where we operate is

embedded in our values. We create

jobs, engage in transparent dialogues

with local stakeholders and support

vulnerable communities.

In 2024, we continued to take action to

create a positive social and economic

impact, initiatives included GN’s Annual

Charity Challenge which raised $330,000

for local organisations in Idaho, Michigan

and New Mexico, ranging from food banks,

senior centres, mental health services

to community resource centres. GPN

sponsored the Northern Illinois Food Bank

Fight Hunger race. In Ireland, we continued

our partnership with Breast Cancer

Ireland, sponsoring the Great Pink Run

which raised €660,000 for research into

innovative treatments for breast cancer.

Members of the Glanbia team in Idaho who participated in the annual charity

challenge, raising funds for local community causes.

 Glanbia plc | Annual Report and Financial Statements 2024

Food safety and quality

At Glanbia, food safety and quality are

fundamental to our core values. We

have a dedicated team of over 400

professionals committed to upholding

the highest standards of quality, food

safety, and regulatory compliance across

our diverse portfolio of products. These

commitments to quality and food safety

underscore the trust we’ve built with

our customers and consumers. In 2024,

Glanbia achieved zero publicly reportable

critical incidents across the organisation.

To ensure these high standards, Glanbia

developed its Glanbia Quality System

(“GQS”), a comprehensive programme

governing food safety and quality

throughout the Company. A core

element of the GQS is its robust system

of checks and balances, designed to

verify and validate that all programme

components function as intended. This is

achieved through a combination of self-

assessment, internal audits, and external

reviews.

Each of our manufacturing sites

undergoes annual audits using

internationally recognised schemes,

such as the Global Food Safety Initiative

(“GFSI”) and National Sanitation

Foundation (“NSF”). We are proud that

100% of our manufacturing sites have

attained certification under either GFSI

or NSF standards. We hold the same food

safety and quality standards for all our

co-manufacturers that manufacture our

products.

Nutrition

Our Nutrition promise: we create

products and solutions to help our

customers and consumers achieve their

health and nutrition goals. This focuses

on the impact of our nutritional branded

products and ingredient solutions on our

consumers and customers.

To achieve this we have a number of

focus areas for both the GPN and GN

business:

Marketing, labelling and education:

Product quality and safety is supported

by effective marketing and labelling.

How we market our products and

educate consumers around their usage

is integral to customer experience and

user benefits. We provide our customers

and consumers with accurate and

adequate information across a range of

product categories. For our GN business-

to-business customers, we provide

product details to help them manage

communications with stakeholders and

align with internal standards.

For our GPN consumer facing business,

we have a dedicated management

system and associated processes to

ensure our products are marketed and

labelled accurately in line with regulatory

requirements.

We publish internal guidelines and

resources created in collaboration with

our global education, legal, regulatory,

scientific affairs, DE&I and brand

teams, which set clear guardrails for

our teams when considering any type of

communication development, activation

and execution.

These efforts include providing

transparent information about nutritional

values and ingredients, educating

through our food-first approach and GPN

Sports Nutrition School, ensuring ethical

and truthful marketing, and respecting

diversity in all communications.

Ingredient solution innovation towards

better nutrition products: Within GN, our

ingredient innovation and collaboration

centres help customers design nutritious

products and improve the nutritional

profiles of their end products. We have a

global footprint of 17 customer-focused

innovation and collaboration centres.

Three sites are designed to go from

concept to commercialisation (Kilkenny

in EMEA, Singapore in ASPAC, and

Twin Falls in North America). The other

sites specialise in other areas of food

formulation, pre-mix and flavours.

Customer collaborations are central

to moving from concept to prototype

and understanding the needs of large-

scale manufacturing. We run pilot plant

equipment that mimic some of the large

scale processing so that we can do rapid

prototyping with customers. We can

formulate a complete solution as we have

scientists who work across processing,

flavour, formulation and applications.

Consumer and end users

100%

% of sites that maintained a

globally recognised third party

certificate for food safety &

quality

Strategic goals

Ensure robust product safety

and transparency to maintain

consumer trust and wellbeing.

Sustainability continued

People continued

Glanbia plc | Annual Report and Financial Statements 2024

Directors’ Report

Financial Statements Other InformationStrategic Report

Strategic goals

To embed a sustainability

mindset and culture across

the business to support our

wider “Better Nutrition, Better

World” strategy execution.

Conduct business ethically

and invest in markets and

technologies to drive innovation

and growth while adhering to

our environmental and social

commitments.

To embed our approach, Glanbia’s

“Better Nutrition, Better World” strategy

is embedded and overseen by the

Board and respective Committees, and

integrated via the Group Operating

Executive and Senior Leadership

Team into all aspects of the business.

Implementation is carried out through

cross-functional teams and dedicated

workstreams. This approach provides

oversight and balances the focus on

programme delivery, required due

diligence procedures and increased

reporting and disclosure obligations.

See more on page 115.

At Glanbia, we are committed to

conducting business in the right way,

complying with the law and working

responsibly. Glanbia has made our core

governance policies publicly available

including our Code of Conduct, Supplier

Code of Conduct and Anti-bribery and

Corruption, Human Rights and Speak

Up policies. We support the integration

of these policies through appropriate

training programmes including a Group-

wide Code of Conduct training module.

The Group has a zero-tolerance approach

to bribery or any form of corrupt practices

and actively encourages all workers and

third parties to speak up through our

dedicated whistleblowing line if they have

any concerns.

See more on page 108.

Glanbia complies with the European

Union (Disclosure of Non-Financial and

Diversity information by certain large

undertakings and groups) Regulations

2017. The table below is designed to

help stakeholders navigate to the

relevant sections in this Annual Report

to understand the Group’s approach

to these non-financial risks. Many

of our policies can be viewed on

www.glanbia.com.

Reporting

requirement

Policies and standards which

govern our approach

Risk management and

additional information

Environmental matters • Environmental policy

• Supply chain and responsible sourcing and

on-farm sustainability

• Animal welfare policy

• Environment section – p53-57

• Responsible sourcing – p61

• Sustainability Committee report – p112-115

• Task Force on Climate-related Financial

Disclosures (TCFD) Report – p46-57

• Risk management – p64-77

Employee matters • Culture and engagement

• Group code of conduct

• Whistleblowing policy

• Diversity, equity and inclusion policy

• Health and safety policy

• Employee engagement survey – p59

• Whistleblowing and fraud – p108

• UK Corporate Governance Code – p83 and 103

• Diversity, equity and inclusion – p58

• Health and safety – p60

Social matters • Education initiatives

• Community support

• Food safety and quality policy

• GPN sports nutrition school – p62

• Community and charity support – p61

• Food safety and quality – p62

Human rights • Anti-slavery and human trafficking statement

• Supplier code of conduct

• Human rights policy

• See page 108 and our policies can be viewed

on www.glanbia.com/about/corporate-

governance/our-policies

Anti-bribery and corruption • Group code of conduct

• Anti-bribery and corruption policy

• See page 108 and our policies can be viewed

on www.glanbia.com/about/corporate-

governance/our-policies

Description of principal risks and impact of business activity • Principal risks and uncertainties – p70-77

Description of the business model • Business model – p18-19

Non-financial key performance indicators (KPIs) • Key performance indicators – p21

Consolidated disclosures pursuant to Article 8 Taxonomy Regulation

Following consideration of the ‘EU Taxonomy Compass’, and detailed review of the economic activities’ descriptions and NACE code definitions as

referenced within it, the Group concludes that our core economic activities of food processing and manufacturing are not included within the six

environmental objectives of the EU Taxonomy and consequently are Taxonomy non-eligible.

Refer to pages 144-153 for Glanbia’s consolidated disclosure in accordance with the EU Taxonomy Regulation.

Performance

Fostering sustainable growth through a culture of environmental and social responsibility, strong

governance and accountability, while striving for the highest standards of business ethics.

 Glanbia plc | Annual Report and Financial Statements 2024

Risk management

Managing our risks

2024 presented a volatile and fast-

moving risk landscape globally.

Heightened political volatility from

major elections, was compounded

by the ongoing geopolitical conflicts

in the Middle East and Ukraine.

Tensions between the US and China

further contributed to the increased

uncertainties in the global economy.

Economic vulnerabilities remain in 2025,

with the potential to create headwinds to

the Group’s performance. The Group will

need to remain alert to changes in these

risks that may impact the delivery of the

Group’s strategic objectives.

The effects of the geopolitical and

macroeconomic volatility on the business

are explained in various sections of the

Strategic Report. Consequently, the

below disclosures should be read in

conjunction with the narrative included

in the Chief Executive Officer’s review,

Chief Financial Officer’s review and

Operations review, to provide an overall

understanding of the risks, economic

uncertainties and challenges anticipated

to continue into 2025.

Assessment of the effectiveness of risk

management and internal controls

The Audit Committee, on behalf of the

Board, oversees the Group’s systems of

risk management and internal control.

The risk management framework,

as outlined below, was reviewed by

the Audit Committee to consider the

breadth and depth of information

(financial, operational, reporting and

compliance) provided to the Committee

through direct presentations from

Senior Executives and functional heads,

risk management report submissions

and Committee updates received from

the internal and external auditors. No

instances of significant control failings or

weaknesses have been identified as part

of this review.

Risk management framework

Our risk management framework is

designed to ensure that risk management

is embedded into our culture, policies

and practices. Input from all levels of

the business ensures the Group remains

adaptable to the constantly evolving

operating environment. An overview

of the Group’s risk management and

internal control framework is outlined in

the diagram below.

Navigating a dynamic

risk landscape

Audit

Committee

Sustainability

Committee

Group Operating

Executive

Group

Internal Audit

Governance supported through:

Risk

awareness

Risk

ownership

Risk

monitoring

Risk

reporting

Senior Leadership Team driven by:

Risk identification

Risk mitigation

Risk prioritisation Risk assessment

Risk monitoring Risk reporting

Our Strategic Priorities

Our Purpose Our Values Our Code

Disciplined capital

allocation

Grow

the core

Optimise our

business

Board underpinned by:

Top Down Risk

Including the

identification

and mitigation

of emerging risks

Bottom Up Risk

at Business

Unit and Group

functional level

Including the

identification

and mitigation of

emerging risks

Glanbia plc | Annual Report and Financial Statements 2024

Directors’ Report

Financial Statements Other InformationStrategic Report

Risk oversight

Board of Directors

The Board has overall responsibility for determining the nature and extent of the significant risks it is willing to take in achieving

the Group’s strategic objectives. The Board has an overarching Group risk appetite statement in place and applies a balanced

approach to risk, embracing risk in areas in which management has the appropriate skills, knowledge and experience to take

advantage of the opportunities presented, whilst limiting risk in other areas.

As part of the annual Group strategy process, the Board conducted a detailed assessment of the impact of the Group’s principal

and emerging risks, together with the methods employed to manage these risks. The Board and Management use the same

process to assess and manage risks within our joint venture operations as it does for the wholly-owned areas of the Group. In 2024,

we held board positions in all such entities.

The Board conducted formal half year and full year reviews of the risk register summary reports prepared by Group Internal

Audit to ensure that the Group’s principal risks and uncertainties, as outlined on pages 70 to 77, effectively describe the nature

and extent of the Group’s principal risks. These reviews are supplemented with quarterly risk dashboard updates to the Board

throughout the year. The Board is satisfied that its risk management systems and internal control processes are effective.

Group Operating Executive

The Group Operating Executive forum as outlined in the Corporate Governance Report on pages 96 to 97 also acts as the Group

Risk Committee and supports the Audit Committee in the risk management process through the ongoing monitoring of the risk

environment and the effectiveness of the controls in place.

Risk reporting

Group Internal Audit (“GIA”)

GIA assists in the process by preparing regular Group summary

risk management reports based on information submitted by

management throughout the year. These reports include:

• An analysis of key Group risks in terms of impact (assessed

over the following 12 months within defined monetary

terms), likelihood of occurrence (using defined probabilities

of occurrence) and velocity (speed at which the impact

of the risk could materialise). During the year, the Group

revised its risk scoring methodology moving from a three

point scale to a five point scale to align with how the Group

assesses the financial impact of its climate change risks.

There are no changes to how we report our principal risks

and uncertainties on pages 70 to 77 as a result of the new risk

scoring methodology;

• A summary of the key movements in the identified risks, with

a particular focus on highlighting new or emerging risks;

• A summary of management action plans (“MAPs”) to

manage potential significant risk exposures; and

• An overview of organisational, business and emerging

risks utilising both internal and external sources.

The Audit Committee and Board perform bi-annual

reviews of these reports, with quarterly Board principal

risk dashboard reviews and interim updates received from

management as required.

Audit Committee

The Audit Committee, on behalf of the Board, has

responsibility for monitoring the Group’s systems of risk

management and internal control including the review

of their effectiveness. In 2024 and to date in 2025, the

Committee received updates from Senior Executives

and detailed presentations from Group functional leads

including Sustainability, Financial Reporting, Health &

Safety, Food Safety and Quality, Legal, and Taxation.

These presentations typically provide the Committee

with the opportunity to review the Group’s risk appetite

statements in relation to the principal and emerging risks

being examined.

Sustainability Committee

The Sustainability Committee assists the Board in defining

and reviewing the Group’s strategy relating to environmental

sustainability matters. The Committee is responsible for

monitoring and reviewing current and emerging environmental

sustainability trends, potential risks, relevant international

standards and legislative requirements, identifying potential

impacts to the Group and determining how these are

incorporated into the Group’s policies and objectives. With the

EU Corporate Sustainability Reporting Directive (“CSRD”) set

to apply to the Group in FY 2025, the Audit Committee and the

Sustainability Committee held a joint meeting with regard to

sustainability matters to facilitate increased awareness and to

help ensure effective compliance with the Directive.

Group Senior Leadership Team (“SLT”)

The identification of risk is based on a Group-wide

approach. The management team of each business

segment and the Group functional leads are required to

maintain and submit a risk register. The register ensures

consistency of approach in the reporting of risks in

accordance with Group defined guidelines.

The quality and consistency of SLT risk reporting is

supported by a number of other monitoring and reporting

processes including:

• Group strategy process and Board review of financial

and operational performance, including detailed

finance, capex planning and expenditure reviews;

• KPI tracking of health and safety and environmental

reporting within the Group’s non-financial management

system;

• Bi-annual control self-assessment and management

representation letter processes;

• Post-acquisition completion and capex project reviews;

• Business continuity management simulation exercises;

• Risk-focused Group Internal Audit plan; and

• The externally assessed Glanbia Risk Management

System (“GRMS”) reviews, which assess operational

risks across the Group and the internal Glanbia Quality

System reviews.

 Glanbia plc | Annual Report and Financial Statements 2024

Identifying and assessing

climate related risks and

opportunities (“CROs”)

The identification, assessment and

management of climate-related risks

follow the Group’s risk management

framework. As part of the framework,

the Group has a clear approach for

defining risk appetite and guidance to

support the assessment of materiality

in identifying climate-related risks. The

Group’s risk appetite is agreed annually

with the Board and regularly monitored

to ensure climate-related risks remain

within the Group’s risk appetite and do

not impede the Group’s ongoing success.

The management of these climate-

related risks is undertaken within the

function where the risk may occur, for

example, raw material risks are primarily

managed by procurement. Actions taken

are monitored to retain climate risks

within the agreed risk appetite for the

Group with the CEO of GN having overall

ownership of the sustainability strategy.

The CEO of GN is supported in this work

by the Group Operating Executive as

outlined on page 46.

In line with the Group’s risk management

framework, the climate risk and

opportunity themes were assessed

for likelihood, velocity and materiality

(impact) using the same methodology

applied for other risks. This work,

supported by third-party experts and

executive-led workshops, helped identify

and define a focused set of risks for

detailed analysis.

Managing climate risk

As outlined on the previous page, the

Audit Committee is responsible for

providing structured and systematic

oversight of the Group’s risk

management and internal controls, while

the Sustainability Committee supports

the Group’s ongoing commitment to our

environmental sustainability strategy.

For further details on our approach

to managing climate change and the

related risks and opportunities, refer to

pages 46 to 57.

The Group incorporates insights

from TCFD CRO reporting, including

identification, prioritisation (likelihood

and velocity) and financial quantification

(materiality), after accounting for

mitigation measures. Key outputs of this

process are summarised within the TCFD

report on pages 46 to 52 and assessed

through the Group risk register process.

The risk register includes the estimated

likelihood, velocity and financial

materiality of the CROs assessed on

an inherent and residual risk basis,

which is a key component of our risk

management framework and also

documents the identified Group-wide

controls and actions to mitigate against

the respective risks to evaluate the

potential residual impact encompassing

both transition and physical risks. These

risks are consolidated as one principal

risk ’Climate Change’. The controls for

this principal risk are aligned with our

strategy and regulatory framework

requirements. They include controls

relating to governance, leadership and

climate adaptation.

TCFD reporting

In line with the recommendations of the

TCFD reporting requirements, the Group

has considered climate-related impacts

within the organisation under the pillars

of climate governance, strategic impact,

scenario analysis and risk management

and metrics and targets as outlined on

pages 46 to 57.

The Group’s management, in

collaboration with The Carbon Trust,

conducted a comprehensive climate

change risk assessment for the parts of

the business under Glanbia’s operational

control. The identified CROs were

prioritised based on their likelihood,

velocity and estimated financial

materiality (before considering any

mitigation measures). The scenario

analysis, conducted under both a

“current policies scenario” and “stress

scenarios”, was refreshed during the

year, drawing on climate science and

scenario planning, to identify any new

or significant changes that could have

a potential impact on our business,

operations and/or strategy. This

process allows us to continue to better

understand and respond to the potential

impacts from physical climate change

risks and opportunities associated

with the transition to a decarbonised

economy.

Climate change risks are also considered

when assessing other principal risks

including, but not limited to: economic

and industry, market disruption, supply

chain and acquisition/integration.

For example, this includes involving the

relevant internal functional experts when

making acquisition or capital investment

decisions or impairment review decisions

where required.

The Group concluded that climate

change is unlikely to materially impact

its short-term viability and identified

key climate risk themes requiring close

monitoring. Glanbia has a continuing

engagement with The Carbon Trust,

who provide technical expertise on the

Group’s carbon footprint mapping, and

identification of key carbon reduction

projects. The Group plans to continue this

work and has committed to building on

the progress achieved in 2024 in relation

to our climate impact. Full details of our

TCFD disclosures can be found on pages

46 to 57.

Risk categories

Our approach recognises the external

risks associated with our operating

environment, which are typically

considered and managed through our

strategic processes and the primarily

internal risks associated with our people,

processes and systems which are

managed through our internal controls.

Emerging risks

Emerging risks with the potential to

impact our longer-term success are

also considered to ensure we plan

appropriately to respond to them over

time. These risks are integrated into the

risk assessment process and identified

by management through their risk

external advisors, horizon scanning and

staying updated on market, regulatory

and industry changes. The Audit

Committee and Board also review top

external emerging risks during the bi-

annual reviews of Group summary risk

management reports, including items

such as global election outcomes on

the geopolitical situation, key ingredient

price volatility, implications of artificial

intelligence (“AI”) and the occurrence

of extreme weather events and natural

disasters.

Identifying our principal

risks and uncertainties

The Directors carried out a robust

assessment of the Group’s principal risks,

including those that may threaten our

business model, future performance,

solvency or liquidity and reputation. Key

risks are identified based on the likelihood

of occurrence, potential impact and

velocity on the Group using the process

outlined on pages 64 to 67.

Risks are reported on a residual risk

basis and represent a snapshot of the

Group’s principal risk profile. This is not

an exhaustive list of all the risks faced by

the Group, there may be other risks and

uncertainties that are not yet considered

material or not yet known to us. This list

will change if these risks assume greater

importance in the future. Likewise, some

of the current risks may drop off the key

risks schedule as management actions

are implemented or changes in the

operating environment occur.

The Board also fully recognises that

many risks do not exist in isolation and

that one or more risks may crystallise at

the same time which could increase the

impact to the Group. The interactions

and relationship between such risks are

Risk management continued

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discussed and considered by the Board

throughout the year. By assessing these

interconnections, the Board can identify

and mitigate these risks before they

materialise. This analysis also supports

our assessment of the Group’s viability,

as discussed in the long-term viability

statement on pages 68 to 69.

Risk benchmarking is also completed,

which includes a review of external risk

publications and emerging risk trends

against the Group’s risk landscape.

In 2024, discussions considered the

consequences of geopolitical tensions,

political volatility from major global

elections, macroeconomic uncertainties,

key ingredient price volatility, the

evolving ESG regulatory landscape,

rapid technological advancements,

particularly in AI, and persistent global

cyber security control threats.

Principal risks and uncertainties

Changes to risks during the year

The Directors reviewed the Group’s

principal risks and uncertainties

and determined that the risks and

uncertainties, which are summarised

in the risk profile table above, remain

relevant and unchanged from the risks

reported in last year’s Annual Report.

While no new principal risks were

identified and no changes were observed

in risk trends, the Group continues to

navigate a dynamic and rapidly changing

risk landscape. The Group has effectively

managed the evolving risk environment in

2024 and continues to develop mitigation

measures to address these challenges in

the year ahead.

The following risks continue to trend as

increasing in nature:

• Geopolitical risk – the geopolitical

situation remains fragile. The ongoing

war in Ukraine, regional conflicts in

the Middle East, tensions in the South

China Sea and Taiwan and increased

economic competition between the

US and China continue to create

uncertainties and market volatility.

The Board is closely monitoring

tensions in key trading regions, where

any potential conflict, economic

sanctions or trade rulings could

impact Glanbia’s growth objectives.

• Economic and industry risk – while the

macroeconomic outlook stabilised as

recession risks declined, vulnerabilities

persist due to geopolitical tensions,

the increased risk of tariff wars,

geoeconomic fragmentation and slow

global growth leaving many countries

vulnerable to economic shocks. The

Group will continue to monitor these

and any other adverse changes in

economic conditions, which may

increase the cost of living and disrupt

demand through a slowdown in

consumer spending.

• Market disruption risk – although

inflationary pressures are easing, they

remain persistent and vulnerable to

negative impacts from geopolitical

tensions, particularly with regard to

the introduction of tariffs between

the US and some of its key trading

partners and unpredictable climate

conditions, which may drive prices

higher. Given the potential for a

combination of external factors to

influence this position, continued

action is being taken by the Group

to mitigate remaining inflationary

pressures and competitor challenges.

• Climate change risk – continues to

trend upwards due to the evolving

climate landscape, volatile future

developments in ESG regulations,

the increasing stakeholder reporting

expectations and the other climate

change risks disclosed in the TCFD

metrics and targets disclosures on

page 57.

• Cyber security and data protection

risk – continues to rise as rapid

technological advancements

and the adoption of emerging

technologies, such as AI, introduce

new cyber security vulnerabilities,

which are constantly evolving and

becoming more sophisticated.

The remaining principal risks continue

to trend as stable due to the mitigation

activities in place by the Group as

outlined on pages 70 to 77.

The Group actively manages these and

all other risks, inclusive of emerging risks,

through its risk management and internal

control processes.

Going concern

Glanbia’s business activities, together

with the main factors likely to affect its

future development and performance,

are described in the Strategic Report on

pages 2 to 77. After due consideration

and review, the Directors have a

reasonable expectation that the Group

has adequate resources to continue in

operational existence for a period of at

least 12 months from the date of approval

of the Financial Statements.

The Group continues therefore to adopt

the going concern basis of accounting

in preparing its Financial Statements. In

reaching this conclusion the Directors

have given due regard to:

• Available cash resources, cash

generation from operations, liquidity,

borrowing facilities and related

covenant requirements which, taken

together, provide confidence that

Glanbia will be able to meet its

obligations as they fall due. Further

information on the Group’s bank

facilities is provided in Note 25 to the

Financial Statements and outlined in

the Chief Financial Officer’s review on

pages 34 to 39;

• Glanbia’s financial risk management

policies as described in Note 30 to

the Financial Statements, the nature

of its business activities and the

factors likely to impact our operating

performance and future growth; and

Strategic/External Technological Operational/Regulatory Financial

Mainly external risks associated

with our operating environment

Geopolitical

Economic and industry

Market disruption

Customer concentration

Climate change

The systems we use to drive the

business and the data they hold

Digital transformation

Cyber security and data

protection

The people and processes we

use to power our business model

Talent management

Health and safety

Supply chain

Product safety

and compliance

Acquisition/integration

Our financial status

and internal controls

Taxation changes

Risk trend

Increasing Stable Decreasing

 Glanbia plc | Annual Report and Financial Statements 2024

Risk management continued

• The general macroeconomic

environment volatility, the ongoing

geopolitical tensions and war, climate

change, the recoverability of trade

receivables, inventory and other

assets.

Long-term viability statement

Assessment of prospects

In accordance with the Listing Rule 6.6.6R

(3) of the Financial Conduct Authority

(“FCA”) and Euronext Dublin Listing

Rule 6.1.11 (1), the Directors assessed the

viability of the Group and its ability to

meet its liabilities as they fall due over

a period extending to 2027. This period

was chosen as it is aligned to the Group’s

budget and strategy plans as approved

at the Board’s strategy review session

in December 2024. The Board considers

this the most appropriate period to

assess the Group’s prospects taking into

account its current financial position,

the Group’s strategy and business model

and the potential impact arising from the

principal risks and uncertainties. Factors

considered in assessing long-term

prospects include:

(a) The Group’s current position

• A team of talented and committed

people, focused on the delivery of

Group targets in line with the Group’s

purpose, vision and values.

• Strong market positions in the wholly-

owned segments GPN and GN and a

robust joint venture business model in

place.

• Global nutrition market trends remain

positive and underpin the execution of

the Group’s strategic ambition.

• Key long-term customer relationships,

brands with strong equity and

leadership positions in ingredients.

• Recent acquisition of Flavor Producers,

which is consistent with Glanbia’s

strategy of acquiring complementary

businesses to grow its Better Nutrition

platforms.

• Completion of a €102 million share

buyback programme and the

continuing execution of a further

€50 million share buyback programme

due to complete in June 2025. Share

buyback programmes support the

Board’s confidence in the strength

of the Group’s financial position.

The Board has further authorised

an additional €100 million in share

buybacks for 2025.

• Net debt at year end increased by

$187.3 million versus the prior year,

primarily due to the net impact of

M&A activity, returns to shareholder

and dividends from joint ventures.

The net debt to adjusted EBITDA

was 0.81 times (2023: 0.50 times)

and interest cover was 16.7 times

(2023: 38.1 times), both metrics remaining

well within financing covenants.

See the Chief Financial Officer’s

review on pages 34 to 39 for more detail.

(b) The Group’s strategy and business

model

• The Group continues to focus on

growing its 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.

• The strategic agenda continues

to progress with the acquisition of

Flavor Producers and decision to

exit its Benelux Direct-to-Consumer

e-commerce business, Body & Fit,

and its weight management brand,

SlimFast . The Flavor Producers

acquisition significantly expands

Nutritional Solutions’ (“NS”) flavours

offering, bringing new capabilities in

the attractive and growing natural

and organic flavours market, which

are aligned with long-term consumer

trends.

• Clearly articulated business model

with well-defined Group growth

targets focused on building GPN top

line growth and driving earnings to

2027 from GPN and NS. To further

streamline the business, the Group

announced its intention to create

a new operating model in 2025,

separating its Glanbia Nutritionals

business into two new segments:

Health & Nutrition and Dairy Nutrition,

as outlined on page 11 of the Chief

Executive Officer’s review and on page

35 of the Chief Financial Officer’s

review.

• New commercial terms associated

with our US joint venture effective

1 January 2024 as disclosed in Note 2

to the Financial Statements.

• Clear focus on and prioritisation of the

development of a diverse and talented

team which remains central to our

strategy.

• The Group continues to focus on

driving growth across our portfolio

of great brands and ingredients, with

all key strategic capital expenditure

projects on track.

• Customer demand has sustained with

sequential improvement in volumes

across GPN and NS.

• Good progress against the stated

environmental, social and governance

objectives as outlined in Our culture

and values on pages 24 to 25,

Sustainability on pages 42 to 63,

Sustainability Committee Report on

pages 112 to 115, and Nomination and

Governance Committee Report on

pages 116 to 119.

• Ambition to grow through both organic

investment and acquisition activity,

within a framework of clear capital

allocation priorities.

See the Group’s business model

on pages 18 to 19 and strategy on

pages 12 to 15 for more detail.

Group’s business

See pages 70 to 77 for a detailed

description of each of the Group’s

principal risks, including climate change

risk, related mitigation measures and

2025 focus areas.

Assessment of viability

The Directors’ assessment of the Group’s

viability was made with reference to the

2024 performance, the principal risks

and uncertainties, including emerging

risks facing the Group and how these

are managed within the Board’s risk

appetite as detailed on pages 64 to

77. The Directors carried out a robust

assessment of the consolidated financial

forecast for the current year and

financial projections for future years

to 2027 during its strategy and budget

review session in December 2024, with

due consideration to the actual and

potential consequences of the ongoing

geopolitical tensions, heightened

political volatility from major global

elections, macroeconomic uncertainties,

key ingredient pricing volatility and

the likelihood of unpredictable climate

conditions particularly with respect to

the significant judgements and estimates

made in the application of its accounting

policies.

The Board reviewed the assessment

of the Group’s prospects made by

management, including:

• The development of a rigorous

planning process, the outputs of which

are comprised of a strategic plan, a

consolidated financial forecast for the

current year and financial projections

for future years covering the period of

the plan;

• A comprehensive review of the

strategic plan as part of its annual

strategy review, with regular

monitoring of the achievement of

strategic objectives taking place at

each Board meeting;

• Assumptions are developed at both

Group and Business Unit levels and

are subject to detailed examination,

challenge and sensitivity analysis by

management and the Directors;

• A consideration of how the impact of

one or more of the principal risks and

uncertainties, outlined on pages 70 to

77, could materially impact the Group’s

performance, solvency or liquidity; and

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• The impact of climate change on the

Financial Statements as outlined in

Note 2. The assessment concluded

that climate change is not expected to

have a material impact on the viability

of the Group in the short-term. The

material climate risk themes which will

require close monitoring in the medium

and long-term are summarised on

pages 46 to 52.

These considerations include external

factors as discussed in this section,

particularly in our key areas of operation;

currency exchange rate movements,

principally the USD/euro and USD/

Sterling pound rate; increased tariffs and

regulations; and internal factors such as

the strategic plan under-delivering; the

loss of a key production site; or a major

food safety or health and safety related

event. These considerations also took into

account additional mitigating measures

available to the Group, including the

ability to reduce capital expenditure and

the potential availability of additional

debt facilities. The Board is satisfied that

sufficient financial headroom exists to

address the potential negative impacts

arising from the events considered.

Conclusions

Having considered these elements and

the volatile global political landscape,

the Board assessed the prospects and

viability of the Group in accordance with

the UK Corporate Governance Code

requirements.

The Board has a reasonable expectation

that the Group will be able to continue

in operation and meet its liabilities

as they fall due over the period of the

assessment. The Board does not expect

any reasonably anticipated geopolitical

tensions, the ongoing war in Ukraine, the

conflicts in Middle East, climate change

impacts or general macroeconomic

condition to impact the Group’s long-

term viability or ability to continue as a

going concern. The Board, in considering

its dividend policy for the years to

2027, believes it will have sufficient

distributable reserves to pay dividends.

The Board assesses the Group’s key

financial metrics, liquidity position and

projected cash flows before declaring

interim and proposing final dividend.

 Glanbia plc | Annual Report and Financial Statements 2024

Link to strategic priorities (see pages 12 to 15)

Grow the core Optimise our business Disciplined capital allocation

Risk trend

Increasing

Stable Decreasing

Strategic/External Risks

Geopolitical

Geopolitical events and

developments may have

the potential to create

global or regional

instability that could

impact on our growth

objectives.

Trend

Potential impact

Political instability, civil disturbance, conflicts,

wars, trade tensions and regulatory changes may

negatively impact performance. Geopolitical tensions

in the regions where we operate may pose potential

challenges that could adversely affect our pursuit of

growth objectives.

Mitigation

The Board conducts a thorough assessment of geopolitical

risks, particularly in the regions where we operate, and

regularly updates risk profiles to stay informed about

changing dynamics.

The Group’s strategy is aimed at spreading our business

activities across diverse regions to reduce dependency

on any single geopolitical area, minimising the impact of

localised disruptions.

The Board and Group Operating Executive are kept

informed about geopolitical risks through regular Group

risk and business segment operational updates.

Developments in 2024

The Board regularly evaluates different geopolitical scenarios and their

potential impact on the business as part of strategy discussions. This

approach allows the Board to develop proactive strategies and responses

for various situations.

Management continues to stay abreast of and comply with international

and local regulations, maintaining relationships with local and international

stakeholders and consulting with external advisors, where appropriate, to

stay informed about political developments and foster cooperation.

Senior leaders from our core segments regularly update the Board and

Audit Committee on segment performance during 2024. This included

consideration of geopolitical impacts, where appropriate.

2025 focus areas

The Group will closely monitor geopolitical tensions where any potential

conflict, economic sanctions or trade rulings could impact the growth

objectives of the Group.

The Group will continue to monitor the potential impact of the major election

outcomes on the geopolitical environment and global economy. This has

already resulted in short-term uncertainty, particularly with regard to the risk

of increased tariffs, and/or instability to the markets where we operate.

Potential geopolitical impacts will continue to be assessed as part of the

Group’s strategic discussions and capital allocation decisions, particularly in

relation to acquisition activity and strategic capital expenditure.

Economic

and industry

Our performance is

influenced by global

economic conditions,

consumer confidence

and the stability of the

markets in which we

operate.

Trend

Potential impact

Deterioration in economic growth or consumer

confidence, or significant currency movements may

impact performance and the achievement of growth

targets.

Mitigation

The Board regularly assesses key market trends, the current

economic environment and the related implications on

Group performance and strategic objectives.

The Group’s strategy is aimed at the continued expansion

of the Group’s geographic reach, focusing on key customer

relationships and investment in new product development

which helps to protect the Group from significant economic

fluctuations and material rapid changes in the external

environment.

Developments in 2024

While the global economy has demonstrated unexpected resilience during

the year, vulnerabilities continue to remain exacerbated by the ongoing

geopolitical tensions, increased threat of tariffs, major global elections,

market volatility and slow pace of global growth which could impact many

countries susceptible to economic shocks.

The Group continued monitoring the situation and navigated and mitigated

the potential impact to the business where possible through activities such

as promotional activity and careful management of prices.

2025 focus areas

The macroeconomic environment remains uncertain prompting ongoing

review throughout 2025. The Group will proactively assess and implement

mitigating actions to address challenges such as the threat of increased

tariffs impacting inflation and putting further pressure on the cost of living and

disrupting demand through a slowdown in consumer spending.

Management will carefully manage any potential rise in trade restrictions and

increased tariffs within our operating regions, which may impact external

demand and consumer confidence.

Market

disruption

Inflationary pressures

may create further

headwinds for the

business.

Increasing competition

across certain

channels through high

promotional activity,

competitor product

innovation and channel

shifts provide an

ongoing challenge.

Trend

Potential impact

Continued inflationary pressures above expectations,

key ingredient pricing volatility, or higher tariffs may

disrupt demand due to consumer price elasticity.

Failing to recognise or obtain accurate and relevant

competitive and environmental intelligence may result

in the adoption of incorrect business strategies.

Mitigation

Continued actions to mitigate cost inflation were

implemented across a range of initiatives including pricing,

revenue growth management and efficiency programmes.

The GPN team continues to enhance in-house capabilities

to assess market trends, ensuring improved accuracy

and relevance of data for the Board and management’s

decision making.

GN continues to focus on differentiating its capabilities

from competitors through innovation to enable it to

become the preferred partner of choice for nutritional

and functional solutions in both the dairy and non-dairy

segments.

The Group allocates resources to research and

development for value-added, customer-specific solutions

and invests in necessary promotional activities, where

required.

Developments in 2024

The Group announced its intention to create a new operating model in 2025,

separating its Glanbia Nutritionals business into two new segments – Health

& Nutrition and Dairy Nutrition. The new structure is designed to further

simplify the business, increase focus on high-growth end use markets and

provide greater insight into Glanbia’s value drivers and growth opportunities.

Following the completion of a portfolio evaluation the Board decided to exit

its Benelux Direct-to-Consumer e-commerce business, Body & Fit, and its

weight management brand, SlimFast. The decision to exit the non-core Body

& Fit business resulted in an exceptional item charge of $46.0 million.

A non-cash impairment charge of $91.4 million was recognised during

the year in respect of the SlimFast Americas business which reflects the

continuing challenges in the diet category which have impacted the brand’s

performance.

The impact of high inflationary pressures and supply chain volatility were

largely mitigated by the ongoing monitoring of consumption and elasticity

effects. Prices were carefully managed and to date, customer demand has

remained robust.

Marketing spend has continually focused on the areas/brands where

recovery momentum is strong. The Group successfully navigated the

volatility in dairy markets with our core dairy activities performing

reasonably well during the year.

2025 focus areas

While inflation has reduced in the majority of our core markets it remains

persistent and vulnerable to potential negative impacts from geopolitical

tensions and tariffs that could contribute to further inflationary pressures.

Given the potential for a combination of external factors to influence this

position, continued action is being taken by the Group to mitigate remaining

inflationary pressures, competitor challenges and key ingredient price

volatility. The impact of any changes in price will be continuously assessed for

elasticity effects.

The Group will continue investing in in-house capabilities, supplemented

by external market research, to assess trends in key markets and provide

accurate, relevant data to management teams for decision-making.

The Group will monitor the implementation of the new operating model for

Glanbia Nutritionals, together with wider Group transformation activities to

enable the Group to be well positioned to capitalise on potential future market

growth opportunities.

Customer

concentration

The Group benefits

from close commercial

relationships with

a number of key

customers and

adverse changes could

materially impact the

Group.

Trend

Potential impact

The loss of, or material disruption with, one or more

of these customers, or a significant deterioration in

commercial terms, could have a material impact on

Group profitability.

Pricing risks associated with the growth of the online

channel could impact the Group.

Mitigation

The Group has strong relationships with key customers

through superior customer service, quality assurance and

cost competitiveness. Continued focus remains on new

customer and channel development opportunities.

The Board regularly reviews its exposure, including credit

exposure, to individual customers and considers the impact

of acquisitions where relevant.

Developments in 2024

Continued assessment of the impacts of channel shifts by consumers

and the financial strength of our customer base, through our dedicated

consumer insights and analytics teams who continued to enhance our

monitoring and consumer intelligence capabilities.

Continued focus on cash collection and closely monitored the credit

exposures in 2024 as customers continue to navigate the macroeconomic

environment challenges.

2025 focus areas

The Group will continue to monitor and invest in relationships with current

customers, especially those that make up a significant concentration of

our sales. The Group will continue to review new customer and channel

development opportunities.

The Group will continue to build key customer partnerships through strategic

capacity expansions and product supply opportunities, particularly with our

core GN customers.

Principal risks and uncertainties

Glanbia plc | Annual Report and Financial Statements 2024