Glanbia plc Annual Report and Financial Statements 2025

At the

Heart of

Better

Nutrition

Glanbia plc Annual Report and Financial Statements 2025

Delivering Better Nutrition

Leveraging our better nutrition

portfolio to drive growth through

our leading brands and ingredients.

Performance

Nutrition

Performance Nutrition (“PN”) is a key growth engine.

As the #1 sports nutrition company in the world, PN is powered

by continued strong growth in the protein powder category

and the performance of our #1 global sports nutrition brand

Optimum Nutrition

FOR MORE INFORMATION,

SEE OUR OPERATIONS REVIEW ON PAGES 30

33.

Health &

Nutrition

Health & Nutrition (“H&N”) brings specialist nutritional

vitamin, mineral premix solutions and great tasting natural,

organic flavours across all product formats.

FOR MORE INFORMATION,

SEE OUR OPERATIONS REVIEW ON PAGES 34

37.

Dairy

Nutrition

Dairy Nutrition (“DN”) encompasses our whey protein solutions,

bioactives and US cheese portfolios. DN operates through an

integrated supply chain and manufacturing footprint, supported

by industry-leading innovation and commercial capabilities.

DN is also the commercial and operational partner for our

joint ventures and the route-to-market for their ingredients.

FOR MORE INFORMATION,

SEE OUR OPERATIONS REVIEW ON PAGES 38

39.

Throughout 2025, we focused on simplifying

our group structure to accelerate growth

within our three segments:

1. Source: Euromonitor International Limited; Consumer Health 2025 Edition, Sports Nutrition category,

retail value shares, 2024 data.

1Strategic Report Directors’ Report Sustainability Statements Financial Statements Other Information

Strategic Report

Highlights 2

At a glance 4

Our investment case 6

Group Chair’s statement 8

Chief Executive Officer’s review 10

Market trends and growth drivers 12

Our strategy 14

Transformation in action 20

Our business model 22

Key performance indicators 24

Our culture and values 26

Operations review 28

Chief Financial Officer’s review 40

Sustainability review 46

Risk management 54

Directors’ Report

Corporate Governance Report 70

Audit Committee Report 90

Sustainability Committee Report 98

Nomination and Governance

CommitteeReport 100

Remuneration Committee Report 104

Statutory information and

forward-looking statement 124

Directors’ responsibility statement 130

Sustainability Statement

Independent Practitioners’

Limited Assurance Report 134

General Disclosures 137

Environment 152

Social 180

Governance 201

Appendix 207

Financial Statements

Independent Auditor’s Report 216

Group financial statements 227

Notes to the Group financial statements 232

Company financial statements 284

Notes to the Company financial statements 286

Other Information

Glossary of non-IFRS performance measures 292

Shareholder information 301

Contacts 305

Contents

Find us online

Our online report is available at

www.glanbia.com/annualreport

@Glanbia

 Glanbia plc | Annual Report and Financial Statements 2025

Highlights 2025

Health and safety: lost time

incident rate (“LTIR”)

0.6

improved performance versus 2024

Scope 1 & 2 Greenhouse gas

(“GHG”) emissions

8.8%

reduction versus 2024

Employee

engagement score

69 pts

decrease of 4 points versus 2024

Revenue

$3.9bn

2024: $3.8bn

+2.8%

/+2.3%

Adjusted earnings per share (“EPS”)

134.93 $c

2024: 140.03 $c

−3.6%

/ −3.4%

EBITDA (pre-exceptional)

$499.1m

2024: $551.3m

−9.5%

/ −9.4%

Basic EPS

73.16 $c

2024: 63.21 $c

+15.7%

/ +19.7%

Profit after tax

$183.3m

2024: $164.7m

increase of $18.6m

Operating cash flow

(“OCF”) conversion

91.0%

2024: 88.0%

increase of 300bps

Return on capital employed

(“ROCE”)

11.3%

2024: 12.4%

decrease of 110bps

Net debt

$526.0m

2024: $436.0m

increase of $90.0m

1. Definitions and explanation of the key performance indicators (“KPIs”) and non-International Financial Reporting Standards (“IFRS”) performance measures can

be found in the key performance indicators and glossary sections on pages 24-25 and 292-300.

2. Reported currency.

3. Constant currency.

4. Average over a period of three years.

Financial highlights

Non-financial highlights

Strategic Report Directors’ Report Sustainability Statements Financial Statements Other Information

“Glanbia delivered a robust performance in 2025,

achieving volume and like-for-like revenue

growth across all three segments. Supported

by strong, long-term structural growth drivers

across our categories, we are well positioned

to deliver on our new medium-term targets.”

Hugh McGuire

Chief Executive Officer

Capital Markets Day

At our Capital Markets Day in November 2025, we outlined our growth strategy and financial

targets for 2026 to 2028.

Adjusted EPS growth

3,4

7-11%

ROCE

10-13%

OCF $1.5bn

OCF conversion

85%+

Dividend payout ratio

30-40%

 Glanbia plc | Annual Report and Financial Statements 2025

At a glance

A Better Nutrition

portfolio for growth

Employees

5,800

Innovation and

collaboration centres

Manufacturing

sites

Markets for our

brands and ingredients

120+

Our segments

Performance

Nutrition (“PN”)

Leading consumer branded products

global sports

nutrition brand

Growing position

in lifestyle nutrition

Portfolio of top-performing brands

in performance and lifestyle nutrition.

Health & Nutrition

(“H&N”)

Great tasting ingredients

global provider of

custom premix solutions

Leading supplier of

natural and organic flavours

Best-in-class provider of specialised

solutions in premix and flavours.

Dairy Nutrition

(“DN”)

Deep protein expertise

Leading

supplier of whey protein

solutions and bioactives

Leading supplier of American-

style cheddar cheese

Established provider of whey protein

solutions, bioactives and cheese.

Leveraging our unique capabilities, we develop world-class performance and lifestyle

nutrition brands, we create innovative, nutritional premix and flavour solutions and

are a leading provider of whey protein solutions and American-style cheddar cheese.

1. Includes joint venture.

Strategic Report Directors’ Report Sustainability Statements Financial Statements Other Information

Our purpose

Delivering Better Nutrition

Our strategy

Our ‘Better Nutrition, Better World’ sustainability strategy

Planet | People | Performance

Consumer trends

Accelerated protein demand | Growth in functional products |

Increased demand for clean-label | Extension of occasions |

Pleasure with purpose | Sustainability focus

Our culture & values

Passion for our customers & consumers | Performance matters |

Respect for people | Find a better way |

Win together | Sense of fun

categories

5. Sustainable

operations

3. Sharpened

operating model to

deliver strong revenue

and EBITDA growth

6. Talented team

of brand and business

builders, with a strong

culture and values

Glanbia has a unique portfolio of Better

Nutrition brands and ingredients with

leading market positions, which address

growing consumer demand in major

healthy nutrition categories. Our brands

and ingredients play into the growing

addressable markets of performance

nutrition, lifestyle nutrition and functional

beverages which are driven by consumer

megatrends. Our core strategy is focused

on delivering growth through our high-

growth segments of Performance Nutrition

and Health & Nutrition.

We have a strong balance sheet, a proven

record of earnings growth and cash

conversion, all facilitating investment

and shareholder returns. Improving the

operational, commercial and financial

performance of our business has helped

us maximise long-term value and deliver

superior returns.

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

accelerating innovation across our brands

and ingredients through new product

development, continuous formulation

improvements and enhanced research

to meet the evolving needs of consumers.

Our sustainability strategy has been

fully integrated into our business model.

Our strategy sets ambitious goals across

our priority areas: emissions, waste,

water usage and packaging. Aligned to

the UN Sustainable Development Goals,

we have developed a plan for science

based targets and are continuing to

work on delivering against our roadmap

for achieving our targets.

Our group-wide transformation

programme aims to drive efficiencies

and support Glanbia’s next phase of

growth through three focused segments:

Performance Nutrition, Health & Nutrition

and Dairy Nutrition. This programme

focuses on simplifying our operating

model, delivering supply chain efficiencies,

accelerating digital transformation and

optimising our portfolio.

We are a purpose-led business, committed

to building an inclusive culture that

empowers our people to thrive. Our valued

employees drive our strategy to deliver

better nutrition every day. We listen to our

stakeholders, our employees, our investors,

our consumers and our customers to

effectively deliver our strategy.

READ MORE ON PAGES 26

27.

Our key strengths and unique competitive advantage will drive sustainable growth.

Strategic Report Directors’ Report Sustainability Statements Financial Statements Other Information

€17m

€91m

€174m

€100m

€102m

€197m

€78m

€81m

€84m

€90m

€96m

€103m

2020

2021 2022 2023 2024 2025

€95m

€172m

€258m

€190m

€198m

€300m

100

150

200

250

300

350

Strategic

Capex

Investment in strategic

projects and capabilities

across the Group.

Dividends

Progressive dividend

policy targeting a payout

ratio of 30–40%.

Buybacks

Use of available

excess cash consistent

with prior years.

Acquisitions

Proactive mergers &

acquisitions approach

focusing on opportunities

primarily in H&N.

Our disciplined approach to capital allocation

Progressive dividend policy

10% annual increase

since 2021

Targeted buyback strategy

Circa 52m shares

repurchased at an

average price of

~€13 since 2020

Share buybacks €m

Dividends payable €m

We have returned €1.2bn to shareholders since 2020

Our strong track record of returns to stakeholders

Adjusted EPS

growth

8.0%

ROCE

12.0%

OCF $1.4bn

OCF conversion

89.8%

Strong performance 2023-2025¹

1. Average over a period of three years.

2. 2025 final dividend is subject to Board approval at the 2026 AGM.

 Glanbia plc | Annual Report and Financial Statements 2025

Group Chair’s statement

Delivering sustainable

growth and value

creation

Introduction

On 1 January 2026, I took up my role as

Group Chair of Glanbia plc, having already

served four years as a Non-Executive

Director, succeeding Donard Gaynor.

Firstly, I would like to extend my sincere

thanks to Donard for his dedicated service

and leadership of Glanbia over the past

twelve years, including his five years as

Group Chair. Donard made a valuable

contribution during a period of significant

evolution for the business.

Since joining the Board in 2021, I have

seen firsthand the strength and clarity

of Glanbia’s purpose of delivering better

nutrition. The Group enjoys a number of

enduring strategic advantages: a high-

quality portfolio of brands and ingredients,

strong positions in attractive health and

wellness categories, a broad international

presence and a values-driven culture

underpinned by a highly committed

workforce. Together, these strengths

provide a robust foundation for sustainable

long-term value creation.

Glanbia operates in a dynamic global

environment and the Board remains

focused on ensuring that the Group is well

positioned to navigate this landscape while

continuing to pursue disciplined growth.

In recent months, I have engaged with

leaders, colleagues and stakeholders across

our key markets – strengthening my already

well-established understanding of the

business and sharpening my perspective

on the strategic, operational and market

dynamics that will define our next phase

of growth. A consistent theme from these

engagements is Glanbia’s differentiated

position in high-growth nutrition categories,

underpinned by an exceptional portfolio that

supports consumers in achieving their health

and wellness goals. I am impressed by the

strength of our customer relationships, the

depth of operational and technical capability

across the Group and the resilience of our

financial profile over the long-term. These

attributes position the business well to

deliver steady, long-term returns.

These reflections highlight both the scale of

the opportunity ahead and the importance

of disciplined, consistent execution to

realise the full potential of our portfolio.

As Group Chair, my priority is to ensure

that the Board provides effective oversight,

rigorous challenge and clear strategic

direction as the Group advances its growth

agenda. Glanbia remains firmly focused on

delivering long-term, sustainable value for

shareholders, customers and employees.

Results and 2025 performance

2025 was a challenging year for Glanbia

as the business navigated headwinds,

including a volatile macroeconomic

environment, trade and tariff disruption

and unprecedented whey input cost

inflation. The business delivered a reduced

financial performance in 2025, with

adjusted earnings per share (“EPS”) of

134.93 $c, a decline of 3.4% versus 2024

on a constant currency basis. Momentum

improved in the second half of the year.

The Group’s continued focus on

cash management delivered a strong

performance, with an operating cash flow

(“OCF”) of $454.4 million (2024: $485.1 million),

which represents an OCF conversion of 91.0%

(2024: 88.0%). Delivery against our targets

for 2026 will require focused execution,

underpinned by strong governance,

disciplined capital allocation and a continued

focus on effective delivery. The Board will

continue to closely oversee progress,

ensuring that our new strategic priorities

are translated into tangible outcomes.

“ Our task now is

to accelerate the

execution of our Capital

Markets Day strategy,

to ensure we deliver on

a consistent basis over

the coming years.”

Paul Duffy

Group Chair

Strategic Report Directors’ Report Sustainability Statements Financial Statements Other Information

Strategy

In 2025, Glanbia unveiled a new set of

strategic priorities and medium-term

financial targets for the period 2026-2028.

This refreshed strategy and new operating

model brings greater focus to our high

growth, high margin segments of

Performance Nutrition and Health &

Nutrition, while focusing on optimising

returns from Dairy Nutrition as a scale

dairy platform. The Group’s transformation

programme is progressing, with the

objective of unlocking efficiencies that

will be used to fund growth and drive

shareholder returns. The programme is

focused on delivering operating efficiencies,

accelerating digital transformation and

streamlining our portfolio, to increase cash

generation and support sustainable

returns to shareholders.

Shareholder returns

We are committed to a framework

of progressive returns to shareholders

while maintaining a strong balance sheet.

In line with our capital allocation policy,

we returned €197.2 million to shareholders

through our share buyback programmes

during the year. The Board has

recommended a final dividend per share

of 25.67 €cent, representing a total 2025

dividend of 42.87 €cent. This is a 10%

increase on prior year and a payout ratio of

35.9%, reflecting our ongoing commitment

to maintaining a consistent and progressive

dividend policy. The Board has approved

authority for an additional €100 million

in share buybacks in 2026.

Board, governance and

leadership changes

Good governance is crucial for all

businesses. While the executive leadership

team is responsible for driving performance,

the role of the Board is to provide

appropriate support and challenge.

To support its oversight duties, the Board

discharges some of its responsibilities

through its Committees framework. This

structure allows the Board to concentrate on

strategy, performance, talent, governance

and risk, and stakeholder engagement,

thereby optimising the Board’s collective

time. The Committee Chairs report to the

Board after each Committee meeting,

ensuring effective communication and the

ability to escalate matters to the agenda

of the full Board, when necessary.

I would like to sincerely thank all Board

members for their contributions in 2025.

During the period, there were a number of

changes: Senan Murphy joined the Board

on 30 April as an Independent Non-

Executive Director, replacing Dan O’Connor,

who retired on 30 April. William Carroll

joined the Board as a nominee of Tirlán

Co-operative Society Limited (the “Society”)

on 12 June, replacing Gerard O’Brien who

retired on 11 June. I was appointed Group

Chair, effective 1 January 2026.

During the year, Committee compositions

were refreshed to ensure ongoing alignment

with best practice and the Group’s evolving

governance needs. These are discussed in

detail in the Nomination and Governance

Committee Report on pages 100-103.

Employee engagement

Employee engagement remains central to

our leadership approach, strengthening our

culture and informing our understanding of

what matters most to employees. Through

our annual employee engagement survey,

we identify priority areas for improvement.

The Board and management have

considered the findings of our 2025

engagement survey and will build on

existing strengths and address areas

for improvement in 2026.

Sustainability

We know that executing our sustainability

agenda will help make Glanbia a stronger

and more resilient business for the future.

Our sustainability strategy, ‘Better Nutrition,

Better World’ focuses on three key pillars:

planet, people and performance. During

2025, we continued to make progress

against our key targets. This is discussed

in more detail in our Sustainability Review

on pages 46-53.

Looking ahead

The Board and leadership team are firmly

focused on consistent delivery against our

medium-term performance targets and

creating long-term, sustainable value for

our shareholders. I am confident that we

can achieve this through disciplined

execution of our strategy.

I am honoured to take up the role of Group

Chair and excited about the opportunities

ahead. I know that our colleagues across the

organisation share the Board’s commitment

to unlocking Glanbia’s full potential.

Finally, on behalf of the Board, I would

like to express our sincere thanks to our

employees and partners worldwide for

their dedication, resilience and integrity.

Together, we remain focused on delivering

better nutrition and building a strong,

sustainable Glanbia for the future.

Paul Duffy

Group Chair

“ The Board and leadership team are firmly

focused on consistent delivery against our

performance targets and creating long-term,

sustainable value for our shareholders.”

Revenue

$3.9bn

2024: $3.8bn

EBITDA (pre-exceptional)

$499.1m

2024: $551.3m

 Glanbia plc | Annual Report and Financial Statements 2025

Chief Executive Officer’s review

Delivering

our next phase

of growth

Introduction

2025 marked an important year of

strategic progress for Glanbia as we

sharpened our focus on the highest-value

parts of our portfolio and strengthened our

foundations for long-term growth. We

operate at the intersection of powerful

consumer megatrends in nutrition – rising

protein consumption, functional wellness,

clean-label formulations and personalised

health – and we are uniquely positioned to

capture the opportunities these create.

Over the past year we accelerated our

group-wide transformation – driving

efficiencies and reshaping the Group to

simplify and bring greater focus to our key

growth engines, Performance Nutrition and

Health & Nutrition, while also establishing

Dairy Nutrition as our scale dairy platform.

We strengthened leadership across the

organisation, adding key new roles and

injecting capability and ambition.

Combined with the deep expertise already

embedded in Glanbia, this positions us

strongly for our next phase of growth.

Our purpose – delivering better nutrition –

continues to align strongly with consumer

demand and market opportunity.

facilities of approximately $1.4 billion.

Growth is my top priority for the business.

Through our group-wide transformation

programme, we have taken decisive actions

across the business, and I am confident

that we are well positioned to return to

earnings growth in the year ahead.

Performance Nutrition delivered like-for-like

revenue growth of 2.8% in 2025. This was

driven by a 2.0% increase in volume and a

0.8% increase in price. The volume increase

was largely driven by good growth in online

and food, drug, mass (“FDM”) channels,

somewhat offset by challenges in the US

club and speciality channels and declines

in non-core brands which have now been

disposed of. Optimum Nutrition delivered

a 6.4% increase in like-for-like revenue.

Optimum Nutrition and Isopure both

delivered double-digit volume growth in

the second half. Our teams executed with

discipline and delivered sequential

improvement through the second half,

demonstrating the resilience of our business.

Our newly created Health & Nutrition

segment brings dedicated focus to

providing high quality, specialist nutritional

vitamin mineral premix solutions and great

tasting natural and organic flavour systems

Supported by our global footprint, a

differentiated portfolio and a strong

balance sheet, we are confident in our

ability to deliver sustained long-term value

creation for shareholders.

Results and 2025 performance

2025 was marked by a volatile

macroeconomic environment, including

trade and tariff disruption as well as

exceptional whey input cost inflation,

which represented a significant challenge

for our Performance Nutrition segment.

Notwithstanding these challenges, the

business performed resiliently and we were

pleased to deliver volume and like-for-like

revenue growth across all three segments.

We delivered adjusted earnings per share

(“EPS”) of 134.93 $c, a decline of 3.4% versus

2024 on a constant currency basis, driven

by growth across our portfolio of better

nutrition brands and ingredients, offset

by record whey inflation.

Cash flow generation is a key strength for

Glanbia. In 2025 we delivered operating

cash conversion of 91.0%, enabling us to

increase the dividend by 10% and return

€197.2 million to shareholders via share

buybacks. We continue to be ambitious

for accretive M&A given our current debt

“ We are reshaping Glanbia into a more

focused, higher-growth nutrition business.

With a clear strategy, strong execution and

exposure to attractive, growing markets

and categories, we are well positioned to

deliver sustainable earnings growth and

long-term shareholder value.”

Hugh McGuire

CEO Glanbia plc

Strategic Report Directors’ Report Sustainability Statements Financial Statements Other Information

READ MORE ABOUT OUR CMD ON OUR WEBSITE.

across all product formats. Our focus is on

high-growth end-use markets including

active lifestyle nutrition, functional

beverages and vitamins, minerals and

supplements. Health & Nutrition delivered

a strong performance in 2025, with

like-for-like revenue increasing by 6.8%.

H&N delivered strong growth across premix

and flavour solutions, with particularly

good growth in Europe and Asia.

Dairy Nutrition is our newly established,

scale dairy platform. It combines our whey

protein solutions and US cheese portfolio

and is largely one integrated

manufacturing footprint as well as the

route to market for our joint venture supply

of whey and cheese. Dairy Nutrition is a

leading producer of whey protein solutions

and American-style cheddar cheese. Dairy

Nutrition delivered a strong performance in

2025, growing like-for-like revenue by 5.0%.

This was driven by a 4.2% volume increase,

as the business benefited from strong

demand for protein solutions, targeting

ready-to-eat bars and snacks; and strong

demand for bioactives, including colostrum.

Refreshed strategy and

mid-term targets

At our Capital Markets Day in November,

we outlined our refreshed strategy and

three-year financial targets for 2026-2028.

Our clear and disciplined plan to drive

Glanbia’s next stage of growth is supported

by five strategic priorities:

1. Continue to drive Optimum Nutrition

globally, as well as growing our

lifestyle brands.

2. Scale our Health & Nutrition business,

strengthening our position as a leading

solutions partner across priority

end-use markets.

3. Optimise Dairy Nutrition to maximise

profitability across our scaled operations.

4. Expand internationally and leverage

our global supply chain and

commercial footprint.

5. Invest in innovation to ensure we

remain at the forefront of rapidly

evolving categories.

We are ambitious for growth. Our medium-

term financial targets reflect the strength

of our portfolio and the structural tailwinds

in our categories. We expect to deliver

annual organic revenue growth of 5-7% in

Performance Nutrition and 4-6% in Health

& Nutrition. We aim to deliver earnings

growth ahead of revenue in both segments,

supported by our group-wide

transformation programme. Dairy Nutrition

will deliver annual EBITDA in the range of

$150 to $160 million.

At a Group level, we are targeting annual

adjusted EPS growth of 7-11% constant

currency and increasing our cash conversion

target from 80% to 85%, underscoring the

resilience and quality of our earnings. We will

continue to invest with discipline to drive

growth and enhance returns. Glanbia has

maintained a progressive dividend policy

since 1998, with a strong track record of

shareholder returns. From 2020-25, we

returned €1.2 billion to shareholders via

dividends and share buybacks. We have

increased our dividend payout ratio from

25-35% to 30-40% as part of our long-term

capital allocation framework.

Group-wide transformation

Twelve months ago, we launched an

ambitious, group-wide transformation

programme, targeting $50 million in annual

savings. Strong momentum across the

programme means we are now on track to

deliver $60 million savings annually by 2027.

The programme comprises four key pillars.

First, we have simplified our operating

model, establishing dedicated Dairy

Nutrition and Health & Nutrition segments

and strengthening capabilities within

Performance Nutrition.

Second, we are delivering meaningful

supply chain efficiencies by creating

centres of excellence across procurement,

engineering, planning and quality, and by

accelerating automation across our

manufacturing network.

Third, we are advancing our digital

transformation, substantially completing

the outsourcing of selected back-office

functions while centralising and

standardising processes, supported

by AI-enabled tools.

Finally, we are optimising our portfolio.

In 2025, we completed the divestment of

SlimFast and Body & Fit, and expanded our

capabilities and geographic reach with the

acquisition of Sweetmix in Brazil, while also

reaching agreement to acquire Scicore in

India. These additions strengthen our

ability to grow with key customers in

strategically important markets.

We will continue to review and refine our

portfolio to ensure we are well positioned

to deliver long-term shareholder value.

Our people

Throughout 2025, I have taken great pride

in the dedication and capability of our

teams across the Group. During the year,

we made several appointments to the

Group Operating Executive. Sorcha

McKenna joined Glanbia as Chief Strategy

Officer, while Arnaud Schuh was appointed

CEO of Health & Nutrition. Tom Tench and

Steve Waters were appointed CEO of Dairy

Nutrition and Chief Supply Chain Officer,

respectively. Our Chief HR Officer, Sue

Sweem announced her intention to retire

in 2026, after an outstanding career with

Glanbia, to be succeeded by Aisling Zito.

I extend my congratulations to all our

appointees. Finally, I want to thank Brian

Phelan, who retired at the end of 2025, for

his many years of exceptional leadership

and dedicated service to Glanbia.

Looking to the future

Glanbia is at the heart of better nutrition.

We believe in the power of nutrition to

unlock potential in everyone. We are a

protein powerhouse and our nutrition

brands and ingredients help consumers

all over the world achieve their everyday

fitness, health and nutrition goals.

2025 was a year of significant change

for our business.

Finally, I want to thank our entire team

who have worked tirelessly this past year.

Thanks to your hard work and commitment,

we are laying the foundations for a

stronger business.

Hugh McGuire

Chief Executive

“ We have a clear and disciplined plan to drive

Glanbia’s next stage of growth, supported by

five strategic priorities that will guide resource

allocation over the period.”

 Glanbia plc | Annual Report and Financial Statements 2025

Market trends and growth drivers

We operate in large

and growing markets

Global consumer megatrends are driving unprecedented demand for protein and functional

nutrition. Glanbia’s products are uniquely positioned at the centre of these high-growth protein

and functional nutrition categories.

Our key addressable markets

Performance Nutrition

$33bn

Performance nutrition focuses on

maximising athletic performance

across product formats and occasions

including protein powder, ready-to-

drink (“RTD”) and ready-to-eat (“RTE”).

Lifestyle nutrition focuses on

improving physical and cognitive

health through functional products

across all formats including vitamins,

minerals and supplements.

Functional beverages allow

consumers to improve and maintain

energy levels through convenient

RTDs delivering functional benefits

including energy and hydration.

Lifestyle Nutrition

$127bn

Functional Beverages

$92bn

1 Source: Euromonitor

Market-leading portfolio

of brands and ingredients

• PN: Optimum Nutrition is the world’s

#1 sports nutrition brand.

• H&N: Serves customers across

performance nutrition market with

great-tasting nutrition solutions.

• DN: Leading protein expertise to

support both performance and

everyday athletes.

Functional products and

ingredients to make life healthier

• PN: Dedicated portfolio of lifestyle

brands including Isopure and think!

to support consumers’ nutrition.

• H&N: Custom premix solutions that

deliver vitamins and minerals to

lifestyle consumers across formats

(e.g. gummies, powders).

• DN: Leading whey protein solutions

and bioactives that help people live

more healthy energetic lives.

High-quality ingredients to

deliver functional benefits

• PN: Position in energy RTD with

Optimum Nutrition Amino Energy. In

2025, launched Isopure Protein Water.

• H&N: Create great-tasting, clean-

label beverages with vitamins and

minerals for customers.

Megatrends

1 2 3 54 6

Megatrends

2 3 4 5

Megatrends

1 2 3 46 6

+Mid-single digit growth per annum

Our opportunities

Strategic Report Directors’ Report Sustainability Statements Financial Statements Other Information

Our markets are accelerated by powerful megatrends

US consumers prioritising

protein on a daily basis

80%

Source: Nielsen IQ protein trends

Increase of high-protein

products outside of

traditional categories

26%

Source: Nielsen IQ protein trends

US consumers who now consider

wellness a top or important

priority in their everyday lives

84%

Source: McKinsey Future of Wellness

Survey

UK and US consumers who

say that taste is a key priority

when deciding what to eat

92%

Source: Attest

Global F&B launches featuring

a clean label in 2025

30%

Source: Innova Market Insights

US consumers willing to

share personal health data

for better personalised care

69%

Source: Verily

Protein demand rapidly expanding

Fitness is no longer an occasional activity: it is now a lifestyle choice. A

growing focus on active lifestyles, new innovations in weight management

and a greater understanding of the link between diet, exercise and health

has led to the mainstreaming of protein with demand accelerating

globally across all consumer groups as people prioritise protein intake

on a daily basis.

Extension of health benefits across occasions

Consumers are increasingly seeking functional nutrition outside of

traditional occasions, driving the growth of new high-protein formats

(e.g. protein coffee, protein cereal, etc).

Demand for functional benefits from nutrition

growing

A desire for improved health and physical wellness is driving the demand

for functional ingredients. Consumers are searching for better, healthier

and smarter nutritional and functional ingredients that support

everything from energy and focus, to muscle repair and gut-health.

Pleasure with purpose emphasising taste and

texture

Consumers want to indulge in taste and texture while staying aligned with

health and wellness goals. This is often challenging as producers seek to

include difficult to work with functional ingredients and molecules into

great tasting food.

Cleaner products gaining consumer preference

Today’s consumers are increasingly seeking greater transparency on the

ingredients within their food with demand for clean-label and minimally

processed foods on the rise.

Experience culture fusing digital and real world

Consumers are looking for better integration of physical wellbeing with

digital tools. Experience culture is rising with digital and real world fusing

together and consumers seeking health and wellness experiences outside

of traditional channels.

Consumer needs

Consumer behaviours

 Glanbia plc | Annual Report and Financial Statements 2025

Better

nutrition

Our strategy

Unlocking our

growth potential

Our purpose

is delivering

better nutrition

Our strategy

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 refreshed 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 22

23.

Adj. EPS

growth

7-11%

OCF

conversion

85%+

ROCE

10-13%

CMD metrics

2,3

2026-2028

Adj. EPS

growth

8.0%

OCF

conversion

89.8%

ROCE

12.0%

Metrics

1,2

delivered 2023-2025

1. Glanbia Group ambition targets as per Capital Markets Day (”CMD”)

November 2022.

2. Average over a period of three years.

3. Glanbia Group ambition targets as per CMD November 2025.

4. Constant currency.

5. Like-for-like excluding SlimFast and Body & Fit.

Drive Optimum Nutrition

(”ON”) and grow Performance

Nutrition globally with our

portfolio of lifestyle brands

Scale Health & Nutrition

as a leading solutions

partner to customers

Optimise Dairy Nutrition

to maximise profits

Expand internationally

and leverage our global scale

Innovate

to meet growing consumer

needs and occasions

Strategic Report Directors’ Report Sustainability Statements Financial Statements Other Information

Strategy in action

#1 sports nutrition brand

Optimum Nutrition is the world #1 sports

nutrition brand, sold in over 100 countries and

the #1 brand in 21 markets. Optimum Nutrition

has been growing at a compounded annual

growth rate of 15% since Glanbia acquired the

brand in 2008 and achieved revenue of over

$1.3bn in 2025.

Optimum Nutrition is targeted at the

“performance motivated” consumer and is

positioned as the most trusted sports nutrition

brand in the world. Primarily sold in powder

format, Optimum Nutrition has leading

positions in protein, creatine and energy as

well as offerings in ready-to-eat, ready-to-

drink, capsules and tablets.

Optimum Nutrition is brought to life through

a combination of advocacy, education and

innovation. Elite athletes and teams such as

Cameron Brink, Rishabh Pant and McLaren

Formula 1 partner with Optimum Nutrition.

Local personal trainers and influencers are

engaged to inspire and educate everyday

users in local markets.

Innovation highlights for 2025 include

Optimum Nutrition Creatine Plus and

Optimum Nutrition Clear Whey +

Collagen. These new innovations

were complemented with additional

flavours and pack formats to

support a range of consumer

needs and occasions.

2026 will see the launch of

‘The Optimum Advantage’

global communication

campaign featuring

Optimum Nutrition athletes

and consumer facing education

in all priority markets.

Metrics

PN revenue

$1.8bn

−0.9% constant currency

Growth in ON revenue (“LFL”)

+6.4%

Key risks

• Vulnerabilities in macroeconomic

outlook, volatilities in global tariffs

and whey price fluctuations; and

• Shifts in consumer preferences

toward different wellness trends

or alternative formats.

FOR MORE INFORMATION

ABOUT RISK, SEE PAGES 54

67.

Link to remuneration

• Business segment EBITDA forms

part of the annual incentive for

the CEOs of PN; and

• PN branded revenue growth forms

part of the annual incentive of the

CEOs of PN.

FOR MORE INFORMATION

SEE PAGES 104

123.

Our strategy

• Drive growth with our #1 sports nutrition

brand Optimum Nutrition

• Grow our branded lifestyle nutrition platform

Our right to win

• Our strong brands in growing markets and categories

• Distinctive capabilities across our global team

• Strength in local markets with tailored activation

• Our innovation engine, creating consumer-centric products

2025 progress

• PN revenue growth⁵ of 4.5% with

strong growth in Optimum Nutrition

and Isopure;

• Optimum Nutrition revenue growth

of 6.4% like-for-like (“LFL”);

• Continued to invest in innovation

with expansion of our pipeline across

consumer needs and occasions;

• Invested in building strong

capabilities in commercial and

operational excellence across all

markets.

Looking ahead to 2026

• Drive distribution and visibility for

Optimum Nutrition while relentlessly

recruiting performance-driven

consumers in and outside the category;

• Capitalise on the growth potential for

Isopure and our broader lifestyle portfolio

by targeting lifestyle consumers;

• Innovate in our core format of powders

in new adjacencies like creatine and

capitalise on our opportunity in the high

penetration formats of ready-to-eat

and ready-to-drink through our

branded portfolio.

Drive Optimum Nutrition

and grow Performance Nutrition globally with our portfolio

of lifestyle brands

Lando Norris, McLaren Formula 1 driver

 Glanbia plc | Annual Report and Financial Statements 2025

Our strategy continued

Strategy in action

Science-backed solutions

In H&N, we bring science-backed

solutions to our customers through

our four areas of strength:

1. Functionally optimised nutrients;

2. Expertise in granulation and titration;

3. Deep understanding of protein and

flavour interactions; and

4. Strong extraction capabilities.

An example of how we help our customers:

a customer wanted to bring trending

botanicals to the market in a gummy

format, with claims on energy,

concentration and stress reduction.

We used our functionally optimised

nutrient technology to protect the

botanicals, ensure their bioavailability

and sustain the desired flavour profile.

Metrics

H&N revenue

$0.6bn

+11.5% constant currency

H&N volume growth

7.4%

Our strategy

• Expand with existing customers globally

• Scale through new customer acquisition and cross-sell

• Innovate and further strengthen our end applications

capabilities

• Acquire opportunistically to expand product portfolio

and international reach

Our right to win

• High-growth end-use markets

• Distinctive value proposition for our customers

• Global footprint across innovation and manufacturing

• Deep product application and co-development expertise

2025 progress

• H&N revenue growth of 6.8% (“LFL”);

• Stood up H&N segment and

leadership team and completed

the business integration of

Flavor Producers;

• Expanded geographic presence with

acquisition of Sweetmix in Brazil and

agreement to acquire Scicore in India.

Looking ahead to 2026

• Bring new customers into our portfolio,

focused on the mid-market segment;

• Maximise cross-selling across premix

and flavours, and with PN and DN;

• Continue to invest in our R&D pipeline

and in our applications capabilities;

• Pursue targeted acquisitions to

complement our portfolio, both

internationally and across technologies;

• Invest in innovation and production

capacity through flavour spray drying

capability and new collaboration centre

in Sharonville;

• Committed to production capacity

expansion in China and Europe.

Key risks

• Uncertainties in global tariffs and

policies, climate-related supply

chain disruptions and raw material

availability; and

• Operational complexity,

integration challenges and

changing consumer preferences

on active lifestyle and functional

nutrition.

FOR MORE INFORMATION

ABOUT RISK, SEE PAGES 54

67.

Link to remuneration

• Business segment EBITDA forms

part of the annual incentive for

the CEO of H&N; and

• H&N volume growth forms part

of the annual incentive of the CEO

of H&N.

FOR MORE INFORMATION

SEE PAGES 104

123.

Scale Health & Nutrition

as a leading solutions partner to customers

Strategic Report Directors’ Report Sustainability Statements Financial Statements Other Information

Strategy in action

20 years since the formation of our

joint venture

At Glanbia, our purpose is to deliver

better nutrition. We achieve this through

world-class innovation, sustainable

practices and a commitment to

excellence across 27 manufacturing

sites worldwide.

This year, we celebrate a major

milestone – 20 years of our Southwest

Cheese joint venture in Clovis, New

Mexico. Formed in partnership with

Dairy Farmers of America and Select

Milk Producers, and leveraging the

Group’s cumulative dairy processing

and operating knowledge experience

in Ireland for many years, Southwest

Cheese has grown into one of the world’s

leading cheese and whey manufacturing

facilities. It is a key part of Glanbia’s

Dairy Nutrition segment and a provider

of high-quality dairy and protein

solutions for customers across the globe.

We are committing to expand WPI

capacity at Southwest Cheese to

support our global growth ambitions.

Metrics

DN EBITDA

$149.5m

+1.7% constant currency

Our strategy

• Optimise our scale cheese business through low-cost

manufacturing

• Grow with our proprietary functional protein systems

in high-growth categories

• Grow our high-margin bioactive solutions

• Expand whey protein isolate (”WPI”) capacity

Our right to win

• High quality assets across our manufacturing and innovation footprint

• Long standing customer relationships

• Innovative joint venture model providing scale

• Best-in-class protein innovation capability

2025 progress

• DN revenue growth of 5.0% (“LFL”);

• Stood up DN segment and leadership;

• Continued to invest in innovation

capabilities and product development;

• Committed to investment for expanded

WPI capacity at our JV MWC-Southwest

Holdings LLC.

Looking ahead to 2026

• Targeting EBITDA of $150-160m over

2026-2028;

• Capture proteins growth with active

lifestyle nutrition consumers through

enhanced proprietary functional

protein solutions;

• Continue to optimise our margins

through pricing, operational efficiency

and value-add segments;

• Expand WPI supply through wholly-

owned, JV and third party sources.

Key risks

• Milk price volatility that could

impact margins;

• Adverse cybersecurity events

resulting in significant operational

impacts; and

• Failure to meet emissions targets

and adapt to climate-related

disruption.

FOR MORE INFORMATION

ABOUT RISK, SEE PAGES 54

67.

Link to remuneration

• Business segment EBITDA forms

part of the annual incentive for the

CEO of DN.

FOR MORE INFORMATION

SEE PAGES 104

123.

Optimise Dairy Nutrition

to maximise profits

 Glanbia plc | Annual Report and Financial Statements 2025

Metrics

OCF conversion

91.0%

2024: 88.0%

Global manufacturing sites

Markets for our brands and ingredients

120+

Our strategy

• Leverage our global supply chain

• Expand our international reach with targeted

acquisitions in H&N

• Grow our leading position in PN across key

international markets

Our right to win

• Global footprint and scale with local production in key markets

• Talented in-market teams of highly engaged business builders

• Global applications and innovation network

2025 progress

• 10.5% revenue growth¹ in PN

international;

• Centralised key activities including

procurement, engineering, planning

and quality into centres of excellence;

• Appointed strong talent to leadership

roles in key markets;

• Acquired Sweetmix in Brazil and

agreed to acquire Scicore in India to

expand H&N geographical footprint.

Looking ahead to 2026

• Continue to optimise our global supply

chain footprint through leveraged

blending capacity across PN and H&N

and target a 5% inventory reduction

over the next three years to support our

new cash target;

• Pursue targeted acquisitions to

complement H&N’s international reach;

• Continue to build our talent in key

developing markets;

• Embed our proven, repeatable growth

model across PN’s international markets.

Link to remuneration

• OCF conversion is a performance

target in the annual incentive for

Executive Directors and the Group

Operating Executive.

FOR MORE INFORMATION

SEE PAGES 104

123.

Our strategy continued

Strategy in action

Revenue growth in Latin America

The sports nutrition category across

Latin America grew by 16% from 2022

to 2025. Key growth drivers include

accelerated demand for protein and

functional ingredients and increase

in new channels.

PN has a strong foothold across

the region with a large distribution

opportunity as new channels grow

including omnichannel, personalised

e-commerce, in food, drug and

mass (“FDM”) and speciality.

We also continue to drive increased

consumer engagement through

innovative marketing including Isopure

partnering with MXC Volvo Fashion

Week and our sponsorship of the Mexico

national football team. We are confident

of building on this momentum as we

move into 2026.

1. Like-for-like excluding SlimFast and Body & Fit.

2. Includes joint venture.

Expand internationally

and leverage our global scale

Key risks

• Complex regulatory compliance

requirements, ineffective due

diligence, transaction completion or

business integration; and

• Increased exposure to localised

supply chain disruptions.

FOR MORE INFORMATION

ABOUT RISK, SEE PAGES 54

67.

Strategic Report Directors’ Report Sustainability Statements Financial Statements Other Information

Metrics

Innovation and collaboration centres

Number of scientists

230+

Key risks

• Failure to anticipate or respond

quickly to evolving consumer

preferences and wellness trends;

• Significant breakdown in controls

during the digital transformation

journey could result in potential

material exposure to cybersecurity

and data protection risk; and

• Failure to attract, develop, engage

and retain key talent.

FOR MORE INFORMATION

ABOUT RISK, SEE PAGES 54

67.

Our strategy

• Science-led innovation

• Digital transformation

Our right to win

• Our range of technologies and capabilities to develop science-backed solutions

• Co-development capabilities to help our target customers win in their markets

• Deep consumer insights to meet consumer needs

2025 progress

• Continued to leverage our unique

ability to deliver better nutrition

across our brands (e.g. Optimum

Nutrition Clear Whey + Collagen,

Isopure Protein Water) and

ingredients (e.g. CreaBev

);

• Accelerated our digital capabilities

and enhanced our use of AI (e.g.

Coach Optimum) and analytics to

drive growth;

• Invested in innovation capabilities

and product development in key

innovation platforms;

• Appointed a Chief Science Officer

to elevate the science behind our

portfolio of ingredients, finished

products and innovative technologies.

Looking ahead to 2026

• Capture the growth in functional

nutrition and meet evolving consumer

needs through our innovation platforms

and expertise across protein technology,

functional nutrients and taste solutions;

• Meet growing consumer needs across

formats and occasions with extension

of our powders, RTD and RTE products;

• Invest in our innovation capabilities

including our new collaboration centre

in Sharonville;

• Continue to invest in digital technology

to support growth agenda.

Strategy in action

Enterprise-wide innovation

Protein continues to grow in demand

and popularity because of its health and

nutritional benefits. Glanbia is a protein

powerhouse leveraging our protein

technology and expertise across our B2B

and B2C business. The Isopure ready-to-

mix protein powder is an excellent

example of group-wide innovation

where H&N and DN worked to deliver a

protein, premix and flavour solution for

the Isopure brand within PN.

H&N worked with Isopure to ensure the

ready-to-mix protein powder contained

a very strong nutritional profile with 21

vitamins and minerals included in the

blend, alongside great tasting flavour.

We are taking advantage of the

synergies across our segments to

optimise end applications for protein,

flavour and nutrition to create great

tasting products and deliver excellent

nutrition.

Innovate

to meet growing consumer needs and occasions

 Glanbia plc | Annual Report and Financial Statements 2025

Transformation in action

Transforming

for growth

Last year, we announced an ambitious group-wide

transformation programme to build a simpler, more

effective operating model to deliver growth and efficiencies.

We initially set out with the ambition to save $50m+

annually but we have made significant progress and

are on-track to deliver $60m+ of annual savings by 2027.

The programme has four key elements:

2. Delivering supply

chain efficiencies

1. Simplified our operating model

We have undertaken a significant

transformation in separating our

Glanbia Nutritionals business into Dairy

Nutrition and Health & Nutrition,

recognising the fundamentally different

nature and trajectory of these

businesses. This separation enables

these segments to focus on execution

against their own individual strategies.

We also reorganised and injected new

capabilities into our Performance

Nutrition business to enable us to

compete better in new product formats

and accelerate our innovation pipeline.

We are progressing the

centralisation of the Group’s

supply chain model to deliver

synergies, drive excellence to

support growth and accelerate

procurement savings. A key

element of our transformation

programme is leveraging our

’One Glanbia’ supply chain

ambition to bring the benefits

of global scale across all

our businesses.

Case Study

One global supply chain

We are centralising key activities

including procurement, engineering,

planning and quality into centres of

excellence and driving efficiency

through a mixture of automation and

continuous improvement, initially

focussed on our high-speed consumer

goods lines. In addition, we are

leveraging our global manufacturing

footprint across PN and H&N through

our combined blending capacity with

over 60 blenders across ten

manufacturing sites to develop tubs,

bags and sachets for both businesses.

By doing this, it significantly increases

our capacity across our business to

meet our growth ambitions, improve

agility and reduce cost. This will support

our international expansion, especially

as we scale.

Annual savings by 2027

$60m+

Strategic Report Directors’ Report Sustainability Statements Financial Statements Other Information

4. Optimise our portfolio

We are actively optimising our portfolio to

focus capital on our highest-growth

opportunities. We successfully divested

SlimFast and Body & Fit during 2025,

enabling us to strategically reinvest in

high-potential markets, including our

acquisitions of Sweetmix in Brazil and

Scicore in India.

Sweetmix establishes

our Health & Nutrition platform in Latin

America. Scicore will deliver critical

in-market manufacturing capacity to

serve both Performance Nutrition and

Health & Nutrition across a rapidly

expanding region. These targeted moves

strengthen our presence in high-growth

geographies and demonstrate our

commitment to value-accretive M&A

as a cornerstone of our growth strategy.

ON PAGE 37.

3. Accelerating digital transformation

Digital transformation is fundamentally

reshaping how we operate and compete

in the marketplace. We are driving

efficiency through intelligent

automation and process optimisation

across our back-office functions,

while simultaneously deploying AI

and advanced analytics to power

front-office growth initiatives.

Case Study

Automating and modernising business support

to drive efficiencies

In 2025, we implemented a suite of

best-in-class business process

automation technologies which included

robotic process automation (”RPA”) and

leading Finance and HR management

systems. This enabled us to automate and

modernise business processes, outsource

Finance and HR services and deliver

connected mobile-first experiences for

our manufacturing workers. This is a

scalable ecosystem designed to extend

into additional areas which will drive

ongoing efficiency improvements and

enhanced employee experiences.

1. The Scicore acquisition was announced in November 2025 and completed post year-end.

 Glanbia plc | Annual Report and Financial Statements 2025

Better

nutrition

Delivering

Better Nutrition

Our purpose is to deliver better nutrition.

This purpose underpins our connection to

our consumer and customers’ passion for our

performance and lifestyle nutrition brands

and nutritional ingredients.

Our portfolio of brands and ingredients

PN 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, H&N delivers great tasting nutrition

solutions through its distinctive value proposition for

both leading and emerging brands. Our protein

powerhouse DN supports customers with high-quality,

innovative dairy solutions across its portfolio of whey

proteins, cheese and bioactives.

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 lifestyle goals.

Our culture and talent

• Committed, adaptive and resilient

• Passion for delivering better nutrition

• Curious and innovative

• Respectful and inclusive

• Attracting, retaining and developing the best talent.

Delivery of our strategy

Our business model

By leveraging our 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.

Marketing and brand building

We invest in world-class marketing tools to build PN’s

brands and sustain our leadership positions across H&N

and DN. This is supported by dedicated communication

channels, customer partnership/collaboration,

education programmes and events, including PN’s

renowned Sports Nutrition School.

Selling

In PN, our global sales teams use data, digital tools

and insights to extend our sales and channel reach

and improve our execution. In H&N and DN, we work

in collaboration with our customers to deliver bespoke

ingredient solutions that enable them to grow their

business, and identify opportunities for B2B commercial

excellence and cross-selling across our portfolio.

Innovating

Using our deep understanding of nutritional trends and

behaviours we focus on driving sustainable innovation

that delivers innovative branded products and

nutritional ingredient solutions.

Transforming

Building a simpler, more effective business model to

focus on growth and to deliver efficiencies to drive our

next phase of growth.

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 in full regulatory compliance and

good environmental stewardship.

Responsible sourcing

By working with our suppliers and implementing

appropriate due diligence steps, we ensure that

we procure responsibly, with social impact and

environmental sustainability in mind.

READ MORE ON PAGES 14

19.

Strategic Report Directors’ Report Sustainability Statements Financial Statements Other Information

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.

$1.3bn

ON brand revenue in 2025

People

We invest in our people and their careers, providing

development opportunities, competitive rewards

and benefits.

$625.8m

Employee benefits for the wholly-owned Group in 2025

Suppliers

We partner with suppliers to ensure long-term, mutually

beneficial relationships. We have an active risk assessment

programme in place. In 2025, over 6,000 suppliers were risk

assessed using the EcoVadis IQ Plus module, equating to in

excess of 99% of our total spend.

99%

In 2025, in excess of 99% of total spend was risk assessed

Environment

We continue to focus on climate initiatives and have

targeted a 50% reduction in Scope 1 & 2 carbon emissions

by 2030.

8.8%

Scope 1 & 2 carbon emissions reduction in 2025 versus 2024

Communities

We contributed and donated time and money

to support causes in our local communities.

$1.3m

Raised to support charitable donations in 2025

Investors

We enhanced our dividend policy to target a dividend

payout ratio of 30%-40%. In addition, we returned

€197.2 million to shareholders in 2025 under share

buyback programmes.

€300m

Returned to shareholders via dividends and buybacks in 2025

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, leading

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 and ingredients across regions,

categories and price points.

READ MORE ON PAGES 26

27.

 Glanbia plc | Annual Report and Financial Statements 2025

Key performance indicators

Revenue

$3.9bn

2024: $3.8bn

+2.8% reported currency

+2.3% constant currency

Revenue volume growth

1,4

3.7%

2024: 2.3%

PN +2.0% (2024: +2.9%)

H&N +7.4%, DN +4.2%

EBITDA

$499.1m

2024: $551.3m

-9.5% reported currency

-9.4% constant 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 2025, revenue was $3.9 billion

(2024: $3.8billion), an increase of 2.3%

on a constant currency (“cc”) basis

(2.8% reported) versus 2024.

Revenue increase versus 2024 was driven by

volume growth of 3.7%, pricing increases of

0.5%, net acquisitions/disposals of 0.1% and

partially offset by 2.0% relating to the 53rd

week adjustment.

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 segment to

understand the brand growth within PN,

H&N and DN.

Performance

Overall volumes increased by 3.7% in 2025

versus 2024.

Volumes in PN increased by 2.0% and was

driven by growth in Optimum Nutrition.

Volumes in H&N increased by 7.4% and

was driven by growth in both premix and

flavour solutions.

Volumes in DN increased by 4.2% and was

driven by strong whey protein demand.

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 and higher

margin products within PN, H&N and DN.

Performance

EBITDA was $499.1 million in 2025, a decrease

of 9.4% cc, and a decrease of 9.5% reported

versus 2024, mainly due to higher whey input

costs in PN.

Profit after tax

$183.3m

2024: $164.7m

+11.3% reported currency

+15.1% constant currency

Basic Earnings Per Share

73.16 $c

2024: 63.21 $c

+15.7% reported currency

+19.7% constant currency

Adjusted Earnings Per Share

1,3

134.93 $c

2024: 140.03 $c

-3.6% reported currency

-3.4% constant currency

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 comprises pre-exceptional

profit of $283.9 million (2024: $310.3 million)

and exceptional costs of $100.6 million

(2024: $145.6 million). The $26.4 million

decrease versus 2024, in pre-exceptional

profit after tax, is driven by lower profits in

PN. The $18.6 million increase in profit after

tax is driven by lower exceptional charges

in the year.

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 was 73.16 $c, an increase of 19.7%

cc and a reported increase of 15.7% versus

2024, driven by lower exceptional costs.

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

The Group reported adjusted Earnings

Per Share of 134.93 $c, a decline of 3.4% cc

(decline 3.6% reported) versus 2024, with

the backdrop of strong demand for protein,

premix and flavours, rising input costs,

tariff headwinds and continuing

geopolitical volatility.

Financial KPIs

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

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

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

4. In 2025, the Group identified Performance Nutrition (PN), Health & Nutrition

(H&N) and Dairy Nutrition (DN) as reportable segments as at 3 January 2026

(2024: Glanbia Performance Nutrition and Glanbia Nutritionals). Comparable

information is not available.

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

(2024). Refer to page 48 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 (the joint

venture operations).

Strategic Report Directors’ Report Sustainability Statements Financial Statements Other Information

Return on Capital Employed

11.3%

2024: 12.4%

-110bps

OCF conversion

1,2

91.0%

2024: 88.0%

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 decreased by 110bps to 11.3% (2024:

12.4%), due to lower profitability driven by

higher input costs in PN.

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 91.0% in 2025 (2024:

88.0%) which is ahead of the 80% OCF

conversion target for the year.

Carbon emissions

8.8%

Objective

Decarbonise our operations supply in line with

the Science Based Target initiative (“SBTi”)

commitment and future-proofing of organisation

and our value chain.

Health and safety

Lost Time Incident Rate (“LTIR”)

0.6

Objective

Maintain the highest possible global safety standards

using LTIR and sites with no Lost Time Case (“LTC”)

as key benchmarks.

Employee engagement score

Objective

Measure employee engagement and listen to our

team members to understand where we have

opportunities to improve.

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 2025 we reduced Scope 1 and 2

greenhouse gas (“GHG”) emissions in our

operations by 8.8% from the previous

reporting year (2024). 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.

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”. The proportion of sites achieving at

least industry-standard safety performance,

based on the North American Industry

Classification (“NAIC”) benchmark, and the

reduction in injury severity, as evidenced by

LTIR progression, are established global

indicators of safety performance. Glanbia

is committed to achieving zero LTCs and

ensuring that all sites reach and maintain

a minimum of industry-benchmark

performance for lost-time injuries.

Performance

In 2025 Group LTIR was 0.6/200,000 hours,

bettering the 2024 performance of

0.9/200,000 hours, remaining below our

NAIC food industry benchmark of 2.6. 59%

of manufacturing locations had zero LTC, a

consistent performance with the prior year.

Sites below the NAIC performance maintain

robust improvement plans, which are

supported and monitored by leadership.

Strategic relevance

Employee engagement is a key enabler of

performance. At Glanbia we acknowledge

that people who are engaged, motivated and

supported perform to the best of their ability,

find a greater sense of meaning in what they

do and contribute to Glanbia’s success.

Performance

In our 2025 ‘Your Voice’ survey, overall

engagement score was 69, a decrease of

four points year-on-year. This decrease

came in the context of significant

organisational change and transformation,

including changes to our operating model,

ways of working and systems. We were

encouraged by a two-point improvement in

communication scores, reflecting focused

actions taken during the year to enhance

consistency of messaging. Employee

engagement will be a focus in the

year ahead.

Non-Financial Metrics (“NFM”)

 Glanbia plc | Annual Report and Financial Statements 2025

Our culture and values

What are your key highlights

for 2025?

2025 was a year of momentum and

transformation, as we embedded new

ways of working and prepared our

organisation for its next phase of growth.

We made meaningful progress in evolving

our organisation, managing change in a

people-centric way and ensuring teams

were supported as we rolled out our new

operating model. We advanced our digital

transformation programme, strengthening

the tools, insights and capabilities that

enable our people to perform at their best.

In parallel, we also continued to evolve our

HR organisation, with the announcement

of a new leadership structure. These

changes are designed to ensure HR is fully

aligned to enable success against our

business strategy and support our new

Group operating model – three focused

business segments, a dedicated supply

chain function and our corporate functions

– while continuing to operate effectively as

’One Glanbia’ team.

How does the Group assess

employee engagement and what

were the key outcomes in 2025?

Facilitated by our culture of continuous

listening, we assess employee engagement

and identify priority improvement areas

through our annual employee engagement

survey, ”Your Voice”.

In 2025, our engagement score was 69,

a decrease of four points year-on-year.

This decrease came in the context of

the Group’s global transformation

programme, including significant

changes to our operating model, ways

of working and systems.

Notwithstanding this movement, we were

encouraged by a two-point improvement

in communication scores, reflecting

focused actions taken during the year

to enhance consistency of messaging and

the frequency of organisational updates

during a period of significant change.

As we look ahead to 2026, strengthening

employee engagement will remain a central

priority. Our efforts will focus on building

leadership and line-manager capability

to enable meaningful two-way

communication, as well as enhancing the

systems that empower employees to share

feedback and see clear follow-through. At

the same time, we will continue to advance

our wellbeing and belonging agenda,

recognising how critical these elements are

in enhancing resilience, fostering a positive

culture and supporting high performance

across our workforce.

How is Glanbia strengthening

its talent and leadership agenda

to support the Group’s growth

priorities?

Our talent and leadership agenda remains

fundamental to delivering Glanbia’s

strategy. This year, we advanced our

multi-year approach to building

organisational capability, strengthening

alignment and reinforcing leadership

accountability. We broadened access to

career development, skills-building and

leadership education across all segments,

ensuring employees at all levels have

opportunities to grow and upskill in support

of our future focused needs. We also

completed a refreshed global talent review,

supported by enhanced workforce insights

and improved engagement mechanisms,

ensuring our talent processes are

fully aligned with our evolving

organisational structure.

As you prepare to retire,

what are your reflections

on your time at Glanbia?

As I look ahead to retirement, I’m proud of

the progress we’ve made in transforming

both Glanbia and our HR organisation.

A highlight has been evolving HR to

become a more strategic and modern

function – removing silos, building strong

centres of excellence, establishing our

People Success Organisation and creating

a more consistent, high-quality employee

experience globally.

Q&A with our

Chief HR Officer,

Sue Sweem

I’m also pleased with the progress we’ve

made in supporting employee wellbeing,

including the introduction of more

family-friendly and flexible policies that

better reflect how our people live and work

today. Above all, I’m grateful for the culture

we’ve built and sustained together – one

that puts people at the centre, focuses on

living our values, builds leadership

capability and supports growth.

As I hand over to the next generation of HR

leadership, including the appointment of

Aisling Zito as Chief HR Officer designate,

I do so with real confidence in the strength

of the team and a strong sense of optimism

for Glanbia’s future.

Engagement score

(-4 points from prior year)

Improved communication

points from prior year

Agreed with the statement

“I feel proud to work

at Glanbia”

Strategic Report Directors’ Report Sustainability Statements Financial Statements Other Information

Our values in action

Individual recognitions sent

15,000

Passion for our

customers & consumers

Deep consumer insight drives product

and portfolio decisions, with extensive

research into evolving nutrition needs

such as protein prioritisation,

functional benefits and GLP-1 usage.

Find a better way

Innovation embedded across the

Group, supported by more than

230scientists and 20 innovation

and collaboration centres globally.

Performance

matters

Delivery of our growth ambition driven

by aligned teams executing against

clear priorities.

Win together

’One Glanbia’ collaboration across

segments and functions, leveraging

shared capabilities to maximise impact.

Respect

for people

Continuous investment in career

growth, employee well-being and

belonging, creating a culture where

all can thrive.

Sense of fun

Teams encouraged to connect,

celebrate success and take pride in

building high quality products and

trusted brands.

Case Study

Embedding our values

through our new global

recognition platform

In 2025, we reinforced our commitment

to bringing our values to life through the

launch of Cheers!, a global, digitally

enabled employee recognition

platform. The platform consolidates

existing recognition programmes into a

single, modern solution and introduces

a consistent, peer-to-peer recognition

experience accessible to employees

across all regions.

Cheers! makes it easier for colleagues

to recognise and celebrate behaviours

that reflect our values, increasing the

visibility and impact of recognition

across the organisation. Since launch,

employees have shared more than

15,000 recognitions, acknowledging

contributions and achievements at

all levels of the business, as well as

employee milestones and years

of service.

The introduction of Cheers! supports

our focus on strengthening connection,

belonging and engagement, and

reflects our belief that recognition plays

an important role in sustaining a

positive and high-performance culture.

“ Cheers! offers a simple, visible way to recognise

meaningful contributions and reinforce the positive

behaviours that strengthen culture across our

organisation.”

Sue Sweem,

Chief Human Resources Officer

Cheers!

Celebrating You

 Glanbia plc | Annual Report and Financial Statements 2025

Operations

Review

Performance

Nutrition

From elite athletes to health-conscious

individuals, people around the world want to

eat well and live healthier, more active lives.

Our award-winning performance and lifestyle

brands inspire our consumers to achieve their

performance and healthy lifestyle goals.

Whether you want to build muscle, reach

peak performance, recover faster or eat more

protein-rich foods, we have a product to match.

Revenue

$1,801.1m

2024: $1,806.7m

READ MORE ON PAGES 38

39.

 Glanbia plc | Annual Report and Financial Statements 2025

Operations review continued

Performance Nutrition’s (”PN”) mission is to inspire people

everywhere to achieve their performance and healthy

lifestyle goals. PN is recognised globally for its portfolio

of leading sports and lifestyle nutrition brands including

the world’s #1 sports nutrition brand, Optimum Nutrition.

Our brands are built on uncompromising quality standards,

responsible sourcing practices and a commitment to

innovation, education and advocacy and are available

in over 120 markets.

Performance

Nutrition

EBITDA (pre-exceptional)

$233.8m

2024: $305.4m

EBITDA margin

13.0%

2024: 16.9%

PN performance overview

$m FY 2025 FY 2024

Reported

change

Constant

currency

change

Revenue 1,801.1 1,806.7 (0.3%) (0.9%)

EBITDA 233.8 305.4 (23.4%) (23.2%)

EBITDA margin 13.0% 16.9% (390bps) (380bps)

Commentary on percentage movements is versus 2024 and on a constant currency basis

throughout, unless otherwise stated. The prior year amounts include a 53rd week.

Performance highlights

• Revenue decreased 0.9%, with an increase of 2.0% in volume, an

increase of 0.8% in pricing, a decrease relating to divestments of 1.9%

and a decrease from the impact of the 53rd week of 1.8%.

• Optimum Nutrition delivered revenue growth of 4.5% which was

driven by volume increases of 5.0%, pricing increases of 1.4% and

a decrease of 1.9% from the impact of the 53rd week.

• EBITDA margin of 13.0%, a decrease of 380bps constant currency

versus 2024.

Sports nutrition

brand globally

Monica McGurk

CEO Performance Nutrition Americas

Andy Shaw

CEO Performance Nutrition

International

Strategic Report Directors’ Report Sustainability Statements Financial Statements Other Information

Case Study

Our brands

Optimum Nutrition is the world’s #1 sports

nutrition brand, complemented by lifestyle-

focused brands such as Isopure and think!.

Each brand plays a unique role in connecting

with distinct consumer segments looking for

nutrition that supports their performance,

aesthetic and lifestyle needs.

Our product range spans powders,

ready-to-drink beverages, bars and

capsules – formats designed for

convenience and globally available

through e-commerce, specialty retailers

and mass-market channels.

Product quality drives our success, with

the majority of our powders manufactured

Five-fold growth in the creatine category

The creatine category, historically

a relatively niche product for serious

bodybuilders, has recently experienced

accelerated growth as consumers are

incorporating creatine into their daily

regimen. The creatine category has

grown five-fold in the seven years

to 2024.

Optimum Nutrition has offered creatine

products for many years and enjoys the

#1 position in the creatine category in

both the US and UK, with both markets

enjoying double-digit revenue growth.

Optimum Nutrition offers a range of

flavoured and unflavoured creatine

options, including micronised creatine

powder and capsules, the creatine plus

range with electrolytes, the creatine

platinum range with added vitamins

and minerals, and the most recent

innovation, creatine gummies.

in-house with an extensive programme of

100,000+ quality checks and tests annually

for Optimum Nutrition and our other brands

to ensure the best consumer experience.

Brands are brought to life through impactful

marketing and commercial activation,

supported by a high focus on innovation

to ensure our brands remain relevant and

appeal to consumers all over the world.

Financial performance 2025

PN total revenue decreased 0.9%, driven by

2.0% volume growth, 0.8% increase in price,

offset by 1.9% decrease from the impact of

the disposals and 1.8% decrease from the

impact of the 53rd week. PN like-for-like (“LFL”)

revenue¹ growth was driven by a 3.6% increase

in volume and a 0.9% increase in price.

Optimum Nutrition, which represented 75%

of PN revenue

in FY 2025, delivered a 6.4%

increase in LFL revenue, with a sequential

improvement during the year with double-

digit volume growth in the second half

offsetting declines in the first half of the

year. Optimum Nutrition delivered US

measured consumption² growth of 3.4%

in the last 52 weeks.

PN EBITDA decreased by 23.2% versus prior

year to $233.8 million and EBITDA margin

decreased by 380 basis points to 13.0%,

driven by record inflation in whey protein

input costs.

1. Like-for-like revenue excluding SlimFast and Body & Fit.

2. Consumption growth is US measured channels and includes online, FDMC (Food, Drug, Mass, Club) and speciality channels. Data compiled from published

external sources and Glanbia estimates for the 52-week period to 3 January 2026.

3. Source: Grandview.

 Glanbia plc | Annual Report and Financial Statements 2025

2. Google Analytics.

63%

37%

33%

34%

83%

12%

21%

Operations review continued

Performance Nutrition

Case Study

Optimum Nutrition launches digital tools:

Coach Optimum and Protein Calculator

Highly engaging digital

experiences help educate

consumers

Extensive consumer research in

multiple markets uncovered the insight

that consumers are looking for simple,

easy to understand answers to basic

questions around the consumption

of sports nutrition products – ideally

in a digital format that feels personal to

them rather than broad education that

might not be as relevant.

To help consumers answer these

questions, Optimum Nutrition has

launched two “world first” digital tools

that are featured on the brand website

and brought to life in social media.

Both initiatives are live in multiple

markets, with high completion rates,

very strong engagement and hundreds

of thousands of consumer questions

answered. Further expansion of both

tools is expected in 2026.

Coach Optimum

The AI driven “Coach Optimum” answers

individual questions from consumers

based on the education content

published by the brand. The most