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

popular questions from consumers

continue to be around protein dosage

and more recently consumers are

increasingly interested in creatine.

200%

increase in the time consumers spend on

the website thanks to Coach Optimum

66%

engagement rate –

exceeding ”excellent”

benchmarks

Protein Calculator

The “Protein Calculator” provides

a daily recommendation of the

amount of protein that consumers

should take based on their lifestyle

and fitness goals.

95%+

of consumers who engage with the

Protein Calculator complete the survey

and access their personal protein number

times increase in Protein Calculator

user time spent on the website

PN FY 2025 revenue overview¹

Total growth

Americas +1.3%

International +10.5%

By region

Total growth

Online +10.3%

FDMC +2.8%

Distributor +2.4%

Specialty -2.0%

By channel

Total growth

Powders +5.4%

RTE -14.4%

RTD +22.4%

Other +12.6%

By format

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

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

“As an actress, my roles demand me to stay

fit & active. For that I need high quality protein

without any fillers, excess carbs & sugar.

That’s why I choose ISOPURE.”

*25 GRAMS OF PROTEIN FROM 100% WHEY PROTEIN ISOLATE #ZERO CARB PER SERVE $NOT A LOW-CALORIE FOOD

Accelerating sustainable growth: Performance

Nutrition’s success story in India

PN has accelerated its momentum of

sustainable and profitable growth in

India, one of the fastest-growing sports

nutrition markets globally. The business

in India continues to deliver double-

digit revenue growth and rising

profitability, supported by deeper

channel penetration, consumer-led

innovation and strong local in-market

talent and expertise.

The vast majority of our products are

manufactured locally which

strengthens speed to market, enhances

supply-chain resilience and enables

innovations tailored to Indian consumer

needs. This model has improved

competitiveness while supporting

long-term profitability.

The combined strength of Optimum

Nutrition and Isopure strengthens PN’s

position – in both performance and

lifestyle nutrition segments. High impact

brand activation has helped Optimum

Nutrition achieve a reputation for quality

and authenticity. The partnership with

Royal Challengers Bangalore of the

Indian Premier League franchise as well

as individual partnerships with Indian

cricket star Rishabh Pant (pictured) and

fitness professional Jeet Selal, have

expanded the brand’s reach. Isopure,

through its collaboration with Rashmika

Mandanna (pictured) strengthened

Lifestyle credentials.

PN has also built winning distribution

models in channels of the future. Its

fast-growing D2C business serves more

than 350 cities in India every month

with advanced marketing technology

capabilities. In quick commerce,

PN is a key category-building partner,

driving availability, customised pack

architecture and data-driven execution.

A robust business model, two strong

brands and leadership in emerging

channels position PN for continued

success in India in the years ahead.

Case Study

PN Americas

PN Americas, which represents 63%¹ of PN

revenue, saw LFL revenue¹ increase by 1.3%.

This was driven by strong growth in online

and FDM channels, and increased

distribution, somewhat offset by declines in

the specialty channel and competitive

challenges in the club channel in the first

half of the year. Growth was volume led

with price increases implemented in the

fourth quarter.

energy in key priority markets including

the UK, Australia, India and China, and

was supported by the PN’s flexible supply

chain and global footprint, enabling local

innovation across key regions.

In 2025, local market brand activation

coupled with elite athlete advocacy has

helped Optimum Nutrition to continue to

connect with consumers across the world.

Optimum Nutrition improved sequentially

during the year with strong volume growth

in the second half of the year and US

consumption growth of 3.4%².

PN International

PN International, which represents 37%¹

of PN revenue, saw LFL revenue¹ increase

by 10.5%. Growth was driven by strong

volume and pricing growth in the Optimum

Nutrition brand across protein powders and

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 specialty channels. Data compiled from published

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

 Glanbia plc | Annual Report and Financial Statements 2025

Operations review continued

Health & Nutrition (”H&N”) is a global provider of custom

premix solutions, value-added ingredients and natural

and organic clean label flavour systems. H&N has deep

product application and co-development expertise to

create great tasting nutrition solutions for its customers.

Health &

Nutrition

Arnaud Schuh

CEO Health & Nutrition

H&N performance overview

$m FY 2025 FY 2024

Reported

change

Constant

currency

change

Revenue 628.5 558.1 12.6% 11.5%

EBITDA 115.8 98.7 17.3% 16.7%

EBITDA margin 18.4% 17.7% +70bps +80bps

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.

H&N performance highlights:

• Revenue increase of 11.5% with volume growth of 7.4%.

• EBITDA margin of 18.4%, an increase of 80 basis points versus 2024.

• Pricing decrease of 0.6%, a decrease of 1.8% from the impact of the

53rd week and an increase of 6.5% from acquisitions.

• EBITDA increase by 16.7% to $115.8 million.

EBITDA (pre-exceptional)

$115.8m

2024: $98.7m

EBITDA margin

18.4%

2024: 17.7%

Global leader in custom

premix solutions

Growing natural and

organic flavours partner

to regional and emerging

brands

1. Source: IndustryARC

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

What we do

In 2025, H&N was established as its own

segment comprising the premix and

flavours platforms.

H&N is a global B2B partner to brands,

delivering custom premix solutions and

natural and organic flavour systems that

improve the food product functionality,

taste and nutrition profile. The business has

a global, scaled manufacturing footprint,

deep product formulation and application

expertise, primary market insights and

science-backed innovation capabilities –

including functional optimisation of

nutritional ingredients and market leading

capabilities in flavour and protein chemistry.

Through H&N’s breadth of capabilities and

global footprint, it co-creates innovative

and tailored products for leading global

and mid-tier customers in high-growth

end-use markets such as active nutrition,

functional beverage and vitamins, minerals

and supplements (”VMS”). H&N also

leverages innovation and formulation

capabilities across the Glanbia portfolio

to formulate premix, flavours and proteins

into consumer products.

Financial performance 2025

H&N total revenue increased by 11.5%

with a 6.5% increase from the impact

of acquisitions, somewhat offset by the

impact of the 53rd week of 1.8%. H&N LFL

revenue increased by 6.8% in 2025. This was

driven by a 7.4% increase in volume, offset

by a 0.6% decrease in price. The volume

increase was driven by good growth across

both premix and flavour solutions

businesses, with particularly strong growth

in Europe and Asia. The price decrease

was driven by certain pass through pricing

with customers.

H&N EBITDA increased by 16.7% versus prior

year to $115.8 million and EBITDA margin

increased by 80 basis points to 18.4%. This

was predominantly due to the addition of

Flavor Producers to the portfolio and strong

volume performance, somewhat offset by

the impact of tariffs in the second half of

the year.

The Group completed the acquisition

of Sweetmix for initial consideration of

$41.4million plus deferred consideration.

Sweetmix is a Brazil-based nutritional

premix and ingredients solutions business

that enables H&N to continue to expand

in Latin America. The Scicore acquisition

was announced in November 2025 and

completed post year-end for total

consideration of approximately

$16.4million. Scicore is a manufacturing

facility in India, providing in-market

manufacturing for both H&N and PN.

Enhancing innovation through

flavours expansion

Glanbia is focused on supplying clean

label, natural and organic flavours to

the growing active nutrition, functional

beverage and VMS categories.

We successfully integrated Flavor

Producers during 2025, combining

the Flavor Producers and Foodarom

teams to create one flavour team

as part of the Health & Nutrition

segment. We have a clear growth

plan for the next five years, which was

the catalyst for a significant capital

investment to create a state-of-the-

art centre of excellence for spray

dried flavours in Sharonville. This

project will be completed by the

end of 2026.

In line with Glanbia’s commitment to

innovation, we also commenced plans

to expand our applications centre in

Sharonville to create a customer

collaboration centre for beverage,

bringing together the combined

product capabilities of Health &

Nutrition in one place to partner

with our customers to create great

tasting and nutritious beverages.

Case Study

 Glanbia plc | Annual Report and Financial Statements 2025

Operations review continued

Health & Nutrition

Flavour innovation in food and beverages

At Health & Nutrition, we create

solutions uniquely tailored to each of

our customers. Our commitment to

customer-focused innovation is brought

to life through our flavour specialists

who combine their technical expertise,

creativity and close collaboration to

translate the customers vision into

bespoke flavour solutions. Our flavours

can be natural and organic which is a

growing trend in today’s market as

customers and consumers seek clean

label products.

One of our recognised points of

difference in the market is great tasting

protein fortified food and beverage

products. Given the increasing demand

for protein, there is a rising interest from

customers to add protein to their

products and we are seeing many new

product formats including an emerging

category – protein coffee. Our goal is to

optimise the taste profile of the protein

product and overcome the flavour

challenges from higher protein contents.

Our unique partnership with Dairy

Nutrition puts us in an ideal position.

Protein scientists, process scientists

and flavour chemists collaborate to

develop optimised solutions and

support the growth of our customers.

Optimised premix for

applications with higher

moisture content

• Challenge: A customer desires a premix to

focus on cognitive benefits and offset the

product bitterness.

• Solution: A proprietary double encapsulate

was developed that decreases interactions

between vitamins and minerals and provides

a secondary layer for improved flavour

and stability.

Case Study

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

Strategic global growth through

acquisition and investment

2025 was a milestone year in the

development of our global footprint.

We added manufacturing capability

on two continents through acquisitions

in Brazil and India and initiated a

project to double our capacity on

a third, through organic investment

in China.

In Q3, we announced the acquisition of

Sweetmix, an established independent

premix business located in Sorocaba,

near São Paulo in Brazil. Sweetmix

serves local and international

customers across a range of segments

including functional beverages, infant

formula and supplements.

In Q4, we announced our intention to

acquire Scicore, a nutritional products

manufacturing business operating from

a recently commissioned plant in

Ahmedabad, Gujarat in India. This

transaction closed in January 2026.

Later this year we will begin supplying

premixes to our customers from this

facility, which will also be used to

produce consumer sports nutrition

products for Optimum Nutrition and

other Performance Nutrition brands.

Finally, we broke ground on a project to

add a second building to our existing

premix plant in Suzhou, China, which will

increase our production capacity at the

site more than two-fold. Like in India,

the new production facilities will have

dual purpose to serve PN and H&N.

Collectively, these investments

demonstrate our confidence in the

growth potential of these regions

and our long-term commitment to

delivering the highest levels of service

and quality to global customers in

every market.

Case Study

 Glanbia plc | Annual Report and Financial Statements 2025

Operations review continued

Dairy Nutrition (”DN”) is a global producer of whey protein

and bioactive solutions and, together with our joint venture

partner, is a leading supplier and marketer of American-style

cheddar cheese in the US. DN is a market-leading innovation

and solutions provider with best-in-class protein technology

to develop innovative dairy ingredient platforms and products.

DN performance overview

$m FY 2025 FY 2024

Reported

change

Constant

currency

change

Revenue 1,516.8 1,474.9 2.8% 2.8%

EBITDA 149.5 147.2 1.6% 1.7%

EBITDA margin 9.9% 10.0% (10bps) (10bps)

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.

DN performance highlights:

• Revenue increase of 2.8% with volume growth of 4.2%.

• EBITDA margin of 9.9%, a decrease of 10bps versus 2024.

• Pricing growth of 0.8% and a decrease of 2.2% from the impact

of the 53rd week.

Joint Venture – MWC-Southwest Holdings LLC

$m 2025 2024 Change

Share of joint venture profit after tax 11.1 0.1 11.0

The Group’s share of joint venture profit after tax (pre-exceptional) increased by

$11.0million to $11.1 million, due to improved dairy market dynamics.

Operations review continued

Dairy

Nutrition

Tom Tench

CEO Dairy Nutrition

EBITDA (pre-exceptional)

$149.5m

2024: $147.2m

EBITDA margin

9.9%

2024: 10.0%

Leading global supplier

of whey protein solutions

and bioactives

Leading producer

of American-style

cheddar cheese

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

What we do

In 2025, DN was established as its own

separate segment comprising whey protein

solutions, bioactive ingredients and cheese.

DN also serves as the commercial and

operational partner for the Group’s joint

venture MWC-Southwest Holdings LLC.

DN is a global business delivering high

performance dairy, whey protein and

bioactive ingredient solutions that improve

product functionality and nutrient

bioavailability. The business has a scale

position in cheese manufacturing in the US

and, together with its US joint venture,

MWC-Southwest Holdings LLC, is a leading

supplier of American-style cheddar cheese

to major retail and food service

organisations. DN is a protein powerhouse

that brings deep proteins expertise, broad

end application and formulation

capabilities and innovative dairy and

bioactive ingredient technology platforms

to solve leading consumer product needs

in the performance and lifestyle nutrition

markets. DN also drives protein technology

innovation and formulation capabilities

across Glanbia.

Financial performance 2025

DN total revenue increased by 2.8% with

LFL revenue increasing by 5.0%. Revenue

growth was driven by a 4.2% increase in

volume driven by strong protein solutions

demand, targeting high protein ready-to-

eat category, and a 0.8% increase in price,

driven by strong whey prices, somewhat

offset by negative cheese markets in the

second half of the year. We also continue to

see good demand for colostrum bioactives,

which targets gut health and immunity.

The increase in revenue is partially offset

by a 2.2% decrease, arising from the

53rd week.

DN EBITDA increased by 1.7% versus prior

year to $149.5 million and EBITDA margin

decreased by 10 basis points to 9.9%.

Extrusion technology

unlocks protein growth

We continued to build on the

integration of PacMoore Process

Technologies to underpin our position

as one of the leading suppliers to the

healthy snacking segments.

Combining our understanding of the

complexities of protein chemistry,

along with its unique processing

parameters in extrusion, we

developed a range of new solutions

for our customers to achieve higher

protein snacks without sacrificing

taste. We have combined Glanbia’s

30+ years of protein knowledge and

experience with 20+ years of protein

bar formulation expertise and 20+

years of extrusion R&D knowledge.

Using this technology platform,

we have been able to deliver more

nutrient-dense ingredient, cereal

and snacking solutions from a variety

of protein sources. These solutions

exemplify “pleasure with purpose” –

indulgent products with protein

content that tastes good – meeting

end consumer demand for great taste

without compromise.

Strategic integration of

bovine colostrum expertise

The addition of the Sterling

Technology, APS BioGroup and

La Belle Associates colostrum

manufacturing businesses brings

over 40 years of bovine colostrum

experience and a wealth of

manufacturing knowledge and

market know-how. With three

state-of-the-art production facilities

strategically located within the US,

Glanbia is now a leading global

supplier of bovine colostrum and has

expertise in sourcing, production,

testing and formulation of high-

quality innovative solutions for the

human, pet and animal markets.

Bovine colostrum’s nutritional and

bioactive-rich components work in

tandem to provide immune and gut

health-related support to humans

and animals through all their stages

of life, driving consumer demand

for colostrum.

Case Study

 Glanbia plc | Annual Report and Financial Statements 2025

Robust performance

and increased

shareholder

returns

“ The Group reported adjusted Earnings

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

constant currency in a challenging

and volatile operating environment.

We delivered strong cash conversion of

91.0% and increased dividends by 10.0%.”

Mark Garvey

Chief Financial Officer

Chief Financial Officer’s review

EBITDA (pre-exceptional)

$499.1m

(2024: $551.3m)

−9.5% reported currency

−9.4% constant currency

Profit after tax

$183.3m

(2024: $164.7m)

+11.3% reported currency

+15.1% constant currency

Adjusted EPS ($)

134.93c

(2024: 140.03c)

−3.6% reported currency

−3.4% constant currency

Basic EPS ($)

73.16c

(2024: 63.21c)

+15.7% reported currency

+19.7% constant currency

OCF conversion

91.0%

(2024: 88.0%)

OCF as % of EBITDA

Dividend payout ratio

35.9%

(2024: 30.1%)

Dividend per share as a %

of adjusted EPS

ROCE

11.3%

(2024: 12.4%)

−110bps

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

Dear Shareholder,

The Group reported adjusted Earnings Per Share of 134.93 $c, a

decline of 3.4% constant currency versus 2025, with the backdrop

of strong demand for protein, premix and flavours, rising input

costs, tariff headwinds and continuing geopolitical volatility.

The Group had another year of strong cash conversion with

Operating Cash Conversion (”OCF”) of 91.0%. The Group also

returned €197.2m to shareholders via share buyback programmes

and increased dividends by 10%.

Over the past year we accelerated our group-wide transformation

programme, 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.

Overview of results

Revenue increased by 2.3% on a constant currency basis (2.8%

reported) to $3.9 billion with EBITDA (before exceptional items) of

$499.1 million achieved, representing a decrease of 9.4% constant

currency (9.5% reported) over prior year. The Group reported

adjusted EPS of 134.93$c, a decrease of 3.4% constant currency

(3.6% reported) on prior year. Basic EPS of 73.16$c was achieved

(2024: 63.21 $c), an increase of 19.7% constant currency (15.7%

reported) primarily due to lower non-cash impairments in the

Performance Nutrition business.

Operating cash flow (“OCF”) was strong at $454.4 million

converting 91.0% of EBITDA into OCF, against a target of 80%

conversion. Free Cash Flow (“FCF”) for the year was $359.8 million.

Share buyback activity continued during 2025, returning

€197.2 million to shareholders in the year. The Board is

recommending a final dividend of 25.67 €cent per share,

giving a total dividend of 42.87 €cent per share, representing

a dividend payout of 35.9% of adjusted EPS in respect of 2025.

The Group is well-positioned to progress its strategic growth

agenda and finance future investments, supported by $1.4 billion

in debt facilities and robust cash flow generation. While the

earliest of these facilities do not reach maturity until December

2027, the Group anticipates refinancing those specific obligations

over the coming year to maintain its strong liquidity position.

ROCE decreased by 110 basis points to 11.3% (2024: 12.4%),

primarily due to lower profitability driven by higher input costs

in Performance Nutrition.

The Group’s portfolio continues to evolve with the divestment

of SlimFast and Body & Fit. We expanded our capabilities and

geographic reach with the acquisition of Sweetmix in Brazil.

Post year-end we completed the acquisition of Scicore,

a manufacturing facility in India.

Looking ahead

At our Capital Markets Day in November 2025, we outlined our

refreshed strategy and three-year financial targets for 2026-2028.

At a Group level, we are targeting annual adjusted EPS growth of

7%-11%, ROCE 10%-13% and increasing our cash conversion target

to 85%. We will continue to invest with discipline to drive growth

and enhance returns.

In late 2024, we launched an ambitious group-wide

transformation programme designed to create a simpler, more

effective operating model that supports growth and drives

efficiencies. We originally targeted $50 million in annual savings,

however, strong momentum across the programme means we

are now on track to deliver $60 million savings annually by 2027,

with expected costs to deliver of $100 million.

1. On 6 November 2024, we announced a change in operating model, separating Glanbia Nutritionals into two new segments, Health & Nutrition and Dairy Nutrition.

From 5 January 2025, we have reported results through three focused segments Performance Nutrition (“PN”), Health & Nutrition (“H&N”) and Dairy Nutrition (“DN”).

Comparative segment information for FY 2024 has been restated to reflect the changes in reportable segments. Further details are included within Note 2 of the

Group financial statements.

PN H&N¹ DN¹ Group

Revenue

1,801.1

-0.3% reported change

628.5

+12.6% reported change

1,516.8

+2.8% reported change

3,946.4

+2.8% reported change

EBITDA

(pre-exceptional)

233.8

-23.4% reported change

115.8

+17.3% reported change

149.5

+1.6% reported change

499.1

-9.5% reported change

EBITDA margin

(pre-exceptional)

13.0%

-390bps reported

change

18.4%

+70bps reported

change

9.9%

-10bps reported

change

12.6%

-180bps reported

change

 Glanbia plc | Annual Report and Financial Statements 2025

2025 Income statement review

The 2025 results are for the 52 week period ended 3 January 2026

while the 2024 comparatives are for the 53 week period ended

4 January 2025.

Revenue and EBITDA

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

for the Group. In particular the Group focuses on revenue growth

and EBITDA margins to assess underlying performance. Details

of these KPIs are set out below.

2025

Reported

2024

Reported

change

Constant

currency

change

Revenue

PN 1,801.1 1,806.7 -0.3% -0.9%

H&N

628.5 558.1 +12.6% +11.5%

1,516.8 1,474.9 +2.8% +2.8%

Group Revenue 3,946.4 3,839.7 +2.8% +2.3%

EBITDA

(pre-exceptional)

PN 233.8 305.4 -23.4% -23.2%

H&N

115.8 98.7 +17.3% +16.7%

149.5 147.2 +1.6% +1.7%

Group EBITDA 499.1 551.3 -9.5% -9.4%

EBITDA margin

(pre-exceptional)

PN 13.0% 16.9% -390bps -380bps

H&N

18.4% 17.7% +70bps +80bps

9.9% 10.0% -10bps -10bps

Group EBITDA margin 12.6% 14.4% -180bps -170bps

Revenue

Revenue increased in 2025 by 2.3% versus prior year on a constant

currency basis (2.8% reported) to $3.9 billion, driven by volume

increases of 3.7%, pricing increases of 0.5%, net acquisition/disposals

related increase of 0.1%, partially offset by the impact of the 53rd

week of 2.0%. Further details on revenue by segment is set out below.

Performance Nutrition

PN revenue decreased by 0.9% on a constant currency basis

(0.3% reported) in 2025. This was driven by volume increase of 2.0%,

price increase of 0.8%, offset by the impact of the 53rd week of

1.8% and disposal of subsidiaries of 1.9%. The volume increase was

largely driven by the protein growth brands, Optimum Nutrition

and Isopure, both of which delivered volume growth.

PN Americas revenue decreased by 4.0%, with strong growth in the

Optimum Nutrition and Isopure brands offset by declines in other

portfolio brands. Optimum Nutrition continues to strengthen its

strong consumer position and delivered US consumption growth²

of 3.4%, 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.

Revenue in PN international grew by 4.5%. Growth across the region

was driven by strong volume growth in the Optimum Nutrition

brand across key priority markets, including strong growth in Asia.

Health & Nutrition

Health & Nutrition revenue increased by 11.5% constant currency

(12.6% reported) driven by volume increases of 7.4%, acquisition

related increases of 6.5%, partially offset by price decreases of 0.6%

and 1.8% from the impact of the 53rd week. The volume increase

was driven by good growth across both premix and flavour solutions

businesses, with particularly strong growth in international regions.

Dairy Nutrition

Dairy Nutrition revenue increased by 2.8% constant currency (2.8%

reported), driven by 4.2% increase in volume and a 0.8% increase

in price, partially offset by 2.2% due to the 53rd week. The growth

was driven by strong whey protein demand, somewhat offset by

negative cheese markets in the second half of the year. The

volume increase was driven by strong growth in protein solutions

particularly targeting the high protein ready-to-eat category and

we continue to see good demand for colostrum, which targets gut

health and immunity.

EBITDA (pre-exceptional)

EBITDA before exceptional items decreased by 9.4% constant

currency (9.5% reported) to $499.1 million (2024: $551.3 million),

mainly due to elevated input costs inflation in Performance

Nutrition. EBITDA margin in FY 2025 was 12.6% compared to 14.4%

in 2024, representing a reported decrease of 180 basis points.

PN EBITDA decreased by 23.2% constant currency versus prior year

to $233.8 million and EBITDA margin decreased by 390 basis points

(against reported) to 13.0%. This was driven by higher input costs,

partially offset by volume growth and operational efficiencies.

H&N EBITDA increased by 16.7% constant currency versus prior

year to $115.8 million and EBITDA margin increased by 70 basis

points (against reported) to 18.4%. This was driven by the full year

impact of the acquisition of Flavor Producers and strong volume

performances.

DN EBITDA increased by 1.7% constant currency versus prior year to

$149.5 million and EBITDA margin was broadly in line with prior year.

Net finance costs (pre-exceptional)

$m 2025 2024 Change

Finance income 2.4 5.4 (3.0)

Finance costs (31.8) (32.2) 0.4

Net finance costs (29.4) (26.8) (2.6)

Net finance costs (pre-exceptional) increased by $2.6 million to

$29.4 million (2024: $26.8 million). The increase was primarily driven

by an increase in average net financial indebtedness resulting

from the full year impact of the Flavor Producers acquisition

in late-April 2024. The Group’s average interest rate was 4.2%

(2024: 4.6%). Glanbia operates a policy of fixing a significant

proportion of its interest rate exposure.

Share of results of joint venture (pre-exceptional)

$m 2025 2024 Change

Share of profits of joint venture 11.1 0.1 11.0

The Group’s share of joint venture profit after tax (pre-exceptional)

increased by $11.0 million to $11.1 million, due to improved dairy

market dynamics.

Chief Financial Officer’s review continued

1. On 6 November 2024, we announced a change in operating model, separating Glanbia Nutritionals into two new segments, Health & Nutrition and Dairy Nutrition.

From 5 January 2025, we have reported results through three focused segments Performance Nutrition (“PN”), Health & Nutrition (“H&N”) and Dairy Nutrition (“DN”).

Comparative segment information for FY 2024 has been restated to reflect the changes in reportable segments. Further details are included within Note 2 of the

Group financial statements.

2. 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 3 January 2026.

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

Income taxes

$m 2025 2024 Change

Income taxes 25.9 43.3 (17.4)

Exceptional tax credit 22.2 15.8 6.4

Income taxes (pre-exceptional) 48.1 59.1 (11.0)

Effective tax rate 15.0% 16.0% (1.0%)

The 2025 pre-exceptional tax charge decreased by $11.0 million to

$48.1 million (2024: $59.1 million). This represents an effective tax

rate, excluding joint venture, of 15.0% (2024: 16.0%). The tax credit

on exceptional items of $22.2 million (2024: credit of $15.8 million)

relates primarily to the loss on disposal of SlimFast and Body & Fit

and impairment of the LevlUp business. The Group currently

expects that its effective tax rate for 2026 will be in the range

of 14% to 16%.

Exceptional items

$m 2025 2024

Group-wide transformation programme

(note 1)

55.4 18.0

Loss on disposal of subsidiaries (note 2) 45.7 -

Impairment of intangible assets (note 3) 16.5 91.4

Acquisition and integration costs (note 4) 5.2 5.7

Impairment of non-core assets held for sale

(note 5)

- 46.0

Pension related costs (note 6) - 0.3

Total 122.8 161.4

Exceptional tax credit (22.2) (15.8)

Total exceptional charge 100.6 145.6

1. Group-wide transformation programme: 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 2025 the Group incurred costs of $55.4 million (2024: $18.0

million) primarily related to advisory fees and people related costs.

2. Loss on disposal of subsidiaries: This primarily relates to

the loss on disposal of SlimFast and Body & Fit operations. Both

transactions concluded during 2025 and the loss represents the

difference between proceeds received, (net of associated costs)

and the carrying value of the investments.

3. Impairment of intangible assets: A non-cash impairment

charge of $16.5 million has been recognised during the year in

respect of the LevlUp cash generating unit reflecting challenges

in the business impacting performance.

In the prior year, a non-cash impairment charge of $91.4 million

was recognised in respect of the SlimFast Americas cash

generating unit reflecting continuing challenges in the weight

management category impacting the brand’s performance. The

SlimFast business was disposed of during 2025 (see note (2) above).

4. Acquisition and integration costs: Relate to the transaction

and integration costs associated with recent acquisitions.

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

charge relates to fair value adjustments to reduce the carrying

value of assets held for sale to recoverable value. The assets

related 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 2024 year end.

The business was disposed of during 2025 (see note (2) across).

6. Pension related costs: Prior year costs relate to the restructure

of certain legacy defined benefit pension schemes in the UK.

Profit after tax

$m 2025 2024 Change

Profit after tax (pre-exceptional) 283.9 310.3 (26.4)

Exceptional items (100.6) (145.6) 45.0

Profit after tax 183.3 164.7 18.6

Profit after tax comprises pre-exceptional profit of $283.9 million

(2024: $310.3 million). The $26.4 million decrease in pre-exceptional

profit after tax is driven by lower profits in Performance Nutrition.

Exceptional charges after tax of $100.6 million in the year

predominantly related to group-wide transformation programme,

loss on disposal of subsidiaries and non cash impairments. In the

prior year, exceptional charges of $145.6 million mainly related to

non-cash impairments in the PN business.

Profit after tax and exceptionals for the year was $183.3 million

compared to $164.7 million in 2024.

Earnings Per Share

$ 2025 2024

Reported

Change

Constant

Currency

Change

Basic EPS 73.16c 63.21c 15.7% 19.7%

Adjusted EPS 134.93c 140.03c (3.6%) (3.4%)

Basic EPS increased by 19.7% constant currency (15.7% reported),

driven by lower exceptional costs.

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 decreased by 3.4%

constant currency (3.6% reported) in the year.

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 = 2025 2024 2025 2024

euro 0.8838 0.9246 0.8532 0.9710

Pound sterling 0.7578 0.7827 0.7439 0.8058

 Glanbia plc | Annual Report and Financial Statements 2025

Cash flow and capital allocation

Cash flow generation and conversion

$m 2025 2024

EBITDA (pre-exceptional) 499.1 551.3

Movement in working capital

(pre-exceptional) (11.1) (37.5)

Business-sustaining capital expenditure (33.6) (28.7)

Operating cash flow 454.4 485.1

Net interest and tax paid (83.9) (65.7)

Payment of lease liabilities (23.3) (23.7)

Dividends received from related parties 12.5 5.0

Other inflows 0.1 1.8

Free cash flow 359.8 402.5

Strategic capital expenditure (51.2) (58.4)

Dividends paid to Company shareholders (117.8) (104.4)

Purchase of own shares under share

buyback (226.9) (111.4)

Exceptional cash paid (55.8) (22.7)

Acquisitions/disposals 6.1 (297.0)

Net cash flow (85.8) (191.4)

Exchange translation (5.3) 2.4

Cash net of borrowings acquired

on acquisition 1.1 1.7

Net debt movement (90.0) (187.3)

Opening net debt (436.0) (248.7)

Closing net debt (526.0) (436.0)

Cash flow generation and conversion

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 $454.4 million in the year

(2024: $485.1 million). The decrease in OCF versus prior year reflects

lower profitability partially offset by reduced working capital

outflow. This represents a strong cash conversion on EBITDA of

91% (2024: 88%). The OCF conversion target for the year was 80%.

The Group’s free cash flow (”FCF”) amounted to $359.8 million

versus $402.5 million in the prior year. The decrease was primarily

due to lower OCF and higher interest and tax payments.

Capital allocated for the benefit of shareholders includes regular

dividend payments of $117.8 million (2024: $104.4 million) and share

buybacks of $226.9 million (2024: $111.4 million). The 2025 net inflow

for acquisitions/disposals primarily relates to the proceeds from

the disposal of SlimFast and Body & Fit, partially offset by the

consideration paid for Sweetmix. The 2024 outflow relates to

the consideration paid for Flavor Producers.

Group financing

2025 2024

Net debt ($m) 526.0 436.0

Net debt: adjusted EBITDA 1.08 times 0.81 times

Adjusted EBIT: adjusted net finance cost 13.7 times 16.7 times

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

2025, net debt was $526.0 million (2024: $436.0 million), an increase

of $90.0 million from prior year and the Group had committed debt

facilities of $1.4 billion (2024: $1.3 billion) with a weighted average

maturity of 2.7 years (2024: 3.8 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:

adjusted EBITDA was 1.08 times (2024: 0.81 times) and interest cover

was 13.7 times (2024: 16.7 times), both metrics remaining well within

financing covenants.

Capital expenditure

Cash outflow relating to capital expenditure in the year amounted

to $84.8 million (2024: $87.1 million), including $33.6 million of

business-sustaining capital expenditure and $51.2 million of

strategic capital expenditure. Key strategic projects completed in

2025 include ongoing capacity enhancement, business integrations

and IT investments to drive further efficiencies in operations.

Dividends

The Board is recommending a final dividend of 25.67 €cent per

share which brings the total dividend for the year to 42.87 €cent

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

represents a payout ratio of 35.9% of 2025 adjusted EPS which is

in line with the Board’s new target dividend payout ratio of 30%

to 40%. The final dividend will be paid on 30 April 2026 to

shareholders on the share register on 20 March 2026.

Dividend per Share and Payout Ratio

2021 2022 2023 2024 2025

42.87c

38.97c

35.43c

32.21c

29.28c

35.9%

30.1%

29.2%

31.0%

33.6%

Dividend Per Share Dividend Payout Ratio

Share buyback

Share buyback activity continued during 2025, returning €197.2

million to shareholders in the year.

During the year, Tirlán Co-operative Society Limited (“Tirlán Co-op”

or “the Co-op”) placed 17 million shares in Glanbia plc with

institutional investors at a share price of €13.55. The proceeds from

the share placement were used by Tirlán to repay a €250 million

Exchangeable Bond.

Glanbia participated in the share placement by purchasing and

cancelling 7.38 million shares, representing around 2.9% of the

Company’s share capital. Following the completion of the sale

of Glanbia shares (including the related cancellation of shares),

Tirlán Co-op now holds 17.86% of Glanbia shares, remains the

largest equity investor and continues to be a strong supporter

of our strategy.

With confidence in the strong cash generation abilities of the

organisation, the Board has further authorised an additional

€100 million in share buybacks for 2026 as an effective mechanism

to return value to shareholders.

Return on Capital Employed

2025 2024 Change

Return on Capital Employed 11.3% 12.4% -110bps

ROCE decreased in 2025 by 110 basis points to 11.3%, primarily

due to lower profitability driven by higher input costs in

Performance Nutrition.

Chief Financial Officer’s review continued

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

Sustainability

In line with the requirements of the Corporate Sustainability

Reporting Directive (“CSRD”) and the European Sustainability

Reporting Standards (“ESRS”), we are presenting and publishing

our first Sustainability Statement. This marks a significant step

in formalising our approach to sustainability reporting and

enhancing the transparency of our environmental, social, and

governance disclosures. The statement reflects the work

undertaken to assess our material impacts, risks, and opportunities,

and establishes a structured foundation for future reporting as

we continue to integrate sustainability considerations into our

governance, strategy, and performance management.

For more details on the progress made against our external

commitments across the environmental, social and governance

pillars, including our carbon emissions and water reduction

performance, see our Sustainability Review on pages 46-53

and Sustainability Statement on pages 132-213.

Investor relations

Glanbia has a proactive approach to shareholder engagement

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

annually. In 2025, an in person AGM was held on 30 April at the

Killashee Hotel in Kildare, Ireland. All details relating to the AGM

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

In 2025, the Group engaged with shareholders and investors

through a series of strategic activities. These 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 hosted

a Capital Markets Day in London in November 2025, to outline our

refreshed strategy and three-year financial targets for 2026-2028.

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.

Auditor rotation

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 and

Board approved the appointment of EY as the Group’s statutory

auditor commencing from 4 January 2026.

Annual General Meeting (“AGM”)

Glanbia plc’s AGM will be held on Wednesday, 29 April 2026,

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 2025

Sustainability review

Better Nutrition,

Better World

Glanbia’s Better Nutrition, Better World sustainability strategy is rooted in our purpose.

We recognise that delivering better nutrition requires protecting natural resources,

supporting our people and communities and maintaining strong governance.

Embedding sustainability within Glanbia’s

long-term business strategy helps us

respond to the environmental and social

expectations of our stakeholders and

wider society. Our approach is based on

understanding our value chain, identifying

material impacts, risks and opportunities,

and improving the efficiency and

transparency of how we operate. This

enables us to manage our responsibilities

while continuing to deliver high-quality

nutrition products.

Our strategy is organised around

three interconnected pillars that guide

how we plan and implement our

sustainability actions:

• Planet: managing our environmental

footprint by reducing greenhouse gas

(”GHG”) emissions in line with our

science based targets and improving

performance on energy, water and

waste across our operations.

• People: supporting a safe, inclusive

and engaged workforce and working to

maintain strong standards of product

quality and consumer safety across

our value chain.

• Performance: strengthening

governance, accountability and

reporting structures that support

compliance, responsible business

conduct and long-term resilience.

Our programme helps us build consistent

visibility across our supply chain, track

performance and identify areas for

improvement. This includes monitoring

energy and resource use, strengthening

responsible sourcing practices and ensuring

that data used for reporting and customer

requirements is reliable and transparent.

Our environmental and social ambitions are

supported by defined pathways, including

our science-based emissions reduction

targets, and by internal KPIs that help

measure progress. Governance structures

and cross-functional collaboration support

delivery and enable us to address shared

challenges with suppliers, customers and

other partners.

Overall, our aim is to operate responsibly,

manage our most material impacts

effectively and support the long-term

resilience of the business and the

communities connected to our value chain.

The EU Corporate Sustainability Reporting

Directive (”CSRD”) and the accompanying

European Sustainability Reporting

Standards aim to enhance transparency,

comparability and consistency in

sustainability reporting across

organisations. This year marks Glanbia’s

first reporting under these new

requirements and replaces the separate

Sustainability Report, which was published

on our website in previous years.

Memberships and

associations

Key highlights

“Better nutrition starts with strong

partnerships across our value chain.

Together, we create solutions that are

sustainable, scalable, and built to last.”

John Dardis, Ph.D.

Senior Vice President, Sustainability

88%

of our consumer packaging is

recyclable, reusable or compostable.

20%

reduction in scope 1 & 2

compared to 2018.

100%

of our manufacturing sites

maintained a third-party certificate

for food safety & quality.

reduction in manufacturing freshwater

use, compared to 2021.

We have reported under the

European Sustainability Reporting

Standards (”ESRS”).

SEE OUR SUSTAINABILITY STATEMENT

FOR MORE DETAILS ON OUR 2025

PERFORMANCE ON PAGES 132

213.

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

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.

Goals

• Foster an inclusive and diverse culture

that supports employee growth and

wellbeing, while ensuring a safe and

healthy working environment.

• Ensure robust product safety and

transparency to maintain consumer

trust and wellbeing.

• Ensure fair and safe working conditions

for all workers in our value chain.

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.

Goal

• Embed sustainability 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.

Our objective is to grow our

business responsibly while reducing

our environmental impact across

emissions, water, nature and waste,

creating long-term value and

strengthening resilience by managing

the dynamic relationship between

our operations, our value chain

and the planet’s natural systems.

Goals

• Reduce our GHG emissions across our

operations and value chain, in line with

a 1.5°C pathway.

• Enhance water stewardship and nature

conservation across our operations and

value chain.

• Optimising resource use and minimising

waste by promoting circularity in our

value chain, whilst continuously refining

our own operations.

SEE OUR SUSTAINABILITY

STATEMENT ON PAGES

152

179.

SEE OUR SUSTAINABILITY

STATEMENT ON PAGES

180

200.

SEE OUR SUSTAINABILITY

STATEMENT ON PAGES

201

206.

People

Planet

Performance

Relevant UN SDGs

Glanbia supports the UN

Sustainable Development

Goals through our

Planet pillar.

Relevant UN SDGs

Glanbia supports the UN

Sustainable Development

Goals through our

People pillar.

Relevant UN SDGs

Glanbia supports the UN

Sustainable Development

Goals through our

Performance pillar.

 Glanbia plc | Annual Report and Financial Statements 2025

Status

Achieved

On Track

Not Achieved

Sustainability review continued

Planet

Reducing GHG emissions

Glanbia is committed to reducing GHG

emissions across our operations and value

chain in line with our science-based targets.

Our decarbonisation approach focuses on

improving energy efficiency, expanding

renewable electricity use and identifying

low carbon technologies that can support

long term emissions reductions.

Across our processing sites, we are

progressing initiatives that help reduce

energy demand and lower reliance on fossil

fuels, supported by renewable electricity

purchasing as we work towards our 2030

ambition. These actions enhance

operational performance while reducing

our environmental footprint.

In 2025, our updated Scope 3 targets were

validated by the Science Based Targets

initiative (”SBTi”), covering both Forest, Land

and Agriculture (”FLAG”) emissions and

non-FLAG emissions. The majority of these

emissions occur on farm, and meaningful

reductions will depend on interventions such

as improved manure management and

addressing enteric emissions. While we have

early pilots underway, large-scale progress

will require close collaboration with farmers,

industry partners and policymakers to

develop practical, scalable solutions.

We are continuing to strengthen our

understanding of non-FLAG Scope 3

emissions by expanding our assessment of

upstream impacts beyond dairy. Ongoing

life-cycle evaluations and deeper supplier

engagement are helping us identify the

raw materials with the highest emissions

intensity and improve product-level GHG

data over time.

At present, around 80% of transport-spend

emissions are captured through supplier

data exchange, providing a strong

foundation for improving data quality and

working with logistics partners to reduce

emissions across our value chain.

Together, these efforts support our

transition to a lower carbon business and

help us address the most material drivers

of our emissions footprint.

FOR FURTHER INFORMATION SEE PAGES

152

168 OF OUR SUSTAINABILITY STATEMENT.

Our targets

Scope 1 & 2 GHG emissions

50%

reduction by 2030 (base year 2018),

aligned with 1.5°C pathway and

validated by the SBTi

Scope 3 emissions

30%

FLAG reduction, 25% non-FLAG

emissions by 2030 (base year 2023)

Freshwater withdrawal

10%

reduction by 2025 (base year 2021)

Consumer packaging

100%

recyclable, reusable or compostable

packaging by 2030 for Performance

Nutrition branded products

TRUE zero

waste certification

100%

legacy manufacturing

sites certified by 2025

Food waste

50%

reduction by 2030

1. Target in development

The Planet pillar covers the Group’s activities to measure and manage our impact across our

value chain. Sustainability and environmental stewardship is crucial to operating efficiently

and creating the conditions for the future growth of our business and partnerships.

Water stewardship and

nature conservation

Water is essential to Glanbia’s operations

and to the communities in which we

operate. In 2025, we achieved a 9%

reduction in freshwater withdrawal

compared with our 2021 baseline. While this

fell slightly short of our target, it represents

strong progress driven by continued

efficiency improvements, including

enhanced cleaning processes and other

site-level optimisation initiatives (see case

study on opposite page for more detail of

our performance against target).

At water stressed sites such as Clovis, New

Mexico, and Twin Falls, Idaho, we prioritised

the recovery of condensate, water which is

released from milk during processing,

which can be treated and reused on site.

Increasing the use of condensate reduces

our reliance on freshwater withdrawals. In

2026, we are expanding this work by

exploring additional reuse and recycling

opportunities across our operations.

As a global nutrition business, we recognise

the importance of safeguarding nature

and ecosystem health. In 2025, we

advanced biodiversity monitoring and

completed our first Taskforce on Nature-

related Financial Disclosure (”TNFD”)

baseline assessment, building a clearer

understanding of nature-related risks

across our supply chain. We continue to

engage external experts to address

deforestation risks and prepare for

emerging regulatory requirements.

FOR FURTHER INFORMATION SEE PAGES

168

174 OF OUR SUSTAINABILITY STATEMENT.

Circular economy

Food waste prevention and maintaining

nutrients in circular use cycles are essential

components of our circularity and

resource-efficiency strategy. In 2025, we

strengthened our approach by establishing

a team dedicated to target improvements

at our highest impact sites, focusing on

prevention through better production

planning and yield optimisation.

Case Study

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

Water efficiency across our dairy network

Freshwater conservation has been

a central focus of successive Glanbia

sustainability strategies. As part of our

‘Better Nutrition, Better World’ strategy,

we targeted a 10% reduction in

freshwater use. Ultimately, we delivered

a 9% absolute reduction in water use

significantly correcting the 2024

performance where we reported a 1.4%

reduction. The turnaround in progress

was driven by a water savings team

across our operations. Further the result

was delivered against the headwinds

of improved milk components and a

product portfolio that has responded

to the market demand for high protein.

Each major dairy site established a

cross-functional improvement team to

identify practical changes that reduce

freshwater demands. Investments in

extensive metering of water use and

reuse has equipped our team with

real time insights on water use

opportunities. At our largest Idaho dairy

processing site in Gooding we invested

in improving real-time water monitoring

and leveraged the data to pinpoint

potential savings. Engineering reviews

prioritised the most impactful capital

projects, while continuous collaboration

with equipment suppliers and technical

partners ensured implementation

would affect the required water

savings. The insights delivered through

extensive metering continuously inform

an evolving list of projects for

investment review.

By the end of 2025 sites including

Gooding, St. Johns (joint venture site),

Twin Falls, Blackfoot and Richfield saw

strong reductions in freshwater use,

demonstrating what can be achieved

through a culture of continuous

improvement, data driven insights,

cross-functional partnerships and

external expert insights.

At the strategic level our focus will

continue to be informed by water risk

assessments. We will expand the use

of data driven monitoring, prioritise

water recycling opportunities, invest in

additional water savings technologies

and share best practice across our

wider network. In 2026 we intend to set

a new ambition for water stewardship.

These actions demonstrate our

‘Better Nutrition, Better World’

strategy in action across all functions

of our operations.

Where waste is unavoidable, we focus

on repurposing and recycling to retain

resource value. Redirecting surplus food

to animal feed helps avoid food waste

and supports progress toward TRUE zero

waste certification, which requires

diverting over 90% of non-hazardous waste

from landfill and incineration for a full year.

In 2025, 94% of our legacy sites achieved

TRUE certification, narrowly missing our

target, with one remaining site scheduled

to apply by H1 2026, having met the

diversion threshold since March 2025.

Packaging is essential for product safety

and quality, but we recognise the need to

minimise its environmental impact. Our

Performance Nutrition segment leads work

to transition to more circular packaging

solutions. In 2025, we piloted 500,000

recyclable bar wrappers and advanced

a range of initiatives through our

sustainable packaging working group.

We collaborate with partners such as the

Sustainable Packaging Coalition and

How2Recycle to strengthen recyclability

across our portfolio and provide clearer

disposal guidance to consumers. In 2025,

88% of our consumer packaging was

recyclable, reusable or compostable,

keeping us on track to meet our 2030

target of 100%.

These actions reflect our commitment to

resource efficiency and circularity across

both food waste and packaging,

supporting responsible material use

throughout our operations and value chain.

FOR FURTHER INFORMATION SEE PAGES 175

179

OF OUR SUSTAINABILITY STATEMENT.

 Glanbia plc | Annual Report and Financial Statements 2025

Status

Achieved

On Track

Not Achieved

Sustainability review continued

The People pillar addresses how we build a strong 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.

Included on pages 26-27 Sue Sweem, Chief

Human Resource Officer, outlines what is

key to our culture and values, including

employee engagement and strengthening

our talent and leadership capabilities.

Learning and development

Glanbia is committed to nurturing talent and

creating an environment where employees

can realise their potential and career

aspirations. This commitment is grounded

in equitable treatment and opportunity.

We support this through structured

talent acquisition processes, clear career

pathways and robust development

frameworks. We delivered focused talent

and leadership programmes aligned to our

leadership capability model. These included

Leading to Accelerate for emerging

leaders; and Leading the Glanbia Way,

our foundational leadership programme.

In response to our ‘Your Voice’ survey

feedback, we launched Development Days

– a dedicated week designed to provide

learning opportunities. This included live

sessions with leaders, external speakers and a

broad library of on-demand content. In 2025,

our new learning platform was extended to

all functions and relevant roles. Learning

pathways were created for leadership,

digital skills and professional development.

Information resources were made available

to our people leaders to ensure they have the

toolkit to support employees in building out

their development plan and using the Glanbia

performance development process to drive

accountability and progress.

Inclusion and belonging

We refreshed our Inclusion and Belonging

Policy and offered inclusion and belonging

training as part of our onboarding process,

with dedicated training modules also

available within our Learning Management

System. Our Employee Resource Groups

continued to grow, expanding their reach

and activities, with membership now

totalling over 1,200 employees across

the organisation.

FOR FURTHER INFORMATION SEE PAGES 181

195

OF OUR SUSTAINABILITY STATEMENT.

Health and safety

At Glanbia, the health and safety of our

people is fundamental to our values and

commitments. Our strong safety culture `–

anchored in a “Zero Harm” mindset – is

championed by leaders and employees at

every level. Through rigorous management

and continuous improvement, we achieved

further progress in our health and safety

performance in 2025.

This year, we established an Environment

Health and Safety (”EHS”) centre of

excellence to streamline the governance

of our EHS standards, reflect the updated

Group structure, and provide centralised

support to the EHS leadership team in

delivering their programmes.

All Glanbia sites operate under the Glanbia

Risk Management System (“GRMS”), our

unified occupational health and safety

framework. GRMS provides a consistent

approach to identifying and mitigating

risks, engaging employees in ongoing

improvement, and ensuring that training

is tailored to each role. Sites are subject to

regular audits by government agencies,

internal audit and external assurance

providers. We further reinforced our

commitment by updating both the GRMS

programme and our EHS policy to elevate

safety standards and embed proactive

risk-reduction strategies.

FOR FURTHER INFORMATION SEE PAGES 181

195

OF OUR SUSTAINABILITY STATEMENT.

Food safety, quality and compliance

At Glanbia, we are passionate about the

products and ingredients that we produce.

Our nutrition promise is to create products

and solutions to help our customers and

consumers achieve their health and nutrition

goals. This promise is underpinned by our

Food Safety and Quality Programme “Glanbia

Quality System” (”GQS”), and our commitment

to compliance, responsible communication

and ingredient innovation capabilities.

This is delivered by maintaining food

safety and quality standards, which are

externally verified with 100% of Glanbia’s

manufacturing sites holding a globally

recognised third party certificate for food

safety and quality. We are committed to

People

Health & safety

to outperform the NAICS

industry

benchmark for the Group TRIR

and LTIR

rates

Food safety,

quality & compliance

100%

of manufacturing sites maintain

a globally recognised third-party

certificate for food safety & quality

in 2025

Food safety,

quality & compliance

Zero

product recalls in 2025

(One product recall recorded in 2025)

Our targets

1. NAICS: North American Industry

Classification System.

2. TRIR: Total Recordable Incident Rate.

3. LTIR: Lost Time Incident Rate.

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

deploying quality information through our

consumer product labels which are clear

to the end user and compliant with all

governing regulations.

FOR FURTHER INFORMATION SEE PAGES

198

200 OF OUR SUSTAINABILITY STATEMENT.

Responsible communication

We are dedicated to delivering responsible

brand communication for our consumer

brands and supporting our consumers with

educational supports such as the PN Sports

Nutrition School and Coach Optimum,

which is a virtual coach that provides

personalised advice on sports nutrition.

Innovation

We support our business customers in

delivering nutritious products by providing

innovative ingredient solutions to enable

their end product development, underpinned

by 20 innovation and R&D centres.

FOR FURTHER INFORMATION SEE PAGES

198

200 OF OUR STRATEGIC REPORT.

Case Study

Protecting human rights

As a global business, we have the

opportunity to drive positive change by

promoting the standards and values we

expect across our value chain.

In 2025, we strengthened this commitment

by updating our Human Rights Policy,

reaffirming our zero-tolerance to any form

of human rights abuse within our business

or supply chain.

The policy sets out Glanbia’s dedication to

robust human rights due diligence, with a

focus on our own operations and upstream

activities where risk assessments indicate

a higher likelihood of adverse impacts.

FOR FURTHER INFORMATION SEE PAGES

185

186 OF OUR SUSTAINABILITY STATEMENT.

Responsible sourcing

The shared mission statement of Glanbia’s

Procurement team is to “create value for

all stakeholders through responsible

procurement”. This involves sourcing

products and services in an ethical,

sustainable and socially conscious way.

Responsible sourcing is a core element

of Glanbia’s procurement strategy and

aligns with Glanbia’s core values including

‘Respect for People’. We achieve this by

driving greater awareness and

understanding across our procurement

teams of responsible sourcing practices,

actively engaging with suppliers and

applying responsible sourcing criteria to

our supplier selection decisions, with the

use of a third-party risk assessment tools.

FOR FURTHER INFORMATION SEE PAGES

196

197 OF OUR SUSTAINABILITY STATEMENT.

A spotlight on some of Glanbia’s people-focused events

Glanbia hosts employee events throughout the year and provides complementary

on-demand resources to support our people’s wellbeing, growth and development.

At Glanbia, our value of Respect for

People drives us to foster an inclusive

culture where every employee can

thrive and reach their full potential.

We held our annual Wellbeing Week

in April, which focused on bringing

various aspects of wellbeing to life

including physical, mental, social

and career wellbeing.

This included events held both globally

and locally, encouraging our people to

carve out time for their wellbeing. Our

Wellbeing Week hub features a trove of

on-demand content including curated

wellbeing paths to help our people

focus on the area of wellness that

matters most to them.

In September, we hosted Development

Days – a week filled with live sessions

featuring Glanbia leaders, world-

renowned external speakers, curated

learning tracks and a rich library of

on-demand content. During this week

we also announce the launch of our

Global Mentorship Programme, which

will go live in 2026, this will be an

opportunity to connect with colleagues

across Glanbia, gain fresh perspectives,

and grow your career through

meaningful mentorship. To ensure our

peoples development journey

continues, we have Development Days

collection available on MyLearning,

which includes on-demand content

and recordings of the live sessions.

PN Sports Nutrition School (”SNS”)

is a global education programme

conducted both virtually and in-person

by subject matter experts beyond

education, fostering collaboration

and partnerships across various

departments such as marketing,

quality, R&D, scientific affairs,

manufacturing, strategy, sustainability,

regulatory, and legal, and beyond. SNS

is a free course available to all Glanbia

teams from all departments globally.

SNS allows our people to build

confidence as a category and brand

expert and connect innovation to

opportunity across the PN portfolio.

 Glanbia plc | Annual Report and Financial Statements 2025

Sustainability review continued

Performance

Our Performance pillar fosters sustainable growth through a culture of environmental

and social responsibility, strong governance and accountability, while striving for the

highest standards of business ethics.

Reporting

requirement

Policies and standards which

govern our approach

Risk management and

additional information

Environmental matters • Sustainability Statement policy disclosures:

E1, E3, E4, E5

• Group environmental policy

• Sustainability Statement – pages 153-179

• Risk management – pages 56-60

Employee and social

matters

• Sustainability Statement policy disclosures:

S1, S2 and S4

• Group code of conduct

• Speak up policy

• Inclusion and belonging policy

• Health and safety policy

• Food safety and quality policy

• Sustainability Statement – pages 181-200

• Whistleblowing and fraud – page 94

• Irish Corporate Governance Code – pages 73

and 89

• PN Sports Nutrition School – page 51

Human rights • Sustainability Statement policy disclosures: S1

• Anti-slavery and human trafficking statement

• Supplier code of conduct

• Human rights policy

• Sustainability Statement – pages 182,185-188

Anti-bribery and corruption • Sustainability Statement policy disclosures: G1

• Group code of conduct

• Anti-bribery and corruption policy

• Sustainability Statement – pages 202-205

Diversity on the Board of Directors • Sustainability Statement – page 141

Description of principal risks and impacts of business activity • Principal risks and uncertainties – pages 57-66

Description of the business model • Business model – pages 22-23

Non-financial key performance indicators (KPIs) • Key performance indicators – page 25

At Glanbia, strong governance is the cornerstone of how we operate. We are committed to conducting our business with the highest

levels of integrity and honesty. Business ethics is at the forefront of all Glanbia’s dealings with people and the planet.

Sustainability governance

The Group recognises that ethical business conduct is essential to achieving our wider business strategy, which is why it is built into our

governance framework and day-to-day activities. Our sustainability strategy and activities are overseen by the Board and respective

committees and are integrated through the Group Operating Executive and Senior Leadership across the business.

The Group has a zero-tolerance approach to bribery or any form of corrupt practices and encourages all workers and third parties

to speak up through our whistleblowing phone line if they have concerns.

FOR FURTHER INFORMATION SEE PAGES 201

206 OF OUR SUSTAINABILITY STATEMENT.

SEE OUR CORPORATE GOVERNANCE REPORT ON PAGES 70

89 OF THIS REPORT.

Non-financial reporting statement

We comply with regulations on non-financial reporting and provide information on required topics within this report, including within

our Sustainability Statement. 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.

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

Governance

Disclose the organisation’s governance

around climate-related risks and

opportunities

Board’s oversight of climate-related

risks and opportunities

Risk management section pages 54-56

Audit Committee Report pages 90-93

Sustainability Committee Report pages 98-99

Sustainability Statement pages 140-141

Management’s role

Risk management section page 55

Sustainability Committee Report pages 98-99

Sustainability Statement pages 140-147

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

Sustainability Statement pages 150 and 153-155

Impact on business, strategy and

financial planning

Sustainability Statement pages 154-157

Resilience of strategy considering

different climate-related scenarios

Sustainability Statement pages 154-158

Risk

management

Disclose how the organisation

identifies, assesses, and manages

climate-related risks and opportunities

Climate-related risks and opportunities identification

and assessment

Risk management section pages 54-60

Audit Committee Report pages 91-94

Sustainability Committee Report pages 98-99

Sustainability Statement pages 154-156

Climate-related risk and opportunities management

Risk management section pages 54-60

Audit Committee Report pages 91-94

Sustainability Committee Report pages 98-99

Sustainability Statement pages 154-156

Integration of processes into overall risk management

Risk management section pages 54-56

Audit Committee Report pages 91-94

Sustainability Committee Report pages 98-99

Sustainability Statement pages 154-156

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 Statement pages 157-168

Scope 1, Scope 2, and, if appropriate,

Scope 3 greenhouse gas (“GHG”)

emissions and the related risks

Sustainability Statement pages 157-168

Targets to manage risks, opportunities,

and performance against targets

Sustainability Statement pages 141, 157-168

Task Force on Climate-related Financial Disclosures (”TCFD”) Compliance Statement

As required by the UK Financial Conduct Authority Listing rule 6.6.6R, Glanbia has complied with the climate-related financial

disclosures and is consistent with all four recommendations and 11 disclosures in the TCFD framework. The table below sets out

the specific location of each disclosure within the Annual Report.

 Glanbia plc | Annual Report and Financial Statements 2025

Risk identification

Risk mitigation

Risk prioritisation Risk assessment

Risk monitoring Risk reporting

Risk

awareness

Risk

ownership

Risk

monitoring

Risk

reporting

Governance supported through:

Senior Leadership Team driven by:

Our Strategic Priorities

Drive Scale Optimise Expand Innovate

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

Our Purpose Our Values Our Code

Audit

Committee

Sustainability

Committee

Group Operating

Executive

Group

Internal Audit

Risk management

Navigating an evolving

global risk landscape

Managing our risks

2025 featured continued geopolitical and

macroeconomic challenges, reinforcing the

need for agile and resilient risk management

across the Group. The global risk landscape

grew increasingly fragmented, driven

by geopolitical volatility, shifting trade

dynamics and escalating armed conflicts.

Rapid changes in global tariffs and trade

tensions further compounded uncertainty

while the growing sophistication of

cyber-attacks and commodity price

fluctuations, particularly those impacting

whey, added layers of complexity to an

already fast-evolving risk environment.

With a risk of a low growth economic

environment and rising protectionism in

2026, the Group needs to continue to remain

vigilant to the evolving risk landscape and

potential headwinds to the delivery of

strategic objectives.

The actual and potential effects of

geopolitical and macroeconomic volatility

on the business are outlined in various

sections of the Strategic Report, and the

below disclosures should be considered

in conjunction with the narrative included

in the Chief Executive Officer’s review, the

Chief Financial Officer’s review and the

broader Operations review, to provide an

overall understanding of the risks, economic

uncertainties and challenges anticipated

in 2026.

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 as

part of its consideration of the breadth and

depth of information (financial, operational,

reporting and compliance) provided to the

Committee through direct presentations

from members of the Senior Leadership

Team, risk management report summaries

and Committee updates received from the

internal and external auditors. Based on

the review performed, the Committee

is satisfied that the company’s internal

control and risk management systems

were effective for the financial year.

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 evolving operating

environment. An overview of the Group’s

risk management and internal control

framework is outlined in the diagram below.

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

Group Internal Audit (“GIA”) Group Senior Leadership Team (“SLT”)

Board of Directors

Risk oversight

Group Operating Executive

Risk reporting

Audit Committee

Sustainability Committee

Risk oversight

Board of Directors

The Board has overall responsibility for

determining the nature and extent of

the signiﬁcant risks it is willing to accept 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 operations of

the Group. In 2025, we held board positions

in our joint venture.

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 58-66,

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 has also reviewed the risk appetite

statements for our principal risks to ensure

they remain relevant, appropriately aligned

with the organisation’s strategic objectives,

and are updated as necessary. The Board is

satisﬁed that its risk management systems

and internal control processes are effective.

Audit Committee

The Audit Committee assists the Board in

meeting its responsibilities for monitoring

the Group’s systems of risk management

and internal control including the review

of their effectiveness. In 2025 and to date

in 2026, the Committee received updates

from Senior Executives and detailed

presentations from Group functional leads

including Sustainability, Financial Reporting,

Health & Safety, Food Safety and Quality,

Glanbia Enterprise Solutions (”GES”), 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, including

those related to climate change, 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. The Audit and Sustainability

Committees held a joint meeting with

regard to sustainability matters to facilitate

increased risk awareness and to help ensure

effective compliance with the EU Corporate

Sustainability Reporting Directive (“CSRD”)

which came into effect in FY 2025.

Group Operating Executive

The Group Operating Executive as outlined

in the Corporate Governance Report on

pages 82-83 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 assists in the risk management process

by preparing regular Group summary risk

management reports based on information

submitted by management throughout the

year. These reports are presented bi-annually

to the Audit Committee and Board.

The 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) using a five point

rating scale aligned with how the Group

assesses its climate change risks.

• A summary of 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;

• A consolidated summary of the Group’s

risk appetite statements (“RAS”),

encompassing the overarching Group

level RAS as well as individual RAS under

each of the principal risks; and

• An overview of organisational, business

and emerging risks utilising both

internal and external sources.

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

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:

• The Group strategy process and

Board review of financial and

operational performance;

• KPI tracking of health and safety

and environmental reporting;

• Bi-annual control self-assessment

and management representation

letter processes;

• Post-acquisition completion and capex

project reviews;

• Business continuity management

simulation exercises;

• Risk-focused GIA plan;

• The externally assessed Glanbia Risk

Management Process (“GRMS”) reviews,

which assess Group operational risk; and

• Internal Glanbia Quality System reviews.

 Glanbia plc | Annual Report and Financial Statements 2025

Risk management continued

Governance and oversight

of sustainability reporting

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 these risks, including those

related to climate, the Group’s sustainability

governance structure and risk management

and internal controls over sustainability

reporting, refer to pages 138-151.

During the year, the Group refreshed its

double materiality assessment (“DMA”)

aligned with the reporting requirements

of CSRD and the European Sustainability

Reporting Standards (“ESRS”). This

assessment identified Glanbia’s material

sustainability topics for 2025 and provided

valuable insights into our most material

impacts, risks, and opportunities (“IROs”),

which informed and guided our

sustainability reporting. Key outputs of

this process are summarised within the

Sustainability statement on pages 138-151.

The risk register includes a consideration

of the estimated likelihood, velocity and

financial materiality of the sustainability

related IROs, including those relating to

climate change, were assessed on both

an inherent and residual risk basis and

also documents the identified group-wide

controls and actions to mitigate the

respective risks.

The climate-related risks identified within

the DMA process, leverage the detailed

climate change risk assessment and

related scenario analysis, which Glanbia

has performed under the Task Force for

Climate-related Financial Disclosure

framework, to support our understanding

of the physical and transition risks that

climate change could potentially pose to

our business. Refer to pages 138-179 which

outlines how Glanbia has integrated our

climate risk assessment within our business

resilience analysis including details of the

material climate risks identified and the

associated mitigations in place. These

climate-related 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.

Identifying and assessing

sustainability IROs

The identification, assessment and

management of sustainability IROs followed

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 sustainability risks.

The Group’s risk appetite is agreed annually

with the Board and regularly monitored to

ensure sustainability risks remain within the

Group’s risk appetite and do not impede

the Group’s ongoing success. Sustainability

risks are managed within the relevant

operational functions, for example, raw

material risks are primarily managed by

procurement. Mitigation actions are

monitored to ensure risks remain within

the Group’s risk appetite, with the Group

Operating Executive holding overall

responsibility for executing the

sustainability strategy as outlined on

pages 140-141.

In line with the Group’s risk management

framework, sustainability IRO themes were

assessed using a consistent methodology

applied across all risk categories,

evaluating likelihood, velocity, and impact.

In addition, internal Glanbia experts scored

the sustainability IROs based on ESRS-

aligned scoring methodology, assessing

each IRO based on its unique components.

This work, supported by third-party experts

and executive-led workshops, helped

identify and define a focused set of risks

for detailed analysis. Summary of material

sustainability related topics and their

associated specific IROs are presented

in the Sustainability statement on pages

149-151. Based on the IROs identified,

management does not anticipate any

significant changes to the Group’s business

model or strategy. However, the Group

remains committed to reassessing material

IROs annually to ensure continued

relevance and responsiveness to evolving

sustainability priorities.

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

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 register submissions, discussions with

external advisors, horizon scanning and

remaining up to date 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 vulnerabilities in the

macroeconomic outlook and geopolitical

tensions, volatilities in global tariffs and

trade tensions, changes in climate-related

regulations, key ingredient price volatility,

digital disruptions including the implications

of artificial intelligence 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 54-57. 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 risks faced by

the Group, and 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 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 66-67.

Risk benchmarking is also completed,

which includes a review of external risk

publications and emerging risk trends

against the Group’s risk landscape. In 2025,

discussions considered the persistent

geopolitical tensions, escalated tariffs and

trade war, macroeconomic uncertainties,

key ingredient price volatility, the evolving

Environment, Social and Governance

(“ESG”) regulatory landscape, rapid

technological advancements, particularly

in Artificial Intelligence (“AI”), and the

growing technical sophistication of

global cybersecurity control threats.

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

Principal risks and uncertainties

Changes to risks during the year

The Directors reviewed the Group’s principal

risks and uncertainties and determined

that while the majority of the risks and

uncertainties, which are summarised in the

risk profile table above, remain relevant and

consistent with those reported in last year’s

Annual Report, the “Acquisition/integration”

principal risk has been expanded to include

potential risks associated with the

group-wide transformation programme

and renamed to “Acquisition, integration

and transformation”. No changes were

made to other principal risks, however the

underlying risk trend and potential impact

of some of these risks has evolved as the

Group continues to navigate a dynamic

risk landscape. The Group has effectively

managed the evolving risk environment in

2025 and continues to develop mitigation

measures to address these challenges.

The following risks continue to trend as

elevated in nature:

• Geopolitical risk – the geopolitical

landscape remains fragile, with

escalating tensions posing significant

risks to global trade and economic

stability. Key concerns include the

Venezuela and Ukraine conflicts,

persistent instability in the Middle East,

heightened tensions in the South China

Sea and Taiwan, and the increased

economic rivalry between the US and

China. The Board is closely monitoring

geopolitical dynamics in key trading

regions where any escalation such as

conflict, economic sanctions or trade

restrictions could impact Glanbia’s

growth objectives.

• Economic and industry risk – the Group

remains exposed to vulnerabilities in the

global macroeconomic landscape,

primarily driven by sustained pressure

in international trade. These are

exacerbated by continued uncertainties

and volatility in tariff policies that could

pose supply chain disruption and

inflationary risk pressures. The Group will

continue to closely monitor these and

any other adverse changes in economic

conditions which may increase the cost

of living and disrupt demand through

reduced consumer spending.

• Market disruption risk – while inflation

across our core markets has steadied it

remains vulnerable to negative impacts,

particularly due to the continued

volatility in trade and tariff relations

between the US and its key trading

partners, which have the potential to

drive prices higher. Given the potential

for a combination of external factors

to influence this position, the Group

continues to implement targeted

measures to mitigate remaining

inflationary pressures and navigate

competitor challenges.

• Cybersecurity and data protection risk –

remains elevated as rapid technological

advancements and the adoption of

emerging technologies, such as AI,

introduce new cybersecurity

vulnerabilities, which are constantly

evolving and becoming more

sophisticated. While the Group has

established robust governance

processes to oversee its digital and IT

transformation initiatives, a significant

breakdown in controls could result in a

potential material exposure to

cybersecurity and data protection risk.

Management is carefully evaluating

and implementing digital initiatives to

drive a transformative shift in digital

capabilities and technology enablement

while ensuring robust risk assessment

and effective risk management remain

integral to the process.

The overall risks associated with climate

change have stabilised during the period.

The progress we made in 2025 to comply

with the EU CSRD, along with our focus

on managing our environmental impact,

particularly in meeting our Scope 1 and

Scope 2 emission targets, has contributed

to a more controlled risk environment.

The current and proposed updates to

sustainability reporting have also helped

reduce reporting compliance complexity.

While the current level of risk has stabilised,

the Group remains vigilant and proactively

monitors emerging climate risks and

regulatory developments. The remaining

principal risks continue to trend as stable

due to the mitigation activities in place by

the Group as outlined on pages 58-66.

The Group actively manages these and

all other risks, inclusive of emerging risks,

through its risk management and internal

control processes.

Strategic/External Technological Operational/Regulatory Financial

Mainly external risks

associated with our

operating environment

The systems we use to drive

the business and the data

they hold

The people and processes

we use to power our

business model

Our financial status

and internal controls

Geopolitical

Economic and industry

Market disruption

Customer concentration

Climate change

Digital transformation

Cybersecurity and data

protection

Talent management

Health and safety

Supply chain

Product safety

and compliance

Acquisition, integration

and transformation

Taxation

Risk trend

Elevated

Stable

Reducing

 Glanbia plc | Annual Report and Financial Statements 2025

Drive Scale Optimise Expand Innovate

Risk trend

Elevated

Stable

Reducing

Risk management continued

Link to strategic priorities (see pages 14 to 19)

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.

Strategic Priorities

Trend

Potential impact

Political instability, civil disturbance, conflicts, wars, trade tensions and/or

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 key regions where we operate, and risk profiles are

regularly updated to stay informed about changing dynamics.

• The Group’s strategy aims to spread 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 of

geopolitical risks through regular Group risk and business segment

operational updates.

Developments in 2025

• Regular evaluation of geopolitical scenarios and their potential

impact on the business as part of strategy discussions, enabling

the Board to develop agile and informed responses to emerging

global developments.

• Active monitoring and compliance with evolving international and

local regulations, including tariffs and trade regulations. Management

maintains relationships with local and international stakeholders and

consults external advisors as required to stay informed of political and

regulatory developments.

• Throughout 2025, senior leaders from our core segments

provided regular updates to the Board and Audit Committee

on segment performance.

2026 focus areas

• Continue to monitor geopolitical tensions where any potential conflict,

economic sanctions or trade rulings could impact the growth

objectives of the Group.

• Continue to closely monitor the evolving geopolitical landscape and

potential tariffs and trade regulation volatility.

• The Board will evaluate potential geopolitical risks as part of its

strategic planning and capital allocation processes. Particular

attention will be given to acquisition opportunities and strategic

capital investments, ensuring decisions are informed by the broader

geopolitical context and aligned with long-term value creation.

Economic and industry

Our performance is influenced by global economic conditions,

consumer confidence and the stability of the markets in which

we operate.

Strategic Priorities

Trend

Potential impact

Deterioration in economic growth or consumer confidence, or significant

currency movements may impact performance and the achievement of

growth targets.

Mitigation

• Regular assessments of key market trends, the current economic

environment and their related implications on Group performance

and strategic objectives.

• The Group’s strategy aims to continue the expansion of the Group’s

geographic reach, focusing on key customer relationships and

investment in new product development which help to protect the

Group from significant economic fluctuations and material rapid

changes in the external environment.

Developments in 2025

• While the global economy showed unexpected resilience during

2025, global growth remained low and vulnerabilities continued to

remain due to increased tariffs with the full impact still unfolding.

Persistent geopolitical tensions and market volatility could further

impact many countries susceptible to economic shocks.

• Closely monitored developments and took proactive steps to mitigate

potential business impacts, leveraging measures such as targeted

promotional campaigns and strategic price management.

2026 focus areas

• The macroeconomic environment remains uncertain with tariff

threats and ongoing policy uncertainties prompting continued review

throughout 2026.

• Continue to assess and implement mitigating actions to address

challenges such as increased tariffs, remaining inflationary and

cost of living pressures and potential demand disruptions driven

by a slowdown in consumer spending particularly in our key

operating regions.

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

Market disruption

Inflationary pressures may create headwinds for the business.

Increasing competition across certain channels through

high promotional activity, competitor product innovation

and channel shifts provide an ongoing challenge.

Strategic Priorities

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

• Cost inflation mitigation across a range of initiatives including

pricing, revenue growth management and efficiency programmes.

• The PN 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.

• H&N and DN continue to focus on differentiating their capabilities

from competitors through innovation to enable them to become the

preferred partner of choice for nutritional and functional solutions in

both the dairy and non-dairy segments.

• Resources allocated to research and development for value-added,

customer-specific solutions and investments in necessary promotional

activities, where required.

Developments in 2025

• New operating model implemented in 2025, separating the Glanbia

Nutritionals business into two new segments – H&N and DN. 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.

• The direct impact of tariffs has been largely mitigated in 2025.

Remaining inflationary pressures, whey price fluctuations and

supply chain volatility were effectively managed through continuous

monitoring of consumption patterns and elasticity trends. Prices were

carefully managed and customer demand has remained resilient.

• Marketing investments focused on key brands and segments

demonstrating strong momentum. The Group effectively navigated

volatility in global dairy markets, with DN operations delivering a solid

performance throughout the year.

• As part of portfolio optimisation, completed the sale of non-core

brands SlimFast and Body & Fit, the Benelux DTC e-commerce

business during the year.

2026 focus areas

• While interest rates have eased in our core markets and inflation has

moderated, it remains persistent and vulnerable to potential negative

impacts from geopolitical tensions and higher 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 remains committed to strengthening its internal

capabilities, complemented by targeted external market research,

to monitor key market trends and deliver timely, data-driven insights

that support informed decision-making across management teams.

This is underpinned by the group-wide transformation programme

by bringing together the strengths of PN, H&N and DN to amplify

innovation strategies and assess enterprise-wide opportunities.

• Appointed a Chief Science Officer to elevate the science behind our

portfolio of ingredients, finished products and innovative technologies.

Customer concentration

The Group benefits from close commercial relationships with a

number of key customers and adverse changes could materially

impact the Group.

Strategic Priorities

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

• Strong relationships maintained with key customers through superior

customer service, quality assurance and cost competitiveness.

Continued focus remains on new customer and channel development

opportunities.

• Regular review of exposure, including credit exposure, to individual

customers and the impact of acquisitions where relevant.

Developments in 2025

• Continued to monitor major consumer channels and assess the

financial resilience of the customer base. This was supported by our

dedicated consumer insights and analytics teams.

• Commenced the transition into two distinct sales team aligned to our

new segments H&N and DN.

• Maintained a strong focus on cash collection and closely monitored

credit exposures, as customers navigated challenges posed by the

broader macroeconomic environment.

2026 focus areas

• Focus on further strengthening relationships with current customers,

especially those that make up a significant concentration of our

sales. Organic expansion, particularly in our premix facilities, and

acquisition activity position us well to grow on a global basis with

our core customers.

• Identify and evaluate opportunities for new customer acquisition and

channel development and ensure seamless continuity for current

customers as we continue to establish the sales team structures in

H&N and DN.

• Continue to build key customer partnerships through strategic

capacity expansions and product supply opportunities. Continued

collaboration across DN and H&N will remain essential, especially for

shared accounts and cross-functional initiatives.

 Glanbia plc | Annual Report and Financial Statements 2025

Risk management continued

Strategic/External Risks continued

Climate change

Failing to have an appropriate business model in place to react

to the climate-related risks and opportunities and to achieve

the Group’s commitment to protecting the environment through

responsible stewardship.

The risk of non-compliance with relevant regulations.

Strategic Priorities

Trend

Potential impact

Changes in government policy, regulation, technologies and occurrence

of extreme weather conditions, may impact the Group’s operations and

profitability or influence consumer preferences.

Failure to comply with regulatory reporting requirements and

environmental incident reporting regulations may cause reputational

damage and/or fines and penalties.

Mitigation

• A Sustainability Board subcommittee is in place to oversee the delivery

of the Group’s agenda on environmental and sustainability topics.

• A Board-approved strategy is in place to accelerate our climate

change commitments, targeting decarbonisation in our operations

and supply chain and addressing our most material environmental

impact areas. Clearly defined Board-approved targets and metrics

are in place as outlined in the Sustainability Statement.

• Group-wide sustainability programme focused on building a strong

culture, systems and governance model to oversee progress and to

ensure compliance with environmental incident reporting regulations.

• The Group’s Capital Investment Policy incorporates environmental

considerations into the existing due diligence process.

• The Group has taken a rigorous approach to measuring climate risk

impact through data, baselining and risk assessment supported by

external experts and aligned to emission reduction targets validated

by the SBTi.

Developments in 2025

• Continued to invest in strengthening our data and reporting

capabilities, with a primary focus on ensuring compliance with

the EU CSRD, which became applicable to the Group in FY 2025.

• The Group published its third Sustainability Report in accordance with

the Global Reporting Initiative (“GRI”) standards in 2025. For progress

on Scope 1, Scope 2 and Scope 3 targets and updates in respect of the

environmental pillar, please refer to the Sustainability Statement.

• Information sessions focused on CSRD reporting requirements,

readiness assessment and data governance were provided to both

the Audit and Sustainability Committees.

• Deloitte completed a limited assurance review of the Group’s FY 2024

sustainability linked loan KPIs in 2025 with no non-compliance

items noted.

2026 focus areas

• The activities of the Sustainability Committee will merge into the

Audit Committee in 2026, in recognition of the required integration

of the management of our sustainability strategy and reporting.

Regular updates will continue to be provided to the Audit Committee

to enhance awareness of the implications of proposed CSRD changes

on reporting obligations, and to ensure that climate-related risks and

impacts are fully understood and embedded within the Group’s

governance, operational practices, and strategic planning.

• The Group remains committed to supporting customers in achieving

their sustainability goals, particularly by providing transparent carbon

emissions data and assurances around ingredient sourcing risks to

also help them meet public-facing targets.

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

Technological Risks

Digital transformation

The risk of the Group implementing an ineffective

digital strategy.

Strategic Priorities

Trend

Potential impact

A failure to adopt new technologies and/or potential negative

consequences associated with integrating digital technologies

within the business may impact our targeted growth.

Mitigation

• The Chief Digital & Transformation Officer oversees and leads

the Group’s digital transformation ensuring that business units,

operations, and global support functions are optimally structured

and empowered with digital capabilities to deliver high value business

services efficiently.

• Each business unit, core business function and corporate services

function have aligned digital roadmaps that are currently being

assessed and implemented.

• The overall governance process includes the IT Investment Committee

assessments, technical architecture reviews, functional councils, and

a comprehensive Internal Audit schedule.

• Dedicated project teams with project sponsors from the business units

and/or functions are accountable for material transformation projects

with appropriate governance and user acceptance testing completed

prior to go-live.

• All enterprise systems are deployed using a centrally managed model

to ensure architecture alignment and effective process governance.

Developments in 2025

• Enhanced IT transformation and digital capabilities to drive efficiency

by harmonising processes, embedding automation and incorporating

machine learning across operations. Key initiatives included rolling out

a new SAP consolidation tool and SAP ServiceNow an online

self-service platform that supports the HR, Finance and IT teams in

day-to-day operations.

• Implemented digital transformation projects for growth enablement

including migrating onto the Shopify platform.

• Completed the segregation and separation of Leprino IT

infrastructure and applications from the Group.

• Enhanced Glanbia’s Digital Academy, the Group’s learning platform

designed to build digital fluency across the business. It offers small

bite-sized learning modules on a variety of digital topics, to educate

employees and support the Group’s digital transformation journey.

• Continued fraud prevention and cybersecurity initiatives, including

regular vulnerability scans across all eCommerce platforms.

2026 focus areas

• Progress the group-wide digital transformation programs across

Glanbia business units and functions while assessing enterprise-wide

opportunities to integrate and amplify PN, H&N and DN strategies.

• Continue to evaluate the evolving opportunities and risks presented by

emerging AI capabilities, ensuring alignment with digital

transformation objectives and cyber risk management frameworks.

• Progress the segregation and separation of Tirlán IT infrastructure

and applications from the Group in line with the agreed transition

agreements.

Cybersecurity and data protection

The Group is dependent on robust IT systems and infrastructure

for most of our principal business processes which may be

impacted by the significant growth of cyber threats.

Strategic Priorities

Trend

Potential impact

An adverse event and/or failure by third-party IT suppliers to comply with

security best practices could result in unauthorised access to, or loss of,

sensitive financial, personal, and commercial data, leading to significant

financial and reputational damage. This includes the Group’s intellectual

property (“IP”) or that of our customers.

An adverse event could also result in significant negative impacts to our

operational capabilities through ransomware or denial of service attacks.

Any significant breakdown in controls during the Group’s digital and IT

transformation initiatives may lead to material exposure to cybersecurity

and data protection risks.

Financial and reputational loss may also occur through targeted attacks

such as phishing or impersonation frauds.

Mitigation

• Dedicated Information Security team in place to manage security risks.

• Policies in place regarding the protection of both business and personal

information including AI policy and AI usage guidelines, as well as the

use of IT systems and applications by our employees.

• Systems in place, including ongoing audit activities, to monitor

compliance with relevant privacy laws and regulations.

• Cyber insurance is maintained and external expert advice is available

to address any material information/cybersecurity breaches/

third-party security issues which may arise.

• Investment in cyber-crime prevention and information security

programmes with regular security scanning across eCommerce sites

with penetration testing completed on new sites.

• Regular Group IT Board and Audit Committee updates on the Group IT

strategy and key IT risks.

 Glanbia plc | Annual Report and Financial Statements 2025

Risk management continued

Technological Risks continued

Cybersecurity and data protection continued

Developments in 2025

• Continued to evaluate and implement digital initiatives aimed

at enhancing the Group’s technological capabilities. Robust risk

assessment and effective risk management remain central to ensure

effective resilience and governance.

• Cyber risk dashboards, including updates on significant information

security matters, are presented quarterly to the Board by Senior

Management.

• Rolled out refreshed phishing simulations across the Group, with

a focus on high-risk internet users. Cybersecurity awareness and

targeted training continued to help employees recognise potential

threats and reduce the risk of successful cyber-attacks.

• Re-assessed cybersecurity and anti-fraud controls against

the U.S. Department of Commerce and the National Institute of

Standards and Technology (“NIST”) Cybersecurity Framework to

evaluate our cybersecurity controls effectiveness, ransomware

prevention, threat detection capabilities and response plans.

• Renewed the Group’s cyber insurance policy.

• Completed the integration of the Watson business within the Group’s

IT infrastructure.

2026 focus areas

• Progressing the effective integration of our IT systems and

related Group monitoring controls within our recent acquisitions,

ensuring alignment with operational standards and risk

management frameworks.

• Ensuring IP is protected through IT security measures, patent

applications and related control procedures.

• Continue the rollout of multi-factor authentication across all Group

locations including new acquisitions, reinforcing secure access for

employees and strengthening our overall cybersecurity posture.

• Promoting annual cybersecurity awareness through regular IT

awareness communications, information security training and other

initiatives to keep employees updated on new and emerging IT threats.

Operational/Regulatory Risks

Talent management

The ability to attract, develop, engage and retain

appropriately qualified talent is critical if the Group

is to continue to compete effectively.

Strategic Priorities

Trend

Potential impact

Failure to retain, attract and/or develop key talent, particularly in

emerging areas of talent need and throughout the duration of our

group-wide transformation programme, may impact our ability to

deliver sustainable value for all our stakeholders.

Mitigation

• The Group’s purpose, vision and values are embedded across all

levels of the Group through defined training programmes.

• A remuneration policy is in place with clear links to our strategic

objectives. This policy includes a balanced approach to short and

long-term incentives and is aimed at mitigating weak performance in

any one year and utilising appropriate retention tools for key individuals.

• Strong recruitment practices, effective people policies and procedures,

and a comprehensive talent and succession framework are in place.

• Global centres of excellence are in place for a number of functions

including talent acquisition, talent and culture, and total reward.

• Annual “Your Voice” employee survey in place to measure employee

sentiment and acts as a helpful diagnostic of our culture. Our smart

working hybrid model continues to operate effectively across the Group.

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

Developments in 2025

• Continued the implementation of a group-wide transformation

programme, by putting people first through clearer roles, smarter

tools and more career growth, investing in future leaders and

unlocking innovation.

• Continued both “Employee Appreciation Week” and “Development

Days”, offering a dedicated session focused on career development,

learning and knowledge sharing. These initiatives combine webinars,

in-person workshops and other people engagement activities to

ensure every employee has the opportunity to feel appreciated and

develop their skills to reach their full potential.

• Stood up DN and H&N leadership team with new CEO appointments

in both segments during the year.

• For further details on our people-related updates and initiatives

implemented during the year, please refer to page 26 of the ’Our

culture and values’ section, ’People’ section on pages 50-51 of

Sustainability review, and ‘Own workforce’ section on pages 181-195

of the Sustainability Statement.

2026 focus areas

• Monitor evolving talent retention risks driven by competitive and

inflationary pressures and digital transformation activities.

• Maintain strong focus on employee protection by promoting wellbeing

and continue enhancing communication initiatives that support the

Group’s smart working hybrid models.

• Continue to invest in our leadership capability upskilling, including

tailored programmes, such as Leading the Glanbia Way, our

foundational programme that introduces leadership capabilities and

our Values behaviours and utilising our LinkedIn Learning platform.

• Utilise our HR digital platform investments to meet our employee

learning needs. We continue to assess our talent pool through a

robust assessment process to identify key talent and prioritise their

accelerated development for future roles.

• Launched a ”Global Mentorship Program” in January 2026 which is a

powerful opportunity for employees to connect with colleagues across

Glanbia, gain fresh perspectives, and grow career opportunities

through meaningful mentorship.

Health and safety

The risk of non-compliance with health and safety and/or

building regulations resulting in injuries or a loss of capacity

or closure at a major site.

Strategic Priorities

Trend

Potential impact

Health and safety risks to our people and the wider public.

Reputational damage, regulatory penalties and an inability to service

customer requirements due to capacity restrictions or plant closure.

Mitigation

• The Group Operating Executive monitor the progress of our key health

and safety, food safety and quality and environmental objectives.

The GOE’s review is focused on the effectiveness of the framework,

adherence to Group policies and objectives and timely implementation

of corrective actions.

• All sites are subject to regular health and safety audits by the relevant

government bodies and external assurance providers.

• The Group monitors overall safety and loss prevention performance

through the independently assessed GRMS programme. This enables

a unified approach to identifying, mitigating and engaging the

workforce in continual improvement activities, while allowing tailored

training based on people’s roles.

• Dedicated health and safety officers are in place across core segments.

Developments in 2025

• A centre of excellence for Environmental, Health and Safety (EHS)

was established across the organisation as part of the group-wide

transformation programme to drive further standardisation, best

practice, shared learning and process optimisation to drive

improvement across the business segments.

• The Audit Committee received an update on health and safety

internal compliance audit activity and related metric reporting,

including the Group’s joint venture, and corrective actions taken, if any.

• Continued progress in our mission towards ‘Zero Harm’ and other

health and safety initiatives during the year as outlined on pages 50

and 181-197. Glanbia had zero fatalities or life changing/critical injuries

during the year.

• Continued close monitoring of our accident rates with a clear focus

on driving effective root cause analysis across the Group. Risk

assessment methods and leading indicators (“near miss” reporting)

in place to help drive sustainable improvement at site level.

• Refreshed over 60 EHS global standards and moved to a centralised

document control system with global dashboard reporting on monthly

EHS performance.

• H&N integrated the three Flavor Producers operating sites and the

Sweetmix premix business into the Group’s non-financial reporting

system and related dashboard reporting.

2026 focus areas

The Group Health and Safety leadership operational teams will continue

to ensure ongoing surveillance and support across the Group to

maintain business continuity, employee engagement and welfare

programmes including:

• Ensuring clearly communicated site health and safety policies and

procedures are in place.

• Monitoring evolving regulations and working to ensure continued

compliance with ESRS Health and Safety reporting requirements.

• Implementing the Group’s health and safety policies and procedures

in all future acquisitions.

• Implementing effective corrective actions to address any

improvement opportunities identified.

• Complete the defined EHS internal compliance audit schedule for

2026 and generate corrective actions to address any improvement

opportunities identified.

 Glanbia plc | Annual Report and Financial Statements 2025

Risk management continued

Operational/Regulatory Risks continued

Supply chain

The risk that ongoing geopolitical tensions, evolving on-farm

environmental requirements and/or heightened inflation

create significant headwinds for the business resulting in

prolonged supply chain disruptions.

Strategic Priorities

Trend

Potential impact

A significant geopolitical, pandemic event or extreme weather condition

could result in supply chain constraints, inflationary impacts and/or

negative impacts on our international supply and sales channels.

Milk availability and pricing can vary from quarter-to-quarter and

year-to-year with resulting impacts on production levels and input costs.

This can be exacerbated by a combination of dairy market volatility and/

or inflationary impact.

Mitigation

• Management aim to achieve a broad geographic spread for our

supplier base and other functional ingredient options.

• Appropriate short-term safety stocks are in place for our core raw

materials and detailed monitoring of raw material delay risks is in

place with alternative sources of supply identified if required.

• Dairy activities in our joint venture operations include established

robust business models to manage input cost risk.

• Our milk and procurement strategy teams work proactively with the

US patron supplier base to ensure the business remains competitive

in its supplier offerings to underpin long-term sustainable supply

including the provision of non-pricing value-added initiatives.

Developments in 2025

• Appointed a new Chief Supply Chain Officer and stood up a central

supply chain model to enable growth ambitions and deliver synergies.

The centralised supply chain model is built around Centres of

Excellence (“COEs”) – strategic hubs that bring together functional

expertise, standardise processes, and enable more consistent,

high-impact ways of working across Glanbia as part of the Group-

wide transformation programme.

• Introduced and rolled out a smart spend programme as part of the

group-wide transformation programme. Smart spend is the Group’s

new approach to purchasing goods and services across the business.

• Continued to deploy significant management effort to proactively

mitigate supply chain disruptions, underpinned by ongoing reviews of

future supply, demand, and raw material pricing through key supplier

relationships to ensure resources were available at competitive prices.

• Maintained appropriate safety stocks of core raw materials, with

ongoing monitoring of potential delay risks. Alternative sources of

supply have been identified to ensure continuity and resilience.

2026 focus areas

• Drive the smart spend programme to build a long-term process

that leverages the Group’s total spend while continuing to reduce

and manage risks.

• Expand our supplier base to mitigate single-supplier risks and unlock

scale efficiencies while actively engaging with our supply base to

ensure sustainability of supply at a level of pricing that is both

commercial and competitive.

• Monitor the potential impacts of geopolitical tensions, trade tariffs,

extreme weather events, evolving ESG regulations, and lingering

inflationary pressures particularly in relation to the import of critical

raw materials and any adverse effects on international sales channels.

Effective action will be taken where required.

• Assess the impact of price increases across our brand portfolio,

which may disrupt demand due to price elasticity. Any potential price

increases will be managed against the Group’s ambition to continue

to drive revenue growth.

Product safety and compliance

A breakdown in control processes may result in contamination

of products leading to a breach of existing food safety

legislation and potential consumer or employee illness.

Strategic Priorities

Trend

Potential impact

Reputational damage, regulatory penalties or restrictions, product

recall costs, compensation payments, lost revenues and reduced

growth potential.

The sudden introduction of more stringent regulations such as additional

labelling requirements and the Make America Healthy Again (“MAHA”)

agenda in the US may also cause operational difficulties.

Mitigation

• A global reporting tool and core Glanbia Quality Standards (“GQS”)

programme is in place.

• Considerable focus is placed on ensuring suitably qualified and

experienced staff are employed within the Group.

• New regulatory requirements and emerging issues are identified and

addressed with appropriate team training provided where necessary.

• Management ensure that appropriate product liability insurance

is maintained.

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

Developments in 2025

• Continued to uphold robust quality and auditing standards,

supported by regular reporting to the Sustainability and Audit

Committees. In parallel, we maintain effective oversight of third-party

manufacturing qualifications, ensuring ongoing compliance with

Glanbia’s food safety performance standards.

• Monitored the critical incident trends to ensure effective root cause

analysis and implementation of appropriate corrective and preventive

actions from previous incidents. For further details of the Group’s

strategy and policies as well as actions, targets and metrics achieved

on food safety, quality and compliance during the year, please refer to

pages 198-200 of the Sustainability Statement.

• Audited each of our manufacturing sites with internationally

recognised audit schemes such as GFSI and NSF on an annual basis.

All Glanbia sites have maintained compliant or above audit scores.

• Performed multi-function Corporate Business Continuity

Management simulation exercise.

2026 focus areas

• Proactively aligning our product development and sourcing

strategies with the principles of the MAHA agenda, emphasising

clean-label formulations and ingredient transparency. By leveraging

our supplier partnerships and reformulating key products, we aim to

meet evolving regulatory standards and consumer expectations for

health-focused nutrition.

• Maintaining standards as we integrate new acquisitions and optimise

our supply chain globally by encompassing a mix of owned and

contract manufacturer facilities.

• Ensuring all sites achieve or maintain a globally recognised food safety

certification in 2026. The Food Safety Auditing programme will

continue in 2026.

• Working to continuously improve our operations, particularly in the

servicing of higher risk product sectors, while reducing our

environmental impacts in a cost effective and sustainable manner.

Acquisition, integration and

transformation

The anticipated benefits of acquisitions and the group-wide

transformation may not be achieved if the Group fails to

conduct effective due diligence, complete the transaction

or properly integrate the acquired businesses and

transformation initiatives.

Strategic Priorities

Trend

Potential impact

Actual performance of the acquired business below expected

performance and the diversion of management attention to integration

efforts could result in significant value destruction.

Failure to successfully implement the group-wide transformation

programme could result in operational inefficiencies, delayed strategic

objectives, and missed opportunities for growth and integration across

business units.

Mitigation

• The Board approves the business case and funding requirements

for all significant investments, transformation initiatives and has

acquisition integration processes in place to monitor the performance

of acquired businesses.

• The Chief Corporate Development Officer and the Development

Committee are in place to oversee acquisition and divestiture related

activity and the Chief Strategy Officer oversees the group-wide

transformation programme.

• Established a robust governance and change management

framework, including clear accountability, phased implementation,

stakeholder engagement and continuous monitoring of progress

against strategic milestones.

• Management teams of acquired entities are typically strengthened

by the transfer of experienced Glanbia managers, which assists in

increasing the efficiency of integration efforts.

• Conduct mandatory post-acquisition completion and significant

capital expenditure project reviews, with regular updates to the

Audit Committee.

Developments in 2025

• Completed the separation of the GN business into two new segments

– H&N and DN 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.

• Implemented a centralised supply chain model, introduced a new

Finance structure for H&N and DN, established a new HR Leadership

structure, unified Quality & Regulatory COE and Engineering & EHS

COE and deployed enhanced HR functionalities through SAP

ServiceNow.

• Completed the acquisition of Sweetmix, a Brazil-based nutritional

premix and ingredients solutions business on 1 August 2025, for an

initial consideration of $41.4 million plus contingent consideration.

• Signed a binding agreement to acquire Scicore, an India-based

manufacturing business in November 2025. The acquisition was

completed post year-end for initial consideration of $15.1 million plus

deferred consideration of up to $1.3 million as disclosed in Note 36

to the Group Financial Statements.

• The Flavor Producers business, a leading US-based flavour platform,

acquired in April 2024, is performing well and the integration process

is continuing.

• Completed the divestment of the Body & Fit and SlimFast businesses.

• The Audit Committee assessed the impairment review of goodwill and

intangibles, including an assessment of the current global economic

environment, as outlined on page 96.

2026 focus areas

• Continue to progress our group-wide transformation programme,

which is designed to drive Glanbia’s next stage of growth and deliver

the 2030 strategic ambition.

• As part of its ongoing strategic review, the Board will continue to

assess the Group’s overall portfolio, actively explore acquisition

opportunities to drive growth, and support the achievement of the

Group’s long-term ambitions.

• Acquisition integration and post-acquisition review processes remain

under active oversight through regular Board and Audit Committee

evaluations. The continued rollout of the Group’s ERP system, SAP,

across all new acquisitions is recognised by the Board as a critical

enabler of a consistent and effective control environment throughout

the Group.

• The Audit Committee will continue to oversee the impairment testing

methodology, including the evaluation of key inputs, assumptions,

sensitivity analyses, and the results of any material businesses

performing below expectations.

 Glanbia plc | Annual Report and Financial Statements 2025

Risk management continued

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

2-67. 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

Group Financial Statements and

outlined in the Chief Financial Officer’s

review on pages 40-45;

• 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

• The general macroeconomic

environment volatility, heightened

tariffs, 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 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 2028. 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 2025.

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.

• Evolved to a simplified operating model

focused on growth with leading market

positions in the wholly-owned segments

PN, H&N and DN and a robust joint

venture business model in place.

• Powerful consumer trends and growing

categories underpin the execution of

the Group’s strategic ambition.

• Key long-term customer relationships

and complementary brands and

ingredients with leading market positions.

• Recent acquisition of Sweetmix, a

Brazil-based nutritional premix and

ingredients solutions business and post

year-end, completed the acquisition of

Scicore, an India-based manufacturing

business within the H&N segment, which

are consistent with Glanbia’s strategy of

acquiring complementary businesses to

grow its better nutrition platforms.

Financial Risk

Taxation

The Group’s tax position may be impacted by legislative

changes to local or international tax rules; or weaknesses

in the operating effectiveness of our systems of operation.

Strategic Priorities

Trend

Potential impact

The Group may be exposed to increased tax liabilities.

Mitigation

• The Group employs a team of tax professionals with diverse

and extensive experience to ensure global compliance with

legislative requirements.

• Constructively engage with tax authorities where appropriate and

we engage advisors to clarify tax legislation to ensure that we achieve

compliance with relevant tax law across the jurisdictions in which

we operate.

• The Audit Committee is updated routinely on the outcome of tax

authority reviews. No material issues arose in any such reviews in

recent years.

Developments in 2025

• The Audit Committee received a detailed management presentation

on our tax structures and controls, including Pillar II related impacts,

potential tax impacts of the One Big Beautiful Bill Act, compliance

efforts with the new tariff environment, the status of tax audits, the

ongoing management of our current operations, an overview of the

global tax environment and evolving tax legislation.

2026 focus areas

• Continue to monitor developments in international tax legislation,

with a focus on maintaining the Group’s compliance with legislative

requirements in Ireland and other jurisdictions where the Group has

operations. Management will also continue to monitor the changing

tariff landscape impact on the Group’s compliance with relevant

tariff regimes.

• The Group will engage external tax advisors where required to clarify

tax legislation and ensure compliance with relevant tax laws across

the jurisdictions in which we operate. Proactive engagement with tax

authorities, when appropriate, will also continue.

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

• Share buyback activity continued

during 2025, returning €197.2 million to

shareholders in the year. 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 2026.

• Net debt at year end increased by

$90million versus the prior year,

primarily due to the net impact of M&A

activity, returns to shareholder and

dividends from our joint venture. The net

debt: adjusted EBITDA was 1.08 times

(2024: 0.81 times) and interest cover

was 13.7 times (2024: 16.7 times),

both metrics remaining well within

financing covenants.

SEE THE CHIEF FINANCIAL OFFICER’S REVIEW

ON PAGES 40

45 FOR MORE DETAIL.

(b) The Group’s strategy and business model

• The Group is positioned at the centre of

powerful consumer megatrends, driving

growth in the fast growing health and

wellness categories, while optimising our

business through a sharper and more

focused operating model and portfolio.

This enables the Group to capture the

growth and deliver strong financial

performance while maintaining a

disciplined approach to capital allocation.

• New operating model in place in 2025

with three segments; PN, H&N and DN

which supports the Group’s clear

strategy to drive the next stage of

growth, as outlined on pages 10-11 of the

Chief Executive Officer’s review, on page

41 of the Chief Financial Officer’s review

and as recently shared at our Capital

Markets Day, held in London,

on 19 November 2025.

• Ambitious group-wide transformation

programme with good progress made

on simplifying our operating model,

delivering supply chain efficiencies,

accelerating the Group’s digital

transformation and optimising

our portfolio.

• The strategic agenda continues

to progress with the acquisition of

Sweetmix and Scicore and the disposals

of the Benelux Direct-to-Consumer

e-commerce business, Body & Fit, and

the Group’s weight management brand,

SlimFast. The Sweetmix acquisition will

enable H&N to continue to expand in

Latin America.

• 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.

• Ongoing strategy to navigate whey

volatility through margin management,

product mix and new supply including

additional whey protein isolate (“WPI”)

capacity via our joint venture partner.

• Good progress made against the stated

environmental, social and governance

objectives as outlined in Sustainability

review on pages 46-53, Sustainability

Committee Report on pages 98-99,

Nomination and Governance Committee

Report on pages 100-103 and

Sustainability Statement on pages 132-213.

• 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

23, STRATEGY ON PAGES 14

19 AND

TRANSFORMATION IN ACTION ON PAGES 20

21.

Group’s business

See pages 58-66 for a detailed description

of each of the Group’s principal risks,

including climate change risk, related

mitigation measures and 2026 focus areas.

Assessment of viability

The Directors’ assessment of the Group’s

viability was made with reference to the

2025 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 54-66. The Directors

carried out a robust assessment of the

consolidated financial forecast for the

current year and financial projections for

future years to 2028 during its strategy and

budget review session in December 2025,

with due consideration of the actual and

potential consequences of the persistent

geopolitical tensions, macroeconomic

uncertainties including tariffs, 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 made

by management of the Group’s prospects,

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;

• The development of assumptions at both

a Group and Business Unit level, which

are subject to detailed examination,

challenge and sensitivity analysis by

management and the Directors;

• The consideration of how the impact of

one or more of the principal risks and

uncertainties, outlined on pages 58-66,

could materially impact the Group’s

performance, solvency or liquidity; and

• The impact of climate change on the

Group 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.

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 rate 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 Irish

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, conflicts

and wars, climate change impacts or general

macroeconomic condition including tariffs

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 2028, 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 the

interim and proposing the final dividend.

 Glanbia plc | Annual Report and Financial Statements 2025

Directors’

Report

In this section:

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

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

 Glanbia plc | Annual Report and Financial Statements 2025

overseeing the evolution of our strategy,

including detailed updates from

management teams throughout the year.

In addition, site and market visits will

continue to play an important role as they

provide the Directors with the opportunity

to meet with employees who are

implementing our strategy.

FURTHER DETAILS ON OUR STRATEGY

CAN BE FOUND ON PAGES 14

19.

Group Chair succession and

Board refreshment

On 13 August 2025, Donard Gaynor

announced his intention to retire as Group

Chair and from the Board on 31 December

2025. I succeeded Donard as Group Chair

effective 1 January 2026.

Senan Murphy joined the Board on 30 April

2025 as an Independent Non-Executive

Director and William Carroll joined the

Board as a nominee of Tirlán Co-operative

Society Limited (the “Society”) on 12 June

2025, replacing Dan O’Connor and Gerard

O’Brien who retired on 30 April 2025

and 11 June 2025, respectively.

Committee changes

On 30 April 2025, Senan Murphy joined

the Audit Committee and was appointed

Chair of the Sustainability Committee.

On the same date, Ilona Haaijer stepped

down from the Audit Committee.

On 31 December 2025, I stepped down from

the Audit Committee in line with the Code

ahead of my appointment as Group Chair.

Senan Murphy succeeded me as Chair of

the Audit Committee effective 1 January

2026 and I was appointed Chair of the

Nomination and Governance Committee.

It is planned that during 2026 the Audit

Committee and Sustainability Committee

will be merged to form one committee

which will be chaired by Senan Murphy.

Corporate Governance Report

Introduction from the

Group Chair

“Upholding the highest standards

of governance is the foundation of

strong leadership and enduring success.”

Dear Shareholder,

On behalf of the Board, I am pleased to

present Glanbia’s Corporate Governance

Report for the year ended 3 January 2026,

which outlines how we apply the key principles

of good governance as set out in the Irish

Corporate Governance Code (the “Code”).

As I assume the role of Group Chair, my

governance priorities are clear: to maintain

the highest standards of governance, to

ensure effective oversight of our strategy

and to support the continued evolution of

Glanbia’s culture and leadership. I am

focused on ensuring these priorities are

embedded into Board discussions and

decision-making, strengthening

stakeholder engagement and ensuring that

Glanbia remains agile and well-governed in

a rapidly changing external environment.

The Board is responsible for the overall

conduct of the Group’s business, its

strategic direction and its organisational

culture, and ensuring these are aligned to

the Group’s values. We ensure that strong

corporate governance standards and

processes are embedded throughout the

Group, enabling oversight of strategy,

operations, risk and control, fostering

challenge, supporting robust decision-

making, and providing guidance to

senior management.

The Board has dedicated significant time

in recent years to evolving the Group’s

strategy and delivering strategic priorities.

This included detailed discussions with

management on our strategic priorities

and Board meetings dedicated to strategy.

The Board will continue to allocate time to

Paul Duffy

Group Chair

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

Corporate governance

Glanbia is firmly committed to maintaining

strong and effective corporate governance

as a foundation for long-term sustainable

success. This commitment supports our

strategy, enhances risk management, and

creates lasting value for our shareholders

and broader stakeholders.

Following shareholder approval at the

Annual General Meeting held on 30 April

2025, and given the limited trading volumes

of the Company’s shares in the UK, Glanbia

transferred the listing category of its

ordinary shares on the London Stock

Exchange from the Equity Shares

(Commercial Companies) (previously

known as ”premium listing”) category

to the Equity Shares (International

Commercial Companies Secondary Listing)

(previously known as ”secondary listing”)

category, effective 4 June 2025. The

Company’s ordinary shares continue to

be listed and traded on Euronext Dublin,

where it maintains its primary listing, and

on the Main Market of the London Stock

Exchange under the new secondary listing

category. Following this change, the

Company elected to follow the Code for the

2025 financial year, which is closely aligned

with the UK Corporate Governance Code.

Stakeholder engagement

Stakeholder engagement, and ensuring

the Board has a clear understanding of

stakeholder views, is fundamental to

my role as Group Chair. During 2025,

representatives of the Group held meetings

with shareholders and attended investor

conferences in the UK, Europe and the USA.

Meetings were held face-to-face where

possible. These meetings allowed the

Board to share priorities and gather

shareholder views on topics including

Board composition, succession planning,

strategy, capital allocation, sustainability

and remuneration. The Group also held a

Capital Markets Day (”CMD”) in London

on 19 November 2025, which gave us the

opportunity to present our ambition for

the Group over the next three years and

to reflect on the performance since the

previous CMD in 2022. I attended this event

along with the outgoing Group Chair and

our Senior Independent Director, which

provided me with a great opportunity

to meet some of our shareholders.

FURTHER DETAILS ARE SET OUT

ON PAGES 76 AND 145

147.

Culture

The success of Glanbia is underpinned

by the efforts, expertise and collaboration

of our employees. The Board and senior

management are committed to promoting

a safe, inclusive and diverse organisation.

The Board places strong emphasis on

promoting an inclusive and values-led

culture and during 2025 received a number

of updates in this area. Our Employee

Resource Groups (“ERGs”) play a key role in

ensuring that every employee feels valued,

respected and empowered to contribute.

The Board also received a number of

updates on how the Group’s culture and

values are embedded.

FOR MORE ON OUR CULTURE AND VALUES

SEE PAGES 26

27 AND 76

77.

Employee engagement

Employee engagement continues to inform

how we lead, is key to a strong internal

culture and allows us to gain a better

understanding of what matters to our

employees. We hosted a number of

employee roadshows where our senior

management met employees and

Gabriella Parisse, the Group’s Workforce

Engagement Director, held a number of

in-person meetings with employees from

various sites to engage and exchange

ideas. We continue to adapt new

engagement strategies, ways of working

and leadership development approaches

based on employee feedback.

The 2025 employee engagement survey

achieved a 75% participation rate. The

Board and management are implementing

actions to build on strengths and address

areas for improvement. I would like to

thank Gabriella Parisse for her ongoing

leadership in this important area.

FOR MORE ON OUR EMPLOYEE ENGAGEMENT

SEE PAGES 26 AND 76.

Sustainability

Sustainability continues to be central to

Glanbia’s strategy and values. We are

committed to delivering better nutrition

sustainably and to achieving our ambitious

sustainability goals, in line with the latest

Science Based Targets initiative (”SBTi”)

guidance, reflecting our commitment to

responsible growth and transparency,

supported by continued government and

stakeholder action as outlined on page 157.

Our ambition is to continue driving

meaningful progress across our

sustainability agenda, supporting innovation

and performance while contributing

positively to our communities, our customers

and the wider environment.

FURTHER DETAILS CAN BE FOUND

ON PAGES 98

99.

Board review

In 2025, an internally facilitated

performance review of the Board, its

Committees and individual Directors was

undertaken. The outcome of this review

confirmed a strong overall performance.

In line with the Group’s agreed triennial

cycle, an external review will be carried

out in 2026. Further information on the

review process and results can be found

on page 86.

Looking ahead

As a Board, we have a busy year ahead

with a number of governance priorities.

The Board is committed to maintaining

Glanbia’s reputation for integrity,

transparency and performance.

Underpinned by clear governance,

disciplined execution and a culture of

accountability, Glanbia is well-positioned

to deliver sustainable growth and long-

term value.

The information contained in this report

and the Corporate Governance Statement

has been set out in a way to enable the

reader to evaluate how the principles in

the Code have been applied.

Our 2026 Annual General Meeting (“AGM”)

will be held on 29 April 2026 at 11.00 a.m. at

Killashee Hotel, Naas, Co. Kildare, Ireland.

I welcome questions from shareholders,

which may be submitted via our website,

www.glanbia.com, by e-mail at

groupsecretary@glanbia.com or in person

at the AGM.

I would like to express my sincere thanks

to the Board and on behalf of the Board

to our employees, colleagues and partners

worldwide for their commitment, resilience

and integrity. Together we remain focused

on delivering better nutrition and on

building a strong, sustainable Glanbia

for the future.

On behalf of the Board,

Paul Duffy

Group Chair

 Glanbia plc | Annual Report and Financial Statements 2025

Corporate Governance Report continued

Current Board of Directors

Group Chair, Executive Directors and Secretary

Paul Duffy

Group Chair and

Non-Executive Director

Hugh McGuire

Chief Executive Officer

and Executive Director

Mark Garvey

Chief Financial Officer

and Executive Director

Liam Hennigan

Group Secretary and

Head of Investor Relations

Date of appointment

1 March 2021 1 January 2024 12 November 2013 4 April 2022

Board tenure/tenure

Five full years Seven full years (over each of his terms) Twelve full years Three full years

Skills and expertise

Experienced Chair and Chief Executive

Officer with extensive knowledge of

the consumer industry with significant

strategic and brand experience.

Extensive strategic, corporate

development and acquisition

experience. Strong leadership qualities

acquired from a successful career

within Glanbia plc.

Strong background in finance and

global executive management and

extensive experience in the food and

beverage industry.

In-depth knowledge of the consumer

goods sector, strategy, finance,

restructuring, mergers, acquisitions,

capital markets and communications.

Experience

Paul Duffy was appointed Group Chair

on 1 January 2026. Paul is a former

Group Chair and CEO of Pernod Ricard

North America, a global leader in the

Wine and Spirits industry. During his

25year career with Pernod Ricard,

Paul held a number of senior

management positions including

Group Chair and CEO roles at Pernod

Ricard UK, The Absolut Company

(Sweden) and Irish Distillers. He served

on the Pernod Ricard worldwide

management executive committee.

Paul is currently a director of

W.A.Baxter & Sons, a United Kingdom

Food Group and is a former director

of Corby Spirit and Wine Limited, a

leading Canadian marketer and

distributor of spirits and wines listed

on the Toronto Stock Exchange. Paul

is a Fellow of Chartered Accountants

Ireland and is a graduate of Trinity

College Dublin, Ireland.

Hugh McGuire was appointed as Chief

Executive Officer on 1 January 2024.

Hugh joined Glanbia in 2003 and

previously held a range of senior

leadership roles across the Group.

He served as Chief Executive Officer

of Glanbia’s Performance Nutrition

business (“PN”) from 2008 to 2023

where he led a period of substantial

growth in the business. He has been

a member of the Group Operating

Executive since 2013 and previously

served on the Board from June 2013

to April 2019. Prior to joining Glanbia,

he worked with McKinsey & Company,

Nestle and Leaf. Hugh graduated

with an M.Sc. in Food Science from

University College Dublin and has a

Diploma in Accounting and Finance

from the Association of Chartered

Certified Accountants Ireland.

Mark Garvey was appointed as Chief

Financial Officer on 12 November 2013.

Prior to joining Glanbia he held the

position of Executive Vice President

and Chief Financial Officer with

SaraLee Corporation, a leading global

food and beverage company. Mark

also held a number of senior finance

roles in the Sara Lee Corporation in

the US and Europe and prior to that he

worked with Arthur Andersen in Ireland

and the US. A Fellow of Chartered

Accountants Ireland and the

American Institute of Certified Public

Accountants, Mark graduated from

University College Dublin with a

Bachelor of Commerce degree and

Diploma in Professional Accounting

and has an Executive MBA from

Northwestern University, Illinois, USA.

Liam Hennigan was appointed

Group Secretary and Head of Investor

Relations on 4 April 2022, having

previously held the position of Group

Director of Strategic Planning and

Investor Relations. Liam joined the

Group in 2014 as Head of Investor

Relations and later took on added

responsibility for Strategic Planning.

Liam previously worked as a Corporate

Finance Director with PwC and prior

to that at Diageo plc where he worked

in brand innovation and marketing

procurement. Liam has lived and

worked extensively in the UK, USA,

Spain and Ireland. He holds a degree

in Food Technology from University

College Cork, as well as an MBA from

IE Business School, Spain and a

diploma in Accounting from the

Association of Chartered Certified

Accountants.

Key external appointments

Non-Executive Director of Hostelworld

Group plc and W.A. Baxter & Son.

Director of ClonBio Group Limited. None. None.

Committee memberships

NGC

DC DC

Key

Audit

Committee

Development

Committee

NGC

Nomination

and Governance

Committee

Remuneration

Committee

Sustainability

Committee

Chair

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

Paul Duffy

Group Chair and

Non-Executive Director

Hugh McGuire

Chief Executive Officer

and Executive Director

Mark Garvey

Chief Financial Officer

and Executive Director

Liam Hennigan

Group Secretary and

Head of Investor Relations

Date of appointment

1 March 2021 1 January 2024 12 November 2013 4 April 2022

Board tenure/tenure

Five full years Seven full years (over each of his terms) Twelve full years Three full years

Skills and expertise

Experienced Chair and Chief Executive

Officer with extensive knowledge of

the consumer industry with significant

strategic and brand experience.

Extensive strategic, corporate

development and acquisition

experience. Strong leadership qualities

acquired from a successful career

within Glanbia plc.

Strong background in finance and

global executive management and

extensive experience in the food and

beverage industry.

In-depth knowledge of the consumer

goods sector, strategy, finance,

restructuring, mergers, acquisitions,

capital markets and communications.

Experience

Paul Duffy was appointed Group Chair

on 1 January 2026. Paul is a former

Group Chair and CEO of Pernod Ricard

North America, a global leader in the

Wine and Spirits industry. During his

25year career with Pernod Ricard,

Paul held a number of senior

management positions including

Group Chair and CEO roles at Pernod

Ricard UK, The Absolut Company

(Sweden) and Irish Distillers. He served

on the Pernod Ricard worldwide

management executive committee.

Paul is currently a director of

W.A.Baxter & Sons, a United Kingdom

Food Group and is a former director

of Corby Spirit and Wine Limited, a

leading Canadian marketer and

distributor of spirits and wines listed

on the Toronto Stock Exchange. Paul

is a Fellow of Chartered Accountants

Ireland and is a graduate of Trinity

College Dublin, Ireland.

Hugh McGuire was appointed as Chief

Executive Officer on 1 January 2024.

Hugh joined Glanbia in 2003 and

previously held a range of senior

leadership roles across the Group.

He served as Chief Executive Officer

of Glanbia’s Performance Nutrition

business (“PN”) from 2008 to 2023

where he led a period of substantial

growth in the business. He has been

a member of the Group Operating

Executive since 2013 and previously

served on the Board from June 2013

to April 2019. Prior to joining Glanbia,

he worked with McKinsey & Company,

Nestle and Leaf. Hugh graduated

with an M.Sc. in Food Science from

University College Dublin and has a

Diploma in Accounting and Finance

from the Association of Chartered

Certified Accountants Ireland.

Mark Garvey was appointed as Chief

Financial Officer on 12 November 2013.

Prior to joining Glanbia he held the

position of Executive Vice President

and Chief Financial Officer with

SaraLee Corporation, a leading global

food and beverage company. Mark

also held a number of senior finance

roles in the Sara Lee Corporation in

the US and Europe and prior to that he

worked with Arthur Andersen in Ireland

and the US. A Fellow of Chartered

Accountants Ireland and the

American Institute of Certified Public

Accountants, Mark graduated from

University College Dublin with a

Bachelor of Commerce degree and

Diploma in Professional Accounting

and has an Executive MBA from

Northwestern University, Illinois, USA.

Liam Hennigan was appointed

Group Secretary and Head of Investor

Relations on 4 April 2022, having

previously held the position of Group

Director of Strategic Planning and

Investor Relations. Liam joined the

Group in 2014 as Head of Investor

Relations and later took on added

responsibility for Strategic Planning.

Liam previously worked as a Corporate

Finance Director with PwC and prior

to that at Diageo plc where he worked

in brand innovation and marketing

procurement. Liam has lived and

worked extensively in the UK, USA,

Spain and Ireland. He holds a degree

in Food Technology from University

College Cork, as well as an MBA from

IE Business School, Spain and a

diploma in Accounting from the

Association of Chartered Certified

Accountants.

Key external appointments

Non-Executive Director of Hostelworld

Group plc and W.A. Baxter & Son.

Director of ClonBio Group Limited. None. None.

Committee memberships

NGC

DC DC

Irish Corporate Governance Code (the “Code”) Compliance

The Board continues to be committed to maintaining the highest

standards of corporate governance. This Corporate Governance

Statement describes how throughout the financial year ended

3 January 2026, Glanbia applied the principles of the Code, and

complied with the provisions of the Code, with the exception of the

following explained occurrence of non-compliance. The Code

recognises that an alternative to following a provision may be

justified in particular circumstances where good governance is

still achieved. The rationale for this departure is explained below.

Provision 19 (Group Chair tenure)

In accordance with the Relationship Agreement between Glanbia

plc and the Society, Donard Gaynor, (at the time an Independent

Non-Executive Director) was appointed as Group Chair of the

Company on 8 October 2020, having been appointed to the Board

on 12 March 2013. The Board believes that the extension of the

Group Chair’s tenure until 31 December 2025, which was approved

in February 2025, was warranted to facilitate continued effective

succession planning and the development of a diverse Board. The

Group Chair’s performance is reviewed annually and the Board

was satisfied that he continued to demonstrate independence of

character and judgement and was free from any business or other

relationship that could affect his judgment, up until his retirement

from the Board on 31 December 2025. Paul Duffy was appointed

as Group Chair Designate on 13 August 2025 and assumed the role

of Group Chair on 1 January 2026.

A description of how we have applied the principles and

detailed provisions of the Code is set out in this Corporate

Governance report.

Governance in action

Board activities

Key strategic decisions are made by the Board of Directors

The Board is responsible for setting the strategic direction of the

Group and for overseeing the execution of the Group’s strategy

to create shareholder value. The Board considered the Group’s

strategy at a number of meetings throughout the year and held

dedicated strategy-focused meetings in May and October 2025.

The Board receives regular updates on progress against strategic

key performance indicators as well as on key markets in which

the Group operates.

Discussion themes during the sessions included:

• an overview of financial projections;

• review of performance of recent acquisitions; and

• consideration of growth drivers of the Group, considering

the Group’s key assets, end markets and consumer trends.

Strategic acquisition

In August 2025, Glanbia acquired Sweetmix, a Brazil-based

nutritional premix and ingredient solutions business, to strengthen

its Health & Nutrition segment in Latin America. This strategic

acquisition marks Glanbia’s first manufacturing site in the region,

focusing on high-growth specialised ingredient solutions.

 Glanbia plc | Annual Report and Financial Statements 2025

Róisín Brennan

Senior Independent Director

and Non-Executive Director

Ilona Haaijer

Non Executive Director

Jane Lodge

Non Executive Director

Senan Murphy

Non-Executive Director

Gabriella Parisse

Non-Executive Director and

Workforce Engagement

Director

Kimberly Underhill

Non-Executive Director

John G Murphy

Non-Executive Director

nominated by the Society

William Carroll

Non-Executive Director

nominated by the Society

Tom Phelan

Non-Executive Director

nominated by the Society

Date of appointment

1 January 2021 1 August 2022 1 November 2020 30 April 2025 1 June 2023 1 August 2022 29 June 2010 12 June 2025 1 June 2024

Board tenure/tenure

Five full years Three full years Five full years Less than one year Two full years Three full years 15 full years Five full years

(over each of his terms)

One full year

Skills and expertise

Extensive strategic and

financial advisory experience

across many sectors including

food and fast moving

consumer goods (“FMCG”).

Extensive and significant

leadership experience of

strategic development,

change management,

mergers and acquisitions and

leading complex, global

businesses in the food

ingredients and consumer

sectors.

In-depth knowledge of

international business,

management, corporate

transactions, corporate

governance and reporting

gained from a successful

career with Deloitte.

Extensive international

experience with a deep

understanding of diverse

market dynamics and

strategic financial

management across multiple

industries, including building

materials, renewable energy,

financial services, and

banking.

Significant experience in

consumer brand development,

the food ingredients industry,

innovation and strategic

leadership of multinational

businesses.

Extensive and significant

leadership experience in US

and international consumer

products businesses, with

particular strength in product

development, marketing,

portfolio management,

brand-building, strategic

planning and international

business development.

Extensive knowledge of the

global food and beverage

industry and significant

experience in the governance

and strategic management of

a global business gained from

his tenure on the Boards of

Tirlán Co-operative Society

Limited and Glanbia plc.

Extensive knowledge of the

global food industry and

experience in the governance

and strategic management

of a global nutrition business

gained from his tenure on the

board of Tirlán Co-operative

Society Limited.

Extensive knowledge of the

global food industry and

experience in the governance

and strategic management

of a global nutrition business

gained from his tenure on the

board of Tirlán Co-operative

Society Limited.

Experience

Róisín Brennan is a former

Chief Executive of IBI

Corporate Finance Ltd

and has over 20 years

of investment banking

experience, particularly

advising public companies

in Ireland. She brings strong

strategic and financial

advisory experience across

many sectors including food

and FMCG to the Board. Róisín

is currently a Non-Executive

Director of Ryanair Holdings

plc and Musgrave Group plc.

Formerly, she was a

Non-Executive Director of

DCC plc from 2005 until 2016

and is also a former

Non-Executive Director of

Hibernia REIT plc, Wireless

Group plc, Coillte DAC,

The Irish Takeover Panel and

Dell Bank International DAC.

A Fellow of Chartered

Accountants Ireland, Róisín

graduated from University

College Dublin, Ireland with a

Bachelor of Civil Law degree.

Ilona Haaijer is a former

President and CEO of DSM

Food Specialties, President

of DSM Personal Care and

also previously served as CEO

of Bugaboo International,

CEO of Philips AVENT, Vice

President Corporate Strategy

of Royal Philips Electronics,

and as a Consultant at The

Boston Consulting Group.

Ilona brings significant

international experience of

food ingredient and consumer

oriented businesses and is

currently Chair of the

Supervisory Board of Corbion

N.V., an Amsterdam based

Euronext listed food and

bio-technology company and

a Board Advisor of Coroflo.

Formerly, she was a

Non-Executive Director of

RPC Group plc and Royal

Boskalis Westminster N.V.

Ilona graduated from the

University of Groningen,

Netherlands with an MA in

Business Economics.

Jane Lodge is a former Senior

Audit Partner of Deloitte with

extensive knowledge and

experience of international

businesses in a wide range

of sectors. Jane served on the

Deloitte UK Board of Partners

and was the UK

Manufacturing Industry Lead

Partner. She is currently a

Non-Executive Director of

FirstGroup plc and Morgan

Advanced Materials plc.

She is a former Non-Executive

Director of DCC plc, Devro plc,

Costain Group plc, Sirius

Minerals plc, TI Fluid Systems

plc and Bakkavor Group plc.

A Fellow of the Institute of

Chartered Accountants in

England and Wales, Jane

graduated from University of

Birmingham, United Kingdom

with a BSc in Geology.

Senan Murphy was previously

the Group Finance Director

of CRH plc. Prior to joining

CRH he was Bank of Ireland

Group’s Chief Operating

Officer, having previously held

positions as Chief Operating

Officer and Finance Director

at Ulster Bank, Chief Financial

Officer at Airtricity and

numerous senior financial

roles in GE, both in Europe

and the US. Senan has over

30 years’ experience in

international business across

multiple industries including

building materials, renewable

energy, financial services and

banking. Senan holds a

Bachelor of Commerce and

a Diploma in Professional

Accounting from University

College Dublin. He is a

qualified FCA accountant

with the Institute of

Accountants and Workforce

Engagement Director.

Gabriella Parisse is currently

President and Chief Executive

Officer of Velcro Companies,

a global leader in innovative

fastening solutions and owner

of the iconic VELCRO

Brand.

She brings more than 35 years

of international leadership

experience across consumer

goods and business-to-

business industries, with

deep expertise in strategic

transformation, brand-led

growth, innovation, and

global operations. Prior to

joining Velcro Companies

and becoming CEO in 2021,

she served on the Executive

Committee of Tate & Lyle plc,

a global food ingredients

company, as President of

Innovation and Commercial

Development. Previously,

Gabriella spent 26 years at

Johnson & Johnson, where she

held multiple leadership roles

including Managing Director

of Johnson & Johnson Italy

and Vice President, Skincare

for Europe, Africa and the

Middle East. Gabriella holds

a Master’s degree in Statistics

and Demographics Science

from La Sapienza University of

Rome, Italy and is a recipient

of Italy’s Order of Merit for

Labour (Cavaliere del Lavoro).

Kimberly Underhill is a former

Group President, Consumer

Business North America of

Kimberly-Clark. During her

33year career with Kimberly-

Clark, she held roles within

research and engineering,

operations and marketing.

Kimberly served as Global

President, Kimberly-Clark

Professional and as President,

Consumer Europe. Kimberly

currently serves on the Board

of Trustees of Theda Care

Regional Medical Centre and

is a Director of The Menasha

Corporation (a privately held

company that is a packaging

manufacturer and provider

of supply chain solutions).

Formerly, Kimberly served as

Non-Executive Director of

Foot Locker Inc., the global

sportswear and footwear

retailer listed on the New York

Stock Exchange, chaired the

Network of Executive Women

and was a Director of the Food

Marketing Institute. Kimberly

graduated from Milwaukee

School of Engineering with

a MSc in Engineering

Management, and Purdue

University, USA with a BSc

in Chemical Engineering.

John G Murphy manages his

own agricultural business in

Co. Wexford, Ireland. He was

appointed Chair of Tirlán

Co-operative Society Limited

on 8 October 2020. He has

completed a Diploma in

Corporate Direction from

University College Cork.

William Carroll manages his

own agricultural business in

Co. Tipperary, Ireland. He has

served on the board of Tirlán

Co-operative Society Limited

since 2019 and was appointed

Vice-Chair of Tirlán

Co-operative Society Limited

in May 2025. He also previously

sat on the board of the

Company from 26 May 2011

to 6 November 2015.

Tom Phelan manages his

own agricultural business in

Co. Laois, Ireland. He has

served on the board of Tirlán

Co-operative Society Limited

since 2021 and was appointed

Vice-Chair of Tirlán

Co-operative Society Limited

in May 2024.

Key external appointments

Non-Executive Director of

Ryanair Holdings plc and

Musgrave Group plc.

Chair of the Supervisory

Board of Corbion N.V. and

Board Advisor of Coroflo

Limited

Non-Executive Director of

FirstGroup plc and Morgan

Advanced Materials plc.

Non-executive director of

Kingspan Group plc and

Bluestar Energy Capital.

Member of the UCD College of

Business Irish Advisory Board.

President & CEO of Velcro

Companies.

Director of The Menasha

Corporation.

Chair of Tirlán Co-operative

Society Limited.

Vice-Chair of Tirlán

Co-operative Society Limited.

Vice-Chair of Tirlán

Co-operative Society Limited.

Committee memberships

NGC

RC DC

RC AC

NGC

RC SC

Corporate Governance Report continued

Current Board of Directors and Senior Management continued

Senior Independent Director, Non-Executive Directors

Key

Audit

Committee

Development

Committee

NGC

Nomination

and Governance

Committee

Remuneration

Committee

Sustainability

Committee

Chair

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

Róisín Brennan

Senior Independent Director

and Non-Executive Director

Ilona Haaijer

Non Executive Director

Jane Lodge

Non Executive Director

Senan Murphy

Non-Executive Director

Gabriella Parisse

Non-Executive Director and

Workforce Engagement

Director

Kimberly Underhill

Non-Executive Director

John G Murphy

Non-Executive Director

nominated by the Society

William Carroll

Non-Executive Director

nominated by the Society

Tom Phelan

Non-Executive Director

nominated by the Society

Date of appointment

1 January 2021 1 August 2022 1 November 2020 30 April 2025 1 June 2023 1 August 2022 29 June 2010 12 June 2025 1 June 2024

Board tenure/tenure

Five full years Three full years Five full years Less than one year Two full years Three full years 15 full years Five full years

(over each of his terms)

One full year

Skills and expertise

Extensive strategic and

financial advisory experience

across many sectors including

food and fast moving

consumer goods (“FMCG”).

Extensive and significant

leadership experience of

strategic development,

change management,

mergers and acquisitions and

leading complex, global

businesses in the food

ingredients and consumer

sectors.

In-depth knowledge of

international business,

management, corporate

transactions, corporate

governance and reporting

gained from a successful

career with Deloitte.

Extensive international

experience with a deep

understanding of diverse

market dynamics and

strategic financial

management across multiple

industries, including building

materials, renewable energy,

financial services, and

banking.

Significant experience in

consumer brand development,

the food ingredients industry,

innovation and strategic

leadership of multinational

businesses.

Extensive and significant

leadership experience in US

and international consumer

products businesses, with

particular strength in product

development, marketing,

portfolio management,

brand-building, strategic

planning and international

business development.

Extensive knowledge of the

global food and beverage

industry and significant

experience in the governance

and strategic management of

a global business gained from

his tenure on the Boards of

Tirlán Co-operative Society

Limited and Glanbia plc.

Extensive knowledge of the

global food industry and

experience in the governance

and strategic management

of a global nutrition business

gained from his tenure on the

board of Tirlán Co-operative

Society Limited.

Extensive knowledge of the

global food industry and

experience in the governance

and strategic management

of a global nutrition business

gained from his tenure on the

board of Tirlán Co-operative

Society Limited.

Experience

Róisín Brennan is a former

Chief Executive of IBI

Corporate Finance Ltd

and has over 20 years

of investment banking

experience, particularly

advising public companies

in Ireland. She brings strong

strategic and financial

advisory experience across

many sectors including food

and FMCG to the Board. Róisín

is currently a Non-Executive

Director of Ryanair Holdings

plc and Musgrave Group plc.

Formerly, she was a

Non-Executive Director of

DCC plc from 2005 until 2016

and is also a former

Non-Executive Director of

Hibernia REIT plc, Wireless

Group plc, Coillte DAC,

The Irish Takeover Panel and

Dell Bank International DAC.

A Fellow of Chartered

Accountants Ireland, Róisín

graduated from University

College Dublin, Ireland with a

Bachelor of Civil Law degree.

Ilona Haaijer is a former

President and CEO of DSM

Food Specialties, President

of DSM Personal Care and

also previously served as CEO

of Bugaboo International,

CEO of Philips AVENT, Vice

President Corporate Strategy

of Royal Philips Electronics,

and as a Consultant at The

Boston Consulting Group.

Ilona brings significant

international experience of

food ingredient and consumer

oriented businesses and is

currently Chair of the

Supervisory Board of Corbion

N.V., an Amsterdam based

Euronext listed food and

bio-technology company and

a Board Advisor of Coroflo.

Formerly, she was a

Non-Executive Director of

RPC Group plc and Royal

Boskalis Westminster N.V.

Ilona graduated from the

University of Groningen,

Netherlands with an MA in

Business Economics.

Jane Lodge is a former Senior

Audit Partner of Deloitte with

extensive knowledge and

experience of international

businesses in a wide range

of sectors. Jane served on the

Deloitte UK Board of Partners

and was the UK

Manufacturing Industry Lead

Partner. She is currently a

Non-Executive Director of

FirstGroup plc and Morgan

Advanced Materials plc.

She is a former Non-Executive

Director of DCC plc, Devro plc,

Costain Group plc, Sirius

Minerals plc, TI Fluid Systems

plc and Bakkavor Group plc.

A Fellow of the Institute of

Chartered Accountants in

England and Wales, Jane

graduated from University of

Birmingham, United Kingdom

with a BSc in Geology.

Senan Murphy was previously

the Group Finance Director

of CRH plc. Prior to joining

CRH he was Bank of Ireland

Group’s Chief Operating

Officer, having previously held

positions as Chief Operating

Officer and Finance Director

at Ulster Bank, Chief Financial

Officer at Airtricity and

numerous senior financial

roles in GE, both in Europe

and the US. Senan has over

30 years’ experience in

international business across

multiple industries including

building materials, renewable

energy, financial services and

banking. Senan holds a

Bachelor of Commerce and

a Diploma in Professional

Accounting from University

College Dublin. He is a

qualified FCA accountant

with the Institute of

Accountants and Workforce

Engagement Director.

Gabriella Parisse is currently

President and Chief Executive

Officer of Velcro Companies,

a global leader in innovative

fastening solutions and owner

of the iconic VELCRO

Brand.

She brings more than 35 years

of international leadership

experience across consumer

goods and business-to-

business industries, with

deep expertise in strategic

transformation, brand-led

growth, innovation, and

global operations. Prior to

joining Velcro Companies

and becoming CEO in 2021,

she served on the Executive

Committee of Tate & Lyle plc,

a global food ingredients

company, as President of

Innovation and Commercial

Development. Previously,

Gabriella spent 26 years at

Johnson & Johnson, where she

held multiple leadership roles

including Managing Director

of Johnson & Johnson Italy

and Vice President, Skincare

for Europe, Africa and the

Middle East. Gabriella holds

a Master’s degree in Statistics

and Demographics Science

from La Sapienza University of

Rome, Italy and is a recipient

of Italy’s Order of Merit for

Labour (Cavaliere del Lavoro).

Kimberly Underhill is a former

Group President, Consumer

Business North America of

Kimberly-Clark. During her

33year career with Kimberly-

Clark, she held roles within

research and engineering,

operations and marketing.

Kimberly served as Global

President, Kimberly-Clark

Professional and as President,

Consumer Europe. Kimberly

currently serves on the Board

of Trustees of Theda Care

Regional Medical Centre and

is a Director of The Menasha

Corporation (a privately held

company that is a packaging

manufacturer and provider

of supply chain solutions).

Formerly, Kimberly served as

Non-Executive Director of

Foot Locker Inc., the global

sportswear and footwear

retailer listed on the New York

Stock Exchange, chaired the

Network of Executive Women

and was a Director of the Food

Marketing Institute. Kimberly

graduated from Milwaukee

School of Engineering with

a MSc in Engineering

Management, and Purdue

University, USA with a BSc

in Chemical Engineering.

John G Murphy manages his

own agricultural business in

Co. Wexford, Ireland. He was

appointed Chair of Tirlán

Co-operative Society Limited

on 8 October 2020. He has

completed a Diploma in

Corporate Direction from

University College Cork.

William Carroll manages his

own agricultural business in

Co. Tipperary, Ireland. He has

served on the board of Tirlán

Co-operative Society Limited

since 2019 and was appointed

Vice-Chair of Tirlán

Co-operative Society Limited

in May 2025. He also previously

sat on the board of the

Company from 26 May 2011

to 6 November 2015.

Tom Phelan manages his

own agricultural business in

Co. Laois, Ireland. He has

served on the board of Tirlán

Co-operative Society Limited

since 2021 and was appointed

Vice-Chair of Tirlán

Co-operative Society Limited

in May 2024.

Key external appointments

Non-Executive Director of

Ryanair Holdings plc and

Musgrave Group plc.

Chair of the Supervisory

Board of Corbion N.V. and

Board Advisor of Coroflo

Limited

Non-Executive Director of

FirstGroup plc and Morgan

Advanced Materials plc.

Non-executive director of

Kingspan Group plc and

Bluestar Energy Capital.

Member of the UCD College of

Business Irish Advisory Board.

President & CEO of Velcro

Companies.

Director of The Menasha

Corporation.

Chair of Tirlán Co-operative

Society Limited.

Vice-Chair of Tirlán

Co-operative Society Limited.

Vice-Chair of Tirlán

Co-operative Society Limited.

Committee memberships

NGC

RC DC

RC AC

NGC

RC SC

Non-Executive Directors nominated by the Society

 Glanbia plc | Annual Report and Financial Statements 2025

Corporate Governance Report

Board Leadership and Company Purpose

Employee engagement

Meaningful 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. The

Workforce Engagement Director provides

regular feedback to the Board on employee

engagement activities during the year.

The global survey of employees known as

‘Your Voice’ is carried out annually and its

findings are reviewed by the Board.

A key focus in 2025 was change

management, supporting our workforce

through a period of transformation. A

series of initiatives were launched and

events hosted to promote and prioritise

positive physical and mental employee

wellbeing. During the year, the Board also

received regular updates on the health,

safety and wellbeing of employees.

Furthermore, the Workforce Engagement

Director held a number of in-person

meetings with a broad cross-section of

employees across Ireland and the US.

FOR MORE INFORMATION

SEE PAGES 9 AND 62

63.

Customers and consumers

Maintaining a broad portfolio of consumer

brands and nutritional ingredients is key for

our customers and consumers. The Board

regularly reviews both innovation and

external opportunities to enhance the

Group’s portfolio and to ensure that it has

sufficient depth in its portfolio to meet

consumer demand. The Board is also

constantly exploring new ways to meet

customers’ and consumers’ needs.

Furthermore, we consider customer and

consumer engagement matters as part of

the overall Group sustainability strategy.

We also assess recommendations in

respect of our brands’ positioning and

focus on household penetration, net

promoter scores and consumption rates.

In terms of the Group’s investment in

Research & Development activities, the

Board works closely with management

to ensure that resources are prioritised

toward projects that anticipate and meet

customer needs, reinforcing the Group’s

competitive advantage while supporting

our strategic objectives of revenue growth,

margin expansion, enhanced returns and

delivering better nutrition in a more

environmentally sustainable manner.

FOR MORE INFORMATION SEE PAGES 28

39.

Local communities

Our vision is to have a positive social and

economic impact on our communities, by

promoting health and wellbeing while

protecting the environment. The Board

considers the maintenance of close and

supportive relationships with the

communities in which Glanbia operates to

be of particular importance to the Group.

We aim to create long-term value for the

communities in which we live, work, source

and sell. By ensuring we empower people,

increase their access to opportunities,

we can help build thriving communities

and strengthen our business. The Board

considers local community engagements

as part of the overall Group sustainability

strategy. We support and receive updates

on Glanbia’s involvement in local

communities and charitable partnerships.

FOR MORE INFORMATION SEE PAGE 146.

Suppliers and business partners

As a Group, we are committed to

excellence in food safety and quality

and adhere to international standards

at our manufacturing sites. We take

environmental stewardship seriously,

supporting our suppliers and safeguarding

animal welfare and life on land. The Board,

together with management, ensure that

the organisation works with suppliers who

provide raw materials to the required

safety and quality standards, produced

on a sustainable basis and with the proper

regard for the fair treatment of workers

across the supply chain. Our suppliers must

be compliant with the regulations and

social customs of the countries in which

they operate. The Board receives updates

on the operation of the Group procurement

function and supply chain priorities and

initiatives, and we continuously engage

with dairy producers as part of the review

of our joint venture operations.

FOR MORE INFORMATION SEE PAGE 146.

Government and non-governmental

organisations (NGOs)

As a Board we are cognisant of the

regulatory environment in which we

operate. The Board engages indirectly

with government, regulators, NGOs and

policy makers through regular reports

from the Senior Leadership Team and

management. In particular, the Board has

received regular briefings during the year

on the macroeconomic environment, world

events and emerging geopolitical trends.

Management also provided the Board with

an analysis of potential developments in

regulation and tax policies.

FOR MORE INFORMATION SEE PAGE 146.

Purpose, values and culture

Purpose

We have a clear purpose to deliver better

nutrition. Our purpose communicates the

Group’s strategic direction and intentions

to our employees and wider stakeholders.

Our values

Glanbia has a very distinct set of values

which articulate the qualities we embody

and our underlying approach to doing

business. Our values, which are at the heart

of our business and culture, are embedded

in our operational practices through the

policies approved by the Board and the

direct oversight and involvement of the

Executive Directors. In 2025, we continued

to embed our values which were refreshed

in 2024 to anchor our shared culture and

focus on our growth ambition. Our values

of: Passion for our Customers & Consumers,

Performance Matters, Respect for People,

Find a Better Way, Win Together and Sense

of Fun are the code by which the Group

operates both internally and externally.

FOR MORE INFORMATION

SEE PAGES 5 AND 26

27.

Our culture

Our business spans several continents,

but our culture is universal. Our culture

has developed from our values and is a

key strength of our business. Fuelled by a

positive growth mindset, Glanbia leaders

inspire and empower others to maximise

their performance and potential. The Board

reinforces our culture and values through its

decisions, strategy and conduct. The Board

monitors the Group’s culture through

several cultural indicators such as:

• management’s attitude to risk;

• health and safety data; and

• compliance with the Group’s policies

and procedures:

- key performance indicators, including

staff retention;

- reports received via the Group’s

whistleblowing ‘Speak-Up’ system;

- promptness of payments to suppliers;

- independent assurance is sought via

the internal audit function and other

outsourced advisers; and

- employee surveys.

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

A key consideration during our recruitment

process is whether a potential candidate

would be successful in our culture. We

reinforce our culture and values during

our induction programme, townhalls, and

monitor our employees’ success through

performance appraisals. Our senior

management teams undertake training

to ensure they are supporting their teams

and encouraging the behaviours which

align with our culture. In addition, the Board

receives regular updates from the Chief

Executive Officer and Chief Human

Resources Officer on the health, safety

and wellbeing of employees.

FOR MORE INFORMATION SEE PAGES 26

27.

Shareholder engagement

Effective communication with

shareholders is a key priority to ensure

that our shareholders are aware of the

Group’s business environment, strategy,

business model, performance and

sustainability commitments. The views

of our shareholders help to inform the

strategic decision making of the Board.

To ensure we build a culture that fosters

open and successful relationships with

our shareholders, the Group devotes

considerable time and resources each

year to shareholder engagement.

The Group Chair, Senior Leadership Team,

and Investor Relations team actively

engage with the investment community

and shareholders to discuss key issues

such as strategy, sustainability, capital

allocation, remuneration, and

governance. During 2025, the Group

engaged regularly with individual

shareholders and the investment

community through in-person and virtual

investor conferences, roadshows, our

Capital Markets Day and at the release of

the annual report and quarterly financial

results. Details on the issues covered in

those meetings and the views of

shareholders are circulated to the Board

regularly. The Company’s AGM also

provides an opportunity for the Directors

to deliver presentations and to answer

questions from shareholders, both

institutional and individual. Results

releases, presentations, share price

information and news releases are

accessible to all shareholders on the

Group’s website, www.glanbia.com. A

brief outline of the nature of the activities

undertaken by our Investor Relations

team in 2025 is set out below.

2025 Shareholder engagement

First Quarter

2025

Released the full year

results, along with

accompanying

presentation, webcast

and conference call.

Investor roadshows were

held following the

release of formal

announcements.

Media briefings and

interviews were held

on various issues.

Attended industry

conferences allowing

members of the senior

management team

to engage with key

investors and analysts.

Third Quarter

2025

Released the half year

results, along with

accompanying

presentation, webcast

and conference call.

Investor roadshows were

held following the

release of formal

announcements.

Attended industry

conferences allowing

members of the senior

management team to

engage with key

investors and analysts.

Second Quarter

2025

Released the Q1

Interim Management

Statement, along

with accompanying

presentation, webcast

and conference call.

Held the Annual General

Meeting.

Fourth Quarter

2025

Released the Q3

interim management

statement along

with accompanying

presentation, webcast

and conference call.

Held a Capital Markets

Day in November 2025.

Attended industry

conferences allowing

members of the senior

management team to

engage with key

investors and analysts.

 Glanbia plc | Annual Report and Financial Statements 2025

Meeting attendance for the Board and Committees established under the Irish Corporate Governance Code

Board meetings are the main forum for Directors to debate, review and challenge strategic, operational and governance matters

concerning the Group. Board meeting agendas are set through a collaborative process between the Group Chair, CEO and Group

Secretary and Head of Investor Relations. Detailed planning is undertaken to create an annual Board agenda programme to ensure

that strategic, operational, financial, cultural and governance items are discussed at appropriate times during the year. The Group

Chair ensures adequate time is allocated to allow effective discussion and to ensure a balance is maintained between reporting,

approvals, strategy and governance. Details of Director attendance at meetings held in 2025 are set out in the table below.

Director

Full years on

the Board

Scheduled

Board Meetings

Audit

Committee

Nomination and

Governance Committee

Remuneration

Committee

P Duffy

5 8/8 7/7 4/4 6/6

R Brennan 5 8/8 4/4 6/6

W Carroll

5 4/5

M Garvey 12 8/8

D Gaynor

12 8/8 4/4 6/6

I Haaijer

3 7/8 3/3

J Lodge 5 8/8 7/7 6/6

H McGuire 7 8/8

J Murphy 15 8/8

S Murphy

Less than 1 6/6 4/4

G O’Brien

1 3/3

D O’Connor

10 2/2 2/2

G Parisse 2 8/8

T Phelan 1 8/8

K Underhill 3 8/8 6/7 3/4 5/6

1. P Duffy stepped down from the Audit Committee on 31 December 2025.

2. W Carroll was appointed to the Board on 12 June 2025, having previously served as Director from 26 May 2011 to 6 November 2015.

3. D Gaynor retired from the Board, Nomination & Governance Committee and Remuneration Committee on 31 December 2025.

4. I Haaijer stepped down from the Audit Committee on 30 April 2025.

5. S Murphy was appointed to the Board and Audit Committee on 30 April 2025.

6. G O’Brien retired from the Board on 11 June 2025.

7. D O’Connor retired from the Board and Nomination & Governance Committee on 30 April 2025.

The following are the key matters reserved for the Board:

• Approval of the Group’s strategic plan, oversight of the Group’s operations and review of performance in light of the Group’s strategy,

objectives, business plans and budgets, ensuring that any necessary corrective/transformative action is taken;

• Ultimate oversight of risk including cybersecurity and determining the Group’s risk profile and risk appetite;

• Review the performance of the Group in light of its strategic objectives, business plans and budgets and ensuring that any necessary

corrective action is taken, if required;

• Approval of acquisitions, disposals, share buybacks and other transactions outside delegated limits;

• Financial reporting and controls, including approval of the half year results, interim management statements and full year results,

approval of the Annual Report and Financial Statements, approval of any significant changes in accounting policies or practices

and ensuring maintenance of appropriate internal control and risk management systems;

• Appointment and removal of Directors;

• Ensuring the Annual Report and Financial Statements present a fair, balanced and understandable assessment of the Group’s

position and prospects and provides the information necessary for shareholders to assess the Group’s position, performance,

business model and strategy;

• Assessment of the Group’s viability and ability to continue as a going concern;

• Capital expenditure, including annual approval of capital expenditure budgets and any material changes to them in line with the

Group-wide policy on capital expenditure;

• Dividend policy, including annual review of the dividend policy and declaration of the interim dividend and recommendation of the

final dividend;

• Review of the Group’s overall corporate governance arrangements;

• Considering the views of shareholders and ensuring a satisfactory dialogue with shareholders based on the mutual understanding

of objectives;

• Formal review of the performance of the Board, its Committees and individual Directors;

• Shareholder documentation, including approval of resolutions and corresponding documentation to be put to the shareholders

and approval of all press releases concerning matters decided by the Board; and

• Key business policies.

Corporate Governance Report continued

Board Leadership and Company Purpose continued

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

Key Board activities

The Board is responsible for promoting the long-term sustainable success of the Group to generate value for its shareholders and

contribute to the wider society. The Board recognises that the alignment of the Group’s purpose, strategy and culture is a cornerstone

of its leadership role and critical to our success.

The following pages provide an overview of a range of matters that the Board considered at its meetings. These are non-exhaustive

and detail the breadth of oversight provided by the Board in order to discharge responsible leadership.

Key Board Considerations

Strategy and performance

• The Board continues to have strong focus on delivery of strategy and

value creation for our stakeholders.

• In April 2025, the Board reiterated full year guidance of adjusted EPS in

the range of 124 – 130$cent. In August 2025, the Board upgraded full

adjusted EPS guidance to 130 – 133$cent. The full year revenue guidance

for PN was upgraded to 3-4% like-for-like revenue growth in the Q3 IMS.

• The Board approved the publication of updated financial metrics for the

2026 to 2028 financial years at its Capital Markets Day.

• The Board continued its focus on the execution of the Group’s

transformation programme to drive efficiencies across the new three

focused segments: Performance Nutrition (”PN”), Health & Nutrition

(”H&N”) and Dairy Nutrition (”DN”). This operating model is designed

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

markets and provide greater insight into Glanbia’s value drivers

and growth opportunities.

Further details

are available on

pages 12-19.

M&A activity

• The Board considered, approved and completed the acquisition of

Sweetmix, a Brazil-based nutritional premix and ingredients solutions

business within the H&N segment which will enable H&N to continue

to expand in Latin America.

• Having made the decision to exit the Body & Fit and SlimFast brands

in early 2025, the Board approved and completed the disposals of

SlimFast Americas and SlimFast ’Rest of World’ on 22 September and

20 October 2025, respectively. The disposal of Body & Fit completed on

31 October 2025.

• The Board received briefings on post-investment reviews with a view

to ensuring successful integration.

• The Development Committee and the Board continue to review the

Group’s portfolio and the corporate development pipeline and regularly

considers potential acquisition opportunities.

Further details

are available on

page 44.

Group Chair Succession

• The Senior Independent Director chaired the Chair Succession

Committee that led the selection process for the Group’s new Chair,

Paul Duffy, supported by an independent executive search firm.

Further details

are available on

page 102.

Share buyback programmes

• Between 5 January 2025 and 4 October 2025, Glanbia returned

€197.2million to shareholders via its share buyback programme,

repurchasing and cancelling 15,047,420 ordinary shares on

Euronext Dublin at an average price of €13.10.

Further details

are available in

Note 23 to the

Group Financial

Statements.

 Glanbia plc | Annual Report and Financial Statements 2025

Corporate Governance Report continued

Board Leadership and Company Purpose continued

Board and Committee

composition

• Dan O’Connor retired from the Board, Nomination and Governance

and Sustainability Committees on 30 April 2025.

• Senan Murphy was appointed as an Independent Non-Executive

Director on 30 April 2025, on the same day he became Chair of the

Sustainability Committee and member of the Audit Committee

succeeding Ilona Haaijer.

• Gerard O’Brien retired from the Board on 11 June 2025.

• William Carroll was appointed to the Board on 12 June 2025.

• Senan Murphy was appointed Audit Committee Chair on 31 December

2025, replacing Paul Duffy who stepped down from the Audit

Committee on the same date.

• Donard Gaynor retired as Group Chair on 31 December 2025 and

stepped down as member of the Nomination and Governance

Committee, Remuneration Committee and the Sustainability

Committee on the same date.

• Paul Duffy was appointed as Group Chair and to the Nomination

and Governance Committee on 1 January 2026.

Further details

are available on

pages 74-75.

Sustainability strategy

• In December 2024, the Board approved an accelerated ambition for

Scope 3 decarbonisation. The revised targets were developed to meet

the latest sector-specific guidance from the Science Based Targets

initiative (“SBTi”).

• The Board continued to progress the Group’s sustainability agenda

and remains focused on delivering against its stated commitments

and integrating sustainability within its strategic decisions.

Further details

are available on

pages 46-47

and 99.

Culture

• The Board continues to set the culture and values of the Group and

views these as integral to everything it does.

• The Board oversaw the rollout of our annual employee engagement survey.

• The Board reviewed gender pay gap progress as part of annual

reporting in this area.

Further details

are available on

pages 26-27.

Inclusion and belonging

• The Board remains dedicated to equitable opportunity for all.

• The Board focused on equipping talent acquisition with the resources

to attract and source under-represented talent and educate hiring

managers on inclusive hiring practices.

• The Board placed an increased emphasis on employee engagement,

awareness and impact, and numerous events were held by our ERGs

throughout the year in this regard.

Further details

are available on

page 50.

Capital investment

• Glanbia’s total investment in capital expenditure (tangible and

intangible assets) was $84.8 million (2024: $87.1 million). Strategic capital

expenditure totalled $51.2 million (2024: $58.4 million) and included

ongoing capacity enhancement, business integrations and IT

investments to drive further efficiencies in operations.

Further details

are available on

page 44.

Financial

• The Board approved the Group budget, the financial strategy of

the business, the half and full year results announcements, interim

management statements and carefully considered dividend payments

and matters related to the share buyback programme.

Further details

are available on

pages 40-45.

Risk management and

internal controls

• The Board reviewed the Group’s principal risks and considered

emerging risks which could impact the Group’s strategy.

• The Board received regular updates on health and safety, IT security

and updates from the Audit Committee on the critical areas of risk.

• Ongoing cybersecurity awareness continued through regular IT

awareness communications, information security training and other

initiatives to keep employees updated on new and emerging IT threats.

See pages 61-62 for further information.

• The Board reviewed the Group’s compliance training completion rate.

Further details

are available on

pages 54-67.

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

Dividend payments

• The Board is recommending a final dividend of 25.67 €cent per share

(FY 2024: 23.33 €cent per share) which brings the total dividend for

the year to 42.87 €cent (FY 2024: 38.97 €cent per share) per share,

representing an increase of 10% for the prior year. The final dividend

will be paid on 30 April 2026 to shareholders on the register of members

as at 20 March 2026. This reflects our continued strong performance

and our commitment to a progressive dividend policy.

Further details

are available on

pages 44 and 125.

Operational visits

• It has been the Board’s practice to hold a number of site visits at some

of our key locations each year to provide Directors with the opportunity

to meet local teams, see operations on the ground and have

presentations on current operations, projects and future plans.

• In June 2025, the Board met in Chicago, Illinois, which provided an

opportunity to meet with local employees, develop a deeper

understanding of the Group’s customers and the US market.

Further details

are available on

page 84.

Digital innovation

• The Board receives regular updates from the Group’s Chief Digital &

Transformation Officer to remain informed of the digital solutions being

developed by teams across Glanbia. Understanding the opportunities

and challenges of digitisation will help the Board continue to assess the

Group’s approach in this area and strengthen its oversight of digital

engagement and skills.

Further details

are available on

page 206.

Governance

• The Board received recommendations from the Group’s Committees

on key policies and matters reviewed in depth by these Committees

for Board decision.

• The Board considered recent developments in corporate governance

best practice, particularly following the introduction of the Irish

Corporate Governance Code to ensure the Group is in a position to

ensure compliance with the applicable guidance.

Further details

are available on

pages 100-103.

Employee benefits

• The Board oversaw the introduction of enhanced health-related

benefits to eligible employees in Ireland. This is a strong addition to

our suite of benefits and is an important step in our ongoing benefits

strategy. This enhancement reflects our commitment to ensuring our

employees are supported.

Further details

are available on

pages 26 and 183.

Board review

• In line with our agreed triennial cycle, an internal Board review was

conducted in 2025, following the externally-facilitated 2023 review.

The review covered agreed areas of focus which were identified in the

2024 review. An externally facilitated review will be carried out in 2026.

Further details

are available on

page 86.

 Glanbia plc | Annual Report and Financial Statements 2025

Audit

Committee

Nomination

and Governance

Committee

Remuneration

Committee

Sustainability

Committee

Development

Committee

CEO

Group Operating Executive Group Senior Leadership Team

Key activities: review of

Annual Report and

Financial Statements and

statutory Auditor’s

independence and fees,

internal controls, risk

management systems,

post-acquisition reviews

and the effectiveness of the

Group Internal Audit and

Group Finance functions.

The Group Operating Executive is comprised of the two Executive Directors,

the Chief Strategy Officer, the CEO of Health & Nutrition, the CEO of

Performance Nutrition International, the CEO of Performance Nutrition

Americas, the Chief Human Resources Officer, the Chief Corporate

Development Officer and the Chief Digital & Transformation Officer.

Key activities: monitoring performance and making strategic

recommendations to the Board.

This team includes the Group Operating Executive and the Group’s senior

business and functional leaders. Key activities: to create alignment and

drive delivery of the Group’s strategic plans.

Key activities: making

recommendations on

appointments to the Board

(including the Group Chair),

senior management

succession planning, review

of the independence and

time commitment of

Non-Executive Directors

and keeping under review

corporate governance

developments to ensure

Group governance

practices remain in line

with best practice. The

Committee also reviews

and monitors the Group’s

Inclusion and Belonging

policy and strategy.

Key activities: review of

Executive Directors’

salaries and benefits,

approval of annual

incentive targets,

long-term incentive share

awards, review of

Non-Executive Directors’

fees and compliance with

the relevant codes.

Key activities: oversight of

the Group’s environmental

sustainability programme

and strategy, monitors

progress against key

performance indicators

and external index results,

overseeing progress on

environmental

sustainability

commitments and targets.

Key activities: assist the

Board in assessing new

corporate development

opportunities.

Corporate Governance Report continued

Corporate governance framework

A description of the Governance Framework as at 3 January 2026 is set out below.

Board of Directors

The Board is collectively responsible for establishing the Group’s purpose, values and strategy, promoting its culture, overseeing its

conduct and affairs and for ensuring that the Group provides its stakeholders with a balanced assessment of the Group’s position

and prospects. It discharges some of its responsibilities directly and others through its Committee framework, the Group Operating

Executive and Group Senior Leadership Team.

Experience and skills of the Non-Executive Directors

The below matrix sets out the expertise of the Non-Executive Directors, mapped to the specific skills required of the Board to support

the Group’s long-term success.

Food and

beverage

industry

Leadership

and

management Finance

Strategic

planning

Brand

experience

Change

management

Corporate

transactions

Corporate

governance

International

business

development Sustainability

Paul Duffy

Róisín Brennan

William Carroll

Ilona Haaijer

Jane Lodge

John G Murphy

Senan Murphy

Gabriella Parisse

Tom Phelan

Kimberly Underhill

Board of Directors

Group management

The Disclosure Committee is in place to oversee the timely and accurate disclosure of all information required to be so disclosed by the Company to

meet the legal and regulatory obligations required by its stock exchange listings. It also continues to assist in the design, implementation and periodic

evaluation of disclosure controls and procedures. The current Disclosure Committee comprises of the Chief Executive Officer, the Chief Financial

Officer, the Group Secretary and Head of Investor Relations and the Group Financial Controller.

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

Division of responsibilities

Board responsibilities

To ensure that the Group operates efficiently and effectively,

the Directors, the Group Secretary and Head of Investor Relations

and the Group Operating Executive have clearly defined

responsibilities which are set out below.

Group Chair

• Leads the Board, sets the agenda and promotes a culture of

open and constructive debate at Board level.

• Promotes the integrity, probity and corporate governance

throughout the Group.

• Regularly meets with the Chief Executive Officer and other

senior management to stay informed on the Group’s

performance, challenges and opportunities.

• Ensures effective communication with our stakeholders.

Chief Executive Officer

• Develops and implements strategy and chairs the Group

Operating Executive.

• Leads the day-to-day business and operations through the

Group Operating Executive.

• Maintains a dialogue with the Group Chair on important and

strategic issues facing the Group, and alerts the Group Chair

to forthcoming challenges and opportunities.

• Instils purpose, vision and value standards throughout the

organisation.

Senior Independent Director

• Provides support and acts as a sounding board to the Group

Chair and appraises his performance.

• Acts as intermediary for other Directors, if needed.

• Is available to respond to shareholder concerns when contact

through the normal channels is inappropriate.

Chief Financial Officer

• Manages the effectiveness and profitability of the Group

including financial and operational risk management.

• Develops appropriate capital and corporate structures

to ensure the Group’s strategy is met.

• Member of the Group Operating Executive.

Group Operating Executive

• Led by the Chief Executive Officer, develops and executes the Group’s

strategy in line with the policies and objectives agreed by the Board.

• Manages operational effectiveness and profitability of the Group.

• Operates as the Group Risk Committee and Group Investment

Committee.

Non-Executive Directors

• Provide independent insight and support to the Group Chair in

instilling the appropriate culture, values and behaviours in the Group.

• Contribute to developing strategy.

• Scrutinise and constructively challenge the performance of

the business, management and individual Executive Directors.

• Monitor the integrity of financial information and ensure that there

are robust financial controls and systems of risk management.

• Determine and agree the framework and policy for Executive

remuneration.

• Oversee Board succession planning.

Group Secretary and Head of Investor Relations

• Monitors the Group’s compliance with legal, regulatory,

governance, ethics, policy and procedural matters.

• Ensures the Group is appropriately and strategically positioned

with analysts, investors, and all stakeholders.

• In conjunction with the Group Chair, ensures that the Directors

receive timely and clear information so that the Directors are

equipped for robust debate and informed decision making.

• Supports the Group Chair by organising induction and

training programmes for the Board and Non-Executive Directors.

• Provides support and guidance to the Board and the Group Chair,

and acts as an intermediary for Non-Executive Directors.

• Manages the publication of results and investor engagement.

Composition

The Board has a clear governance framework with defined

responsibilities and accountabilities which ensures that policies and

procedures set at Board level are effectively communicated across the

whole Group. The Board has established certain principal Committees

to assist it in fulfilling its oversight responsibilities, providing detailed

focus on particular areas as set out in the respective Committee Reports

that follow. The Committees focus on their areas of expertise enabling

the Board to focus on strategy, performance, leadership and people,

governance and risk, and stakeholder engagement, thereby making the

best use of the Board’s time together as a whole. The Committee Chairs

report to the full Board at each Board meeting following their

sessions, ensuring a good communication flow while retaining the

ability to escalate matters to the full Board’s agenda if appropriate.

Information flow for the Board

The Group Chair, with the assistance of the Chief Executive Officer and

the Group Secretary and Head of Investor Relations, is responsible for

ensuring that Directors are supplied with information in a timely manner

and of an appropriate quality that enables them to discharge their

duties effectively, and that the Board minutes accurately capture the

essence of the discussions. Board papers are published typically seven

days prior to each meeting to ensure the Board has sufficient time to

review and consider the papers in advance of the meeting. In the normal

course of business, such information is provided by the Chief Executive

Officer in a regular report to the Board that includes information on

operational matters, strategic developments, financial performance

relative to the business plan, business development, corporate

responsibility and investor relations. The Board meets sufficiently

frequently to discharge its duties, and holds additional unscheduled

meetings when required, for example to discuss a strategic growth

opportunity if it arises or deal with a specific matter of business.

Each scheduled Board meeting follows a carefully tailored agenda

agreed in advance by the Group Chair, the Chief Executive Officer

and the Group Secretary and Head of Investor Relations. A

significant portion of each agenda is dedicated to strategic

priorities, long-term value creation and key emerging opportunities

and risks. At each scheduled Board meeting, the Chief Executive

Officer, the Chief Financial Officer and the business segment CEOs

provide detailed operational and financial updates that inform and

support the Board’s strategic discussions. Depending on the nature

of the agenda item to be considered, other senior executives are

invited to make presentations or participate in Board discussions

to ensure that Board decisions are supported by a full analysis.

Throughout the year the Chairs of the Audit, Nomination and

Governance, Remuneration, Sustainability and Development

Committees updated the Board on the proceedings of their

meetings, including the key discussion points and any particular

areas of concern. All Directors have access to the advice and

services of the Group Secretary and Head of Investor Relations,

who is responsible for advising the Board on all governance matters.

The Directors also have access to independent professional advice,

if required, provided by the Group. This is coordinated through the

Group Secretary and Head of Investor Relations. Board and

Committee meetings are held in person, with the option for Directors

to attend remotely by exception. In the event that a Director is

unable to attend a meeting, they are given an opportunity to make

their views known to the Group Chair or the Chief Executive Officer

prior to the meeting. In addition to formal meetings, the Group Chair

and Chief Executive Officer maintain regular contact with all

Directors. The Group Chair also holds informal meetings or calls

with Non-Executive Directors, without any of the Executives being

present, to discuss issues affecting the Group, as appropriate.

 Glanbia plc | Annual Report and Financial Statements 2025

Corporate Governance Report continued

Composition, succession and review

Board structure

The Board, who bring experience from a diverse range of

industries, including corporate finance, accountancy, finance

and industry (food and beverage, fast moving consumer goods

and production), currently comprises 12 Directors: two Executive

Directors, the Group Chair and 9 Non-Executive Directors of

whom three are currently nominated by the Society.

Appointments to the Board:

policy, diversity and succession planning

Having regard to the right of the Society to nominate Directors to

the Board, the Nomination and Governance Committee keeps the

Board’s balance of skills, knowledge, experience and the tenure

of Directors under continuous review. During 2018, the Board

approved a Board Diversity Policy which recognises the benefits

of diversity. This was updated in early 2022 to reflect that the

Group has agreed that as new Director appointments are made,

the target is that a minimum of 50% of the Independent (of the

Society) Non-Executive Directors will be female. As at 3 January

2026, females represented 71% of the Independent (of the Society)

Non-Executive Directors and 42% of the full Board, and the

Society had three nominees on the Board.

In respect of succession planning and maintaining the skill set of

the Board, there is an established procedure for the appointment

of new Directors and Senior Executives. The Nomination and

Governance Committee considers the set of skills and experience

required as well as the Company’s targets on Board diversity.

External search agencies are engaged to assist where

appropriate. The Company also has a formal policy with respect

to the appointment of new Independent Non-Executive Directors

(other than those nominated by the Society). Further information

on appointments to the Board and succession planning can be

found on pages 100-103.

Induction

The Company puts full, formal and tailored induction programmes

in place for all of its new Directors. While Directors’ backgrounds

and experience are taken into account, the induction programme

is aimed to be a broad introduction to the Group’s businesses and

its areas of significant risk. Directors receive comprehensive

briefing documents on the Group, its operations and their duties

as a Director and are also given presentations by senior

management. In addition, they are encouraged to visit sites

and meet with local management.

Induction programmes are usually completed within the first six

months of a Director’s appointment and the Group Secretary

and Head of Investor Relations provides assistance and support

throughout the induction process. The programmes are reviewed

regularly to consider Directors’ feedback and are continually

updated in line with best practice.

Senan Murphy and William Carroll joined the Board on 30 April

2025 and 12 June 2025 respectively and received an extensive and

thorough induction involving one-to-one meetings with the Group

Chair, the Chief Executive Officer, the Chief Financial Officer and

other members of senior management from various Group

functions including Group Finance, Group Treasury, Group Tax,

Group HR and Group IT.

In June 2025, Senan and William met with each member of the

Group Operating Executive team as part of their induction process,

they visited the Performance Nutrition manufacturing plant in

Aurora, Illinois, US and met with US based management within

Performance Nutrition, Health & Nutrition and Dairy Nutrition.

Board visits

In June 2025, the Board visited our offices in Chicago, Illinois.

During the visit, the Directors met with management from a

number of Glanbia sites as well as employees from various

segments. Board visits provide an important opportunity for

the Board to meet with customers, management teams and

the wider workforce and to gain a deeper understanding of

key operations. During these visits, the Board focused on

several key issues, including financial indicators and progress

against them, employee engagement, culture and safety.

Overall, these visits provide real insight into the culture and

operation of the business and valuable opportunity for the

Board to engage with the businesses, see first-hand the

Group’s operations, gain a deeper understanding of their

operations, opportunities and challenges. The insights

gained assist in informing the Board’s wider decision making

and ensure that the Group continues to support the growth

and success of the businesses within it. Opportunities to

visit our operations globally are important for new Board

members in particular, as they provide our Directors with

the opportunity to understand operations, performance and

challenges in a regional context. Board members also get the

opportunity to meet with local employees in different roles at

different levels of seniority and from varying backgrounds.

Governance in action

Senior Independent Director, Róisín Brennan, speaking to attendees at the

Glanbia Capital Markets Day.

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

Board development

The Group Chair regularly encourages the Non-Executive Directors

to update their skills, expertise and knowledge of the Group in order

to carry out their responsibilities to a high standard. This is

achieved by regular presentations at Board meetings from senior

management on matters of significance such as risk management

and strategy. During the year the Board and Committees received

presentations from the Executive Directors, the Chairs of each of

the Committees, the CEOs of Performance Nutrition, Health &

Nutrition and Dairy Nutrition and corporate functions.

The Group Secretary and Head of Investor Relations in conjunction

with Glanbia’s advisers, monitor legal and governance

developments. Directors are regularly provided with updates on

corporate governance, legislative and regulatory issues, and an

annual update is circulated and presented to the Nomination and

Governance Committee. As part of their annual performance

review, Directors are given the opportunity to discuss their own

training and development needs and our Directors can avail of

external courses.

Directors are also invited to identify areas in which they would

like additional information or training, following which the Group

Secretary and Head of Investor Relations will arrange for the

necessary resources and supports to be put in place.

In addition to the induction programme that all Directors

undertake on joining the Board, an ongoing programme of

Director development has been established. For example, it is

the practice of the Board to visit key business locations each year

to provide Directors with the opportunity to meet local teams,

see operations on the ground and have presentations on current

operations, projects, future plans and strategy.

Relationship with the Society and independence

Tirlán Co-operative Society Limited (the “Society”) is a founding

shareholder of the Company. The Society continues to be the

Company’s largest shareholder with a holding of 17.86% as at

3 January 2026. Since the establishment of the Company, the

Society has had the right to nominate Directors to the Board of

the Company, the number of which has reduced over time in line

with the Society’s decreasing shareholding in the Company. As at

3 January 2026, the Society had three nominees on the Board. In

accordance with the relationship agreement dated 5 May 2021,

the Company and the Society are currently considering the future

representation of the Society on the Board, taking into account

the decrease in the Society’s shareholding in the Company.

The Board and the Nomination and Governance Committee

are of the view that all Non-Executive Directors demonstrate the

essential characteristics of independence and bring independent

challenge and deliberations to the Board. Notwithstanding this,

the Non-Executive Directors nominated by the Society are not

considered to be independent by the Board solely for the purposes

of the Code, nor are the Executive Directors. Excluding the Group

Chair in line with the Code, six Directors, representing 54.5% of

the Board, are considered independent. Further detail is in the

Nomination and Governance Committee Report on page 102.

Conflicts of interest

The Group has robust procedures in relation to conflicts of interest.

Directors, upon their appointment are advised of their duty to

declare their conflicts and are requested to declare their general

interest in any entity in which they are to be regarded as interested

in any contract which may, after their appointment, be made with

that entity. The Group also has a conflicts of interest policy in

place to assist with effectively identifying, disclosing and

managing any actual, potential or perceived conflicts of interest

that may arise.

Induction activities

Following his appointment, Senan underwent a

formal induction programme which was tailored to

his individual requirements and included the below

induction activities.

• Provision of a detailed information pack including

key corporate governance policies, Board papers,

financial and strategic documents and information

on Directors’ duties, responsibilities and regulatory

obligations.

• Meetings with members of the Group Operating

Executive.

• Meetings with the Group Chair, the Senior

Independent Director and the Chairs of

the Remuneration Committee and the

Audit Committee.

• Meetings with functional leaders on matters such

as Board and corporate governance, corporate

development, internal audit, strategy, investor

relations, human resources and sustainability.

• Meetings with segment leaders to obtain an

overview of each business.

• Site visits to see first-hand the Group’s

operations while engaging with employees

and senior management.

“My induction to the Glanbia Board

was both comprehensive and highly

informative, providing me with a

clear understanding of the

organisation’s priorities, governance

practices and strategic direction.”

Senan Murphy,

Non-Executive Director

Governance in action

 Glanbia plc | Annual Report and Financial Statements 2025

Corporate Governance Report continued

Composition, succession and review continued

Board effectiveness review

A key component of good governance and board effectiveness is an

annual review to ensure that the Board, its Committees and Board

members are continuing to operate and perform effectively. The

Group has established a formal process for the annual review of the

performance of the Board and its principal Committees, including

a triennial external review. The external review supplements our

existing internal Board performance review processes.

This year, our Board review was facilitated internally in line with our

agreed three-year performance review cycle. The review focused

on evaluating the progress on 2024 focus areas and the 2025

performance of the Board and the Committees. An external board

evaluation will take place in 2026.

Review process

The process that was followed for the 2025 review and the

conclusions of the review are set out on page 87.

Individual Directors’ review

Executive Directors’ variable pay is tied to their personal

contribution to organisational effectiveness and as such both the

Chief Executive Officer and the Chief Financial Officer are subject

to rigorous review each year. The Chief Executive Officer sets the

strategic performance objectives for the Chief Financial Officer

and the Chief Executive Officer’s strategic objectives are set by

the Group Chair in conjunction with the Remuneration Committee.

All strategic objectives are then agreed with the Remuneration

Committee which monitors the Executive Directors’ progress

throughout the year. More details can be found in the

Remuneration Committee report on pages 104-123.

The performance of the Group Chair is reviewed internally each

year by the Board (in the absence of the Group Chair), led by the

Senior Independent Director (“SID”). In 2025, the Board conducted

a review of the then Group Chair, Donard Gaynor’s performance,

and noted that he was very committed to his role and was always

available to Directors and stakeholders. The Board acknowledged

the then Group Chair’s understanding of the Group and his

dedication to the role. Paul Duffy was appointed Group Chair on

1 January 2026.

Subject to the right of the Society to nominate Non-Executive

Directors, the Non-Executive Directors are appointed for an initial

three-year term unless otherwise terminated earlier by and at

the discretion of either party upon written notice. Continuation

of their appointment(s) is contingent on satisfactory performance

and election or re-election at each AGM. Additionally, all new

Independent Non-Executive Directors, and any re-appointments,

will be subject to a rigorous review by the Nomination and

Governance Committee after each three-year term and annually

after six years.

Election or re-election of Directors

Each of the Directors is subject to annual re-election by

shareholders.

The Group Chair has confirmed that each of the Directors who are

seeking election or re-election continue to be effective members

of the Board and demonstrate their commitment to their

responsibilities. The Directors bring extensive senior leadership

experience, strategic commercial business acumen, wide ranging

operational experience and strong understanding of global

capital markets and major transactions. The Board believes that

the considerable and wide-ranging experience and perspective of

the Directors will continue to be invaluable to the Company and its

long-term sustainable success and recommends their election or

re-election.

Diversity representation as at 3 January 2026

The following tables set out the information required to be disclosed under Provision 24 of the Code and FCA Listing Rule 14.3.30 as set

out in Annex 1 to UK LR 14, as at 3 January 2026. For the purposes of these tables, executive management is as defined in the Listing

Rules, being the executive committee or the most senior executive or managerial management body below the Board (or where there

is no such formal committee or body, the most senior level of managers reporting to the Chief Executive Officer, including the company

secretary but excluding administrative and support staff). For Glanbia, this is the Group Operating Executive and the Group Secretary

and Head of Investor Relations. Collection of data was done on the basis of self-reporting from each Board member and member of

executive management.

In accordance with the Relationship Agreement, the Society nominates three of the Company’s twelve Board members. The current

percentage of women on the Board (excluding the Directors nominated by the Society) is 55.5%. Composition of the board, its diversity

and the diversity of the Group as a whole is kept under close review.

Gender identity

Number of

board members

Percentage of

the board

Number of

senior positions

on the board

(CEO, CFO, SID

and Group

Chair)

Number in

executive

management

Percentage of

executive

management

Men 7 58% 3 5 56%

Women 5 42% 1 4 44%

Not specified/prefer not to say – – – – –

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

Ethnic background

Number of

board members

Percentage of

the board

Number of

senior positions

on the board

(CEO, CFO, SID

and Group

Chair)

Number in

executive

management

Percentage of

executive

management

White British or other White (including minority-white groups) 12 100% 4 8 89%

Mixed/Multiple Ethnic Groups – – – – –

Asian/Asian British – – – 1 11%

Black/African/Caribbean/ Black British – – – – –

Other ethnic group – – – – –

Not specified/prefer not to say – – – – –

Scope

The Group Chair, Group Secretary and Head of Investor Relations agreed the scope and process of the review

would be to focus on progress against FY 2025 priorities following the external review completed in December

2023 and the internal review conducted in December 2024.

Questionnaire

All Board members, the Group Operating Executive, and the Group Secretary and Head of Investor Relations

were requested to complete an online confidential questionnaire. All responses were anonymised.

Independent

Non-Executive

Director

meetings

The Group Chair held a meeting with each Independent Non-Executive Director to complete the review of their

performance and to explore in more detail any concerns or feedback.

Analysis

Questionnaires were reviewed by the Group Chair, the Senior Independent Director (“SID”) and the Group

Secretary and Head of Investor Relations, followed by the preparation of a report highlighting strengths and

opportunities for enhancement.

Executive

Director

and Group

Chair review

The then Group Chair, Donard Gaynor, held a private meeting with the Non-Executive Directors only, to consider

the Executive Directors’ performance during the year. The SID led the evaluation of the Group Chair and held a

private meeting with the Non-Executive Directors to consider his performance during the year.

Report

The final report was shared with the Board in advance of the December 2025 board meeting, at which the report

was discussed.

Findings

The review confirmed that the Board continues to operate

effectively and remains strongly committed to the long-term

success of the Group. Feedback was positive and found that

the Board demonstrates strong engagement and oversight,

high-quality debate and effective risk management oversight.

The Board’s increased focus on strategy over the past two years,

culminating in the Capital Markets Day in November 2025 was

also singled out.

The composition of the Board is regarded as strong with a

well-balanced mix of skills and expertise that support

constructive challenge as well as providing strengthened

succession planning for the Board and Committees. The Board

was of the view that the Group Chair succession process was

robust and proactively managed.

The value of executive sessions and overseas visits, which deepen

the understanding of the Group’s operations, markets and senior

leadership was highlighted. The Board’s oversight of transformation

programmes was also recognised as a strength area.

A review of the performance and effectiveness of each of the

Board’s Committees was also undertaken and found that each

of the Board’s Committees are viewed as effective and well-

supported, with clear roles and responsibilities.

For 2026, focus areas will include:

• further enhancement of board papers;

• leveraging digital tools to improve meeting delivery;

• reviewing committee structures and refreshing committee

memberships; and

• increasing board involvement in succession planning.

An external review will be conducted in 2026 in line with the

Group’s agreed triennial cycle.

Board review model

 Glanbia plc | Annual Report and Financial Statements 2025

Corporate Governance Report continued

Audit, risk and internal control and remuneration

Audit, risk and internal control

Risk management and internal control

Effective risk management underpins our operating, financial and

governance activities. The Board continues to place particular

emphasis on monitoring both principal and emerging risks and

regularly monitors the risk management framework to ensure risks

are being appropriately mitigated and new risks identified.

While the Board has ultimate responsibility for determining the

Group’s risk profile and risk appetite, the Board has delegated

responsibility for reviewing the design and implementation of the

Group’s risk management and internal control systems to the

Audit Committee.

These systems are designed to manage, rather than eliminate, the

risk of failure to achieve business objectives and provide reasonable,

but not absolute, assurance against material misstatement or loss.

During the year, the Board considered the Group’s key risk reports

and received updates from the Audit Committee Chair on the

programme of risk presentations from key risk managers across

the Group. This work provided a comprehensive insight into how key

risk exposures are managed and better informs the Board in its

evaluation of progress against strategic objectives of the business.

The Board and management are satisfied that appropriate

risk management and internal control systems are in place

throughout the Group. The Risk Management Report is contained

on pages 54-67.

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 1-67.

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

therefore continues to adopt the going concern basis in preparing

its Financial Statements. The full Going Concern Statement is

contained on page 66.

Long-term viability statement

In accordance with the Code and Euronext Dublin Listing Rule

6.1.11(1), the Directors have assessed the viability of the Group and

its ability to meet its liabilities as they fall due over a period

extending to 2028, taking into account the Group’s current

financial position, the Group’s strategy and business model and

the potential impact arising from the principal risks and

uncertainties. The factors considered in assessing the long-term

prospects are detailed on pages 66-67.

Having considered these factors, the Board assessed the

prospects and viability of the Group in accordance with the 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 full viability

statement is contained on pages 66-67.

Fair, balanced and understandable

The Directors have concluded that the Annual Report and

Financial Statements, taken as a whole is fair, balanced and

understandable and provides the information necessary for

shareholders to assess the Group and the Company position,

performance, business model and strategy. This evaluation was

supported by the Audit Committee as outlined in its Report on

pages 92-93.

Adequate accounting records

The Directors are responsible for keeping adequate accounting

records that are sufficient to correctly record and explain the

transactions of the Company or enable, at any time, the assets,

liabilities, financial position and profit or loss of the Company to be

determined with reasonable accuracy, enable the Directors to

ensure that the Financial Statements comply with the Companies

Act 2014, and, as regards the Group Financial Statements, Article 4

of the IAS Regulation, enable those Financial Statements to be

audited. The Directors, through the use of appropriate procedures

and systems, have also ensured that measures are in place to

secure compliance with the Company’s and the Group’s obligation

to keep adequate accounting records. These accounting records

are kept at the registered office of the Company.

Accountability and audit

Directors’ responsibilities for preparing the Financial Statements

for the Company and the Group are detailed on pages 130-131.

The Independent Auditor’s Report details the respective

responsibilities of Directors and the statutory auditor.

Statutory auditor

The statutory auditor, Deloitte Ireland LLP was originally

appointed on 27 April 2016. Subject to approval at the 2026 AGM,

in accordance with section 383(1) of the Companies Act 2014,

EY will be appointed as our new statutory auditor for the financial

year commencing January 2026 with effect from the conclusion

of the AGM 2026.

Disclosure of information to statutory auditor

In accordance with the provisions of section 330 of the Companies

Act 2014, each of the persons who are Directors of the Company

at the date of approval of this Report confirms that:

• so far as the Director is aware, there is no relevant audit

information (as defined in the Companies Act 2014) of which

the statutory auditor is unaware; and

• the Director has taken all the steps that he/she ought to have

taken as a Director to make himself/herself aware of any

relevant audit information (as defined) and to ensure that

the statutory auditor is aware of such information.

Remuneration

The Remuneration Committee’s agenda continued to apply focus

to the key matters of Group and individual Executive Director

performance and the consideration of appropriate targets for 2025

and beyond. Our aim is to ensure that our remuneration policies

and practices remain competitive within our industry to attract,

retain and motivate high quality and committed people who are

critical to the future development and growth of the Group.

Details of the Remuneration Policy and the work of the

Remuneration Committee can be obtained in the

Remuneration Report.

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

Compliance statements

Directors’ compliance statement

It is the policy of the Company to comply with its relevant

obligations (as defined in the Companies Act 2014). The Directors

have drawn up a compliance policy statement as defined in

section 225(3)(a) of the Companies Act 2014. Arrangements

and structures have been put in place that are, in the Directors’

opinion, designed to secure material compliance with the

Company’s relevant obligations. These arrangements and

structures were reviewed by the Company during the financial

year. As required by section 225(2) of the Companies Act 2014,

the Directors acknowledge that they are responsible for the

Company’s compliance with the relevant obligations. In

discharging their responsibilities under section 225, the Directors

relied on the advice of third parties whom the Directors believe

have the requisite knowledge and experience to advise the

Company on compliance with its relevant obligations.

Corporate governance statement

During 2025 the Group was subject to the Irish Corporate

Governance Code. Our Corporate Governance Statement can

be found on page 70.

Euronext Dublin is responsible for the publication and periodic

review of the Irish Corporate Governance Code, which can be

found on the Euronext website: www.euronext.com

Our approach to corporate governance and how we apply the

principles of the Code is set out in this Corporate Governance

Report, the Board and senior management section, the Non-

Financial Reporting Statement, Task Force on Climate-related

Financial Disclosures Report and the Risk Management Report

(all of which are deemed to be incorporated in this Corporate

Governance Report). The Reports from the Chairs of the Audit,

Nomination and Governance, Remuneration and Sustainability

Committees highlight the key areas of focus for, and the

background to, the principal decisions taken by those Committees,

which form an integral part of our governance structure. A fair,

balanced and understandable assessment of the Group’s position

and prospects is set out in the Strategic Report on pages 1-67.

The Strategic Report also includes other important information

relating to Governance including our approach to People,

Sustainability and Stakeholders. Other Statutory Information

contains certain other information required to be incorporated

into this Corporate Governance Statement. All of these

statements are deemed to be incorporated in the Corporate

Governance Statement.

Irish Corporate Governance Code Pages

Board Leadership and Company Purpose 76-81

Division of Responsibilities 83

Composition Succession and Evaluation 83-87

Audit Risk and Internal Control 88

Remuneration 104-123

Section 1373 Companies Act 2014 Pages

Applicable Codes 73

Departures from the Code 73

Risk Management and Internal Control 88

Takeover Regulations 127

Shareholder Information 301-304

Board and Committees 72-75

 Glanbia plc | Annual Report and Financial Statements 2025

Audit Committee Report

Championing robust

oversight and controls

Terms of reference

The full terms of reference of the Audit

Committee, which were reviewed and

updated during the year, can be found on

the Group’s website: www.glanbia.com or

can be obtained from the Group Secretary

and Head of Investor Relations.

Key responsibilities

Monitoring the corporate reporting process

for preparing the annual report and the

integrity of the financial statements and

other formal announcements relating to

the Group’s financial performance.

Reviewing and reporting to the Board the

significant financial reporting issues and

judgements applied in preparing the

Group’s Financial Statements, interim

reports and related formal statements.

Reviewing the appropriateness and

consistency of the accounting policies applied

in preparing the Group’s Financial Statements.

Advising the Board on whether the Annual

Report and Financial Statements, taken as a

whole, is fair, balanced and understandable.

Assisting the Board in monitoring, reviewing

and maintaining the effectiveness of the

Group’s internal control and risk management

system and assessing the emerging and

principal risks facing the Group.

Reviewing specialist reports and receiving

key strategic updates from management

to identify issues that may have a material

impact to the Group amid the group-wide

transformation programme.

Monitoring key IT and cybersecurity risks

and overseeing the Group’s compliance with

relevant sustainability reporting requirements.

Advising the Board of any material

uncertainties that may impact the Group’s

ability to continue as a going concern and

the appropriateness of the Group’s

long-term viability statement.

Reviewing and monitoring the effectiveness

of the statutory audit process, taking into

consideration relevant regulatory requirements.

Reviewing and monitoring the statutory

auditor’s independence and objectivity

and implementing the Group Auditor

Relationship and Independence Policy.

Monitoring the statutory auditor transition

process and making recommendations to

the Board about the appointment,

re-appointment and removal of the

Group’s statutory auditor.

Approving the statutory auditor’s terms

of engagement and remuneration.

Monitoring the operation and reviewing the

effectiveness of the Internal Audit function.

Assessing the Group’s procedures for fraud

prevention and detection and supporting

the Board in assessing the Group’s

whistleblowing arrangements.

Senan Murphy

Audit Committee Chair

Committee members and Committee tenure

Appointed to

the Committee

Number of full

years on the

Committee

S Murphy (Audit Committee Chair)

30 April 25 <1

P Duffy

17 Jun 21 4

J Lodge 20 Jan 21 5

I Haaijer

17 Aug 22 2

K Underhill 17 Aug 22 3

1. S Murphy joined the Committee on 30 April 2025.

2. P Duffy stepped down from the Committee on 31 December 2025.

3. I Haaijer stepped down as Audit Committee member on 30 April 2025.

SEE PAGES 74

75 FOR MORE INFORMATION

ON CURRENT AUDIT COMMITTEE MEMBERS.

Allocation of time

Risk management and internal controls

Financial and corporate governance activities

Sustainability reporting

Statutory audit

Internal audit

Other

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

Dear Shareholder,

I am honoured to present the Audit

Committee report for 2025, my first as

Audit Committee Chair. This report

provides an overview of the Committee’s

principal activities during the year, our role

in maintaining the integrity of the Group’s

published financial information and an

outline of our priorities for 2026.

Committee structure changes

As announced during the year, I have

succeeded Paul Duffy as Chair of the Audit

Committee effective 31 December 2025.

I was appointed as an independent

Non-Executive Director of the Company

and immediately joined the Audit

Committee effective 30 April 2025. Ilona

Haaijer and Paul Duffy stepped down as

Audit Committee members on 30 April

2025 and 31 December 2025, respectively.

As disclosed in the Group Chair’s

statement, Paul Duffy has succeeded

Donard Gaynor as Group Chair of the

Company effective 1 January 2026. On

behalf of the Audit Committee, I would like

to sincerely thank Paul for his work and

commitment over the years as Audit

Committee Chair and I wish him every

success in his new role as Group Chair.

Responsibilities

The Audit Committee is responsible for

monitoring the corporate reporting process

of the annual report, the integrity of the

Group’s Financial Statements and for

assisting the Board in determining that the

Annual Report and Financial Statements,

taken as a whole, is fair, balanced and

understandable and provides the

information necessary for shareholders

to assess the Group’s position and

performance, business model and strategy.

The work performed in this regard and our

engagement with the statutory auditor is

detailed on pages 92-97.

The Audit Committee also supports

the Board in monitoring, reviewing and

maintaining an effective Group risk

management and internal control

framework and for ensuring a robust

assessment of the emerging and principal

risks. Together with the Board, the Audit

Committee closely monitors the key risks

that could materially and adversely affect

the Group’s ability to achieve its strategic

objectives, particularly those whose

probability of occurrence and extent of

impact continue to be affected by a

volatile global risk landscape.

2025 was Glanbia’s first year of reporting

under the EU Corporate Sustainability

Reporting Directive (”CSRD”). The Audit

Committee, together with the Sustainability

Committee, oversaw and monitored the

Group’s preparation and reporting activities

to ensure compliance with CSRD reporting

requirements. The Audit Committee also

reviewed the impact of climate-related

matters on the Group’s accounting

judgements, disclosures and financial

statements, as outlined in Note 2 to the 2025

Group Financial Statements and found them

to be consistent with our CSRD disclosures.

The Audit Committee continues to actively

oversee the regulatory environment to

ensure the Group provides stakeholders

with consistent, comparable and reliable

reporting information on Environment,

Social and Governance ("ESG") matters.

Engagement

In fulfilling its key oversight responsibilities,

the Audit Committee engaged regularly with

management, Group Internal Audit (“GIA”)

and the statutory auditor to ensure the

consistent provision of timely and accurate

information. Details of our engagement with

the GIA function and the statutory auditor,

including how the Audit Committee has

reviewed and monitored the statutory

auditor’s independence, objectivity and

effectiveness, as well as the appropriateness

of the provision of non-audit services to the

Group in line with the Group Auditor

Relationship and Independence Policy,

can be found on pages 94-97.

The Audit Committee is satisfied, based on the

evidence obtained throughout the external

audit process, including its review of the key

audit risk areas and the work undertaken by

the statutory auditor to address those risks,

that a robust, effective and efficient

process is evident across the Group.

Appointment of new statutory auditor

As disclosed in last year’s Audit Committee

Report, due to regulatory auditor rotation

requirements, the Group undertook an audit

tender in 2024 which resulted in EY being

selected as the Group’s statutory auditor

from FY 2026. The audit transition process

between Deloitte Ireland LLP and EY is in

progress with details of the transition

activity to date outlined on pages 95-96.

On behalf of the Group, I would like to thank

Deloitte Ireland LLP as they come to the

end of their tenure and express our sincere

appreciation for the professionalism and

support demonstrated throughout the

tender process and for the valuable

contributions they have made to the

Group over the last ten years.

Priorities for 2026

The Audit Committee’s key priorities for 2026

remain largely aligned with 2025 and include:

• ensuring the Group’s Financial

Statements are accurate and reflect

the balanced and consistent application

of financial and non-financial reporting

requirements;

• providing independent challenge

and oversight of areas of key

judgement or estimation;

• maintaining focus on the impairment

methodology, inputs, assumptions,

sensitivity analysis and results;

• ensuring the ongoing group-wide

transformation programme is effectively

managed and that the effectiveness of

the Group’s internal control and risk

management procedures are maintained;

• overseeing the established processes in

place to comply with CSRD reporting

requirements;

• continuing to oversee the effective

integration of the Group’s new operating

model on the Group’s financial reporting

controls including alignment of our new

reporting structures within H&N and DN;

• monitoring the Group’s principal risks and

uncertainties including potential negative

consequences of the dynamic risk

landscape inclusive of ongoing

geopolitical uncertainties, volatile tariffs

and trade relationships and rising

political fragmentation;

• receiving direct presentations from

management to ensure that effective risk

management processes are implemented

to address key risk areas in a manner

consistent with the Group’s risk appetite;

• reviewing and monitoring the

effectiveness of EY’s first year as

statutory auditor for the Group; and

• ensuring that robust due diligence is

performed, acquisition integration is

closely monitored and post completion

reviews are conducted for all material

investments.

Review of Audit Committee performance

In 2025, the terms of reference for the Audit

Committee were reviewed and updated.

The Board evaluation and the Audit

Committee’s own assessment of its

performance were consistent covering its

terms of reference, composition,

procedures, contribution and effectiveness.

As a result of that assessment, the Board

and Audit Committee are satisfied that the

Audit Committee is functioning effectively

and continues to meet the requirements of

its terms of reference. Opportunities to

streamline governance were also identified

by merging the Sustainability Committee

into the Audit Committee, given the

increasing integration of sustainability

reporting into financial assurance activities.

On behalf of the Audit Committee,

Senan Murphy

Audit Committee Chair

 Glanbia plc | Annual Report and Financial Statements 2025

Audit Committee Report continued

Governance

Committee membership

The Audit Committee was in place

throughout FY 2025. At present, the

Audit Committee is comprised of three

Independent Non-Executive Directors,

Senan Murphy, Jane Lodge, and Kimberly

Underhill. Two members constitute a

quorum. The Group Secretary and Head

of Investor Relations acts as secretary to

the Audit Committee.

Membership is reviewed annually by the

Audit Committee Chair and the Group

Chair who recommend new appointments

to the Nomination and Governance

Committee for consideration and onward

recommendation to the Board.

The Board is satisfied that the Audit

Committee meets the requirements for

competence in accounting or auditing, as

set out in the Irish Corporate Governance

Code (”the Code”) and, as a whole, has

competence relevant to the sector in

which the Group operates, including a wide

range of skills, expertise and experience in

financial and commercial matters arising

from the senior positions they hold or held

in other organisations, as set out in their

biographical details on pages 74-75 and

page 82.

Meetings

The Audit Committee meets with the

statutory auditor, without Executive

management being present, on an annual

basis to discuss any issues which may

have arisen in the year under review. This

meeting was held in February 2026 to

review the findings from the audit of the

2025 Financial Statements. The Group

Chief Audit Executive also has direct

access to the Audit Committee Chair. After

each Audit Committee meeting, the Chair

of the Committee reports to the Board on

the key issues which have been discussed.

The allocation of time across each of the

key Audit Committee activities is set out

on page 90.

The Audit Committee met seven times

during the year ended 3 January 2026.

The Chief Executive Officer, Chief Financial

Officer, Group Secretary and Head of

Investor Relations, Group Chief Audit

Executive, Group Financial Controller and

representatives of the statutory auditor are

invited to attend all meetings of the Audit

Committee. Where required other key

Executives or members of the senior

management team are invited to attend

meetings as are individuals with specialist

technical knowledge when required to

provide a deeper insight on agenda items

related to the Group’s principal risks. In line

with the prior year, a joint Sustainability

and Audit Committee session was held in

January 2026. The joint Committee meeting

focused on the sustainability reporting

requirements under CSRD and relevant

updates on the Group’s Double Materiality

Assessment (“DMA”) process; sustainability;

food safety and quality; and health and

safety performance and risk updates.

Audit Committee key activities

Financial reporting and significant

financial judgements

As part of the Audit Committee’s role,

the Committee reviewed the Interim and

Annual Consolidated Financial Statements

and all formal announcements relating to

these statements before submitting them

to the Board with a recommendation to

approve. These reviews were focused on

but not limited to:

• the appropriateness and consistency

of application of accounting policies,

practices and proposed disclosures;

• compliance with financial reporting

standards and corporate governance

requirements including compliance

with CSRD; and

• significant areas in which estimation

or judgement had been applied in the

preparation of the Financial Statements

including the identification and

application of new reportable segments

as disclosed in Note 2 to the 2025 Group

Financial Statements.

The GIA team contribute to the assurance

process by reviewing compliance with

internal control processes including the

review of the Group’s internal financial

controls. The statutory auditor presents its

findings to the shareholders, the owners of

the business, and its reports can be found

on pages 134-136 and 216-226.

As outlined in our accounting policies on

page 234, the Group has adopted an

income statement format that seeks to

highlight significant items within the Group

results for the year (“exceptional items”).

Judgement is applied by the Directors in

assessing the particular items, which by

virtue of their scale and nature, should be

disclosed in the Income Statement and

Financial Statement notes as exceptional

items. Several significant items have been

highlighted as exceptional items in both

2024 and 2025 and the Audit Committee is

satisfied that this is appropriate and

consistent with the Group’s policy in this

area. The table on pages 96-97 sets out the

2025 significant financial reporting

judgements and disclosures and how the

Audit Committee addressed these matters.

The Audit Committee considered the

Directors’ Responsibility Statement

including the Statement of Directors’

Responsibilities for the Sustainability

Statement and the Group’s principal risks

and uncertainties within the 2025 Annual

Report and Financial Statements and the

half-year results and were satisfied with

the adequacy of the disclosures.

Volatile global risk landscape

The Audit Committee supported the Board

in closely monitoring the risks arising from

potential adverse changes in the

geopolitical landscape, which continues to

remain fragile. Any further escalations,

economic sanctions or trade rulings due to

geopolitical tensions, vulnerabilities in the

macroeconomic outlook and volatilities in

tariffs and rising political fragmentation

could impact the Group’s growth

objectives. The impact of known direct

tariffs on the Group has largely been

mitigated and there has been no material

impact on the Financial Statements to

date arising from ongoing global trade

pressures and conflicts. However, this

remains under close review as 2026

progresses. The impact of the above on the

Group’s principal risks is discussed in the

Risk Management Report on pages 54-67.

Fair, balanced and understandable

At the request of the Board, the Audit

Committee reviewed the contents of the

Annual Report and Financial Statements

to ensure that when taken as a whole, it is

fair, balanced and understandable, and

provides the information necessary for

shareholders to assess the Company’s

position, performance, business model

and strategy. In satisfying this

responsibility, the Audit Committee

considered the following:

• the documented process and timelines

for the coordination, preparation and

review of the Annual Report and

Financial Statements;

• a dedicated project manager was in

place to drive adherence to deadlines,

reporting standards and consistency

and this is aligned with the external

audit process undertaken by Deloitte

Ireland LLP;

• the senior finance management and

Executive team review and approval

procedures;

• the key process milestones, to ensure

the draft Annual Report and Financial

Statements were available to the Audit

Committee in sufficient time to facilitate

adequate review and effective

challenge at the meeting;

• management presented a detailed

report to the Audit Committee outlining

the process by which they assessed the

narrative, financial sections and

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

disclosures of the 2025 Annual Report

to ensure that the criteria of fair,

balanced and understandable have

been achieved;

• together with the Sustainability

Committee, reporting and disclosures

under CSRD were discussed in detail;

and

• the effectiveness of the key features

of internal control.

Having considered the above, in

conjunction with the regular updates

the Audit Committee receives from

management and the reports received

from the statutory auditor, Deloitte Ireland

LLP, the Audit Committee confirmed to

the Board that the Annual Report and

Financial Statements, taken as a whole,

is fair, balanced, understandable and

provides the information necessary for

shareholders to assess the Group and the

Company position, performance, business

model and strategy.

Regulators and our financial reporting

The Irish Auditing and Accounting

Supervisory Authority (“IAASA”)

acknowledged the actions taken by the

Group to address the areas where further

information had previously been requested

in relation to the Group’s Annual Report

and Financial Statements for the year

ended 30 December 2023 and the half-year

results ended 29 June 2024, as disclosed

in last year’s Audit Committee report.

No further correspondence has been

received from IAASA to date.

Listing category and Irish corporate

governance

As disclosed on page 71 of the Corporate

Governance Report, the Company

transferred its listing category for its

ordinary shares on the London Stock

Exchange from the Equity Shares

(Commercial Companies) category to the

Equity Shares (International Commercial

Companies Secondary Listing) category.

The listing change provided Glanbia with

the flexibility to apply the Code for the

financial year ended 3 January 2026,

which the Group has now applied.

The Audit Committee received

presentations from GIA and the statutory

auditor outlining the key differences

between the UK Corporate Governance

Code (”UK Code”) and the Code. Based on

the information presented, the Audit

Committee is satisfied that the Group’s

current controls and processes are

sufficiently robust to ensure compliance

with the Irish Code, given its close

alignment with the UK Code.

Going concern and viability statements

The Audit Committee reviewed the draft

Going Concern and Viability Statements

prior to recommending them for approval

by the Board. These statements are

included in the Risk Management Report

on pages 66-67. This review included

assessing the effectiveness of the process

undertaken by the Directors to evaluate

going concern, including consideration

of the Group’s ongoing transformation

activities, the impacts of the current

environment of economic uncertainty

and any significant impacts of climate

risks, and the analysis supporting the

Going Concern Statement and disclosures

in the Financial Statements. The Audit

Committee and the Board consider it

appropriate to adopt the going concern

basis of accounting with no material

uncertainties as to the Group’s ability

to continue to do so.

The Audit Committee also reviewed the

Long-term Viability Statement, which is

supported by the work conducted in the

strategy and budget review in December

2025 and the Board’s ongoing review of

monthly and year-to-date business

performance versus budget and forecast.

Further detail is provided within the

Viability Statement on pages 66-67.

Directors’ compliance statement

The Audit Committee considered the

requirements of the Irish Companies Act

2014 in relation to the Directors’

Compliance Statement and received a

report from senior management on the

review undertaken during the financial

year of the compliance structures and

arrangements in place to ensure the

Company’s material compliance with its

relevant obligations. On the basis of this

review, the Audit Committee confirmed

to the Board that it is satisfied that

appropriate steps have been undertaken

to ensure that the Company is in material

compliance with its relevant obligations.

Risk management and internal

control systems

The Audit Committee receives regular

Group key risk summary reports, prepared

by the GIA team, tracking residual key risk

exposures, which allows the Audit Committee

to assess the appropriateness of

management’s action plans to ensure the

Board’s risk appetite is not exceeded and to

remain alert to emerging risks as they are

identified through the review process. The

Risk Management Report on pages 54-67

sets out the detailed steps in the process

and the Group’s principal risks. The Audit

Committee’s risk management focus during

2025 included:

• reviewing and approving the assessment

of the principal risks and uncertainties

that could impact the achievement of the

Group’s strategic objectives as outlined

on pages 14-19;

• maintained strong focus on

understanding material risks across core

functions in light of the ongoing group-

wide transformation programme, our

improvement opportunities and areas of

emerging risk elevated by the

consequences of the ongoing geopolitical

uncertainties, instability from ongoing

wars/conflicts and potential further

escalation of tariff and trade tensions;

• reviewing and approving the half-year

and year-end risk reports, including

cybersecurity IT risk updates;

• receiving risk presentations from a

number of Group functional leads,

including updates on the group-wide

transformation programme. This included

standing up the H&N and DN operating

models, Glanbia Enterprise Solutions

operating model updates covering IT

and Finance, progress on the Group’s

digital transformation journey and on

the projects to dispose of SlimFast

and the Benelux DTC online branded

business (Body & Fit Sportsnutrition B.V.).

The Audit Committee Chair updated the

Board on its functional lead discussions

on each occasion;

• reviewing the disclosures under the CSRD

reporting requirements, the output of the

Group’s Double Materiality Assessment

process and the progress that the Group

is making on its sustainability targets

which are disclosed in detail on pages

138-213;

• reviewing Group Finance papers which

considered the impact of climate change

on the Group Financial Statements

as outlined in Note 2 to the 2025

Financial Statements;

• receiving updates from Group Finance on

the rollout of the new consolidation tool,

which became effective in FY 2025;

• consideration of the detailed Business

Unit performance updates on Group

investments and the impairment review

 Glanbia plc | Annual Report and Financial Statements 2025

Audit Committee Report continued

methodology including the changes

to the cash generating units ("CGUs")

as a result of the creation of the new

business segments H&N and DN and

their related outcomes as outlined in

Note 16 to the Group Financial

Statements;

• receiving details of the new Irish Code

and its alignment with the UK Code from

GIA and assessing the Group’s risk

management and internal control

systems under the Irish Code, guided

by the FRC’s best practice on risk

management and internal controls;

• receiving updates from the Group Chief

Audit Executive outlining areas of

non-compliance with Group policies

and control deficiencies identified

during the year and management

actions to address the weaknesses

noted; and

• reviewing reports from the statutory

auditor in respect of significant financial

accounting and reporting issues, key

matters arising from the statutory audit

together with management plans in

place to address any internal control

weaknesses noted.

The Audit Committee, having assessed

the above information, is satisfied that

the Group’s systems of internal control and

risk management are operating effectively

and has reported that opinion to the Board

who has conducted its own review and is

also satisfied that these systems are

operating effectively.

Internal audit

To fulfil its responsibilities for monitoring

and reviewing the operation and

effectiveness of the GIA function, the

Audit Committee:

• approved the GIA Charter under the

new Global Internal Audit Standards

(“Standards”) and annual risk-based

work plan including any amendments

to ensure the plan remains dynamic to

address business challenges, changes

to current and emerging areas of key

Group risks and the changing business

environment;

• ensured that it is adequately resourced

with a strong mix of skills and expertise

capable of conducting effective internal

audits, IT audits and special

investigations;

• satisfied itself that the GIA function is

appropriately resourced and where

additional skills or expertise are

required, the Group Chief Audit

Executive makes the necessary

arrangements to complement the

in-house team;

• reviewed the GIA team’s use of

technology including the audit

management system and data

analytics tools, processes, techniques

and plans to ensure the effectiveness

of internal audit processes and

oversight of risks;

• received progress updates from GIA

on the actions taken to adhere to the

new Standards;

• discussed the Audit Committee’s

’essential condition’ requirements

with regard to the oversight of the

GIA function under the new standards;

• received regular reports from the Group

Chief Audit Executive covering team

development, progress against the

audit plan, amendments required

and best practice risk management

procedures. This included receiving

updates on the activities performed

in line with the quality assurance and

improvement programme policy

(“QAIP”) that is designed to ensure

that the GIA function performs its work

in accordance with its Charter; and

• received an update on the results of

GIA’s internal quality assessment,

prepared as part of the QAIP with

no material issues arising.

Management is responsible for ensuring

issues raised by GIA are addressed within

the agreed timeframe and the Audit

Committee reviews the status of actions

periodically throughout the year to ensure

they are completed on a timely basis.

The Chief Audit Executive routinely meets

with the Audit Committee Chair, to review

the meeting agendas, draft papers and to

ensure that the overall Audit Committee

work plan remains aligned to the current

and emerging areas of key Group risks.

Where required, the relevant Board or

Audit Committee agendas are amended

to include items that require more detailed

consideration, typically by a direct

presentation to the Audit Committee or

Board by the relevant Business Unit or

functional lead.

On the basis of the above, the Audit

Committee concluded that the GIA

function was effective and is satisfied that

the quality, experience and expertise of the

function is appropriate for the Group. The

Audit Committee continues to encourage

effective coordination among the internal

assurance providers, external and internal

audit teams to maximise the benefits from

coordinated activities and ensures that this

is in place.

Whistleblowing and fraud

The Board has delegated responsibility to

the Audit Committee for ensuring that the

Group maintains suitable arrangements

for its employees to raise concerns, in

confidence, about possible wrongdoing

in financial reporting and other matters.

These arrangements are outlined in our

Code of Conduct, which is available on

the Company’s website www.glanbia.com

and on the Group’s intranet. The Audit

Committee receives regular updates from

the Group Secretary and Head of Investor

Relations providing an overview of how

concerns raised are categorised,

investigated, monitored and reported,

together with a review of the main themes,

issues and resolution actions arising.

The Group’s Speak Up Policy is regularly

updated to reflect evolving regulatory

and best practice requirements.

The Group’s Anti-Bribery & Corruption

Policy, Group Code of Conduct, Supplier

Code of Conduct, Slavery and Human

Trafficking Statement, Group Human

Rights Policy, Group Animal Welfare Policy,

Ransomware Policy and Anti-Money

Laundering & Counter Terrorist Financing

(“AML & CTF”) Policy seek to further

strengthen the Group’s fraud prevention

procedures. Trainings for harassment

prevention, cybersecurity and data

protection and refresher trainings for the

Group Code of Conduct and AML & CTF

policy were rolled out to relevant

employees during the year.

Management, with the support of GIA, has

continued to enhance the existing fraud

risk management policies and processes,

to ensure a robust fraud prevention

programme is implemented across the

Group. During the year, a fraud risk

assessment was completed and approved

by the Audit Committee.

The Audit Committee concluded, and

confirmed to the Board, that it was

satisfied the Group’s whistleblowing and

other fraud prevention and detection

procedures, including the GIA function’s

activities, are adequate and allow for

the proportionate and independent

investigation of such matters and

appropriate follow up action.

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

Review of statutory auditor

The Audit Committee reviews and monitors

the statutory auditor’s independence and

objectivity, the provision of non-audit

services and the effectiveness of the

external audit process. During the year, the

Audit Committee reviewed the approach

and scope of the annual audit work to be

undertaken by Deloitte Ireland LLP, which

included planned levels of materiality,

significant risks and key audit matters,

the audit of the Group’s core financial IT

systems, fraud responsibilities and

representations, the proposed audit fee

and the approval of the terms of

engagement for the audit. The Committee

also considered the level of supervision

and review by the Group audit team in

all component audits.

The Audit Committee received a number of

updates from Deloitte Ireland LLP including:

• Sustainability reporting updates

covering both current and future

reporting obligations including double

materiality considerations and updates

on the ESRS exposure drafts;

• Accounting and Regulatory updates

(e.g., IAASA, FRC and IFRS technical

updates) and commentary including

the investor and regulator expectations

of corporate reporting; and

• Updates on the Code and UK Code

including areas of divergence between

the two codes.

Independence and objectivity of the

statutory auditor

To ensure the independence and

objectivity of the statutory auditor,

the Audit Committee:

• maintains and regularly reviews the

Group’s Auditor Relationship and

Independence Policy;

• considers the performance of the

statutory auditor each year;

• monitors the nature and extent of

services provided by the statutory

auditor through an annual review of

fees paid for audit and non-audit work;

• reviews audit partner rotation

requirements and assesses their

independence on an ongoing basis.

In line with regulatory requirements for

listed companies, the statutory auditor

is required to rotate the audit partner

responsible for the Group audit every

five years. The current audit engagement

partner, Emer O’Shaughnessy, was

appointed as lead engagement partner

for the Group in 2021. Following the

completion of the audit tender process,

EY will succeed Deloitte Ireland LLP as

the Group’s statutory auditor following

the AGM in April 2026;

• considers the results of IAASA’s 2024

Quality Assurance review of Deloitte

Ireland LLP; and

• requests the statutory auditor to

formally confirm in writing that they are

in compliance with relevant ethical and

professional guidance and that, in their

professional judgement, they are

independent from the Group. This

confirmation process also provides

examples of safeguards that may,

either individually or in combination,

reduce any independence threat to

an acceptable level.

Non-audit services

The Glanbia Auditor Relationship and

Independence Policy includes a clearly

defined pre-approval process, subject to

defined monetary thresholds, for audit and

other services, including a requirement for

the business to submit a formal template

setting out the details of the services

requested, the likely fee level, the rationale

for requiring the work to be carried out by

Deloitte Ireland LLP rather than another

service provider and confirmation that the

service requested is not a prohibited

service. The provision of all non-audit

services, above the defined thresholds,

which are not prohibited and approved in

line with our policy must be ratified by the

Audit Committee, who also ensures that

the total fees for non-audit services will not

exceed the defined thresholds and that the

defined authorisation process is followed.

Fees paid to Deloitte Ireland LLP for

audit-related and non-audit related

services are analysed in Note 5 to the

Group Financial Statements.

The Audit Committee confirms that the

non-audit related services provided are

considerably below the regulatory cap on

fees for permitted non-audit services of

70% of average audit fees over a three year

period and were provided with appropriate

safeguards in place.

In summary, the Audit Committee confirms

that the policy continues to be effectively

implemented.

Effectiveness

The Chief Financial Officer confirmed

that the feedback from the Group and

subsidiary Finance Executives, who had the

most interaction with Deloitte Ireland LLP

in 2025, remained consistently positive.

Overall, the Audit Committee remains

satisfied with the effectiveness of the

statutory auditor based on:

• its own interactions with Deloitte Ireland

LLP during Audit Committee meetings.

Deloitte Ireland LLP attended all of the

Audit Committee meetings in 2025 and

into 2026 up until the sign off of the

FY 2025 accounts;

• the quality of planning, delivery and

execution of the audit;

• effectiveness of communications

between management and the

audit team;

• the quality of the reports and

presentations received;

• the robustness of the challenge

provided, particularly in relation to

judgemental and complex areas as

well as demonstrating professional

scepticism and independence;

• its technical insight; and

• its demonstration of a clear

understanding of the Group’s business

and its key risks.

The Audit Committee’s conclusion that the

external audit process was effective was

conveyed to the Board.

Audit tender

The Audit Committee is responsible for

overseeing the relationship with the

statutory auditor, including ensuring

compliance with regulatory requirements

for Public Interest Entities, such as putting

the statutory audit contract out to tender

at least every 10 years. Deloitte (who was

succeeded by Deloitte Ireland LLP) was

appointed as the Group’s statutory auditor

on 27 April 2016 following a formal tender

process in 2015. As disclosed in last year’s

Audit Committee Report, an audit tender

process was conducted in 2024, which will

result in the appointment of EY as the

Group’s statutory auditor, following the

AGM in April 2026. This timeline has

facilitated a smooth transition and

ensured that EY meets all the relevant

independence requirements. A summary

of the statutory auditor transition plan is

set out overleaf.

 Glanbia plc | Annual Report and Financial Statements 2025

Statutory auditor transition plan

Independence assessment

and confirmation

• After being notified that EY will be formally appointed as the Group’s statutory auditor for FY 2026,

EY collaborated with Glanbia and their internal teams to confirm independence.

• All non-audit services have been discontinued, or moved to an alternative service provider, with

all associated fees fully invoiced and settled prior to EY’s professional engagement period (“PEP”).

• All business relationships and future non-audit services are being closely monitored to ensure full

compliance. Only those services permitted under the Glanbia Auditor Relationship and

Independence Policy will be approved and ratified by the Audit Committee.

• EY again confirmed its independence as of 22 October 2025, and the steps being taken internally

by EY to ensure ongoing independence, and this was acknowledged by the Audit Committee.

Professional engagement

period (“PEP”)

• EY’s PEP commenced in October 2025 when EY accompanied Group Finance management, GIA

and Deloitte to an on-site visit to one of the Group’s primary outsourcing providers.

Shadowing and transition

meetings

• Shadowing procedures commenced with EY’s attendance at the October 2025 Audit Committee

meeting. Prior to this, the EY Lead Audit Partner met with the Audit Committee Chair to discuss

key business developments and the planned audit shadowing activities.

• Throughout the FY 2025 year-end audit process, EY actively shadowed Deloitte, including attending

Audit Committee meetings in October and December 2025, January and February 2026, where

Deloitte presented updates on their interim and year-end audits.

• Meetings were held between EY and key stakeholders, including the Group Finance team, GES

and GIA to ensure alignment and progress against critical transition milestones.

• Meetings were held between Glanbia, Deloitte and EY to discuss key accounting matters and

facilitate a smooth transition.

Audit planning • Audit planning procedures including understanding the business, identifying key audit risks,

setting preliminary materiality thresholds and conducting the group scoping exercise will

commence from Q2 2026. EY will finalise and present their audit planning report to management

and the Audit Committee in Q3 2026.

2025 significant financial reporting judgements and disclosures

The areas considered and the actions taken by the Audit Committee in relation to the 2025 Annual Report are outlined in the table

below. For each area, following its enquiries, the Audit Committee was satisfied with the key assumptions made, the accounting

treatment applied and the disclosures in the Financial Statements.

Key financial judgement and

disclosures How the Audit Committee addressed these matters

Impairment review of

goodwill and intangibles

Judgement decisions

largely relate to the

identification of CGUs

and groups of CGUs, and

the assumptions used to

assess the value-in-use

of the CGUs being tested.

These assumptions

typically include short

and long-term business

and macroeconomic

projections, cash flow

forecasts and associated

discount rates.

• Management provided the Audit Committee with detailed reports to support the recoverable

value of the balances included in Note 16 to the Group Financial Statements including an overview

of the weighted average cost of capital methodology applied and prepared by the Group’s

third-party specialist advisor, KPMG, and an analysis of the level of headroom between the carrying

value of the asset and the value-in-use;

• The Audit Committee reviewed and challenged management on the application and identification

of Performance Nutrition, Health & Nutrition and Dairy Nutrition as reportable segments at year

end, as disclosed in Notes 2 and 4 to the Group Financial Statements;

• The Audit Committee considered the Group’s CGUs, and changes during 2025, and is satisfied that

the CGUs represent the interdependencies of cash inflows, the groups of CGUs (which is the level

at which goodwill is tested for impairment) represents how management monitors operations;

• The Audit Committee reviewed and discussed the reports with management and challenged the

application of management’s methodology, the appropriateness of the assumptions made for

future cash flows, discount rates, terminal values, growth rates and the achievability of the

business plans with consideration of different scenarios;

• A non-cash impairment charge of $16.5 million has been recognised during the year in respect

of the LevlUp cash generating unit reflecting challenges in the business impacting performance.

The carrying values of the assets were reduced by $16.5 million to their recoverable value as

determined by a value in use computation reviewed by the Committee. The $16.5 million has been

included as an exceptional item in line with Group policy; and

• The Audit Committee considered the updates made to assumptions and Financial Statement

disclosures as a result of management’s assessment of the impact of macroeconomic factors

and climate-related matters on forecasted business performance and cash flows as disclosed

in Note 16 to the Group Financial Statements and the extent of sensitivity disclosures provided.

Audit Committee Report continued

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

Exceptional items

Judgement decisions relate

to the assessment of the

items identified as being

exceptional in nature and

the appropriateness of

the presentation in the

Financial Statements.

• The Audit Committee reviewed the nature of the exceptional items identified and the effectiveness

of the process that requires all exceptional items to be pre-approved. After a detailed review and

consideration of the disclosures, the Audit Committee is satisfied that the treatment is in line with

the Group policy, consistently applied across years and appropriately presented in the Financial

Statements with sufficient detail to allow users of the Financial Statements to understand the

nature and extent of the exceptional items and how they arose. Further details on the exceptional

items identified are included in Note 6 to the 2025 Group Financial Statements; and

• A non-cash impairment charge of $91.4 million was reviewed by the Audit Committee and

recognised in the prior year in respect of the SlimFast Americas cash generating unit reflecting

continuing challenges in the weight management category impacting the brand’s performance.

The SlimFast business, and Body & Fit Sportsnutrition B.V., were both disposed of during 2025

resulting in a loss on disposal of $45.7 million being the difference between proceeds received,

net of costs associated with the divestment and exit of these non-core businesses and the

carrying value of the associated net assets. The Committee reviewed and agreed with the related

disclosures in the Group Financial Statements and with the treatment of the amounts involved as

an exceptional item in line with Group policy.

Revenue recognition

Revenue recognition is

a risk given the inherent

complexity of IFRS 15

accounting requirements,

the nature of some

customer relationships and

the adjustments recorded

to ensure that the basis of

year-end rebate provisions

are appropriate.

• Key areas of focus and challenge from the Audit Committee were in relation to the period-end close

process and the basis of any significant year-end rebate provisions to ensure they were adequate

and appropriate; and

• The Audit Committee reviewed the assumptions and methodologies applied in recognising revenue

within the PN segment. Revenue is recognised net of rebate, discount, deduction and allowance

claims where the amounts payable can vary depending on the arrangements made with individual

customers and the volume of trade entered into.

Uncertain tax provisions

Significant judgement is

applied in assessing current

and deferred tax exposures

in relation to the

interpretation of local and

international tax laws, tax

rates and treaties, relating

to the Group’s uncertain

tax provisions.

• The Audit Committee received a presentation from the Chief Financial Officer and Group Tax on

various tax matters including tax structures and controls, the ongoing management of the Group’s

system of operation, evolving tax legislation, impact of increased tariffs and the status or outcome

of any tax authority reviews conducted during the financial period;

• The Audit Committee considered the impact of the Group financing arrangements and the Group’s

compliance with the legislative requirements in this area;

• The Audit Committee received an analysis of movements in the uncertain tax provisions during the

year, reviewed the key judgements in relation to the calculation of the uncertain tax provisions, the

external professional advice obtained to support the provisions and the Group Financial Statements

disclosure requirements in the current year, including the disclosure of the Group’s impact

assessment of Pillar II; and

• The Audit Committee challenged management on the key judgements and estimates underpinning

both the provisions and disclosures adopted for the most significant components of the taxation

liabilities and the underlying assumptions for the recognition of deferred tax assets, principally the

availability of future taxable profits and the utilisation period.

 Glanbia plc | Annual Report and Financial Statements 2025

Embedding sustainability

through our actions

Key responsibilities

Assisting the Board in defining and

regularly reviewing the Group’s strategy

relating to environmental and

sustainability matters and in setting

relevant key performance indicators.

Developing and reviewing regularly the

policies, programmes, codes of practices,

targets, and initiatives of the Group

relating to environmental and

sustainability matters, ensuring they

remain effective and up to date and

consistent with good industry practice.

Providing oversight of the Group’s

management of environmental and

sustainability matters and compliance with

relevant legal and regulatory requirements,

including applicable rules and principles of

corporate governance, and recognised

international standards.

Monitoring and reviewing current and

emerging environmental and sustainability

trends, potential risks, relevant

international standards and legislative

requirements, and identifying how these

are likely to impact on the strategy,

operations, and reputation of the Group;

and determining whether and how these

are incorporated into or reflected in the

Group’s policies and objectives.

Reviewing the quality and integrity of

internal and external reporting of

Environmental, Social and Governance

(“ESG”) matters and performance, with

input to be obtained from other Board

Committees as required, to ensure that the

Group provides appropriate information,

complies with reporting obligations, meets

international reporting standards, and is

transparent regarding its ESG related

policies with the investment community.

Reporting on these matters to the Board

and, where appropriate, making

recommendations to the Board.

Reporting as required to the shareholders

on the activities and remit of the

Sustainability Committee.

Senan Murphy

Sustainability Committee Chair

Committee members and Committee tenure

Appointed to

the Committee

Number of full

years on the

Committee

S Murphy (Sustainability Committee Chair)

30 Apr 25

Less than

1 full year

D O’Connor

1 Sep 22 2

D Gaynor

17 Jun 21 4

I Haaijer 1 Sep 22 3

JG Murphy 17 Jun 21 4

M Garvey 30 Dec 23 2

1. S Murphy joined the Committee, as Chair, on 30 April 2025.

2. D O’Connor stepped down as Committee member on 30 April 2025, upon his retirement from the Board.

3. D Gaynor stepped down as Committee member on 31 December 2025, upon his retirement from the Board.

SEE PAGES 72

75 FOR MORE INFORMATION ON

CURRENT SUSTAINABILITY COMMITTEE MEMBERS.

Sustainability Committee Report

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

with the ’sustainability review’ within our

Strategic Report on pages 46-53 and our

Sustainability Statement on pages 132-213.

The Committee endorses the importance

of greater transparency and consistency

in sustainability reporting to meet our

stakeholders’ needs and drive accountability,

and welcome Glanbia’s progress in reporting

under the EU Corporate Sustainability

Reporting Directive (“CSRD”) for 2025.

The Group’s sustainability strategy,

‘Better Nutrition, Better World’, sets out our

clear priorities based on the most material

sustainability impacts to our business and

stakeholders. The Committee formally met

four times during the year. At each meeting,

the Committee received an update on our

environmental performance, including

climate-related actions and CSRD

reporting readiness.

Dear Shareholder,

As the Sustainability Committee Chair, I am

pleased to present the Committee’s report

for the year ended 3 January 2026. I would

like to acknowledge my predecessor Dan

O’Connor who retired from the Board at

Glanbia’s last AGM and acknowledge the

strong leadership and contribution he

made to the Committee during his tenure.

In recognition of the importance of

Glanbia’s understanding and management

of our impact on the environment and

society, our Sustainability Committee

operated in 2025 to provide the Group with

both support and rigorous challenge on

environmental and sustainability matters.

This report outlines our activities in support

of this aim and how we discharged the

responsibilities delegated to the

Sustainability Committee by the Board.

This report should be read in conjunction

Key areas of focus during 2025

Area Committee activities

Oversight of

the Group’s

Sustainability

Strategy

• The Committee provided guidance and oversight on the continued

implementation of the Group’s ‘Better Nutrition, Better World’ sustainability

strategy. The Committee was supported in this work by the Sustainability

Leadership Team, endorsed by the respective Group Operating Executive

Sponsors, who are invited to the Committee meetings to share their expertise on

key sustainability topics and to update the Committee on the implementation of

the sustainability strategy.

Performance

Versus

Sustainability

Commitments

• The Committee monitored progress against the commitments and targets

included in the ‘Better Nutrition, Better World’ sustainability strategy and provided

insight and feedback as appropriate.

Remuneration

Performance

• The Committee was updated on sustainability-related performance metrics

included within our Long-Term Incentive Plans, which includes climate-related

targets. The 2026 performance targets were also presented.

Sustainability

Reporting

• The Committee, in conjunction with the Audit Committee, considered and

approved the sustainability-related reporting in the 2025 Annual Report including

the Sustainability Review and the Sustainability Statement.

CSRD

Readiness

• The Committee oversaw preparations for reporting under the EU CSRD framework

and worked with management to ensure that an appropriate and adequately

resourced action plan was in place and executed. The Committee reviewed

material topics for 2025 that were identified in the double materiality assessment

completed as part of Group’s readiness for reporting in line with CSRD

requirements.

IT System

Enhancements

• In recognition of increased regulatory reporting and commercial sustainability

data demands, the Committee was updated on progress made to identify a

systemised solution to support these requirements.

Climate

Related Risks

and the

Climate

Transition Plan

• At the beginning of 2025, the Committee reviewed and approved the material

climate related risks and opportunities facing the Group, in conjunction with

Audit Committee.

• During the year, the Committee was presented with the material sustainability

impacts, risks and opportunities, including those relating to climate change.

The Committee was presented with details of the Group resilience analysis and

details of the decarbonisation levers under evaluation to meet our climate-related

targets as part of the Sustainability Statement review.

• The Committee was presented with an outline of the requirements to meet

the transition plan criteria under CSRD, with further focus on this area planned

for 2026.

Commercial

Demands

• The Committee was provided with an update at each meeting of the specific

sustainability requirements of our main strategic customers, to ensure alignment

with our performance and strategy.

Policy and

Regulatory

• The Committee was updated on sustainability-related policy and regulatory

developments by our SVP for Sustainability and Policy including US dairy industry

insights.

A joint session of the Sustainability and

Audit Committees was held in January

2026. The following was presented to

the Committee during this session:

The final output of the Double Materiality

Assessment, including details of the

related-climate change impacts, risks

and opportunities; the draft Sustainability

Statement; updates from the Health and

Safety, Food Safety and Quality and

Environmental leadership on the 2025

performance; and the key risk and focus

areas for 2026.

Priorities for 2026

• Monitoring the progress made against

our stated commitments, with a focus

on our Scope 3 delivery, and wider value

chain impacts.

• Building on our existing decarbonisation

plan used to set our Scope 1, 2 and 3

targets and considering the progress

we made to date, finalise our transition

plan which outlines the specific levers

and associated costs to achieve the

commitments made.

• Further enhancing of our understanding

of the impact of climate and nature-

related risks and opportunities.

Membership

The Committee comprises of myself as

Sustainability Committee Chair, the Chief

Financial Officer and two Non-Executive

Directors. Two members constitute a

quorum. The Deputy Group Secretary acts

as secretary to the Committee. At the

request of the Committee, members of the

Executive Committee, senior management

team and external advisers may be invited

to attend all or part of any meeting, as

and when appropriate. As Sustainability

Committee Chair, I report to the Board after

each meeting on the nature and content of

our discussion, recommendations, and any

actions to be taken.

Review of Sustainability

Committee performance

The Committee assessed its performance,

covering its terms of reference, composition,

procedures, contribution and effectiveness.

As a result of that assessment, the Board

and Committee are satisfied that the

Sustainability Committee is functioning

effectively and is meeting its terms of

reference. The Board evaluation has proposed

that the Sustainability Committee be

merged into the Audit Committee following

completion of the FY 2025 reporting cycle.

On behalf of the Sustainability Committee,

Senan Murphy

Sustainability Committee Chair

 Glanbia plc | Annual Report and Financial Statements 2025

Nomination and Governance Committee Report

Focus on

succession planning

Paul Duffy

Nomination and Governance Committee Chair

Committee members and Committee tenure

Appointed to

the Committee

Number of full years

on the Committee

P Duffy

(Nomination and Governance

Committee Chair) 1 May 24 1

R Brennan 20 Jan 21 5

D Gaynor

12 Dec 14 11

D O’Connor

12 Dec 14 10

K Underhill 1 May 24 1

1 Paul Duffy was appointed Chair of the Committee on 1 January 2026.

2 Donard Gaynor stepped down from the Committee on 31 December 2025.

3 Dan O’Connor stepped down from the Committee on 30 April 2025.

SEE PAGES 72

75 FOR MORE INFORMATION ON CURRENT

NOMINATION AND GOVERNANCE COMMITTEE MEMBERS.

Board gender

as at 3 January 2026

Male – 58%

Female – 42%

Board Independence

excluding the Group Chair

as at 3January 2026

Independent – 54%

Non-independent – 46%

Terms of reference

The full terms of reference of the Nomination

and Governance Committee can be found

on the Group’s website: www.glanbia.com or

can be obtained from the Group Secretary

and Head of Investor Relations.

Key responsibilities

Assessing the composition, structure and

size (including skills, knowledge, experience

and diversity) of the Board and its

Committees and making recommendations

on appointments and reappointments to

the Board.

Planning for the orderly succession of

new Directors to the Board and of senior

management, taking into account the

challenges and opportunities facing the

Group, together with the variety of expertise

and diversity required on the Board.

Keeping up to date and fully informed

about strategic issues and commercial

changes affecting the Group and the

markets in which it operates.

Keeping under review the leadership

needs of the Group, both executive and

non-executive, with a view to ensuring

the continued ability of the Group to

compete effectively in the market place.

Reviewing the talent capability across

the Group.

Keeping the extent of Directors’ other

interests under review to ensure that

the effectiveness of the Board is not

compromised.

Overseeing the performance review

of the Board, its Committees and

individual Directors.

Keeping under review corporate governance

developments with the aim of ensuring that the

Group’s governance policies and practices

continue to be in line with best practice.

Ensuring that the corporate governance

code(s) applicable to the Company are

observed and implemented.

Reviewing the disclosures and statements

made in the Directors’ Report to the

shareholders.

Reviewing the results of the Board

performance review.

Monitoring relevant social matters related

to the Group’s interactions with

stakeholders and communities within

which the Group operates.

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

Dear Shareholder,

On behalf of the Board and the Nomination

and Governance Committee (the

“Committee”) I am pleased to present the

Nomination and Governance Committee

report for the year ended 3 January 2026.

This report outlines how the Committee

discharged the responsibilities delegated

to it by the Board, and the key matters it

considered during the year.

The Committee plays a key role in ensuring

adequate succession planning for Board

appointments, maintenance of a pipeline

of high-quality candidates for potential

nomination to the Board, and supervising

transitions for new appointments. We aim

to ensure that the Board is comprised of

experienced individuals from a broad

range of backgrounds, with appropriate

skills and capabilities to contribute to

discussions on multiple complex topics.

The Committee had a busy year in 2025,

continuing its focus on succession planning

and overseeing a number of changes in

the composition of the Board and senior

management.

Board appointments

I was delighted to have been appointed as

Group Chair on 1 January 2026. On 13 August

2025, it was announced that Donard Gaynor

would retire as Group Chair effective

31 December 2025. The process to appoint

a new Group Chair was comprehensive

and was led by Róisin Brennan, Senior

Independent Director. I would like to

sincerely thank Donard Gaynor for his

tremendous contribution and dedication

to Glanbia during his 12 years on the Board,

including five years as Group Chair. Further

information on the process for the

appointment is set out on page 102.

The Committee welcomed the appointment

of Senan Murphy as a non-executive

director on 30 April 2025 replacing

Dan O’Connor who retired on 30 April 2025.

William Carroll joined the Board as nominee

of Tirlán Co-operative Society Limited

(the “Society”) on 12 June 2025, replacing

Gerard O’Brien who retired from the Board

on 11 June 2025. I would like to sincerely thank

both Dan and Gerard for their contributions

to the Board during their tenure.

There were also a number of changes to

the composition of the Group’s Committees

in 2025. Further details are set out on page

103.

BIOGRAPHICAL DETAILS FOR THE BOARD OF

DIRECTORS ARE SET OUT ON PAGES 72

75.

Succession planning

The Committee had a busy year reviewing

the effectiveness and adequacy of

succession planning, and overseeing a

number of changes in senior management.

We considered long-term succession

planning and the skills required to ensure

continued growth and a strong internal

successor pool for leadership roles within

the business. Succession plans are tailored

for key roles, based on merit and objective

criteria, and designed to encourage diversity.

We believe that Board members should

bring a blend of expertise and skills with

a variety of perspectives, to facilitate

constructive discussions and effective,

balanced decision-making. The Committee

continuously reviews Board composition,

evaluating its balance and performance,

and recommending new Directors and

Committee members to ensure an

appropriate mix of independence, skills,

knowledge, experience, and diversity. This

ensures the Board and its Committees can

effectively discharge their responsibilities

and maintain comprehensive oversight.

We consider the current size and

composition of the Board to be appropriate

and that the Board as a whole has the

appropriate blend of skills, knowledge and

experience, from a wide range of industries,

regions and backgrounds, necessary to

effectively lead the Group.

THE BOARD SKILLS MATRIX ON PAGE 82

PROVIDES VALUABLE INSIGHTS INTO OUR

COLLECTIVE AND INDIVIDUAL STRENGTHS

ON THE BOARD.

Culture and values

Glanbia’s values are at the heart of our

business and culture. It is essential that the

Board, each individual Director, our senior

leadership team and our wider workforce

share these values. We believe in leading

by example, and it is a paramount

responsibility of the Committee to oversee

the review of the Board to ensure these

values are being maintained and

encouraged in every facet of our business.

Attracting and retaining strong, diverse

talent aligned to Glanbia’s culture is vital

for our strategy’s success. Our culture

significantly contributes to long-term

success for our stakeholders, making

effective internal talent management

critical to preserving Glanbia’s unique

culture. To this end, the Board received

regular updates during the year from the

Group’s Chief Human Resources Officer.

The Committee plays a key role in

embedding a positive culture by ensuring

that our succession planning and

appointment process identifies candidates

who exemplify our values. Our induction

and training programmes and the annual

performance review process promote these

values among our Directors and employees.

FURTHER DETAILS ON OUR VALUES ARE SET

OUT ON PAGES 27 AND 76.

Board review

As part of our ongoing commitment to

improvement and in line with the Code,

we conduct an independent, externally

coordinated, Board evaluation every three

years, with the most recent one in 2023.

During the interim years, the evaluation

process is conducted internally. The 2025

internal review focused on assessing the

progress made since the 2024 evaluation.

Detailed information on the review process,

a summary of the Board review outcomes

and the areas of focus for 2026 are

provided on page 86.

Committee aims for 2026

In 2026, the Committee will continue to

monitor the composition and balance

of the Board to ensure our leadership

comprises the appropriate diversity of

skills, knowledge and experience, in line

with the future needs of the business.

Additionally, we will stay updated on

corporate governance developments.

The following pages provide further details

on the roles and responsibilities of the

Committee and its governance duties.

On behalf of the Nomination and

Governance Committee

Paul Duffy

Nomination and Governance Committee

Chair

 Glanbia plc | Annual Report and Financial Statements 2025

Nomination and Governance Committee Report continued

Board composition and diversity

The Committee oversees the Board’s

composition, leadership, and succession

planning to ensure the Group maintains an

effective board that upholds the highest

standards of governance for a globally

diverse business. The Board’s role is to

promote the Group’s long-term sustainable

success and generate value for shareholders.

The Board collectively possesses significant

and relevant international industry

experience, ensuring a balanced mix of skills,

knowledge, and experience, as outlined in

the Code. Under the Relationship Agreement

dated 5 May 2021, Tirlán Co-operative

Society Limited (the “Society”) has the right

to nominate three Directors to the Board.

The Company does not use either external

search consultancy or open advertising in

respect of these appointments.

As of 3 January 2026, the Board comprised

12 members. The Committee will continue

to review both the size and composition of

the Board.

Ensuring a culture that supports our

strategy is critical to our success. The

Committee continues to encourage

inclusion and belonging, promoting a

corporate culture that is diverse, equitable,

and inclusive, in alignment with the Group’s

purpose, values and strategy. We strongly

believe that diversity at all levels, including

the Board, is a key driver of business

success. Our objective is for everyone

across our operations to feel respected,

valued, and included. We recruit talented

Board members with the right mix of skills,

capabilities, and market knowledge,

looking across all sectors and non-

traditional talent pools, and promote

diversity on our shortlists.

Details of our Board diversity policy are on

page 84. In 2020, the Group set a target that

at least 50% of the Independent (of the

Society) Non-Executive Directors would be

female as new appointments are made. As

of 3 January 2026, 42% of Board members,

including the position of Senior Independent

Director, are held by females (representing

71% of the Independent (of the Society)

Non-Executive Directors). While the Group

did not meet the FCA Listing Rule target of

having at least one Director from a minority

ethnic background as at 3 January 2026,

gender and ethnic diversity will remain a

focus for future Board recruitment.

Succession planning

The Board, with the assistance of the

Committee, prioritises oversight of

succession planning. The Committee leads a

formal and transparent process for all Board

appointments, ensuring orderly succession

and the development of effective Directors

and management to deliver long-term

shareholder value.

The Committee also focuses on senior

management leadership needs, regularly

receiving updates from the Chief Human

Resources Officer on the management

succession pipeline. The Committee is

satisfied that the Group is proactive in

developing future leaders and that effective

succession plans for Directors and senior

management are in place to ensure that

the Group can continue to implement its

strategy and compete effectively, while

fostering Glanbia’s culture and values.

Group Chair appointment process

1. Establishment of Chair

Succession Committee

In April 2025, the Board approved the

establishment of a Chair Succession

Committee to lead a transparent and

robust process to select a new Group

Chair. The Chair Succession Committee

was comprised of all of the members of

the Nomination and Governance

Committee (excluding the Chair and the

Chair elect who were precluded from

participating in the selection process)

and two other independent Directors.

It was chaired by the Senior

Independent Director.

Korn Ferry, a global recruitment firm,

was appointed by the Board to advise

on the Chair succession process. The

Board was satisfied there was no

conflict with Korn Ferry’s role as advisor

to the Remuneration Committee due

to information barriers established

internally by Korn Ferry.

2. Requirements

A success profile setting out key skills

and requirements for the role was

prepared by Korn Ferry in conjunction

with the Chair Succession Committee,

taking into account the strategic

objectives of Glanbia and its culture.

3. Initial Assessment

Korn Ferry performed an initial

evaluation of potential internal and

external candidates and set out an

initial assessment to the Chair

Succession Committee. The Committee

concluded the process via in-person

interview to assess suitability and vision

for the role of Group Chair.

4. Stakeholder Engagement

Feedback was obtained from key

stakeholders such as the Chief

Executive Officer and Tirlán

Co-operative Society Limited.

5. Recommendation

After careful consideration of

assessments, interviews, and

stakeholder feedback, the Chair

Succession Committee determined

that Paul Duffy had the qualifications,

skills and experience to perform the role

of Group Chair and he was selected as

the preferred candidate to become the

next Group Chair. Paul Duffy has been a

director of the Company since 1 March

2021 and has significant global business

experience in the consumer sector.

6. Remuneration

The Remuneration Committee

completed a benchmarking exercise

in conjunction with the Group’s

remuneration advisor to determine

appropriate compensation for the

roles of Chair Designate and Chair

of the Company.

7. Board Approval

The Chair Succession Committee

recommended the appointment of Paul

Duffy as Glanbia’s next Group Chair.

The Board unanimously approved the

appointment of Paul Duffy as Group

Chair Designate on 13 August 2025,

succeeding Donard Gaynor as Group

Chair with effect from 1 January 2026.

A regulatory announcement was

released on 13 August 2025.

Governance in action

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

Time commitment and

external appointments

The Board benefits from the experience

and perspective that its Directors bring

to the Group from other external

appointments that they may hold. Board

members are required to devote adequate

time to performing their duties which

includes preparation for and attendance

at Board meetings, attendance at training

and development sessions and visits to our

sites. Prior to appointment, potential

independent Non-Executive Directors are

required to disclose details of their other

significant commitments to ensure that

they have adequate capacity to commit to

the position. Existing Directors are required

to obtain approval of the Nomination and

Governance Committee, prior to accepting

any significant additional roles. During the

year, the Board approved the appointment

of Jane Lodge as a Non-Executive Director

of Morgan Advanced Materials plc, with

effect from 1 June 2025.

In considering whether a Director has

sufficient time to commit to their role, the

Committee has regard to regulatory and

Code requirements, as well as key investor

and proxy advisor guidelines. For the year

ended 3 January 2026, the Board is

satisfied that none of the Directors are

over-committed and that each dedicates

sufficient time to fulfil their responsibilities

effectively.

Committee changes

Senan Murphy was appointed as a member

of the Audit Committee and Sustainability

Committee on 30 April 2025. Ilona Haaijer

stepped down from the Audit Committee

on the same date. Senan Murphy was

appointed Audit Committee Chair in place

of Paul Duffy who stepped down from the

Audit Committee on 31 December 2025.

Paul Duffy was appointed Nomination

and Governance Committee Chair and

the Development Committee Chair on

31 December 2025.

Workforce Engagement Director

Gabriella Parisse is the Group’s Workforce

Engagement Director. In her role, Gabriella

continues to enhance Board involvement in

workforce engagement by gathering and

communicating employees’ views to the

Board, ensuring these perspectives inform

discussions and decision-making. Details of

the Workforce Engagement Director’s

engagements with employees during 2025

are set out on page 186.

Regular matters

A number of regular matters were

considered by the Committee in accordance

with its terms of reference, such as:

Review of Non-Executive Directors’

independence in accordance with the

guidance in the Code

The Board review considered the

independence of each of the Non-Executive

Directors, taking into account their integrity,

objectivity and contribution to the Board

and its Committees. A rigorous internal

review was conducted for Non-Executive

Directors serving more than six years.

The Board is of the view that the following

behaviours are essential for a Non-Executive

Director to be considered independent:

• provides an objective, robust and

consistent challenge to the assumptions,

beliefs and views of senior management

and the other Directors;

• questions intelligently, debates

constructively and challenges rigorously

and dispassionately;

• acts at all times in the best interests of the

Company and its shareholders; and

• has a detailed and extensive knowledge

of the Company and the Group’s business

and of the market as a whole which

provides a solid background with which

they can consider the strategy of the

Company and the Group objectively and

help the Executive Directors develop

proposals on strategy.

The Board also gives due regard to

applicable legislation. The Board and the

Committee believe that all Non-Executive

Directors demonstrated the essential

characteristics of independence and

brought independent challenge and

deliberations to the Board.

The reviews took into consideration the fact

that Donard Gaynor (who was independent

on his appointment as Group Chair and has

since retired) and John G Murphy have

each served on the Board for more than

nine years, a factor the Code states could

be relevant to the determination of

a Non-Executive Director’s independence.

The Code also makes it clear, however, that

a Director may be considered independent

notwithstanding these facts. This reflects

the Board’s view that independence is

determined by the Director’s character

as set out above.

While the Board and the Nomination

and Governance Committee are of the

view that all Non-Executive Directors

demonstrate the essential characteristics

of independence and bring independent

challenge and deliberations to the Board,

the Non-Executive Directors nominated

by the Society are not considered to be

independent by the Board solely for the

purposes of the Code, nor are the

Executive Directors. Excluding the Group

Chair in line with the Code, six directors,

representing 54.5% of the Board, are

considered independent.

Election or re-election of Directors

The Committee continues to be of the

view that all Directors seeking re-election

should be re-elected to the Board at the

Company’s AGM. The Group Chair has

confirmed that each of the Directors

seeking election or re-election continue

to be effective members of the Board

and demonstrate commitment to

their responsibilities.

The Committee assessed the Non-

Executive Directors’ time commitment,

considering both the time required for

Glanbia Board and Committee

appointments and the number and nature

of the Directors’ external commitments.

All Non-Executive Directors continue to

demonstrate that they have sufficient

time to devote to their role on the Board.

Committee performance

The Committee assessed its performance

covering its terms of reference, composition,

procedures, contribution and effectiveness.

The Board and Committee are satisfied that

the Committee is functioning effectively

and continues to meet its terms of

reference. This view was supported by

the internal review of the Board and its

Committee completed in 2025.

 Glanbia plc | Annual Report and Financial Statements 2025

Remuneration Committee Report

Focusing on our strategic objectives

and sustaining performance

Key responsibilities

Determine and agree with the Board the

framework and policy for remuneration of

the Executive Directors and other Senior

Executives including the Group Secretary

as required considering the strategic

rationale for the policy, structures and

metrics.

Oversee remuneration design and target

setting of annual and long-term incentive

arrangements, to ensure comprehensive

linkages between performance and

reward and to incentivise delivery of

Group strategy.

Determine, within the agreed policy,

individual total compensation packages

for the Executive Directors and other Senior

Executives including the Group Secretary

annually, and consider as appropriate

internal and external measures.

Determine the compensation for the

Group Chair of the Board.

Determine, within the agreed policy, any

employee share-based incentive awards

and any performance conditions to be

used for such awards.

Consider and approve Executive Directors’

and other Senior Executives’ including

Group Secretary total compensation

payable including consideration of the

exercise of discretion to adjust formulaic

incentive outturn.

Determine the achievement of

performance conditions for vesting of

annual and long-term incentive plans.

Review and understand reward policies

and practices including the alignment of

incentives and rewards with culture.

Ensuring engagement with the workforce

to explain how executive remuneration

aligns with wider Company pay policies.

Engaging with shareholders as deemed

appropriate to explain and seek feedback

on proposed changes in approach to the

compensation of the Executive Directors.

Preparing the Remuneration Report

annually.

Jane Lodge

Remuneration Committee Chair

Committee members and Committee tenure

Appointed to

the Committee

Number of full

years on the

Committee

J Lodge (Remuneration Committee Chair) 14 Dec 20 5

R Brennan 20 Jan 21 5

P Duffy 17 Jun 21 4

D Gaynor

13 May 14 11

K Underhill 1 Aug 22 3

SEE PAGES 72

75 FOR MORE INFORMATION ON

THE CURRENT REMUNERATION COMMITTEE MEMBERS.

Terms of reference

The Remuneration Committee terms of reference were reviewed and approved by the

Committee during 2025 and can be found on the Group’s website: www.glanbia.com

or obtained from the Group Secretary.

1 Donard Gaynor stepped down from the Committee on 31 December 2025.

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

Dear Shareholder,

On behalf of the Board and the

Remuneration Committee, I am pleased

to present the Directors’ Remuneration

Committee Report for the year ended

3 January 2026.

This report provides a summary of the

Committee’s activities during 2025, the

operation of the Directors’ Remuneration

Policy during 2025, and the proposed

approach for 2026. The Committee

remains focused on ensuring our

remuneration framework supports

Glanbia’s strategic priorities and aligns

with the interests of shareholders.

Business performance 2025

As noted in the Group Chair’s statement,

2025 represented a year of robust

performance for Glanbia. We delivered

like-for-like revenue growth across all three

segments against a challenging market

backdrop reflecting strong customer

demand and Glanbia’s position at the heart

of better nutrition. This was supported by

further progress by management in

reshaping and simplifying the portfolio

of the business.

The Committee considered business

performance carefully when reviewing

remuneration outcomes for the Executive

Directors, ensuring that results reflect

both financial delivery and the broader

strategic achievements during the year.

Financial performance

Group like-for-like revenue growth of 4.2%

was delivered, with all segments delivering

growth on prior year. Performance

Nutrition excluding SlimFast and Body & Fit

achieved pro forma revenue growth of

4.5%, whilst our ingredient solutions

businesses, Health & Nutrition and

Dairy Nutrition, saw like-for-like revenue

growth of 6.8% and 5.0% respectively.

Group Adjusted EPS of 134.93 $c

demonstrated robust performance by

management, recognising challenging

market conditions, including volatility in

whey and dairy protein prices and wider

pricing pressures in a competitive

operating environment.

The business also delivered strong

operating returns and cash conversion,

demonstrating our disciplined approach

to cash management. Return on Capital

Employed (”ROCE”) performance was 11.3%

during 2025 which remains comfortably

within our medium-term target range of

10% to 13%.

The Group also continues to deliver its share

buyback programme, which during 2025,

saw repurchasing of 15,047,420 shares with

a total value of €197.2 million. In addition,

the Board approved a final 2025 dividend

of 25.67 €cent per share, which brings the

total dividend for 2025 to 42.87 €cent

per share.

Strategic performance

Alongside strong financial performance,

work has continued to strengthen the

quality of earnings and enhance strategic

focus. During the year we completed the

sale of a number of non-core assets,

including SlimFast and Body & Fit

(Performance Nutrition) and progressed

targeted M&A with the acquisition of

Sweetmix in Brazil and reached agreement

to acquire Scicore in India.

Looking ahead

At our 2025 Capital Markets Day in London,

we set out a clear growth agenda, centred

on a focused portfolio across Performance

Nutrition, Health & Nutrition and Dairy

Nutrition, all positioned to benefit from

structural megatrends in health, wellness

and protein-rich functional nutrition.

We set out our medium-term financial

targets, which are:

• Adjusted earnings per share (“EPS”)

growth of 7% to 11% (on a constant

currency basis);

• Operating cash conversion of EBITDA

85%+;

• Return on capital employed (“ROCE”)

of 10% to 13%; and

• Progressive dividend maintained with a

target payout ratio range of 30% to 40%.

In addition, an overview of the Group’s

transformation programme was presented,

which has the objective of unlocking

efficiencies that will be used to fund

growth and shareholder returns over the

medium term.

Over the past five years the Group has

delivered strong financial and strategic

performance against a backdrop of

challenging and uncertain market

conditions. Our growth agenda is

supported by significantly stretching

medium-term targets, particularly in the

context of continuing challenging market

conditions and the need to deliver further

growth on that delivered in prior years.

Board changes

In August, the Board was pleased to

announce the appointment of Paul Duffy

as the Group Chair Designate, succeeding

Donard Gaynor as Group Chair of the

Board on 1 January 2026.

The appointment of our new Chair provides

an opportunity to review the appropriate

fee for the role. The Committee has taken

into account the time commitment, skills

and experience required for the role, the

size and complexity of the business and

market rates in companies of a similar size

listed on the London Stock Exchange. The

review concluded that the fee should be set

at €400,000 p.a. When reviewing market

data for the role and noting that this does

not include increases in Chair fees for 2026,

the Committee is comfortable that the fee

has been set at the lower end of the market

median range. Mr. Duffy’s fee as Group

Chair Designate is €300,000 p.a. reflecting

time commitment and responsibilities as

he transitioned to the role as Group Chair.

Remuneration in respect of 2025

Executive Director base salary, benefits

and pension

The Committee reviewed Executive Director

salaries in the context of overall workforce

outcomes and market conditions across

our key geographies. Salary increases for

2025 were set at 3.80% resulting in base

salaries of €1,038,000 and €683,352 for the

Group CEO and Group CFO respectively,

effective 1 July 2025. This compared to

average wider workforce increases of

between 3.8% and 4.1% across the US,

Ireland and the UK.

Pension contributions at 12% of salary

and benefits remained unchanged.

2025 Annual Incentive

The annual incentive for the Group CEO and

Group CFO remained at 250% and 200%

of salary respectively, with 50% of the

incentive deferred into shares in accordance

with Policy. Annual incentive measures and

weightings for 2025 were largely unchanged

except there was no ESG element included

in the 2025 incentive. This change followed

the Committee’s review of market practice

during Q1 as well as the level of progress

already made on various ESG matters in

prior years. For 2025 the annual incentive

therefore comprised 80% financial targets

(adjusted EPS and Cash Conversion, with

a 60% and 20% weighting respectively)

and strategic (20% weighting).

The Group delivered robust performance

against the financial targets for 2025,

with both the adjusted EPS and Cash

Conversion exceeding target performance

with outcomes of 100.0% and 100.0% of

maximum respectively. The Executive

Directors also delivered strong strategic

performance during 2025, including

the separation of Dairy Nutrition and

Health & Nutrition, disposing of SlimFast

and Body & Fit, completing the acquisition

of Sweetmix and post year-end Scicore

and leading a Global Transformation

programme.

 Glanbia plc | Annual Report and Financial Statements 2025

Remuneration Committee Report continued

The formulaic outcome of the annual

incentive was 99.2% of maximum for the

Group CEO and 99.0% of maximum for

the Group CFO, reflecting a year of robust

financial and non-financial performance

including significant shareholder returns

with €197 million allocated to share

buyback programmes and the annual

dividend increased by 10%. The Committee

was comfortable that the formulaic

outcome reflected performance delivered,

therefore, no discretion to adjust the

formulaic outcome was applied. Full details

on the targets and related performance

can be found on page 114 to 116. 50% of the

annual incentive earned is deferred into

shares with 30% released after two years

and the remaining 20% after three years.

2023 Share Awards Vesting

The vesting of the 2023 LTIP is determined

by performance over the three-year

performance period to 3 January 2026,

measuring adjusted EPS Growth (40%

weighting), Group ROCE (40% weighting)

and ESG sustainability metrics covering

Scope 1 & 2 emissions, water usage and

packaging (20%).

The formulaic vesting outcome for the 2023

share awards is 72.3% of maximum with

performance between threshold and

maximum for all three metrics. Following

strong adjusted EPS growth in 2023 and

2024, adjusted EPS declined marginally in

2025 resulting in a 3 year CAGR of 7.53% in

the middle of the 5%-10% target range and

the three year average ROCE was 11.96%

which was at the higher end of the target

range of 10%-13%. Good progress was made

on ESG metrics over the three-year period.

The Committee carefully considered the

formulaic outcomes and concluded that

they are appropriate, and no discretionary

adjustments are required.

The 2023 share awards will not vest before

5 April 2026, the third anniversary of grant.

Full details of the targets and related

performance can be found on page 116.

2025 Share Awards

The 2025 LTIP grants of 150% of salary for

both Executive Directors were made during

the year. As noted in the 2024 report, the

weighting to ESG is reduced compared to

the 2024 awards with an increase in EPS

noting the importance of financial

performance and the progress already

made with our sustainability priorities.

The measures for the 2025 Share Awards

are EPS (50%), Group ROCE (40%), ESG

Scope 1 & 2 emissions (5%) and ESG

packaging (5%). Details of the targets are

set out later in this report.

2026 operation of

Remuneration Policy

Executive Director Fixed Remuneration

The base salaries of our Executive Directors

will be increased by 3.5% from 1 January

2026. This compares to an average

workforce increase of 3.5% for the United

States, Ireland and the United Kingdom.

All other elements of fixed remuneration

remain unchanged.

2026 Annual Incentive

The maximum annual incentive

opportunity for 2026 remains at 250%

and 200% of salary for the Group CEO and

Group CFO respectively. The performance

metrics and weightings also remain the

same as for 2025, being 60% adjusted EPS,

20% Cash Conversion and 20% strategic

objectives. The targets for the annual

incentive are commercially sensitive and

will be disclosed retrospectively in next

year’s Remuneration Report. However, the

Remuneration Committee is comfortable

that the targets reflect our business plan

and, as in previous years, are appropriately

stretching taking into account both the

annual incentive opportunity as well as the

current economic and business environment.

2026 Share Awards

2026 share awards will again be granted at

150% of salary for both the Group CEO and

Group CFO. Performance and vesting will

also be determined by the same key Group

performance metrics that applied to the

2025 award of adjusted EPS (50%), ROCE

(40%) and ESG sustainability measures

(10%). Target details are set out on

page 120.

Non-Executive Director

Remuneration

Our Non-Executive Director fees for 2026

will be increased by 3.5% in line with the

increase for our Executive Directors.

Approach to Executive

Director remuneration

Our current Directors’ Remuneration Policy

received shareholder approval at our 2024

AGM and under UK regulation, which

Glanbia follows as a matter of best practice

where appropriate, the Policy is due for

renewal at our 2027 AGM. Therefore, the

Committee will review the current Policy

during the course of 2026 in order to bring

an updated policy to shareholders for

approval at the 2027 AGM ensuring that the

policy incentivises and aligns our Executive

Directors to the growth agenda and

medium term targets communicated

in our Capital Markets Day.

Conclusion

2025 represented another year of robust

performance for Glanbia against the

backdrop of significant challenging

market conditions and in this context

the Committee is comfortable that the

remuneration outcomes appropriately

reflect and are aligned to business

performance and shareholder return.

Noting the review of the Policy in 2026, the

Committee is satisfied that the Policy has

operated as intended in terms of Group

performance and quantum during 2025

and that no changes are required for the

year ahead. I look forward to engaging with

shareholders as part of the Policy review.

Meanwhile, I am available through our

Group Secretary if you wish to engage with

me prior to our 2026 AGM. I hope to receive

your support at the AGM for the advisory

shareholder resolution to approve this

Annual Statement and our Annual Report

on Remuneration.

Jane Lodge

Remuneration Committee Chair

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

At a glance: Individual Executive Remuneration for the year ended 3 January 2026 (Audited)

CEO (H McGuire) CFO (M Garvey)

Base salary

€1,038,000 (3.8%) increase €683,352 (3.8%) increase

Benefits Car allowance and medical/life assurance Car allowance, medical/life assurance and tax

equalisation

Pension 12% of salary (cash in lieu of pension) 12% of salary

Short-Term Incentive Plan (“STIP”)

Measures Adj. EPS (60%), Cash Conversion (20%) and strategic objectives (20%)

Maximum opportunity 250% of salary 200% of salary

Achievement €2,574,240 (99.20% of max) €1,353,038 (99.00% of max)

Structure 50% of bonuses earned deferred into shares – 30% released after year 2, 20% released after year 3

Long-Term Incentive Plan (“LTIP”)

Measures 2025 award Adj. EPS (50%), Group ROCE (40%) and ESG measures (10%)

Award level 2025 award 150% of salary 150% of salary

Achievement 2023 award €721,181 (72.30% of max)

€722,427 (72.30% of max)

Structure Paid in shares, subject to two-year post vesting holding period

Other Policy elements

Shareholding requirements 250% of salary 200% of salary

50% of shares vesting under the annual bonus and LTIP must be retained until achieved

Post-employment

shareholding requirements

The lower of shares actually held and 100% of salary for the first year after ceasing to be an Executive

Director and 50% of salary for the second year

1. The base salaries shown for the Group CEO and Group CFO are as at 31 December 2025. The 3.8% salary increase took effect 1 July 2025 for the Group CEO and

Group CFO respectively.

2. For 2025 this reflects the vest of H McGuire’s 2023 LTIP award, which was granted when he held the position of PN CEO.

Section A: Directors remuneration policy 2024-2026

Under Section 1110M of the Irish Companies Act 2014, the Company is required to obtain shareholder approval of its Directors’ Remuneration

Policy every four years, or sooner if material changes are required. UK regulations, which the Company follows as a matter of best practice,

where practicable, require a new policy to be brought to shareholders every three years, or sooner if material changes are required.

The decision-making process to develop the 2024–2026 Remuneration Policy and operation of Policy is set out in the Group Chair’s

Annual Statement on Remuneration for both the 2023 and 2024 Remuneration Committee Reports and the section below on

Remuneration Committee Governance and is incorporated into the Remuneration Policy by reference.

The 2024–2026 Remuneration Policy was approved at the 2024 AGM and will apply for a three-year period or until an earlier change

in Policy is required. The Committee may, under Irish law, extend the Policy by one year and seek shareholder approval to a new Policy

after a four-year period.

Remuneration strategy, policy, and purpose

The Remuneration Policy has been developed to attract, retain and motivate executives to ensure that they perform in the best interests

of the Group and its shareholders by growing and developing the business over the long-term. Performance-related elements of

remuneration are designed to form an appropriate portion of the overall remuneration package of Executive Directors and link

remuneration to business performance and individual performance, while aligning their interests with those of shareholders.

The Policy focuses on incentivising the successful implementation of our corporate strategy, consistent with our risk management

framework. This strategy aims to deliver sustainable, superior earnings growth, solid financial stewardship and total shareholder return

for our shareholders over the long-term through the strong performance of high-quality and committed leadership, critical to the future

development of the Group. The Group Key Performance Indicators (“KPI”s), which are detailed on pages 24 and 25, underpin the selection

of performance criteria used within the incentive arrangements.

 Glanbia plc | Annual Report and Financial Statements 2025

Factors considered when developing the Remuneration Policy

The Remuneration Committee considered the following factors when developing the Directors’ Remuneration Policy:

• Clarity – all elements of the Policy and its implementation are set out clearly in the Directors’ Remuneration Report.

• Simplicity – the Policy is simple and straightforward with the structures used being common across listed companies.

• Risk – the Policy has been developed so that incentive structures discourage inappropriate risk-taking through use of long-term incentives,

the balance of measures used to determine variable remuneration outcomes and through features such as shareholding requirements and

malus and clawback.

• Predictability – the Policy has been constructed to have clear limits on the variable remuneration payable, with the scenario chart later in this

report providing illustrative examples of how the Policy may operate in practice.

• Proportionality – there is a sensible balance between fixed and variable pay, and variable remuneration is appropriately structured to

sustainable long-term performance.

• Alignment to culture – through the assessment of financial and non-financial performance, executives are incentivised to achieve performance

in a way that aligns to Glanbia’s values and culture.

Directors’ Remuneration Policy table

The following table sets out the different elements of remuneration for the Executive Directors. The Remuneration Policy was approved

with an advisory non-binding shareholder resolution at the 2024 AGM.

Element Objective Description, Performance Measures and Maximum Value

Base salary (fixed)

Annual fixed pay

Provide competitive base pay

which reflects market value of

role, job size, responsibility and

individual skills and experience.

Set by reference to the relevant market median of Europe and US based companies on

an external independent evaluation of the role against appropriate peer companies.

Reviewed annually by the Remuneration Committee. Any reviews, unless reflecting a

change in role or increased complexity, usually take effect from the commencement

of the relevant financial year.

While there is no maximum increase or maximum salary amount, increases as

a percentage of salary will normally be aligned to those of the wider workforce,

although the Remuneration Committee may determine that it is appropriate to

make higher increases than this, for example, but not limited to, where there is an

increase in role including responsibilities and complexities.

Pension (fixed)

Retirement benefit

Provide market-aligned,

affordable and sustainable

retirement benefits.

Determined as a percentage of base salary.

Pension contribution aligned to the workforce in the country of appointment,

which is currently 12% of salary in Ireland.

Other Benefits (fixed) Provide competitive benefits

which recognise market value of

role, job size and responsibility.

Determined in consideration of the level of responsibilities and local market practice.

Benefits to include but not limited to, car allowance, medical/life assurance, tax

equalisation payments and accommodation/relocation or other business-related

allowances where appropriate.

Short-Term Performance

Related Incentive (variable)

Incentivise Executive Directors

to achieve specific performance

goals and personal

performance objectives which

are linked to the Group’s

business plans during a

one-year period.

Ensure greater linkage of

remuneration to performance.

Ensure greater linkage to

long-term sustainability and

alignment to Group Risk

Management Policy.

Alignment with shareholders

and/or share value growth.

The annual incentive scheme rewards achievement of specific short-term annual

performance metrics.

The Group CEO and the Executive Directors can earn 125% and 100% of base salary

at target performance, respectively, and up to 250% and 200% of base salary,

respectively, for maximum performance. Annual bonus starts to accrue at 0% for

threshold performance.

In relation to strategic targets, the structure of the target will vary based on the nature

of the target set and it will not always be practicable to set targets using a graduated

scale. Vesting may therefore take place in full if specific criteria are met in full.

The majority of the STIP will be based on financial metrics. The Remuneration

Committee reviews and determines the metrics, weightings and calibration of targets

annually, taking into account the business planning process and the strategic

priorities of the business. The Remuneration Committee has the discretion to adjust

the formulaic vesting outcome if it deems it appropriate.

50% of any annual incentive earned is deferred into shares and once the appropriate

taxation and social security deductions have been made, invested in shares in the

Company. The shares are subject to a holding period, 30% is released after 2 years,

and 20% after 3 years.

Deferred incentives are subject to malus and clawback (for a period of two years

following this investment) to the extent determined by the Remuneration Committee

as outlined in Note 1 on page 109.

Remuneration Committee Report continued

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

Element Objective Description, Performance Measures and Maximum Value

Long-Term Performance

Related Incentive (variable)

LTIP under which shares are

granted in the form of a

provisional allocation of

shares for which no exercise

price is payable

To align the interests of

Executive Directors and

shareholders through a

long-term share-based

incentive linked to share

ownership and holding

requirements.

To focus on greater alignment

with shareholders, long-term

retention and reward for

sustainable performance.

Long-term incentive individual annual share award level cannot exceed 150% of

base salary.

The majority of the LTIP will be based on financial metrics. The Remuneration

Committee reviews and determines the performance metrics and weightings annually,

ensuring that they support the strategic priorities of the business.

For all financial performance metrics, 25% vests at threshold performance and 100%

vests at maximum with straight line vesting between these points.

In relation to strategic targets the structure of the target will vary based on the nature

of the target set, and it will not always be practicable to set targets using a graduated

scale. Vesting may therefore take place in full if specific criteria are met in full.

The extent of vesting shall be dependent on the level of achievement, measured

over a three-year period, of the relevant performance conditions. The Remuneration

Committee has the discretion to select different performance criteria (including the

measures, their weighting and calibration) where deemed appropriate for new

long-term incentive awards to ensure they continue to reflect the strategic priorities

of the business. The performance conditions for each award will be disclosed in the

Directors’ Remuneration Report which will be subject to a shareholder non-binding

advisory vote.

The Remuneration Committee has the discretion to adjust the formulaic vesting

outcome if it deems it appropriate and a share award shall not vest unless the

Remuneration Committee is satisfied that the Group’s underlying financial

performance has shown a sustained improvement in the period since the date of grant.

Executive Directors will be required to hold shares received pursuant to the vesting of

share awards for a minimum period of two years post vesting subject to sales to meet

taxes. Share awards are subject to malus and clawback (during the two-year holding

period following vesting) to the extent determined by the Remuneration Committee

as outlined in Note 1 below.

Retention Award

One-off retention award

made to the Group Chief

Financial Officer

To retain the Group Chief

Financial Officer.

One-off conditional award of shares to the Group CFO. The award is equal to 100%

of base salary. The number of shares subject to the award was determined using the

Glanbia plc volume weighted average share price for the month of December 2023.

The award is subject to a two year vesting period commencing on 1 January 2024 with

vesting subject to the Group CFO being an Executive Director on 31 December 2025.

The vested shares are subject to a one-year post vesting holding period, subject to

sales to meet taxes.

Save for the specific terms detailed above, the general terms and conditions for the

LTIP will apply to the retention award, including in relation to malus and clawback,

corporate events, leaver provisions and the terms and conditions that cannot be

amended to the recipient’s advantage without shareholder approval, as outlined in

Note 1 below.

Shareholding Requirement

Minimum share ownership

requirements to be built up

over time through the

retention of vested incentive

awards

Ensure a greater alignment

with shareholders’ interests.

Executive Directors are required to build a shareholding through retaining 50% of

shares vesting under the annual bonus and LTIP (subject to sales to meet taxes) until

shareholding requirement is achieved.

The Group CEO is required to build and maintain a shareholding of 250% of base

salary and other Executive Directors are required to build up and maintain a

shareholding of 200% of base salary.

Post-Employment

Shareholding Requirement

Minimum share ownership

requirements to be built up

over time through the

retention of vested incentive

awards

Ensure a greater alignment

with shareholders’ interests

The lower of shares actually held and 100% of salary for the first year following

cessation of employment and 50% of salary for the second year with Remuneration

Committee discretion to amend the requirement in exceptional circumstances.

Applies to the Group CFO to incentive awards granted from 2022 and to other

Executive Directors from the date of appointment and for all Executive Directors,

not to shares purchased from the executive’s own funds.

Requirement is to retain 50% of vested LTIPs and bonus shares (after sales to meet

taxes) until sufficient shares held to meet post-employment requirement.

Note 1: Malus and clawback – the Remuneration Committee may, at any time within two years of a share award or annual deferred incentive vesting, determine that

malus and clawback shall apply if the Remuneration Committee determines that there was a material misstatement of the financial statements of the Company

upon which the performance targets were assessed or an erroneous calculation was made in assessing the extent to which performance targets were met, if an

award holder is found guilty, or pleads guilty, to a crime which causes reputational damage; or an award holder is guilty of serious misconduct or gross negligence

which causes loss or reputational damage, or where corporate failure or failure in risk management has occurred.

 Glanbia plc | Annual Report and Financial Statements 2025

Executive Director employment conditions

The Remuneration Committee adopts a transparent framework when making Board appointments of either external or internal candidates.

Recruitment policy

When recruiting new Executive Directors, the Group’s policy is to provide an appropriate remuneration package to attract the right

calibre of individuals taking into account the skills and experience appropriate to the role being filled, and taking into account cost

and remuneration across the Group, including other senior executives, and that offered by other international food and nutritional

companies and other companies of similar size and complexity. New Executive Directors will generally be appointed on remuneration

packages with the same structure and pay elements as described in the table below. Each element of remuneration to be included in

the package offered to a new Executive Director would be considered.

Element Description

Base salary (fixed) Base salary levels will be set in consideration of the skills, experience and expected contribution to the

role, the current salaries of other Executive Directors in the Group and current market levels for the role.

Pension (fixed) Pension contribution will be aligned to the workforce in the country of appointment unless there is specific

market practice in the country of appointment and where for the recruitment of the right candidate it is

considered necessary by the Remuneration Committee for the executive to participate in retirement

benefits applicable to their local market and in line with relevant scheme rules and Company practice.

Other benefits (fixed) Will be considered in light of relevant market practice for the role, the benefit received by the candidate

in current role and the provisions in place for other Executive Directors.

Short-Term Performance

Related Incentive (variable)

The maximum level of short-term variable remuneration which may be granted to a new recruit is 250%

(total maximum variable remuneration is 400%, annual and long-term variable). This excludes any buyout

share awards that might arise.

The Remuneration Committee will consider whether it is appropriate for the new recruit to participate

in the same annual incentive plan applicable to the current Executive Directors. If this is considered

appropriate, the same financial measures, weighting, payout scale and target and maximum incentive

opportunity (as a percentage of base salary) which apply to the existing Executive Directors will generally

apply to the new recruit.

Long-Term Performance

Related Incentive (variable)

The maximum level of long-term variable remuneration which may be granted to a new recruit is 150%

(total maximum variable remuneration is 400%, annual and long-term variable). This excludes any buyout

share awards that might arise.

The award of long-term incentives will depend on the timing of the appointment and where this fits into

the typical annual grant cycles.

In addition to the above, when appointing an Executive Director, all other aspects of the Remuneration Policy such as malus and

clawback and shareholding requirements will apply.

In exceptional circumstances or where the Remuneration Committee determines that it is necessary for the recruitment of key

executives, the Remuneration Committee reserves the right to offer additional cash and/or share-based payments to take into account

remuneration relinquished including incentive awards forfeited when leaving the former employer which would reflect as far as possible

the nature (delivery vehicle), time horizons and performance requirements attached to that remuneration.

The Remuneration Committee’s approach to this matter is to carry out a detailed review of the awards or other remuneration element

which the individual will lose and calculate the estimated value of them. In doing so, the Remuneration Committee will consider the

vesting period; the award exercise period if applicable; whether the awards are cash or share-based; performance-related or not; the

former employer’s recent performance and payout levels and any other factors the Remuneration Committee considers appropriate.

If a buyout share award is to be made, the structure and level will be carefully designed and will generally reflect and replicate the

previous awards as accurately as possible. The award will be made subject to appropriate clawback provisions in the event that the

individual resigns, or their employment is terminated within a certain time frame.

For an internal appointment, any variable pay element awarded in respect of the prior role may be allowed to pay out according to its terms,

adjusted as relevant to take into account the appointment. In addition, any ongoing remuneration obligations existing prior to appointment

(which are inconsistent with the Policy as disclosed herein) may continue, provided they are disclosed to the Remuneration Committee and

in the Annual Report on Remuneration. The Remuneration Committee may also, if it considers it appropriate and in the best interests of the

Group and its shareholders, realign existing incentive awards to the Director’s Remuneration Policy applicable at the time of appointment.

Executive Director service agreements

The Group’s policy is to provide rolling service contracts with a 12 month notice period. The Group CEO, Hugh McGuire and the Group

CFO Mark Garvey, service agreements have a rolling 12 month notice period. The Group retains the sole right to terminate with payment

in lieu of 12 months’ notice, or part thereof, at any time.

Employment contracts for Executive Directors do not provide for any compensation for loss of office beyond payments in lieu of notice

and therefore, except as may otherwise be required by Irish law, the amount payable under the contract upon termination is limited to

a maximum of 12 months’ remuneration. If so required, the Group reserves the right to make necessary payments in settlement of a

Director’s statutory employment rights.

Remuneration Committee Report continued

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

The incumbent Group CFO has an additional 12 month restrictive covenant agreement which was introduced in 2019 and is in addition

to the contract of service and notice period. This restrictive covenant agreement was put in place under the 2018-2021 Remuneration

Policy, and was grandfathered into the 2022-2024 policy and our new 2024-2026 policy. This agreement was necessary as a matter of

law and aligned to market practice in Ireland to ensure enforceability of non-compete obligations. The Remuneration Committee will

ensure that careful consideration is given to the remuneration payable on any termination of employment including whether an

Executive Director is required to work his or her notice period to minimise the total cost of severance.

All new appointments will have restrictive covenant agreements incorporated into their service contracts with no additional payment

in respect of these.

Exit pay policy

The Group’s exit pay policy for the variable pay of Executive Directors is as follows:

• STIP awards – STIP awards will vest pro rata to reflect the performance period that was worked and the performance outcomes

achieved, in accordance with plan rules with the Remuneration Committee applying its discretion to allow all or part of STIP award

to vest. STIP payments will normally be made at the usual time;

• LTIP awards – In the event an Executive Director leaves before an award vests for reasons of death, redundancy, injury, ill health or

disability, retirement with the agreement of the Remuneration Committee or any other reason approved by the Remuneration

Committee, LTIP awards lapse unless the Remuneration Committee exercises its discretion to allow all or some of the Executive

Director’s awards to vest taking into account pro-rating for service and the extent to which the performance conditions of the award

are met (save in the case of death or if the circumstances are sufficiently exceptional as determined by the Remuneration Committee

where the Remuneration Committee may reduce the pro-rating and vest awards earlier than the normal time). The Remuneration

Committee may at any time prior to vesting, in its absolute discretion, revoke any determination to permit awards to vest where an

Executive Director breaches a protective covenant. For all other leavers awards will lapse: in the event of a takeover, merger, scheme

of arrangement or other similar event involving a change of control of the Company or a demerger of a substantial part of the Group,

or a special dividend, or an event which has the effect of materially changing the Group’s business, or an Executive Director’s

employment with the Group terminates by reason of a transfer of his/her employment to an entity outside the Group or other similar

events that affects the Group’s shares to a material extent, share awards under the 2018 LTIP will vest early, subject to normal

restrictions on sale and the pro-rating of the share awards to reflect the reduced period of time between the commencement of the

performance period and the early vesting; and

• The Remuneration Committee can decide not to apply restrictions on sale or pro rata a share award if it regards it as inappropriate

to do so in the particular circumstances; and other payments, such as legal or other professional fees, relocation or outplacement

costs, payments to settle legal claims may be paid if it is considered appropriate and is at the absolute discretion of the

Remuneration Committee.

Policy on external Board appointments

The long-standing policy of allowing Executive Directors to hold external Non-Executive Directorships with the prior approval of the

Remuneration Committee will continue. The Remuneration Committee considers that external directorships provide the Group’s

Executive Directors with valuable experience that is of benefit to Glanbia. The Remuneration Committee believes that it is reasonable

for the individual Executive Director to retain any fees received from such appointments, given the additional personal responsibility

that this entails.

Remuneration below Executive Directors

The Group’s remuneration principles and the Policy underpin remuneration practice across the Group. Below the level of the Executive

Directors, similar principles and policy framework, as outlined in the preceding pages, cascade as far as possible, taking account of

seniority and relevant local market practice.

The table below outlines the reward elements which apply to employees across the Group depending on their level of seniority and

market location.

Element Description

Base salary (fixed) Set by reference to role responsibilities relative to the relevant local market based on external

independent market data against appropriate peer companies. Reviewed annually in consideration of

personal performance with any change of pay approved by a member of the Group Operating Executive

(and by the Remuneration Committee for senior executives falling under its remit).

Pension (fixed) Employees participate in retirement benefits applicable to their local market and in line with relevant

scheme rules and Company practice.

Other benefits (fixed) Employees participate in other benefits applicable to their local market and in line with relevant rules and

Company practice. Other benefits may include car benefit, illness benefit, medical insurance, relocation

expenses/payments.

Short-Term Performance

Related Incentive (variable)

The annual incentive potential is based on appropriate and specific Group or Business Unit measures, as

determined by the Remuneration Committee. For designated senior executives, deferral of the proportion

of the annual incentive earned once the appropriate taxation and social security deductions have been

made will be invested in shares in the Company and delivered over three years following investment.

Long-Term Performance

Related Incentive (variable)

The LTIP is focused on key Group financial metrics aligned to the awards made to the Executive Directors.

The Remuneration Committee may also assign a portion of the share award as restricted stock over the

performance period with annual vesting of restricted stock awards to ensure incentive awards are

aligned to market practice and remain competitive in the markets in which Glanbia operates.

 Glanbia plc | Annual Report and Financial Statements 2025

Alignment and engagement with the wider workforce

The Committee takes into account a wide range of internal and external considerations when establishing and implementing policy for

Executive Directors, including the remuneration of employees across the Group. The arrangements for the Executive Directors outlined

on page 113 are broadly aligned with those for the wider workforce, with broad participation in annual incentive and senior leaders being

invited to participate in the long-term incentive arrangements. In both cases, quantum is dependent on seniority within the business.

Similar to the Executive Directors, incentives are calibrated to provide appropriate rewards for the achievement of superior performance.

Senior executives below Board level may be eligible to participate in restricted stock awards as part of the annual LTIP grant.

The Remuneration Committee solicits and takes into account the views of stakeholders, including employees, when formulating Executive

Director pay policy. Gabriella Parisse is the designated Non-Executive Director for workforce engagement and had the opportunity to

meet with employees at all levels of the organisation during 2025 across various engagement sessions and townhalls held in Ireland and

in the US. The purpose of these sessions is to strengthen dialogue between employees and the Board, giving the workforce a voice in the

boardroom so their views can be better understood and considered when decisions are being made about the future of the business,

including how the Committee takes onboard the views of the wider workforce in making decisions on remuneration. During 2025, there

was engagement to explain the remit of the Committee and how executive remuneration aligns with the wider Group policy, as well

as updates on engagement survey results and on key Board initiatives that centre on equity, inclusion, communication and wellbeing.

At all sessions, an emphasis was placed on the Board’s keen desire to hear the voice of the employee and to take that into account

when decisions were being made. Sessions attracted participation from various levels within the organisation, with strong engagement

and positive sentiment toward our smart working policy and flexibility in supporting wellbeing, reaffirming Glanbia’s caring culture.

Elements of remuneration for Non-Executive Directors

The Remuneration Policy for the Group Chair and Non-Executive Directors is set out below.

Element Objective Description

Annual fees Recognise market value

of role, contribution,

responsibility and reflects

individual skills and

experience.

Set by reference to market rates based on an external independent

evaluation of comparator companies of a similar scale and complexity.

Includes a base fee for the role of Non-Executive Director and additional

fees reflecting responsibilities for the Chair of a committee of the Board and

Senior Independent Director, additional fees as appropriate for other roles

and increased time commitments. The Group Chair fee is reviewed from

time-to-time by the Remuneration Committee and other Non-Executive

Director fees are reviewed by the Board. Any reviews usually take effect

from 1 January in the relevant year.

The Group Chair receives a single all-encompassing fee.

Travel allowance To recognise the additional

time commitment associated

with travel on Company

business.

Set by reference to market rates where comparable allowances are paid

and taking into account the associated time commitment.

A travel allowance may be structured as appropriate from time-to-time,

taking into account the location of the Non-Executive Director and travel

commitments, including but not limited to an annual allowance, an

allowance per meeting and different allowances payable for Non-Executives

based in different continents.

Benefits and expenses Reimburse role-based

expenses incurred during

performance of the duties

of the role.

No additional benefits are provided other than direct expenses relating

to the role. Such expenses may include travel in the course of the role for

the Group and any tax payable in respect of the reimbursement grossed

up if appropriate.

The Non-Executive Directors do not have service contracts but have letters of appointment detailing the basis of their appointment.

The Non-Executive Directors do not have periods of notice and the Group has no obligation to pay compensation when their appointment

terminates in accordance with their letters of appointment. They are subject to annual re-election at the AGM of the Company.

Remuneration Committee Report continued

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

Section B: Annual Report on Remuneration

Remuneration Committee Governance

The Remuneration Committee comprises the Group Chair who was independent on appointment and four Independent Non-Executive

Directors, of whom two members constitute a quorum.

The Group CEO, Group CFO and Chief Human Resources Officer attend Remuneration Committee meetings by invitation only and as

necessary. No Director or member of the Group Operating Executive is involved in considering their own remuneration, they absent

themselves when their remuneration is discussed. The Group Secretary acts as secretary to the Remuneration Committee.

Remuneration best practices

The Remuneration Committee complies with all relevant reporting and legislative requirements applicable to an Irish incorporated

company with a primary listing on Euronext Dublin. With a secondary Equity Shares (“ESCC”) category listing on the London Stock

Exchange, the Remuneration Committee has also resolved on a voluntary basis to align, to the extent it considers possible and

appropriate having had regard to Irish law, the Directors’ Remuneration Policy and remuneration reporting with UK remuneration

best practices including the regulations applicable to UK incorporated and listed companies.

The Remuneration Committee receives independent external advice on executive remuneration from Korn Ferry, a member of the

Remuneration Consultants Group and signatory to its Code of Conduct, who were appointed as Remuneration Advisers in 2019 following

a competitive selection process in the same year. Korn Ferry, who do not have any connection with any Directors of the Company,

provide advice to the Remuneration Committee which supports robust and sound decision making. The Remuneration Committee is

satisfied that its remuneration advisers act independently. Korn Ferry fees for advising the Remuneration Committee during 2025 were

€137,000.

The Remuneration Committee is committed to strong and effective engagement with its stakeholders and to provide remuneration

reporting disclosures that effectively explain our remuneration decisions. The Remuneration Committee continues to actively listen

and incorporate, as far as possible, the views of the stakeholders.

Executive Directors’ Remuneration 2025

Executive Director Remuneration Earned 2025

Fixed Pay Annual Incentives

Long-term

Incentives

Executive Directors

Full

year

Base

salary

€’000

Pension

contribution

€’000

Other

benefits

€’000

Annual

incentive

(payable

in cash)

€’000

Annual

incentive

(deferred

shares)

€’000

Long-term

incentive

5,6

€’000

One off

retention

award

€’000

Total

fixed

pay

€’000

Total

variable

pay

€’000

Total

€’000

H McGuire 2025 1,019 – 200 1,287 1,287 721 – 1,219 3,295 4,514

2024 1,000 – 212 997 997 984 – 1,212 2,978 4,190

M Garvey 2025 671 81 65 677 677 722 616 817 2,692 3,509

2024 658 79 66 524 524 986 – 803 2,034 2,837

1. The base salaries of both Executive Directors is reflective of actual earned through 2025, with the 2025 salary increase taking effect 01 July 2025.

2. Other benefits include car allowance, medical/life assurance, tax equalisation payment to M Garvey in respect of the DC pension contribution in Ireland, taxable

cash in lieu of pension payments of 12% of salary.

3. This reflects the proportion of the annual incentive payable in cash to Executive Directors in respect of performance for full year 2024 and 2025 performance.

4. 50% of the annual incentive is deferred, with 30% being released after 2 years and 20% after 3 years.

5. For 2024, this reflects the value of the 2022 share award which vested on 12 June 2025. The vesting value has been updated from the 2024 Remuneration Report

with the actual share price on vesting. For 2025, this reflects the value of the 2023 share award which will not vest before 5 April 2026, where the performance

period ended on 3 January 2026. The gross value of the 2023 award is calculated using the official closing share price on 2 January 2026 (last day of trading for the

2025 financial year) of €14.48. Vested awards are held for a 2-year period from the date of vest.

6. For 2024 and 2025 this reflects the vest of H McGuire’s 2022 and 2023 LTIP awards respectively, which were granted when he held the position of PN CEO.

7. This is the vesting of a one off retention award to M Garvey, previously approved by shareholders at the 2024 AGM. The gross value of the one off retention award

is calculated using the official closing share price on 2 January 2026 (last day of trading for the 2025 financial year) of €14.48. The vested award will be held for

12 months from the date of vest.

 Glanbia plc | Annual Report and Financial Statements 2025

Fixed Remuneration 2025

Base salary 2025

Base salary for the Group CEO and the Group CFO increased by 3.8% to €1,038,000 and €683,352 respectively, effective 1 July 2025.

This compared to the average wider workforce increases of between 3.8% and 4.1% for the broader employee population.

Pension 2025

Both Executive Directors received pension contributions equal to 12% of salary with the Group CEO receiving a cash payment in lieu

of pension and the Group CFO participating in a defined contribution retirement plan.

Other benefits 2025

Other benefits include a car allowance, medical/life assurance and for the Group CFO who holds Irish and US citizenships, a tax

equalisation in respect of defined contribution (“DC”) pension contributions in Ireland. All benefits are subject to normal deductions

per the relevant regulations.

Annual Incentive 2025

The table below summarises the 2025 annual incentive targets, weightings and outcomes.

Measure Weighting Threshold Target Maximum

Achievement

as a %

of maximum

Achievement

outcome

Adjusted EPS 60% 123.65 129.64 135.62 100.00% 60.00%

136.16

Group OCF 20% 75% 80% 90% 100.00% 20.00%

90.60%

Strategic – Group CEO 20%

96.00%

96.00% 19.20%

Strategic – Group CFO 20%

95.00%

95.00% 19.00%

Outcome – Group CEO 99.20%

Outcome – Group CFO 99.00%

Group CEO Group CFO

Overall outcome (% of salary) 248.00% 198.00%

Annual incentive award EUR 2,574,240 EUR 1,353,038

1. The 2025 adjusted EPS outcome was 134.93 $cent adjusted to 136.16 $cent when the impact of the disposals of Body & Fit and SlimFast and the Sweetmix

acquisition during the year were excluded.

2. The 2025 OCF outcome was 91.0% adjusted to 90.6% when the impact of the disposals of Body & Fit and SlimFast and the Sweetmix acquisition during the year

were excluded.

Remuneration Committee Report continued

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

Key Strategic Objectives 2025

Strategic objectives are aligned with the Group strategy reflecting the Executive Director’s personal contribution to organisational

effectiveness, the execution of the strategic growth plan and driving innovation capability. The Group CEO proposed the strategic

performance objectives for the Group CFO, with the Group CEO’s strategic objectives proposed by the Group Chair and all objectives

approved, monitored during the year and scored by the Remuneration Committee.

Group CEO

Hugh McGuire

Measure/Objective Weighting % Performance Assessment Achievement %

Objective 1 – Deliver key growth initiatives for

Group including focus on margin delivery and

growth.

5% Delivered EPS of 134.93 $c ahead of guidance

to market. Navigated significant tariff and whey

volatility. Significant investor engagement across

the year both individually and at conferences,

with a successful Capital Markets Day event

held in November.

Objective 2 – Deliver key growth initiatives for PN

including navigating market challenges carefully.

5% Sequential improvement across year with LFL

revenue (excluding SlimFast and Body & Fit) of

+4.5%, ahead of expectations as we managed

volatility. ON LFL growth of +6.4% with double

digit growth in H2.

EBITDA on plan at 13% but challenge all year was

navigating record whey prices and implementing

price increases.

Objective 3 – Deliver key growth initiatives for

H&N and DN.

5% Full separation of DN and H&N with leadership in

place providing greater focus resulting in a strong

performance for both businesses. H&N achieved

LFL growth 6.8% ahead of guidance and margins

at 18.4%. DN volumes up 4.2% with margins in line

with prior year at 9.9%. Significant expansion plans

announced across business to support growth

Objective 4 – Drive Group growth strategy through

speedboats and long-term innovation.

9% Portfolio strategy review continued to evolve

with prioritisation on the growth engines of PN

and H&N. Greater focus on innovation with the

appointment of a Chief Science Officer and

acceleration of innovation in 2025 and into 2026.

Growth strategy culminated in a successful Capital

Markets Day held in November.

Objective 5 – Global Transformation Programme 8% Good progress, transformation programme has

impacted the entire organisation and is on track

for $60m of savings by the end of 2027. Significant

amount of organisational change now set up

for 2026.

Objective 6 – M&A: build out pipeline that supports

the growth strategy.

8% Successfully acquired Sweetmix and Scicore under

the H&N platform. Completed the sale of Body &

Fit and SlimFast to align with portfolio strategy.

Development of active pipelines for H&N and

continue to evaluate broader portfolio strategy to

deliver greatest shareholder return.

Objective 7 – Team Development 10% Continued leadership team development and

succession planning with appointment of a number

of roles to the Executive team, internal promotion

of CEO Dairy Nutrition and Chief Supply Chain

Officer, external hire of Chief Strategy Officer and

CEO Health & Nutrition and with the planned

retirement of the CHRO, a successor was named

and is now in place for 2026.

10%

Total achievement 50% 48%

 Glanbia plc | Annual Report and Financial Statements 2025

Remuneration Committee Report continued

Group Chief Financial Officer

Mark Garvey

Measure/Objective Weighting % Performance Assessment Achievement %

Objective 1 – Investor Relations: development

and execution of Capital Markets Day ("CMD")/

investor event.

6% Important strategic progress across multiple

engagements, with successful analyst events

during the year. Executed a successful CMD in

November with 3 year plan communicated.

Objective 2 – Group Strategy and Portfolio evolution. 6% Key thought partner on the evolution of the Group

strategy including the GN segmentation and

clarity on the growth engines. Successfully

managed tariff and whey volatility challenges.

Objective 3 – M&A: delivery of acquisitions that

support the growth strategy.

8% Supported H&N acquisitions of Sweetmix and

Scicore during 2025. Completed the sale of SlimFast

and Body & Fit to align with portfolio strategy.

Objective 4 – Global Transformation Programme 8% Successfully navigated financial separation

of DN and H&N. Focused on areas of margin

improvement for long-term growth and

communicated at CMD.

Objective 5 – Group Infrastructure & Costs. 4% Good progress made over the course of the

year with respect to cost efficiencies across the

Group with continued optimisation into 2026.

Objective 6 – Finance Team Development. 8% Completed finance team alignment with new

organisational structures with all BU CFO’s in place

at H1. Strong pipelines for talent succession have

been built with expanded capabilities.

Total achievement 40% 38%

Vesting of 2023 Long-Term Incentive Share Awards

The 2023 share awards granted on 5 April 2023 had a three-year performance period (2023 to 2025) which ended on 3 January 2026.

Performance against the targets set has been measured and independently verified by external advisers on behalf of the Remuneration

Committee with vesting as follows:

Measure Weighting Threshold Maximum

Outcome as a %

of maximum

Weighted

outcome

Group EPS 40% 5% CAGR 10% CAGR 63.00% 25.20%

7.53%

Group ROCE 40% 10% 13% 74.00% 29.60%

11.96%

Group ESG 20% 87.50% 17.50%

Scope 1 & 2 Emissions 26% Reduction <31% Reduction

32%

Water 8% Reduction <11% Reduction

Packaging 75% Recyclable <87% Recyclable

88%

Outcome 72.30%

• FY 2022 Group adjusted EPS for continuing operations of 109.57 $ cents has been restated on a constant currency using 2025 translation rates. Adjusted EPS is

calculated as the profit attributable to the equity holders of the Company before exceptional items and intangible asset amortisation and impairment (excluding

software amortisation) net of related tax, divided by the weighted average number of ordinary shares in issue during the year excluding ordinary shares purchased

by the Group and held as own shares. FY 2025 Group adjusted EPS is 134.93 $ cents. The EPS performance condition is measured using constant currency to reflect

more accurately underlying earnings performance and remove any distortionary effect of currency volatility.

• Group ROCE is defined as the Group’s earnings before interest, and amortisation (net of related tax) plus the Group’s share of the results of joint ventures after

interest and tax divided by capital employed. Capital employed comprises the sum of the Group’s total assets plus cumulative intangible asset amortisation and

impairment less current liabilities and deferred tax liabilities excluding all borrowings and lease liabilities, retirement benefit assets, cash and acquisition related

contingent consideration and contract options. It is calculated by taking the average of the relevant opening and closing balance sheet amounts. In years where

the Group makes significant acquisitions or disposals, the ROCE calculation is adjusted appropriately, to ensure the acquisition or disposal are equally time

apportioned in the numerator and the denominator.

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

The vesting of the share awards granted to Executive Directors in 2023 which will not vest before 5 April 2026 is as follows:

Executive Directors

Total number of

shares awarded

Number of

shares to

vest in 2026

Percentage

outcome %

Value at grant

of the shares

vesting (A)

Change in value

over vesting

period of share

vesting (B)

Total

vesting value

(A+B)

H McGuire 68,887 49,805 72.3% €685,321 €35,860 €721,181

M Garvey 69,006 49,891 72.3% €686,505 €35,922 €722,427

1. The number of shares granted to Hugh McGuire is reflective of his position as CEO PN, at the time of grant.

2. This reflects the value of share awards expected to vest in 2025 with a three-year performance period ended on 3 January 2026. The total vesting values have

been estimated using the official closing share price on 2 January 2026 (last day of trading for FY 2025) of €14.48. The value at grant of the shares vesting was

€13.76 being the mean between the high and low of a Glanbia plc share on 4 April 2023 (being the last day of trading on the Euronext Dublin before the grant of the

award on 5 April 2023), which was the value used to determine the number of shares of the 2023 award.

Long-Term Incentive Plan share awards 2025

Details of the 2025 LTIP awards made to the Group CEO and Group CFO on 12 March 2025 are as follows:

Executive Director Type of award Basis of award

Face value of

award

Number of

shares under

award End of performance period

H McGuire Conditional award

150% of salary

€1,500,714 143,609

31 December 2028

M Garvey Conditional award €987,974 94,543

1. Face value calculated using a share price of €10.45 being the mean between the highest and lowest share price on the date of grant.

The performance conditions and weightings for all outstanding share awards are set out in the following table:

2024 Performance Measures Financial Period 2024 – 2026 2025 Performance Measures Financial Period 2025 – 2027

Performance Condition

Weighting

% of max Vesting 0%

Vesting 25%

(Threshold)

Vesting

100%

(Maximum)

Weighting

% of max Vesting 0%

Vesting 25%

(Threshold)

Vesting

100%

(Maximum)

Group EPS

Three-year adjusted EPS

40% < 5% CAGR = 5% CAGR ≥ 10%

CAGR

50% < 4% CAGR = 4% CAGR ≥9% CAGR

Group ROCE 40% < 10% = 10% ≥ 13% 40% < 10% = 10% ≥ 13%

ESG measures 20% See table below 10% See table below

1. Straight line vesting between threshold performance and maximum performance for Group EPS and ROCE.

Achievement against financial performance conditions is determined on a constant currency basis to reflect more accurately underlying

earnings performance and remove any distortionary effect of currency volatility. LTIP performance targets are set with future

acquisitions in mind and are therefore reflective of the expected impact acquisitions may have on key performance conditions.

This approach acknowledges the strategic importance of acquisitions to the Group’s long-term performance and strategy.

ESG measures

2024 – 2026 LTIP (20% weighting) Weighting Vesting 0%

Vesting 25%

(Threshold)

Vesting 100%

(Maximum)

Scope 1 & 2 emissions (reduction vs 2023 base year) 10% <32% 32% 43%

Packaging (% of packaging that is recyclable) 10% <82% 82% 88%

2025 – 2027 LTIP (10% weighting) Weighting Vesting 0%

Vesting 25%

(Threshold)

Vesting 100%

(Maximum)

Scope 1 & 2 emissions (reduction vs 2024 base year) 5% <34% 34% 40%

Packaging (% of packaging that is recyclable) 5% <93% 93% 97%

1. Straight line vesting between threshold performance and maximum performance for Group ESG measures.

 Glanbia plc | Annual Report and Financial Statements 2025

Adjusted EPS performance

The graph illustrates the adjusted Earnings per Share (“EPS”) performance of the Group over the five preceding years 2021-2025.

2021 2022 2023

120

150

2024 2025

136.16

140.03

131.37

109.57

103.06

Adjusted EPS Outcome 2021

Adjusted EPS Outcome 2022

Adjusted EPS Outcome 2023

Adjusted EPS Outcome 2024

Adjusted EPS Outcome 2025

Group CEO total remuneration

The table below sets out the remuneration received by the Group CEO.

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

2025

Total remuneration €’000 2,631 3,133 3,229 3,466 1,577

2,310 3,459 6,313 8,647 4,190 4,514

Annual Incentive

achieved as a % of

maximum 81.2% 90.5% 71.6% 92.8% 0.0%

36.3% 97.7% 88.2% 98% 79.8% 99.2%

Long-term Incentives

achieved as a % of

maximum 74.98% 81.07% 76.79% 58.13% 17.64% 21.0% 21.6% 65.9% 100% 100% 72.3%

1. S Talbot voluntarily waived the entire 2019 annual incentive which would have otherwise resulted in a Total Remuneration earned in 2019 of €2.104 million. Annual

Incentive earned in 2019 was 33.4% of maximum.

2. S Talbot was Group CEO from 2015-2023 and was succeeded by H McGuire as Group CEO in 2024.

Directors’ shareholdings

As at 3 January 2026 the Executive Directors share ownership against the guidelines was as follows:

Executive Directors

Shares held as

at 3 January

2026

% of base salary

based on

market value as

at 3 January

2026

Shareholding

guideline

H McGuire 374,623 523% 250%

M Garvey 349,558 741% 200%

1. The market values were estimated using the official closing price of a Glanbia plc share on 2 January 2026 (being the last day of trading on the Euronext Dublin

before year end 3 January 2026) of €14.48.

Other disclosures

Dilution

Share awards granted under the 2018 LTIP and the Annual Deferred Incentive are satisfied through the funding of employee benefit

trusts which acquire shares in the market. The Company’s employee benefit trusts held 1,343,532 shares at 3 January 2026.

Payments to past Directors and payment for loss of office

There are no payments for loss of office, and no payments to past Directors, other than already disclosed on page 122.

Remuneration Committee Report continued

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

Change in remuneration of Directors compared to employees

The table below shows the percentage change in total remuneration using the single figure methodology for the last four financial years

for the Directors of the Company and the average of all permanent employees of the Group on a full-time equivalent basis. For the

purpose of this disclosure the Group is defined as all employees of wholly-owned entities in US and Ireland who are deemed to be most

representative of the global workforce.

2021-2025

Total

remuneration

2025

€’000

Total

remuneration

2024

€’000

Total

remuneration

2023

€’000

Total

remuneration

2022

€’000

Total

remuneration

2021

€’000

Change in

total

remuneration

% 2024

to 2025

Change in

total

remuneration

% 2023

to 2024

Change in

total

remuneration

% 2022

to 2023

Change in

total

remuneration

% 2021

to 2022

Executive Directors

Group CEO

Earned 4,514 4,190 8,647 6,313 3,459 7.7% -51.5% 37.0% 82.5%

Group CFO Earned 3,509 2,837 3,878 2,922 1,822 23.7% -26.8% 32.7% 60.4%

Non-Executive

Directors

D Gaynor

367 360 346 335 325 1.9% 4.0% 3.3% 3.1%

P Ahern

– – 15 43 43 – – -65.1% 0%

R Brennan 120 110 93 90 85 9.1% 18.3% 3.3% 5.9%

P Duffy 190 110 106 100 71 72.7% 3.8% 6% 40.8%

B Hayes

– 41 69 43 43 – -40.6% 60.5% 0%

I Haaijer 115 97 93 38 – 18.6% 4.3% 144.7% 0%

J Lodge 130 110 106 103 93 18.2% 3.8% 2.9% 10.8%

JG Murphy 105 97 69 43 43 8.3% 40.6% 60.5% 0%

J Murphy

– – 15 43 43 – – -65.1% 0%

P Murphy

– 33 69 43 43 – -52.2% 60.5% 0%

G O’Brien

43 56 – – – -23.2% 0% – –

T Phelan 105 56 – – – 87.5% 0% – –

D O’Connor

37 110 106 103 95 -66.4% 3.8% 2.9% 8.4%

S Murphy

83 – – – – – – – –

W Carroll

61 – – – – – – – –

K Underhill 123 127 123 50 – -3.2% 3.3% 146% –

G Parisse 136 127 72 – – 7.1% 76.4% 0% –

Average

remuneration on

full-time equivalent

basis employees of

the Group

90 90 89 91 84 0% 1.1% -2.2% 8%

1. For supporting notes regarding 2021, 2022, 2023 and 2024 remuneration, reference should be made to the 2021, 2022, 2023 and 2024 Remuneration Reports.

2. William Carroll was appointed as a Society nominee effective 12 June 2025.

3. Senan Murphy was appointed 30 April 2025.

4. Donard Gaynor retired from the Board 31 December 2025. Dan O’Connor and Gerard O’Brien retired from the Board 30 April 2025 and 11 June 2025, respectively.

Brendan Hayes and Patrick Murphy retired from the Board 31 May 2024 and 1 May 2024, respectively. Patsy Ahern and John Murphy retired from the Board 4 May 2023.

5. Average remuneration was determined based on workforce of wholly-owned entities in Ireland and the US, which is most representative of the global workforce.

6. Non-Executive Director fees were increased for FY 2025 by 3.8%.

7. S Talbot was Group CEO from 2015-2023 and was succeeded by H McGuire as Group CEO in 2024.

Group CEO pay ratio

Since 2019, Glanbia has voluntarily reported its Group CEO pay ratio, despite this not being a mandatory reporting requirement.

Historically, this disclosure was calculated using the workforce of Glanbia’s wholly-owned entities in Ireland and the United States,

as this was considered the most representative view of our global employee base.

As part of Glanbia’s commitment to comply with the European Sustainability Reporting Standards (”ESRs”), we are now reporting,

for the first time, the ratio of CEO remuneration to our full global employee population. The ESRs-defined disclosure and prescribed

calculation methodology will form the basis for our pay ratio reporting going forward. For 2025, the CEO pay ratio on a total

remuneration basis is 57.52. Further details are available on page 193 of our Sustainability Statement.

 Glanbia plc | Annual Report and Financial Statements 2025

Implementation of policy in 2026

Salary, pension and benefits

The base salaries of the Group CEO and Group CFO are increased by 3.5% to €1,074,330 and €707,270 respectively, effective 1 January

2026. These increases are aligned to the average increase for our overall workforce.

Benefits are the same as for 2025.

2026 Annual incentive

The Annual Incentive opportunity for the Group CEO and Group CFO in 2026 is 250% and 200% of salary, respectively.

The Annual Incentive is based on the following measures:

Measure Weighting

Group adjusted EPS 60%

Group Operating Cash Flow 20%

Strategic objectives 20%

Targets and performance against them are deemed commercially sensitive and will be disclosed in our 2026 Remuneration Committee

Report.

2026 LTIP share awards

The 2026 share awards will be made at 150% of salary for both the Group CEO and Group CFO.

Executive Directors Weighting Vesting 0%

Vesting 25%

(Threshold)

Vesting 100%

(Maximum)

Group adjusted EPS

Three-year adjusted EPS CAGR 50% < 6% CAGR = 6% CAGR ≥ 12% CAGR

Group ROCE 40% < 10% = 10% ≥ 13%

Scope 1 & 2 emissions (reduction vs 2025 base year) 5% <20% 20% 21%

Packaging (% of packaging that is recyclable) 5% <95% 95% 98%

Application of Remuneration Policy for 2026

The chart below shows how the composition of each of the Executive Directors packages varies at different levels of performance under

the operation of the Remuneration Policy for 2026. The assumptions noted for “target” performance are provided for illustration

purposes only.

1,000

2,000

3,000

4,000

5,000

6,000

7,000

€6,375

23%

48%

29%

€5,570

€3,340

€865

100%

€1,837

47.06%

38.50%

14.44%

€3,870

26%

42%

32%

€3,018

44%

13%

42%

€1,272

100%

€’000

Below

threshold

Target Maximum Below

threshold

Target

CEO CFO

Maximum

Fixed Pay

Annual Bonus

LTIP

LTIP with 50% Share Price Growth

Remuneration Committee Report continued

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

Threshold Target

Maximum

1. Assuming constant share price; and

2. Assuming 50% increase in share price

Fixed pay Fixed pay, being base salary as at the 1 January 2026, pension allowances for the 2026 financial year and

other benefits taken from the single total figure for the prior year

Annual Incentives Nil 125% of salary for the Group CEO

100% of salary for the Group CFO

250% of salary for the Group CEO

200% of salary for the Group CFO

Long-term incentives Nil 25% vesting of share awards

37.5% of salary for Group CEO and Group CFO

100% vesting of share awards

150% of salary for Group CEO and Group CFO

Non-Executive Director fees

The Non-Executive Director fees are increased for FY 2026 by 3.5% being the same percentage increase applied to the Executive Directors.

A summary of the fee levels are provided below:

Role Fee 2026 € 2025 €

Group Chair (all encompassing) 400,000 367,091

Role Base Fee

Non-Executive Director 103,976 100,460

Additional Role Fee

Senior Independent Director 15,525 15,000

Committee Chairs 15,525 15,000

Non-Executive Director for workforce engagement 7,245 7,000

International Travel Allowances per meeting

Non-Executive Directors for international travel of at least five hours 6,210 6,000

Non-Executive Directors for international travel less than five hours 2,070 2,000

1. The 2025 role fee for the Group Chair and Non-Executive Directors was increased by 3.8% and took effect 1 July 2025, in line with Executive Directors.

Directors’ Remuneration Report results at 2025 AGM

Resolution to receive and consider the Directors’ Remuneration Report for the year ended 3 January 2025

For % Against %

Total excluding

withheld % Withheld %

Total including

withheld %

144,475,274 97.82% 3,218,868 2.18% 147,694,142 100.00% 5,975,852 0.00% 153,669,994 100.00%

Directors’ Remuneration Policy results at 2023 AGM

Resolution to receive and consider the Directors’ Remuneration Policy 2024-2026

For % Against %

Total excluding

withheld % Withheld %

Total including

withheld %

117,005,496 72.16% 45,136,256 27.84% 162,141,752 100.00% 245 0.00% 162,141,997 100.00%

Directors’ interests in shares in Glanbia plc

Tables A-B on the following pages gives details of the Directors’ interests in shares in Glanbia plc held by Directors and the Group Secretary,

and their connected persons as at 3 January 2026. The official closing share price on 2 January 2026 (last day of trading for the 2025

financial year) was €14.48 and the range during the year was €9.31 to €15.33. The average price for the year was €13.13.

 Glanbia plc | Annual Report and Financial Statements 2025

Table A: 2025 Directors remuneration

The salary, fees and other benefits pursuant to the remuneration package of each Director during the year were:

Date of Directorship

appointment (“App”)/

retirement (“Ret”)

Salary

€’000

Fees

€’000

Pension

contribution

€’000

Other

benefits

€’000

Annual

Incentive

paid in

cash

€’000

Annual

Incentive

deferred

into

Long-

term

Incentive

€’000

2025

Total

€’000

2024

Total

€’000

Executive Directors

H McGuire 1,019 – – 200 1,287 1,287 721 4,514 4,190

M Garvey 671 – 81 65 677 677 1,338 3,509 2,837

S Talbot

Ret 31 December 2023 – – – 95 – – 471 566 2,301

2025 1,690 – 81 360 1,964 1,964 2,530 8,589 –

2024 1,661 – 79 1,339 1,521 1.521 3,207 – 9,328

Non-Executive Directors

D Gaynor Ret 31 December 2025 – 367 – – – – – 367 360

R Brennan App 1 January 2021 – 120 – – – – – 120 110

P Duffy App 1 March 2021 – 190 – – – – – 190 110

I Haaijer App 1 August 2022 – 115 – – – – – 115 97

B Hayes Ret 31 May 2024 – – – – – – – – 41

J Lodge – 130 – – – – – 130 110

JG Murphy – 105 – – – – – 105 97

P Murphy Ret 1 May 2024 – – – – – – – – 33

D O’Connor Ret 30 April 2025 – 37 – – – – – 37 110

K Underhill App 1 August 2022 – 123 – – – – – 123 127

G Parisse App 1 June 2023 – 136 – – – – – 136 127

G O’Brien Ret 11 Jun 2025 – 43 – – – – – 43 56

T Phelan App 1 June 2024 – 105 – – – – – 105 56

S Murphy App 30 April 2025 – 83 – – – – – 83 –

W Carroll App 12 June 2025 – 61 – – – – – 61 –

2025 – 1,615 – – – – – 1,615 –

2024 – 1,434 – – – – – – 1,434

Total 2025 1,690 1,615 81 360 1,964 1,964 2,530 10,204 –

Total 2024 1,661 1,434 79 1,339 1,521 1,521 3,207 – 10,762

1. M Garvey participates in the Glanbia defined contribution plan with a DC contribution of 12% in 2025.

2. Other benefits include car allowance, medical/life assurance, tax equalisation payment to M Garvey in respect of DC pension contribution in Ireland, taxable cash

in lieu of pension payments of 12% of salary to H McGuire.

3. This reflects the proportion of the gross Annual Incentive (50% of total Annual Incentive) payable in cash to Executive Directors in respect of performance for full

year 2025.

4. This reflects the proportion of the gross Annual Incentive (50% of total Annual Incentive) which will be invested in shares. Following the deduction of appropriate

taxation and social security 30% will be retained for two years and 20% will be retained for three years.

5. This reflects the value of the 2023 share awards which will vest on 5 April 2026, at the earliest, the performance period for which ended on 3 January 2026. The

gross value is calculated using the official closing price of a Glanbia plc share on 2 January 2026 (being the last day of trading on the Euronext Dublin for the 2025

financial year) of €14.48. 2023 vested share awards will be held for a two-year period from the date of vest. For M Garvey this also reflects the value of his one off

retention award, the performance period for which ended on 31 December 2025 and the gross value was calculated using the official closing share price on

2 January 2026 of €14.48.

6. 2024 Total Remuneration has been restated to update the value of the 2022 share awards to the value on the date of vest, 12 June 2025. The restated gross value

is calculated using the official opening share price on the date of vest of €12.74. 2022 vested share awards will be held for a two-year period to June 2027.

7. Under non-solicitation and non-compete restrictive covenants which were put in place and formed part of our shareholder approved policy in 2018, Ms. Talbot received

12 months’ base salary (€1,144,002) payable in 12 equal monthly instalments in arrears. The amount disclosed under “Other Benefits” reflects the portion of the

non-compete paid in FY 2025. There were no payments to Ms. Talbot in lieu of notice and total payments on stepping down from the Board did not exceed 12 months’

base salary. Ms Talbot’s 2023 LTIP awards were prorated for service and tested for performance, vested shares will be held for a two-year period to June 2028.

Details of Directors’ long-term awards expected to vest in respect of performance to 3 January 2026 are set out on page 116.

The cash in lieu of pension of the Executive Directors during the year was as follows:

Total annual cash in lieu of

pension at 3 January 2026

€’ 000

H McGuire 122

2025 122

Remuneration Committee Report continued

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

Table B: Directors’ and Secretary’s interests in ordinary shares in Glanbia plc

Notes

As at 3 January

2026

Ordinary Shares

As at 4 January

2025

Ordinary Shares

Directors

P Duffy 12,000 12,000

H McGuire

2 374,623 282,232

R Brennan 4,000 4,000

W Carroll

3 13,501 13,501

M Garvey

2 349,558 281,671

I Haaijer – –

J Lodge 10,000 5,000

JG Murphy 17,630 11,849

S Murphy

4 10,000 10,000

G Parisse – –

T Phelan 12,958 11,400

K Underhill – –

804,270 631,653

Secretary

L Hennigan 4,048 4,048

1. Or at date of appointment to the Board if appointed during financial year.

2. Executive Director.

3. Appointed 12 June 2025.

4. Appointed 30 April 2025.

Note: Apart from the interests set out above, the Directors and Secretary had no other interests in the shares/securities of the Company

or its Group undertakings at 3 January 2026.

The Directors and Secretary did not use their shares as security during 2025.

 Glanbia plc | Annual Report and Financial Statements 2025

Principal activities, strategy and business model

Glanbia plc is a Better Nutrition company, headquartered in Ireland, with people based in 31 countries worldwide.

The Group’s business model and strategy are summarised in the Strategic Report on pages 1 to 67.

The Group Chair’s statement on pages 8 and 9, the Chief Executive Officer’s review on pages 10 and 11, the Operations review on pages

28-39 and the Chief Financial Officer’s review on pages 40-45 contain a review of the development and performance of the Group’s

business during the year, of the state of affairs of the business at 3 January 2026, of recent events and of likely future developments.

Information in respect of events since the year end is included in these sections and in Note 36 to the Group Financial Statements.

As set out on page 2, the Group reported a profit for the period of $183.3 million after exceptionals. Comprehensive reviews of the

financial and operating performance of the Group during 2025 are set out in the Chief Financial Officer’s review on pages 40-45 and in

the Operations review on pages 28-39. Key Performance Indicators are set out on pages 24-25. The treasury policy and the financial risk

management objectives of the Group are set out in detail in Note 30 to the Group Financial Statements. Our approach to our people,

diversity, inclusion and belonging, and our stakeholders are discussed on pages 50, 71, 80 and 185 and sustainability is discussed on

pages 46-47.

Non-financial reporting statement

The Group complies with the European Union (Disclosure of Non-Financial and Diversity Information by certain large undertakings and

groups) Regulations 2017, S.I. No. 360 of 2017 (as amended). The table on page 52 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.

Process for appointment/retirement of Directors

In addition to the Companies Act 2014, the constitution of the Company contains provisions regarding the appointment and retirement

of Directors. At each Annual General Meeting (“AGM”) the constitution of the Company provides that each Director who has been in

office at the conclusion of each of the three preceding AGMs, and who has not been appointed or reappointed at either of the two most

recently held of those three meetings, shall retire from office; however in accordance with good corporate governance, all the Directors

are subject to annual re-election. The constitution of the Company also allows the election and re-election of Independent Directors.

No person, other than a Director retiring by rotation, shall be appointed a Director at any general meeting unless they are recommended

by the Directors or, not less than seven nor more than 42 days before the date appointed for the meeting, notice executed by a member

qualified to vote at the meeting has been given to the Company of the intention to propose that person for appointment. If a Director is

also a Director of Tirlán Co-operative Society Limited (the “Society”) the constitution of the Company provides that their appointment

as a Director of the Company shall terminate automatically in the event of them ceasing to be a Director of the Society. The constitution

of the Company also contains provisions regarding the automatic retirement of a Director in certain other limited circumstances.

Annual General Meeting

The Company’s 2026 AGM will be held on 29 April 2026 at 11.00 a.m. at Killashee Hotel, Kilcullen Road, Killashee, Naas, Co. Kildare,

Ireland. Full details of the 2026 AGM, together with explanations of the resolutions to be proposed, will be contained in the Notice of the

2026 AGM. The record date for the 2026 AGM will be determined in accordance with section 1087G and 1105 of the Companies Act 2014.

Powers of the Directors

The Directors are responsible for the management of the business of the Company and the Group and may exercise all powers of the

Company subject to applicable legislation and regulation and the constitution of the Company. At the 2025 AGM, the Directors were

given the power to issue new shares up to a nominal amount of €5,075,588.04. This power will expire on the earlier of the close of

business on the date of the 2026 AGM or 31 July 2026. Accordingly, a resolution will be proposed at the 2026 AGM to renew the

Company’s authority to issue new shares.

Consistent with the Statement of Principles issued by the Pre-Emption Group, as updated in November 2022, at the 2025 AGM,

the Directors were also given the power to:

i. dis-apply the strict statutory pre-emption provisions in the event of a rights issue or other pre-emptive issue or in any other issue

up to an aggregate amount equal to 10% of the nominal value of the Company’s issued share capital. This 10% limit includes any

treasury shares re-issued by the Company while this authority remains operable; and

ii. dis-apply the strict statutory pre-emption provisions for an additional 10% for specific transactions. The resolution gave the

Directors an additional power to allot shares on a non-pre-emptive basis and for cash up to a further 10% of the issued share capital

in connection with an acquisition or a specified capital investment which is announced contemporaneously with the issue, or which

has taken place in the preceding six month period and is disclosed in the announcement of the issue. The 10% limit includes any

treasury shares reissued by the Company while this authority remains operable.

Statutory information and forward-looking statement

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These powers will expire on the date of the 2026 AGM or 31 July 2026, whichever is earlier. Accordingly, resolutions will be proposed at

the 2026 AGM to renew these authorities. At the 2025 AGM, the Directors were also given the power to buy back a maximum number of

25,634,283 ordinary shares at a minimum price of €0.06 each. The maximum price was an amount equal to 105% of the average of the

middle market quotations of the Company’s ordinary shares as derived from the Euronext Dublin Daily Official List for the five business

days immediately preceding the day on which such ordinary shares are contracted to be purchased. This power will expire at the earlier

of the conclusion of the 2026 AGM or 31 July 2026 and a resolution will be proposed at the 2026 AGM to renew this power. At the 2025

AGM, shareholders also authorised the maximum and minimum prices at which the Company may reissue off-market such shares as

it may purchase. This authority will expire at the earlier of the conclusion of the 2026 AGM or 31 July 2026 (whichever is earlier) and a

resolution will be proposed at the 2026 AGM to renew this authority.

Research and development

The Group is fully committed to ongoing technological innovation in all sectors of its business, providing integrated customer-focused

product development by leveraging our global technology capabilities and expertise. Expenditure on research and development

amounted to $25.5 million in 2025 (2024: $23.1 million) as disclosed in Note 5 to the Group Financial Statements.

Dividends

An interim dividend of 17.20 €cent per share was paid on 3 October 2025 (an aggregate of €43.1 million) to shareholders on the share

register at the close of business on 22 August 2025. The Directors propose a final dividend of 25.67 €cent per share, which based on

the issued share capital at 18 February 2026 (being the latest practicable date prior to the signing of the Financial Statements) would

equate to (an aggregate of €62.3 million) bringing the total dividend in respect of 2025 to 42.87 €cent per share (an aggregate of

€105.4million). Subject to shareholder approval, the final dividend will be paid on 30 April 2026 to shareholders on the share register

on 20 March 2026. The foregoing amounts paid are net of dividends waived by the Group’s Employee Trusts.

Total dividends paid during 2025 amounted to an aggregate of €102.5 million (being a final dividend of 23.33 €cent per share paid on

2 May 2025 (an aggregate of €59.4 million) and an interim dividend of 17.20 €cent per share paid on 3 October 2025 (an aggregate of

€43.1 million). The foregoing amounts paid are net of dividends waived by the Group’s Employee Trusts.

All dividend payments will be made by direct credit transfer into a nominated bank or financial institution. If a shareholder has not

provided their account details prior to the payment of the dividend, a shareholder will be sent the normal tax voucher advising a

shareholder of the amount of their dividend and that the amount is being held because their direct credit transfer instructions had not

been received in time. A shareholder’s dividends will not accrue interest while they are held. Payment will be transferred to a shareholder’s

account as soon as possible on receipt of their direct credit transfer instructions.

In past years, dividends were paid in sterling to shareholders whose address, according to the Company’s share register, is in the UK

(unless they elected otherwise). On 15 March 2021, this structure changed and a default currency of euro is applied to all new shareholders

who had come on to the Company’s share register, regardless of their registered address. Where an existing shareholder holds shares in

certificated (i.e., paper) form and has previously received sterling because their registered address is in the UK or because they have

previously elected to receive sterling, they will continue to receive sterling unless they elect otherwise. All other shareholders, from

15 March 2021, will automatically be paid in euro unless a sterling currency election is made (including those shareholders who hold their

shares in uncertificated (i.e., dematerialised) form).

Shareholders holding their shares via the central securities depository operated by Euroclear Bank or CREST will receive dividends

electronically via such systems. To avail of these facilities, shareholders should follow the applicable rules and guidelines issued by the

operators of those systems from time-to-time.

Irish Dividend Withholding Tax (“DWT”) must be deducted from dividends paid by an Irish resident company, unless a shareholder is

entitled to an exemption and has submitted a properly completed exemption form to the Company’s Registrar. DWT is deducted at the

standard rate of Income Tax (25%). Non-resident shareholders located in countries that have a double tax treaty with Ireland and certain

Irish companies, trusts, pension schemes, investment undertakings and charities may be entitled to claim exemption from DWT. Copies of

the exemption form may be obtained from the Company’s Registrar. Shareholders should note that DWT will be deducted from dividends

in cases where a properly completed form has not been received by the market deadline for the dividend. Individuals who are resident in

Ireland for tax purposes are not entitled to an exemption. If shares are held via Euroclear Bank or CREST, the owners of the shares will

need to contact the intermediary through whom the shares are held to ascertain arrangements for tax relief to be applied at source.

 Glanbia plc | Annual Report and Financial Statements 2025

Political donations

The Electoral Act, 1997 (as amended) requires companies to disclose all political donations over €200 in aggregate made during the

financial year. The Directors, on enquiry, have satisfied themselves that no payment or other donations in excess of this amount have

been made by the Group.

Issued share capital

At 3 January 2026, the authorised share capital of the Company was 350,000,000 ordinary shares of €0.06 each and the issued share

capital was 243,793,804 (2024: 258,901,224) ordinary shares of €0.06 each, of which circa 17.86% was held by the Society. All the

Company’s shares are fully paid up and quoted on Euronext Dublin and the London Stock Exchange. During the year, the Company

repurchased 15,047,420 ordinary shares as part of its share buyback programme. All shares repurchased during the year were cancelled

during the financial year. In addition, 60,000 shares that had been repurchased in the 2024 financial year but had not settled by the end

of the 2024 financial year were cancelled during 2025.

Details of the Company’s share capital and shares under share award at 3 January 2026 are given in Notes 22 and 23, respectively,

to the Group Financial Statements.

Share buyback

During FY 2025, the Company repurchased a total of 15,047,420 ordinary shares, returning a total of circa €197.2 million in cash to

shareholders. The table below sets out the ordinary shares repurchased under the buyback programme in FY 2025. See Note 23 to the

Consolidated Financial Statements for further details.

Month

Total number of

share buyback

purchases

Average

price paid

per share

January 2025 817,735 13.94

February 2025 988,702 13.32

March 2025 1,277,647 10.43

April 2025 194,741 9.99

May 2025 583,753 12.53

June 2025 1,048,626 12.67

July 2025 1,074,049 12.85

August 2025 1,003,243 13.21

September 2025 678,851 14.23

October 2025 7,380,073

13.55

November 2025 – –

December 2025 – –

Total FY 2025 15,047,420 13.10

1. On 1 October 2025 the Society placed 17 million shares in the Company with institutional investors at a share price of €13.55. The proceeds from the share

placement were used by the Society to repay a €250 million Exchangeable Bond. The Company participated in the share placement by purchasing and cancelling

7.38 million shares, representing around 2.9% of the Company’s share capital. Following the completion of the sale of Glanbia shares (including the related

cancellation of shares), the Society now holds 17.86% of the issued share capital in the Company, remains the largest equity investor and continues to be a strong

supporter of our strategy.

Rights and obligations of ordinary shares

On a show of hands at a general meeting, every holder of ordinary shares present in person or by proxy and entitled to vote shall have

one vote. On a poll, every shareholder present in person or by proxy, shall have one vote for every ordinary share held. In accordance with

the provisions of the constitution of the Company, holders of ordinary shares are entitled to a dividend where declared or paid out of

profits available for such purposes. On a return of capital on a winding up, holders of ordinary shares are entitled to participate.

Statutory information and forward-looking statement continued

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Restrictions on transfer of shares/votes

With the exception of restrictions on transfer of shares under the Group’s share schemes (while the shares are subject to such schemes),

there are no restrictions on the voting rights attaching to the Company’s ordinary shares (except as outlined below) or the transfer of

securities in the Company.

Certain restrictions on transfers of shares may from time-to-time be imposed by the Group’s share dealing rules and/or the Market

Abuse Regulation (EU) No 596/2014. Directors and certain employees are required to seek the Company’s approval to deal in its shares.

Additionally, members of the Group Operating Executive are required to hold a proportion of the value of their base salary in shares.

These shares may not normally be transferred during the individuals’ period in office and a short period thereafter, subject to

Remuneration Committee discretion to amend the requirement in exceptional circumstances. Where participants in a Group share

scheme operated by the Group are the beneficial owners of shares but not the registered owner, the voting rights are normally exercised

by the registered owner at the direction of the participants.

Article 2 of the constitution of the Company provides that any ordinary shares acquired by any person who is/was an employee of the

Group or any associate or joint venture (provided such person is neither a Director of the Company nor a Director of the Society) shall be

non-voting shares if such acquisition would, if not for this restriction on voting rights, cause such person to be deemed to have acquired

indirect control of the Company or to have to make an offer under Rule 9 of the Irish Takeover Panel Act 1997, Takeover Rules 2022.

Under the constitution of the Company, the Directors have the power to impose restrictions on the exercise of rights attaching to

share(s) where the holder of the share(s) fails to disclose the identity of any person who may have an interest in those shares. No person

holds securities in the Company carrying special rights with regard to control of the Company. The Company is not aware of any

agreements between holders of securities that may result in restrictions in the transfer of securities or voting rights.

Exercise of rights of shares in employee share schemes

As at 3 January 2026, 1,314,170 ordinary shares (2024: 1,343,532) were held in employee benefit trusts for the purpose of the Company’s

employee share schemes.

The Group’s employee benefit trusts have waived dividends due to them in respect of unallocated shares save a nominal amount.

The Trustees of the Group’s employee trusts do not seek to exercise voting rights on shares held in the employee trusts other than on the

direction of the underlying beneficiaries. No voting rights are exercised in relation to shares unallocated to individual beneficiaries.

Rights under the Shareholders’ Rights Directive

Shareholder(s) have the right to ask questions related to items on the agenda of a general meeting and to receive answers, subject to

certain qualifications. Shareholder(s) holding 3% of the issued share capital of the Company, representing at least 3% of its total voting

rights, have the right to put items on the agenda and to table draft resolutions at AGMs. The request must be received by the Company

at least 42 days before the relevant meeting for tabling items on the agenda and at least 30 days before the relevant meeting for

tabling draft resolutions. Further details of shareholders’ rights under Chapter 8 of Part 17 of the Companies Act 2014 (which implements

Directive (EU) 2007/36/EC)) will be contained in the Notice of 2026 AGM.

Restrictions on voting deadlines

The notice of any general meeting shall specify the deadline for exercising voting rights and appointing a proxy or proxies to vote in

relation to resolutions to be proposed at the general meeting. The number of proxy votes for, against or withheld in respect of each

resolution is published on the Group’s website after the meeting.

 Glanbia plc | Annual Report and Financial Statements 2025

Statutory information and forward-looking statement continued

Constitution of the Company

The Company’s constitution details the rights attaching to the shares; the method by which the Company may purchase or reissue

its shares, the provisions which apply to the holding of shares and voting at general meetings and the rules relating to the Directors,

including their appointment, retirement, election, re-election, duties and powers. A copy of the Company’s constitution can be obtained

from the Group’s website: www.glanbia.com.

Unless expressly specified to the contrary in the constitution of the Company, the Company’s constitution may be amended by special

resolution of the Company’s shareholders.

Change of control provisions

The Group has certain debt facilities which may require repayment in the event that a change in control occurs with respect to the Group.

In addition, the Company’s employee share plans contain change of control provisions which can allow for the acceleration of the

exercisability of share options and the vesting of share awards in the event of a change of control.

The Board is satisfied that no change of control has occurred in respect of these agreements.

Substantial interests

As at 3 January 2026, Tirlán Co-operative Society Limited (the “Society”) held 43,549,029 ordinary shares in the capital of the Company,

representing 17.86% of the issued share capital of the Company.

Contracts of significance

On 5 May 2021, the Company and the Society entered into an amended and restated relationship agreement, which was originally

entered into on 23 February 2021 (the “Relationship Agreement”). In 2023, under the Relationship Agreement, the number of Directors

nominated by the Society reduced from five to three in a board then comprising 13 members, with eight other Non-Executive Directors

and two Executive Directors. When the Society’s holding in the Company fell below 30% on 13 September 2022, the provisions of the

Relationship Agreement terminated with the exception of the above provisions providing for the right of the Society to appoint three

Non-Executive Directors.

In connection with disposal by the Company of its interest in Tirlán Limited (formerly named Glanbia Ireland DAC) (“Tirlán”) certain

agreements were entered into by the Company and the Society, the principal terms and conditions of which were included in the circular

sent to shareholders on 1 February 2022 in respect of the Extraordinary General Meeting held on 25 February 2022 and is available to

view on www.glanbia.com/egm.

These agreements include:

• The Services Amendment Agreement between the Company, Tirlán and Glanbia Management Services Limited dated 7 December

2021; and

• Pensions Agreement between the Company, the Society, Glanbia Foods Ireland Limited and Tirlán dated 7 December 2021 in respect

of pension matters arising in the context of the disposal

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Forward-looking statements

The Group has made forward-looking statements in this Annual Report that are based on management’s beliefs and assumptions and

on information currently available to management. Forward-looking statements include, but are not limited to, information concerning

the Group’s possible or assumed future results of operations, business strategies, financing plans, competitive position, potential

growth opportunities, potential operating performance improvements, the effects of competition and the effects of future legislation or

regulations. Forward-looking statements include all statements that are not historical facts and can be identified by the use of

forward-looking terminology such as the words ‘believe,’ ‘develop,’ ‘ensure’, ‘expect’, ‘arrive,’ ‘achieve,’ ‘anticipate,’ ‘maintain,’ ‘grow,’

‘aim,’ ‘deliver,’ ‘sustain,’ ‘should’, ‘should be’, ‘will be’ or the negative of these terms or similar expressions. Forward-looking statements

involve risks, uncertainties and assumptions. Actual results may differ materially from those expressed in these forward-looking

statements. You should not place undue reliance on any forward-looking statements. The risk factors included at pages 57-66 of this

Annual Report could cause the Group’s results to differ materially from those expressed in forward-looking statements. There may be

other risks and uncertainties that the Group is unable to predict at this time or that the Group currently does not expect to have a

material adverse effect on its business. These forward-looking statements are made as of the date of this Annual Report. The Group

expressly disclaims any obligation to update these forward-looking statements other than as required by law. The forward-looking

statements in this Annual Report do not constitute reports or statements published in compliance with any of Regulations 4 to 9 and 26

of the Transparency (Directive 2004/109/EC) Regulations 2007 (as amended) or any equivalent provisions of the Disclosure and

Transparency Rules of the FCA. As an Irish-incorporated company, the Strategic Report does not constitute a strategic report for the

purposes of the UK Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013 and the Large and Medium-sized

Companies and Groups (Accounts and Reports) (Amendment) Regulations 2013, and the Remuneration Committee report does not

constitute a remuneration report for the purposes of the UK Large and Medium-sized Companies and Groups (Accounts and Reports)

(Amendment) Regulations.

Subsidiary and associated undertakings/branches outside the State

A list of the principal subsidiary and associated undertakings and their activities including details of any branches of the Group outside

the State is included in Note 37 to the Group Financial Statements.

 Glanbia plc | Annual Report and Financial Statements 2025

Directors’ Responsibility statement

The Directors are responsible for preparing the Annual Report and the Group and Company Financial Statements in accordance with

applicable law and regulations. Irish company law requires the Directors to prepare Financial Statements for each financial year. Under

that law, the Directors are required to prepare the Group Financial Statements in accordance with International Financial Reporting

Standards (“IFRS”) as adopted by the European Union and Article 4 of the IAS Regulation and elected to prepare the Company Financial

Statements in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework ("FRS 101") as applied in accordance

with the provisions of the Companies Act 2014. Under Irish law, the Directors shall not approve the Group and Company Financial

Statements unless they are satisfied that they give a true and fair view of the assets, liabilities and financial position, of the Group and

Company respectively, as at the end of the financial year and of the profit or loss of the Group for the financial year and otherwise

comply with the Companies Act 2014.

In preparing these Group and Company Financial Statements the Directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and estimates that are reasonable and prudent;

• state that the Financial Statements comply with IFRS as adopted by the European Union and ensure the Financial Statements

contain the information required by the Companies Act 2014 and as regards the Company Financial Statements in accordance

with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) as applied in accordance with the provisions of

the Companies Act 2014; and

• prepare the Financial Statements on a going concern basis, unless it is inappropriate to presume that the Group and the Company

will continue in business.

The Directors are also required by the Transparency Directive (Directive 2004/109/EC) Regulations 2007 (as amended), the Central Bank

(Investment Market Conduct) Rules 2019, the Companies Act 2014, the Listing Rules issued by Euronext Dublin and the Disclosure and

Transparency Rules of the UK Financial Conduct Authority to prepare a Directors’ Report and reports relating to Directors’ remuneration

and corporate governance and the Directors are required to include a management report containing, amongst other things, a fair

review of the development and performance of the Group’s business and of its position and a description of the principal risks and

uncertainties facing the Group.

The Directors are responsible for keeping adequate accounting records that are sufficient to:

• correctly record and explain the transactions of the Company;

• enable, at any time, the assets, liabilities, financial position and profit or loss of the Company to be determined with reasonable accuracy;

• enable the Directors to ensure that the Group and Company Financial Statements and the Directors’ Report comply with the

Companies Act 2014, and as regards the Group Financial Statements Article 4 of the IAS Regulation; and

• enable the Group and Company Financial Statements to be audited.

The Directors are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps

for the prevention and detection of fraud and other irregularities. The Directors are responsible for the maintenance and integrity of

certain corporate and financial information included on the Group’s website (www.glanbia.com). Legislation in Ireland concerning the

preparation and dissemination of Financial Statements may differ from legislation in other jurisdictions.

Each of the Directors, whose names and functions are listed on pages 72-75 (current Directors) confirms that he/she considers that the

Annual Report and Financial Statements, taken as a whole, is fair, balanced and understandable and provides the information necessary

for shareholders to assess the position, performance, business model and strategy of the Company and the undertakings included in the

consolidation taken as whole. Each of the current Directors also confirms that to the best of each person’s knowledge and belief:

• the Group Financial Statements prepared in accordance with IFRS as adopted by the European Union and the Company Financial

Statements prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework ("FRS 101") and as applied

in accordance with the provision of the Companies Act 2014 give a true and fair view of the assets, liabilities and financial position

and profit or loss of the Company and the undertakings included in the consolidation taken as a whole; and

• the Directors’ Report contained in the Annual Report includes a fair review of the development and performance of the business and

the position of the Company and the undertakings included in the consolidation taken as a whole, together with a description of the

principal risks and uncertainties that they face.

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Statement of Directors’ Responsibilities for the Sustainability Statement

The Directors are responsible for the preparation of the Sustainability Statement in accordance with Part 28 of the Companies Act 2014

and including the Sustainability Statement in a clearly identifiable and dedicated section of the Directors’ Report.

The Directors are also responsible for designing, implementing and maintaining such internal controls that they determine are relevant

to enable the preparation of a Sustainability Statement in accordance with Part 28 of the Companies Act 2014 that is free from material

misstatement, whether due to fraud or error.

In addition to the above, in preparing the Sustainability Statement, the directors are required to:

• prepare the Sustainability Statement in accordance with the European Sustainability Reporting Standards ("ESRS") including the

selection and application of appropriate sustainability reporting methods;

• present and report the double materiality assessment process performed by the Group to identify the information required to be

reported in the Sustainability Statement;

• prepare the disclosures within the environmental section of the Sustainability Statement, in compliance with Article 8 of EU

Regulation 2020/852 (the “Taxonomy Regulations”);

• ensure that the Group maintains adequate records for the preparation of the Sustainability Statement and for the preparation and

approval of other information presented with the Sustainability Statement;

• make judgements and estimates that are reasonable in the circumstances including the identification and description of any

inherent limitations in the measurement or evaluation of information in the Sustainability Statement;

• prepare forward-looking information, where applicable, on the basis of disclosed assumptions about events that may occur in the

future and possible future actions by the Group.

The Directors confirm, to the best of their knowledge and belief, that they have complied with the above requirements in preparing the

Sustainability Statement.

Directors’ Report

The Directors’ Report for the purpose of the Transparency Directive (Directive 2004/109/EC) Regulations 2007 (as amended), the Central

Bank (Investment Market Conduct) Rules 2019, the Companies Act 2014, the Listing Rules issued by Euronext Dublin and the Disclosure

and Transparency Rules of the UK Financial Conduct Authority consists of pages 1-213.

On behalf of the Board

Paul Duffy Hugh McGuire Mark Garvey

Directors

24 February 2026

 Glanbia plc | Annual Report and Financial Statements 2025

Sustainability

Statement

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

In this section:

Independent Practitioners’ Limited Assurance Report 134

General Disclosures 138

Environment

E1 Climate change 153

E3 Water and marine resources 169

E4 Biodiversity and ecosystems 174

E5 Resource use and circular economy 175

Social

S1 Own workforce 181

S2 Workers in the value chain 196

S4 Consumers and end-users 198

Governance

G1 Business conduct 202

G1 Cybersecurity 206

Appendices

EU Taxonomy 208

Content index of ESRS disclosure requirements 211

Datapoints that derive from other EU legislation 212

Navigating this report

This Sustainability Statement is structured as prescribed by the

European Sustainability Reporting Standards (“ESRS”).

In the General Disclosures section, we set out how we have prepared

our Sustainability Statement, provide insights into our governance

processes, controls and procedures relating to sustainability matters,

and describe our strategy, our business model and value chain. We also

describe how we completed the Glanbia Double Materiality Assessment

(“DMA”). Where prescribed by the ESRS, certain information relating to

strategy and governance is included in other sections of the Glanbia

Annual Report for the financial year ended 3 January 2026, and this is

indicated in our Incorporation by Reference table, see page 139. In the

Environmental, Social and Governance sections, we provide deeper

context for each of the topics that were deemed material as a result of

our DMA, how they interact with our strategy, how we are managing the

impacts, risks and opportunities and measuring our progress against our

targets. A reference index is included in the Appendices, mapping the

location of our disclosures against the ESRS requirements, see page 211.

 Glanbia plc | Annual Report and Financial Statements 2025

Independent Practitioners’ Limited Assurance Report

on Glanbia plc’s Sustainability Statement

Our limited assurance conclusion

We have performed a limited assurance engagement on the

sustainability reporting set out in the Sustainability Statement

(hereafter referred to as the ‘Sustainability Statement’) prepared by

Glanbia plc (“the Group”), included on pages 137 to 213 of the Annual

Report of the Group for the financial year ended 3 January 2026,

prepared in accordance with Part 28 of the Companies Act 2014.

Based on the procedures performed and evidence obtained, nothing

has come to our attention to cause us to believe that the Group’s

Sustainability Statement for the financial year ended 3 January 2026

is not prepared, in all material respects, in accordance with

Section 1613(3) of the Companies Act 2014, including:

• compliance of the Sustainability Statement with the European

Sustainability Reporting Standards (ESRS);

• the process carried out by the Group to identify material

sustainability related impacts, risks, and opportunities in

accordance with ESRS;

• compliance with the reporting requirements of Article 8 of

Regulation (EU) 2020/852 (the “Taxonomy Regulations”); and

• compliance with the requirement to mark up the Sustainability

Statement in accordance with Section 1600 of the Companies

Act 2014.

Basis for our conclusion

We conducted our limited assurance engagement in accordance

with International Standard on Assurance Engagements (ISAE)

(Ireland) 3000, as adopted by the Irish Auditing and Accounting

Supervisory Authority (IAASA). The procedures in a limited

assurance engagement vary in nature and timing from, and

are less in extent than for, a reasonable assurance engagement.

Consequently, the level of assurance obtained in a limited

assurance engagement is substantially lower than the assurance

that would have been obtained had a reasonable assurance

engagement been performed.

Any internal control structure, no matter how effective, cannot

eliminate the possibility that fraud, errors or irregularities may

occur and remain undetected and because we use selective

testing in our engagement, we cannot guarantee that all errors

or irregularities, if present, will be detected.

The Sustainability Statement includes prospective information

such as ambitions, strategy, plans, expectations and estimates.

Prospective information relates to events and actions that have

not yet occurred and may never occur. We do not provide any

assurance on the assumptions and achievability of this

prospective information.

Our responsibilities under this standard are further described

in the section titled ‘Our responsibilities’ in this report.

We are independent of the Group in accordance with the

International Code of Ethics for Professional Accountants

(including International Independence Standards) issued by the

International Ethics Standards Board for Accountants (IESBA

Code), the independence requirements of the Companies Act 2014

and the Code of Ethics issued by Chartered Accountants Ireland

that are relevant to our limited assurance engagement of the

Sustainability Statement in Ireland.

Our firm applies International Standard on Quality Management

(ISQM) 1 (Ireland), Quality Management for Firms that Perform

Audits or Reviews of Financial Statements, or Other Assurance

or Related Services Engagements, issued by the IAASA. This

standard requires the firm to design, implement and operate a

system of quality management, including policies or procedures

regarding compliance with ethical requirements, professional

standards and applicable legal and regulatory requirements.

We believe that the evidence we have obtained is sufficient

and appropriate to provide a basis for our conclusion.

Other matter – Compliance with the requirement

to mark-up the Sustainability Statement

We note that Section 1613(3)(c) of the Companies Act 2014 requires

us to report on the compliance by the Group with the requirement

to mark-up the Sustainability Statement in accordance with

Section 1600 of that Act. Section 1600 of the Companies Act 2014

requires that the Directors’ Report is prepared in the electronic

reporting format specified in Article 3 of Delegated Regulation

(EU) 2019/815 and shall mark-up the Sustainability Statement.

However, at the time of issuing our limited assurance report, the

electronic reporting format has not been specified nor become

effective by Delegated Regulation. Consequently, the Group is not

required to mark-up the Sustainability Statement. Our conclusion

is not modified in respect of this matter.

Other matter – Comparative Information

The comparative information included in the Sustainability

Statement has not been part of the assurance engagement.

Consequently, the comparative sustainability reporting and thereto

related disclosures in the Sustainability Statement for this period are

not assured. Our conclusion is not modified in respect of this matter.

Other information

The directors are responsible for the other information. The other

information comprises the information included in the Group’s

Annual Report but does not include the Sustainability Statement

and our Limited Assurance Report thereon.

Our limited assurance conclusion on the Sustainability Statement

does not cover the other information and we do not express any

form of assurance conclusion thereon.

Responsibilities for the Sustainability Statement

As explained more fully in the Statement of Directors’

Responsibilities for the Sustainability Statement, the directors

of the Group are responsible for:

• preparing, measuring, presenting and reporting the

Sustainability Statement in accordance with the relevant

criteria, contained in the applicable sustainability reporting

framework being the ESRS, Part 28 of the Companies Act 2014;

the Taxonomy Regulations; the requirement to mark up the

Sustainability Statement in accordance with Section 1600 of

the Companies Act 2014; and any additional criteria used by

the Group to supplement and/or interpret the sustainability

reporting framework criteria; and

• developing, implementing and reporting its double materiality

assessment process to identify the information reported in the

Sustainability Statement in accordance with ESRS and for

disclosing this process in the Sustainability Statement. This

responsibility includes identifying and engaging with the

Group’s stakeholders as identified in the Group’s double

materiality assessment process (stakeholders) to understand

their information needs.

Those charged with governance are also responsible for overseeing

the Group’s Sustainability Statement reporting process.

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

Inherent limitations in preparing

the Sustainability Statement

We obtained limited assurance over the preparation of the

Sustainability Statement in accordance with the Companies Act

2014. Inherent limitations exist in all assurance engagements.

• The Sustainability Statement contains qualitative, quantitative,

objective, subjective, historical and prospective disclosures which

represent a significant degree of uncertainty. The selection

by management of different but acceptable estimation,

approximation or forecasting techniques, could have resulted

in materially different amounts or disclosures being reported.

For the avoidance of doubt, the scope of our engagement and

our responsibilities will not involve us performing work necessary

for any assurance on the reliability, proper compilation, or

accuracy of the historic and prospective information.

• Certain metrics reported within the Sustainability Statement

may be subject to inherent limitations, for example, value chain

information relating to Scope 3 GHG emissions data provided

by third parties.

Our responsibilities

Our objectives are to plan and perform the assurance engagement

to obtain limited assurance about whether the Sustainability

Statement in scope of our conclusion, is free from material

misstatement, whether due to fraud or error, and to issue a Limited

Assurance Report that includes our conclusion. Misstatements can

arise from fraud or error and are considered material if, individually

or in the aggregate, they could reasonably be expected to influence

decisions of users on the basis of the Sustainability Statement.

As part of a limited assurance engagement in accordance with

ISAE (Ireland) 3000, we exercise professional judgment and

maintain professional scepticism throughout the engagement.

We also:

• Perform risk assessment procedures, including obtaining an

understanding of internal controls relevant to the engagement,

to identify disclosures where material misstatements are likely

to arise, whether due to fraud or error, but not for the purpose

of providing a conclusion on the effectiveness of the Group’s

internal control.

• Design and perform procedures responsive to where material

misstatements are likely to arise in the Sustainability

Statement. The risk of not detecting a material misstatement

resulting from fraud is higher than for one resulting from error,

as fraud may involve collusion, forgery, intentional omissions,

misrepresentations, or the override of internal control.

• Design and perform procedures to evaluate whether the

Sustainability Statement has been prepared in accordance

with the ESRS, which includes the process carried out by the

Group to identify material sustainability related impacts, risks

and opportunities.

• Design and perform procedures to evaluate whether the

Sustainability Statement has been prepared in compliance

with the Taxonomy Regulations.

• With respect to our conclusion in respect to the Group’s

reporting obligations and responsibility to mark up the

Sustainability Statement in accordance with Section 1600 of

the Companies Act 2014, we assess whether we have become

aware of anything to suggest that the Sustainability Statement

has not been prepared, in all material respects in this specified

format. However, as explained in the ‘Other matter –

Compliance with the requirement to mark-up the Sustainability

Statement’ section of our assurance report, the Group is not

currently required to mark-up the Sustainability Statement.

Summary of the work performed

A limited assurance engagement involves performing procedures

to obtain evidence about the Sustainability Statement. The nature,

timing and extent of procedures selected depend on professional

judgment, including the identification of disclosures where

material misstatements are likely to arise, whether due to fraud

or error, in the Sustainability Statement.

The procedures in a limited assurance engagement vary in nature

and timing from, and are less in extent than for, a reasonable

assurance engagement and depend on professional judgment,

including the identification of disclosures where material

misstatements are likely to arise, whether due to fraud or error, in

the Sustainability Statement. Consequently, the level of assurance

obtained in a limited assurance engagement is substantially lower

than the assurance that would have been obtained had a

reasonable assurance engagement been performed.

In conducting our limited assurance engagement, the procedures

we have performed included the following:

• We obtained, through inquiries, an understanding of the

Sustainability Statement reporting process performed by the

Group and the internal control environment, including the

preparation of the Sustainability Statement and the Group’s

risk assessment process relevant to the preparation of the

Sustainability Statement;

• We obtained an understanding of the Group’s double

materiality assessment process by performing inquiries to

understand the material sustainability matters identified by

the Group, the criterion for evaluation and the sources of the

information used by management and reviewing the Group’s

internal documentation of this process; and evaluating whether

the evidence obtained from our procedures about the Group’s

process is consistent with the description of the process set out

in the Sustainability Statement;

• We performed risk assessment procedures to understand the

Group and its environment, including the Group’s reporting

boundary and its value chain information and identified risks

of material misstatement;

• We designed and performed further assurance procedures

(which included inquiries, analytical procedures and inspection

of evidence on a sample basis, where applicable) to respond to

the identified risks of material misstatement;

• We read the other information in the Annual Report to identify

material inconsistencies, if any, with the Sustainability Statement;

• We evaluated the overall presentation of the Sustainability

Statement and considered, based on our limited assurance

procedures and evaluation of the assurance evidence obtained,

whether the Sustainability Statement as a whole was free from

material misstatements and prepared in accordance with the

applicable criteria.

 Glanbia plc | Annual Report and Financial Statements 2025

Independent Practitioners’ Limited Assurance Report

on Glanbia plc’s Sustainability Statement continued

The purpose of our limited assurance work

and to whom we owe our responsibilities.

Our report is made solely in accordance with Section 1613 of the

Companies Act 2014 to the Directors of the Group.

Our assurance work has been undertaken so that we might state

to the Directors those matters we are required to state to them in

a limited assurance report and for no other purpose. To the fullest

extent permitted by law, we do not accept or assume

responsibility to anyone other than the Group and its Directors,

as a body, for our limited assurance work, for this report, or for

the conclusions we have formed.

Emer O’Shaughnessy

For and on behalf of Deloitte Ireland LLP

Chartered Accountants and Statutory Audit Firm

Deloitte & Touche House, Earlsfort Terrace, Dublin 2

24 February 2026

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

General

Disclosures

In this section

General Disclosures 138

 Glanbia plc | Annual Report and Financial Statements 2025

General Disclosures

At Glanbia, our strategy is grounded in helping people live healthier lifestyles. Our purpose

is to deliver better nutrition. This purpose is fulfilled through our sustainability strategy

‘Better Nutrition, Better World’ which considers the sourcing of our ingredients, our creation

of innovative nutritional products, and the methods of getting those products into the hands

of our consumers and customers. This Sustainability Statement details Glanbia’s strategic

management of our material impacts, risks and opportunities. The reporting period for

the Sustainability Statement is aligned to that of the Financial Statements.

General Disclosures

ESRS 2

BP-1

General basis for preparation

of the Sustainability Statement

The Glanbia Sustainability Statement (the “statement”) is

prepared in accordance with Part 28 of the Companies Act 2014,

as amended by the European Union (Corporate Sustainability

Reporting) (No.2) Regulations 2024, and in compliance with the

European Sustainability Reporting Standards (“ESRS”) issued in

2023, and the Commission Delegated Regulation issued in 2025.

This statement has been subject to limited assurance by Deloitte

Ireland LLP (“Deloitte“) whose ‘Independent Practitioners’ Limited

Assurance Report’ can be found on pages 134-136.

Within this statement we describe Glanbia’s material

sustainability-related impacts, risks and opportunities (“IROs“)

across our own operations and our wider value chain, as identified

through the Glanbia Double Materiality Assessment (“DMA“), on

pages 147-149. Also described are the relevant policies, actions,

targets and metrics in place to manage our IROs, as noted in the

relevant sections of this statement. Where a policy, action, target

or metric extends to our value chain, we make this clear within

the disclosure.

Glanbia’s DMA process identified material IROs, which helped

determine the relevant standards for reporting. For material

matters covered by a standard, the Group evaluated what

information to disclose as follows:

• For policies, actions, and targets, the Group assessed

alignment with the ESRS requirements; and

• For metrics, the Group determined if the disclosure requirement

was material based on identified material IROs and the

relevance of the information as required by ESRS.

Glanbia has not applied the exemption from disclosing impending

developments or negotiations under Articles 19a(3) and 29a(3) of

Directive 2013/34/EU, as it is not applicable to the Group.

Glanbia acknowledges the EU Commission proposed

‘Sustainability Omnibus Package’ (February 2025), and will

evaluate the impact on our future reporting as further information

becomes available.

Scope and consolidation

The scope of this statement includes our own operations, along

with our upstream and downstream value chains. See the

‘Description of business model and value chain’ section on page

143. Glanbia has operational control and the authority to introduce

and implement operating policies in accordance with our

sustainability strategy within the wholly-owned operations

Performance Nutrition (“PN”), Health & Nutrition (“H&N”), and

Dairy Nutrition (“DN”) as well as the MWC-Southwest Holdings

LLC joint venture operations. The programmes that apply to our

joint venture operations are explained within the relevant sections

of this statement.

Our sustainability data is consolidated according to the same

principles as our Financial Statements, and comprises Glanbia plc

and subsidiaries. Consolidated sustainability data points do not

include joint venture (“JV”) data, unless otherwise stated within

the ‘accounting policy’ which supports the relevant metric section.

Our sustainability metrics and targets have not been validated

by any external bodies, unless otherwise stated. The limited

assurance provider, Deloitte, performed limited assurance

procedures on the 2025 financial year information only.

Where we have elected to omit a specific piece of information

due to sensitivity, in accordance with ESRS 1 section 7, we disclose

this in the relevant section of this report. This is relevant for the

cybersecurity disclosure on page 206.

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

BP-2

Disclosures in relation to specific circumstances

Time horizons

As aligned to ESRS guidance, unless otherwise stated, the time

horizons used in the preparation of this statement are defined

as follows: short-term corresponds to the Financial Statements’

reporting period; medium-term spans from the end of the

short-term reporting period to five years; and long-term is more

than five years. The resilience analysis disclosed in the ESRS E1

section aligns with alternative time horizons, see pages 154-156

for further information.

Value chain estimation, sources of estimation

and outcome uncertainty

Any significant estimates, assumptions or judgements used in

metrics disclosed in this statement are described within the

‘accounting policy’ in the relevant metric section. Metrics related

to our own operations have a higher volume of primary data, while

value chain metrics may include higher amounts of estimation

and have a higher level of measurement uncertainty. All estimates

and assumptions are reviewed and approved annually as part of

the reporting process by senior leadership to ensure accuracy

and faithful representation.

The metrics that are measured directly or estimated based on

external sources, such as third-party data or sector averages,

and that use value chain data estimated using indirect sources

are identified below, with further information found in the

‘accounting policy’ in the relevant metric section.

Metric Section reference

Scope 1 & 2 greenhouse gas emissions (“GHG“) 163-166

Scope 3 GHG emissions 163-168

Water 173

Adequate wages 193

Remuneration 193

Where relevant for future reporting, we will aim to source more

primary data, for example through future collaboration with our

value chain partners.

Changes in preparation or presentation

of sustainability information

Glanbia has historically disclosed sustainability information annually

within the Annual Report and through a standalone Sustainability

Report. This is the first year Glanbia is reporting under the

requirements of the ESRS. Where applicable, we opted to include

comparative information for certain metrics, however this

comparative information is not within the scope of the Independent

Practitioners’ Limited Assurance Report. Where comparative

information is included for illustrative purposes, this is clearly

identified in the relevant section, to clarify which information is not

covered by the Independent Practitioners’ Limited Assurance Report.

Comparative figures, where previously reported, have not been

materially restated, and apply similar methodology assumptions.

While Glanbia did not report under CSRD for the prior financial year,

Glanbia did obtain external limited assurance over certain 2024

metrics specifically Scope 1 and 2 GHG emissions, freshwater usage,

and consumer packaging recyclability metrics in the context of

the Group’s Sustainability-Linked Loan (“SLL”), reflecting our

commitment to integrating sustainability performance into

financing arrangements.

Disclosures stemming from other legislation

or generally accepted sustainability reporting

pronouncements

Included in the Appendices to this statement is an index covering

all data points that derive from other EU legislation, as listed in

ESRS 2 Appendix B, along with the list of ESRS disclosure

requirements complied with in preparing this statement,

see pages 211-213.

Incorporation by reference

Some disclosures in the statement are incorporated by reference

to other sections in the Annual Report. In such cases, a reference

to the relevant section is included in the respective disclosure in

line with the ESRS disclosure requirements. See below table for

a full list of all disclosures which are incorporated by reference.

Disclosure requirement Section reference

ESRS 2 GOV-1 (21 c and e); ESRS

G1 GOV-1:

Roles and responsibilities of the

Board of Directors

Directors’ Report pages 72-75,

page 82, and page 100

ESRS 2 SBM-1 (40 a (i-ii), e, f, g):

Strategy, business model and

value chain

Strategic Report page 12, page

14, pages 46-47, page 60,

pages 62-64

ESRS 2 SBM-2 (45 d): Interests

and views of stakeholders

Directors’ Report page 76-77

The EU Taxonomy disclosures form an integral part of the

environmental section of the Sustainability Statement and are

subject to limited assurance, refer to the Appendices section on

pages 208-210.

Phase-in provisions

For the current year of reporting we opted to exercise the phase-in

provisions under the Commission Delegated Regulation (EU)

2025/1416, to omit the disclosure of information required by ESRS

E4 Biodiversity and ecosystems, ESRS S2 Workers in the value

chain, and ESRS S4 Consumers and end-users, except as required

by ESRS 2 paragraph 17.

Other phase-in provisions utilised

ESRS 2 SBM-1

(40 b and c)

Strategy, business model and value chain

ESRS 2 SBM-3

(48 e)

Material IROs and their interaction with strategy

and business model

E1-9 Anticipated financial effects from material

physical and transition risks and potential

climate-related opportunities

E3-5 Anticipated financial effects from water and

marine resources-related risks and opportunities

E5-6 Anticipated financial effects from resource use and

circular economy-related risks and opportunities

S1-7 Characteristics of non-employees in the

undertaking’s own workforce

S1-13 Training and skills development

S1-14 Cases of work-related ill-health, days lost to injuries,

accidents, fatalities and work-related ill-health

S1-15 Work-life balance

 Glanbia plc | Annual Report and Financial Statements 2025

Board of Glanbia Plc (the “Board“)

The Board delegates specific sustainability oversight matters to its Committees:

Audit

Committee

Remuneration

Committee

Sustainability

Committee

Nomination &

Governance Committee

Development

Committee

Group Operating Executive (“GOE”)

Senior Leadership Team

Commercial and Operations

Sustainability Procurement

Quality &

Regulatory

Compliance

Human Resources

Environment,

Health & Safety

ESG Governance

& Reporting

Finance

The Board has overseen the continued evolution of our business

in line with our purpose, including the review and approval of the

Group’s ‘Better Nutrition, Better World’ sustainability strategy and

commitments. These commitments encompass a clear focus on

our material environmental, social, and governance IROs, and are

aligned with our overall business strategy, see page 14 for further

information. The Board has ongoing responsibility for overseeing

performance and strategies to deliver on our commitments. In

addressing these responsibilities, the Board and its Committees

monitor and assess how the Group is performing against our

commitments. The role of the Committees, their membership,

frequency of meetings and reporting requirements, including those

relating to sustainability matters, are set out in each Committee’s

terms of reference respectively, as approved by the Board.

The Group has a set of overarching policies and standards

governed by the Board that cover various material IROs related to

sustainability matters, which are available on our external website.

These overarching policies are supported by several detailed

internal policies that are managed within the business. The

governance structure creates an environment that enables the

effective management of these areas and allows for development

of the Group’s strategy and consideration of material IROs.

The annual Board strategy preparation process is an important

mechanism to support and evaluate strategic opportunities and

decisions, including those related to the material IROs identified.

This mechanism supports our overall resilience assessment over

the short to medium-term. Specific descriptions of the policies

and actions enacted, their governance, and tracking of progress

are included within the relevant topic disclosures. All material IROs

were communicated to the Board during the reporting period, and

the Board will continue to address them in future reporting periods.

The Sustainability Committee is responsible for overseeing the

Group’s sustainability objectives and performance, including the

delivery of the Group’s sustainability strategy and related IROs,

including those related to climate change.

The Sustainability Committee is supported by the Chief Executive

Officer and Executive team (“Group Operating Executive”) which

steers the Group’s investment decisions and progress towards our

future commitments relating to the sustainability pillars of planet,

people and performance, see page 142.

The Audit Committee supports the Board in overseeing the

processes and related controls that are used to monitor, manage

and oversee IROs. This includes monitoring the effectiveness of

the Group’s risk management and internal control processes

and the Group’s preparations for compliance with the ESRS.

The Committee oversees the output of the DMA process and

the Group’s external reporting process. This governance structure

ensures that sustainability matters are integrated into the highest

levels of oversight, including the management of our material IROs

identified through the DMA process.

The Remuneration Committee supports the Group Sustainability

strategy through alignment of the Group’s incentive plan to external

sustainability targets. The Board and the Remuneration Committee

review sustainability linked incentives annually to ensure they align

with the Group’s sustainability priorities and long-term strategy.

The Nomination & Governance Committee oversees that appropriate

personnel are appointed to the Committees and Board, and that

they are provided with adequate training and support to oversee

sustainability requirements and Group strategy, including material

IRO oversight. For more information on the Committee’s skills and

expertise, see pages 72-75 of the Corporate Governance Report.

GOV-1

The role of the administrative, management and supervisory bodies

Location

Reports to Informs

General Disclosures continued

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

The relevant Committee Chairs report to the Board after each

Committee meeting on the nature and content of the discussion,

actions to be taken, and any recommendations from the

Committee to the Board.

The Group Operating Executive is responsible, under Board

direction, for execution and delivery of the Group’s strategic plan,

including delivery of our sustainability commitments, and for

overseeing delivery of the Group’s investment and commercial

ambition. The Group Operating Executive holds a series of

scheduled meetings throughout the year to consider our strategy,

review progress, and prioritise activities and investment. The

Group Operating Executive is supported by the Senior Leadership

Team (“SLT“) at a functional level which is accountable for specific

environmental, social and governance areas as depicted in the

Sustainability Governance chart on page 140. The SLT’s role

includes implementing, executing, and monitoring the

effectiveness of policies and actions that address material IROs,

including the development of effective processes and controls as

necessary. The Group’s operations and commercial teams work

with these functional leads to ensure integration of the Group’s

sustainability strategy and priorities across Glanbia.

The respective function leads update the Board and/or the relevant

Committees, on an annual basis, on their function’s performance

including relevant sustainability matters, in addition to more specific

updates provided to the Audit and Sustainability Committees on

the progress and implementation of CSRD requirements in general.

Composition and diversity of the members of the

administrative, management and supervisory bodies

Board Composition

The Board comprises 12 Directors: two Executive Directors, and

10Non-Executive Directors. The Board’s gender ratio was 42%

female to 58% male for the year ending 3 January 2026. Our

Nomination & Governance Committee Report on pages 100-103

provides a summary of our current position relating to Board and

Executive Management diversity, in line with listing requirements.

For further information about the composition, skills, expertise,

and diversity of our Board, including changes during the year,

see our Corporate Governance Report on pages 72-75, 82 and 100.

The Workforce Engagement Director provides regular feedback

to the Board on employee engagement activities during the year.

Glanbia’s global survey of our employees, ‘Your Voice’, is carried

out annually and its findings are reviewed by the Board. Refer to

pages 186-187 for further details on employee engagement.

GOV-2

Information provided to and sustainability

matters addressed by the undertaking’s

administrative, management and

supervisory bodies

The Board and/or its relevant Committees received 5 dedicated

updates from senior leadership, including from the Senior Vice

President of Sustainability and the Head of ESG Governance and

Reporting, on sustainability matters including the Group’s

performance on its climate goals, strategy and the Group’s material

IROs as identified through the DMA process during the year. Further

details on the frequency of the Board and Committee meetings can

be found on page 78 of the Corporate Governance Report.

The output of the DMA and climate risk and resilience analysis is

incorporated into the Group risk management process. The Group

Internal Audit function incorporates the audit of sustainability

processes, controls and reporting in their assurance engagement

planning and audit execution each year. Financial opportunities

related to sustainability are considered as part of strategic

planning, including financial and investment plans.

The Board and its Committees discussed a broad range of

sustainability matters related to our material IROs in 2025, including:

• Sustainability performance and targets;

• Climate and environmental risk;

• Mobilisation of the CSRD programme and readiness for

implementation;

• DMA refresh exercise;

• Sustainability reporting;

• Food Safety and Quality performance;

• Health and Safety performance;

• Stakeholder engagement;

• Whistleblowing and the Code of Conduct;

• Group risk appetite;

• Operational efficiency and resilience;

• Cybersecurity risk;

• Corporate Governance;

• Board succession planning, renewals, composition and diversity;

and

• Variable remuneration.

Further details on areas of focus in 2025 for the Board can be

found on pages 79-81 of the Corporate Governance Report and

in the detailed reports of each Committee.

GOV-3

Integration of sustainability-related

performance in incentive schemes

Glanbia integrates sustainability-related performance into its

executive remuneration framework to align with our purpose,

values, and sustainability strategy. The Long-Term Incentive Plan

(“LTIP”) for Executive Directors and senior leaders, incorporates

sustainability matters and has a weighting of between 10% and

20% of the total outstanding LTIP awards, alongside growth and

return measures.

These sustainability matters are directly linked to targets

disclosed within the statement under E1 Climate change on

pages 157-161, E3 Water and marine resources on page 171, and E5

Resource use and circular economy on pages 176-177. Specifically,

they include progress towards:

• Science-based targets on Scope 1 & 2 emissions;

• Targets related to freshwater reductions; and

• Targets relating to consumer packaging recyclability rates.

Further detail relating to these targets are included on the pages

referenced above, which outline Glanbia’s performance against

these targets. The Remuneration Committee is responsible for the

oversight of the LTIP, including determining targets and reviewing

performance on an annual basis against these targets. Further

information on the LTIP can be found on pages 116-117.

 Glanbia plc | Annual Report and Financial Statements 2025

GOV-4

Statement on due diligence

GOV-5

Risk management and internal controls

over sustainability reporting

Our governance approach to sustainability reporting is aligned

with financial reporting and is integrated within our internal

control system. We manage the risk of material misstatement by

implementing a number of control processes at both a Group and

segment level including:

• Clear and well-structured sustainability governance;

• Establishment of a dedicated ESRS Reporting team structure;

• Establishment of Basis of Reporting documents in line with ESRS

requirements for sustainability information, where required;

• Use of a sustainability reporting tool to collate and track

sustainability information providing a systematic approach

to reporting;

• Regular review and approval meetings with topic owners on

metrics and qualitative disclosures;

• Executing pre-audit assessment reviews with third-party

advisors on selected data points to identify and prioritise

process improvements and control enhancements.

The Group’s risk management framework integrates dedicated

controls and procedures for managing risks across functions within

the business, including sustainability-specific risks. This includes

submitting a twice-yearly risk register, which is consolidated and

presented to the Group Operating Executive and Board. The

framework ensures that risk management is embedded into

Glanbia’s culture, policies and practices, with input received across

Glanbia functions and locations. Refer to page 54 for further

details on the Group risk management framework. Additionally,

an annual risk review is conducted by Group Internal Audit. This

includes an analysis of existing and emerging risks, including those

relating to sustainability. Findings from this review are presented

to the Audit Committee and are incorporated into the principal

risk identification process.

The Group’s material sustainability risks are detailed within the

corresponding topic sections of this statement, along with the

associated polices, actions, metrics and targets.

SBM-1 & SBM-3

Material IROs and their interaction with

strategy, business model and value chain

At Glanbia, our purpose is to deliver better nutrition. That is why we

created our ‘Better Nutrition, Better World’ sustainability strategy,

which helps us grow responsibly while considering and responding

to the needs of the environment and society. It focuses on three

sustainability pillars: planet, people, and performance. These

pillars guide our efforts to responsibly source ingredients, reduce

our environmental impact, and support the health and wellbeing

of individuals. Our strategy is implemented Group-wide across

our locations, covering our significant customer and supplier

categories. Ongoing assessment of our business model and

engagement with stakeholders is factored into our strategic

decision-making to help achieve our sustainability-related goals.

A detailed overview of our sustainability strategy and related

goals can be found on pages 46-47 of the Strategic Report.

As part of our DMA, on pages 147-149, we have identified and

evaluated the material sustainability-related IROs relevant to

our business. Our identified material risks and opportunities did

not identify any current financial effects on our financial position,

financial performance, cash flows, or valuation of our assets

and liabilities in the current period. We do not currently expect to

make any significant changes to our business model, value chain,

strategy and decision making as a result of the identification of

these IROs, other than for the management of the targets and

actions we have already committed to.

For information relating to our total headcount of employees

by geographical areas, please see the S1-6 metric disclosures

on page 191. For further information about the potential risks

for Glanbia, see the Risk Management section, on pages 60

and 62-64.

The table below maps where in the statement we outline our due diligence process, including the key aspects and steps we follow.

Core elements of due diligence Section reference Page(s)

a) Embedding due diligence in governance, strategy and business model General 140-142

b) Engaging with affected stakeholders in all key steps of the due diligence process General 145-146, 181

c) Identifying and assessing adverse impacts General 147-149

d) Taking actions to address those adverse impacts Topic section 157, 170, 174, 176, 188, 199

e) Tracking the effectiveness of these efforts and communication Topic section 158, 171, 174, 176, 190, 199

General Disclosures continued

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

SBM-1

Description of business model and value chain

Our approach to doing business is guided by responsible sourcing,

operational excellence and innovation, ensuring that we create

value for all stakeholders while aiming to minimise negative

environmental and social impacts.

The Group comprises three focused business segments: PN, H&N

and DN and has operations within the Americas, ASPAC and EMEA

regions. PN manufactures and sells sports nutrition and lifestyle

nutrition products through a variety of channels including

specialty, online, Food, Drug, Mass, Club (“FDMC”) and distributors,

in a variety of formats including powders, ready-to-eat (bars and

snacking foods) and ready-to-drink. H&N manufactures and sells

nutritional and functional ingredients, and vitamin and mineral

premixes. DN along with our joint venture manufactures and sells

cheese and other dairy ingredients.

As our key raw materials are procured across a global supply

network, our responsible sourcing processes are important. We

work closely with suppliers and partners across our value chain

to maintain high standards of quality, safety, and compliance.

This involves analysing single-source suppliers, profiling risks in

sourcing regions, and using third-party risk assessments.

Our focus on quality ingredients, intellectual property protection,

and stringent food safety standards are applied from sourcing

through to delivery. We invest in tools and education to build brand

leadership, and use our own and third-party logistics to deliver

globally. Our distribution network allows us to sell our branded

products, nutritional ingredients, and dairy ingredients in over 100

countries worldwide. Our products reach consumers through our

relationships with strategic customers, leading online and physical

retailers, and regional distributors. Glanbia continuously focuses

on efficient resource management, reducing operational waste

generation at source. Glanbia is committed to continuous waste

reduction and diversion from landfill and incineration across our

production sites, participating in the TRUE Zero Waste certification

programme. For branded products, we are working to improve

circularity through design and clear product disposal labelling.

Upstream Own operations

Packaging

Raw materials

Food

manufacturing¹

Our own operations are supported by central functions such as:

HR, Finance, Office Building & Plant Management, IT, and Legal.

Innovation

and quality

Downstream

Marketing

Distribution

Sales

Waste

management

Our value chain

1. Glanbia owns and operates agricultural land adjacent to two dairy manufacturing sites.

 Glanbia plc | Annual Report and Financial Statements 2025

Global talent management

Over 5,000 talented employees across 31 countries,

bringing broad industry knowledge and local expertise.

Enabling our employees with an inclusive and

supportive work culture, with appropriate rewards and

recognition, and opportunities for career development.

Responsible behaviour

We responsibly source the raw materials used in the

manufacture of our branded products and nutritional

ingredients. We partner with EcoVadis to risk assess our

procurement spend for environmental and social risks.

Our branded product packaging complies with

regulations, with accurate product safety and consumer

information, and promotes recycling awareness through

clear labelling. Our manufacturing sites are reducing

waste in line with TRUE Zero Waste standards.

Manufacture of quality products

We leverage our 27 manufacturing sites and our

established Glanbia Quality Management System in

the manufacture of our consumer branded products

and ingredient solutions across our segments

(PN, H&N, and DN).

All of our facilities operate with full regulatory

compliance and good environmental stewardship.

Our operational excellence enables us to manufacture

products and ingredients that meet the high standards

of food safety and quality.

We work with global food and beverage companies and

sell our products in over 100 countries worldwide. Our

products reach consumers through our relationships

with our key customers, across leading online and

physical retailers, and via regional distributors.

Innovation and brand communication

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.

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

brands and sustain our leadership positions in H&N

and DN. This is supported by dedicated communication

channels, customer partnership/collaboration,

education programmes and events. Our manufacturing

sites are supported by our innovation centres and our

sales and administrative offices.

PN owns the world’s #1 sports nutrition brand with

an unrivalled product offering and key channel and

category leadership.

As key ingredient suppliers in the business-to-business

arena, H&N and DN stand for quality, integrity,

innovation and sustainability. Our focus includes:

• Hosting education sessions;

• An informed consumer base; and

• Supporting customers in their product innovation.

Capital management

We secure and allocate capital to support strategic

priorities, including investment in innovation,

operational excellence, and sustainability initiatives.

We have an ongoing focus on organic and inorganic

expansion opportunities.

Glanbia has an established track record of effective

capital allocation, with directed investment to support

emerging growth opportunities.

Our Inputs

Gathering, developing and securing the inputs that

underpin our business model is fundamental to the Group’s

sustainable long-term success. Our approach to managing

our inputs and resources is underpinned by due diligence

and risk management, strong governance, and disciplined

capital allocation processes.

Our Outputs

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.

General Disclosures continued

Our business model drives sustainable growth and value creation for the current and future benefit of our stakeholders and society.

See pages 145-146 for our stakeholder engagement and outcome.

Below is an overview of the key inputs and outputs used to drive value creation.

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

leadership and

education

Employees

Regular and ongoing

engagement with our

employees, including those of

our joint venture operations,

is key to attracting,

developing and retaining

a talented, dedicated and

motivated workforce, to

help ensure the successful

delivery of our strategy and

achievement of our purpose.

Read more on pages

198-200.

Key relevant topics

• Insights on consumer

trends

• Stable supply of high-

quality nutritious

ingredients

• Food safety and quality

• Sustainable food with

a lower environmental

footprint, produced in

a responsible way.

How we engage

• Customer relationship development –

key account managers, research

and development insights and

brand teams

• Communication channels via the

Group website and social media

• Formal market research

• Product information

on packaging

• Customer surveys

• PN Sports Nutrition School (“SNS”)

• DMA process.

Outcome

Engaging with our consumers

means we enable them to

achieve their lifestyle and

nutrition goals. We produce

nutritional products which

align with the requirements of

our customers and consumers

• Optimum Nutrition is a $1bn

brand consistently achieving

strong Net Promotor Scores

• PN’s Gold Standard Whey

tub was assigned ‘Widely

Recyclable’ by How2Recycle

• Supporting customer ESG

ambition through the provision

of transparent, product-specific

data sharing.

SBM-2

Interests and views of stakeholders

Glanbia aims to create trusted relationships

with key stakeholders through engaging with

them effectively to understand and then

respond to their needs.

Our stakeholder engagement activities are described below.

The insights gained from these activities are incorporated into

our Group strategy, policies and actions.

The outcomes of the engagement are integrated into our business

model and strategic decisions. This includes embedding the

engagement outcomes through investing in our talent pipeline

and developing future leaders, focusing on innovation across

Glanbia through streamlining our Research and Development

(“R&D”) structures, and accelerating our established brands

including ‘Optimum Nutrition’ with the aim of delivering further

growth over the medium to long-term. Integration of the results

of our engagement is expected to strengthen stakeholder trust

and engagement.

As part of our DMA, we engaged with Glanbia’s key stakeholder

group representatives through interviews or surveys to gain

a deeper understanding of the interests and views they hold

regarding how we operate as a business. Key stakeholder groups

interviewed or surveyed specifically for the DMA were: employees,

customers and consumers, shareholders, suppliers, our joint

venture partner, local communities, and nature representatives.

This engagement informed the identification of our material IROs,

see pages 147-151 where this process and our identified material

topics are described in detail. The Board is kept informed of

stakeholder engagement activities, see pages 76-77.

 Glanbia plc | Annual Report and Financial Statements 2025

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 on page 76.

Key topic

• Regulation across all

business activities

• Reliable and complete

corporate reporting

• Climate change initiatives

and environmental

preservation

• Responsible sourcing

• Human rights.

How we engage

• Industry associations

• Briefings and direct meetings

• Multi-stakeholder forums

• Participating in relevant calls

for information

• One-to-one meetings

• Participation in relevant events.

Outcome

Broad range of stakeholders

engaged

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

sustainability topics and

collaborate on integrated

solutions across the value chain.

General Disclosures continued

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

Inside out Outside in

Planet

and People

Glanbia

Glanbia carried out a DMA, in alignment with ESRS reporting requirements. Our DMA identified material sustainability topics relevant

to Glanbia operations and our value chain, along with related IROs. Each topic section in this statement will go into further detail about

these material topics and related IROs, including our management of them through, where relevant, specific policies, actions, metrics

and targets.

High level DMA process

Understanding

the context

Business model outline

and value chain

mapping.

Peer benchmarking

and media analysis.

Stakeholder

identification.

Regulatory scan.

Identification of actual

and potential IROs

Consideration of

relevant inputs such

as Task Force on

Climate-related

Financial Disclosures

(“TCFD”) analysis, the

Group Risk Register

and other external

and internal resources.

Impact assessment

(impacts)

Engagement with

external and internal

stakeholders.

Issuance of impact

materiality assessments.

Validation of impact

materiality threshold

with internal subject

matter experts (“SMEs”).

Financial assessment

(risks and opportunities)

Issuance of financial

materiality assessments.

Validation of financial

materiality threshold

with internal SMEs.

Approval and oversight

Approval of materiality

assessments by the DMA

Steering Committee

(“DMA SteerCo”), the

Audit Committee and

Sustainability

Committee.

Finalisation of material

topics and IROs.

Assessment of material IROs

IRO-1

Description of the process to identify and assess material IROs

Our material topics and related IROs were identified through a systematic process, which involved understanding the Glanbia context,

identifying actual and potential IROs through various inputs, assessing the IROs through internal and external stakeholder engagement,

validation of the results by internal SMEs, and approval by senior leadership via the DMA SteerCo, the Audit Committee and Sustainability

Committee. This process, first completed in November 2024, was refreshed in October 2025. This refresh process considered any

substantial changes in line with European Financial Reporting Advisory Group (“EFRAG”) refresh guidelines, with the output formally

approved by the Audit Committee, in consultation with the Sustainability Committee. We will continue to refresh the process going

forward in line with EFRAG guidelines.

What is double materiality?

Double materiality means assessing both:

• The “impact” of Glanbia’s activities on society

and the environment (the inside-out perspective).

This includes the impact of our value chain.

• The “risks and opportunities” that sustainability

issues pose to Glanbia’s financial performance

(the outside-in perspective).

The term “impact” refers to positive and negative

sustainability-related impacts that are connected with

Glanbia’s activities. It refers both to actual impacts and

to potential future impacts.

The term “financial risks and opportunities” refers to Glanbia’s

sustainability-related financial risks and opportunities,

including those deriving from dependencies on natural,

human and social resources.

 Glanbia plc | Annual Report and Financial Statements 2025

Understanding the context

To understand where our activities interact with people and

the planet, our business model was reviewed and the Glanbia

value chain mapped across our own operations, upstream

and downstream activities. Our business model’s key activities,

resources, suppliers and customer segments were considered,

along with regulatory scans, peer benchmarking and media

analysis. These actions were key to the identification of a

potentially positive or potentially adverse material IRO, as well as

the identification of key stakeholder groups. The key stakeholder

groups we identified include both affected stakeholders and users

of the sustainability statements such as Glanbia’s shareholders,

customers and consumers, our joint venture, suppliers, employees,

communities, and silent stakeholders such as nature.

Identification of actual and potential IROs

From the results of the above actions, Glanbia identified a long

list of potential topics and IROs. The list of sustainability topics

contained within the ESRS was used as a starting point and was

further developed using the output from the understanding phase

as well as the key inputs below, in consultation with internal and

external experts, to ensure entity-specific IROs were also included.

Key inputs into the development of the long list of potential topics

and IROs included:

• Glanbia management’s knowledge and review of our own

operations and extended value chain, which included

consideration of key activities and business relationships,

geographical locations, resource inflows, outflows and waste.

Glanbia’s activities and relevant Financial Statement information

were considered based on the experience and expertise of the

relevant Glanbia SMEs in relation to the various subtopics.

• Prior material topics included in Glanbia’s sustainability

reporting in prior years.

• External consultancy, regulatory scanning, peer benchmarking

and media analysis, along with established standard frameworks

(‘International Financial Reporting Standards’, ‘TCFD’,

Global Reporting Initiative and Sustainability Accounting

Standards Board).

• Any actual or potential effects from any changes to the Glanbia

operating model, acquisitions, and divestitures.

• Sustainability-related risks from the Group Risk Register, as well

as relevant financial assets and liabilities, and relevant business

conduct and cybersecurity factors.

• Glanbia’s GHG emissions analysis, physical risks, transition risks

and opportunities informed by the results of the Glanbia TCFD

and scenario/resilience analysis. See page 53 for the TCFD

Compliance Statement.

• Water assessment of all manufacturing sites to identify areas

of potential water risk. This is completed every three years using

the World Resources Institute’s Aqueduct 4.0 tool, see page 171.

Assessment of material IROs

Internal Glanbia SMEs assessed the tailored long list of IROs based

on ESRS-aligned scoring methodology, assessing each based on

its unique components. All IROs were mapped to the most relevant

area in the Glanbia value chain and against the time horizons of

short, medium, and long-term in line with our basis of preparation,

see page 139.

Impacts

All impacts were assessed on an inherent basis, based on defined

scale, scope and, in the case of potential impacts, the likelihood

of occurrence. Negative impacts were also assessed based on their

irremediability. In cases where a potential negative impact was

identified as having potential human rights implications, the score

was elevated in line with ESRS guidance. An inherent basis was

used to assess the impacts before application of any controls,

mitigations, or management actions.

Stakeholder engagement

Stakeholder engagement was undertaken to consider their

priorities and perspective on our activities and related impacts.

Representatives from the key stakeholder groups identified above

were consulted, either on a direct or proxy basis, depending on the

type of stakeholder group. Long form interviews and surveys were

completed, with the representative asked to provide rationale as

to what they perceived to be the most important sustainability

related matters based on their perspective and concerns. The

results of this engagement were consolidated and compared to

the internal scoring of the tailored long list of impacts. As part of

this engagement, all ESRS topics were included for consideration

by affected stakeholders at a high level. In addition, stakeholders

were asked to comment on the completeness of the topics under

consideration. For more information on Glanbia stakeholder

engagement, see pages 145-146.

Financial risks and opportunities

A capital screening analysis was carried out to consider Glanbia’s

dependencies, risks and opportunities that could fall outside the

scope of financial reporting. Risks and opportunities were then

assessed on an inherent basis, based on their potential financial

scale and likelihood. An inherent basis was used to assess the risks

and opportunities before application of any controls, mitigations,

or management actions.

Materiality threshold setting

Glanbia’s material IROs were determined through: setting a

materiality threshold, taking into account the views of stakeholders,

obtaining input from internal SMEs, and collating the responses

during workshops with review and challenge from the DMA SteerCo.

Any IROs, which had scored above the relevant threshold were

considered to be material going forward, and careful consideration

was given to the IROs below the proposed materiality threshold

through validation and approval of the results as part of the

finalisation process.

Approval and oversight

Approval and oversight was facilitated through the presentation

and approval of the DMA process and output at the October 2025

meeting of the Glanbia Audit Committee. Final approval of the

DMA process and output was obtained at the joint Audit and

Sustainability Committee meeting in January 2026.

The DMA provided Glanbia with valuable insights on our most

material IROs. We have considered our response to these IROs

within our strategy and business model, by mapping our Group

strategic enablers to our sustainability goals and focus areas.

We incorporated the sustainability risks identified within our

sustainability risk register submission which forms part of the wider

Group Risk Management Framework and informs our decision

making. We also monitor identified and potential opportunities

through our general activities. We do not currently anticipate

making significant changes to our business model or strategy

based on the IROs identified.

General Disclosures continued

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

Assumptions and general information

There are inherent assumptions in the DMA process, as it requires

reliance on internal or external knowledge and judgement which

could be exposed to subjectivity or bias. The assessment was

primarily carried out qualitatively, and all limitations and key

judgement areas were highlighted to the DMA SteerCo and

the relevant Committees as part of the approval process.

As part of the process to identify material IROs in relation to

business conduct matters, Glanbia considered its industry, its

own operations, and the wider value chain activities and locations.

As part of the process, Glanbia considered activities such as

internal processes and controls around anti-bribery and corruption,

regulatory compliance and general business conduct, which have

been informed by the industry and jurisdictions in which we operate.

Glanbia has not specifically screened site locations or screened

business activities and assets across our value chain in relation

to the topics of ESRS E2 Pollution and ESRS E5 Resource use and

circular economy. When considering the Glanbia business model

and activities, it was determined that this analysis was not required,

instead, following the DMA process described on the previous page,

consideration was given to whether our activities, locations, or

relevant financial assets and liabilities could lead to a material

IRO in relation to these topics. The topic of ESRS E2 Pollution was

deemed not material at a Group level, while two material impacts

were identified relating to ESRS E5 Resource use and circular

economy. Glanbia has not conducted targeted consultations.

Material topic summary

A summary of material sustainability-related topics is presented below. The table also includes the number of IROs relevant to each topic.

Material topic

Impacts Risks Opportunities

Environment

Climate change 3 1 2

Water and marine resources 2 2 –

Biodiversity and ecosystems 1 1 –

Resource use and circular economy 2 – –

Social

Own workforce 6

–

Workers in the value chain 7

–

Consumers and end-users 3 2 1

Governance Business conduct 1 2 –

1. Certain IROs overlap between ESRS S1 and ESRS S2 due to the classification of employees of our joint venture, MWC-Southwest Holdings LLC, as workers in the

value chain under ESRS. Due to our operational control boundary approach, the same impacts and risks apply to these employees as they do to the wholly-owned

business’ employees. Therefore, the IROs, policies and related actions identified within the Own workforce section apply to our joint venture employees. See table

above and topic sections for further information on overlapping IROs.

 Glanbia plc | Annual Report and Financial Statements 2025

SBM-3

Description of IROs and their location in the value chain

Summary of material IROs

Material IROs identified during the DMA are described at a summarised level in the table below, along with the

respective time horizon and location within the value chain. The ‘classification’ column categorises whether

the IRO is a risk, opportunity or, in the case of impacts, whether they are deemed to be actual or potential,

positive or negative.

Employees (individuals employed for a definite or an indefinite duration and paid through payroll, excluding

interns) of our joint venture, MWC-Southwest Holdings LLC, are classified as workers in the value chain under

ESRS. However, due to our operational control boundary approach, the equivalent policies and related

procedures apply to these employees as they do to the wholly-owned business’ employees. Therefore, there

are duplicate IROs noted between S1 Own workforce and S2 Workers in the value chain, as outlined in the

table below. Full descriptions of our IROs can be found in the relevant topic sections on pages 153-206.

IRO summary Classification Time Horizon Location

Environment

ESRS E1

Climate

change

Energy efficiency and energy procurement Positive, Actual Impact

Sustainable agricultural practises Positive, Potential Impact

GHG emissions Negative, Actual Impact

Changing consumer behaviour Risk

GHG reduction commercial benefit Opportunity

Decarbonising the value chain Opportunity

ESRS E3

Water and

marine

resources

Water use in areas at water risk

(manufacturing)

Negative, Potential Impact

Water use in areas at water risk (agriculture) Negative, Potential Impact

Dairy supply chain in areas of high

water stress

Risk

Dairy operations in areas of high

water stress (manufacturing)

Risk

ESRS E4

Biodiversity

and ecosystems

Deforestation and biodiversity loss

from material sourcing

Negative, Potential Impact

Increased regulations and

compliance requirements

Risk

ESRS E5

Resource use

and circular

economy

Packaging waste finished products Negative, Actual Impact

Waste within our own operations Negative, Actual Impact

Time Horizon Location

Short-term Medium-term

Long-term

Upstream Downstream

Own operations

JV operations

PN Performance Nutrition H&N Health & Nutrition DN Dairy Nutrition

1. Where an ‘own operations’ or ‘downstream’ IRO is mapped to a specific Glanbia business segment, the relevant initials are also included in the table (PN, H&N, DN).

General Disclosures continued

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

IRO summary Classification Time Horizon Location

Social

ESRS S1

Own workforce

and

ESRS S2

Workers in the

value chain

Equality and equal pay Positive, Potential Impact

Workplace accidents Negative, Actual Impact

Training and skills development Positive, Actual Impact

Inclusion & belonging Positive, Potential Impact

Adequate wages Positive, Actual Impact

Employee wellbeing Positive, Potential Impact

Workplace injuries Risk

ESRS S2

Workers in the

value chain

Responsible sourcing Positive, Actual Impact

Responsible sourcing process breakdown Risk

ESRS S4

Consumers

and end-users

Effective labelling Positive, Actual Impact

Food safety and quality Negative, Actual Impact PN

Responsible brand communication Positive, Actual Impact PN

A food safety and quality incident Risk

Labelling infringement product recall Risk

Ingredient solution innovation capabilities Opportunity

DN H&N

Governance

Business

conduct

Glanbia’s strong corporate culture Positive, Potential Impact

Breakdown of corporate culture Risk

Cybersecurity attack Risk

1. See footnote on page 149.

 Glanbia plc | Annual Report and Financial Statements 2025

Environment

In this section

E1 Climate change 153

E3 Water and marine resources 169

E4 Biodiversity and ecosystems 174

E5 Resource use and circular economy 175

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

Climate change

ESRS E1

Glanbia is a global nutrition company with

a strong heritage in dairy and a growing

portfolio of performance and lifestyle

nutrition products.

Our operations include energy-intensive dairy processing, whey

protein production and the creation of ingredient solutions, which

contribute to our Scope 1 and 2 greenhouse gas (“GHG”) emissions.

In addition to our wholly-owned sites, we operate two dairy

processing facilities owned by our joint venture that are integral to

Glanbia’s production footprint and are included within our

operational control boundary for sustainability reporting. These

two facilities play a key role in delivering our products and are

subject to the same environmental and climate-related

considerations as our own operations.

The majority of our carbon footprint occurs upstream in dairy

farming, a critical part of our supply chain that drives Scope 3 Forest,

Land and Agriculture (“FLAG”)1 emissions. Climate change

introduces significant challenges, including regulatory and market

pressures and physical impacts on raw material availability. At

the same time, shifting consumer preferences and sustainability

expectations create opportunities for innovation and collaboration

across our value chain. These factors make climate change a central

consideration in Glanbia’s long-term resilience and growth strategy.

The Glanbia Double Materiality Assessment (“DMA”) identified

where climate change most significantly intersects with Glanbia’s

activities across our operations and value chain. Priority areas

include energy use in processing (including the two joint venture

facilities), emissions from dairy farming, and evolving customer

expectations. These findings form the basis for our analysis of

climate-related impacts, risks and opportunities (“IROs”) which

guide strategic priorities and support progress toward science-

based targets and long-term sustainability objectives.

Impacts, risks and opportunities

Identification of IROs is driven by the Glanbia DMA process, see

pages 147-149. The climate change matters assessed as material for

Glanbia are focused on the sub-topics of: climate change mitigation,

climate change adaptation, and energy.

Energy efficiency and

energy procurement

Description: Energy efficiency and energy procurement

strategies reduce GHG emissions, positively impacting the

climate. In meeting our Scope 1 & 2 targets by 2030 we will

be emitting less GHG emissions, thus positively impacting

the environment.

Classification: Positive, Actual Impact

Location: Own operations, JV operations

Time horizon: Short and medium-term

Sustainable agricultural practices

Description: Glanbia’s upstream counterparties embracing

sustainable agricultural practices, such as manure

management interventions and advanced breeding

practices can reduce GHG emissions, resulting in a lower

carbon footprint. These innovative practices can help our

suppliers adapt to climate change so that agricultural

operations can continue, thus securing future supply.

Classification: Positive, Potential Impact

Location: Upstream

Time horizon: Medium and long-term

GHG emissions

Description: GHG emissions relating to food manufacturing

contribute to global GHG emission loads. In our own

operations this relates to dairy processing which involves

considerable heating and cooling, leading to high energy use

and GHG emissions. In our upstream, this mostly relates to

emissions from dairy farms which provide the milk for direct

processing by Dairy Nutrition (“DN”) and Health & Nutrition

(“H&N”) or through whey protein used by Performance

Nutrition (“PN”). In each case transport and logistics

operations also produce GHG emissions.

Classification: Negative, Actual Impact

Location: Upstream, own operations, JV operations

Time horizon: Short and medium-term

Changing consumer behaviour

Description: Customers and end-users could potentially

reduce their purchase of dairy products as they look to

reduce their GHG emissions impact, thus affecting revenue.

This includes customers with Science Based Targets (“SBTs”)

potentially opting for alternative suppliers if Glanbia does not

decrease emissions in line with our SBT commitments.

Classification: Transition risk

Location: Downstream

Time horizon: Long-term

1 FLAG (“Forest, Land and Agriculture”) emissions refer to GHG emissions associated with land use, land-use change, and agriculture. These include emissions

from activities such as livestock production, crop cultivation, deforestation, and soil management. FLAG emissions are particularly relevant for companies

with agricultural supply chains or land-based operations.

 Glanbia plc | Annual Report and Financial Statements 2025

Environment continued

GHG reduction commercial benefit

Description: Implementing emission-reducing strategies can

offer a competitive advantage by lowering costs, increasing

capital through government incentives, or boosting revenue

as consumers shift towards, or are willing to pay more for,

sustainable products.

Classification: Opportunity

Location: Own operations DN, JV operations

Time horizon: Medium-term

Decarbonising the value chain

Description: Supporting farmers with economically and

environmentally sustainable investments alongside

engaging in downstream partnerships, can cost-effectively

reduce carbon emissions. Participation in carbon markets

enhances reputation and capital availability. For example,

installing anaerobic digesters in Glanbia’s value chain

contributes to achieving climate targets and generating

carbon credits.

Classification: Opportunity

Location: Own operations DN, JV operations

Time horizon: Medium-term

ESRS 2 SBM-3

Material impacts, risks and opportunities

and their interaction with strategy and

business model

Resilience analysis

Glanbia has screened its assets and business activities using

scenario analysis to assess our exposure to climate hazards

andtransition events. In 2025, senior leaders from across the

organisation reviewed and confirmed that the 2024 Task Force

onClimate-related Financial Disclosures (“TCFD”) qualitative

scenario analysis remained valid as an assessment of the current

strategy and business model.

The resilience analysis was conducted in 2024 and aligns with the

time horizons used for scenario analysis and our climate targets.

Ittakes account of the key drivers outlined on the next page

andcovers our full value chain, considering operational inputs,

locations where we manufacture our products and the potential

for changing customer and consumer demands.

To understand the potential exposure and sensitivity of our

assets and business activities to relevant climate-related hazards,

we considered the likelihood, magnitude, and duration of these

hazards. Glanbia’s global manufacturing footprint was screened

for exposure across defined time horizons using third-party

climate models and geospatial coordinates specific to each of our

locations, while risks to key inputs were assessed using academic

sources. We also evaluated the Group’s exposure and sensitivity

to identified transition risks, considering their potential magnitude

and duration.

The assessment evaluated the resilience of Glanbia’s business model

and strategy under three climate-related scenarios, considering

both physical and transition risks and opportunities across short,

medium, and long-term horizons. It covered the scope of all Glanbia

operations, including our joint venture and value chain activities.

The scope of the 2024 resilience analysis covered ten climate-

related physical and transition risks and opportunities (“CROs”),

identified through our TCFD analysis, which were also reviewed

as part of our DMA.

We considered the following climate scenarios:

Current policies scenario:

Reflects existing climate commitments under the Paris

Agreement, used as a baseline for assessing business-as-usual

risks.

Stress scenarios:

1.5°C Transition scenario: Models an ambitious decarbonisation

pathway aligned with Net Zero by 2050, consistent with the

Science Based Targets initiative (“SBTi”) and Network for Greening

the Financial System (“NGFS”) Net Zero 2050 scenario. The time

horizon considered is up to 2033.

3-4°C Physical risk scenario: Assesses long-term physical

climate impacts under high-emissions conditions, aligned

with the Intergovernmental Panel on Climate Change (“IPCC”)

Representative Concentration Pathway (“RCP”) 8.5 and NGFS

Current Policies scenario. The time horizon considered is up to 2050.

Glanbia is satisfied that the selected scenarios sufficiently capture

plausible climate-related risks and uncertainties across transition

and physical dimensions. Developed with external experts and

informed by sources such as NGFS and SBTi, they reflect a range

of time horizons and are tailored to Glanbia’s sectoral and

geographic exposure. This ensures that the analysis supports

effective strategic planning and risk management.

Key forces and drivers considered

Glanbia’s scenarios incorporate relevant drivers and key

assumptions about the transition to a lower-carbon and climate

resilient economy, including:

• Policy assumptions: methane regulations, carbon pricing,

andfossil fuel subsidy removal.

• Macroeconomic trends: anticipated shifts in consumer

preferences (e.g. increased demand for plant-based products),

evolving customer sustainability expectations, and potential

changes in global trade and commodity markets.

• Energy mix: projected increases in renewable energy adoption

and energy efficiency improvements, alongside rising costs

forfossil fuels and carbon-intensive energy sources.

• Technology: assumed availability and scalability of low-carbon

technologies such as industrial heat pumps, anaerobic

digesters (“ADs”), and digital energy monitoring systems,

which are central to Glanbia’s decarbonisation strategy.

These factors reflect Glanbia’s exposure to dairy processing,

agricultural sourcing, and energy-intensive operations.

Key inputs and constraints

• Inputs: climate data from NGFS and IPCC; site-specific

geospatial data for physical climate hazards assessed using

aproprietary tool developed by the Carbon Trust, aligned

withESRS E1 Appendix A AR11; and internal operational

data(e.g. revenue, energy use, and procurement volumes).

• Constraints: assumes a stable business model, excludes

unpredictable policy shifts, and assumes Glanbia retains

ownership of carbon credits.

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

Results of the resilience analysis

TCFD category Driver description Financial impact and mitigants summary Management approach

Market risk.

Time horizon:

medium

Changing consumer diets to reduce

carbon footprint, shift away from

meat towards dairy or plant-based

alternatives.

Current policies scenario: projects a

moderate increase in dairy-related

revenue as consumers shift from

meat to dairy protein.

Stress scenario: suggests potential

revenue reduction, however this

is largely mitigated by assumed

emissions reductions aligned

with SBTs, maintaining consumer

acceptance. Overall financial impact

is expected to be low.

Implementation of emissions

reduction targets aligned with

SBTs to maintain consumer

acceptance and mitigate long-term

revenue risks.

Tracking and analysis of consumer

trends through a dedicated market

insights team, supported by expert

input from industry associations.

Reputation risk.

Time horizon:

medium

Customers with SBTs may switch

suppliers if Glanbia fails to meet

emissions reduction expectations.

In both the current policies and stress

scenarios, failure to meet emissions

reduction targets could lead to

reduced revenue from strategic

customers with SBTs, who may

seek lower-emission suppliers.

Mitigation involves delivering against

Scope 1, 2 and 3 reduction targets in

line with the Paris Agreement, reducing

residual financial impact to low.

Deliver emissions reductions in

line with SBTs to retain strategic

customer relationships and mitigate

revenue risk.

Engage proactively with strategic

customers on joint emissions

reduction initiatives and project

opportunities.

Policy and legal

risk: methane

regulation.

Time horizon:

short-medium

Stricter climate regulation may

increase costs for farmers to

reduce methane emissions.

Identified costs under both the

current policies and stress scenarios

are upstream and considered low

impact for Glanbia.

Cost pass-through is likely across

the US dairy industry, contingent

on products remaining affordable

and nutritious.

Ongoing assessment of policy

implications and farmer support

mechanisms.

Policy and legal

risk: fuel and

energy prices.

Time horizon:

short-medium

Government policy (e.g. carbon tax)

and market changes may raise fuel

and energy costs.

The financial impact of both the

current policies and stress scenarios

on logistics is expected to be low when

mitigation measures are applied.

Rising energy costs are also expected

to have a low impact due to planned

emissions reduction and energy

efficiency actions.

Fleet optimisation, low-carbon

logistics, and Scope 1 & 2 emissions

reduction in line with our SBTs.

Policy and legal

risk: packaging

trends.

Time horizon:

short-medium

Regulatory and market pressure

to increase recyclability and

post-consumer recycled (“PCR”)

content in packaging.

The financial impact of packaging-

related risks under both the current

policies and stress scenarios is

expected to be low.

Mitigation is supported by ongoing

cost-effective innovation in

packaging design and procurement,

along with global policy monitoring.

Sustainable packaging working

group and innovation pilots.

This approach ensures relevance to Glanbia’s footprint and

supports robust financial impact modelling.

The analysis applied three time horizons:

• Short-term (0-3 years): Aligned with Glanbia’s strategic

planning cycle and capital allocation plans.

• Medium-term (3-10 years): Used for assessing transition risks

and setting 2030 GHG reduction targets (as disclosed under ESRS

E1-4), and aligned to the expected lifetime of operational assets.

• Long-term (beyond 10 years): Applied to physical risk

modelling, particularly for chronic and acute climate impacts,

and with consideration for our manufacturing site footprint.

The time horizons applied in this resilience analysis differ from

those defined in ESRS 2 and used in our DMA. These horizons have

been selected to reflect the specific characteristics of the risks

assessed in the table below: transition risks aligned with our SBTi

targets over the medium term, and physical risks assessed over

alonger-term horizon. This approach ensures that the modelling

isrelevant and robust for each risk type.

 Glanbia plc | Annual Report and Financial Statements 2025

Environment continued

TCFD category Driver description Financial impact and mitigants summary Management approach

Physical risk:

temperature

effects on our

dairy supply

chain.

Time horizon:

long

Chronic risks to dairy productivity

and crop yields (affecting animal

feed supply). Acute risks to

milk yields.

These factors were modelled

to evaluate potential effects on

supplier margins and input costs

(e.g. milk) with implications for

product pricing.

Long-term physical climate risks

mayaffect dairy viability post-2033,

potentially impacting milk supply

and input costs.

Short to medium-term financial

exposure is low, mitigated through

milk supply agreements, joint

venture structures, and stable

market conditions.

Glanbia monitors dairy production

trends using internal supply chain

data and United States Department

of Agriculture (“USDA”) datasets.

The Group acknowledges long-term

tipping point risks andintegrates

scenario-based resilience planning

into its climate risk assessments.

Physical risk:

water scarcity.

Time horizon:

medium

Acute impact of increasing water

scarcity due to droughts and

heatwaves causing water stress,

driving up water prices and

impacting operational costs

in certain US regions.

Projected increases in water utility

costs under both the current policies

and stress scenarios are considered

low for Glanbia’s operations at

identified water-risk sites.

Identified sites are already part

of Glanbia’s priority water risk

locations.

Water management initiatives are

in place at the high-priority Clovis,

New Mexico site, located in a

high water-stress area.

Opportunity:

energy source.

Time horizon:

medium-long

Use of ADs to generate

carbon credits through

emissions reduction.

Potential revenue, or cost savings

from emission reductions; value

depends on evolving carbon credit

markets.

AD optimisation and exploration

of on-farm adoption.

Opportunity:

products and

services.

Time horizon:

short-medium

Consumer shift toward lower-

emission protein sources and

vegetarian/vegan diets.

Current policies scenario: identifies

revenue opportunity through

plant-based protein offerings

via established sports nutrition,

wellness brands and ingredients.

Stress scenario: no opportunity

identified due to consumer shift

toward unprocessed whole foods,

which are currently not reflected

in Glanbia’s product portfolio.

Monitor customer sentiment

andmarket trends to remain

responsive to evolving consumer

preferences.

Leverage existing brand portfolio

(e.g. Optimum Nutrition, Isopure,

Amazing Grass) and H&N to capture

plant-based market growth.

Description of ability to adjust or adapt strategy

and business model to climate change

Informed by our resilience analysis, the Group reviewed its business

model and strategy against climate-related risks and opportunities

across the short, medium, and long-term. While no fundamental

changes were required, targeted adaptations have been introduced

to strengthen resilience. These include integrating climate risk into

business continuity planning for high-risk sites (e.g. those exposed

to water scarcity) and reinforcing our strategic focus on emissions

reduction across Scope 1, 2 and 3.

Our climate strategy now embeds mitigation actions, such

as energy efficiency upgrades, renewable energy sourcing,

and supplier engagement, as core operational priorities. These

measures support our Science Based Targets and enhance our

ability to manage transition risks and meet evolving regulatory

and market expectations.

We believe our current strategy and business model are

well positioned to address climate-related risks and capture

opportunities overall time horizons. By assessing these risks

and opportunities, we identify potential impact areas and define

actions to respond effectively. Our strong brand portfolio, close

partnerships with strategic customers, and ability to innovate

quickly reinforce our capacity to adapt to changing external

conditions and industry requirements.

This adaptability enables us to maintain access to finance at

competitive rates, redeploy or upgrade assets as needed, adjust

product and service offerings, and invest in workforce reskilling,

ensuring resilience in a changing climate landscape. While the

timing and magnitude of climate-related risks remain uncertain,

we recognise that long-term shifts in climate patterns and more

frequent extreme weather events could significantly impact our

supply chain, particularly in the dairy sector. To address this, we

actively monitor industry developments and scientific projections

to keep our mitigation strategies responsive and effective.

Currently, there are no known potential locked-in emissions

that may jeopardise Glanbia’s GHG reduction targets to 2030.

Glanbia continues to assess its asset base to identify potential

risks to future targets, to ensure full compatibility with a transition

to a climate-neutral economy.

The climate scenarios used are consistent with the assumptions

in the Group Financial Statements, reflecting stable business

conditions and excluding speculative changes. This ensures

alignment between scenario modelling and the underlying

financial forecasts and planning assumptions.

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

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

Emissions (CO2e)

2030

50,000

100,000

150,000

200,000

250,000

300,000

350,000

Scope 1 Scope 2 Biogenic

Rebaseline 1.5DS

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

Emissions (CO2e)

2030

50,000

100,000

150,000

200,000

250,000

300,000

350,000

Scope 1 Scope 2 Biogenic

Rebaseline 1.5DS

E1-1, E1-3 and E1-4

Transition plan for climate change mitigation, actions and targets

Glanbia does not currently have a formal transition plan in place.

We are focused on achieving our near-term decarbonisation

targets for 2030 and continue to monitor technological

developments and regulatory requirements. Currently, weexpect

to consider adopting a formal transition plan as part of our

strategic review as we near the completion of our 2030 targets.

This review is anticipated to begin in the next two years.

We developed a medium-term decarbonisation plan aligned

with the Paris Agreement, which aims to significantly reduce

GHG emissions across our operations and value chain by 2030.

Our decarbonisation plan is structured to address the material

climate-related IROs identified through our DMA and scenario

analysis. Positive impacts such as energy efficiency and

renewable electricity procurement are being delivered through

targeted investments in our own operations. Opportunities to

decarbonise the value chain and support sustainable agricultural

practices arebeing pursued through supplier engagement,

innovation andcollaborative funding. Our decarbonisation plan

also addresses key risks, including GHG emissions from dairy

processing and farming, and the potential for changing consumer

behaviour to affect demand. The response to these risks is

grounded in our Scope 1, 2 and 3 reduction targets, which are

in turn addressed by our strategic and financial planning, thus

contributing to long-term resilience and value creation.

Glanbia is targeting a 50% absolute reduction in Scope 1, Scope 2,

and biogenic emissions in its operations by 2030. These targets

are aligned with limiting global warming to 1.5°C in line with the

Paris Agreement. In addition, Glanbia has adopted targets in

accordance with the FLAG guidance from the SBTi, including a

30% absolute reduction in Scope 3 FLAG emissions associated

with dairy sourcing and a 25% absolute reduction in Scope 3

non-FLAG emissions, both by 2030. These targets are based on

the assumption that all stakeholders, including governments, are

taking action and supporting the economic transition, to support

the viability of the achievement of these commitments. The

Scope3 FLAG target, representing 75% of our Scope 3 emissions,

is compatible with a1.5°C pathway, while the Scope 3 non-FLAG

target is aligned witha trajectory well-below 2°C. Glanbia is not

excluded from theEU Paris-aligned benchmarks.

Glanbia Decarbonisation Plan 2030 for Scope 1, 2 and biogenic emissions

Glanbia does not anticipate material changes to its product or

service portfolio as a direct result of its climate-related targets and

actions. Our current offerings remain aligned with our strategic

objectives and sustainability commitments. While we recognise

that upstream Scope 3 emissions, particularly those linked to

agricultural sourcing, will require targeted interventions, currently

we do not foresee any need to alter our product mix. We continue

to monitor developments across our value chain and will adapt our

approach as necessary to ensure alignment with our medium-term

decarbonisation ambition and evolving stakeholder expectations.

We expect that meeting our Scope 1 emissions reduction target will

require material capital investment to 2030. Current assessments

indicate that potential Scope 1 initiatives could require

approximately $39 million over the next five years. These initiatives

include installing industrial heat pumps at our dairy processing

sites; developing biogas, steam condensate, and dryer heat

recovery capabilities; and upgrading boiler sequencing systems

and economisers.

For Scope 2 emissions, we estimate that achieving our target may

involve expenditure of approximately $5 million to 2030, primarily

for the potential purchase of Energy Attribute Certificates (“EACs”).

We will also continue conducting feasibility assessments for on-site

renewable energy generation as a potential lever, building on the

engineering, performance, and economic learnings from H&N’s

site at Orsingen, Germany.

These figures are indicative and reflect current assumptions about

business development, projected emissions and the availability

and cost of decarbonisation measures. They do not represent

approved projects or committed expenditure and remain subject

to further evaluation and Board approval. Investment needs for

potential Scope 3 initiatives have not yet been determined. The

scale, cost and viability of future actions will depend on industry

collaboration, available funding mechanisms and incentives,

and ongoing engagement across our value chain.

Glanbia is not currently developing a capital spending plan to meet

the EU Taxonomy criteria, as its primary business activity – food

manufacturing – is not within the scope of the six environmental

objectives defined under the Commission Delegated Regulation

(EU) 2021/2178. Accordingly, no taxonomy-aligned Capex or

Capex plans are disclosed in the statement.

 Glanbia plc | Annual Report and Financial Statements 2025

Glanbia has not identified any locked-in emissions that are expected

to compromise the achievement of our 2030 GHG reduction targets.

Our most emission-intensive assets, gas-fired boilers used for

heating and milk drying at our dairy processing sites, are being

addressed through feasibility studies into alternative technologies.

In the upstream value chain, emissions associated with milk

procurement represent the most material component of our Scope3

footprint and are central to our FLAG-related reduction targets.

Managing these emissions will require sustained engagement

with suppliers and the development of collaborative solutions.

Glanbia’s climate targets and actions are integrated into

strategic and financial planning. Our Scope 1 and 2 reduction

target, alongwith our Scope 3 target ambition, are considered in

capital allocation, operational decisions, and innovation activities.

Our Scope 1 and 2 reduction target is embedded in Executive

remuneration (see ‘Remuneration Committee Report’ on pages

116-117 for more details). These actions support our ‘Better Nutrition,

Better World’ strategy and are reflected in risk management

activities and our scenario analysis.

All emissions reduction targets that fall under our decarbonisation

plan were approved by the Board after thorough evaluation by the

Sustainability Committee.

GHG emissions reduction targets for decarbonisation plan

(validated by SBTi)

For target reporting purposes, acquisitions and divestments are

incorporated into the base year and into current and prior years

on a “full year basis”, in line with GHG Protocol guidance and SBTi

validation, ensuring comparability across years. This is different

tothe ESRS approach applied to acquisitions and divestments,

reported in E1-5 and E1-6, where the current year data is pro-rata

and the prior year is not restated.

Stakeholders have been actively involved in the target-setting

process through structured engagement with internal subject

matter experts and our external partners, ensuring alignment with

both business priorities and stakeholder expectations. In setting our

targets, we assumed a stable, business-as-usual growth trajectory,

incorporating the expected adoption of emerging technologies

as part of normal operations. Based on our current operations,

no significant future developments were identified that would

materially alter our GHG emissions profile or the achievability of

our emissions reduction targets. There were no changes to targets,

corresponding metrics, measurement methodologies, significant

assumptions, limitations, data sources, or data collection processes

within the defined time horizon and therefore, there is no impact

on comparability.

Scope 1 & 2 GHG emissions

Target

50%

reduction of Scope 1, Scope 2 (market-based) and

biogenic GHG emissions by 2030, base year 2018

Glanbia set an absolute target to reduce Scope 1, Scope 2

(market-based) and biogenic GHG emissions by 50% by 2030,

measured in tonnes of CO

equivalent (tCO

e). This target applies

across all operations, including the two joint venture facilities,

under Glanbia’s operational control, and covers 100% of reported

(E1-6) Scope 1, 2 and biogenic GHG emissions. It aligns with the

Group’s Environmental Policy objectives and was approved by the

Board. Progress is reviewed quarterly through thesustainability

executive review process and at scheduled meetings of the

Sustainability Committee.

The target, validated by the SBTi, is aligned with the accelerated

1.5°C climate scenario (“1.5DS”) in accordance with the Paris

Agreement and was set using the Absolute Contraction Approach.

The base year is 2018, selected to reflect typical business activity

and external conditions at that time. Base year emissions are

recalculated to account for acquisition and divestment impact,

in line with the guidance of the GHG Protocol.

To achieve this target, Glanbia intends to deploy the

decarbonisation levers and actions outlined below, including our

ambition that by 2030 100% of our manufacturing sites electricity

consumption will be matched with EACs or other recognised

contractual instruments. The actions described all fall under

business as usual, and resources required are budgeted as

part of the financial planning process.

Environment continued

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

Target performance

Current

year 2025

Prior year

2024

Change vs

Base year

2018

Change vs

base year

Scope 1 & 2 (market-based) and biogenic GHG emissions. 212,779 233,365 -8.8% 266,589 -20.2%

Performance against target: In 2025 we delivered an 8.8%

year-on-year reduction, bringing total progress to 20.2%. While

this is behind the linear decarbonisation trajectory shown on page

157 due to a major expansion we had in 2021 (commissioning of a

dairy processing facility in Michigan by our joint venture), we have

identified initiatives that will return Glanbia to the required

pathway over the coming years.

Decarbonisation lever: purchased renewable energy – renewable

energy certificates (“RECs”).

Scope: to reduce our Scope 2 emissions, we focus REC purchases

on locations where the electricity grid has the highest carbon

intensity and where our operations are most energy intensive.

Thistargeted approach maximises the emissions reduction

achieved for each dollar invested.

Completed actions during the year: We matched 214,417 EACs (a

32.3% increase from 2024) to our FY 2025 electricity consumption,

which contributed to an additional 21,087 tCO

e reduction in

GHG emissions, or 9.0% of total Scope 1 & 2 emissions, vs 2024.

Future actions: we will maintain the purchase rate to meet our

target in 2030 to offset the total amount of emissions from Scope 2.

As we actively transition to cleaner suppliers where possible, we

expect the level of reduction in future years to gradually decrease

as grids shift to more renewable sources. The reduction expected,

and contribution to our target is 44,731 tCO

e, 17%.

Decarbonisation lever: energy efficiency in own operations.

Scope: we have energy management systems deployed in our

three key dairy processing sites in the US, giving us real time

insights into energy consumption patterns within our operations.

Infacilities without energy management systems, our engineers

focus on process enhancements and the installation of energy-

efficient equipment. We anticipate reductions in both Scope 1

and Scope 2 emissions from this lever.

Completed actions during the year: a large number of small

projects focused on energy efficiency were undertaken during

the year. At this point we do not have reliable data to quantify the

impact of projects on reducing actual emissions during the year.

We will improve our reporting for future years.

Future actions: we continue to assess opportunities to optimise

processes and adopt advanced technologies. This includes

initiatives aimed at increasing electrification within our operations

and enhancing overall energy efficiency. These actions will be

ongoing for the short to medium-term. We expect the reductions

from this lever to be zero tCO

e, as they will be largely offset by

anticipated organic growth of emissions due to business strategy.

Decarbonisation lever: thermal energy efficiency and low-carbon

heat solutions.

Scope: this lever focuses on reducing Scope 1 emissions by

improving thermal energy efficiency and increasing low-carbon

heat use. It covers industrial heat pump installation, biogas

development, upgrades to steam condensate and dryer heat

recovery systems, and optimisation of boiler systems, including

sequencing and economisers.

Completed actions during the year: in conjunction with our

energy consultants we conducted a feasibility assessment to

install an industrial heat pump at one of our sites. The project

is currently in the planning phase and will undergo investment

review in early 2026.

Future actions: in the medium-term we plan to identify further

opportunities in this lever across other high energy-use sites.

The reduction expected, and contribution to our target is

36,013tCO

e, 14%.

Scope 3 GHG emissions

Target

30%

reduction in Scope 3 FLAG emissions

(from dairy sourcing) by 2030, base year 2023

Glanbia has set an absolute Scope 3 GHG emissions reduction

target, approved by the Board, to reduce FLAG emissions from

dairy sourcing by 30%, in alignment with the Group’s

Environmental Policy objectives. In 2025, Scope 3 FLAG emissions

from dairy sourcing represent 78% of Glanbia’s overall Scope 3

emissions within the ESRS reporting boundary.

The target is measured in tCO

e and has been validated by the

SBTi. It follows the FLAG sector pathway (absolute contraction

method), covers all dairy and derivative products, and is aligned

with the 1.5DS.

The base year is 2023, selected to reflect typical operational

conditions and the influence of external factors at that time.

Baseyear emissions are recalculated to account for acquisition

anddivestment impact, in line with guidance of the GHG Protocol.

Thetarget will be pursued through the relevant decarbonisation

levers and actions disclosed later in this section.

The target was approved at the end of 2024 and validated by

SBTi inJune 2025. While time is short, the initiatives underway

caninfluence our reduction target positively. Progress is reviewed

quarterly through the sustainability executive review process and

at scheduled meetings of the Sustainability Committee.

Performance against target: in 2025, Scope 3 FLAG emissions

decreased by 12.0% from our base year. This reduction reflects

improvements in US farming practices and technologies, ongoing

advancements in dairy-cow genetics and breeding, and updated

regional emission factors introduced through recent academic studies,

which informed the secondary data used in our methodology.

Target performance

Current year

2025

Base year

2023

Change vs

base year

Scope 3 FLAG emissions 7,441,778 8,455,553 -12.0%

1. Target performance is measured on a full year basis for mid-year acquisitions, as per GHG protocol guidance.

 Glanbia plc | Annual Report and Financial Statements 2025

Target

25%

reduction of Scope 3 GHG emissions classified

as non-FLAG by 2030, base year 2023

Glanbia has an absolute target, approved by the Board, to reduce

Scope 3 GHG emissions classified as non-FLAG by 25% by 2030,

in alignment with the Group’s Environmental Policy objectives.

The target is measured in tCO

e. It covers all relevant Scope 3

non-FLAG emissions within Glanbia’s ESRS reporting boundary,

with the most material categories linked to non-agricultural

sourcing as well as upstream and downstream transportation

and distribution. This target has been validated by the SBTi and

is aligned with the 1.75°C climate scenario (“WB2D”).

The base year is 2023, selected to reflect typical operational

conditions and external influences at that time. Base year emissions

are recalculated to account for acquisition and divestment impact,

in line with guidance of the GHG Protocol. The target will be pursued

through the decarbonisation levers and actions disclosed later in

this section.

The target was approved at the end of 2024 and validated by

SBTi in June 2025. While time is short, the initiatives underway

can influence our reduction target positively. Progress is reviewed

quarterly through the sustainability executive review process

and at scheduled meetings of the Sustainability Committee.

Performance against target: in 2025, Scope 3 non-FLAG emissions

reduced by 22.5% compared with the base year. This reduction is

primarily attributable to improved data collection, supplier-led

initiatives, and updates to secondary activity and product-specific

emission factors.

Target performance

Current year

2025

Base year

2023

Change vs

base year

Scope 3 non-FLAG emissions 2,052,665 2,647,824 -22.5%

Decarbonisation lever: on farm partnership.

Scope: to address our most material Scope 3 FLAG emissions,

wework with on-farm experts and third-party consultants,

including Newtrient, to assess farm footprints and provide tailored

recommendations for emission reductions. Based on current

assessments, the majority of potential reductions are expected

to come from improved manure management practices, followed

by interventions to reduce enteric methane emissions. In addition,

we assess the cost-effectiveness of GHG interventions, including

exploring acarbon insetting strategy to keep reductions within

the dairy supply chain. Similar efforts are supported in our joint

venture. These actions primarily relate toour Dairy Nutrition and

our joint venture.

Completed actions during the year: this year, we carried out

detailed on-farm emissions assessments for 13 farms in Idaho,

US (representing 23% of Idaho milk volume) employing a stratified

sampling approach, using the FARM ES

version 3.0 carbon

footprinting module. The assessments were supplemented

with detailed emission reduction roadmaps for 10 of those farms

(18% of Idaho milk volume). These steps are foundational in

identifying the most impactful and economically sound on-farm

reduction strategies.

Future actions: in 2026, we plan to complete farm footprint

assessments for all our direct supply farms in Idaho. Further,

we secured a co-funded manure management pilot project with

a key strategic customer. The project will see financial support for

farmers to test manure management solutions. We are preparing

a second manure management pilot with other customers. Both

initiatives will provide proof of concept on technology deployment,

measurement and verification which will inform the scale and

pace of future deployment.

In parallel, over the medium-term, we are evaluating feed additives

to reduce enteric methane emissions and will begin to explore the

potential of selective breeding programmes as an approach to

improving herdefficiency and reducing emissions intensity. Our

ambition is to replicate successful solutions across our dairy supply

chain, enabling substantially larger reductions in emissions to

meet our target.

These actions are essential to determining the technical and

economic potential of on-farm interventions and to understand

how much this area can contribute toward achieving our SBTi

approved target for Scope 3 FLAG emissions reduction.

Decarbonisation lever: supply chain decarbonisation.

Scope: to reduce our upstream Scope 3 Category 1a/1b supply

chain emissions, we are working with our suppliers to assess their

emissions reduction ambition and, where available, capture

primary data for use in our product life cycle analysis and supplier

assessment criteria. We are also working with a range of industry

groups, including theInnovation Center for US Dairy, the

International Dairy Foods Association, and the Sustainable Dairy

Partnership (“SDP”) to support the ongoing evaluation of dairy

decarbonisation policy andtechnology.

Completed actions during the year: in 2025, we advanced our

supply chain decarbonisation efforts by adopting the US Dairy

Stewardship Commitment, which requires the implementation

of environmental stewardship practices and progress reporting.

We also completed Stage 3 of the SDP verification. This confirms

that we provide verified sustainability data and demonstrate

environmental stewardship across our dairy supply chain, giving

customers confidence in our approach and supporting their

ESGrequirements. In addition, we shared progress and emissions

data with customers through the Carbon Disclosure Project (“CDP”)

enhancing transparency and enabling customers to integrate this

information into their own climate reporting.

Finally, we initiated Life Cycle Assessments (“LCAs”) for our premix,

flavours, and performance nutrition portfolios. This will generate

more granular emissions insights and inform future reduction

planning. While these activities have not yet resulted in measurable

reductions in GHG emissions, they represent foundational steps

inourdecarbonisation strategy and will inform targeted actions

insubsequent reporting periods.

Environment continued

1. Target performance is measured on a full year basis for mid-year acquisitions, as per guidance of the GHG protocol.

2. The FARM ES (Farmers Assuring Responsible Management – Environmental Stewardship) programme is the US dairy industry’s standard system for measuring,

managing, andreporting farm environmental impacts, focusing on GHG emissions, energy use, and nutrient management using tools like the RuFaS model

for detailed analysis.

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

Future actions: in 2026, we plan to assess the carbon footprint of

approximately 8,700 raw materials across 52 categories sourced

by Glanbia. This will enable product-level GHG emissions

calculations and help identify carbon ‘hot spots’ within our

non-dairy value chain.

In the medium-term, following the footprint assessment, we will

collect primary data from suppliers for the most critical ingredients

and identified hot spots. This will support the development of a

targeted decarbonisation roadmap and facilitate collaboration

with suppliers to reduce emissions and implement low-carbon

product formulation initiatives.

These actions are essential to determining the potential contribution

of supply chain interventions toward achieving our SBTi approved

target for Scope 3 emissions reduction.

Decarbonisation lever: transportation vehicles.

Scope: to reduce our upstream and downstream category 4 and 9

Scope 3 emissions, for third-party logistics, paid for by Glanbia,

we evaluate transport efficiencies, alternative fuels, and zero

emission modes of transport where practicable.

Completed actions during the year: in 2025, we launched a global

working forum focused on transport emissions. This forum enabled

the collection of primary emission shipment data for approximately

80% of Glanbia’s transport spend, which is helping us to identify

synergies, reduction opportunities, and route efficiencies.

Future actions: in 2026, our global transport working forum will

evaluate opportunities for synergy across the supply chains of

our three segments to reduce transportation requirements.

We will continue to develop data-driven insights to identify further

opportunities, assess the impacts of regional governmental

policies and prioritise practicable transitions to alternative

fuel routes and other low-emission transport options.

These activities are designed to establish a robust understanding

of technical and economic feasibility before quantifying how

transportation-related interventions can contribute toward

achieving our SBTi-approved target for Scope 3 emissions reduction.

Progress on actions in prior periods – decarbonisation plan levers

As this is the Group’s first year reporting under the ESRSs,

quantitative and qualitative information regarding progress on

actions disclosed in prior periods does not apply. The Group intends

to include such progress updates in subsequent Sustainability

reports to ensure continuity and transparency.

E1-2

Policies related to climate change

mitigation and adaptation

Glanbia Environmental Policy

Glanbia’s Environmental Policy, approved by the Board in 2025,

outlines the Group’s strategic approach to climate-related matters,

aligned with our ‘Better Nutrition, Better World’ strategy. This is

the key policy underpinning the Group’s management of the

material impacts, risks and opportunities for Glanbia across

ESRS E1, E3 and E5. The policy applies across allGlanbia operations,

including the two joint ventures facilities under operational control,

and covers material elements of the value chain where climate-

related IROs were identified.

The policy addresses climate change mitigation, climate change

adaptation, energy efficiency, and renewable energy deployment.

Glanbia’s commitments include:

• setting and actively pursuing emissions targets aligned with

the Paris Agreement.

• focussing on operational improvements such as energy-

efficient operations, low-carbon technology deployment,

supply chain decarbonisation and carbon market participation.

• building resilience to physical and transitional climate risks

through climate-smart agriculture, continuity planning and

product innovation.

• adopting renewable energy solutions to decarbonise the value

chain and engage with value chain partners in their emissions

reduction journey.

Glanbia has defined metrics and targets discussed in this section

on pages 157-168, in ESRS E3 on pages 170-173 and ESRS E5 on

pages 176-179. Governance is overseen by the Sustainability

Committee, with implementation driven by the Group Operating

Executive. The policy is reviewed annually following the DMA,

taking into consideration the views and expectations of key

stakeholders identified as part of the DMA process outlined in the

previous section. The Environmental Policy is available on the

Glanbia intranet, and publicly available on the Group’s website

 Glanbia plc | Annual Report and Financial Statements 2025

2025 2024

Energy consumption and mix (MWh)

Wholly-

owned

operations Total

Wholly-

owned

operations Total

(1) Fuel consumption from coal and coal products 0 0 0 0 0 0

(2) Fuel consumption from crude oil and petroleum

products

38,678 459 39,137 37,932 306 38,238

(3) Fuel consumption from natural gas 344,868 413,753 758,621 329,520 395,345 724,865

(4) Fuel consumption from other fossil sources 0 0 0 0 0 0

(5) Consumption of purchased or acquired electricity,

heat, steam, and cooling from fossil sources

80,515 0 80,515 81,764 29,483 111,247

(6) Total fossil energy consumption

(sum of 1 to 5)

464,061 414,212 878,273 449,216 425,134 874,350

Share of fossil sources in total energy consumption (%) 74.3% 65.6% 69.9% 73.8% 70.1% 72.0%

(7) Consumption from nuclear sources 0 0 0 0 0 0

Share of consumption from nuclear sources in total

energy consumption (%)

0% 0% 0% 0% 0% 0%

(8) Fuel consumption from renewable sources,

including biomass (also comprising industrial

andmunicipal waste of biologic origin, biogas,

renewable hydrogen, etc.)

45,947 40,342 86,288 48,411 37,806 86,217

(9) Consumption of purchased or acquired electricity,

heat, steam, and cooling from renewable sources

114,255 177,218 291,473 110,351 143,585 253,936

(10) Consumption of self-generated non-fuel

renewable energy

613 0 613 512 0 512

Total renewable energy consumption

(sum of 8 to 10)

160,815 217,560 378,375 159,274 181,391 340,665

Share of renewable sources in total energy

consumption (%)

25.7% 34.4% 30.1% 26.2% 29.9% 28.0%

Total energy consumption 624,876 631,772 1,256,648 608,490 606,525 1,215,015

2025 2024

Energy intensity from activities in high climate impact sectors

Wholly-

owned

operations Total

Wholly-

owned

operations Total

Energy intensity per production

(MWh/per tonne produced)

1.40 0.58 0.82 1.42 0.56 0.81

Energy intensity per net revenue

(MWh/per net revenue million USD)

158 321 213 162 319 214

1. Glanbia operates a 4-4-5 financial reporting period which requires that every six years or so, a 53rd week is added. When this impacts a reporting year, the result is

adjusted down by 1/53rd to provide a like-for-like comparison with previous 52 week years. 2024 was a 53 week year and was adjusted in the E1-metric tables accordingly.

Note: Gross Calorific Value (“GCV”) has been used for the calculation of energy in the tables above.

‘High climate impact sectors’ refer to those listed under NACE Sections A to H and Section L, as defined in the Commission Delegated

Regulation (EU) 2022/1288. All revenue generating activities of Glanbia are directly related to food manufacturing, which is considered

ahigh climate impact sector.

In 2025, the amount of internally generated non-renewable energy was 0 MWh, and internally generated renewable energy was 52,056 MWh.

E1-5

Energy consumption and mix

The following table presents energy consumption and mix from own operations and the two joint venture facilities (where Glanbia has

operational control). The acquisition of Sweetmix during the year, and the H2 divestment of our Body & Fit and SlimFast businesses have

been reflected in E1-5 in line with the ESRS pro-rata basis for the current year.

Environment continued

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

Total GHG emissions (tCO

2025 2024

% vs 2024 Base year 2018

Gross Scope 1 GHG emissions 150,088 143,479 4.6% 109,676

Scope 1 GHG emissions from regulated emissions

trading schemes (%)

0 0 0% 0

2025 2024

% vs 2024 Base year 2018

Gross location-based Scope 2 GHG emissions 132,355 141,178 -6.2% 115,377

Gross market-based Scope 2 GHG emissions 47,296 69,497 -31.9% 129,669

2025 2024

% vs 2024 Base year 2023

Total gross indirect (Scope 3) GHG emissions 9,600,403 10,588,253 -9.3% 11,247,048

1. Purchased goods and services 9,024,819

2. Capital goods 20,376

3. Fuel and energy-related activities (not included in Scope 1 or Scope 2) 57,936

4. Upstream transportation and distribution 160,760

5. Waste generated in operations 4,646

6. Business travelling 12,528

7. Employee commuting 4,696

9. Downstream transportation 224,317

10. Processing of sold products 1,345

11. Use of sold products 22,771

12. End-of-life treatment of sold products 66,209

1. Glanbia operates a 4-4-5 financial reporting period which requires that every six years or so, a 53rd week is added. When this impacts a reporting year, the result

is adjusted down by 1/53rd to provide a like-for-like comparison with previous 52 week years. 2024 was a 53 week year and was adjusted in the ESRS E1-metric

tables accordingly.

Total energy consumption in 2025 was 1.26 million MWh, slightly

higher than 2024 (1.22 million MWh), with increases across both

wholly-owned operations and the joint venture. Fossil energy use

rose to 878,273 MWh, largely driven by higher natural-gas

consumption. Renewables increased to 378,375 MWh, supported

by procurement of more renewable electricity and small increases

in self-generated renewable energy. The renewable share of the

energy mix rose to 30.1%, while fossil sources accounted for 69.9%,

broadly consistent with prior-year proportions.

Energy intensity remained broadly stable year-on-year. Energy

consumption per tonne of production was 0.82 MWh/tonne (2024:

0.81 MWh/tonne), while energy consumption per million US dollars

of net revenue was 213 MWh, a slight improvement from 214 in 2024.

These results indicate that the Group maintained operational

efficiency despite shifts in the energy mix and higher overall

consumption, with the joint venture continuing to report a higher

share of renewable energy than wholly owned sites.

E1-6

Gross Scopes 1, 2, 3 and total GHG emissions

Metrics

On the following pages we present the mandatory metrics as

defined by the ESRS. We include the energy intensity ratio relative

to production because this metric better reflects business

performance. Revenue can be affected by the year-on-year

volatility of dairy markets.

The acquisition of Sweetmix in August 2025 and the H2 divestment

of our Body & Fit and SlimFast businesses are reflected in E1-6 in

line with the ESRS pro-rata basis for the current year. The base

year was adjusted for the full year impact of the transactions as

per guidance of the GHG Protocol.

Glanbia’s total GHG emissions reduced in 2025, with total

location-based emissions decreasing to 9.88 million tCO

e and

total market-based emissions to 9.80 million tCO

e, reductions of

9.1% and 9.3% compared with 2024. Scope 1 emissions increased

slightly to 150,088 tCO

e, while market-based Scope 2 emissions

declined significantly by 31.9% to 47,296 tCO

e, reflecting continued

decarbonisation of purchased electricity. Location-based Scope 2

emissions also reduced by 6.2% year-on-year.

Total Scope 3 emissions decreased by 9.3% to 9.60 million tCO

remaining the largest component of the Group’s footprint. FLAG

(dairy sourcing) emissions fell by 10.3% year-on-year, while non-FLAG

emissions increased versus 2024 but remained substantially lower

than the base year. Purchased goods and services continued to

be the principal contributor to overall Scope 3 emissions.

Emissions intensity improved across all reported metrics, with

market-based emissions per tonne of production falling by 11.1%

and per million USD net revenue by 11.3% compared with 2024.

Biogenic emissions were stable at 15,331 tCO

e, broadly

unchanged year-on-year. These developments reflect continued

efficiency improvements across operations and the value chain.

 Glanbia plc | Annual Report and Financial Statements 2025

Biogenic Emissions (tCO

e) 2025 2024

% vs 2024 Base year 2018

Scope 1 biogenic Emissions 15,331 15,318 0.1% 10,174

Scope 1 & 2 GHG emissions – the consolidated accounting group (tCO

e) 2025 2024

% vs 2024 Base year 2018

Gross Scope 1 GHG emissions 74,887 71,541 4.7% 71,198

Gross location-based Scope 2 GHG emissions 58,828 57,181 2.9% 58,410

Gross market-based Scope 2 GHG emissions 47,296 50,693 -6.7% 67,381

Scope 1 & 2 GHG emissions – joint venture (tCO

e) 2025 2024

% vs 2024 Base year 2018

Gross Scope 1 GHG emissions 75,200 71,937 4.5% 38,477

Gross location-based Scope 2 GHG emissions 73,527 83,997 -12.5% 56,967

Gross market-based Scope 2 GHG emissions 0 18,804 -100.0% 62,288

Significant Scope 3 GHG emissions (tCO

e) 2025 2024

% vs 2024 Base year 2023

Gross indirect (Scope 3) GHG emissions FLAG (dairy sourcing) 7,441,778 8,293,062 -10.3% 8,455,553

Gross indirect (Scope 3) GHG emissions non-FLAG 2,052,665 1,839,410 11.6% 2,647,824

Gross indirect (Scope 3) other excluded from targets 105,960 455,781 -76.8% 143,671

Total gross indirect (Scope 3) GHG emissions 9,600,403 10,588,253 -9.3% 11,247,048

Total GHG emissions (location-based) 9,882,846 10,872,910 -9.1%

Total GHG emissions (market-based) 9,797,787 10,801,228 -9.3%

Total GHG emissions (location-based) per net revenue (tCO

e/million USD) 1,671.7 1,881.4 -11.1%

Total GHG emissions (market-based) per net revenue (tCO

e/million USD) 1,657.3 1,869.0 -11.3%

Total GHG emissions (location-based) per production (tCO

e/tonnes) 6.439 7.225 -10.9%

Total GHG emissions (market-based) per production (tCO

e/tonnes) 6.383 7.177 -11.1%

1. Glanbia operates a 4-4-5 financial reporting period which requires that every six years or so, a 53rd week is added. When this impacts a reporting year, the result is

adjusted down by 1/53rd to provide a like-for-like comparison with previous 52 week years. 2024 was a 53 week year and was adjusted in the E1-metric tables accordingly.

E1-7

GHG removals and GHG mitigation

projects financed through carbon credits

During 2025, the Group did not engage in theacquisition of

carbon credits through voluntary market mechanisms, nor did it

implement or utilise GHG removal or storage initiatives within its

own operations or across its value chain. Glanbia is not exploring

enhancing natural sinks orapplying technical solutions to remove

GHGs from the atmosphere.

E1-8

Internal carbon pricing

The Group does not currently apply internal carbon pricing

mechanisms in its decision-making processes. However, we

continue to monitor developments in carbon pricing frameworks

and assess their relevance to our operations and strategic planning.

Environment continued

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

Accounting policy

Contextual information

The GHG Protocol mandates that a company’s control approach

accounts for all GHG emissions from operations under its control

and excludes those for which it does not exercise operational

control. Glanbia uses an operational control approach, which

means we account for emissions from operations we have full

authority to introduce and implement operating policies for.

We defined the methodology and governance for emission

reporting in our Standard Operating Procedures (“SOPs”) which

consider the principles, requirements and guidance provided

by the GHG Protocol Corporate Accounting and Reporting

Standard (Revised Edition) 2004, including the 2015 Scope 2

Guidance update. These procedures are adhered to by all

entities within our reporting boundary. The metric results

presented in the tables in this section are not validated by

an external body, other than our assurance provider who

performed limited assurance procedures on 2025 data only.

All data is recorded in our cloud-based reporting system.

1. Due to system constraints, our Scope 1 & 2 2025 data is reported using AR5. We have assessed the implications and noted there would be no material

difference to our reporting had we used AR6.

Scope 1 emissions

Includes direct GHG emissions occurring from stationary

fuel combustion, mobile fuel combustion (e.g. transportation),

fugitive emissions (e.g. refrigerants) and process emissions

from activities that are owned or controlled by the company

(e.g. nitrogen-rich wastewater land application).

Primary data sources such as invoices and meter readings are

used where possible to support Scope 1 emission calculations.

Where primary data is not available, site-level estimates are

applied, particularly for refrigerants and fuels used in company-

owned or controlled vehicles. These estimations typically involve

the screening method, the spend-based method, and where

applicable, tank capacity. For sites such as innovation centres,

sales offices and warehouses, emissions are estimated using

the location size (known or approximated using headcount)

and recognised academic research into building energy use

(e.g. International Energy Agency (“IEA”) regional averages).

The U.S. Environmental Protection Agency (“EPA”) standardised

formulas and emission factors are used to estimate emissions from

fire extinguishers across all operations. IPCC formulas and

emission factors are used to estimate land-related GHG emissions.

All unit of measurement conversion factors are configured in

Intelex EHS reporting system based on recognised sources,

such as National Institute of Standards and Technology

(“NIST”), International Bureau of Weights and Measures

(“BIPM”). Glanbia uses recognised libraries of GHG emission

factors such as UN IPCC (2006, 2019), US EPA (2024), eGRID

(2023) and UK DESNZ (2025). A relevant GHG emission factor

is applied to each source of emission to calculate volumes in

tCO

e depending on type andlocation. Scope 1 GHGs are

calculated using Global Warming Potentials (“GWP”s) from the

IPCC Fifth Assessment Report (AR5

), based on a 100-year time

horizon, to express non-CO

gases in CO

-equivalent terms.

There are no scope 1 GHG emissions from regulated emission

trading schemes.

Scope 2 emissions

Includes indirect GHG emissions from the consumption of

purchased electricity and purchased heat.

In 2025, 57.65% of Glanbia’s purchased electricity consumption

was matched with contractual instruments. This included 54.71%

from unbundled energy attributes and 2.94% from bundled

energy attributes. For unbundled energy, all corresponding

consumption was covered by US Renewable Energy Certificates

(RECs). For bundled energy, 2.39% was covered by US RECs,

and 0.55% by UK REGOs/Green Tariff.

Primary data sources used for these calculations include

third-party supplier invoices and manual meter readings.

Where primary data is unavailable, estimates are derived using

an analytical approach based on consumption data from the

previous period or, if seasonality is present, the same period of

the previous year, considering any known operational changes

to ensure accuracy.

To calculate location-based emissions, the emission factors

included are based on regional electricity emission factors

obtained from IEA (2025), eGRID 2023, Green-e (2024), UK

DESNZ (2025). Scope 2 GHGs are calculated using Global

Warming Potentials (“GWPs”) from the IPCC Fifth Assessment

Report (AR5

), based on a 100-year time horizon, to express

non-CO

gases in CO

-equivalent terms.

For market-based emissions, the Market-based Method

Emission Factor Hierarchy, as defined by the GHG Protocol

Scope 2 guidance, is followed. Supplier-specific emission factors

derived from contractual instruments are used when available.

If these are not available, residual mix emission factors are used.

Renewable/non-renewable energy

The following energy sources and fuels are considered to be

renewable energy: wind, solar, sustainable biomass, biogas,

and corresponding power sources procured via Energy

Attributable Certificates (“EACs”). The following energy sources

are considered to be fossil energy sources: coal, natural gas,

oiland oil-based fuels.

 Glanbia plc | Annual Report and Financial Statements 2025

Energy intensity

All Glanbia’s revenue generating activities are directly related

to food manufacturing, which is considered a high climate

impact sector.

Net revenue is Group revenue in the Group Financial Statements

plus100% of joint venture revenue, refer to ‘Note 17’ in the

AnnualReport.

Total production volume is calculated from monthly financial

reporting submissions from all our manufacturing sites.

Biogenic emissions

Biogenic emissions of CO

occurring at the dairy processing

sites that combust biogas are reported separately per the

GHG Protocol. The emission factors for calculating Scope 1 and 2

emissions include N₂O and CH₄ gases from biomass consumption,

except at H&N’s Orsingen site (Germany) and PN’s Middlesbrough

site (UK), where this data was unavailable in relation to their

Scope 2 emissions.

Environment continued

Scope 3 GHG emissions

Glanbia’s Scope 3 emissions include all other indirect emissions

throughout our value chain. The primary sources of these

emissions are purchased goods and services, as well as

upstream and downstream transportation and distribution.

Glanbia reports Scope 3 emissions in line with the GHG Protocol

Corporate Value Chain (Scope 3) Accounting and Reporting

Standard, applying the supplementary methodologies set out

in the GHG Protocol Land Sector and Removals Guidance.

We conducted a relevancy assessment of all 15 Scope 3

categories in line with the GHG Protocol Corporate Value Chain

(Scope 3) Accounting and Reporting Standard, leveraging

previous footprint analyses and SBT work to identify material

categories. Our assessment was carried out inline with ESRS E1-6

AR 46(c) and (d), and primarily considered the magnitude of

emissions based on known data, but also evaluated other criteria

such as stakeholder views and climate-related risk to determine

the most appropriate data collection method for each category,

once deemed material. Our Scope 3 emissions currently cover 11

of the 15 categories defined by the GHG Protocol.

Glanbia engages a third-party expert to assist with Scope 3

reporting and, therefore, some estimates are generated by the

third party. We are working with our suppliers to collect emissions

data, but, due to the varying supply chain maturity levels, our

Scope 3 accounting is currently based on a combination of

primary data sources and estimates made using academic

data. While primary activity data (e.g. materials volumes,

transportation and fuel profiles) formed the basis of our Scope 3

assessment, most associated GHG emission factors were

sourced from secondary academic datasets. Only 6.7% of total

Scope 3 emissions were calculated using primary emission

factors, predominantly from our Idaho farm footprinting

through the FARM ES tool.

Where primary data is unavailable, the estimation of Scope 3

emissions is enabled by research-based emission factors for

different types of financial expenditure and/or purchased

products and services. Together with our suppliers and partners

we are continuously working to collect more robust primary data.

GWPs, reflecting a combination of values from the IPCC Fifth

(AR5) and Sixth (AR6) Assessment Reports, were applied using

a 100-year time horizon to convert non-CO

gases to

-equivalent emissions.

The reporting boundaries for Scope 3 GHG emissions include

both wholly-owned and JV operations under operational

control. The segments of the value chain considered in the

Scope 3 emissions calculation include upstream sourcing

and logistics; downstream sales and logistics; business-related

travelling and commuting; activities related to fuel, energy,

and waste generation; further processing and end-of-life (“EoL”)

of sold products. Calculation methods for estimating Scope 3

GHG emissions are detailed in the table below. Exclusions and

limitations in the reporting of Scope 3 GHG emissions are due

to granular primary data being unavailable (e.g. lack of visibility

on products EoL after they are sold), reliance on secondary or

spend-based data where activity-based information is limited,

and extrapolations applied to calculate the last month impact

for certain categories. Category 15. ‘Investments’ is excluded

from assessments as it does not meet the GHG Protocol

materiality threshold.

The table on the following page outlines the methodology,

emission factor sources and significant assumptions applied

in calculating each category of our Scope 3 emissions.

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

Category

Methodology

(e.g. approach, data source, estimates) Emission factor sources Significant assumptions

1. Purchased

goods and

services

1(a) Glanbia calculates emissions for

purchased milk and non-milk material

inputs based on volumes. Glanbia utilises

both primary and secondary emission

factor sources. Global, country and/or

regional specific emission factors are used.

1(b) For all other non-production goods

and services, a spend-based method

isemployed. This involves mapping

financial expenditure across relevant

categories to secondary emission

factors sourced from Environmentally

Extended Input-Output (“EEIO”)

databases, such as CEDA.

Category 1(a) Milk

• For JVs (SWC and MWC) and non-

Patron Idaho supply: For milk,

Published LCAs (Pelton, Rylie, et al.

Spatially Resolved Greenhouse Gas

Emissions of US Milk Production in

2020 | Environmental Science &

Technology 59.19 (2025): 9552-9564.).

This paper was funded by Dairy

Management Inc. (“DMI”).

• For Idaho (Patron supply): FARM ES

system extracts (version 3.0). Farm

ES uses the Ruminant Farm System

(RuFaS) model and a life cycle

assessment (“LCA”) approach to

track biological, physical, and

chemical flows.

• US Dairy LCA

academic paper

• FARM ES – Primary

Data

• EcoInvent

• Agri-Footprint

• BEIS

• US EPA

• CEDA

Category 1(a) Milk –

academic paper

Spatially Resolved

Greenhouse Gas

Emissions of US Milk

Production in 2020 |

Environmental Science

& Technology 59.19

(2025): 9552-9564).

1(a) Milk: Academic paper, source Spatially

Resolved Greenhouse Gas Emissions of

US Milk Production in 2020 | Environmental

Science & Technology, it is assumed that

the Great Lakes region and the related

emission factor is representative of milk

supplied to the joint venture’s Michigan

facility. It is also assumed that the

Southwest region and its related emission

factor is representative of milk supplied

to the joint venture’s New Mexico facility.

It is also assumed that the Intermountain

region and its related emission factor is

representative of milk procured from Idaho

dairy cooperatives (non-patron milk).

For patron milk under Category 1a-Milk,

the FARM ES v3 tool was used to footprint

Idaho patron farms. A stratified sampling

approach was implemented with four

types of patron farms assessed: large,

medium, small, and organic/pasture-

based (the latter is not typical of farms

in the Idaho region).

1(a) Non-Milk

Where weight data is not available for

products within certain material groups

and, therefore, the $/kg ratio cannot be

calculated, conservative estimated

weights are assigned as proxies.

Should the exact origin of the goods

shipment be unknown, the vendor’s

country or region is used as a proxy

for the sourcing location.

2. Capital goods Emissions are calculated using the

spend-based method, multiplying

financial expenditure by specific

factors from the CEDA database.

• CEDA Includes Assets Under Construction

(“AUC”). and relies on the assumption that

Project Managers accurately categorise all

capital expenditures into the correct asset

category at the purchase order stage.

3. Fuel and

energy-related

activities (not

included in

Scope 1 or 2)

Emissions are calculated using an

activity-based methodology. This

process involves multiplying energy

consumption totals by relevant

emission factors sourced from the

UK Department for Energy Security

and Net Zero (“DESNZ”) and the

International Energy Agency (“IEA”).

The energy use data includes actual

consumption for Tier 1 sites and

estimations for Tier 2 and 3 sites.

• UK DESNZ

• IEA

• US Energy Information

Administration (“EIA”)

• IPCC Natural Gas

Emission Factors.

Non-manufacturing energy is estimated

via IEA benchmarks or headcount.

WTT/T&D emissions apply only to grid

utilities, while onsite power and mineral-

based fuels follow conservative, US-centric

reporting assumptions.

4. Upstream

transportation

and distribution

The emissions from transport

determined by weight, distance, mode

and standardised emission factors.

This methodology utilises primary

and secondary logistics data and

calculated estimates, aligned with

US EPA and UK DESNZ.

• UK DESNZ

• US EPA

• Primary data from

suppliers

Where Glanbia does not have primary

data for upstream transport (paid or not

paid by Glanbia) an estimate is based

on the weight of products and distance

is calculated.

 Glanbia plc | Annual Report and Financial Statements 2025

Environment continued

Category

Methodology

(e.g. approach, data source, estimates) Emission factor sources Significant assumptions

5. Waste

generated

inoperations

Waste-related emissions are

determined by multiplying actual

volume and estimated activity data

(categorised by waste type and

treatment method) by the appropriate

UK DESNZ emission factors.

• UK DESNZ Waste reporting is site-specific for

Tier 1 and aggregated for Tier 2 and 3.

Following the GHG Protocol, transport

for non-transactional reused waste is

categorised as Category 5 emissions

rather than downstream processing.

6. Business

travelling

This category utilises spend-based

activity data, applying CEDA database

emission factors to all recorded

business travel expenditures.

• CEDA Where possible, country-specific values,

based on spend per travel mode per

country, is used.

7. Employee

commuting

Emissions are calculated using the

average data method. Employee

commuting patterns to work locations

are estimated and then multiplied by

the relevant UK DESNZ emission factors.

• UK DESNZ Commuting distances were estimated

using country-specific data where possible.

9. Upstream

Transportation

andDistribution

Emissions are calculated using an

activity-based approach, utilising

product volumes as the primary data

input. These volumes are multiplied by

specific emission factors sourced from

multiple databases such as UK DESNZ,

and IEA.

• UK DESNZ

• IEA

Downstream shipping emissions are

included only when final product uses

can be reasonably estimated. Where

specific end-use data is missing, related

transportation and distribution impacts

are excluded.

10. Processing

of sold

products

Emissions are calculated using an

activity-based approach, utilising

Glanbia’s product output volumes as

the primary activity data, which are

then mapped to secondary emission

factors for each relevant product

or process.

• UK DESNZ

• EcoInvent

• IEA

• Carbon Trust

Database

• US EPA

Glanbia estimates emissions by assuming

B2C products require no further processing,

while all B2B products do. Furthermore, all

items are modelled using standardised

volume, density, and shelf-life metrics to

simplify retail and storage calculations.

11. Use of sold

products

12. End-of-life (EoL)

treatment of

sold products

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

Water and marine resources

ESRS E3

Water is a strategic resource integral to our

business model, underpinning operational

continuity, product quality and value

chain resilience.

Glanbia has manufacturing facilities located in several high-water-

stressed regions, notably in the US (Idaho, California, Arizona, and

the joint venture (“JV”) facility in New Mexico) and Suzhou, China.

Among these sites, the dairy processing facilities in Idaho and

New Mexico are our most water-intensive operations, requiring

significant freshwater use both upstream and within production

processes. Water availability in these areas poses heightened

risks to business continuity. In response, we embed water

stewardship into our manufacturing practices through systematic

risk assessments, stakeholder engagement, and investment in

water efficiency and reuse technologies.

To accurately represent water usage under Glanbia’s management,

we apply an operational control boundary that includes both our

own manufacturing facilities and those within our joint venture over

which we exercise operational control. The two JV facilities located

in New Mexico and Michigan, are treated as part of our operations,

ensuring that material water-related impacts and risks under

our direct oversight are captured consistently with our actions

and targets, in line with ESRS principles of relevance and

faithful representation.

In addition to our manufacturing operations, we manage

agricultural land adjacent to our dairy plants in Idaho (Gooding

and Richfield). This land receives the cleaned wastewater from

the facilities and is used to grow crops for animal feed, supporting

a circular approach to resource use. These lands are operated

in line with standard agricultural practices typical for Idaho,

ensuring compliance with local regulations and sustainable

land management principles. Water use can vary significantly

from year-to-year, influenced by factors including seasonal

precipitation, crop type and rotation, and soil moisture conditions.

Agricultural activities on land owned by the JV facility in New Mexico

have not been included, as these farming activities fall outside

JV operational control and, therefore, are not relevant to our

governance or performance assessment.

Impacts, risks and opportunities

Identification of impacts, risks and opportunities (“IRO”) is driven

by theGlanbia Double Materiality Assessment (“DMA”) process,

seepages 147-149. The material sustainability matters identified

were water withdrawals and water consumption.

Water use in areas at water risk

(manufacturing)

Description: Within our own operations we use water for

cleaning equipment, cooling and processing milk into final

ingredients including cheese and whey. The impact of these

activities in areas of water risk could potentially lead to further

stress on the water resource in the region, eventually leading

to negative economic outcomes, environmental deterioration

and the exacerbation of climate change impacts.

Classification: Negative, Potential Impact

Location: Own operations DN, JV operations

Time horizon: Both medium and long-term

Dairy operations in areas

of high water stress (manufacturing)

Description: The DN and JV dairy sites utilise water in various

stages of milk processing, including equipment cleaning,

cooling, and as an ingredient in the final product. Our New

Mexico facility is located in an area of high-water-stress and

therefore could be impacted by water scarcity in the future.

This could limit our ability to draw freshwater, impacting our

ability to make finished product, causing a loss of revenue,

goodwill and profits.

Classification: Risk

Location: Own operations DN, JV operations

Time horizon: Long-term

Dairy supply chain in areas

of high water stress

Description: Water consumption by farms in high-water-

stress areas could potentially lead to water shortages which

may affect the viability of dairy farms and impact the supply

of milk to our processing facilities located in those areas.

Thiscould potentially lead to lower revenues.

Classification: Risk

Location: Upstream

Time horizon: Long-term

Water use in areas at water risk

(agriculture)

Description: Farmland located in dry climates requires

substantial water withdrawals to irrigate crops. High water

consumption can strain local water resources, particularly

inareas facing water scarcity. Inefficient irrigation practices

can lead to water wastage and depletion of local water supplies.

Classification: Negative, Potential Impact

Location: Own operations DN

Time horizon: Both medium and long-term

 Glanbia plc | Annual Report and Financial Statements 2025

E3-1

Policies related to water

Glanbia Environmental Policy

The Glanbia Environmental Policy governs how we manage our

material impacts and risks related to water. We are committed to

strengthening our water stewardship across our operations and,

where feasible, throughout our value chain. The water management

section of our Environmental Policy outlines our goal to reduce

material water withdrawals and consumption to support long-term

water sustainability. Our impacts and risks are directly addressed

by the contents of this policy.

Set out in our Environmental Policy, our key principles on water

management include:

Operational efficiency (use of water): Continuous improvement

in our manufacturing operations water efficiency, including in

equipment cleaning, cooling and milk processing.

Stewardship practices (sourcing of water): Prioritising water

recovery, reuse and recycling through water treatment as a step

towards sourcing water more sustainably, along with optimising

storage to manage usage demands and reduce reliance on

freshwater sources.

Risk-based assessment: Regular evaluation of water-related

impacts using advanced industry tools to ensure actions are

proportionate to the level of water stress in the regions where

weoperate.

Wastewater management: Rigorous controls at manufacturing

facilities that have material water discharges, adhering to

recognised water treatment standards, including grey-water

minimum requirements to support the prevention and abatement

of water pollution resulting from our activities.

Upstream value chain engagement: Monitoring and assessing

opportunities to support dairy farmers in high-water-stress areas,

directly relating to our upstream water consumption risk.

Transparency: Calculation and analysis of water-related

metrics using widely recognised standards and frameworks,

with performance reported against established targets.

This policy applies to both our wholly-owned business as well as

our joint venture, with particular attention given to operational

sites located in water-stressed regions.

Glanbia does not have specific policies related to sustainable

oceans and seas, as it is not deemed a material sub-topic.

SEE PAGES 153

168 FOR MORE INFORMATION ON

THE CLIMATE CHANGE SECTION.

E3-2

Actions and resources related to water

The actions described all fall under business as usual, and resources

required are budgeted as part of the financial planning process.

Water withdrawals – manufacturing operations

Scope: Glanbia has a dedicated Water Experts Team to support

the implementation of the water management section of our

Environmental Policy and address our material water withdrawals

in our own operations and the two JV facilities.

Glanbia’s Water Experts Team comprises internal water

subject matter experts, operational representatives and external

engineering consultants. The team’s mandate is to develop and

execute strategies that reduce freshwater withdrawals. It focuses

on our dairy processing sites, including JV operations in the US,

which are the most water-intensive. In addition, the team works

to enhance water stewardship across our operations, particularly

at sites located in regions with high-water-stress.

Progress on water reduction projects and associated savings is

reported quarterly to the Group Operating Executive, who oversee

the implementation of the Environmental Policy.

Completed actions during the year

Glanbia’s Water Experts Team prioritised two strategic action areas:

Optimising existing processes: Improved Clean-in-Place (“CIP”)

procedures through the use of more water-efficient cleaning

agents and optimised wash timing to coincide with the availability

of recovered water. These changes meant less water was required

for cleaning and more recovered water was utilised, thereby

reducing the need for freshwater withdrawals.

Increasing availability of recovered water: Upgrades to polishing

and reverse osmosis units increased the volume of water recovered

from milk processing. By optimising extraction, storage, and reuse

of this water within the plant, less recovered water was sent to

drain, reducing the need for freshwater withdrawal.

Future actions

In 2026 the Water Experts Team will focus on:

• commissioning newly approved condensate recovery projects,

which are expected to reduce water consumption and deliver

energy savings.

• assessing new opportunities to improve the availability

ofrecovered water through further process optimisation.

• evaluating additional opportunities to expand water recycling

across operations.

Water consumption upstream

Our Environmental Policy includes a principle of engaging with our

upstream value chain to address water-related risks. While we have

not yet established specific actions or targets to manage upstream

water consumption in high-water-stress areas, we are conducting

further analysis to identify the most appropriate measures and

performance indicators. This work will continue in 2026, and we will

provide an update on progress in our 2026 Sustainability Statement.

Environment continued

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

Water use in own operations (agriculture)

Agricultural water use can vary significantly from year-to-year

dueto factors including weather conditions, soil health, and crop

requirements. Fortunately, farming practises inherently discourage

over irrigation as water application is calibrated to meet the crop’s

actual growth requirements. This natural constraint ensures that

water use is purposeful and efficient.

On our agricultural land in Idaho, we reduce the need to withdraw

freshwater by responsibly applying treated wastewater sourced

from our nearby manufacturing facilities. This practice supports

circular water use and helps alleviate pressure on local

waterresources. Glanbia personnel are tasked with overseeing

metered well irrigation and monitoring canal withdrawals, using

metered and calculated measurements to ensure accurate water

use management. These systems undergo routine maintenance

and upgrades to ensure efficiency and prevent wastage. Through

these measures, we aim to balance crop productivity with

responsible water stewardship.

E3-3

Targets related to water

Water withdrawals – manufacturing operations

Target

10%

absolute reduction in freshwater

withdrawal by 2025, base year 2021

In 2022, as outlined in our Environmental Policy, we voluntarily set

a 10% absolute freshwater reduction target by 2025, compared

to a 2021 baseline as part of our commitment to strengthen water

stewardship. This target directly addresses the twomaterial

issues identified through our DMA relating to our manufacturing

processes’ withdrawalof water. It spans Group operations and

applies to allmanufacturing sites, warehouses and offices,

including two facilities we operate through our joint venture.

While the target does not directly address water consumption, we

expect reductions as a result of the Water Experts Team’s actions

on ‘optimising existing processes’ and ‘increasing the availability

of recovered water’. The target does not address improvement

of water quality.

The target was set as a stretch ambition, informed by our

experience in reducing water use from 2015–2020, and is not based

on conclusive scientific evidence. It drew on water risk assessments

using the World Resources Institute (“WRI”) Aqueduct tool, which

identified sites in high-water-stressed regions. In response, we

conducted detailed water audits with external experts and

identified future projects to reduce freshwater use. The target

was set in consultation with internal subject matter experts,

engineering teams, and the Committee of the Board responsible

for sustainability and assumed no significant changes in

processing or production volumes at the relevant sites.

Acquisitions and divestments are reflected in both base and

reporting year figures (on a full year basis) to ensure a like-for-like

comparison. Performance was assessed annually, and no interim

milestones were set due to the short timeframe and variability in

site-level implementation.

The target was approved by our Board and integrated into

thelong-term incentive plans (“LTIP”) of our Executive Directors.

Progress was reviewed quarterly and formed part of our broader

environmental governance framework.

Performance against target: in the final year of our target period,

we improved our water reduction performance from –1.3% in 2024

to –8.7% in 2025. Despite this progress, we did not meet our target,

largely due to reduced availability of recovered water, which

offsets freshwater use, at the joint venture’s New Mexico facility.

The experience has provided important learnings that will inform

a new water performance target, to be set in 2026.

Target performance

2025

)

2021

)

Change vs

base year

Freshwater withdrawal

– 10% reduction by 2025 5,144,957 5,638,208 -8.7%

As the timeframe for this target has now passed, we are reviewing

our strategic approach to managing material IROs related to water

withdrawals. Once this strategic direction has been finalised, a new

target will be set, ensuring alignment with our updated materiality

assessment and sustainability objectives.

Water use in own operations (agriculture)

Given the high degree of uncontrollable variables affecting

agricultural water consumption, including weather, soil conditions

and crop variability we have not set a measurable, time-bound

target for this IRO. However, we track the effectiveness of our

actions through routine monitoring practices designed to prevent

over-irrigation. These include daily visual assessments of crop

moisture stress and twice-weekly soil moisture checks. These

measures enable us to evaluate whether our water-management

approach is achieving its objective of efficient, responsible irrigation.

 Glanbia plc | Annual Report and Financial Statements 2025

E3-4

Metrics – water consumption

Water consumption is a material sub-topic due to the agricultural

land we operate in Idaho and the significant water requirements for

crop cultivation in areas exposed to water risk. Because agricultural

water use is inherently variable year-to-year, we report water

consumption for farmland (agriculture) separate from consumption

in manufacturing operations, where we have greater control over

usage. For manufacturing facilities and related sites, we disclose

entity-specific metrics on freshwater withdrawal, water recovered,

and water discharged, along with water intensity metrics based

on production volumes.

ESRS E3 requires the disclosure of water-related metrics for an entity’s

own operations. To provide a more accurate representation of water

usage under Glanbia’s management, we also report water use from

JV manufacturing facilities where we have operational control.

The table below presents both the mandatory ESRS metrics

and entity-specific metrics for our wholly-owned operations

and JV manufacturing facilities.

Metric performance

Total water consumption in 2025 was 9.60 million m³, broadly in line

with 2024 (9.52 million m³). Manufacturing consumption increased

to 1.73 million m³ (2024: 1.53 million m³), while agricultural water use

fell slightly to 7.87 million m³. Water use in areas at risk remained

stable at 9.53 million m³, and recycled and reused water totalled

2.86 million m³, slightly below the prior year. Manufacturing

freshwater withdrawals declined by 6%, and total discharged

water decreased by 4.9%.

Manufacturing water-consumption intensity rose to 1.13 m³/tonne,

up from 1.02 m³/tonne in 2024. Freshwater withdrawal intensity

improved to 3.39 m³/tonne (2024: 3.68 m³/tonne). Water-per-

revenue intensity does not provide meaningful insight, as

agriculture accounts for most water use but contributes only

a negligible share of Group revenue, skewing the ratio and limiting

its decision-usefulness.

Environment continued

2025 (m

) 2024

)

Mandatory metrics

Wholly-

owned JV operations Total

Wholly-

owned JV operations Total

Change vs

prior year

Water consumption (manufacturing) 906,418 820,775 1,727,193 935,824 596,689 1,532,513 12.7%

Water consumption (agriculture) 7,870,052 N/A

7,870,052 7,984,338 N/A

7,984,338 -1.4%

Total water consumption 8,776,470 820,775 9,597,245 8,920,162 596,689 9,516,851 0.8%

Total water consumption in areas

at water risk including areas of

high-water-stress 8,707,170 820,775 9,527,945 8,902,611 576,760 9,479,371 0.5%

Water recycled and reused 2,530,060 326,600 2,856,660 2,656,810 233,545 2,890,355 -1.2%

Total water stored 3,948 11,432 15,380

Changes in water storage

Total water consumption intensity

(m³/per million USD net revenue) 2,224 418 1,623 2,368 314 1,678 -3.3%

2025 (m

) 2024

)

Entity-specific metrics

Wholly-

owned JV operations Total

Wholly-

owned JV operations Total

Change vs

prior year

Freshwater withdrawal

(manufacturing) 2,826,666 2,378,323 5,204,989 3,077,052 2,460,598 5,537,650 -6.0%

Freshwater withdrawal

(manufacturing) in areas at water risk

including areas of high-water-stress 2,672,615 1,419,494 4,092,109 2,997,475 1,397,253 4,394,728 -6.9%

Water recovered (manufacturing) 2,145,757 3,228,506 5,374,263 2,056,443 3,250,920 5,307,363 1.3%

Water recovered (manufacturing)

in areas at water risk including areas

of high-water-stress 2,145,757 2,181,047 4,326,804 2,056,443 2,186,173 4,242,616 2.0%

Total water discharged

(manufacturing) 4,066,004 4,786,053 8,852,057 4,197,671 5,114,829 9,312,500 -4.9%

Freshwater withdrawal

(manufacturing) intensity per

production (m³/tonnes) 6.33 2.19 3.39 7.19 2.28 3.68 -7.8%

Water consumption (manufacturing)

intensity per production (m³/tonnes) 2.03 0.75 1.13 2.19 0.55 1.02 10.5%

1. The 2024 figure was adjusted to exclude an extra week, ensuring comparability with 2025. This adjustment is necessary because our financial calendar follows a

4-4-5 week structure, which occasionally – approximately every six years – results in a 53-week year, as was the case in 2024.

2. Agricultural activities on JV land are excluded as they are outside our JV’s operational control and, therefore, not relevant to our governance or performance

assessment.

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

Accounting policy

Contextual information: For ESRS water reporting, we are

reporting our own operations but also separately including data

from our joint venture manufacturing operations, over which

we have operational control. We are presenting metrics relating

to our “total operational control” which is consistent with other

areas of environmental reporting. All data is recorded in our

cloud-based reporting system where measurement is aligned

with our financial reporting year dates. Water metrics are

recorded for all our manufacturing and non-manufacturing

sites. Water-related metric data is recorded based on utility

invoices and/or in-house metering where possible. The metric

results presented in the table on the previous page are not

validated by an external body, other than our assurance

provider who performed limited assurance procedures

on 2025 data only.

For metrics disaggregated by water-risk level, including

high-water-stress areas, we applied the WRI Aqueduct tool

and the ESRS definitions. This assessment identified 18

manufacturing sites as operating in areas of ‘High’ or ‘Extremely

High’ water stress and/or overall water risk. Non-manufacturing

sites are excluded from this assessment, as the Aqueduct tool

is not applicable to their activities.

Estimates and assumptions: Freshwater withdrawn

(agriculture) where meters are not available for agricultural

freshwater withdrawals from wells or canals, withdrawals are

estimated using either pivot flow rates and logged operating

hours or weir height and run times. A conservative 100%

consumptive-use ratio is assumed for all irrigation water

applied to crops in Idaho (Gooding and Richfield).

Water recovered (polished water) where recovered (polished)

water is not metered, the preferred approach is to estimate

quantities using the site-specific recovery rate of water from

milk, based on a water balance or similar plant study. A

secondary estimation method is to apply the industry-standard

recovery rate of 87 percent per unit of raw milk processed.

Manufacturing facilities that consume no water in production

processes or cannot track their discharge, or experience issues

with corresponding metering and calibration, estimate their

water discharge based on their water withdrawals, applying

a one-to-one ratio (water discharge = water withdrawal).

Small non-manufacturing locations where there is low usage

and no metering in place, estimate their water withdrawal,

consumption and discharge, with calculations driven by

occupancy and activities carried out at the location.

Water consumption: Water consumption is reported separately

for manufacturing and agricultural operations due to the distinct

nature of their water use and the differing levels of influence we

have over each. For agricultural water use we currently assume

that all water applied to the land is consumed; however, in reality,

a portion is returned to the local water table depending on crop

type, soil characteristics, and climate. In 2026, we aim to

improve our understanding of actual agricultural water use by

incorporating factors such as crop type and regional conditions

into our reporting methodology.

Total consumption is calculated by taking the total freshwater

withdrawn (both agriculture and manufacturing), plus water

recovered (manufacturing), minus water discharged (only

manufacturing).

For water withdrawals, estimated data represents no more

than 11%, primarily related to agricultural withdrawals. For

water discharges, estimated data remains below 30%, mainly

due to MWC and Blackfoot sites discharge estimations.

Water recycled and reused: Recycled Water is defined strictly

as water that is treated and reused within the same facility; this

is a key distinction from Reused Water, which may not undergo

the same internal closed-loop processing. Currently, the joint

venture’s Michigan facility is the only site that tracks and reports

Recycled Water data through the Ignition system based on

metered data. Due to the lack of metering capability of recycled

water at other locations, Glanbia acknowledge there is a high

level of measurement uncertainty for this metric, as significant

variations in site-specific practices and infrastructure exist.

Glanbia has adopted a conservative approach to disclosing

Recycled Water under ESRS to ensure no overreporting on

beneficial practices. For sites without metering capability,

Recycled Water volumes are not quantified and therefore, are

reported as zero for ESRS metrics, reflecting data unavailability

rather than confirmed absence of recycling practices.

Reused Water is defined as water that is used again after

treatment, potentially at a different site or for a different

purpose, but still within the reporting boundary. Treated effluent

from Glanbia’s production facilities in Idaho that is land-applied

for irrigation purposes at Glanbia-operated farms nearby

qualifies as Reused Water.

Water stored and changes in water storage: The metric is

recorded by assuming all tanks designated for water storage

are considered full at the year-end due to limitations in

accurately quantifying how much water is in these tanks.

Water consumption intensity per million USD net revenue:

Water consumption over total net revenue. For the net

revenue reconciliation see the climate change accounting

policy page 166.

Entity-specific metrics

Water recovered (manufacturing): Also known as polished

water, is the water remaining after milk is evaporated or

concentrated during processing in our manufacturing facilities.

Polished water falls under the definition of produced water and

is included in total water withdrawal.

Freshwater withdrawal (manufacturing): Focused on our

manufacturing operations and includes all water used for

the purposes of production and facility operations, except

for water recovered. The following are considered freshwater:

third-party (utilities) water, groundwater and surface water.

Water discharged (manufacturing): At our manufacturing

sites, water discharged is recorded using meters on the

outbound water pipes to our utility providers or on any other

discharge option the sites have in place (i.e. land application).

Water consumption intensity per tonne of production:

Water consumption over total production. Total production

is obtained from monthly financial reporting submissions.

Freshwater withdrawal intensity per tonne of production:

Freshwater withdrawal (manufacturing) over total production.

Total production is obtained from monthly financial

reporting submissions.

 Glanbia plc | Annual Report and Financial Statements 2025

Biodiversity and

ecosystems

ESRS E4

Strategy

Our ‘Better Nutrition, Better World’ sustainability strategy aims to

promote positive action through effective resource use, responsible

sourcing, and innovative solutions to support a more sustainable

future. As a global business, our model depends on raw material

inputs sourced through our value chain. Managing the biodiversity

and ecosystem-related impact and risk identified below is both

a strategic necessity and a compliance requirement, and we will

continue to embed responsible sourcing into our procurement

practises and align with evolving regulations.

Impacts, risks and opportunities

Identification of impacts, risks and opportunities is driven by the

Glanbia Double Materiality Assessment (“DMA”) process, see pages

147-149. While we acknowledge the interconnection between

biodiversity, climate change and water, the biodiversity-related

matters assessed as material for Glanbia are specifically focused

on direct impact drivers of biodiversity loss, particularly those

linked to deforestation.

The following material impact and risk were identified:

Deforestation and biodiversity loss

from material sourcing

Description: Direct sourcing of raw materials and ingredients,

including dairy products, cocoa, soy, palm oil, coffee, and

timber-based packaging, which are integral to the production

and packaging of Glanbia’s dairy and nutritional products,

can contribute to deforestation and resource depletion,

impacting forest ecosystems and biodiversity.

Classification: Negative, Potential Impact

Location: Upstream

Time horizon: Long-term

Increased regulations and

compliance requirements

Description: Regulatory requirements relating to deforestation

are increasing, which may result in increased commodity

costs, reduced supply and require switching suppliers to

certified deforestation alternatives for regulatory compliance.

This may all lead to additional costs, the incurrence of fines,

and/or reputational damage.

Classification: Risk

Location: Upstream

Time horizon: Short-term

Policies

The Group does not currently have a standalone section in our

Glanbia Environmental Policy relating to the management of

the biodiversity and ecosystem impact and risk identified.

Actions

In 2025, the following actions were undertaken to manage Glanbia’s

material impact and risk:

• Conducted our first comprehensive study to identify nature-

related impacts through a Taskforce on Nature-related

Financial Disclosures (“TNFD”) initiative, supported by third-

party experts.

• Monitored and evaluated our deforestation risk and impact

on high deforestation-risk commodities relevant to our dairy

and animal feed supply chain through engagement with

third-party experts.

• Completed a structured review of our manufacturing locations

supported by third-party experts with ongoing analysis to

assess whether any sites have potential negative impacts

on biodiversity-sensitive areas.

• Developed an internal workstream with engagement across

the Group to oversee upcoming regulatory developments on

the prevention and mitigation of deforestation within the value

chain and proactively develop actions to ensure alignment.

The result of these actions is a baseline assessment that will inform

future decision making and programmes of work focusing on

remediating our biodiversity and ecosystems impact and managing

the risk over the medium term.

Metrics and targets

We have not set formal metrics for the impact and risk identified.

As part of our Science Based Targets initiative (“SBTi”) Forest, Land

and Agriculture (“FLAG”) target validation, there was a requirement

for Glanbia to align with a commitment to no deforestation across

its primary deforestation-linked commodities with a target date

of 31 December 2025. Following recent SBTi consultations, this

requirement has been postponed to a proposed date of

31 December 2030, due to ongoing challenges in supply-chain

traceability and insufficient global progress in halting deforestation.

For the current reporting year we opted to exercise the phase-in allowance to omit the disclosure of information required by ESRS E4 Biodiversity and ecosystems,

except as required by ESRS 2 paragraph 17.

Environment continued

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

Resource use and

circular economy

ESRS E5

As a global company with extensive sourcing,

manufacturing, and distribution activities,

werecognise our reliance on natural resources

and our responsibility to maintain resilient

supply chains while minimising adverse

environmental and market impacts.

Our manufacturing operations, including the two facilities owned

by our joint venture (“JV”) over which we have operational control,

generate a range of waste streams through routine processing. Our

most significant waste stream is produced by food surplus, where

diversion to animal feed is a core element of our circularity strategy,

helping us retain resource value and support circular nutrient flows

across our supply chain.

Packaging waste is only material to our Performance Nutrition

(“PN”) segment, which produces and distributes packaged

consumer goods globally. In contrast, our Dairy Nutrition (“DN”)

and Health & Nutrition (“H&N”) segments and joint venture operate

primarily in business-to-business markets, where packaging is

limited to bulk formats and does not present a significant end-user

waste impact. In PN, packaging plays a critical role in ensuring

product integrity and safety; however, we acknowledge its impact

on the environment and are actively pursuing strategies to reduce it.

To accurately represent waste-related activities under Glanbia’s

management, we apply an operational control boundary that

includes both our own manufacturing facilities and those of our

joint venture. The two JV facilities (New Mexico and Michigan)

are considered for this assessment to be part of our operations,

ensuring that material waste-related impacts under our direct

oversight are captured consistently within our actions and targets,

in line with ESRS principles of relevance and faithful representation.

Impacts, risks and opportunities

Identification of impacts, risks and opportunities is driven by

the Glanbia Double Materiality Assessment (“DMA”) process,

see pages 147-149. The resource use and circular economy

matters assessed as material for Glanbia are specifically

focused on the sub-topic of waste.

Packaging waste finished products

Description: Our branded finished goods that are sold by

PN to end-user consumers are packaged in various formats.

Once the product is consumed, any non-biodegradable

packaging could have a negative impact on the environment

if not properly disposed of and processed at end-of-life.

Classification: Negative, Actual Impact

Location: Downstream PN

Time horizon: Both medium and long-term

Waste within our own operations

Description: Food and other waste created as part of our

ongoing manufacturing process needs to be disposed of

correctly or it can end up in landfill where it could lead to soil

contamination, environmental pollution and GHG emissions.

Classification: Negative, Actual Impact

Location: Own operations, JV operations

Time horizon: Both short and medium-term

E5-1

Policies related to resource use

and circular economy

Glanbia Environmental Policy

The Glanbia Environmental Policy governs how we manage our

material impacts related to resource use and circular economy.

The resource use and circularity section of Glanbia’s

Environmental Policy includes objectives relating to the reduction,

reuse and recycling of waste (with particular focus on avoiding

food waste through diverting food surplus to animal feed) across

our value chain. We also commit to promoting the proper disposal

and processing of end-of-life packaging for our end-user

consumer products, via consumer education on proper disposal

and alignment of packaging designs to regional circular design

guidelines. Our waste management approach prioritises:

• Prevention: reducing food waste is a core objective, aligned

with Food Loss and Waste (“FLW”) protocols.

• Reuse and recycling: we are committed to achieving ‘TRUE

zero waste certification’, ensuring that waste is diverted from

landfill and reused or recycled wherever possible.

• Recovery and disposal: where reuse or recycling is not feasible,

we ensure appropriate treatment and disposal.

 Glanbia plc | Annual Report and Financial Statements 2025

As noted in the Environmental Policy, our objective is to responsibly

source products, their packaging and services in an ethical,

sustainable and socially-conscious way, and develop the use of

renewable resources. This includes, where possible, transitioning

away from the use of virgin resources which may be achieved

either through increasing the relative content of secondary

(recycled) resources, or improving packaging design

to reduce resource use.

SEE PAGES 153

168 FOR MORE INFORMATION ON

THE CLIMATE CHANGE SECTION.

E5-2

Actions and resources related to resource

use and circular economy

The actions described all fall under business as usual, and resources

required are budgeted as part of the financial planning process.

Finished products (PN) packaging waste

To address the environmental impacts associated with post-

consumer packaging waste, we implemented a series of actions

targeted at branded products sold through the PN segment.

Dedicated sustainable packaging team

A dedicated Sustainable Packaging Working Group operates

within PN, meeting monthly to evaluate, develop and implement

recyclable, reusable, and compostable packaging solutions. These

efforts are supported by quarterly brand working groups across

all regions globally and monthly technical working groups that

provide expertise and guidance to drive progress. This work is

guided by a strategic plan aligned with our commercial objectives,

with a goal of achieving our consumer packaging waste reduction

target (see target section) and will continue through our 2030

target commitment.

In 2025, the working group advanced multiple flexible packaging

initiatives including, notably, launching a market pilot involving

500,000 recyclable bar wrappers.

In the medium-term, these efforts will enable a significant portion

of our flexible plastic packaging to transition to circular designs

and meet our 2030 commitment, while supporting our transition

toward more sustainable resource use.

Industry partnerships and consumer awareness

We maintain active memberships with the Sustainable Packaging

Coalition (“SPC”), the Association of Plastic Recyclers (“APR”),

Waste and Resources Action Programme (“WRAP”), and Recycling

Of Used Plastics (“RECOUP”) which provide access to technical

packaging design guides, industry working groups and policy

insights that inform our packaging transition plans. Through our

partnerships with How2Recycle in North America and On-Pack

Recycling Label (“OPRL”) in the UK, we conduct assessments that

result in region-specific disposal instructions directly featured on

our packaging. These assessments have helped guide our

packaging design selections and helped to inform our consumers

in making eco-conscious disposal choices. Over the medium-term,

we intend to maintain these relationships beyond the achievement

of current target to ensure ongoing alignment with evolving

regional regulations and circularity standards.

Environment continued

Waste within our own operations

and JV operations

To address the environmental impacts of waste generated

within our own operations and JV operations, we implemented

a series of targeted initiatives focused on reduction, diversion,

and structured management. We established a team dedicated

to identify and implement process improvements at our most

material waste-producing sites. While prevention remains the

priority, where waste cannot be avoided we aim to repurpose or

recycle it. Where food waste cannot be prevented, it is diverted

from disposal through anaerobic digestion or other recovery

methods, reducing its environmental impact.

In 2025, the team introduced a change in methodology and

implemented new definitions, rules and processes for waste data

collection and reporting in Intelex. The basis for reporting food

waste has changed, with animal feed now classified as food

surplus and, therefore, removed from the food waste target scope.

In 2026, we will revisit our 2030 food waste target as a result of

this material methodology change.

In 2025, we worked on achieving our current 2025 target regarding

the TRUE certification of manufacturing sites. We have primarily

focused on diverting 90%+ of non-hazardous waste from landfill

or incineration at sites which had not already achieved the

required standard. Outside the sites within our target, we have

other facilities where we are establishing working plans to meet the

required TRUE waste standard in future. In 2026, we will continue

our focus on plans to achieve the required diversion standard at our

remaining manufacturing facilities, with the goal of establishing

anew TRUE certification target for these sites during the year.

E5-3

Targets related to resource use

and circular economy

Finished products (PN) packaging waste

Target

100%

recyclable, reusable or compostable

consumer packaging by 2030

We set a voluntary target to ensure that 100% of consumer

packaging for PN branded products is recyclable, reusable, or

compostable by 2030. The target is relative to the total of all PN

branded products sold in the year and is calculated using the

packaging composition by weight. The target addresses the

material impact of packaging waste from end-user consumer

products. It supports our policy objectives to manage waste

responsibly, in line with the waste hierarchy layer of ‘recycling’,

and relates to the increase of circular product design, specifically

‘recyclability’. Our target was developed by our internal sustainability

teams using recognised industry guidance. It is not based on

conclusive scientific evidence but reflects our commitment to

advancing circularity in packaging.

1. TRUE (Total Resource Use and Efficiency) Zero Waste Certification recognises facilities that divert 90%+ of non-hazardous waste from landfill and incineration for

12 months, promoting reduction, reuse, and circular systems.

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

The metric was first reported in 2022, where we achieved a result

of 62% and an interim target of 83% by 2025 was set at that time.

The target was approved by our Board and has been integrated into

the long-term incentive plans (“LTIP”) of our Executive Directors.

Progress on actions towards achievement of the target is reviewed

regularly, with the performance result calculated annually.

In 2025, we achieved 88% recyclable packaging, up from 84% in

2024. We improved recyclability year on year by incorporating

guidance on design for recycling into our commercialisation

decisions, which enabled material improvements in recyclability

across our HDPE, PP, and PET packaging offerings.

Waste within our own operations

and JV operations

Target

100%

TRUE waste certification

at legacy manufacturing facilities by 2025

Glanbia has a target focused on waste within our own operations,

including JV operations, under our control as of 2021 (known as

“legacy manufacturing facilities”). We set a voluntary absolute

target to achieve 100% TRUE waste certification at legacy

manufacturing facilities by 2025. This target supports our waste

management commitments in our Environmental Policy and

addresses the material impact by promoting a comprehensive

approach to waste reduction, aligned with the upper levels of

the waste hierarchy (prevention, reuse and recycling). The TRUE

framework was selected for its recognised structure in evaluating

and improving waste performance across an organisation’s

operations, particularly due to its emphasis on prevention and

reuse and its alignment with circular economy principles.

The target relates to waste management, including preparation

and proper treatment of waste and was developed by internal

subject matter experts in consultation with waste management

partners. Whilst the target is not based on conclusive scientific

evidence, stakeholders who are involved in managing waste across

the organisation were consulted, ensuring the target reflects both

operational realities and external expectations.

The scope of the target includes 16 legacy manufacturing facilities,

including JV facilities, under our control as of 2021, and excludes

offices, innovation centres and warehouses unless physically

adjoined to a manufacturing facility. Progress is measured by

the award of TRUE certification. 2021 is considered the baseline

year where we had 0% of sites with TRUE waste certification.

Acquired manufacturing facilities since 2021 are not in the scope

of this target but are expected to be submitted for certification

over the coming years.

Site certification is externally approved by Green Building Council

Incorporated (“GBCI”). This external verification is awarded to

sites that meet specific waste management project credits, while

ensuring that the site has also met the goal of 90%+ diversion from

landfill or incineration for a full 12 months. Glanbia has a team

dedicated to closely monitoring facility performance on a monthly

basis to ensure continued compliance for those sites awarded

certification. The team also works with other sites to support them

in their efforts to meet the certification requirement.

Performance against target: 15 of 16 (94%) sites in our baseline

year have achieved TRUE certification in 2025, narrowly missing

our 100% target. The final site is on target to submit for TRUE

certification by the end of H1 2026.

Target under development

Recognising the significance of food waste within our own

operations, and the two facilities owned by the joint venture, we

established an ambition to reduce food waste by 50%, measured

in kilograms, by 2030. This objective focuses on ‘prevention’ within

the waste hierarchy and aligns with our Environmental Policy

commitments and international guidance, including the FLW

Protocol and UN Sustainable Development Goals (“SDG”) 12.3.

The scope covers all manufacturing sites, including the two JV

facilities. Office locations are excluded due to their immaterial

contribution to total food waste. The ambition is voluntary and

reflects our responsibility to manage waste sustainably.

We are currently validating the baseline year as part of the

transition to a revised food waste and surplus accounting and

reporting methodology. Once this assessment is complete, we

expect to convert this ambition into a measurable, time-bound

target in 2026.

Operational teams across key manufacturing locations have

contributed to shaping the ambition and informing data-collection

protocols, ensuring it reflects realistic reduction opportunities.

E5-5

Resource outflows: waste

Metrics (see table on following page)

In 2025, the Group generated 369.6 million kg of waste across

wholly-owned operations and the joint venture, with non-hazardous

waste forming the vast majority. A total of 363.0 million kg was

diverted from disposal, mainly through recycling (345.8 million kg),

reuse (17.1 million kg), and other recovery routes. Food waste

totalled 14.3 million kg, with 94% diverted through recycling,

reflecting strong recovery practices across sites.

Waste directed to disposal amounted to 6.60 million kg,

primarily landfill (5.67 million kg) and incineration (0.86 million kg).

Non-recycled waste totalled 23.7 million kg (6.4% of all waste),

demonstrating that most materials continue to be recovered

or reused. Hazardous waste remained low at 210,359 kg, with

negligible contributions from the joint venture, underscoring

the Group’s high overall diversion rate.

 Glanbia plc | Annual Report and Financial Statements 2025

The table below presents the mandatory waste metrics required under E5-5, along with entity-specific

metrics relevant to our sector (‘food waste’)

The metrics below cover both own operations and our JV operations, over which we have operational control.

2025

Amounts in kg Wholly-owned JV operations Total

Total amount of waste generated 334,560,586 35,005,349 369,565,935

2025

Weight of hazardous waste

diverted from disposal (kg)

Weight of non-

hazardous waste

diverted from disposal (kg)

Total weight of waste

diverted from disposal (kg)

Waste diverted by preparation for reuse 0 17,125,526 17,125,526

Wholly-owned 0 6,721,451 6,721,451

JV operations 0 10,404,075 10,404,075

Waste diverted by recycling 1,074 345,823,840 345,824,914

Wholly-owned 1,074 322,084,255 322,085,328

JV operations 0 23,739,586 23,739,586

Food waste diverted by recycling 1,074 13,478,499 13,479,573

Wholly-owned 1,074 1,835,397 1,836,471

JV operations 0 11,643,102 11,643,102

Waste diverted by other recovery operations 284 15,955 16,239

Wholly-owned 284 14,746 15,031

JV operations 0 1,208 1,208

Total amount by weight diverted from disposal 1,358 362,965,321 362,966,679

Wholly-owned 1,358 328,820,452 328,821,809

JV operations 0 34,144,870 34,144,870

2025

Weight of hazardous waste

directed to disposal (kg)

Weight of non-

hazardous waste

directed to disposal (kg)

Total weight of waste

directed to disposal (kg)

Waste directed to disposal by incineration 208,757 654,955 863,712

Wholly-owned 208,550 638,222 846,772

JV operations 206 16,733 16,939

Waste directed to disposal by landfill 0 5,674,114 5,674,114

Wholly-owned 0 4,858,666 4,858,666

JV operations 0 815,449 815,449

Waste directed to disposal by other disposal operations 245 61,185 61,430

Wholly-owned 227 33,112 33,339

JV operations 18 28,073 28,091

Total amount by weight directed to disposal, by treatment type 209,002 6,390,254 6,599,256

Wholly-owned 208,777 5,529,999 5,738,776

JV operations 225 860,255 860,480

2025

Wholly-owned JV operations Total

Total amount of non-recycled waste (kg) 12,475,258 11,265,763 23,741,021

Percentage of non-recycled waste (%) 3.7% 32.2% 6.4%

Total amount of hazardous waste generated (kg) 210,135 225 210,359

Total amount of radioactive waste generated (kg) 0 0 0

Total amount of food waste generated (kg) 2,674,340 11,643,102 14,317,442

Percentage of food waste diverted by recycling (%) 68.7% 100.0% 94.1%

Entity-specific 2025 2024 2023 2022

Consumer packaging (recyclability, reuse, compostability)

88% 84% 76% 62%

Environment continued

1. From 2024, recyclable-packaging data is calculated using SAP system data instead of the manual process used in 2022–2023. This improves accuracy and

consistency. As a result, figures from 2024 onwards may not be fully comparable with earlier years. The 2022 base year is retained.

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

Accounting policy

Waste data collection and governance

Waste data is primarily obtained from invoices issued by waste

management service providers. Where direct measurements

are not available, estimation is used. At manufacturing facilities,

site-specific approaches are used, while non-manufacturing

sites rely on general estimation techniques. These methods

may include calculating mass from total waste volume using

US EPA or relevant local conversion factors. For example, when

estimating containerised waste, all containers are assumed

to be full. Volumetric estimations can introduce uncertainty due

to variations in waste density. Efforts are underway to improve

data collection methods and enhance reporting accuracy.

All data is recorded in a cloud-based system, reviewed monthly,

and reported to senior management quarterly. This supports

internal oversight and ensures consistency across reporting

periods. The acquisition of Sweetmix in August 2025, and the

H2 divestment of our Body & Fit and SlimFast businesses is

reflected in the metrics in line with the ESRS Pro-rata basis

for the current year.

The metric results presented in the tables in this section are not

validated by an external body, other than our assurance provider

who performed limited assurance procedures on 2025 data only.

Waste categorisation and standards

Waste categorisation complies with local environmental

regulations and, where applicable, incorporates definitions from

the TRUE certification programme. Hazardous waste is defined

in accordance with local regulatory bodies. Categorisation of

disposal and diversion methods follows ESRS E5 definitions.

Waste generated by own operations

This metric reflects the total weight of hazardous and

non-hazardous waste generated by Glanbia’s operations

during the reporting period. Waste is classified as either:

• Diverted from disposal: includes waste that is recycled,

prepared for reuse, or recovered through other processes.

• Directed to disposal: includes waste that is incinerated

without energy recovery, landfilled, or subjected to other

disposal operations.

Waste composition

Waste is categorised into:

• Hazardous waste: may include chemical substances such

aslaboratory materials and highly concentrated flavours.

• Non-hazardous waste: includes food, biological raw

materials, and recyclables such as plastic, timber, metal,

glass, and electronic waste.

Definitions are based on local legislation and determined at the

site level.

Waste diverted by recycling

Recycling is defined according to the TRUE certification

standard. Under this definition, both food surplus redirected

to animal feed and food waste diverted to anaerobic digestion

are considered recycled.

Non-recycled waste

Measured as the volume of everything that is not recycled,

regardless of the treatment route. Includes waste directed

to disposal, sent to incineration with energy recovery, reuse,

and other recovery operations that are not recycling.

Food waste

In line with the FLW Protocol, food waste is defined as food

and food ingredients that are of good quality and intended

for human consumption but are discarded for various reasons,

either before or after spoilage. Starting from 2025, everything

that is diverted to animal feed is excluded from the Food Waste

metric and is categorised as Food Surplus instead, in line with

the US EPA disposal-based reporting scope.

Entity-specific metric

Consumer packaging –

recyclability, reuse and compostability

Packaging recyclability is assessed based on supplier

information and technical guidance from regional NGO’s

suchas the APR. The definitions for ‘reuse’ and ‘compostability’

are to be determined and, therefore, we are not reporting any

packaging under these definitions. The metric is calculated

asthe weight of qualifying packaging as a percentage of total

packaging weight for PN branded products sold during theyear.

 Glanbia plc | Annual Report and Financial Statements 2025

Social

In this section

S1 Own workforce 181

S2 Workers in the value chain 196

S4 Consumers and end-users 198

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

Own workforce

ESRS S1

The term ‘own workforce’ encompasses both

employees and non-employees of the Group.

In alignment with ESRS, the Group definition

includes the wholly-owned business only. In

accordance with the applicable phase-in

provision under ESRS, non-employee workers,

such as agency staff and subcontractors, are

excluded from the scope of this disclosure,

unless otherwise stated. Please refer to page

192 for the full definition of employees and

non-employees.

Employees of our joint venture MWC-Southwest Holdings LLC

(“the JV”) are classified as workers in the value chain under ESRS.

However, due to our operational control boundary approach, the

relevant policies and related procedures apply to JV employees as

they do to the wholly-owned business’ employees. The thematic

areas outlined in this section were identified as material for both

our wholly-owned business as well as the JV employees. These

thematic areas relate to health and safety; working conditions;

inclusion and development.

For these areas and as well as the process for engaging with our

workforce disclosures, the use of the term employee and non-

employee within the narrative encompasses both wholly-owned

employees and employees of the JV. Where applicable, metrics for

the wholly-owned and JV businesses will be disclosed separately.

For context, the wholly-owned business has 5,056 employees (refer

to page 191) across three segments, Performance Nutrition (“PN”),

Health & Nutrition (“H&N”), and Dairy Nutrition (“DN”) and

corporate functions. The JV has 681 employees.

ESRS 2 SBM-2

Interests and views of stakeholders

The Group recognises its own workforce and employees and

non-employees of our JV, as key stakeholders, whose interests,

views and rights are integral to shaping our strategy and business

model. People are a critical driver of the Group’s success, and our

people-related programmes serve to further integrate the

interests and views of our workforce into both our business

model and strategy.

We value input from our workforce and encourage them to freely

express their views and insights with each other and our leadership,

including those relating to human rights. Refer to page 186 for

details on Glanbia’s engagement mechanisms.

To ensure that our workforce’s perspectives were represented

in our Double Materiality Assessment (“DMA”), we involved

employee representatives from key functional areas, together

with representatives from our human resource (“HR”) function.

For details on our two-way employee engagement approach,

refer to pages 145-146 of the Stakeholder Engagement section.

Feedback from our non-employees is captured through ongoing

local management practices and engagement.

ESRS 2 SBM-3

Material impacts, risks and opportunities

and their interaction with strategy and

business model

The material negative impact and risk identified originated from,

or are connected to, our strategy and business model in the

following ways:

Health and safety: We identified a material negative impact on

our own workforce’s health and safety, concentrated within the

manufacturing and warehouse sites under Glanbia’s operational

control, with a corresponding risk to the business from a

reputational and operational disruption perspective.

Manufacturing food has an inherent health and safety risk

stemming from the plant and equipment used at the manufacturing

and warehouse sites. Our employees and other workers who work

at these sites are those most likely to be negatively impacted by a

work-related injury, which may subsequently result in reputational

or legal costs for Glanbia.

Glanbia operates within the context of the two core principles of

‘Zero Harm’ and ‘Business Excellence’. These two principles are

inextricably linked, with underlying continuous improvement and

risk management system structures in place to support this

approach and mindset. We apply these principles across the

Group with a targeted focus on our manufacturing and warehouse

sites. There are a range of programmes and ongoing operations in

place in this regard, including the implementation of mandatory

risk-assessed safety training alongside a commitment to a robust

safety culture. These are supported by Glanbia’s Health and

Safety Management System, designed by the Group to support

the improvement of workforce safety, reduction in workplace risks

and the creation of safer working conditions.

 Glanbia plc | Annual Report and Financial Statements 2025

The material positive impacts originated from, or are connected

to, our strategy and business model in the following ways:

Working conditions: At Glanbia, we aim to create safe, positive,

engaging working conditions and safeguard workforce rights

through a number of employee programmes. We recognise the

importance of employee wellbeing and have targeted engagement

strategies and programmes in place to ensure Glanbia remains

an attractive place to work. Glanbia’s aim is to support employee

satisfaction and retention, whilst creating a competitive advantage

where our employees are engaged and motivated to support

Glanbia’s growth.

Development: Glanbia’s focuses on attracting and retaining

high-performing employees through competitive benefits, robust

career development opportunities, and a strong employer brand.

This strategy drives operational effectiveness, fosters innovation,

and supports employee retention.

Inclusion: We strive to develop a more inclusive work environment

and to build awareness of inclusion at all levels of the organisation.

This is managed through our ‘Inclusion and Belonging’ strategy

and related programme. We aim to ensure fair treatment through

policies focused on merit-based progression, equal pay and

inclusive practices including education and targeted training

for hiring managers.

Strategy and business model

Insights from these impacts and risk inform and contribute to the

adaption of our strategy and business model, through improving

safety initiatives, enhancing engagement programmes and

increasing focus on employee development and inclusion

initiatives, which support us in meeting our business strategy

and sustainability commitments.

Glanbia’s ‘Your Voice’ survey helps build understanding of our

overall employee satisfaction levels, and captures their views

on our growth strategy. This information helps refine the actions

taken to address the impacts identified for the benefit of our

people and ensures our workforce remain at the core of our

transformation programme.

The operational risks arising from our reliance on a skilled and

engaged workforce are directly aligned with the Group’s strategy

and integral to our business model. Our people are central to the

success of the Group’s strategy, with talent and culture being core

enablers of our growth ambition. Refer to page 14 for further

details on our strategy and pages 62-63 for further details on our

related principal risks.

Failure to manage workforce health, safety and working conditions

could lead to material negative impacts on our people. Our policies

on ethical working conditions aim to enhance our reputation and

align with stakeholder expectations, ultimately supporting value

creation. Effectively promoting a culture of inclusion and

supporting employee development enhances wellbeing and

job satisfaction. This, in turn, strengthens retention and fosters

innovation, productivity, and long-term business success.

No material impacts on our workforce were identified from our

transition plans to reduce negative impacts on the environment

and achieve greener and climate-neutral operations.

Human rights

None of Glanbia’s operations are at significant risk of incidents

of forced, compulsory or child labour occurring. Refer to section

‘S1-1 Policies’ on pages 185-186 for more information on our

approach to respecting human rights.

Glanbia promotes equity, fairness and respect for people at all

levels and in all areas across our organisation, discouraging all

forms of discrimination. This includes discrimination pertaining to

pay and benefits, terms and conditions of employment procedures

for dealing with grievances and discipline, dismissal, redundancy,

family-related or other unpaid leave, requests for flexible working,

and selection for employment, promotion, training or other

developmental opportunities, as outlined in the UN Declaration

for Human Rights. This is supported by introducing preventative

measures such as education and training programmes to mitigate

against discrimination and unconscious bias and ensuring

appropriate mechanisms exist to raise and investigate grievances.

Social continued

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

Identification of impacts, risks and opportunities (“IROs”) are driven by the Glanbia DMA process, see pages 145-147. The own workforce

matters assessed as material for Glanbia are focused on the sub-topics of: working conditions and equal treatment and opportunities

for all. The thematic areas of ‘Health and Safety’ and ‘Working Conditions’ relate to the sub-topic of working conditions, the thematic

areas of ‘Inclusion’ and ‘Development’ relate to the sub-topic of equal treatment and opportunities for all. The associated IRO titles

and descriptions are listed below.

Impacts, risks and opportunities

Health and safety

Workplace accidents

Description: For our own workforce who work at manufacturing

and warehouse sites there is potential for work-related

accidents, which can result in a direct impact of major and

life-altering injuries or death.

Classification: Negative, Actual Impact

Location: Own operations, JV operations

Time horizon: Short-term

Workplace injuries

Description: Inadequate management, training and protocols to

operate machinery at a height, the use of chemical or cleaning

substances, could potentially result in harm or injury to workers

working at our facilities. Failure to address these risks could

potentially negatively impact Glanbia’s reputation and/or lead

to operational disruption, fines and legal expenses. This risk is

concentrated within our operations and warehouse facilities under

Glanbia’s operational control and is related to individual incidents.

Classification: Risk

Location: Own operations, JV operations

Time horizon: Short-term

Working conditions

Adequate wages

Description: The impact of ensuring employees are part of a safe

and fair working environment with transparent and regulatory

compliant employment terms and benefits. Achieved by paying a

wage that is fair and upholds the principle of a fair wage for the

value of work performed. This includes paying a remuneration

package that meets or exceeds the statutory minimum

requirements, aligned to the industry standards for the markets

we operate in, supporting a reasonable standard of living.

Classification: Positive, Actual Impact

Location: Own operations, JV operations

Time horizon: Short-term

Employee wellbeing

Description: The ability to provide flexible working arrangements

and employee benefits, such as family leave, positively impacts

employee wellbeing, leading to higher retention rates and

increased employee satisfaction. This support reduces stress,

burnout, and the challenges of managing personal and work

responsibilities, ultimately positively affecting our employees’

overall health and wellbeing.

Classification: Positive, Potential Impact

Location: Own operations, JV operations

Time horizon: Short-term

Inclusion

Equality and equal pay

Description: The impact of promoting equitable treatment and

opportunity by fostering a workplace culture that values gender

equity, embraces diverse backgrounds and abilities, and pays

employees equal pay for work of equal value.

Classification: Positive, Potential Impact

Location: Own operations, JV operations

Time horizon: Short-term

Inclusion and belonging

Description: Our Inclusion and Belonging strategy, outlines

Glanbia’s commitment to building a balanced workforce with

access to equal opportunities for current and potential employees,

through Glanbia’s recruitment and employee progression

strategy. By creating a workplace which is equitable and values

different backgrounds and perspectives, Glanbia contributes to

a positive and collaborative work environment, which positively

impacts our employees’ wellbeing, engagement and retention.

Classification: Positive, Potential Impact

Location: Own operations, JV operations

Time horizon: Medium-term

Development

Training and skills development

Description: Providing attractive training and development

opportunities that help our employees realise their potential and

ambitions has a positive impact on our workforce, improving

employee job satisfaction and sense of belonging.

Classification: Positive, Actual Impact

Location: Own operations, JV operations

Time horizon: Short-term

 Glanbia plc | Annual Report and Financial Statements 2025

S1-1

Policies

At the heart of Glanbia’s purpose, vision, and values lies a strong

commitment to our people, with our ‘Respect for People’ value

at the forefront of how Glanbia operates. We have an established

Code of Conduct, which outlines our principles, values and ethical

standards. The policies summarised in the below section govern

how we manage our material impacts and risk identified.

These policies are on our internal ‘Service Now’ portal and also

publicly available on our website where stated below. Our policies

apply to all personnel employed by or engaged to provide services

to Glanbia and our joint venture operations, over which we have

operational control, including, but not limited to, Glanbia’s Directors,

employees, officers, temporary employees, workers (including

agency workers), casual staff, and independent contractors, unless

otherwise stated. The Chief Human Resources Officer (“CHRO”), is a

member of the Group Operating Executive, is ultimately accountable

for implementation of the following policies (unless otherwise stated)

and exercises ongoing oversight of performance and strategies

aimed at delivering our people commitments.

To monitor the effectiveness of our policies, we track own workforce

formal complaints including those relating to health and safety,

working conditions, inclusion and development reported through

our systems, ensuring that any such complaints are thoroughly

investigated in a timely manner.

For details on the Group Speak Up Policy, refer to the ESRS G1

Business Conduct section page 203.

Health and safety

The Environmental Health and Safety (“EHS”) Policy sets out the

Group’s health and safety commitments which are articulated

under our “Zero Harm” objective. Refer to page 188 for details.

The key components of the EHS Policy that address the material

impact and risk identified are:

• Regulatory compliance: compliance with all applicable local

and international laws where Glanbia operates;

• EHS management system: requirement for all sites to

implement the Glanbia Risk Management System (“GRMS”);

• Ownership and accountability: promotion of accountability

by educating and training our people;

• Collaboration: fostering openness and dialogue on EHS risks

and process improvements; and

• Monitoring and reporting: use of metrics, benchmarks,

trend analysis and dashboards to monitor performance

and to promote continuous improvement.

The EHS Policy is publicly available on our website and posted on

notice boards at all operational sites. Glanbia’s Group Operating

Executive recognises that employee health and safety is a

non-negotiable, with the Chief Supply Chain Officer designated

as Executive sponsor of the Environment, Health and Safety

Leadership Team (“EHSLT”). The EHSLT includes senior operational

and EHS leaders from the business divisions and joint venture. The

EHSLT has the responsibility and authority to drive actions that

monitor and continuously improve health and safety performance

and represent our ‘Zero Harm’ mindset.

To support our central oversight and drive process improvement,

safety dashboards are maintained for each manufacturing site.

This supports the prioritisation of actions and serves as a

communication tool for sites. A monthly dashboard is maintained,

which is presented and discussed at the EHSLT monthly meetings,

with regular results also provided to business division operational

senior leadership and the Group Operating Executive.

Working conditions

Wellbeing

Glanbia’s Wellbeing Policy is focused on ensuring we build and

sustain a workplace that promotes belonging and where employees

feel supported. This is underpinned by actively encouraging and

empowering employees to protect and support their health

and wellbeing.

Employee wellbeing is supported by creating awareness of

available supports for employees and encouraging open dialogue

around health and wellbeing as part of our culture. We promote

connection and empathy through a culture of teamwork and

continuous listening and strive to create an environment where

wellbeing is recognised and embedded in our working practices.

To aid the practical implementation of our Wellbeing Policy,

we have a number of internal procedures, including those relating

to family leave, which put measures in place to actively deliver on

our wellbeing and related work-life balance commitments.

Implementation of our Wellbeing Policy is integrated throughout

the organisation. Senior management is responsible for highlighting

the importance of employee wellbeing and the related programmes

available. HR is measuring our employee wellbeing programmes’

success through established employee engagement forums.

Glanbia monitors year-on-year employee wellbeing trends and

related themes through our engagement survey results which has

questions that specifically address the area of wellbeing. HR

monitors participation in dedicated wellbeing events, including

those offered during our annual ‘Wellbeing Week’.

Adequate wages

The scope of Glanbia’s Adequate Wage Policy applies to our

Group employees only. Our Adequate Wage Policy is committed

to ensuring the payment of a wage that is fair and upholds the

principle of a fair wage for the value of work performed. We are

committed to equal pay for equal work. As an organisation we are

dedicated to paying all employees a remuneration package that

meets or exceeds the statutory minimum requirements, aligned to

the industry standards for the markets we operate in. We believe

that all employees should be compensated fairly in a way that

supports a reasonable standard of living and is market competitive.

Our HR and payroll teams are responsible for investigating and

responding to local grievances related to equal pay or any issues

that fall within the remit of remuneration and pay practices in an

impartial, confidential and timely manner, as well as updating and

maintaining payroll system data to ensure accuracy. The Group

reward team is responsible for ensuring ongoing evaluation of

compliance with legal minimum wage requirements. Employees

are responsible for escalating concerns or perceived violations of

this policy to their local HR team.

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

Inclusion

Inclusion and belonging

The Group Inclusion and Belonging Policy aligns with the Group’s

vision to celebrate individuality, knowing that together we are more.

This policy outlines our commitment to inclusion and a sense of

belonging across our business. It promotes a culture that values

differences and aims to eliminate workplace discrimination.

This policy supports equal opportunities and aims to foster a

supportive and equitable environment for our workforce. As part

of our zero-tolerance approach to discrimination in any form,

we are committed to encouraging inclusion and diversity among

our workforce. While our policy does not explicitly outline people

or groups at particular risk of vulnerability, we enforce a

comprehensive and robust framework to ensure that all workers

are treated fairly and with respect.

This framework is upheld through communication of the policy,

and training and awareness programmes designed to promote

understanding and compliance. To ensure our workforce is treated

fairly, ultimate responsibility for the policy’s implementation rests

with the Human Resource Leadership Team (“HRLT”) which includes

a representative from the joint venture. Additionally, we provide

access to remediation through anonymous reporting channels,

including our independent Speak Up line ‘Safecall’, which empowers

employees to raise concerns in a safe and secure manner.

The key objectives of our Inclusion and Belonging Policy include

building and sustaining a workplace that is inclusive, promotes

belonging and supports our workforce in being able to pursue

their career aspirations and live authentic lives.

Development

Glanbia’s Development Policy applies to our employees, where we

aim to provide training and skills development opportunities that

enhance Glanbia’s talent and support continuous professional

growth. We are committed to building an inclusive culture that

empowers our people to grow and thrive at Glanbia. We foster

a culture of continuous learning through formalised learning

structures. Glanbia’s performance development systems ensure

we track progress, celebrate success and support our career

progression strategy. Key commitments of our policy include

supporting and promoting the development of all employees

through education and training. We aim to enable our people to

gain the skills, leadership capabilities and career pathways to be

future-ready by embedding our career growth tools including

‘MyLearning’ and ‘MyCareer’ into our processes, to optimise

learning and development opportunities.

We continuously strive for equitable access to career progression

opportunities, free from discrimination and bias. We engage in

talent and succession planning to identify high performing talent

and support their career progression to accelerate their

development within Glanbia.

To monitor the effectiveness of our policy and implementation

of the related initiatives, we track employee satisfaction regularly

through our Employee Engagement Survey ‘Your Voice’. We conduct

annual talent and succession review processes across all locations

as appropriate. We review the level of participation in training and

performance development plans.

Our approach to respect for human rights

Based on Glanbia’s established risk management framework,

DMA and review of our value chain, we determined that the human

rights risks most likely to arise within our value chain are located in

our upstream value chain and own operations, while downstream

partners are considered low risk. To identify and prioritise the

salient human right risks within our own operations, we engaged

a third-party to support in a targeted human rights impact

assessment (“HRIA“) across our own operations and those of our

joint venture. The insights gained informed our human rights risk

management and due diligence processes, which are developed

and maintained in line with the Organisation for Economic

Co-operation and Development (“OECD”) Responsible Business

Conduct framework.

This HRIA included an analysis of human rights risks, amongst

which those of forced labour, modern slavery and child labour

were assessed in relation to the countries and industries in which

Glanbia operates.

The HRIA included country-level scoring for forced labour, modern

slavery and child labour risks to identify specific geographies as

high or very high risk. However, upon review of Glanbia’s operations

within these geographies and based on the activities performed

at these locations, none of Glanbia’s operations were determined

to be at significant risk of incidents of forced, compulsory or

child labour.

The HRIA also included industry-level scoring for forced labour,

modern slavery and child labour risks to identify specific activities

as high risk. The manufacture of ‘other food products’ was deemed

higher risk. However, upon review of the respective site locations

where the manufacture of ‘other food products’ takes place none

were determined to be of significant risk of incidents of forced,

compulsory or child labour.

We uphold human rights across our operations and value chain by

maintaining grievance mechanisms that identify potential adverse

impacts, facilitate access to remediation, and drive continuous

improvement. In addition, we leverage a third-party platform

(EcoVadis) to support our due diligence efforts and risk assessment

across both our internal operations and upstream value chain.

Glanbia engages in the EcoVadis scorecard process to evaluate

its own ESG performance, including performance regarding labour

and human rights, to identify risks and areas for improvement.

Most of our large manufacturing sites are also registered on

SEDEX (Supplier Ethical Data Exchange) and maintain up-to-date

Self-Assessment Questionnaires, covering business practices,

policies, and workforce details. This enables our personnel at

site-level to assess compliance, identify human rights risks and

improve working conditions. Through the incorporation of these

elements into external assessments, Glanbia is able to continuously

review and action any associated improvement areas identified.

Human Rights

Our Human Rights Policy explicitly documents our commitment to

ensuring freedom of association, the right to collective bargaining,

elimination of forced or compulsory labour, effective abolition of

child labour, and elimination of discrimination in employment and

occupation, among other critical issues. Our Supplier Code of

Conduct includes safety of workers and human rights related

principles addressing human trafficking, forced and child labour.

 Glanbia plc | Annual Report and Financial Statements 2025

This includes safety of workers, precarious work (i.e. the use

of workers on short-term or limited hours contracts), workers

employed via third parties, sub-contracting to third parties or

use of informal workers, human trafficking, and the use of forced

labour or child labour in line with the standards of the International

Labour Organisation’s (“ILO”).

Our Human Rights Policy and Inclusion and Belonging Policy

address our approach to discrimination against employees and

other workers on the basis of racial and ethnic origin, colour, sex,

sexual orientation, gender identity, disability, age, religion, political

opinion, national extraction or social origin, or other characteristics

protected by union regulation or applicable law. We take seriously

all reports of discrimination, harassment, unlawful actions, or

any conduct that does not align with our Code of Conduct and

Group policies.

Glanbia is dedicated to maintaining the highest standards of

business and ethical conduct, ensuring compliance with applicable

laws, regulations, and internal policies. Glanbia’s Human Rights

Policy outlines our commitment to upholding internationally

recognised workers’ rights throughout our value chain. Our Human

Rights Policy aligns with internationally recognised frameworks,

including the United Nations (“UN”) Guiding Principles on Business

and Human Rights, the ILO’s Declaration on Fundamental

Principles and Rights at Work, and the OECD Guidelines for

Multinational Enterprises.

This policy underscores our commitment to upholding essential

human rights within our own workforce, explicitly opposing human

trafficking, forced or compulsory labour, and child labour.

We continue to closely monitor the channels designed to capture

potential or actual breaches of human rights, including our due

diligence procedures and channels to raise concerns.

S1-2

Process for engaging with own workforce

Glanbia supports open dialogue, encouraging our own workforce

and joint venture workers to engage through their line manager and

the other channels available to them.

Glanbia’s engagement with our people focuses on understanding

their perspectives and integrating these insights into our decision-

making processes and responding to their feedback effectively.

We value input from our employees and other workers, and

encourage them to freely express their views and insights with their

line manager and leadership. We engage with our own workforce

at multiple touchpoints including onboarding, performance

appraisals, and training sessions, as well as during the DMA

process and due diligence activities.

We gather feedback from several key engagement channels to

guide our decisions and activities to address both actual and

potential material impacts on our employees and joint venture

workers, including through our Workforce Engagement Director,

engagement surveys, dedicated engagement events and

workforce representatives.

Workforce Engagement Director

To support workforce engagement we have a designated

Workforce Engagement Director. The role of the Workforce

Engagement Director, who is a Non-Executive Director, is to

amplify and represent the voice of employees in Board discussions

and to actively engage with employees through annual employee

focus groups. This approach enables the Board to gain deeper

insights into the workforce’s perspectives, supporting more

informed discussions and decision-making.

Social continued

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

Through our people-related programmes, we actively work to

identify and address workforce risks, across various employee

categories, which may include groups potentially vulnerable

to negative impacts or marginalisation.

Engagement survey

Facilitated by our culture of continuous listening, we measure

our engagement and identify areas we need to address through

our annual employee engagement survey, ‘Your Voice’.

We use the year-on-year analysis of the results of the survey to

assess the effectiveness of engagement performance with our

workforce, comparing trends and overall themes noted within

related feedback sessions. This helps to determine actions required,

evaluate the effectiveness of our programmes, gather employee

feedback to enhance inclusivity, foster a positive workplace, and

guide future initiatives.

Feedback is considered and integrated into policy and initiative

development. People managers have digital access to their team’s

engagement data, enabling faster action planning and the ability

to focus on their specific areas of improvement opportunity. This

facilitates an immediate local response to themes identified. All

managers are expected to ensure continuous dialogue and follow

up on agreed actions within their teams. The approach for this is

guided by leadership training programmes and support from HR.

The effectiveness of the engagement survey process is assessed

through participation rates and the volume of comments included

within the responses.

Engagement events:

Employee focus groups

Our Group Chair, CHRO and Workforce Engagement Director

participated in listening sessions throughout the year, with several

employee focus groups across the Group. These sessions are

designed to be open and constructive, enabling employee views

to be captured and then considered in Board discussions and

decision-making. These sessions also provide an opportunity to

engage with leaders, gather insight on culture and engagement

levels, and bring valuable perspectives to the boardroom. The

effectiveness of these events is assessed through the level of

attendance, interaction and open discussion held.

Townhall events

Our Group Chair, Chief Executive Officer and Group Operating

Executive take an active role during the Group townhall meetings,

held throughout the year. These forums provide the opportunity to

reinforce our culture and values, hear from our employees on key

initiatives within the respective divisions and give employees the

opportunity to pose questions directly to our senior leaders, either

in the room, or through submission in advance of the meeting. The

effectiveness of these events is assessed through feedback surveys,

the results of which are integrated into the planning of future events.

Employee Resource Groups

Glanbia’s Employee Resource Groups (“ERGs”) were established

to ensure that the voices of employees in underrepresented

communities are heard across our organisation. ERGs are open to all

employees, including non-members of the designated community.

We have a process in place, available to all employees, on how to

start up an ERG to represent a population not already served.

Our LGBTQIA+ group ‘True Colours’ focuses on allyship and mental

health as part of its programme. This includes the development of

a visibility toolkit to show openness and support for people in the

community, as well as focusing on a broader education programme

for employees. Our multicultural group ‘Mosaic’ aims to highlight

the diverse perspectives of our employees from different racial,

ethnic and cultural backgrounds. Our women’s network ‘Glanbia

NOW’ provides a forum to address workplace and career-related

challenges and strategies with a focus on women.

Our newest ERG ‘Impact’ is focused on individuals early in their

career and or new to Glanbia, with the mission of the group to

“create moments of development and connection tailored for

those in the early stages of their professional journey or those

who have recently joined the organisation”.

Employees across our own workforce have signed up to these ERGs,

which serves as a direct employee interaction channel. ERGs play

a role in determining mitigation approaches to the challenges

experienced by their members and evaluating the effectiveness

of our initiatives. The type and frequency of engagement through

ERGs, including meetings, workshops, speaker events and mentoring

programmes are determined at the regional level, ensuring that

local needs and contexts are appropriately addressed.

The effectiveness of these groups is assessed through the volume

of activity and participation levels throughout the year.

Employee representatives

We engage with employee representatives in countries where

worker representatives are active. This is done on a country-by-

country basis. This engagement occurs through regular meetings,

the frequency of which is determined at the country level, guided by

local agreements and overseen by local HR. Additionally, employee

representatives guide these structured interactions. Their role

adapts to include consultative, advisory, and endorsement

functions based on local needs, ensuring contributions are

relevant and aligned with each country’s unique context.

The effectiveness of engagement with employee representatives

is measured by direct engagement and the level of open internal

dialogue with employees in scope and is managed at a local

HR level.

Responsibility for Glanbia’s overall employee engagement

strategy and standards rests with the CHRO, while our HRLT is

responsible for executing our employee engagement approach.

Additionally, our Workforce Engagement Director plays a key role

at Board-level, ensuring employee perspectives are integrated

into high-level decision making.

Glanbia’s principles relating to freedom of association and the

right to collective bargaining are outlined in Glanbia’s Human

Rights Policy. We do not have a global framework agreement

with social partners.

S1-3

Processes to remediate negative impacts

and channels to raise concerns

Glanbia strives to create an environment where open and honest

communication is embedded into how we operate. As a first step,

we encourage our workforce to raise concerns with their

immediate line manager where they believe potential violations

of our Code of Conduct, policies, regulations, industry standards

or applicable laws have occurred.

 Glanbia plc | Annual Report and Financial Statements 2025

Where an individual feels uncomfortable doing so, we have a

number of channels to raise a concern including to Senior Local

Management, Senior Group Management and through our

independent Speak Up reporting service ‘Safecall’.

In addition, to support our employees globally we provide access

to an Employee Assistance Programme, offering an additional

confidential support mechanism for employees to discuss and gain

external advice on issues relating to their working and/or personal

life. Issues raised outside the ‘Safecall’ channel are managed

locally with appropriate HR and Group Legal support as required.

We track any reported complaints, ensuring that they are

investigated in line with established processes, and that

appropriate action is taken where complaints are substantiated.

Potential remedies include: implementing changes to how Glanbia

conducts its operations; initiating disciplinary proceedings

following local procedures; and initiating immediate actions to

cease, mitigate and remedy any negative adverse impact which

has been identified.

Refer to the ESRS G1 Business Conduct section, on page 203 for

details on Glanbia’s Speak Up Policy, governance and related

oversight procedures. We take proactive steps to ensure that our

workforce and joint venture workers are aware and reminded of

the grievance mechanisms available. This awareness is built into

various aspects of our employee experience, including:

• Code of conduct training: As part of our training programme,

we include specific modules on our Speak Up Policy; and

• Internal information campaigns: We regularly communicate

with our workforce through various internal channels, including

via our intranet page, ‘Our Glanbia’, to remind our people about

the availability of grievance channels and encourage their use.

We also have contact details posted on noticeboards and

information screens within our facilities.

The Group Speak Up Policy, available on our intranet and external

website, provides guidance for individuals who wish to raise

certain concerns or issues about Glanbia in confidence and sets

out clearly that Glanbia values those who raise concerns in good

faith and will not tolerate retaliation.

S1-4

Actions

Glanbia has established processes to manage the workforce

impacts and risk, that support our policy goals and help us meet

our policy commitments for health and safety, working conditions,

inclusion and development. We track the effectiveness of these

efforts using selected metrics aligned with these commitments

and objectives. The actions described below all fall under business

as usual, and resources required are budgeted as part of the

financial planning process. For further details, please see the

‘Metrics’ section on pages 191-196.

Health and safety

Although we strive for a ‘Zero Harm’ workplace, accidents that

result in injuries or illnesses do occur. To avoid contributing to

material negative impacts, Glanbia sites follow a global EHS

management system “GRMS” which provides a risk management

framework and standards based on industry best practices and

defines responsibilities and accountabilities at all levels.

In 2025, we took the following key actions to progress our health

and safety policy objectives and targets:

An EHS Centre of Excellence was established to streamline the

governance of our EHS standards, reflecting the new Group

reporting structure and providing central Group support to the

EHSLT in its programme execution.

We reinforced our commitment to health and safety for our

people by updating our GRMS programme and EHS Policy. These

resources aim to raise safety standards, track leading indicators,

and implement proactive strategies to manage safety and reduce

risk associated with manufacturing and warehouse sites, such as

working at height and use of chemical and cleaning substances

during the manufacturing process.

A focus area of our GRMS programme this year was continued

support and encouragement of our peer-to-peer observation

process and promotion of a culture of near-miss reporting. Driven

by the EHSLT, the importance of reporting any health and safety

concerns, through the available channels including near-miss

reporting, behaviour-based safety studies and job-safety

assessments was emphasised. These channels provide a structured

forum to track issues and ensure remedy implementation.

Improvements were made to the monthly dashboard, leveraging

insights from our EHS data management system. This is a key

communication tool at an operational level which supports the

understanding of trends/common injuries for awareness,

education and the identification of any control deficiencies.

A number of audits by third parties were conducted, which focused

on measuring site compliance with the updated GRMS programme.

In 2026, we will continue to develop programme enhancement with

respect to GRMS to drive process improvement from our near-miss

and root-cause analysis reporting.

For health and safety performance, we reviewed the effectiveness

of the key actions taken in 2025 and our related metric

performance, refer to page 194, and will carry forward the lessons

learned as we execute the delivery of our short-term actions in 2026.

Working conditions

Glanbia is committed to ensuring every employee has the

opportunity to thrive. As part of our continuous listening approach,

we gather insights around employee wellbeing and the

effectiveness of various wellbeing programmes, resources

including training modules, policies, and relevant information

available through Glanbia’s intranet ‘Our Glanbia’. We regularly

review our compensation and benefits ensuring we are meeting the

needs of an ever-changing workforce. We see these elements as

critical to talent attraction, retention and a key driver of employee

engagement – core elements of successful strategy execution.

In 2025, we executed the following key actions to progress our

policy objectives related to working conditions:

Wellbeing

We continued to gather employee feedback through our Employee

Engagement Survey ‘Your Voice’ to gauge key issues impacting

the wellbeing of our workforce, which was supported by pulse

surveys to gather employee feedback throughout the year. This

resulted in the identification of a number of actions focused on

enhanced communication, supporting development, celebrating

achievement and reinforcing our commitment to wellbeing by

enhancing benefits such as health insurance.

Social continued

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

We organised workplace wellbeing weeks and global wellbeing

initiatives, as well as local initiatives that include physical exercise

and nutrition classes, and engagement through our ERG events.

We launched the recognition platform ‘Cheers!’, which is accessible

to all employees through multiple channels. This platform includes:

• ‘Milestone/Years of Service Programme’ to support recognising

employee tenure in Glanbia.

• ‘Cheers to Peers’ is our values-based recognition programme

that leverages digital cards and allows everyone to recognise

colleagues for demonstrating Glanbia’s values.

• ‘Moments That Matter’ is a new recognition programme to

celebrate personal life events, which allows employees to send

good wishes to another colleague for important life events.

Adequate wages

We reviewed our process and controls documentation to support

future external reporting requirements in relation to our payroll-

related metrics, including completion of a salary inventory review

to support the identification of process improvement measures.

The following sections outline the future focused actions planned

to progress our working conditions policy objectives:

Wellbeing

A number of improvement areas were identified based on the

analysis of this year’s engagement survey results. Glanbia is

committed to addressing these improvement areas during 2026,

including standing up additional channels to communicate

strategy and operational change and reviewing the rollout

of additional wellbeing supports.

Adequate wages

In 2026, Glanbia will continue to review our payroll processes

including our control procedures related to adequate wages to

ensure employees are paid appropriately.

For both material topics, we reviewed the effectiveness of the key

actions taken in 2025, and will carry forward the lessons learned

as we execute the delivery of our future actions, taking into

account the insights from our engagement channels.

Inclusion

Glanbia is focused on our commitment to nurture talent and

provide an environment where employees can fulfil their career

aspirations and potential. This is underpinned by the principle of

equal treatment and opportunity so that all employees have

access to equal opportunities including learning and development,

regardless of background or personal circumstance.

To support our inclusion objectives, Glanbia conducted a deep and

comprehensive talent review to identify and elevate appropriate

candidates for succession to more senior roles.

We refreshed the infrastructure of our ERGs, setting them up for

long-term success. Areas of focus included: formalised succession

planning, centralised membership management and new hire

engagement and refreshed ERG purpose and pillars framework.

Throughout the year, Glanbia celebrated a number of global days

of recognition focused on celebrating the diversity and cultural

differences of our people, these events were supported by a series

of microlearnings available on our dedicated learning platform.

An “Inclusive Leadership” module was added to our leadership

development programme ‘Leading the Glanbia Way’ designed to

provide our employees with a foundational set of leadership skills

which reflect Glanbia’s values.

Future focused actions planned to progress our inclusion related

policy objectives include:

In 2026, we will continue to roll out a number of training

programmes to our employees across the regions we operate in,

whilst ensuring compliance with regional law and regulations.

We will also focus on our ERG succession planning, ensuring that

we rotate our Executive Sponsors and Committee leads, to bring

new perspectives and ideas to the groups.

In the medium-term, we plan to further enhance our executive

leadership development programme to reinforce the importance

of inclusive leadership.

Development

Our actions are based on providing mechanisms to deliver equal

opportunity such as a defined talent acquisition process and review.

These actions are supported by training and skills development

opportunities that enhance Glanbia’s talent and support

continuous professional growth, framed around formalised

processes and technology enablement.

Resources used to support our development programmes include

the SuccessFactors HR platform and a centralised Learning

Management System, which are underpinned by dedicated HR

teams across talent, development and culture and belonging.

In 2025, we took the following key actions to progress our

development related policy objectives:

We provided a range of targeted talent and leadership

development initiatives to accelerate the advancement of critical

skills, capabilities and the talent pipeline required for future

growth. This included offering tailored programmes aligned to our

leadership capability model. Programmes delivered during 2025

included: ‘Leading to Accelerate’ for emerging leaders; and

‘Leading the Glanbia Way’, our foundational programme that

introduces our leadership capability model.

In feedback from the recent Your Voice survey, our people shared

their desire for more opportunities to focus on growth and

development and feel more connected to Glanbia. In response,

as part of Glanbia’s commitment to taking action, ‘Development

Days’ was initiated. This initiative focuses on delivering meaningful

learning opportunities and moments of connection to help our

people grow with purpose. In 2025, this included live sessions with

Glanbia leaders, external speakers, a rich library of on-demand

content, and curated learning tracks in four key areas: business

acumen; professional and career development; leadership skills,

and digital skills.

Future focused actions planned to progress our development

related policy objectives include:

In 2026, further training will be provided to our people leaders to

ensure they have the toolkit to support our employees in building

their development plan and encourage the use of the Glanbia

performance development process to drive accountability

and progress.

For both material topics of Inclusion and Development, we have

reviewed the effectiveness of the key actions taken in 2025, and

will carry forward the lessons learned as we execute the delivery

of our short-term actions in 2026 and undertake further planning

for our medium-term actions thereafter.

 Glanbia plc | Annual Report and Financial Statements 2025

S1-5

Targets

Health and safety

In alignment with our strategic objective of reducing negative

impacts on and managing material risks to our own workforce,

we review and set our Total Recordable Incident Rate (“TRIR”)

and Lost Time Incident Rate (“LTIR”) targets annually at a rate

better than the selected industry benchmark (which is the North

American Industry Classification System (“NAICS”). The NAICS

aligns with the US Occupational Safety and Health Administration

standards (“OSHA”), which uses 200,000 hours instead of

1,000,000 hours within the TRIR and LTIR calculation. As a result,

to benchmark against the NAICS Industry benchmark rate, the

ESRS TRIR and LTIR is divided by five. Glanbia’s targets apply to

workers of the wholly-owned and joint venture sites. This target

was set following Glanbia’s internal procedures, including

consultation with employee representatives through the

Site Safety Committees and the EHSLT.

Target for FY 2025

To outperform the NAICS Industry benchmark

rate of:

3.60

TRIR

2.60

LTIR

For more information on the methodology and assumptions used to

calculate the TRIR and LTIR and related health and safety metrics,

please refer to our ‘S1-14 Health and safety’ metric disclosure on

page 194. This target aligns with our broader policy of being

committed to continuous improvement in providing a safe and

healthy workplace for our people. Performance against these

targets is tracked and communicated on a monthly basis, by site,

through a Group-wide dashboard.

The actions taken have delivered a TRIR performance of 7.0 and

LTIR performance of 2.3 when calculated based on 1,000,000 hours

for the wholly-owned business (based on the OSHA prescribed

200,000 hours for the TRIR and LTIR is 1.4 and 0.5 respectively)

The joint venture TRIR and LTIR performance for 2025 is 15.0 and

9.3, respectively (based on the OSHA prescribed 200,000 hours

for the TRIR and LTIR, the result is 3.0 and 1.9 respectively).

Looking ahead, we remain dedicated to continuous improvement

and will outline a new target for 2026 based on the factors

previously referenced. Everyone has a role to play in our health and

safety ambition, and in this context our approach to safety starts

with our people. Much of the implementation of our strategy is

centred around training and upskilling, ensuring our people have

the skills and capabilities they need to feel empowered, lead by

example and challenge unsafe conditions and behaviours. Our

near-miss reporting and root-cause analysis procedures are core

to driving this continuous improvement.

Working conditions, Inclusion and Development

Specific quantitative targets and a base year have not been

adopted for the identified working conditions, inclusion, and

development impacts. Based on a review of our current

programmes, internal assessment, stakeholder engagement and

third-party input, we are evaluating the appropriate targets for

the Group to track our performance and drive progress and will

report on these in future reporting. This approach ensures our

related programmes evolve to meet workforce needs while

remaining aligned with the Group’s long-term strategy.

Social continued

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

S1-6

Characteristics of employees

Workforce data is taken from SuccessFactors, Glanbia’s internal Human Capital Management (“HCM”) system, and reflects average

headcount over the full year 2025.

The figures below include employees in Glanbia’s wholly-owned operations and excludes Glanbia non-employees, joint venture

employees and joint venture non-employees. Average headcount associated with the Sweetmix acquisition is included for the full year,

while average headcount associated with the divestment of SlimFast and Body & Fit are excluded for the full year. This equates to a

difference of 74 employees more, if a pro-rata calculation is applied, than the ‘total employees’ number listed below.

For corresponding information in our Group Financial Statements relating to headcount, see note 7 on page 248.

Employee headcount by gender

Gender Employees (headcount)

Male 3,051

Female 2,003

Other 2

Not reported 0

Total employees 5,056

Employee headcount by country

Total number of employees broken down by country for countries

in which Glanbia has 50 or more employees and representing at

least 10% of its total number of employees.

Country Employees (headcount)

USA 3,299

Ireland 550

Employee headcount by gender and contract type

Metric Female Male Other Not disclosed Total

Number of employees 2,003 3,051 2 0 5,056

Number of permanent employees 1,949 3,012 2 0 4,963

Number of temporary employees 54 39 0 0 93

Number of non-guaranteed hours employees 0 0 0 0 0

Employee headcount by contract type and region

Metric ASPAC EMEA LATAM North America Total

Number of employees 325 1,198 133 3,400 5,056

Number of permanent employees 316 1,129 133 3,385 4,963

Number of temporary employees 9 69 0 15 93

Number of non-guaranteed hours employees 0 0 0 0 0

Employee turnover

Turnover rate and total number of employees who left the undertaking during the reporting period.

Metric Turnover rate Leavers

Overall turnover 21% 1,076

 Glanbia plc | Annual Report and Financial Statements 2025

S1-9

Diversity

The tables below summarise the gender distribution of Glanbia’s

global senior management and the age distribution among all

Glanbia employees for 2025.

Gender distribution senior management

Senior management Number %

Male 76 72

Female 30 28

Other 0 0

Not disclosed 0 0

Total 106 100

Age distribution all employees

Employees, by age Number %

Under 30 963 19

30-50 2,826 56

50+ 1,267 25

Total 5,056 100

Accounting policy

Workforce data is taken from SuccessFactors, Glanbia’s internal

HCM system, and reflects the average headcount over the full

year 2025. Average headcount associated with acquisitions is

recognised for the full year, while average headcount

associated with divestments are excluded for the full year.

Headcount relates to employees only and excludes any external

workers or students/interns who joined Glanbia temporarily to

fulfil academic work experience. The data on gender is based

on self-reported information through our internal HR system.

Employees can verify their personal information in this system.

Employees

This means individuals employed by Glanbia – for a definite

or an indefinite duration – and paid through payroll (excluding

students/interns) in Glanbia’s own operations.

Non-employees

This means individuals working as students and interns who have

joined Glanbia temporarily to fulfil academic work experience

and defined external workers, including temporary workers

employed through labour agencies, seasonal contractors and

self-employed individuals, who are contracted to provide work

to Glanbia under Glanbia’s direct supervision, invoicing Glanbia

for work done. Note that vendors, external contractors and

consultants not under the direct supervision of Glanbia are not

included in the above definition and are thereby excluded from

the reported metrics.

Permanent employees

Employees hired directly by Glanbia on a contract of

employment for an indefinite duration.

Temporary employees

Employees hired directly by the company on a contract of

employment where the end of the contract is determined by

an objective condition such as arriving at a specific date,

completing a specific task or the occurrence of a specific event.

Non-guaranteed hours

Non-guaranteed hours are defined as employees employed

with no contractual assurance of a minimum or set number

of working hours.

Regions

Regions are categorised as Asia Pacific (“ASPAC”), Europe,

Middle East and Africa (“EMEA”), Latin America (“LATAM”),

and North America.

Employee turnover

Employee turnover is defined as the cumulative headcount

of employees who left Glanbia (leavers) in a period, whereas

the “employee turnover rate” is defined as the proportion of

employees who left Glanbia (leavers) expressed as a percentage

of overall average headcount. Employee turnover rate is

calculated by taking the total number of leavers over the time

period divided by the average headcount for that time period.

Leavers

Leavers include all leavers both voluntary (resignations)

and involuntary (dismissals, reorganisations, retirements, etc.)

but excludes medical leavers and those leaving due to the end

of their contract.

Gender distribution senior management

Senior management (top management) is defined as executives

plus all employees that fall within the top three employee band

categories. This calculation is based on an average taken over

the reporting period. Employees of the recent acquisition

Sweetmix are not included within this metric as their employee

band categories have not yet been assigned.

Age distribution all employees

The age distribution of employees is calculated by aggregating

the total headcount of employees under 30 (29 or younger),

employees between 30 and 50 (30 to 49), and employees aged

50 or above. This calculation is based on an average taken over

the reporting period.

Social continued

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

S1-10

Adequate wages

During 2025, Glanbia’s employees, as described in S1-6 on

page 192, were paid an adequate wage in line with applicable

benchmarks. To ensure that our employees receive an adequate

wage, Glanbia compared requirements aligned to the industry

standards on a country-by-country basis.

S1-16

Remuneration

As part of our commitment to inclusion and belonging, we

prioritise equal opportunity and fairness through merit-based

advancement, equal pay, and inclusive hiring practices. We

conduct regular reviews of pay equity, promotion, and workforce

demographics to ensure our policies consistently promote fairness

and inclusivity. We invest in education, awareness and analysis on

pay equity and continue to evolve and enhance our underlying

processes and practices to reflect our reward philosophy and best

corporate governance practices.

Gender pay gap

The gender pay gap for 2025 is favourable to male employees by

1.16%. The gender pay gap is calculated by comparing the average

pay levels between female and male employees, expressed as a

percentage of the average pay level of male employees.

Total remuneration – CEO: median employee

The annual total remuneration ratio of our highest paid individual

to the median total remuneration for all employees (excluding

the highest-paid individual) for 2025 is 57.52. The annual total

remuneration ratio is calculated by comparing the CEO’s

remuneration (highest paid individual) to the median annual total

remuneration for all Glanbia’s own employees (excluding the CEO).

A significant portion of the CEO’s remuneration is delivered through

Glanbia’s short-term and long-term incentive plans where awards

are linked to Group performance and share price movements over

time. This means that ratios are weighted significantly by the

outturns of short-term and long-term incentive plans and may

fluctuate from year-to-year as a result.

Accounting policy

The payroll data used for comparison of pay levels was base

salary, fixed allowances and variable pay. Payments related

to overtime were excluded. The payroll data, for base pay

and any fixed allowances, was an annualised figure based

on October 2025, which incorporated the annual salary

adjustments. Variable pay was aggregated across a

twelve-month period.

Accounting policy

The payroll data used for comparison of pay levels was base

salary, fixed allowances and variable pay. Payments related

to overtime were excluded. The payroll data, for base pay

and any fixed allowances, was an annualised figure based

on October 2025, which incorporated the latest annual

salary adjustments which occurred in July 2025 as part of

our annual pay planning review cycle. Although the data

extracted does not align to the 2025 financial year, checks

were undertaken and no material differences were identified

between the periods in headcount, number of promotions or

out-of-course salary increases.

 Glanbia plc | Annual Report and Financial Statements 2025

S1-14

Health and safety

At Glanbia, we work diligently to drive a culture of safety at work,

and we strive for ‘Zero Harm’. We foster a ‘Zero Harm’ culture

within the organisation, supported by targeted communication,

workshops, and various leadership initiatives, as a result of which

we have seen further improvement in health and safety outcomes

in 2025.

As outlined on page 181, Glanbia applies an operational control

boundary with respect to our MWC-Southwest Holdings LLC

joint venture where Glanbia has the authority to introduce and

implement operating policies in accordance with our strategy.

To reflect the remit of our Health and Safety Management System

and related performance, for which Glanbia is responsible,

the table below outlines our health and safety performance for:

• our wholly-owned business, employees (mandatory

requirement of S1-14) and non-employees, and

• our joint venture business, employees and non-employees

(noting these are classified as S2 Workers in the value chain

under ESRS).

Refer to the accounting policy section below for the definition

of each of these categories.

100% of Glanbia’s own workforce is covered by the Group’s Health

and Safety Management system based on legal requirements

and/or recognised standards or guidelines. Zero fatalities as a

result of work-related injuries or work-related ill health were noted

during 2025 across all wholly-owned and joint venture sites.

Metric Unit

Wholly-

owned 2025

Joint

venture

2025

Total

operational

control 2025

Total recordable work-related accidents Number 77 21 98

Employees 66 19 85

Non-employees 11 2 13

Total rate of recordable work-related accidents (“TRIR”) Injuries per million hours worked 7.0 15.0 8.0

Employees 6.7 14.3 7.6

Non-employees 10.3 27.3 11.4

Total number of lost time cases Number 25 13 38

Employees 22 12 34

Non-employees 3 1 4

Total rate of lost time cases (“LTIR”) Injuries per million hours worked 2.3 9.3 3.1

Employees 2.2 9.0 3.0

Non-employees 2.8 13.7 3.5

Social continued

Accounting policy

Work-related accidents: refers to an incident that causes

injury or illness.

Work-related injuries: includes but is not limited to, bruising,

cuts and lacerations, burns, muscle pulls/strains (ergonomic-

related injuries), fractures and/or contact with chemicals.

Work-related illness: includes diseases caused by chemical

and physical agents, biological agents and infectious or

parasitic diseases, respiratory and skin diseases,

musculoskeletal disorders, mental and behavioural disorders,

occupational cancer and other occupational diseases as listed

in the ILO list of Occupational Diseases.

Total recordable injuries and incidents of ill-health are captured

according to the OSHA definition.

Lost time case: occupational injury/illness which results in the

injured employee/non-employee not being able to work their

next (scheduled) shift.

Total hours worked: the total number of hours (regular and

overtime) worked by all employees/non-employees.

TRIR calculation: total number (#) of recordable cases

(injuries and illnesses) x 1,000,000/total hours worked.

LTIR calculation: total number (#) of lost time cases x

1,000,000/total hours worked.

Note: operationally, Glanbia calculates the TRIR and LTIR using

the US OSHA standard methodology, which applies the same

calculation approach as ESRS except that the OSHA standard

calculates injuries per 200,000 hours worked instead of

1,000,000 hours worked, which effectively means dividing

the ESRS TRIR and LTIR metric results by five. The Group TRIR

and LTIR using 200,000 hours equals 1.6 and 0.6 respectively.

Employee and non-employees: refer to ‘S1-6 Characteristics

of employees’ section page 192. The same employee and

non-employee classification applies to our joint venture

operations as it does to our wholly-owned business.

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

S1-17

Human rights related complaints

This metric addresses work-related incidents, issues, complaints,

and severe human rights impacts affecting our own workforce

as captured and managed through a defined HR process and

independent speak up facility ‘Safecall’. It encompasses issues

reported by current Glanbia employees and those raised by

individuals linked to Glanbia through our direct and indirect

business relationships.

We are committed to complying with all applicable employment

and labour laws and providing an inclusive work environment,

free of all forms of unlawful harassment and discrimination.

Of the total incidents/complaints received, all 58 were reviewed

and 91% have been closed following review and relevant action.

Metric Unit 2025

Number of incidents of discrimination, including harassment 34

Number of complaints filed through channels for people in own workforce to raise concerns 58

Complaints filed to National Contact Points for OECD Multinational Enterprises 0

Fines, penalties and compensation for damages as a result of incidents of discrimination, including harassment

and complaints filed

$ 0

Number of severe human rights incidents, including cases of non-respect of UN Guiding Principles and OECD

Guidelines for Multinational Enterprises

Fines, penalties and compensation for damages as a result of severe human rights incidents $ 0

 Glanbia plc | Annual Report and Financial Statements 2025

Workers in the

value chain

ESRS S2

Strategy

Based on the European Sustainability Reporting Standards

(“ESRS”) definition, workers in the value chain include employees

in our joint venture, MWC-Southwest Holdings LLC, and workers

within our wider value chain. The Glanbia Double Materiality

Assessment (“DMA”) impacts, risks and opportunities (“IROs”)

relate to two distinct categories of workers in the value chain:

Employees of our joint venture: Given that Glanbia has operational

control over the joint venture, its employees have a number of IROs

which are identical to those applicable to Glanbia’s own workforce.

Therefore, material IROs relating to joint venture employees, including

their relevance to strategy and our business model, are addressed

alongside Glanbia’s own workforce disclosures in ESRS S1. The relevant

IRO topics pertaining to joint venture employees which are addressed

in ESRS S1 are described in more detail in the section below.

Workers within our suppliers: The shared mission statement of

Glanbia’s procurement team is to “create value for all stakeholders

through responsible procurement”. This involves working to source

products and services in an ethical, sustainable and socially-

conscious way. Responsible sourcing is a core element of Glanbia’s

procurement strategy and aligns with Glanbia’s core values

including ‘Respect for People’. We work to achieve this by driving

greater awareness and understanding across our procurement

teams of responsible sourcing practices, actively engaging with

suppliers and applying responsible sourcing criteria to our supplier

selection decisions.

To effectively manage the identified impact and risk, and to

maintain a strong oversight of our supply chain, we have an

established governance structure and responsible sourcing

management system. Two material IROs were identified through

the DMA relating to responsible sourcing relevant to workers in our

value chain. The policies, actions, metrics and targets described

in this section of the disclosure focus solely on this cohort.

Impacts, risks and opportunities

The identification of IROs is driven by the DMA process, see pages

147-149. As outlined within the opening section of this topic

disclosure, the IROs pertaining to employees of our joint venture

are addressed within the ESRS S1 disclosure and relate to the

below topics (in bold), with the applicable impact and risk title

listed underneath. Refer to page 183 within the ESRS S1 disclosure

for details:

Health and safety

Impact: Workplace accidents

Risk: Workplace injuries

Working conditions

Impact: Adequate wages

Impact: Employee wellbeing

Equal treatment and opportunities for all

Impact: Equality and equal pay

Impact: Inclusion and belonging

Impact: Training and skills development

The IROs pertaining to workers within our suppliers are addressed

within this section.

The following material IROs were noted relating to the topic

of other work-related rights addressed as part of Glanbia’s

responsible sourcing approach:

Responsible sourcing

Description: Glanbia engages in responsible sourcing as part

of its upstream activities, by establishing supplier selection

criteria and integrating environmental, social and governance

considerations into procurement systems and processes.

Glanbia helps to support a more ethical supply chain by

supporting suppliers who have positive impacts. Glanbia’s

responsible sourcing practices also help the organisation avoid

relationships with irresponsible suppliers that neglect to address

issues surrounding human rights, such as forced and child labour,

which ultimately contributes to the prevention of such practices.

Classification: Positive, Actual Impact

Location: Upstream

Time horizon: Short-term

Responsible sourcing process breakdown

Description: A breakdown of Glanbia’s responsible sourcing

procedures, potentially leading to non-compliance with

regulatory requirements relating to the protection and rights

of workers in the supply chain, including Human Rights and

Modern Slavery and Human Trafficking laws. This may negatively

impact investor sentiment and expose the Group to reputational

damage, fines and penalties.

Classification: Risk

Location: Upstream

Time horizon: Short-term

Social continued

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Policies

The key policies which underpin the management of the

responsible sourcing impact and risk identified includes:

Global Procurement Policy: sets out the principles that guide

the required behaviours in the procurement process to ensure

value-focused, timely and effective purchasing in the execution of

Glanbia’s business. This includes a dedicated section on responsible

procurement, which aligns to the principles of the Responsible

Sourcing Management System and incorporates the supplier

expectation criteria outlined within the Supplier Code of Conduct.

Supplier Code of Conduct: sets out the standards that Glanbia

expects of our suppliers, subcontractors and their supply chains,

respectively. These standards are an integral part of Glanbia’s

selection and evaluation processes and are grounded in our

mission of conducting procurement activities responsibly.

This includes our health and safety requirements for suppliers,

including the requirement to ensure all workers operate within safe

and humane conditions, the provision of adequate training, the

availability of effective protective equipment to safely carry out

their duties, access to clean toilet facilities, access to potable

water and sanitary facilities for food storage. Suppliers are

required to ensure facilities are constructed and maintained

in accordance with applicable laws and regulations.

Human Rights Policy: sets out our policy and related

commitments, including those that address human trafficking,

forced labour, compulsory labour and child labour. Glanbia

expects our suppliers to adhere to the principles of this policy.

For further information refer to pages 185-186.

Actions

In 2025, the following actions were undertaken in order to manage

Glanbia’s material responsible sourcing impact and risk.

Annual review and update of Glanbia’s Responsible Sourcing

Management System, which includes a policy and procedures,

training, supplier engagement and related due diligence:

Supplier Code of Conduct review: Glanbia completed a

comprehensive review and update of our Supplier Code of Conduct.

The revised Supplier Code of Conduct now includes additional

provisions covering data privacy, artificial intelligence and

environmental stewardship. These updates position Glanbia to

integrate these new standards into our supplier management

system in 2026, reinforcing our commitment to responsible

sourcing and continuous improvement.

Training: As part of Glanbia’s commitment to responsible

sourcing, a targeted training plan was developed and fully

implemented. A dedicated course was rolled out to the

procurement team and completed by all members. This initiative

strengthens our procurement team’s understanding of sustainable

sourcing practices and supports our broader environmental and

ethical goals.

In the short-term, Glanbia will continue to review our Responsible

Sourcing Management System, benchmarking against best

practice standards including ISO 20400 ‘Sustainable Procurement’.

We will continue to strengthen our supplier engagement through

the use of EcoVadis risk rating and assessment processes, taking

a risk prioritisation approach to proactively manage risk and

identify process improvement areas.

Metrics and Targets

To date we have not set formal targets or metrics for the

responsible sourcing impact and risk identified.

 Glanbia plc | Annual Report and Financial Statements 2025

Consumers and end-users

ESRS S4

Strategy

At Glanbia, we are passionate about the products and ingredients

that we produce. Our nutrition promise is to create products and

solutions to help our customers and consumers achieve their

health and nutrition goals. This promise is underpinned by our

Food Safety and Quality Programme, Glanbia Quality System

(“GQS”) and our commitment to compliance, responsible

communication and ingredient innovation capabilities.

Our newly refreshed Group strategy identifies our key pillars for

growth as set out at our Capital Markets Day in November 2025,

see page 14. Meeting the needs of our customers and consumers

across areas such as product safety, labelling, brand communication

and innovative products are core to supporting this growth.

This is delivered by:

• Maintaining high food safety and quality standards;

• Deploying quality information through our consumer

product labels;

• Delivering responsible brand communication for our

consumer brands;

• Supporting our business customers by providing innovative

ingredient solutions to support their end-product development.

Impacts, risks and opportunities

Identification of impacts, risks and opportunities are driven

by the Glanbia Double Materiality Assessment (“DMA”) process,

see pages 147-149. The consumers and end-users matters

assessed as material for Glanbia are focused on the sub-topics

of personal safety, social inclusion of consumers and information-

related impacts.

Responsible brand communication

Description: Glanbia supports consumers in making informed

purchasing decisions to achieve their health and nutrition goals

by providing accurate and transparent brand communication,

which includes consumer facing marketing and advertising

materials including marketing-related product claims, brand

websites and related online content, social media content and

press releases.

Classification: Positive, Actual Impact

Location: Downstream PN

Time horizon: Short-term

Food safety, quality and compliance

Food safety and quality

Description: Failure to implement robust product quality

assurance can result in unsafe products reaching consumers

and end-users, potentially compromising their health and

wellbeing.

Classification: Negative, Actual Impact

Location: Downstream PN

Time horizon: Short-term

A food safety and quality incident

Description: Non-compliance with food safety and quality

standards or product contamination may lead to additional

costs including the costs of product recalls, increased legal

exposures, and potential penalties. Such incidents may also

damage Glanbia’s reputation, eroding consumer and customer

trust and loyalty.

Classification: Risk

Location: Own operations

Time horizon: Short-term

Effective labelling

Description: Glanbia prioritises providing access to accurate

information through a comprehensive label approval and

governance programme. This ensures that product labels

across various categories within PN deliver clear and sufficient

information, enabling consumers and end-users to make

informed decisions about their health and wellbeing.

Classification: Positive, Actual Impact

Location: Downstream PN

Time horizon: Short-term

Labelling infringement product recall

Description: Non-compliance with labelling regulations could

result in product recalls, leading to additional costs, including

monetary fines and penalties. These incidents may also cause

reputational harm, undermining consumer trust and loyalty.

Classification: Risk

Location: Own operations PN

Time horizon: Short-term

Social continued

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

Ingredient innovation

Ingredient solution innovation

capabilities

Description: Our DN and H&N segments provide an opportunity

to enhance the nutritional quality of products. Through our

ingredient innovation and collaboration centres, we support

customers in designing nutritious products that improve the

overall nutrition profile of their end-use offerings. This aligns

with Glanbia’s growth strategy and commitment to advancing

better health and wellness solutions.

Classification: Opportunity

Location: Own operations DN, H&N

Time horizon: Short-term

Policies

The key policies that underpin the management of the impacts,

risks and opportunity identified are:

Food safety, quality and compliance

Group Food Safety and Quality Policy: sets out the principles to

promote a culture of excellence in food safety and quality, with a

mindset of right first-time. Our mission is to manufacture products

and ingredients that comply with relevant regulations, industry

standards and which our customers value and trust.

Labelling Compliance Policy: sets out the standards required

to deliver excellence in global regulatory affairs, ensuring that

consumer product labels comply with relevant regulations and

industry standards.

Responsible brand communication

Responsible Brand Communication Policy: sets out the principles

to ensure that information sharing through key communication

channels

including our consumer facing marketing managed by

PN are truthful, accurate, and substantiated, thereby protecting

stakeholders from inaccurate or misleading information.

In addition, there is an ‘Our Customer’ section included in our

Code of Conduct and related training module which is assigned

to all eligible employees within the Group.

Ingredient innovation

Glanbia does not have a specific policy to ingredient innovation,

but rather the identified opportunity related to ingredient innovation

is incorporated within our Group strategy review process.

Actions

In 2025, the following actions were undertaken in order to manage

Glanbia’s material impacts, risks and opportunity identified:

Food safety, quality and compliance

We strengthened our GQS to drive continuous improvement in

food safety across our manufacturing sites. During the period,

we rolled out an internal audit programme focused on Food Safety

Plans and Prerequisite Programmes (“PRPs”). This programme

delivers deeper insights and produces more actionable outcomes

specific to food safety risk management.

To reinforce accountability and site-to-site consistency, we

implemented a structured self-assessment process followed

by verification audits. Insights from these Food Safety Plan and

PRP audits directly informed updates to our system. We revised

existing benchmarking frameworks to reflect audit findings and

to better align practices with identified risks and controls.

In conjunction with third-party experts, we audited and carried

out a stress test of our recall policies and procedures that further

enhanced our recall readiness and effectiveness of these protocols.

Looking ahead, verification audits will continue into 2026, further

embedding food safety excellence. In parallel, we will deploy our

GQS benchmarking framework, designed to capture all elements

of the enhanced system and promote best practices across

the organisation.

PN label content is managed using Label Specification Sheets

that undergo cross-functional approval. This internal process

was enhanced with the update of related standard operating

procedures and processes.

Responsible brand communication

We updated our Responsible Brand Communication Policy, which

forms part of our Responsible Brand Communication training,

and added this policy to the onboarding portal for all joiners.

Ingredient innovation

In 2025, Glanbia re-organised its R&D structure to accelerate

group-wide innovation and appointed a Chief Science Officer.

Glanbia’s innovation strategy focuses on leading edge protein

technology, functional nutrients and clean taste solutions backed

by science. Supported by over 230 scientists, our global network

of innovation centres enables us to develop new products and

solutions that bring real functional benefit and improved taste

and texture to our customers.

Targets

Food safety, quality and compliance

Target: Third-party Certification

100%

of manufacturing sites maintain a globally

recognised third-party certificate for

food safety and quality in 2025

Target: Product Recalls

Zero

product recalls annually

Responsible brand communication and ingredient

innovation

Glanbia is in the process of developing targets for the material

impact related to responsible brand communication and the

opportunity related to ingredient solution innovation.

1. Other channels in scope for this policy include: brand websites and related online content, social media content and press releases.

 Glanbia plc | Annual Report and Financial Statements 2025

Metrics

Food safety, quality and compliance 2025 results

S4 Entity-specific:

• 100% of Glanbia’s manufacturing sites have a globally

recognised third-party certificate for food safety and quality;

and

• One product recall was recorded during the year.

We had one product recall notification in 2025 in the Asia-Pacific

region, where re-labelling of imported goods is required to meet

local labelling guidelines. This recall was a result of an incorrect

label applied to Glanbia product by a local distributor. Due to

our well-established processes, there were no reported illnesses

associated with the product. A full investigation was carried out,

and control enhancements were implemented to mitigate against

a similar incident recurring.

Responsible brand communication

and ingredient innovation

Glanbia is in the process of developing metrics for the material

impact related to responsible brand communications and the

opportunity related to ingredient solution innovation.

Accounting policy

Globally recognised third-party certificate for food safety

and quality: defined as certifications under the following

standards: National Sanitation Foundation (“NSF”)/

American National Standards Institute (“ANSI”), or Global

Food Safety Initiative (“GFSI”) standards including: British

Retail Consortium (“BRC”) Food Safety, Food Safety System

Certification (“FSSC”) 22000, International Featured

Standards (“IFS”) Food, Safe Quality Food (“SQF”) Food

Safety Code.

Manufacturing facilities: defined as any integrated

manufacturing site owned and operated by Glanbia.

This metric is calculated based on the number of

manufacturing facilities certified under an externally

recognised food safety certification (i.e. GFSI, NSF) as at

year end/total number of manufacturing facilities* 100.

Product recall: The removal or correction of a marketed

product that the food governing authority in the region

of distribution considers to be in violation of the laws it

administers and against which the agency would initiate

legal action, e.g. produce seizure. Recall does not include

a market withdrawal or a stock recovery.

Stock recovery: removal of a product that has not yet been

distributed or marketed.

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

Governance

In this section

G1 Business conduct 202

G1 Cybersecurity 206

 Glanbia plc | Annual Report and Financial Statements 2025

At Glanbia, we are committed to conducting

our business activities with the highest levels

of integrity and honesty. Corporate culture

and business ethics is supported by our

Code of Conduct (our “Code”). Adherence to

the highest ethical standards is not only the

right thing to do, but also safeguards our

reputation and ensures compliance with

relevant legal and regulatory requirements.

To promote and evaluate our corporate culture, Glanbia has

ongoing governance and oversight actions embedded in our

day-to-day activities which aim to promote ethical business

conduct and enable employees to feel comfortable raising

concerns, if the need arises. Such actions include: robust

investigation of concerns raised, Board and Audit Committee

oversight, monitoring the effectiveness of channels used to

raise concerns, employee training and ongoing monitoring

of our policies’ effectiveness.

Impacts, risks and opportunities

Identification of impacts, risks, and opportunities are driven

by the Glanbia Double Materiality Assessment (“DMA”) process,

see pages 147-149. The business conduct matters assessed

as material for Glanbia are focused on the sub-topic of

corporate culture.

Glanbia’s strong corporate culture

Description: Strong corporate governance practices,

supported by the Glanbia Code of Conduct, help promote

a strong corporate culture and ethical business conduct

by employees across all Glanbia operations.

Classification: Positive, Potential Impact

Location: Own operations

Time horizon: Medium-term

Breakdown of corporate culture

Description: Lack of a strong corporate culture in

Glanbia’s own operations could potentially lead to

risks such as high employee turnover, low productivity,

reputational damage, legal costs, operational disruptions

or a drop in investor confidence.

Classification: Risk

Location: Own operations

Time horizon: Medium-term

Business conduct

ESRS G1

ESRS 2 Gov-1

The role of the administrative,

management and supervisory bodies

For further information on the role and expertise of the Board in

relation to business conduct matters, on pages 72-75 and page 82

in the Directors Report.

G1-1

Business conduct policies

and corporate culture

Our Code, supported by the Speak Up Policy, are the key policies

underpinning the management of the material impact and risk

pertaining to corporate culture. The overall aim of our policies is to

promote a strong corporate culture and ethical business conduct

throughout our organisation.

Our Code

The objective of our Code is to outline and embed the ethical

standards and behaviours expected of our employees, ensuring

that our business is conducted with integrity, transparency,

and accountability.

We establish and develop our corporate culture by clearly defining

our core values in our Code. While everybody who works for, or on

behalf of Glanbia has a responsibility for complying with and

promoting our Code, our senior leadership and management team

have an additional responsibility to ensure that our Code is applied

throughout the Group and to lead by example, to demonstrate

their personal commitment.

The key components of our Code are Glanbia’s commitments and

expected standards, and our channels to raise concerns, which are

emphasised to employees and external stakeholders within our

Code. These commitments include: the management of health

and safety and the environment, treating people with honesty

and respect, compliance with all applicable laws, instilling a culture

of corporate governance, and commitments to our customers,

consumers, and suppliers. Our Code also outlines that failure to

comply with its requirements may lead to disciplinary action up to

and including dismissal or, in the case of contract staff or suppliers,

cancellation of contract.

Governance of this policy is ultimately overseen by the Audit

Committee, with the implementation led by the Group Chief

Human Resources Officer.

Governance continued

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

Speak Up Policy

The Group Secretary and Head of Investor Relations has overall

responsibility for the Speak Up Policy. The key objective of this

policy is to encourage our employees and external stakeholders

to report any concerns where they have a reasonable belief that

there was a breach or potential breach of our policies, our Code,

or laws and regulatory requirements which could amount to

wrongdoing, illegal practices and/or unethical behaviour.

Raising concerns

The Speak Up Policy outlines multiple channels for internal

and external stakeholders to report any concerns of the nature

described above. The available channels include the independent

Speak Up line ‘Safecall’. This facility is available to employees and

external parties to raise a concern in confidence, 24 hours a day

by phone or online. External parties include workers in our value

chain, business partners such as our customers and suppliers,

and our consumers and end-users. For further detail on processes

to remediate impacts and raise concerns, refer to page 187.

Access to channels to raise concerns

For our employees, information about ‘Safecall’ procedures

and contact details are described in our policies, such as our

Code which is available via a specific page on the Group’s intranet

and on our external website. ‘Safecall’ details are also posted on

noticeboards and information screens across all our facilities.

For all other external stakeholders including non-employees, joint

venture workers, consumers and end-users, and other external

parties, we advertise our ‘Safecall’ procedures and contact details

through our Speak Up, Supplier Code of Conduct, and our Human

Rights policies, all of which are publicly available on our website.

Whistleblower protection from retaliation

The Speak Up Policy outlines our strict prohibition of penalisation

of, or retaliation against, whistleblowers reporting genuine

concerns. The Group is subject to and complies with regulations

protecting whistleblowers, including the Protected Disclosures

(Amendment) Act 2022 in Ireland. Whistleblowers are protected

against retaliation and, where possible, any concerns raised will

be dealt with in a confidential and sensitive manner.

Investigating business conduct matters and concerns raised

The Group Secretary and Head of Investor Relations is responsible

for the independent monitoring and investigation of concerns

raised through the ‘Safecall’ facility including those relating to

business conduct or potential incidents of corruption and bribery.

Each concern raised through the facility follows a consistent

process, as outlined in the Speak Up Policy, to ensure that all

concerns raised are investigated promptly, independently and

objectively. Details of concerns raised are shared on a need-to-

know basis with the investigation team, all of whom have

appropriate experience in the investigation process. Individuals

involved in the receipt of reports are sufficiently trained on policy

and process requirements. See the ‘Metrics and targets’ section

for the number of concerns raised during the year.

Mechanisms for identifying, reporting and investigating concerns

about unlawful behaviour or behaviour in contradiction of our

Code or similar internal rules are included within our Code, our

Anti-Bribery and Corruption Policy, and our Speak Up Policy.

Monitoring effectiveness of channels to raise concerns

To monitor the effectiveness of our channels to raise concerns,

internal investigation and grievance procedures are in place

at a segment level, which include escalation procedures.

 Glanbia plc | Annual Report and Financial Statements 2025

Actions

Our corporate culture is underpinned by Glanbia’s commitment

to do the right thing and operate in an ethical manner. Our actions

in relation to this area are focused on ensuring our workforce is

aware of and adheres to the requirements of our Code. Glanbia

has ongoing governance and oversight actions embedded in

our day-to-day activities, which aim to promote ethical business

conduct and enable our employees and other stakeholders to

feel comfortable raising concerns, if the need arises.

The following actions specifically support our management of the

material impact and risk identified in relation to corporate culture.

The actions described below all fall under business as usual,

and resources required are budgeted as part of the financial

planning process.

Investigating business conduct matters and

concerns raised via the Speak Up channel

In 2025, the Group Secretary and Head of Investor Relations

reviewed and investigated all concerns raised through the Speak

Up channel, following the process described above. As part of the

annual internal audit programme of work, Group Internal Audit

completed the annual review of all concerns raised via the

‘Safecall’ facility and presented the results at the first Audit

Committee meeting in 2026. The review and investigation of

all concerns raised will continue to be repeated annually by the

Group Secretary and Head of Investor Relations, along with the

Group Internal Audit review, to ensure all concerns raised are

handled promptly, independently and objectively.

Board and Committee oversight

In 2025, the Audit Committee completed a review of the

Group’s procedures in relation to our channels to raise concerns.

The Audit Committee was satisfied that these procedures allowed

for proportionate and independent investigation for concerns

raised via these channels in 2024, and the same review was

completed in 2026 in relation to the 2025 procedures. The Audit

Committee Chair reported to the Board on any material items

arising from this review, and will continue to do so, to ensure

independent investigation occurs on an annual basis.

Code of Conduct training

Code of Conduct training is assigned to all eligible employees,

to be completed at a minimum on a biennial basis, and is provided

to joiners as part of new hire training upon joining Glanbia. This

training covers key areas such as our Speak Up channel, along

with our commitments to:

• manage health and safety and the environment;

• treat people with honesty and respect;

• comply with all applicable laws; and

• uphold the highest ethical standards across our interactions

with our customers, suppliers, business partners and the

communities within which Glanbia operates.

The training provides guidance on handling practical scenarios

and ethical challenges. In 2026, Glanbia will review and update,

where appropriate, the Code of Conduct assigned to all eligible

employees, to further embed the ethical standards and

behaviours expected of our employees. See the ‘accounting policy’

section for the definition of eligible employees.

Non-compliance with laws and regulations

The Group actively monitors compliance with laws and regulations

as part of our general business activities, and is not aware of any

significant instances of non-compliance in 2025. The Audit

Committee receives periodic updates from Group Legal on key

legal risk exposures and related actions, with the most recent

update received in February 2026.

This monitoring will continue to be carried out annually as part

of our established processes to drive ethical business conduct

throughout Glanbia.

Metrics and Targets

Code of Conduct training

Our target for Code of Conduct training is that 100% of eligible

employees will have completed the relevant Learning Management

System (“LMS”) module or in-person training on a biennial basis.

In 2025, 90% of eligible employees completed the Code of Conduct

training in line with requirements, with a 10% gap against our

target. We will continue to drive completions to close remaining

gaps against our Code of Conduct training requirements.

Due to the nature of this target, it was set internally by Glanbia

senior leadership, without requiring further stakeholder involvement.

‘Safecall’ concerns raised

Group Internal Audit review all incidents raised throughout the

year. At year end, this review was summarised by category and

presented to the Audit Committee, which supported Group

Internal Audit’s assessment of the adequacy of the Group’s

whistleblowing arrangements. Each incident raised is categorised

into one of the following categories: misuse or misappropriation

of corporate assets; environment, health and safety; HR, diversity

and workplace respect; business integrity; or accounting, auditing,

and financial reporting. During 2025, there were 0.30 cases

reported per 100 employees. Due to the nature of this metric,

a target was deemed not to be appropriate.

Accounting policy

Code of Conduct training

The Code of Conduct training metric is calculated using

information from SuccessFactors, Glanbia’s internal Human

Capital Management (“HCM”) system.

‘Eligible employees’ include employees within our own

operations who are assigned the Code of Conduct training.

Non-eligible employees include those who have not yet been

onboarded into the HCM due to a recent acquisition

(representing 2% of total eligible employees if included), as

well as employees in regions where there are regional labour

participation rule restrictions (representing 7% of total

eligible employees if included). Non-eligible employees

are excluded from the metric.

Joint venture employees, and individuals not directly

employed by the Group are excluded from this metric.

‘Safecall’ concerns raised

‘Safecall’ concerns raised relate to concerns raised during

the year through our independent third-party ‘Safecall’

service. Concerns may be raised via the ‘Safecall’ hotline or

via electronic means (e-mail or online). All concerns reported

to ‘Safecall’ in the period are accounted for, regardless of

the current status of the concern with the investigation

team. Metrics reported here align to the metrics reviewed

by the Audit Committee in February 2026.

Governance continued

Strategic Report Directors’ Report Sustainability Statement Financial Statements Other Information

G1-1

Other business conduct policy

related disclosures

Anti-Bribery and Corruption Policy

While considered as part of the DMA process, see pages 147-149,

the sub-topic of bribery and corruption did not reach the threshold

for materiality for the Group. There is an established Anti-Bribery

and Corruption Policy in place, to embed our zero-tolerance

approach to bribery and corruption, and provide guidance

regarding potential situations involving bribery and corruption.

The policy provides readers with examples of how to identify

potential breaches of internal policy, external laws and regulations

and how to report such concerns to management. The policy

outlines the prohibition of corruption, bribery, facilitation payments

and inappropriate gift giving or receiving, along with procedures

for dealing with regulatory authorities, political contributions,

and charitable donations.

Our Anti-Bribery and Corruption Policy focuses on complying with

all local and international anti-corruption regulations that may

apply to Glanbia, including the UN Convention Against Corruption.

At-risk functions training

In August 2025, Glanbia rolled out refresher Code of Conduct

training to all eligible employees, this training included a section

on bribery and corruption. The training aided in outlining and

embedding the ethical standards and behaviours expected of

all employees, inclusive of at-risk functions which are deemed

to include all IT users due to their access to sensitive systems and

data. The training ensures that our business is accountable and

lives up to our Group policies and standards.

Animal Welfare Policy

While considered as part of the DMA process, see pages 147-149,

the sub-topic of animal welfare did not reach the threshold for

materiality for the Group. However, Glanbia is committed to

sustained high standards of animal welfare, and we operate a

zero-tolerance policy for wilful mistreatment or cruelty to animals

anywhere in our supply chain.

We have an externally published, Board-approved Animal Welfare

Policy, the scope of which is focused on direct milk procurement for

our Idaho operations, and which sets out the requirement to meet

all governmental regulations and the guidelines set out in the

National Dairy FARM (Farmers Assuring Responsible Management)

Programme for Animal Care Module (“FARM AC Programme”).

Further, we assess our joint venture milk suppliers’ standing with

the FARM AC programme on an annual basis. Our Supplier Code

of Conduct, see page 197 also sets out our expectation for animal

welfare with respect to our wider value chain.

Policy monitoring

In 2025, all policies described in this section were subjected

to internal reviews, updated where required, and the updated

versions are available to all of our employees and other

stakeholders on our intranet and external website, respectively.

 Glanbia plc | Annual Report and Financial Statements 2025

As part of the Glanbia Double Materiality

Assessment (“DMA“) cybersecurity was

identified as a material risk for Glanbia,

in relation to Glanbia’s Dairy Nutrition (“DN”)

Operational Technology (“OT”)

manufacturing systems. These systems are

critical to the safe management of food and

ingredients production, and to the handling

of hazardous materials in plant locations.

Impacts, risks and opportunities

Cybersecurity attack

Description: A cybersecurity attack impacting our DN

and JV manufacturing facilities could potentially cause

environmental damage, health and safety incidents,

production stoppages, or product contamination,

resulting in financial loss and regulatory fines.

Classification: Risk

Location: Own operations DN, JV operations

Time horizon: Short-term

A cybersecurity event could potentially result in disruption to the

OT manufacturing systems managing the control and operation

of production. If compromised, these systems may be misused,

potentially causing environmental damage, production stoppages

and product contamination, or impact health and safety. This risk

is considered material to Glanbia as such an attack could result in

significant financial losses and cause reputational damage. The

Group maintains a cyber insurance policy on an ongoing basis.

There is a dedicated IT security team in place, supported by a range

of third party experts as part of our cybersecurity framework.

Policies

The Glanbia Information Security Policy is the key policy document

underpinning the management of this risk, and is supported by other

group-wide IT and OT standards. The objective of the policy is to

outline the protection of systems and applications within the Group.

The Information Security Policy implementation and oversight is

the responsibility of the Chief Digital & Transformation Officer.

This policy applies to all employees, contractors, joint ventures

(where the joint venture operations are managed by Glanbia)

and service providers working for, or on behalf of, the Group.

This policy is available to all employees on the Glanbia intranet

and shared with external parties as relevant.

Actions

The management of this risk and implementation of our

Information Security Policy is conducted through our cybersecurity

framework, which is supported through communication and

reporting. In recognition of the challenge in fully addressing this

risk through our own actions, insurance also plays an important

role in supporting this policy and mitigating the risk.

The actions described below all fall under business as usual, and

resources required are budgeted as part of the financial planning

process. During 2025, Glanbia undertook the following actions, all

of which will continue to be implemented in 2026 and thereafter.

Cybersecurity framework

Glanbia has a comprehensive cybersecurity framework of control

for OT systems, and monitors these controls through dedicated

security resources and oversight at a Group level. These controls

include, but are not limited to; cybersecurity governance activities,

physical security, ransomware incident response, employee

awareness, access control, vulnerability management, end-point

protection, network security and adherence to reputable technical

security standards. As part of this framework, in 2025:

• The Group Internal Audit function assessed cybersecurity risks

on site at manufacturing locations on a rolling audit schedule;

• Glanbia continued to invest in cyber-crime prevention and

information security programmes. Regular security scanning

was completed across DN manufacturing sites with

penetration testing completed on any newly integrated sites,

where relevant. Scanning is a risk-based exercise over sites

integrated within Group infrastructure;

• A Group-level review of the relevant policies and standards

underpinning the cybersecurity framework was conducted as

part of a periodic review process; and

• Glanbia continued to report internally on cybersecurity and

anti-fraud controls against the National Institute of Standards

and Technology Cybersecurity Framework at a Group level to

continue to gain comfort over the effectiveness of the Group’s

ransomware prevention, detection and response plans.

Communication and reporting

Through formalised communication and reporting, the risks

associated with cybersecurity were managed to ensure our

processes and controls were operating appropriately.

• The Chief Digital & Transformation Officer regularly briefed the

Board and Audit Committee on information security matters

through quarterly risk dashboard updates. These updates

included the results of periodic reviews conducted of the

protocols the Group would follow in the event of an attack, which

are based on a protect, detect, respond and recover model.

• Cybersecurity awareness training was made available to

Glanbia employees via our Learning Management System.

Metrics and Targets

The performance of cybersecurity controls, and reporting to the

Board of ISO27001 ‘Information Security Management Systems‘

aligned metrics, forms a key component of Glanbia risk management.

Given the nature of cybersecurity risks, a threat actor may exploit

knowledge of our defensive methods. As such, our target and metric

information is considered sensitive and will not be discussed in

detail in this disclosure or any other publicly available documents.

Cybersecurity

ESRS G1 – Business conduct

Governance continued

Strategic Report Directors’ Report Sustainability Statement Financial Statements Other Information

Appendix

In this section

EU Taxonomy 208

Content index of ESRS disclosure requirements 211

Datapoints that derive from other EU legislation 212

 Glanbia plc | Annual Report and Financial Statements 2025

EU Taxonomy

The below disclosure required by Article 8 of the EU Taxonomy

Regulation EU 2020/852 (“the taxonomy”) forms part of the Group’s

Corporate Sustainability Reporting Disclosure requirements, and

forms an integral part of the environmental section of the

Sustainability Statement, on pages 153-179.

Background

The taxonomy is a key component of the European Commission’s

Sustainable Finance Action Plan, designed to redirect capital

towards a more sustainable economy and support the EU’s

objective of climate neutrality by 2050. The taxonomy requires

Glanbia to categorise which of the Group’s business activities can

be considered environmentally sustainable under the taxonomy

classification system. This includes presenting the proportion of

turnover, capital expenditure (“Capex”) and operating expenditure

(“Opex”) that is taxonomy-eligible and taxonomy-aligned, as

described in the Key Performance Indicators (“KPIs”) section

and table on page 210.

In 2025, the European Commission proposed an update to the

original taxonomy requirements through the Omnibus Delegated

Act. As a result, the original taxonomy has been amended with the

Commission Delegated Regulation (EU) 2026/73. This change has

simplified Glanbia’s taxonomy reporting requirements, as the

amendment has introduced a materiality threshold, amongst

other changes. The introduction of this threshold means that

organisations are no longer required to assess immaterial activities

for eligibility or alignment. Some activities can be considered

immaterial where the cumulative expenditure related to those

activities is below 10% of the denominator of the respective KPI.

Glanbia activities

A cross-functional group considered each business activity to

classify it in line with the economic activities outlined within the

taxonomy, utilising the EU Taxonomy Compass, peer review and

internal reviews. The assessment was completed by reviewing the

activity description and ‘NACE’ code definitions as referenced

within the Climate Delegated Act (Commission Delegated

Regulation (EU) 2021/2139 amendments 2022/1214, 2023/2485, and

2026/73), Environmental Delegated Act (Commission Delegated

Regulation (EU) 2023/2486) and subsequent amendments and

annexes supplementing the taxonomy. Each activity, if relevant,

was initially considered for classification between:

• ‘Taxonomy non-eligible’: an economic activity that is not

described within the taxonomy.

• ‘Activities for further eligibility consideration’: these are activities

that are considered potentially taxonomy-eligible, but need to

be considered in the context of the new materiality threshold

before further assessment against technical screening criteria

for eligibility and alignment.

• The Group assessment determined, as described in further

detail below, that the majority of Glanbia’s business activities

are immaterial and therefore did not warrant further

assessment towards eligibility and alignment. This is a change

from the prior year where there was a small volume of Capex

considered for eligibility and alignment, which is included in

the KPI table on page 209.

Key Performance Indicators

The KPIs described below and in the table on page 210 cover

Glanbia’s turnover, Capex and Opex. The scope of Glanbia’s

taxonomy disclosure includes solely the wholly-owned business

and excludes joint venture activities from the Group evaluation,

in line with regulatory guidance.

Turnover KPI

Glanbia has identified no taxonomy-eligible economic activities in

relation to turnover generated during 2025. This is attributable to

Glanbia’s primary business activities, relating to the manufacture

and sale of nutritional food and ingredient products, falling

outside the scope of the economic activities defined within the

taxonomy. A review of turnover was undertaken to assess whether

any revenue was generated from activities outside of the Group’s

core operations that would meet the relevant activity descriptions.

This review concluded that no turnover was associated with

taxonomy-eligible economic activities.

In line with last year, as there is no eligible turnover (numerator),

and using the Group’s total turnover as reported in the Group

Consolidated Income Statement (denominator), we established

the proportion of eligible turnover to be zero.

Accounting policy

Turnover KPI: the denominator used for the Turnover KPI

is based on the total turnover recognised pursuant to

International Accounting Standard (“IAS”) 1, paragraph 82 (a)

as reported in the Group Income Statement on page 227.

Refer to note 2 ‘Accounting policies’ on page 234 which

outlines the Group’s revenue recognition policy.

In determining the turnover KPI, the value of eligible turnover

(numerator) is divided by the denominator.

Appendix continued

Strategic Report Directors’ Report Sustainability Statement Financial Statements Other Information

Capex KPI

In the current reporting period we undertook a review of Capex to

evaluate the spend between ‘taxonomy non-eligible’ and ’activities

for further eligibility consideration’ as defined on the previous

page. This approach was taken as a result of the introduction

of the materiality threshold in 2025.

As part of the review of Group Capex, $92.7m was assessed

as taxonomy non-eligible. A limited portion of activities were

classified as ‘activities subject to further eligibility assessment’,

and relate to the following taxonomy-sectors: ‘construction and

real estate activities’; ‘energy’; ‘information and communication’;

‘water supply, sewerage, waste management and remediation’;

and ‘transport’.

The cumulative value of these activities was below 10% of the

denominator of the Capex KPI. Accordingly, these activities were

assessed as not material, and no material taxonomy-eligible Capex

was identified for further assessment of eligibility or alignment.

As there is no eligible Capex (numerator) and using a base of the

Group’s relevant Capex additions (denominator), we established

the proportion of eligible Capex to be zero.

EU Taxonomy

Group

Financial

Statements

Note Ref.

2025

2024

PPE – acquisitions Note 14 3.2 11.2

PPE – additions Note 14 47.0 56.8

Intangible – acquisitions Note 16 9.1 127.0

Intangible – additions Note 16 35.2 32.8

Right of use – acquisitions Note 15 0.1 2.3

Right of use – additions Note 15 7.2 16.7

Capex denominator 101.8 246.8

Accounting policy

Capex KPI: The denominator used for the Capex KPI consists

of additions to tangible and intangible fixed assets during

the financial year, before depreciation, amortisation and

any remeasurement, including those resulting from

revaluations and impairments, and excludes changes in fair

value. It includes additions to fixed assets (IAS 16), intangible

assets (IAS 38) and right of use assets (IFRS 16). Additions

resulting from business combinations are also included.

Goodwill is not included in total Capex as it is not defined

in Annex I of the Disclosures Delegated Act.

Refer to note 2 ‘accounting policies’ on pages 236-239 which

outlines the Group property plant and equipment, intangible

assets and leasing accounting policies.

In determining the Capex KPI, the value of eligible Capex

(numerator) is divided by the denominator. A breakdown

of the denominator is provided above.

Opex KPI

Glanbia’s evaluation of its operating expenditure determined that

the Group’s activities do not fall within the economic activities

defined in the taxonomy. As the business model does not generate

taxonomy-eligible revenue, only a small portion of total Opex falls

within the categories that could potentially be considered; such as

repair and maintenance, research and development, or short-term

lease costs. These cost types represent roughly 4.9% of total Opex

and relate to activities that support non-eligible operations.

In this context, none of the Group’s operating expenditure is

considered taxonomy-eligible, and the taxonomy-relevant Opex is

assessed as immaterial to the business model. As a result, Glanbia

applies the exemption from presenting the Opex numerator KPI,

as permitted under Delegated Regulation (EU) 2021/2178, section

1.1.3.2, paragraph 5.

2025

2024

Maintenance and repair 33.9 32.8

Research and development 25.5 23.1

Lease rentals 4.8 3.8

Opex denominator 64.2 59.7

Accounting policy

Opex KPI: The denominator used for the Opex KPI consists

of direct non-capitalised costs that relate to research and

development, building renovation measures, short-term

leases, maintenance and repair, and any other direct

expenditures relating to the day-to-day servicing of

property, plant and equipment assets.

• Research and development expenditure is recognised

as an expense during the reporting period in the Group

Income Statement, refer to the second table in note 5

‘operating profit’ where a specific line: ‘research and

development costs’ is included. In line with the Group

Consolidated Financial Statements (IAS 38.126), this

includes all non-capitalised expenditure that is directly

attributable to research or development activities.

• The volume of non-capitalised leases was determined

in accordance with IFRS 16 and includes expenses for

short-term leases and low-value leases (refer to note 15

‘leasing’). While low-value leases are not explicitly

mentioned in the taxonomy, we have interpreted the

legislation as requiring to include these leases.

• Maintenance, repair and other direct expenditures

relating to the day-to-day servicing of property, plant

and equipment assets were determined based on the

income statement general ledger accounts categorised

as repairs and maintenance. Other direct expenditures

relate to spare parts and tools.

In determining the Opex KPI, the value of eligible Opex

(numerator) is divided by the denominator.

See the table on the next page for the taxonomy template 1 ‘KPI

table’. Taxonomy template 2 is not disclosed given that template 1

comprises zero eligibility balances for turnover, Capex, and Opex,

in line with taxonomy requirements.

 Glanbia plc | Annual Report and Financial Statements 2025

KPI proportion of turnover, Capex, Opex from products or services associated with taxonomy-eligible

or taxonomy-aligned economic activities – disclosure covering current reporting period

Appendix continued

Financial year

(2025)

KPI (1) Total (2)

Proportion of

taxonomy-

eligible

activities (3)

Taxonomy-

aligned

activities (4)

Proportion of

taxonomy-

aligned

activities (5) Breakdown by environmental objectives of taxonomy-aligned

Proportion

of enabling

activities (12)

Proportion of

transitional

activities (13)

Not assessed

activities

considered

non-material

(14)

Taxonomy-

aligned

activities in

financial year

(2024) (15)

Proportion of

taxonomy-

aligned

activities in

financial year

(2024) (16)

Climate change

mitigation

(6)

Climate change

adaptation

(7)

Water

(8)

Circular economy

(9)

Pollution

(10)

Biodiversity

(11)

USD m % USD m %

% % % % % %

% % % USD m %

Turnover 3,946.4 0% 0.0 0%

0% 0% 0% 0% 0% 0%

0% 0% 0% 0.0 0.0%

Capex 101.8 0% 0.0 0% 0% 0% 0% 0% 0% 0% 0% 0% 9.0% 1.2 0.5%

Opex 64.2 0% 0.0 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0.0 0.0%

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

ESRS 2 – General disclosures

Disclosure requirement Page

BP-1: Basis for preparation 138

BP-2: Specific circumstances 139

GOV-1: Governance roles 140-141

GOV-2: Governance 141

GOV-3: Incentive schemes 141

GOV-4: Due diligence 142

GOV-5: Risk management 142

SBM-1: Value chain 142-144

SBM-2: Stakeholders 145-146

SBM-3: Strategy 142, 150

IRO-1: Processes 147-149

IRO-2: ESRS disclosure

requirements covered

211-213

ESRS E1 – Climate change

Disclosure requirement Page

ESRS 2 GOV-3: Governance 141

E1-1: Transition plan 157-161

ESRS 2 SBM-3: Strategy 154-156

ESRS 2 IRO-1: Processes 147-149,

153-154

E1-2: Policies 161

E1-3: Actions 157-161

E1-4: Targets 157-161

E1-5: Energy consumption 162-163

E1-6: Gross Scopes 1, 2, 3 163-168

E1-7: Carbon credits 165

E1-8: Internal carbon pricing 165

ESRS E3 – Water and marine resources

Disclosure requirement Page

ESRS 2 IRO-1: Processes 147-149, 169

E3-1: Policies 170

E3-2: Actions 170-171

E3-3: Targets 171

E3-4: Water consumption 172-173

ESRS E4 – Biodiversity

Disclosure requirement Page

Policies 174

Actions 174

Targets 174

Metrics 174

ESRS E5 – Resource use and circular

economy

Disclosure requirement Page

ESRS 2 IRO-1: Processes 147-149, 175

E5-1: Policies 175-176

E5-2: Actions 176

E5-3: Targets 176-177

E5-5: Resource outflows: waste 177-179

ESRS S1 – Own workforce

Disclosure requirement Page

ESRS 2 SBM 2: Stakeholders 181

ESRS 2 SBM 3: Strategy 181-182

S1-1: Policies 184-186

S1-2: Processes for engagement 186-187

S1-3: Remediate impacts 187-188

S1-4: Actions 188-189

S1-5: Targets 190

S1-6: Own employees 191-192

S1-9: Diversity 192

S1-10: Adequate wages 193

S1-14: Health and safety 194

S1-16: Remuneration 193

S1-17: Complaints 195

ESRS S2 – Workers in the value chain

Disclosure requirement Page

Policies 197

Actions 197

Targets 197

Metrics 197

ESRS S4 – Consumers and end-users

Disclosure requirement Page

Policies 199

Actions 199

Targets 199

Metrics 200

ESRS G1 – Business conduct

Disclosure requirement Page

G1-1: Policies 202-203, 205

ESRS G1 –Cybersecurity

Disclosure requirement Page

Policies 206

Actions 206

Targets 206

Metrics 206

Content index of ESRS disclosure requirements

The following tables list the ESRS disclosure requirements in ESRS 2 for the eight topic standards which are material to Glanbia and

which have guided the preparation of our Sustainability Statement. The tables can be used to navigate to information relating to a

specific disclosure requirement in the statement.

 Glanbia plc | Annual Report and Financial Statements 2025

Datapoints that derive from other EU legislation

ESRS 2, IRO-2 paragraph 56 – Appendix B

Disclosure requirement

andrelated datapoint Data point

SFDR

reference

Pillar 3

reference

Benchmark

regulation

reference

EU Climate

Law reference Applicability Page

ESRS 2 GOV-1 21 (d) Material

140-141

ESRS 2 GOV-1 21(e)

Material

140-141

ESRS 2 GOV-4 30

Material

142

ESRS 2 SBM-1 40(d)i N/A

–

ESRS 2 SBM-1 40(d)ii

N/A

–

ESRS 2 SBM-1 40(d)iii N/A

–

ESRS 2 SBM-1 40(d)iv N/A

–

ESRS El-1 14 Material

157-161

ESRS El-1 16(g) Material

157-161

ESRS El-4 34 Material

157-161

ESRS El-5 37 Material

162-163

ESRS El-5 38 Material

162-163

ESRS El-5 40 to 43 Material

162-163

ESRS El-6 44 Material

163-168

ESRS El-6 53 to 55 Material

163-168

ESRS El-7 56 Material

165

ESRS El-9 66 Phase-in availed of

–

ESRS El-9 66(a, c) Phase-in availed of

–

ESRS El-9 67(c) Phase-in availed of

–

ESRS El-9 69 Phase-in availed of

–

ESRS E2-4 28 Not material

–

ESRS E3-1 9 Material

170

ESRS E3-1 13 N/A

–

ESRS E3-1 14 Not material

–

ESRS E3-4 28(c) Material

172-173

ESRS E3-4 29 Material

172-173

ESRS 2-IRO 1 – E4 16(a) i Phase-in availed of

–

ESRS 2-IRO 1 – E4 16(b) Phase-in availed of

–

ESRS 2-IRO 1 – E4 16(c) Phase-in availed of

–

ESRS E4-2 24(b) Phase-in availed of

–

ESRS E4-2 24(c) Phase-in availed of

–

ESRS E4-2 24(d) Phase-in availed of

–

Appendix continued

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

Disclosure requirement

andrelated datapoint Data point

SFDR

reference

Pillar 3

reference

Benchmark

regulation

reference

EU Climate

Law reference Applicability Page

ESRS E5-5 37(d) Material

177-179

ESRS E5-5 39 Material

177-179

ESRS 2-SBM3 – SI 14(f) Material

–

ESRS 2-SBM3 – S1 14(g) Material

–

ESRS S1-1 20 Material

184-186

ESRS S1-1 21 Material

184-186

ESRS S1-1 22

Material

184-186

ESRS S1-1 23

Material

184-186

ESRS S1-3 32(c) Material

187-188

ESRS S1-14 88(b) and(c) Material

194

ESRS S1-14 88(e) Material

194

ESRS S1-16 97(a) Material

193

ESRS S1-16 97(b) Material

193

ESRS S1-17 103(a) Material

195

ESRS S1-17 104(a) Material

195

ESRS 2-SBM3 – S2 11(b) Phase-in availed of

–

ESRS S2-1 17 Phase-in availed of

–

ESRS S2-1 18 Phase-in availed of

–

ESRS S2-l (Non-respect

of UNGPs

on Business and

Human Rights principles

and OECD guidelines)

19 Phase-in availed of

–

ESRS S2-1 Due diligence

policies on issues addressed

by the fundamental

International Labour

Organisation Conventions

(1 to 8)

19 Phase-in availed of

–

ESRS S2-4 36 Phase-in availed of

–

ESRS S3-1 16 Not Material

–

ESRS S3-1 17 Not Material

–

ESRS S3-4 36 Not Material

–

ESRS S4-1 16 Phase-in availed of

–

ESRS S4-1 17 Phase-in availed of

–

ESRS S4-4 35 Phase-in availed of

–

ESRS Gl-1 10(b) N/A

–

ESRS Gl-1 10(d) Material

202-203,

205

ESRS Gl-4 24(a) Not Material

–

ESRS Gl-4 24(b) Not Material

–

1. UN Guiding Principles on Business and Human Rights (“UNGPs”)

 Glanbia plc | Annual Report and Financial Statements 2025

Financial

Statements

In this section:

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

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

 Glanbia plc | Annual Report and Financial Statements 2025

Independent Auditor’s Report to the members of Glanbia plc

Report on the audit of the financial statements

Opinion on the financial statements of Glanbia plc (the ‘Company’)

In our opinion the Group and Company financial statements:

• give a true and fair view of the assets, liabilities and financial position of the Group and Company as at 3 January 2026 and of the profit

of the Group for the financial period then ended; and

• have been properly prepared in accordance with the relevant financial reporting frameworks and, in particular, with the requirements

of the Companies Act 2014 and, as regards the Group financial statements, Article 4 of the IAS Regulation.

The financial statements we have audited comprise:

the Group financial statements:

• the Group income statement;

• the Group statement of comprehensive income;

• the Group balance sheet;

• the Group statement of changes in equity;

• the Group statement of cash flows; and

• the related notes 1 to 37, including material accounting policy information as set out in note 2.

the Company financial statements:

• the Company balance sheet;

• the Company statement of changes in equity; and

• the related notes 1 to 11, including material accounting policy information as set out in note 1.

The relevant financial reporting framework that has been applied in the preparation of the Group financial statements is the Companies

Act 2014 and IFRS Accounting Standards as issued by the International Accounting Standards Board and as adopted by the European

Union (“the relevant financial reporting framework”).

The relevant financial reporting framework that has been applied in the preparation of the Company financial statements is the

Companies Act 2014 and FRS 101 “Reduced Disclosure Framework” issued by the Financial Reporting Council (“the relevant financial

reporting framework”).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (Ireland) (ISAs (Ireland)) and applicable law.

Our responsibilities under those standards are described below in the “Auditor’s responsibilities for the audit of the financial statements”

section of our report.

We are independent of the Group and Company in accordance with the ethical requirements that are relevant to our audit of the

financial statements in Ireland, including the Ethical Standard issued by the Irish Auditing and Accounting Supervisory Authority (IAASA),

as applied to public interest entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

Summary of our audit approach

Key audit

matters

The key audit matters that we identified in the current financial period were:

• Impairment of goodwill and other intangible assets

• Provisions for uncertain tax positions

• Revenue recognition – promotional arrangements

• Exceptional items

Within this report, any new key audit matters are identified with

and any key audit matters which are the same as the prior financial period identified with .

Materiality The materiality that we used for the Group in the current financial period was $16.0m which was determined on the

basis of approximately 5% of profit before tax (PBT) excluding exceptional items.

The materiality that was used for the Company in the current financial period was €8.0m, which was determined

on the basis of approximately 1.5% of net assets.

Scoping We followed a risk-based approach when performing our Group audit scoping. We focused primarily on the audit

work of 76 components which were subject to further audit procedures, where the extent of our testing was based on

our assessment of the associated risks of material misstatement at each individual component and the component

performance materialities.

We also carried out analytical procedures at the Group level to contribute to the overall audit evidence that the Group

financial statements are free from material misstatement and that audit risk for a significant class of transaction,

account balance or disclosure, has been reduced to an acceptably low level.

Significant

changes in

our approach

The key audit matter reported in the prior financial period relating to “Revenue recognition – change in US joint venture

commercial arrangements” has been removed. This was an event-driven key audit matter in the prior financial period

resulting from the revision in commercial arrangements associated with the US joint venture. As this was a once-off item

occurring in the prior financial period, it is not included as a key audit matter in the current financial period.

There were no other significant changes in our audit approach.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation

of the financial statements is appropriate.

Our evaluation of the directors’ assessment of the Group and Company’s ability to continue to adopt the going concern basis of

accounting included:

• We evaluated the design and determined the implementation of the relevant controls in place for the directors’ review of the budgets

and forecasts for a period of at least 12 months from the date of signing of the Annual Report and Financial Statements;

• We evaluated the Group and Company’s financing arrangements, including the agreements in respect of the undrawn committed

bank facilities in place within the Group;

• We evaluated the directors’ assumptions including growth projections, input costs and pricing assumptions;

• We performed a look back analysis of the historical accuracy of forecasts prepared by management;

• We considered throughout the audit any contradictory information to the directors’ confirmation that the Group and Company is a

going concern, including evaluating whether the assumptions are realistic, achievable and consistent with the external and internal

environment; and

• We evaluated the completeness and accuracy of the disclosures made on pages 66 to 67 and 286 by reference to the understanding

we have obtained of the Group and Company’s financial performance during 2025, our assessment of the directors’ projections and

our reading of the Group and Company’s financing agreements.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually

or collectively, may cast significant doubt on the Group and Company’s ability to continue as a going concern for a period of at least

twelve months from when the financial statements are authorised for issue.

In relation to the reporting on how the Group has applied the Irish Corporate Governance Code, we have nothing material to add or draw

attention to in relation to the directors’ statement in the financial statements about whether the directors considered it appropriate to

adopt the going concern basis of accounting.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

 Glanbia plc | Annual Report and Financial Statements 2025

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements

of the current financial period and include the most significant assessed risks of material misstatement (whether or not due to fraud)

we identified, including those which had the greatest effect on: the overall audit strategy, the allocation of resources in the audit;

and directing the efforts of the engagement team. These matters were addressed in the context of our audit of the financial statements

as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Impairment of goodwill and other intangible assets

Key audit

matter

description

The Group’s goodwill and other intangible assets of $1,533.5m (2024: $1,608.0m), which are held across 14 (2024: 13)

individual Cash Generating Units (CGUs), represent approximately 38% of the Group’s total assets at period end.

Due to the high degree of judgement and increased audit effort, including the need to involve our fair value specialists,

we have identified this as a key audit matter. Our significant risk has been pinpointed to the recoverability of the carrying

value of two CGUs as their headroom reduced significantly from the prior year.

During the current financial period, the Group reviewed their determination of CGUs, as a result of the change in operating

segments whereby the Glanbia Nutritionals segment was split into two separate segments – Health & Nutrition (H&N)

and Dairy Nutrition (DN). This resulted in four individual CGUs being identified in these two new segments, whereas in

the prior year, Glanbia Nutritionals represented one single CGU. For the purposes of monitoring goodwill, the group has

identified four groups of CGUs, being PN Americas and PN International in the Performance Nutrition (PN) segment and

H&N and DN respectively. The number of CGUs identified within the PN segment decreased in the current financial

period as a result of the disposals of SlimFast (Americas & International) and Body & Fit.

In the current financial period, management recognised an intangible asset impairment of $16.5m, which is disclosed

as an exceptional item in respect of the LevlUp CGU within the PN segment.

In carrying out the impairment review, significant judgement is required by the directors in identifying indicators of

impairment, and estimation is required in determining the recoverable amount of Glanbia’s groups of CGUs and

individual CGUs.

The recoverable amount used in the impairment assessment is determined based on value in use calculations which

rely on directors’ assumptions and estimates of future trading performance. These assumptions and estimates may

be impacted by new risks and uncertainties arising from geopolitical factors, and other macro-economic factors such

as supply chain disruption, and inflationary and recessionary pressures, resulting in reduced headroom and potentially

impairment in the carrying value of goodwill and other intangible assets. The key assumptions utilised by the directors

in the impairment reviews are discount rates, cash flow projections and long-term growth rates.

Refer also to page 96 (Audit Committee Report), pages 238-239 (Intangible assets accounting policy), note 3

(Critical accounting estimates and judgements – impairment testing of goodwill and indefinite life intangibles)

and note 16 (Intangible assets) to the financial statements.

Independent Auditor’s Report to the members of Glanbia plc

continued

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

How the scope

of our audit

responded to

the key audit

matter

We evaluated and challenged the judgements applied by the Group in determining the Group’s CGUs and groups of CGUs

(for Goodwill impairment testing) including the changes made to the identification of CGUs within the DN and H&N

segments in the current financial period.

We evaluated the design and determined the implementation of relevant controls in respect of the impairment review

process and the budgeting process upon which the Group’s cash flow projections are based.

In conjunction with our valuation specialists, we evaluated the Group’s impairment review methodology applied by the

directors in preparing the value in use calculations.

We performed a retrospective review of assumptions used in prior period value in use calculations and compared these

to actual outturn.

We understood and challenged the underlying key assumptions within the Group’s impairment model, by developing an

independent view of the discount rates and long-term growth rates where, in conjunction with our valuation specialists,

we benchmarked the rates used by the directors against market data and comparable organisations.

We obtained and challenged cash flow projections by comparing them to historic growth rates and the Group’s strategic

plans. We challenged and assessed the Group’s forecasts with reference to recent performance and macro-economic

factors such as climate, geopolitical factors, supply chain disruption, inflationary and recessionary pressures and trend

analysis including comparing recent historic CGU performance to budgets. We evaluated the directors’ sensitivity

analysis and performed our own sensitivity analysis on the key assumptions used.

Where we noted any significant reductions or increases in headroom for a CGU or group of CGUs since the prior period,

we gained an understanding of the reasons giving rise to the reduction/increase and performed additional procedures

to substantiate these reasons. We held discussions with the business unit controllers to understand the key inputs into

specific CGU budget assumptions to achieve the targets set in the strategic plans.

We audited the impairment charge recognised in the LevlUp CGU within the PN segment, which was caused by

underperformance of the business.

We evaluated the completeness and accuracy of the relevant disclosures in relation to goodwill and other intangible

assets for compliance with the relevant financial reporting framework.

Key

observations

We concurred with the directors’ conclusions from their annual impairment review, that there was no impairment of

goodwill or other intangible assets other than the amounts recognised in respect of the LevlUp CGU within the PN segment.

Provisions for uncertain tax positions

Key audit

matter

description

The Group operates across numerous multinational jurisdictions, the most significant of which are Ireland and the US, and

are subject to periodic challenge by local tax authorities on a range of tax matters during the normal course of business

including transfer pricing, Group financing arrangements, Pillar Two tax rules and transaction-related tax matters.

The directors apply significant judgement in assessing current and deferred tax risks and exposures in relation to the

interpretation of local and international tax laws, including Pillar Two rules and guidance, tax rates and treaties relating

to worldwide provisions for uncertain tax positions.

As a result, there is a significant risk that tax authorities could have different interpretations to those of the directors,

resulting in potential misstatement of tax provisions.

Due to the high degree of auditor judgement and increased audit effort, including the need to involve our tax specialists,

we have identified this as a key audit matter.

Refer also to page 97 (Audit Committee Report), page 236 (Income taxes accounting policy), note 3 (Critical accounting

estimates and judgements – income taxes) and notes 11 (Income taxes) and 26 (Deferred taxes) to the financial

statements.

 Glanbia plc | Annual Report and Financial Statements 2025

How the scope

of our audit

responded to

the key audit

matter

To obtain evidence over the appropriateness of the directors’ assumptions in determining provisions for uncertain tax

positions, we obtained an understanding of the Group’s tax strategy, tax operating models and correspondence with

various tax authorities during the current financial period.

We evaluated the design and determined the implementation of the relevant controls in respect of the tax risk

management process.

We also reviewed the directors’ assessment of related tax risks and exposures across the Group for the identification

of uncertain tax positions. In the current financial period, continued focus was placed on the Group’s interpretations

of Pillar Two tax rules and guidance and the related calculations of effective tax rates in relevant tax jurisdictions.

We engaged our Irish and International tax specialists as part of our audit team, including US tax specialists, to analyse

and challenge the appropriateness of the assumptions made by the directors in determining the current and deferred

tax provisions and any movements in those provisions on an annual basis.

We challenged and evaluated directors’ assumptions and estimates, including external advice obtained, in respect of tax

risks and related provisions. We focused particularly on the directors’ judgements made in relation to transfer pricing

models, interpretations of relevant tax laws, Group financing arrangements and the directors’ assessment of likely

outcomes for uncertain tax positions in key jurisdictions where the Group has significant trading operations.

We inspected relevant correspondence between the Group and various tax authorities.

We evaluated the completeness and accuracy of relevant current and deferred tax disclosures for compliance with the

relevant financial reporting framework.

Key

observations

We noted that there is inherent uncertainty and unpredictability in relation to the above tax matters, however, based on

the audit work performed as outlined above, we have concluded the directors’ judgement and measurement of uncertain

tax positions to be within an acceptable range of estimates.

Revenue recognition – promotional arrangements

Key audit

matter

description

The Group sells products to customers under a variety of contractual terms. The Group’s revenue arrangements are

predominantly straightforward and require little judgement to be exercised. However, in the PN segment, discounts, rebates

and other promotional arrangements are a feature and revenue must be recognised net of these selling arrangements.

At the financial period end, management estimates the level of discounts, rebates and other promotional arrangements

to be applied to its sales contracts. Judgement is required to determine the level of accruals required to settle these

arrangements with customers post period-end, which impacts the amount of revenue recognised in the period. We

have therefore pinpointed the presumed significant risk of fraud, including management bias, in revenue recognition

to period-end accrued rebates relating to selling arrangements, and the corresponding debit adjustment to revenue

which could be misstated either intentionally to achieve performance targets, or as a result of error.

Due to the judgements made by management in respect of discounts, rebates and other promotional arrangements,

this required extensive audit effort, and therefore we have identified this as a key audit matter.

Refer also to page 97 (Audit Committee Report), and page 234 (Revenue recognition accounting policy).

How the scope

of our audit

responded to

the key audit

matter

We obtained an understanding of the various revenue contracts and selling arrangements in place with customers across

all segments of the Group, and of the relevant internal controls and IT systems in place over the revenue processes to

determine if revenue was appropriately recognised to reflect the terms of contracts with customers.

We focused specifically on the PN segment as discounts, rebates and other promotional arrangements are a significant

feature of the PN segment. We evaluated the design, determined the implementation and tested the operating

effectiveness of relevant controls in respect of discounts, rebates and other promotional arrangements applied to

revenue contracts.

We discussed key contractual arrangements with management and obtained relevant documentation, including

documentation in respect of discounts, rebates and other promotional arrangements.

On a sample basis, we recalculated period-end accruals based on underlying contracts with customers and assessed

whether there was any evidence of management bias in key judgements made by management.

We also performed retrospective look-back analysis over changes to prior period estimates to challenge those estimates,

including assessing the amounts recorded for evidence of management bias.

Key

observations

We have no observations that impact our audit in respect of the amounts and disclosures related to revenue recognition.

Independent Auditor’s Report to the members of Glanbia plc

continued

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

Exceptional items

Key audit

matter

description

The Group, in accordance with its accounting policy, classified a number of significant items of income and expense

totalling a net expense of $100.6m (after related tax credits) as exceptional items. These exceptional items primarily

relate to impairment of intangible assets (see impairment of goodwill and other intangible assets key audit matter),

loss on disposal of subsidiaries, transformation programme costs, acquisition and integration costs and the related

tax impact of these exceptional items.

Earnings before interest, tax, depreciation and amortisation (EBITDA) is disclosed throughout the Annual Report and

Financial Statements on a pre-exceptional basis and is one of the Group’s key performance indicators.

The classification of items as exceptional affects adjusted earnings per share and is inherently judgemental. As a result,

there is a risk that items are not consistently classified and that normal trading expenses are disclosed as exceptional

items per the Group’s accounting policy, or are not adequately disclosed.

Because of the judgement made by the directors in respect of the classification of exceptional items and the impact

on the presentation of the Group income statement, we have identified this as a key audit matter.

Refer also to page 97 (Audit Committee Report), page 234 (Exceptional Items accounting policy),

note 3 (Critical accounting judgements and estimates – Exceptional items) and note 6 (Exceptional items).

How the scope

of our audit

responded to

the key audit

matter

We obtained an understanding of the process the directors undertook to identify and present exceptional items within

the Annual Report and Financial Statements. For each of these exceptional items, we audited samples of the underlying

transactions giving rise to the charge or credit recognised.

We challenged the nature and classification of transactions as exceptional items in accordance with the Group’s

accounting policy, whilst also challenging whether the accounting policy for exceptional items is appropriate and has

been applied consistently with previous periods.

We evaluated the completeness and accuracy of the presentation and disclosures of exceptional items in the Group’s

financial statements in accordance with requirements of the relevant financial reporting framework.

Key

observations

We have no observations that impact our audit in respect of the amounts and disclosures related to exceptional items.

Our audit procedures relating to these matters were designed in the context of our audit of the financial statements as a whole, and not

to express an opinion on individual accounts or disclosures. Our opinion on the financial statements is not modified with respect to any

of the risks described above, and we do not express an opinion on these individual matters.

 Glanbia plc | Annual Report and Financial Statements 2025

Our application of materiality

We define materiality as the magnitude of misstatement in the financial statements that makes it probable that the economic decisions

of a reasonably knowledgeable person would be changed or influenced. We use materiality both in planning the scope of our audit work

and in evaluating the results of our work.

Based on our professional judgement, we determined materiality for the financial statements as a whole as follows:

Group financial statements Company financial statements

Materiality $16.0m (2024: $16.5m) €8.0m (2024: €7.7m)

Basis for determining materiality Approximately 5% of PBT excluding

exceptional items.

Approximately 1.5% of net assets.

Rationale for the benchmark applied We have considered PBT excluding

exceptional items to be the critical

component for determining materiality

because it is the most important measure for

the users of the Group’s financial statements

and the impact of exceptional items is

excluded to avoid distortion of the critical

component on an annual basis.

As the Group’s parent entity, the Company

does not generate revenue but instead holds

investments in subsidiaries and incurs costs,

thus net assets are of most relevance to the

users of the Company financial statements.

Profit before tax

excluding exceptional

items $332.0m

Group materiality $16.0m

Component performance

materiality range $6.4m to $10.2m

Audit Committee reporting

threshold $0.8m

We set performance materiality at a level lower than materiality to reduce the probability that, in aggregate, uncorrected and

undetected misstatements exceed the materiality for the financial statements as a whole.

Group financial statements Company financial statements

Performance materiality 80% (2024: 80%) of Group materiality 80% (2024: 80%) of Company materiality

Basis and rationale for determining

performance materiality

In determining performance materiality, we considered the following factors:

• our cumulative knowledge of the Group and Company’s control environment and the

quality of the control environment and our ability to rely on controls; and

• the nature, volume and size of misstatements (corrected and uncorrected) in the previous audit.

We agreed with the Audit Committee that we would report to the Committee all audit differences in excess of $0.8m (2024: $0.8m), as well

as differences below that threshold that, in our view, warranted reporting on qualitative grounds. We also report to the Audit Committee

on disclosure matters that we identified when assessing the overall presentation of the financial statements.

Independent Auditor’s Report to the members of Glanbia plc

continued

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

An overview of the scope of our audit

We followed a risk-based approach when performing our Group audit scoping by obtaining an understanding of the Group and its

environment, including disposals and acquisitions that occurred during the current financial period, Group-wide internal financial controls,

identifying significant classes of transactions, account balances or disclosures and assessing the risks of material misstatement at the

Group level. Based on that assessment, we focused our Group audit on 76 components which were subject to further audit procedures,

where the extent of our testing was based on our assessment of the associated risks of material misstatement at each individual

component and component performance materialities.

Our audit work for all components was executed at levels of performance materiality applicable to each individual component which

ranged from $6.4m to $10.2m.

At the Group level, we performed audit work over a number of centralised areas including but not limited to audit procedures over relevant

IT systems and certain balances and transactions. We also tested the consolidation process and carried out analytical procedures at

the Group level to contribute to the overall audit evidence that the Group financial statements are free from material misstatement

and that audit risk for a significant class of transaction, account balance or disclosure, has been reduced to an acceptably low level.

The Group audit team exercised direction, supervision and review over the audit work performed by component audit teams in scope

for the Group audit. The Group audit team adopted a hybrid approach and held planning discussions in person and/or virtually with all

the component audit teams during the financial period and visited a number of locations, including in the US and Ireland as part of our

audit planning.

In addition to our planning meetings, we sent detailed instructions to our component audit team, included them in our team briefings,

discussed and provided input into their component level risk assessment, attended client planning and closing meetings, and reviewed

their relevant audit working papers, including those for significant risks and judgmental areas. Throughout the audit we had continuous

interaction with our component audit team through meetings, status update calls and ad hoc queries.

Other information

The other information comprises the information included in the Annual Report and Financial Statements, other than the financial

statements and our auditor’s report thereon. The directors are responsible for the other information contained within the Annual Report

and Financial Statements.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our

report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent

with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such

material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement

in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude

that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Responsibilities of directors

As explained more fully in the Directors’ Responsibility Statement, the directors are responsible for the preparation of the financial

statements and for being satisfied that they give a true and fair view and otherwise comply with the Companies Act 2014, and for such

internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material

misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Group and Company’s ability to continue as a

going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless

the directors either intend to liquidate the Group and Company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement,

whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance,

but is not a guarantee that an audit conducted in accordance with ISAs (Ireland) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be

expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on IAASA’s website at:

https://iaasa.ie/publications/description-of-the-auditors-responsibilities-for-the-audit-of-the-financial-statements/.

This description forms part of our auditor’s report.

 Glanbia plc | Annual Report and Financial Statements 2025

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our

responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which

our procedures are capable of detecting irregularities, including fraud is detailed below.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws

and regulations, we considered the following:

• the nature of the industry and sector, control environment and business performance including the design of the Group’s remuneration

policies, key drivers for directors’ remuneration, bonus levels and performance targets;

• the Group’s own assessment of the risks that irregularities may occur either as a result of fraud or error;

• results of our enquiries of management, internal audit, legal counsel, Company Secretary and the audit committee about their own

identification and assessment of the risks of irregularities;

• any matters we identified having obtained and reviewed the Group’s documentation of their policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

• the matters discussed among the audit engagement team including significant component audit teams and relevant internal specialists,

including tax, valuations, retirement benefit and IT specialists regarding how and where fraud might occur in the financial statements

and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and

identified the greatest potential for fraud in the following area: ‘Revenue recognition – promotional arrangements’. In common with

all audits under ISAs (Ireland), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the Group operates in, focusing on provisions of those

laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements.

The key laws and regulations we considered in this context included the Companies Act 2014, Irish Corporate Governance Code,

Irish and UK Listing Rules, pensions legislation, and tax legislation in Ireland and the United States.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but

compliance with which may be fundamental to the Group’s ability to operate or to avoid a material penalty. These included the

Corporate Sustainability Reporting Directive, and food safety and environmental regulations that the Group operates under.

Audit response to risks identified

As a result of performing the above, we identified ‘Revenue recognition – promotional arrangements’ as a key audit matter related to

the potential risk of fraud. The key audit matters section of our report explains the matter in more detail and also describes the specific

procedures we performed in response to that key audit matter.

In addition to the above, our procedures to respond to risks identified included the following:

• reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of

relevant laws and regulations described as having a direct effect on the financial statements;

• enquiring of management, the audit committee and in-house and external legal counsel concerning actual and potential litigation

and claims;

• performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material

misstatement due to fraud;

• reading minutes of meetings of those charged with governance, reviewing internal audit reports and reviewing correspondence

with relevant tax authorities; and

• in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other

adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and

evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including

internal specialists and component audit teams, and remained alert to any indications of fraud or non-compliance with laws and

regulations throughout the audit.

Independent Auditor’s Report to the members of Glanbia plc

continued

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

Report on other legal and regulatory requirements

Opinion on other matters prescribed by the Companies Act 2014

Based solely on the work undertaken in the course of the audit, we report that:

• We have obtained all the information and explanations which we consider necessary for the purposes of our audit.

• In our opinion the accounting records of the Company were sufficient to permit the financial statements to be readily and properly

audited.

• The Company balance sheet is in agreement with the accounting records.

• In our opinion the information given in those parts of the directors’ report as specified for our review is consistent with the financial

statements.

• In our opinion, those parts of the directors’ report as specified for our review, which does not include sustainability reporting when

required by Part 28 of the Companies Act 2014, have been prepared in accordance with the Companies Act 2014.

Corporate Governance Statement required by the Companies Act 2014

We report, in relation to information given in the Corporate Governance Statement on pages 70 to 89 that:

• In our opinion, based on the work undertaken during the course of the audit, the information given in the Corporate Governance

Statement pursuant to subsections 2(c) and (d) of section 1373 of the Companies Act 2014 is consistent with the Company’s statutory

financial statements in respect of the financial period concerned and such information has been prepared in accordance with the

Companies Act 2014.

Based on our knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not

identified any material misstatements in this information.

• In our opinion, based on the work undertaken during the course of the audit, the Corporate Governance Statement contains the

information required by Regulation 6(2) of the European Union (Disclosure of Non-Financial and Diversity Information by certain

large undertakings and groups) Regulations 2017 (as amended); and

• In our opinion, based on the work undertaken during the course of the audit, the information required pursuant to section 1373(2)

(a),(b),(e) and (f) of the Companies Act 2014 is contained in the Corporate Governance Statement.

Corporate Governance Statement

The Listing Rules and ISAs (Ireland) require us to review the directors’ statement in relation to going concern, longer-term viability and the

part of the Corporate Governance Statement relating to the Group’s compliance with the provisions of the Irish Corporate Governance

Code specified for our review.

Based on the work undertaken as part of our audit, we have concluded that each of the following elements of the Corporate Governance

Statement is materially consistent with the financial statements and our knowledge obtained during the audit:

• the directors’ statement with regards the appropriateness of adopting the going concern basis of accounting and any material

uncertainties identified set out on pages 66 to 67 and 286;

• the directors’ explanation as to its assessment of the Group’s prospects, the period this assessment covers and why the period is

appropriate set out on pages 66 to 67;

• the directors’ statement on fair, balanced and understandable set out on page 88;

• the board’s confirmation that it has carried out a robust assessment of the emerging and principal risks and the disclosures in the

annual report that describe the principal risks and the procedures in place to identify emerging risks and an explanation of how they

are being managed or mitigated set out on pages 56 to 67;

• the section of the annual report that describes the review of effectiveness of risk management and internal control systems set out

on pages 54 to 56; and

• the section describing the work of the audit committee set out on pages 90 to 97.

Matters on which we are required to report by exception

Based on the knowledge and understanding of the Group and the Company and its environment obtained in the course of the audit,

we have not identified material misstatements in those parts of the directors’ report as specified for our review.

The Companies Act 2014 requires us to report to you if, in our opinion, the Company has not provided the information required by

Regulation 5(2) to 5(7) of the European Union (Disclosure of Non-Financial and Diversity Information by certain large undertakings

and groups) Regulations 2017 (as amended). We have nothing to report in this regard.

The Companies Act 2014 also requires us to report to you if, in our opinion, the Company has not provided the information required

by Section 1110N in relation to its remuneration report. We have nothing to report in this regard.

We have nothing to report in respect of the provisions in the Companies Act 2014 which require us to report to you if, in our opinion,

the disclosures of directors’ remuneration and transactions specified by law are not made.

 Glanbia plc | Annual Report and Financial Statements 2025

Other matters which we are required to address

We were appointed by Glanbia plc on 27 April 2016 to audit the financial statements for the financial period ended 31 December 2016.

The period of total uninterrupted engagement including previous renewals and reappointments of the firm is 10 years, covering the

financial periods ended 31 December 2016 to 3 January 2026.

The non-audit services prohibited by IAASA’s Ethical Standard were not provided and we remained independent of the company

in conducting the audit.

Our audit opinion is consistent with the additional report to the audit committee we are required to provide in accordance with

ISA (Ireland) 260.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Section 391 of the Companies Act 2014. Our audit

work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an

auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone

other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Emer O’Shaughnessy

For and on behalf of Deloitte Ireland LLP

Chartered Accountants and Statutory Audit Firm

Deloitte & Touche House, Earlsfort Terrace, Dublin 2

24 February 2026

Independent Auditor’s Report to the members of Glanbia plc

continued

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

Group income statement

for the financial year ended 3 January 2026

			2025			2024
		Pre-	Exceptional		Pre-	Exceptional
		exceptional	$m 	Total	exceptional	$m 	Total
	Notes	$m	(note 6)	$m	$m	(note 6)	$m
Revenue	4	3,9 46 . 4	–	3, 9 46 . 4 	3 , 8 39. 7	–	3, 8 39. 7
Cost of goods sold		(2 ,8 8 4 . 8)	(0 . 2)	(2,885.0)  	(2 , 6 74 . 3)	– 	(2 , 6 74 . 3)
Gross profit		1,0 61 . 6	(0 . 2)	1,0 61 . 4 	1,16 5 .4	–	1 ,16 5 .4
Selling and distribution expenses		(38 5 . 5)	–	(3 8 5 . 5) 	(449. 9)	–	(449. 9)
Administration expenses		(24 9. 6) 	(60 . 2)	(3 09 .8)  	(23 8 . 3)	(2 6 .9)	(26 5 . 2)
Net impairment (loss)/gain on financial assets	5	(0.9)	–	(0. 9) 	1 .0	–	1 .0
Operating profit before intangible asset
amortisation and impairment		425 .6	(6 0. 4)	3 6 5 . 2 	478. 2	(26 . 9)	451 . 3
Intangible asset amortisation and impairment	16	(75 . 3)	(16.7)	(9 2 . 0) 	(82 .1)	(1 34 . 5)	(2 16 . 6)
Operating profit		35 0. 3 	(7 7. 1)	27 3. 2 	39 6 .1	(1 6 1 .4)	23 4 .7
Loss on disposal of subsidiaries	6	–	(4 5 .7)	(4 5 .7) 	–	–	–
Finance income	10	2 .4	–	2 . 4 	5 .4	–	5 .4
Finance costs	10	(31 . 8)	–	(3 1 . 8) 	(32 . 2)	– 	(32 . 2)
Share of results of joint venture	17	11 .1	–	1 1 .1 	0 .1	–	0.1
Profit before taxation		33 2 . 0	(12 2 . 8)	20 9. 2 	369. 4	(1 6 1 . 4)	208 .0
Income taxes	11 	(4 8 . 1)	22 .2	(2 5 . 9) 	(59.1)	1 5 . 8	(4 3 . 3)
Profit for the year attributable to the equity
holders of the Company	24	2 8 3. 9	(10 0. 6)	1 83 . 3 	31 0. 3 	(1 45 . 6)	16 4. 7
Earnings Per Share attributable to the equity holders of the Company
Basic Earnings Per Share (cent)	12  			7 3 .16  			63 . 21
Diluted Earnings Per Share (cent)	12  			7 2 . 4 4			62.4 5

      

 Glanbia plc | Annual Report and Financial Statements 2025

		2025	2024
	Notes	$m	$m
Profit for the year		18 3 .3	16 4 .7
Other comprehensive income  
Items that will not be reclassified subsequently to the Group income statement:  
Remeasurements on defined benefit plans, net of deferred tax		1.9	4.1
Items that may be reclassified subsequently to the Group income statement:  
Currency translation differences	23	5 .6	(5 . 5)
Currency translation difference arising on net investment hedge	23	1 2 . 8 	(7. 0)
Movement in cash flow hedges, net of deferred tax	23(c)	(1 .1)	1. 5
Share of other comprehensive income of joint venture, net of deferred tax	17	(3 . 7)	(0 .1)
Other comprehensive income for the year, net of tax		15 . 5 	(7. 0)
Total comprehensive income for the year attributable to the equity holders of the Company		19 8 . 8	157.7

 

Group statement of comprehensive income

for the financial year ended 3 January 2026

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

Group balance sheet

as at 3 January 2026

		3 January	4 January
		2026	2025
	Notes	$m	$m
ASSETS  
Non-current assets  
Property, plant and equipment	14	520.1	518 . 6
Right-of-use assets	15	91 .1	87 .0
Intangible assets	16	1 , 5 33 . 5	1 ,6 0 8. 0
Interests in joint ventures	17	15 6 . 2	157.5
Other financial assets	18	0.9	0. 9
Deferred tax assets	26	3.7	3.4
Retirement benefit assets	8	16 . 2	12. 0
		2 , 32 1 .7	2, 3 87 . 4
Current assets  
Inventories	20	662 . 9	63 4. 8
Trade and other receivables	19	4 76 .4	3 91 . 5
Current tax receivable		21 . 7	17.0
Derivative financial instruments	29(a)	0 .1	1 .4
Cash and cash equivalents (excluding bank overdrafts)	21	491 . 2	417 .0
		1, 65 2 . 3	1 ,4 61 . 7
Assets held for sale		–	2 5. 4
		1, 65 2 . 3	1 , 48 7 .1
Total assets		3, 9 74.0	3 , 874.5
EQUITY  
Issued capital and reserves attributable to the equity holders of the Company  
Share capital and share premium	22	12 8 . 3	129. 3
Other reserves	23	1 8 6. 4	1 6 8 . 3
Retained earnings	24	1, 612 .5	1 ,7 7 5. 2
Total equity		1, 92 7 . 2	2,07 2 . 8
LIABILITIES  
Non-current liabilities  
Borrowings	25	6 41 . 6	552 . 2
Lease liabilities	15	88 . 0	8 5 .1
Retirement benefit obligations	8	1.1	1.0
Deferred tax liabilities	26	92 . 7	10 4. 6
Provisions	27	4. 6	4 . 3
		82 8 .0	7 47 .2
Current liabilities  
Trade and other payables	28	71 5 . 9	61 1. 7
Borrowings	25	375 . 6	30 0. 8
Lease liabilities	15	20 . 5	20. 8
Current tax liabilities		98 .6	101 . 9
Derivative financial instruments	29(a)	0. 2	–
Provisions	27	8 .0	10. 7
		1, 2 1 8 . 8	1 ,0 45 . 9
Liabilities held for sale		–	8 .6
		1, 2 1 8 . 8	1 ,05 4 . 5
Total liabilities		2 ,0 46 . 8	1,8 01 .7
Total equity and liabilities		3, 974. 0	3 ,8 7 4 . 5

 

On behalf of the Board

Paul Duffy

Directors

Hugh McGuire Mark Garvey

24 February 2026

 Glanbia plc | Annual Report and Financial Statements 2025

			Attributable to equity holders of the Company
	Share capital
	and share	Other	Retained
	premium	reserves	earnings	Total
	$m	$m	$m	$m
2025	(note 22)	(note 23)	(note 24) 
Balance at 5 January 2025	12 9. 3	16 8 . 3	1, 7 75 . 2	2 ,0 72 .8
Profit for the year	–	–	18 3 . 3	18 3 . 3
Other comprehensive income	–	13 . 6	1. 9	15 . 5
Total comprehensive income for the year	–	13 . 6	1 8 5 . 2	1 9 8 .8
Dividends	–	–	(1 17 . 8)	(11 7 . 8)
Purchase of own shares	–	(248 . 8)	–	(24 8 . 8)
Cancellation of own shares	(1 . 0)	22 7 . 3	(226 . 3)	–
Share-based payment expense	–	2 1 . 9	–	21 . 9
Transfer on exercise, vesting or expiry of share-based payments	–	4.1	(4 .1)	–
Deferred tax on share-based payments	–	–	0 .3	0. 3
Balance at 3 January 2026	12 8 . 3	1 86 . 4	1, 61 2 . 5	1, 92 7 . 2



   

   

2024 
Balance at 31 December 2023	129. 7	17 2 .1	1 ,8 30 . 8	2,13 2 .6
Profit for the year	–	–	1 6 4. 7	1 6 4. 7
Other comprehensive income	–	(1 1 .1)	4 .1 	(7. 0)
Total comprehensive income for the year	–	(1 1 .1)	16 8 . 8	157.7
Dividends	–	–	(104.4)	(104.4)
Purchase of own shares	–	(1 29. 8)	–	(12 9. 8)
Cancellation of own shares 	(0 .4)	111 .4	(111.0)	–
Share-based payment expense	–	18. 2	–	18. 2
Transfer on exercise, vesting or expiry of share-based payments	–	7.5 	(7. 5)	–
Deferred tax on share-based payments	–	–	(1 . 5)	(1 . 5)
Balance at 4 January 2025	129. 3	1 68 . 3	1 ,7 75 . 2	2,072 . 8

   

Group statement of changes in equity

for the financial year ended 3 January 2026

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

		2025	2024
	Notes	$m	$m
Cash flows from operating activities
Cash generated from operating activities before exceptional items	32(a)	50 8 . 2	531 .6
Cash outflow related to exceptional items		(5 5 . 8)	(22 . 7)
Interest received		3 . 6	6 .1
Interest paid (including interest paid on lease liabilities)		(32 .7)	(3 1 . 3)
Tax paid		(54 . 8)	(4 0 . 5)
Net cash inflow from operating activities		36 8 . 5	443 . 2
Cash flows from investing activities  
Payment for acquisition of subsidiary, net of cash and borrowings acquired		(40. 3) 	(29 8 .0)
Payments for property, plant and equipment		(4 9 . 6)	(5 4. 3)
Payments for intangible assets	16	(35 . 2)	(32 . 8)
Proceeds from sale of property, plant and equipment		–	2. 7
Dividends received from related parties		12 . 5	5 .0
Proceeds from disposal/redemption of other financial assets		1 . 8	2. 4
Proceeds from disposal of subsidiaries		47.5	–
Net cash outflow from investing activities		(63 . 3)	(375 .0)
Cash flows from financing activities  
Purchase of own shares	23	(24 8 . 8)	(1 29. 8)
Drawdown of borrowings	25/32(c)	8 67.9	6 72 . 8
Repayment of borrowings	25/32(c)	(7 80 .7)	(67 3. 3)
Payment of lease liabilities	32(c)	(2 3 . 3) 	(23 . 7)
Dividends paid to Company shareholders	13/24	(1 17 . 8)	(104.4)
Net cash outflow from financing activities		(302.7)	(25 8 . 4)
Net increase/(decrease) in cash and cash equivalents	25	2 .5	(190.2)
Cash and cash equivalents at the beginning of the year		116 . 2	30 4. 8
Effects of exchange rate changes on cash and cash equivalents		(3 .1)	1. 6
Cash and cash equivalents at the end of the year	21	11 5 .6	116. 2

 

Group statement of cash flows

for the financial year ended 3 January 2026

 Glanbia plc | Annual Report and Financial Statements 2025

1. General information

Glanbia plc (the “Company”) and its subsidiaries (together the “Group”) is a leading global nutrition group with geographical presence in

regions that include Americas, Europe and Asia Pacific. The Company is a public limited company incorporated and domiciled in Ireland,

the number under which it is registered is 129933. The address of its registered office is Glanbia House, Kilkenny, R95 E866, Ireland.

The Company is the ultimate parent of the Group and its shares are quoted on Euronext Dublin and the London Stock Exchange

(International Commercial Companies Secondary Listing).

The consolidated financial statements were approved and authorised for issue by the Board of Directors on 24 February 2026.

2. Material accounting policy information

The material accounting policy information applied in the preparation of the financial statements is set out in this section and has been

consistently applied to all years presented by the Group and joint venture unless otherwise stated.

Basis of preparation

The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (‘IFRS’) and

their interpretations approved by the International Accounting Standards Board (‘IASB’) as adopted by the European Union (‘EU’) and

those parts of the Companies Act 2014, applicable to companies reporting under IFRS. The consolidated financial statements comply

with Article 4 of the EU IAS Regulation. IFRS adopted by the EU differs in certain respects from IFRS issued by the IASB. References to

IFRS hereafter refer to IFRS adopted by the EU.

The consolidated financial statements have been prepared under the historical cost convention as modified by use of fair values for

certain other financial assets, contingent consideration and derivative financial instruments.

The preparation of the consolidated financial statements in conformity with IFRS requires the use of estimates, judgements and

assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the

reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management’s best

knowledge of the amount, event or actions, actual results ultimately may differ from these estimates. See note 3.

Amounts are stated in US dollar millions ($m) unless otherwise stated. These financial statements are prepared for the 52-week period ended

3 January 2026. Comparatives are for the 53-week period ended 4 January 2025. The balance sheets for 2025 and 2024 have been

drawn up as at 3 January 2026 and 4 January 2025 respectively.

The Going Concern Statement on pages 66 to 67 forms part of the Group financial statements.

Segment reporting

Glanbia has commenced a group-wide transformation programme to drive efficiencies across the new operating model and support the

next phase of growth through three focused segments; Performance Nutrition, Health & Nutrition and Dairy Nutrition. The new operating

model reflects the way resources are allocated and performance is assessed by the Chief Operating Decision Maker (“CODM”). During

the year, the Group reassessed the composition of its CODM and determined that the CODM is now the Chief Executive Officer and

Chief Financial Officer acting together (formerly the Group Operating Executive). Comparative segment information for 2024 has been

restated where necessary to reflect the changes in reportable segments. See note 4 for further details.

In identifying the Group’s operating segments, management considered the following principal factors:

• the Group’s organisational structure, namely Performance Nutrition, Health & Nutrition, Dairy Nutrition and the joint venture

• how financial information is reported to the CODM

• the nature of the component business activities; refer to note 4 for details

• the degree of similarity of products and services, and production processes

Finance income, finance costs and income taxes are not allocated to segments, as this type of activity is driven by central treasury and

taxation functions which manage the cash and tax position of the Group. Unallocated assets and liabilities primarily include tax, cash

and cash equivalents and borrowings. Where a material dependency or concentration on an individual customer would warrant disclosure,

this is disclosed in note 4.

Impact of climate related matters

The Group has considered the impact of climate change on the financial statements including the impairment of financial and non-

financial assets, the useful lives of those assets, and provisions, particularly in the context of the potential transition and physical risks

identified and assessed within Task Force for Climate-related Financial Disclosure (“TCFD”) report and the associated mitigation plans

in place. In addition, the Group refreshed its 2024 Double Materiality Assessment (“DMA”) in line with European Sustainability Reporting

Standards (“ESRS”) requirements to reassess climate-related financial materiality for risks and opportunities. Currently, there is no

indication from these assessments that climate change is expected to have a significant impact on the Group. The assessments included

the following specific considerations:

• The climate-related risk and opportunity (“CRO”) assessment to assess the potential impact of these risks and opportunities for the

Group did not indicate obsolete production methods, site locations or products. Consequently, management do not determine any

significant impact on the business, including operating or capital expenditure requirements, at this point in time.

• The impact of transition and physical risks identified and the potential impact on the carrying value of fixed assets and intangible

assets were specifically considered in the context of the estimated time horizon impact and output from the financial quantification

exercise carried out on each of the climate-related risks assessed. There was no significant impact to the carrying value of these

assets as recorded in the Group balance sheet.

Notes to the Group financial statements

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

• The Group considered our environmental commitments, including our carbon emission reduction targets, and the proposed

Scope 1 and 2 decarbonisation plan to 2030 and concluded that there was no significant provision requirements related to these

commitments or plans required.

In addition to these considerations, we further considered the impact of climate change in the impairment testing of goodwill and

indefinite life intangibles for 2025. Refer to note 16 for further details.

Basis of consolidation

Subsidiaries

The consolidated financial statements incorporate the financial statements of the Company and its subsidiaries. Subsidiaries are entities

over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its

involvement with the entity and has the ability to affect those returns through its power over the entity.

Subsidiaries are consolidated from the date on which control is transferred to the Group and are no longer consolidated from the date

that control ceases. Inter-company assets and liabilities, equity, income, expenses and cash flows relating to transactions between

members of the Group are eliminated on consolidation.

Interests in joint ventures

Interests in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and

obligations of each investor. The Group has assessed the nature of its joint arrangement and determined it to be a joint venture.

Interests in joint ventures are accounted for using the equity method of accounting. Under the equity method of accounting, interests in

joint ventures are initially recognised at cost. The Group’s share of joint ventures’ post acquisition profits or losses after tax are recognised

in the ‘Share of results of joint venture’ line in the Group income statement. The Group’s share of joint ventures post acquisition movement

in reserves is recognised in the Group statement of comprehensive income.

The cumulative post acquisition movements are adjusted against the carrying amount of the investment. Where indicators of impairment

arise, the carrying amount of the joint venture is tested for impairment by comparing its recoverable amount against its carrying value.

Unrealised gains arising from transactions with joint ventures are eliminated to the extent of the Group’s interest in the entity.

Unrealised losses are similarly eliminated to the extent that they do not provide evidence of impairment of a transferred asset.

When the Group’s share of losses in a joint venture equals or exceeds its interest in the joint venture, the Group does not recognise further

losses unless the Group has incurred obligations or made payments on behalf of the joint venture.

When the Group ceases to have joint control, any retained interest in the entity is re-measured to its fair value at the date when joint control

is lost with the change in carrying amount recognised in the income statement. This may mean that amounts previously recognised in

other comprehensive income are classified to the Group income statement.

Foreign currency translation

Functional and presentation currency

Items included in the financial statements of each of the Group’s subsidiaries and joint ventures are measured using the currency of

the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are

presented in US dollar.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the date of the transactions.

Foreign exchange gains and losses resulting from the settlement of such transactions are recognised in the income statement, except

when deferred in equity as qualifying cash flow hedges or net investment hedges.

Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the reporting date.

Currency translation differences on monetary assets and liabilities are taken to the income statement, except when deferred in equity

in the currency translation reserve as (i) qualifying cash flow hedges or (ii) exchange gains or losses on long-term intra-group loans and

on net investment hedges.

Subsidiaries and joint ventures

The income statement and balance sheet of subsidiaries and joint ventures that have a functional currency different from the presentation

currency are translated into the presentation currency as follows:

• assets and liabilities at each reporting date are translated at the closing rate at the reporting date of the balance sheet;

• income and expenses in the income statement and statement of comprehensive income are translated at monthly average exchange

rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which

case income and expenses are translated at the dates of the transactions); and

• all resulting exchange differences are recognised in other comprehensive income.

Resulting exchange differences are taken to a separate currency reserve within equity. When a foreign entity is disposed of outside the

Group, such exchange differences are recognised in the income statement as part of the gain or loss on disposal.

 Glanbia plc | Annual Report and Financial Statements 2025

Notes to the Group financial statements continued

2. Material accounting policy information continued

The principal exchange rates used for the translation of results and balance sheets into US dollar are as follows:

	Average		Closing Rates
1 US dollar =	2025	2024	2025	2024
euro	0.8838	0.9246	0.8532	0.9710
Pound sterling	0.7578	0.7827	0.7439	0.8058

Business combinations

Goodwill and fair value adjustments arising on the acquisition of a foreign entity are denominated in the functional currency of the

foreign entity, recorded at the exchange rate at the date of the transaction and subsequently retranslated at the applicable closing rates.

Revenue recognition

The Group manufactures and sells performance nutrition and lifestyle nutrition products, cheese and dairy, and non-dairy nutritional

and functional ingredients. In general, there is one performance obligation relating to the sale of products in a contract with a customer.

Performance obligations are met at the point in time when control of the products has transferred to the customer, which is dependent

on the contractual terms with each customer. In most cases, control transfers to the customer when the products are dispatched or

delivered to the customer. Delivery occurs when the products have been delivered to the specific location. The Group is an agent in an

arrangement when it does not control the promised goods before transferring them to a customer, and accordingly recognises revenue

on a net basis i.e. commission earned.

Rebates and discounts are provided for based on agreements or contracts with customers, agreed promotional arrangements and

accumulated experience using the most likely method. Judgement is exercised by management in the determination of quantum and

likelihood of rebates and discounts based on experience and historical trading patterns. Rebates and discounts are recorded in the

same period as the original revenue.

Generally, payment of the transaction price is due within credit terms that are consistent with industry practices, with no element of

financing. Thus, the Group does not adjust any of the transaction prices for the time value of money as a practical expedient as the

Group does not expect to have any contracts where the period between the transfer of the promised products to the customer and

payment by the customer exceeds one year.

Exceptional items

The Group has adopted an income statement format that seeks to highlight significant items within the Group results for the year. Such

items may include impairment of assets, including significant adjustments arising from the re-assessment of asset lives, adjustments

to contingent consideration, significant acquisition integration costs, restructuring costs including termination benefits, profit or loss

on disposal or termination of operations, significant reorganisation programmes that may span over a reporting period(s), significant

acquisition costs, litigation settlements, legislative changes, gains or losses on defined benefit pension plan restructuring, external

events including disasters relating to weather, pandemics, wars and other acts of God and natural disasters, and profit or loss on

disposal of investments. Certain items may span over a reporting period(s). Judgement is used by the Group in assessing the particular

items which by virtue of their scale and/or nature should be disclosed in the income statement and notes as exceptional items.

Finance income

Finance income comprise interest receivable on cash, deposits and swaps calculated using the effective interest rate method, net gains

on hedging instruments that are recognised in the income statement, and remeasurements of call options and contingent consideration.

Finance costs

Finance costs comprise interest payable on borrowings calculated using the effective interest rate method, net losses on hedging

instruments that are recognised in the income statement, facility fees, the unwinding of discounts on provisions, the interest expense

component of lease liabilities, and remeasurements of call options and contingent consideration.

General and specific finance costs that are directly attributable to the acquisition, construction or production of a qualifying asset are

capitalised during the period of time that is required to complete and prepare the asset for its intended use or sale. Qualifying assets

are assets that necessarily take a substantial period of time to get ready for their intended use or sale. Other finance costs are expensed

in the income statement in the period in which they are incurred.

Pension obligations

The Group operates various pension plans. The plans are funded through payments to trustee-administered funds. The Group has both

defined contribution and defined benefit plans.

Defined contribution pension

A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. The Group has no

legal or constructive obligation to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits

relating to employee service in the current and prior periods. The contributions are recognised as an employee benefit expense in the

income statement when they are due.

Strategic Report Directors’ Report Sustainability Statement Financial Statements Other Information

Defined benefit pension obligation

Defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more

factors such as age, years of service and compensation.

The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit

obligation at the reporting date less the fair value of the plan assets. The defined benefit obligation is calculated annually by independent

actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the

estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the

benefits will be paid, and that have terms to maturity approximating to the terms of the related pension obligation. The fair value of plan

assets is based on market price information and in the case of quoted securities in active markets it is the published bid price.

Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised in the

period in which they occur, directly in other comprehensive income. They are included in retained earnings in the statement of changes

in equity and in the balance sheet. Remeasurements are not reclassified to the income statement in subsequent periods.

A curtailment arises when the Group significantly reduces the number of employees or employee entitlements covered by a plan. A past

service cost may be either a loss (when benefits are introduced or changed so that the present value of the defined benefit obligation

increases) or a gain (when benefits are withdrawn or changed so that the present value of the defined benefit obligation decreases).

A settlement occurs when an entity enters into a transaction that eliminates all further legal or constructive obligation for part or all

of the benefits provided under a defined benefit plan (other than a payment of benefits to, or on behalf of, employees in accordance

with the terms of the plan and included in the actuarial assumptions). The gain or loss on a settlement is the difference between:

(a) the present value of the defined benefit obligation being settled, as determined on the date of settlement; and

(b) the settlement price, including any plan assets transferred and any payments made directly by the entity in connection with

the settlement.

The deferred tax impact of pension plan obligations is disclosed separately within deferred tax assets.

Share-based payments

The Group operates a number of equity settled share-based compensation plans which include share award schemes which are open

to Executive Directors and certain senior managers.

The charge to the income statement in respect of share-based payments is based on the fair value of the equity instruments granted

and is spread over the performance period.

Awards under the 2018 Long-term incentive plan (2018 LTIP) and 2019 Restricted share plan (2019 RSP)

The fair value of the awards is calculated using the discounted cash flow method. The awards typically contain only non-market vesting

and service conditions.

Awards under the Annual incentive deferred into shares scheme (AIDIS)

The fair value of shares awarded is determined in line with the Group’s Annual Incentive Scheme rules and equates with the cash value of

the portion of the annual incentive that will be settled by way of shares. The expense is recognised immediately in the income statement

with a corresponding entry to equity.

In respect of 2018 LTIP and 2019 RSP, non-market vesting and service conditions are included in assumptions about the number of

awards that are expected to vest. At each reporting date, the Group revises its estimates of the number of awards that are expected to

vest based on the non-market vesting and service conditions. It recognises the impact of the revision to original estimates, if any, in the

income statement with a corresponding adjustment to equity. The share-based payment charge to the income statement is reversed

where awards do not vest because non-market performance conditions have not been met or where, subject to the rules of the scheme,

an employee in receipt of share awards leaves service before the end of the vesting period.

When the awards are exercised, the Company reissues shares from own shares and the cumulative amount recognised in the share-

based payment reserve in respect of those awards is reclassified to retained earnings.

Short-term employee benefits

Short-term employee benefits are expensed as the related service is provided. A liability is recognised for the amount expected to be

paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee

and the obligation can be estimated reliably.

Termination benefits

Termination benefits are payable when employment is terminated by the Group before the normal retirement date or whenever an

employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits at the earlier of

the following dates: (i) when the Group can no longer withdraw the offer of those benefits; and (ii) when the entity recognises costs for

a restructuring that is within the scope of IAS 37 ‘Provisions, Contingent Liabilities and Contingent Assets’ and involves the payment of

termination benefits.

 Glanbia plc | Annual Report and Financial Statements 2025

Notes to the Group financial statements continued

2. Material accounting policy information continued

Income taxes

The tax expense for the period comprises current and deferred tax. Tax is recognised in the income statement except to the extent

that it relates to items recognised in other comprehensive income or directly in equity, in which case the tax is also recognised in other

comprehensive income or directly in equity, respectively.

A provision is recognised for those matters for which the tax determination is uncertain but it is considered probable that there will be a

future outflow of funds to a tax authority. The provisions are measured at the best estimate of the amount expected to become payable.

The assessment is based on the judgement of in-house tax experts, professional firms and previous experience of the Group. Further

detail on estimates and judgements are set out in note 3.

Current tax

Current tax is calculated on the basis of tax laws enacted or substantively enacted at the Group balance sheet date in countries where

the Group operates and generates taxable income, taking into account adjustments relating to prior years.

Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on

a net basis, or to realise the asset and settle the liability simultaneously.

Deferred tax

Deferred tax is determined using tax rates and laws enacted or substantively enacted by the reporting date. Deferred tax is provided on

a non-discounted basis, using the balance sheet liability method, providing for temporary differences on the reporting date between the

tax bases of assets and liabilities and their carrying amounts in the financial statements. However, deferred tax is not accounted for if it

arises from initial recognition of an asset or liability in a transaction, other than a business combination, that at the time of the transaction

affects neither accounting nor taxable profit or loss and does not give rise to equal taxable and deductible temporary differences.

Deferred tax liabilities are not recognised to the extent they arise from the initial recognition of goodwill not having full tax basis.

The carrying amount of a deferred tax asset or liability may change for reasons other than a change in the temporary difference itself.

Such changes might arise as a result of a change in tax rates or laws, a reassessment of the recoverability of a deferred tax asset or

a change in the expected manner of recovery of an asset or the expected manner of a settlement of a liability. The impact of these

changes is recognised in the income statement or in other comprehensive income depending on where the original deferred tax

balance was recognised.

Deferred tax is provided on temporary differences arising on investments in subsidiaries and joint ventures except where the timing of the

reversal of the temporary difference can be controlled by the Group and it is probable that the temporary difference will not reverse in

the foreseeable future. Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available

against which the temporary differences can be utilised. Deferred tax assets and liabilities are offset when there is a legally enforceable

right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same tax authority and

the Group intends to settle its current tax assets and liabilities on a net basis.

Pillar Two income tax

The Group adopted the amendments to IAS 12 in 2023. The IASB amended the scope of IAS 12 to clarify that the Standard applies to income

taxes arising from tax law enacted or substantively enacted to implement the Global Anti-Base Erosion (‘GloBE’) rules published by the

OECD (the ‘Pillar Two’ model rules) including tax law that implements qualified domestic minimum top-up taxes described in those rules.

The amendments introduced a temporary exception to the accounting requirements for deferred taxes in IAS 12, so that an entity would

neither recognise nor disclose information about deferred tax assets and liabilities related to Pillar Two income taxes. The Group is required

to disclose that it has applied the exception and to disclose separately its current tax expense/(income) related to Pillar Two income taxes.

The Group has applied the temporary exception contained in the amendments issued by the IASB from the accounting requirements

for deferred taxes in IAS 12. Accordingly, the Group neither recognises nor discloses information about deferred tax assets and liabilities

related to Pillar Two income taxes.

Earnings Per Share

Earnings Per Share (“EPS”) represents the profit attributable to owners of the Company divided by the weighted average number of

ordinary shares in issue during the period excluding own shares.

Diluted EPS is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive

potential ordinary shares.

Property, plant and equipment

Cost

Property, plant and equipment (“PP&E”) is stated at cost less accumulated depreciation and impairment losses. Cost includes expenditure

that is directly attributable to the acquisition of the assets. Subsequent costs, for example the costs of major renovation, are included

in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits

associated with the item will flow to the Group and the cost of the item can be measured reliably.

The carrying amount of any component accounted for as a separate asset is de-recognised when replaced. All other repairs and

maintenance are charged to the income statement during the reporting period in which they are incurred.

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

Gains and losses on disposals are determined by comparing proceeds with the carrying amount and are included in the income statement.

Borrowing costs directly attributable to the construction of property, plant and equipment which take a substantial period of time to get

ready for its intended use are capitalised as part of the cost of the assets.

Depreciation

Depreciation is calculated on the straight-line method to write off the cost less residual value of each asset over its estimated useful life

at the following rates:

	%
Land	Nil
Buildings	2.5-5
Plant and equipment	4-33
Motor vehicles	20-25

Land and assets under construction are not depreciated. Residual values and useful lives are reviewed and adjusted if appropriate at each

reporting date.

Impairment

Carrying amounts of items of property, plant and equipment are reviewed at each balance sheet date to determine whether there is any

indication of impairment. An impairment loss is recognised whenever the carrying amount of an asset exceeds its recoverable amount.

Impairment losses are recognised in the income statement. Following the recognition of an impairment loss, the depreciation charge

applicable to the asset is adjusted prospectively in order to systematically allocate the revised carrying amount, net of any residual

value over the remaining useful life.

Leases

Right-of-use assets

The Group recognises right-of-use assets (“ROU assets”) at the commencement date of the lease (i.e. the date the underlying asset is

available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted

for any remeasurement of lease liabilities. The cost of right-of-use assets includes the initial amount of lease liabilities recognised, initial

direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. The recognised

right-of-use assets are generally depreciated on a straight-line basis over the shorter of the estimated useful life of the underlying asset

and the lease term. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the

underlying asset’s useful life.

Lease liabilities

At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to

be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease

incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value

guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group

and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. The variable

lease payments that do not depend on an index or a rate are recognised as an expense in the period on which the event or condition

that triggers the payment occurs.

In calculating the present value of lease payments, the Group uses the incremental borrowing rate (“IBR”) at the lease commencement

date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities

is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease

liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or

a change in the assessment to purchase the underlying asset.

For leases of plant and equipment, and motor vehicles for which the Group is a lessee, it has elected not to separate lease and non-lease

components, and instead account for these as a single lease component.

Short-term leases and leases of low-value assets

The Group applies the short-term lease recognition exemption to its short-term leases i.e. those leases that have a lease term of

12 months or less from the commencement date and do not contain a purchase option. It also applies the lease of low-value assets

recognition exemption to leases of assets that are considered of low value. Lease payments on short-term leases and leases of low-value

assets are recognised as an expense on a straight-line basis over the lease term.

Impairment

Carrying amounts of items of right-of-use assets are reviewed at each balance sheet date to determine whether there is any indication

of impairment. An impairment loss is recognised whenever the carrying amount of an asset exceeds its recoverable amount. Impairment

losses are recognised in the income statement.

 Glanbia plc | Annual Report and Financial Statements 2025

Notes to the Group financial statements continued

2. Material accounting policy information continued

Intangible assets

Goodwill

Goodwill is initially recognised at cost being the excess of the aggregate of the consideration transferred and the amount of any

non-controlling interest in the acquired entity over the net identifiable assets of the acquired subsidiary or joint venture at the date

of acquisition. Goodwill on acquisition of subsidiaries is included within intangible assets. Goodwill associated with the acquisition

of joint ventures is not recognised separately and included within the interest in joint ventures under the equity method of accounting.

Following initial recognition, goodwill is carried at cost less accumulated impairment losses, if applicable. Goodwill impairments are not

reversed. Goodwill is not amortised but is subject to impairment testing on an annual basis and at any time during the year if an indicator

of impairment is considered to exist. The annual goodwill impairment tests are undertaken at a consistent time in each annual period.

Where a business is disposed of from a cash generating unit (“CGU”) to which goodwill had been allocated on acquisition, an allocation

is made to the disposed business and included in determining the profit or loss arising on disposal. The allocation of goodwill to the

disposed business is determined on the basis of the fair value of the disposed business relative to the fair value of the portion of the CGU

retained. Fair value of the disposed business is based on the disposal consideration and fair value of the portion of the CGU retained is

determined on a value in use basis.

Research and development costs

Research expenditure is recognised as an expense in the income statement as incurred.

Costs incurred on development projects (relating to the design and testing of new or improved products) are recognised as intangible

assets when all criteria under IAS 38 are met. This includes the probability of project success, commercial and technological feasibility,

reliable measurement of costs, and the intention and availability of sufficient resources to complete the development. Development

costs are amortised using the straight-line method over their estimated useful lives. The useful life is typically three years.

Brands, customer relationships, recipes, know-how and other intangibles

Brands, customer relationships, recipes, know-how and other intangibles acquired as part of a business combination are stated at their

fair value at the date control is achieved.

Indefinite life brands are carried at cost less accumulated impairment losses, if applicable. Indefinite life brands are not amortised on

an annual basis but are tested annually for impairment. Indefinite life intangible assets are those for which there is no foreseeable limit

to their expected useful life. The classification of intangible assets as indefinite is assessed annually.

Definite life brands, customer relationships, recipes, know-how and other intangibles are amortised using the straight-line method over

their useful life as follows:

	Years
Brands	3-40
Customer relationships	5-15
Recipes, know-how and other intangibles	2-15

The useful life used to amortise definite life brands, customer relationships, recipes, know-how and other intangibles relates to the

future performance of the assets acquired and management’s judgement of the period over which the economic benefit will be derived

from the assets.

The carrying values of definite life brands, customer relationships, recipes, know-how and other intangibles are reviewed for indicators

of impairment at each reporting date and are subject to impairment testing when events or circumstances indicate that the carrying

values may not be recoverable.

Computer software

Computer software is stated at cost less accumulated amortisation and impairment losses. Costs incurred on the acquisition of computer

software are capitalised, as are costs directly associated with developing computer software programmes for internal use, if they meet

the recognition criteria of IAS 38 ‘Intangible Assets’. Computer software costs recognised as assets are amortised using the straight-line

method over their estimated useful lives, which is normally between five and ten years.

Customer contracts

If the costs incurred in fulfilling a contract with a customer are not within the scope of another standard, such costs are recognised as

an asset subject to meeting the criteria under IFRS 15. In the Group financial statements, these assets are presented within intangible

assets and are amortised using the straight-line method over the contractual term. Amortisation is presented as a reduction in revenue

as the costs are incurred to fulfill customer contracts and are directly linked to revenue generation, which more appropriately reflects

the substance of the customer contract.

Impairment of intangible assets

Goodwill and intangible assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment,

or more frequently if events or changes in circumstances indicate that they might be impaired. Other assets are tested for impairment

whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

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

For the purposes of impairment testing, assets are grouped into cash-generating units (“CGUs”), which are the smallest identifiable

group of assets that generate cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

An impairment is recognised in the income statement for the amount by which the carrying value of the CGU exceeds its recoverable

amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and its value in use. Value in use is determined

as the discounted future cash flows of the CGU.

Inventories

Inventories are stated at the lower of cost and net realisable value.

Cost includes all expenditure incurred in the normal course of business in bringing the products to their present location and condition.

Cost is determined by the first-in, first-out (FIFO) method or by weighted average cost. The cost of finished goods and work in progress

comprises raw materials, direct labour, other direct costs and related production overheads (based on normal capacity). Costs of

inventories include the transfer from equity of any gains/losses on qualifying cash flow hedges which relate to purchases of raw materials.

Net realisable value is the estimated selling price in the ordinary course of business, less all estimated costs of completion and selling

expenses. Allowance is made, where necessary, for aged, slow moving, obsolete and defective inventories.

Trade and other receivables and financial assets at amortised cost

Trade and other receivables and financial assets at amortised cost are classified and measured at amortised cost as they are held to collect

contractual cash flows which comprise solely payments of principal and interest, where applicable. They are recognised initially at fair value

plus transaction costs, except trade receivables that do not contain significant financing components which are recognised at transaction

price. They are subsequently measured at amortised cost using the effective interest method less expected credit loss allowance.

The Group recognises an allowance for expected credit losses (“ECL”) for financial assets not held at fair value through profit or loss.

For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECL are provided for credit

losses that result from default events that are possible within the next 12 months. For those credit exposures for which there has been

a significant increase in credit risk since initial recognition or where there has been a credit impaired event, a lifetime expected loss

allowance is recognised, irrespective of the timing of the default.

The Group applies the IFRS 9 simplified approach to measure ECL which uses a lifetime expected loss allowance for all trade receivables.

A loss allowance for the amount of receivables that is subject to credit risk is estimated based on expected credit losses. To measure ECL,

historical loss rates are calculated based on historical credit loss experience. The loss allowance based on historical loss rates is adjusted

where appropriate to reflect current information and forward-looking information on macroeconomic factors, including the trading

environment of countries in which the Group sells its goods, which affect the ability of the debtors to settle the receivables.

The above financial assets are written off when there is no reasonable expectation of recovery such as a debtor failing to engage in

a repayment plan with the Group.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, and deposits held on call with banks. For the purposes of the Group

statement of cash flows, cash and cash equivalents consists of cash and cash equivalents net of bank overdrafts as bank overdrafts

are repayable on demand and they form an integral part of cash management.

Investments in equity instruments

The Group classifies and measures its investments in equity instruments at fair value. Changes in their fair value are recognised in the

income statement unless management has elected to present fair value gains and losses in OCI on an investment by investment basis.

When an election is made for an investment, there is no subsequent reclassification of fair value gains and losses related to the investment

to profit or loss following the derecognition of the investment. Dividends from such investments are recognised in profit or loss when the

Group’s right to receive payments is established.

Borrowings

Borrowings are recognised initially at fair value and subsequently stated at amortised cost.

Trade and other payables

Trade and other payables are recognised initially at their fair value and subsequently measured at amortised cost which approximates

to fair value given the short-term nature of these liabilities. These amounts represent liabilities for goods and services provided to the

Group prior to, or at the end of the financial year which are unpaid. The amounts are unsecured and are usually paid within 30-90 days

of recognition depending on the terms negotiated with suppliers.

Provisions, contingent liabilities and contingent assets

Provisions are recognised on the balance sheet when the Group has a present (constructive or legal) obligation as a result of past events,

it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions

are not recognised for future operating losses. Provisions are measured using management’s best estimate of the present value of the

expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present

value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability.

 Glanbia plc | Annual Report and Financial Statements 2025

Notes to the Group financial statements continued

2. Material accounting policy information continued

The increase in provision due to passage of time is recognised as an interest expense.

Provisions arising on business combinations are only recognised to the extent that they have qualified for recognition in the financial

statements of the acquiree prior to acquisition.

A contingent liability is not recognised but is disclosed where the existence of the obligation will only be confirmed by future events

or where it is not probable that an outflow of resources will be required to settle the obligation or where the amount of the obligation

cannot be measured with reasonable reliability. Contingent assets are not recognised but are disclosed where an inflow of economic

benefits is probable.

Derivative financial instruments

Derivatives are initially recorded at fair value and subsequently remeasured at their fair value at the reporting date. Derivative contracts

are recognised on the trade date, other than ‘regular way’ contracts for which settlement date accounting is applied.

The fair value of any foreign currency contracts or any commodities contract is estimated by discounting the difference between the

contractual forward price and the current forward price, using the market interest rate at the measurement date, for a time period equal to

the residual maturity of the contract. The fair value of any interest rate swap is estimated by discounting future cash flows under the swap,

using the market interest rates, at the measurement date, for time periods equal to the residual maturity of the contracted cash flows.

The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument and, if so,

the nature of the item being hedged. Changes in the fair value of any derivative instruments that do not qualify for hedge accounting

are recognised in the income statement. The Group adopts the hedge accounting model in IFRS 9.

The Group designates certain derivatives as either: (i) hedges of the fair value of recognised assets or liabilities or an unrecognised firm

commitment (fair value hedge); or (ii) hedges of a cash flow risk associated with the cash flows of recognised asset or liability or a highly

probable forecast transaction (cash flow hedge).

The Group documents at the inception of the transaction, the relationship between hedging instruments and hedged items, as well as its risk

management objective and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge

inception and half yearly, of whether the derivatives that are used in hedging transactions are effective in offsetting changes in fair values

or cash flows of hedged items.

The fair values of various derivative instruments used for hedging purposes are disclosed in note 29. The full fair value of a hedging

derivative is classified as a non-current asset or liability if the remaining maturity of the hedged item is more than 12 months, and as a

current asset or liability if the remaining maturity of the hedged item is less than 12 months.

Cash flow hedge

The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in OCI.

The gain or loss relating to the ineffective portion is recognised immediately in the income statement. Where option contracts are used to

hedge forecast transactions, the Group designates only the intrinsic value of the options as the hedging instrument. Gains or losses relating

to the effective portion of the change in intrinsic value of the options are recognised in the hedging reserve within equity. The changes in

the time value of the options that relate to the hedged item are recognised within OCI in the cost of hedging reserve within equity.

Amounts accumulated in equity are recycled in the income statement in the periods when the hedged item affects profit or loss (for

instance when the forecast sale that is hedged takes place). Where the hedged item subsequently results in the recognition of a non-

financial asset (such as inventory), the amounts accumulated in equity are included within the initial cost of the asset. The recycled gain

or loss relating to the effective portion of interest rate swaps hedging variable interest rates on borrowings is recognised in the income

statement within ‘finance income’. The recycled gain or loss relating to the effective portion of foreign exchange contracts is recognised

in the relevant line item in the income statement relating to the hedged item (e.g. “Administration expenses”, “Revenue”, “Cost of goods

sold”). The recycled gain or loss relating to the time value and the effective portion of the intrinsic value of option contracts are included

within the initial cost of an asset.

The Group discontinues hedge accounting only when the hedging relationship (or a part thereof) ceases to meet the qualifying criteria

(after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised. The

discontinuation is accounted for prospectively. Any gain or loss recognised in OCI and accumulated in cash flow hedge reserve at that time

remains in equity and is reclassified to the income statement when the forecast transaction occurs. When a forecast transaction is no

longer expected to occur, the gain or loss accumulated in the cash flow hedge reserve is reclassified immediately to the income statement.

Net investment hedge

Net investment hedges, including a hedge of a monetary item that is accounted for as part of the net investment, are accounted for

in a way similar to cash flow hedges. Gains or losses on the hedging instrument (for instance foreign currency borrowings) relating to

the effective portion of the hedge are recognised as OCI while any gains or losses relating to the ineffective portion are recognised

in the income statement. On disposal of the foreign operation, the cumulative value of any such gains or losses recorded in equity is

transferred to the income statement.

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

Financial guarantee contracts

Financial guarantee contracts are recognised as a financial liability at the time the guarantee is issued. The liability is initially measured

at fair value, determined in accordance with IFRS 13 and subsequently at the higher of: the amount determined in accordance with

the expected credit loss model under IFRS 9 Financial Instruments; and the amount initially recognised less, where appropriate, the

cumulative amount of income recognised in accordance with the revenue recognition policy.

Share capital

Equity

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a

deduction from the proceeds. Repurchase of the Company’s own equity instruments is recognised as a deduction from equity. On

cancellation, amounts in the own shares reserve are transferred to retained earnings and the nominal value of the shares cancelled

is transferred from share capital to the capital reserve. No gain or loss is recognised in profit or loss on the purchase, sale, issue or

cancellation of the Company’s own equity instruments.

Own shares

Where the Employee Share Trust and/or the Employee Share Scheme Trust (on behalf of the Company) purchases the Company’s equity

share capital, under the 2018 Long-term incentive plan, the 2019 Restricted share plan and the Annual incentive deferred into shares

scheme, the consideration paid is deducted from distributable reserves and classified as own shares until they are re-issued. Where such

shares are re-issued, they are re-issued on a first-in, first-out basis and the original cost of own shares is transferred from own shares to

retained earnings.

Dividends

Dividends on ordinary shares to the Company’s shareholders are recognised as a liability of the Company when approved by the

Company’s shareholders. Interim dividends are recognised when paid.

Proposed dividends that are approved after the balance sheet date are not recognised as a liability but are disclosed in the dividends note.

Business combinations

The Group uses the acquisition method of accounting to account for business combinations. The acquisition date is defined as the date the

Group gained control of the entity. The cost of the acquisition is measured at the aggregate of the fair value of the consideration given.

Upon acquisition, the Group assesses the assets acquired and liabilities assumed for appropriate classification and designation

in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. Identifiable

assets acquired, liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the

acquisition date except for deferred tax assets or liabilities and assets or liabilities related to employee benefit arrangements which

are recognised and measured in accordance with IAS 12 ‘Income Taxes’ and IAS 19 ‘Employee Benefits’ respectively. The fair value of the

assets and liabilities are based on valuations using assumptions deemed by management to be appropriate. Professional valuers are

engaged when it is deemed appropriate to do so.

Goodwill represents the excess of the aggregate of the consideration transferred and the amount of any non-controlling interest in the

acquired entity over the net identifiable assets acquired. If this is less than the fair value of the net assets of the subsidiary acquired,

in the case of a bargain purchase, the difference is recognised directly in the income statement.

If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the

Group reports provisional amounts for the items for which the valuation of the fair value of assets acquired and liabilities assumed is still

in progress. Those provisional amounts are adjusted during the measurement period of one year from the date control is achieved when

additional information is obtained about facts and circumstances which would have affected the amounts recognised as of that date.

Any contingent consideration to be transferred by the Group will be recognised at fair value at the acquisition date. Contingent

consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured

to fair value, with changes in fair value recognised in the income statement.

Acquisition related costs are expensed as incurred in the income statement.

On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the acquiree either at fair value or at the

non-controlling interest’s proportionate share of the acquiree’s net assets.

Non-current assets held for sale and discontinued operations

Non-current assets and disposal groups classified as held for sale are measured at the lower of the carrying value and the fair value less

costs to sell.

Non-current assets and disposal groups are classified as held for sale if their carrying amounts will be recovered through a sale transaction

rather than continued use. This condition is regarded as satisfied only when the sale is highly probable and the asset or disposal group is

available for immediate sale in its present condition. Management must be committed to the sale, which should be expected to qualify

for recognition as a completed sale within one year of the date of classification.

 Glanbia plc | Annual Report and Financial Statements 2025

Notes to the Group financial statements continued

2. Material accounting policy information continued

When the Group is committed to a sale plan involving disposal of a joint venture, the interest in the joint venture that will be disposed of

is classified as held for sale when the criteria described in the previous paragraph are met. The Group then ceases to apply the equity

method of accounting in relation to the portion that is classified as held for sale.

A discontinued operation is a component of the entity that has been disposed of or is classified as held for sale and that represents a

separate major line of business or geographical area of operation, is part of a single coordinated plan to dispose of a separate major line of

business or geographical area of operation, or is a subsidiary acquired exclusively with a view to resale. If relevant, the results of discontinued

operations are presented separately in the Group income statement. In addition, the comparative Group income statement and Group

statement of comprehensive income are re-presented as if the operation had been discontinued from the start of the comparative year.

All notes to the financial statements include amounts for continuing operations, unless indicated otherwise.

Adoption of new and amended standards

The following changes to IFRS became effective for the Group during the financial year but did not result in material changes to the

Group’s financial statements:

• Classification of Liabilities as Current or Non-current – Amendments to IAS 1

• Non-current Liabilities with Covenants – Amendments to IAS 1

• Lack of Exchangeability- Amendments to IAS 21

• Lease Liability in a Sale and Leaseback – Amendments to IFRS 16

• Supplier Finance Arrangements – Amendments to IAS 7 and IFRS 7

New and amended standards that are not yet effective

The Group has not applied certain new standards, amendments and interpretations to existing standards that have been issued but are

not yet effective. The Group intends to adopt these amended and new standards, if applicable, when they become effective. These include:

• Classification and Measurement of Financial Instruments – Amendments to IFRS 9/IFRS 7

• Contracts Referencing Nature-dependent Electricity – Amendments to IFRS 9/IFRS 7

• IFRS 18 Presentation and Disclosure in Financial Statements

• IFRS 19 Subsidiaries without Public Accountability: Disclosures (including amendments)

• Annual Improvements to IFRS Accounting Standards – Volume 11

• Translation to a Hyperinflationary Presentation Currency – Amendments to IAS 21

The Group is currently assessing how the application of IFRS 18 Presentation and Disclosure in Financial Statements, effective for

accounting periods on or after 1 January 2027, will affect the future presentation of the Group’s financial statements. While IFRS 18 will

not affect reported totals, it is expected to change the presentation of income and expenses in the primary statements and the notes.

In addition, IFRS 18 requires management-defined performance measures, which are currently presented outside the audited financial

statements (in the Glossary), to be included within the audited notes together with reconciliations to IFRS measures. This will increase

disclosure requirements and audit scope. Otherwise, the standards outlined above are not expected to result in a material change to

the Group’s financial statements.

3. Critical accounting judgements and estimates

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of

future events that are believed to be reasonable under the circumstances. The Group makes estimates and assumptions concerning the

future. The resulting accounting estimates may not equal the related actual results. Revisions to estimates are recognised prospectively.

The most significant judgements and key sources of estimation uncertainty identified in the preparation of these financial statements

are set out in this note. With the exception of retirement benefit obligations which are subject to market conditions, it is not expected

that there will be a material adjustment to the carrying value of assets and liabilities of the other outlined areas.

Judgements

Exceptional items

The Group considers that items of income or expense which are significant by virtue of their scale and/or nature should be disclosed

separately if the Group financial statements are to fairly present the financial performance and financial position of the Group.

Determining which transactions are to be considered exceptional in nature is often a subjective matter. However, circumstances that

the Group believes would give rise to exceptional items for separate disclosure are outlined in the accounting policy on exceptional

items in note 2. Exceptional items are included on the income statement line item to which they relate. In addition, for clarity, separate

disclosure is made of all items in one column on the face of the Group income statement.

Impairment testing of goodwill

Goodwill acquired in business combinations is allocated to the groups of cash generating units (“CGUs”) that are expected to benefit from

the business acquisition or, where appropriate, by recognition of a new CGU. The group of CGUs represents the lowest level within the

Group at which the associated goodwill is monitored for internal management purposes and are not larger than an operating segment.

The allocation of goodwill to groups of CGUs for the purposes of impairment testing requires the application of management judgement.

For the purpose of impairment testing of goodwill associated with the Performance Nutrition segment, individual brands within the

segment are grouped together at the regional level as it represents the lowest level within the Group at which the goodwill is monitored

for internal management purposes. For the purposes of impairment testing of H&N and DN, individual businesses within H&N and DN are

grouped together at the segment level as this reflects the lowest level at which goodwill is monitored for internal management purposes.

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

Estimates

Retirement benefit obligations

The Group operates a number of defined benefit pension plans in Ireland and the UK. The rates of contributions payable, the pension cost

and the Group’s total obligation in respect of defined benefit plans is calculated and determined by independent qualified actuaries and

updated at least annually. Refer to note 8 for the amounts associated with the Irish and UK plans.

The size of the obligation and cost of the benefits are sensitive to actuarial assumptions. These include demographic assumptions

covering mortality and longevity, and economic assumptions including price inflation, benefit and salary increases together with the

discount rate used. The Group disclose the UK defined benefit pension plan details separately from the Irish plans to identify the impact

of a change in UK assumptions on the Group’s defined benefit pension plans.

The discount rate is a highly sensitive input to the calculation of scheme liabilities. Sensitivity analysis has been completed to assess

the impact of a change in the discount rate used and other principal actuarial assumptions. Refer to note 8 for the sensitivity analysis.

Impairment testing of goodwill and indefinite life intangibles

The Group tests annually whether goodwill and indefinite life intangibles have suffered any impairment, in accordance with the

accounting policy stated in note 2. The recoverable amounts of CGUs have been determined based on value in use calculations.

These calculations require the use of estimates.

Goodwill and indefinite life intangible assets are tested for impairment using projected cash flows over a three year period. Discount

rates are based on the Group weighted average cost of capital adjusted for company risk factors and specific country risk. A terminal

value assuming 2% growth into perpetuity is also applied. Refer to note 16 for the sensitivity analysis on the key assumptions used for

calculating value in use of the CGUs.

Additional information in relation to impairment testing is disclosed in note 16.

Income taxes

The Group is subject to income tax in numerous jurisdictions. Significant estimation is required in determining the worldwide provision

for income taxes. There are many transactions during the ordinary course of business for which the ultimate tax determination is

uncertain and the applicable tax legislation is open to differing interpretations. The Group takes external professional advice to help

minimise this risk. It recognises liabilities for anticipated tax authority reviews based on estimates of whether additional taxes will be

due, having regard to all information available on the tax matter. The Group engages with local tax experts to support the judgements

made where there is significant uncertainty about the position taken.

In determining any liability for amounts expected to be paid to tax authorities, the Group has regard to the tax status of the entities

involved, the external professional advice received, the status of negotiations and correspondence with the relevant tax authorities,

the best estimate of the amount expected to become payable, past practices of the tax authorities and any precedents in the relevant

jurisdiction. Where the final outcome of these tax matters is different from the amounts that were initially recorded, such differences

will impact the income tax and deferred tax provisions in the period in which such determination is made.

Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the unused

tax losses and unused tax credits may be utilised. The Group estimates the most probable amount of future taxable profits using

assumptions consistent with those employed in impairment calculations and taking into consideration applicable tax legislation in

the relevant jurisdiction.

Income taxes and deferred taxes are disclosed in notes 11 and 26 respectively.

4. Segment information

In accordance with IFRS 8 ‘Operating Segments’, the Group has 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).

Glanbia Performance Nutrition was renamed Performance Nutrition during the year and Glanbia Nutritionals was segregated into

Health & Nutrition and Dairy Nutrition. The new segments reflect the way resources are allocated and performance is assessed by the

CODM. Comparative segment information for 2024 has been restated where necessary to reflect the changes in reportable segments.

Performance Nutrition manufactures and sells sports nutrition and lifestyle nutrition products through a variety of channels including

specialty, online, Food, Drug, Mass, Club (FDMC), and distributor in a variety of formats, including powders, Ready-to-Eat (bars and

snacking foods) and Ready-to-Drink beverages. Health & Nutrition is a leading global ingredient solutions business, providing value added

ingredient and flavour solutions to a range of attractive, high-growth end-use markets. Dairy Nutrition is a leading producer of whey

proteins and American-style cheddar cheese in the US and provides a wide range of colostrum bioactives and functional protein solutions.

All other segments and unallocated include both the results of the joint venture who manufacture and sell cheese and dairy ingredients

and unallocated corporate costs. These investees did not meet the quantitative thresholds for reportable segments in 2025 or 2024.

Amounts stated for joint ventures represents the Group’s share.

 Glanbia plc | Annual Report and Financial Statements 2025

Notes to the Group financial statements continued

4. Segment information continued

These segments align with the Group’s internal financial reporting system and the way in which the CODM assesses performance and

allocates the Group’s resources. Each segment is reviewed in its totality by the CODM. The CODM assesses the trading performance of

operating segments based on a measure of earnings before interest, tax, depreciation, amortisation and exceptional items. Given that

net finance costs and income tax are managed on a centralised basis, these items are not allocated between operating segments for

the purposes of the information presented to the CODM and are accordingly omitted from the detailed segmental analysis below.

				All Other
	Performance	Health &	Dairy	Segments and
	Nutrition	Nutrition*	Nutrition*	unallocated	Total
	$m	$m	$m	$m	$m
Segment results (pre-exceptional)
2025
Total gross segment revenue	1,801.5	631.0	1,567.8	–	4,000.3
Inter-segment revenue	(0.4)	(2.5)	(51.0)	–	(53.9)
Revenue	1,801.1	628.5	1,516.8	–	3,946.4
Earnings before interest, tax, depreciation, amortisation
and exceptional items (EBITDA)	233.8	115.8	149.5	–	499.1
Share of results of joint venture	–	–	–	11.1	11.1
2024
Total gross segment revenue	1,807.3	565.0	1,533.5	–	3,905.8
Inter-segment revenue	(0.6)	(6.9)	(58.6)	–	(66.1)
Revenue	1,806.7	558.1	1,474.9	–	3,839.7
Earnings before interest, tax, depreciation, amortisation
and exceptional items (EBITDA)	305.4	98.7	147.2	–	551.3
Share of results of joint venture	–	–	–	0.1	0.1

* Comparatives restated to reflect changes in reportable segments.

Segment assets and liabilities

2025
Segment assets	1,603.7	851.3	776.3	742.7	3,974.0
Segment liabilities	371.2	119.1	276.4	1,280.1	2,046.8

2024
Segment assets	1,700.9	759.1	766.0	648.5	3,874.5
Segment liabilities	378.8	94.3	261.2	1,067.4	1,801.7

* Comparatives restated to reflect changes in reportable segments.

Other segment information

2025
Depreciation of PP&E and ROU assets**	24.2	16.8	32.5	–	73.5
Amortisation of intangible assets	39.0	7.2	29.1	–	75.3
Exceptional charge	75.3	7.1	0.9	39.5	122.8
Capital expenditure – additions	15.9	26.7	39.9	6.9	89.4
Capital expenditure – business combinations	–	41.4	–	–	41.4

2024
Depreciation of PP&E and ROU assets**	25.6	15.8	31.7	–	73.1
Amortisation of intangible assets	50.8	11.1	20.2	–	82.1
Exceptional charge	139.8	0.5	0.6	20.5	161.4
Capital expenditure – additions	24.4	31.0	44.5	6.4	106.3
Capital expenditure – business combinations	–	285.3	–	–	285.3

* Comparatives restated to reflect changes in reportable segments.

** Includes depreciation of property, plant and equipment of $52.6 million (2024: $52.2 million) and depreciation of right-of-use assets of $20.9 million (2024: $21.9

million). Also included is the reversal of an impairment of property, plant and equipment of nil in the current year (2024: $1.0 million).

Within Performance Nutrition, revenue of $402.9 million is derived from one external customer (2024: $374.5 million).

Within Dairy Nutrition, revenue of $405.6 million is derived from one external customer (2024: $443.8 million).

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

Segment earnings before interest, tax, depreciation, amortisation and exceptional items are reconciled to reported profit before

taxation and profit after taxation as follows:

		2025	2024
	Notes	$m	$m
Earnings before interest, tax, depreciation, amortisation and exceptional items (EBITDA)		499.1	551.3
Finance income	10	2.4	5.4
Finance costs	10	(31.8)	(32.2)
Share of results of joint venture		11.1	0.1
Exceptional items before tax	6	(122.8)	(161.4)
Intangible asset amortisation	16	(75.3)	(82.1)
Depreciation of property, plant and equipment	14	(52.6)	(52.2)
Reversal of impairment of property, plant and equipment	14	–	1.0
Depreciation of right-of-use assets	15	(20.9)	(21.9)
Profit before taxation		209.2	208.0
Income taxes	11	(25.9)	(43.3)
Profit for the year		183.3	164.7

Geographical information

Revenue from external customers, and non-current assets, other than financial instruments, deferred tax assets, and retirement benefit

assets attributable to the country of domicile and all foreign countries of operation for which revenue/non-current assets exceed 10% of

total Group revenue/non-current assets are set out below.

Revenue from external customers in the table below and in the disaggregation of revenue by primary geographical markets table

below is allocated to geographical areas based on the place of delivery or collection of the products sold as agreed with customers as

opposed to the end-use market where the product may be consumed.

	Revenue		Non-current assets
	2025	2024	2025	2024
	$m	$m	$m	$m
Ireland (country of domicile)	63.1	45.7	1,134.6	1,064.4
US	2,660.5	2,718.1	1,018.3	1,180.8
Other:
North America (excluding US)	113.3	115.0	5.7	5.6
Europe (excluding Ireland)	537.9	471.3	94.3	108.9
Asia Pacific	431.2	367.9	12.0	11.3
LATAM	70.8	56.7	36.0	0.1
Rest of World	69.6	65.0	–	–
	3,946.4	3,839.7	2,300.9	2,371.1 

 Glanbia plc | Annual Report and Financial Statements 2025

Notes to the Group financial statements continued

4. Segment information continued

Disaggregation of revenue

Revenue is disaggregated based on the Group’s internal reporting structures, the primary geographical markets in which the Group

operates, the timing of revenue recognition, and channel mix as set out in the following tables.

		2025				2024
	Performance	Health &	Dairy		Performance	Health &	Dairy
	Nutrition	Nutrition	Nutrition	Total	Nutrition	Nutrition*	Nutrition*	Total
	$m	$m	$m	$m	$m	$m	$m	$m
Internal reporting structures
Health & Nutrition	–	628.5	–	628.5	–	558.1	–	558.1
Dairy Nutrition	–	–	1,516.8	1,516.8	–	–	1,474.9	1,474.9
PN Americas	1,114.0	–	–	1,114.0	1,161.0	–	–	1,161.0
PN International	687.1	–	–	687.1	645.7	–	–	645.7
	1,801.1	628.5	1,516.8	3,946.4	1,806.7	558.1	1,474.9	3,839.7
Primary geographical markets
North America	1,116.4	367.4	1,290.0	2,773.8	1,162.6	350.9	1,319.6	2,833.1
Europe	369.5	141.5	90.0	601.0	351.8	113.3	51.9	517.0
Asia Pacific	249.0	61.8	120.4	431.2	226.7	52.4	88.8	367.9
LATAM	23.5	31.0	16.3	70.8	21.7	20.7	14.3	56.7
Rest of World	42.7	26.8	0.1	69.6	43.9	20.8	0.3	65.0
	1,801.1	628.5	1,516.8	3,946.4	1,806.7	558.1	1,474.9	3,839.7
Timing of revenue recognition
Products transferred at point in time	1,801.1	628.5	1,516.8	3,946.4	1,806.7	558.1	1,474.9	3,839.7
Products transferred over time	–	–	–	–	–	–	–	–
	1,801.1	628.5	1,516.8	3,946.4	1,806.7	558.1	1,474.9	3,839.7

* Restated to reflect the changes in reportable segments.

	2025	2024
Channel mix for Performance Nutrition	$m	$m
Distributor	365.3	363.8
Food, Drug, Mass, Club (FDMC)	606.6	635.5
Online	627.4	599.5
Specialty	201.8	207.9
	1,801.1	1,806.7

The disaggregation of revenue by channel mix is most relevant for Performance Nutrition.

5. Operating profit

Operating profit is stated after (charging)/crediting:

			2025			2024
		Pre-			Pre-
	Notes	exceptional	Exceptional	Total	exceptional	Exceptional	Total
		$m	$m	$m	$m	$m	$m
Cost of inventories recognised as an expense in cost of goods sold	20	(2,341.7)	–	(2,341.7)	(2,163.8)	–	(2,163.8)
Employee benefit expense	7	(593.5)	(15.2)	(608.7)	(557.5)	(5.2)	(562.7)
Depreciation of property, plant and equipment	14	(52.6)	–	(52.6)	(52.2)	–	(52.2)
Impairment of property, plant and equipment	14	–	(1.2)	(1.2)	–	(2.0)	(2.0)
(Loss)/profit on disposal of property, plant and equipment	32(a)	(0.4)	–	(0.4)	0.3	–	0.3
Reversal of impairment of property, plant and equipment	14	–	–	–	1.0	–	1.0
Depreciation of right-of-use assets	15	(20.9)	–	(20.9)	(21.9)	–	(21.9)
Impairment of right-of-use assets	15	–	(0.2)	(0.2)	–	(0.9)	(0.9)
Amortisation of intangible assets	16	(75.3)	–	(75.3)	(82.1)	–	(82.1)
Impairment of intangible assets	16	–	(16.7)	(16.7)	–	(134.5)	(134.5)
Loss on disposal of intangible assets	32(a)	–	–	–	(0.5)	–	(0.5)
Research and development costs		(25.5)	–	(25.5)	(23.1)	–	(23.1)
Lease rentals		(4.8)	–	(4.8)	(3.8)	–	(3.8)
Net impairment (loss)/gain on financial assets		(0.9)	–	(0.9)	1.0	–	1.0
Auditor’s remuneration		(3.4)	–	(3.4)	(2.6)	–	(2.6)
Net foreign exchange loss		(0.3)	–	(0.3)	(2.4)	–	(2.4)

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

The following table discloses the fees paid or payable to Deloitte Ireland LLP, the Group auditor, and to other statutory audit firms in the

Deloitte network:

				Other statutory auditor
	Statutory auditor		network firms
	2025	2024	2025	2024
	$m	$m	$m	$m
The audit of the Group financial statements	1.7	1.4	1.2	1.2
Other assurance services	0.5	–	–	–
Tax advisory services	–	–	–	–
Other non-audit services	–	–	–	–
	2.2	1.4	1.2	1.2

In addition to the above, Deloitte network member firms received fees of $0.3 million (2024: $0.3 million) in respect of the audit of the

Group’s joint venture.

6. Exceptional items

The nature of the total exceptional items is as follows:

		2025	2024
	Notes	$m	$m
Group-wide transformation programme	(a)	55.4	18.0
Loss on disposal of subsidiaries	(b)	45.7	–
Impairment of intangible assets	(c)	16.5	91.4
Acquisition and integration costs	(d)	5.2	5.7
Impairment of non-core assets held for sale	(e)	–	46.0
Pension related costs	(f)	–	0.3
Total		122.8	161.4
Exceptional tax credit	11	(22.2)	(15.8)
Total exceptional charge for the year	32(a)	100.6	145.6

Details of the exceptional items are as follows:

(a) Group-wide transformation programme: 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 2025 the Group incurred costs of $55.4 million (2024: $18.0 million) primarily related to advisory fees and people related costs.

(b) Loss on disposal of subsidiaries: This primarily relates to the loss on disposal of SlimFast and Body & Fit operations. Both transactions

concluded during 2025 and the loss represents the difference between proceeds received, (net of associated costs) and the carrying

value of the investments.

(c) Impairment of intangible assets: A non-cash impairment charge of $16.5 million has been recognised during the year in respect of

the LevlUp cash generating unit reflecting challenges in the business impacting performance.

In the prior year, a non-cash impairment charge of $91.4 million was recognised in respect of the SlimFast Americas cash generating

unit reflecting continuing challenges in the weight management category impacting the brand’s performance. The SlimFast

business was disposed of during 2025 (see note (b) above).

(d) Acquisition and integration costs: Relate to the transaction and integration costs associated with recent acquisitions.

(e) Impairment of non-core assets held for sale: The prior year charge relates to fair value adjustments to reduce the carrying value

of assets held for sale to recoverable value. The assets related 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 2024 year end. The business

was disposed of during 2025 (see note (b) above).

(f) Pension related costs: Prior year costs relate to the restructure of certain legacy defined benefit pension schemes in the UK.

 Glanbia plc | Annual Report and Financial Statements 2025

Notes to the Group financial statements continued

7. Employment

The aggregate payroll costs of employees (including Executive Directors) in the Group were:

		2025	2024
	Notes	$m	$m
Wages and salaries		505.1	467.0
Social insurance costs		44.7	41.5
Retirement benefit costs
- Defined contribution plans	8	18.7	17.0
- Defined benefit plans		0.3	0.6
		19.0	17.6
Other compensation costs
- Private health insurance		32.3	31.8
- Share-based payment expense	9	21.9	18.2
- Company car allowance		2.8	2.8
		57.0	52.8
		625.8	578.9

Included within the aggregate payroll costs is exceptional items of $15.2 million (2024: $5.2 million) which include redundancy costs of

$10.3 million (2024: $1.7 million). Capitalised labour costs of $17.1 million (2024: $16.2 million) are included within the aggregate payroll

costs while the remaining post-exceptional costs of $608.7 million (2024: $562.7 million) are recognised as an expense (note 5).

The Directors’ remuneration information is shown on tables A and B on pages 122 to 123 in the Remuneration Committee Report.

The average number of employees, excluding the Group’s joint venture, is analysed below by reportable segment for the current year.

The segmental structure changed during the year; therefore, comparative information is presented separately.

	2025
Performance Nutrition	1,967
Health & Nutrition	1,619
Dairy Nutrition	1,544
	5,130

The average number of employees for the prior year is presented below based on the segmental structure applicable at that time.

	2024
Performance Nutrition	2,163
Glanbia Nutritionals	2,952
	5,115

8. Retirement benefit obligations

Defined contribution pension plans

The Group has a number of defined contribution pension plans in operation. $18.7 million (2024: $17.0 million) was recognised in the Group

income statement during the year (note 7).

Defined benefit pension plans

Recognition in the Group balance sheet:

	2025	2024
	$m	$m
Non-current assets – Surplus on defined benefit pension plan	16.2	12.0
Non-current liabilities – Deficit on defined benefit pension plan	(1.1)	(1.0)
Net defined benefit pension plans asset	15.1	11.0

The Group operates defined benefit pension plans in the Republic of Ireland (“Ireland”) and the United Kingdom (“UK”). The defined benefit

pension plans in Ireland and the UK are administered by independent Boards of Trustees through separate trustee controlled funds. These

Boards are responsible for the management and governance of the pension plans including compliance with all relevant laws and regulations.

Each of the Group’s defined benefit pension plans operate under their respective regulatory frameworks and minimum funding requirements

in Ireland and the statutory funding objective in the UK. The UK pension plans comprise solely of pensioners and deferred pensioners.

The defined benefit pension plans provide retirement and death benefits for the relevant employees in those defined benefit pension

plans. The majority of the defined benefit pension plans are career average pension plans, which provide benefits to members in the form

of a guaranteed level of pension payable for life. The level of benefits provided depends on members’ length of service and their average

salary over their period of employment.

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

The contributions paid to the defined benefit pension plans are in accordance with the schedule of contributions agreed between

the Group and the Trustees of the relevant plans as recommended in the actuarial valuation reports or in subsequent actuarial advice.

The contributions are partly funded by the employees, where they are required to contribute a fixed percentage of pensionable salary,

and partly by the Group. The latest actuarial valuation reports for these plans, which are not available for public inspection, are dated

between 30 June 2018 and 1 January 2025.

In 2021, the Trustee Boards of two UK pension plans completed a buy-in transaction whereby the assets of the plans were invested in

a bulk purchase annuity policy with a UK pension insurance specialist. During 2023, the Trustee Boards completed a full buy-out of the

plans, following which the insurance company became responsible for the plan obligations, and the associated defined benefit assets

and matching defined benefit obligations were derecognised from the Group balance sheet.

The net UK pension liabilities at the end of the reporting period relate primarily to Guaranteed Minimum Pension equalisation (“GMPe”).

The amounts recognised in the Group balance sheet and the movements in the net defined benefit asset over the year are detailed

below. The net asset disclosed relates to funded plans. There are no unfunded plans.

	ROI	UK	Total
2025	$m	$m	$m
Fair value of plan assets:
At the beginning of the year	94.3	0.2	94.5
Interest income	3.5	–	3.5
Recognised in profit or loss	3.5	–	3.5
Remeasurements
Return of plan assets in excess of interest income	(3.7)	–	(3.7)
Recognised in OCI	(3.7)	–	(3.7)
Exchange differences	12.8	–	12.8
Contributions paid by the employer	0.6	–	0.6
Contributions paid by the employee	0.3	–	0.3
Benefits paid	(7.6)	–	(7.6)
At the end of the year	100.2	0.2	100.4
Present value of obligations:
At the beginning of the year	(82.5)	(1.0)	(83.5)
Current service cost	(0.7)	–	(0.7)
Interest expense	(3.0)	(0.1)	(3.1)
Recognised in profit or loss	(3.7)	(0.1)	(3.8)
Remeasurements
Loss from experience adjustments	(1.1)	0.1	(1.0)
Gain from changes in financial assumptions	6.8	–	6.8
Recognised in OCI	5.7	0.1	5.8
Exchange differences	(11.0)	(0.1)	(11.1)
Contributions paid by the employee	(0.3)	–	(0.3)
Benefits paid	7.6	–	7.6
At the end of the year	(84.2)	(1.1)	(85.3)
Net asset/(liability)	16.0	(0.9)	15.1

 Glanbia plc | Annual Report and Financial Statements 2025

Notes to the Group financial statements continued

8. Retirement benefit obligations continued

	ROI	UK	Total
2024	$m	$m	$m
Fair value of plan assets:
At the beginning of the year	106.8	0.4	107.2
Interest income	3.2	–	3.2
Recognised in profit or loss	3.2	–	3.2
Remeasurements
Return of plan assets in excess of interest income	0.7	–	0.7
Recognised in OCI	0.7	–	0.7
Exchange differences	(7.0)	–	(7.0)
Contributions paid by the employer	0.6	–	0.6
Contributions paid by the employee	0.3	–	0.3
Benefits paid	(10.3)	(0.2)	(10.5)
At the end of the year	94.3	0.2	94.5
Present value of obligations:
At the beginning of the year	(98.8)	(1.2)	(100.0)
Current service cost	(0.8)	–	(0.8)
Interest expense	(2.9)	(0.1)	(3.0)
Recognised in profit or loss	(3.7)	(0.1)	(3.8)
Remeasurements
Loss from experience adjustments	(0.4)	0.1	(0.3)
Gain from changes in financial assumptions	4.2	–	4.2
Recognised in OCI	3.8	0.1	3.9
Exchange differences	6.2	–	6.2
Contributions paid by the employee	(0.3)	–	(0.3)
Benefits paid	10.3	0.2	10.5
At the end of the year	(82.5)	(1.0)	(83.5)
Net asset/(liability)	11.8	(0.8)	11.0

The fair value of plan assets at the end of the reporting period is as follows:

		2025				2024
	Quoted	Unquoted	Total		Quoted	Unquoted	Total
	$m	$m	$m	%	$m	$m	$m	%
Equities
– Consumer	2.3	–	2.3	2	1.2	–	1.2	1
– Financials	2.2	–	2.2	2	1.7	–	1.7	2
– Information technology	2.6	–	2.6	3	1.9	–	1.9	2
– Other Corporate bonds	5.7	–	5.7	6	4.9	–	4.9	5
– Investment grade	3.8	–	3.8	4	4.1	–	4.1	4
– Non investment grade	0.2	–	0.2	–	0.3	–	0.3	–
– Cash	0.1	–	0.1	–	–	–	–	–
Government bonds and gilts	28.4	–	28.4	28	28.4	–	28.4	30
Property	–	2.0	2.0	2	–	1.9	1.9	2
Cash	–	2.2	2.2	2	0.4	2.9	3.3	3
Investment funds	4.3	–	4.3	4	3.5	–	3.5	4
Annuities	–	45.0	45.0	46	–	43.2	43.2	47
Other	1.6	–	1.6	1	0.1	–	0.1	–
	51.2	49.2	100.4	100	46.5	48.0	94.5	100

The plan assets at the end of the reporting period do not include any equities held in the Group, nor does the Group use or occupy any

of the plan assets.

Principal risks in the defined benefit pension plans

The Group is exposed to limited risk from the UK pension plans given that the net UK pension liabilities at the end of the reporting period

relate primarily to GMPe. Accordingly the most significant risks that the Irish pension plans are subject to are as follows:

Investment risk

The pension liabilities are discounted using market yields on high-quality corporate bonds. If the return on plan assets is below this rate,

it will create a plan deficit. Currently, the pension plans hold investments in primarily annuities and government bonds and gilts.

The Trustees conduct investment reviews to take advice on asset allocation, taking into account asset valuations, liability durations,

funding measurements and an achievement of an appropriate return on assets.

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

Interest rate risk

A decrease in corporate bond yields will increase plan liabilities, although this will be partially offset by an increase in the value of

the plans’ bond holdings. A change in the net defined benefit obligation as a result of changes in the discount rate leads to volatility

in the Group balance sheet, Group income statement and Group statement of comprehensive income. It also impacts the funding

requirements for the plans.

Inflation risk

A significant proportion of the benefits under the plans are linked to inflation, be it consumer price inflation or retail price inflation,

which in most cases are subject to a cap on annual increases. Although there are caps in force on inflation increases and the plans’

assets are expected to provide a good hedge against inflation over the long term, higher inflation will lead to higher liabilities.

Longevity risk

The present value of the defined benefit obligation is calculated by reference to the best estimate of the life expectancy of plan

participants both during and after their employment. An increase in the life expectancy of the plan participants will increase the

defined benefit obligation.

Principal assumptions used in the defined benefit pension plans

The principal assumptions used for the purposes of the actuarial valuations were as follows:

	2025		2024
	ROI	UK	ROI	UK
Discount rate	4.15%	5.65%	3.45%	5.60%
Inflation rate	1.80%	2.60%-2.95%	1.85%	2.80% - 3.20%
Future salary increases*	2.80%	0.00%	2.85%	0.00%
Future pension increases	0.00%	2.55%-2.80%	0.00%	2.75% - 3.05%
Mortality rates (years)
– Male – currently aged 65 years old	22.0	20.2	22.0	20.2
– Female – currently aged 65 years old	24.5	22.4	24.5	22.4
– Male – reaching 65 years of age in 20 years’ time	23.4	21.2	23.4	21.2
– Female – reaching 65 years of age in 20 years’ time	25.9	23.6	25.9	23.6

* The ROI defined benefit pension plans are on a career average structure therefore this assumption does not have a material impact. The UK defined benefit

pension plans comprise solely pensioners and deferred pensioners.

Assumptions regarding future mortality experience are set based on actuarial advice in accordance with published statistics and

experience in each territory.

Sensitivity analysis for principal assumptions used to measure plan liabilities

There are inherent uncertainties surrounding the financial assumptions adopted in calculating the actuarial valuation of the Group’s

defined benefit pension plans. The following table analyses, for the Group’s pension plans, the estimated impact on the plan liabilities

resulting from changes to key actuarial assumptions, with all other assumptions remaining constant. A sensitivity analysis has not been

provided for the UK pension plans for 2025 as their remaining liabilities at the reporting date relate to GMPe which are independent of

the assumptions.

The sensitivity analysis may not be representative of the actual change in the defined benefit obligation as it is unlikely that the change

in the assumptions would occur in isolation of one another as some of the assumptions may be correlated. The impact on the plan

liabilities has been calculated using the projected unit credit method, which is the same as that applied in calculating the defined

benefit obligation recognised in the Group balance sheet.

There have been no changes from the previous year in the methods used in preparing the sensitivity analysis.

		2025		2024
		Increase	Decrease	Increase	Decrease
Assumption	Change in assumption	$m	$m	$m	$m
ROI
Discount rate	0.50% movement	(4.5)	4.9	(4.7)	5.2
Inflation rate	0.50% movement	0.8	(0.8)	1.1	(1.0)
Mortality rate	1 year movement	2.3	(2.3)	2.3	(2.3)
Future salary increases*
Future pension increases**

	2025	2024
ROI
Expected contributions to the defined benefit plans for the coming year ($m)	0.6	0.5
Weighted average duration of the defined benefit plans (years)	12 years	14 years

* The ROI defined benefit pension plans are career average plans. As a result, future salary increases will not have a material impact on the plan liabilities.

** There are no future pension increases agreed in the material defined benefit pension plans.

 Glanbia plc | Annual Report and Financial Statements 2025

Notes to the Group financial statements continued

9. Share-based payment expense

The Group operates various equity settled share-based payment arrangements which are described in this note. Further details of the

plans are available in the Remuneration Committee Report on pages 104 to 123.

The total cost recognised in the Group income statement is analysed as follows:

				2025	2024
			Notes	$m	$m
The	2018	Long-term incentive plan (2018 LTIP)		13.5	13.9
The 2019		Restricted Share Plan (2019 RSP)		2.6	1.2
The annual incentive deferred into shares scheme (AIDIS)				5.8	3.1
			7/23/32(a)	21.9	18.2

2018 LTIP

For awards granted to participants other than the Executive Directors and members of the Group Operating Executive (“GOE”), 50%

of the awards vest over a three year period based on the vesting conditions as described below. The remaining 50% vest annually and

evenly over three consecutive years following the grant based on service condition and personal objectives. For awards granted to

Executive Directors and members of the GOE, the awards vest over a three-year period based on vesting conditions as detailed below.

The extent of awards outstanding is determined based on a combination of performance metrics that comprised of Group adjusted Earnings

Per Share (“EPS”), Group Return on Capital Employed (“ROCE”), Environmental, Social and Governance (“ESG”), and a service condition.

Vesting is determined on a straight line basis between threshold and maximum based on performance targets. There is a requirement

to hold shares received pursuant to the vesting of LTIP awards for a minimum period of two years post-vesting for members of the GOE.

The maximum annual award level is 150% of base salary. Awards lapse/expire by the fourth anniversary of the date of a grant.

2019 RSP

This scheme was introduced in 2019 to provide share awards to certain employees. The maximum award level is 150% of base salary.

The extent of vesting for awards outstanding is generally determined based on a service condition and personal objectives.

AIDIS

This scheme is an annual performance related incentive scheme for Executive Directors and members of the GOE. The fair value of AIDIS

was calculated as $5.8 million in 2025 (2024: $3.1 million) and equates to the cash value of the portion of the annual incentive that will

be settled by way of shares. The number of shares received is determined by the share price on the date of vesting. Effective 2022, the

Executive Directors and members of the GOE are required to hold 60% of the shares received (net of any applicable taxes and social

security) for a period of two years and three years for the balance post vesting.

Details of awards granted under 2018 LTIP and 2019 RSP are as follows:

		2025				2024
	2018	LTIP	2019		RSP	2018	LTIP	2019	RSP
At the beginning of the year		3,034,157	25	8,631		4,053,445	1	81,348
Granted		2,226,587	9	9,519		1,057,127	212	,955
Vested		(1,294,198)	(58,745)			(1,655,110)	(115,672)
Lapsed		(342,004)		–		(421,305)	(20,000)
At the end of the year		3,624,542	2	99,405		3,034,157	25	8,631
Weighted average fair value of awards granted		€9.16		€11.48		€16.96		€16.15

The assumptions used in the valuation of the awards granted under 2018 LTIP and 2019 RSP included:

		2025 awards				2024 awards
	2018	LTIP	2019	RSP	2018	LTIP	2019	RSP
Year of earliest vesting date		2026	2026-20	27		2025	2025	-2027
Share price at date of award		€10.16		€10.16-€14.34		€17.89	€14.81-€18.	27
Expected dividend yield		3.84%		2.83%-3.84%		1.98%	2.02%-	2.39%

Strategic Report Directors’ Report Sustainability Statement Financial Statements Other Information

10. Finance income and costs

		2025	2024
	Notes	$m	$m
Finance income
Interest income on cash and deposits		2.3	5.1
Interest income on swaps		0.1	0.3
Total finance income	32(a)	2.4	5.4
Finance costs
Bank borrowing costs		(16.3)	(16.0)
Finance cost of private placement debt		(9.7)	(10.4)
Facility fees		(2.6)	(2.8)
Interest expense on lease liabilities	15	(3.2)	(3.0)
Total finance costs	32(a)	(31.8)	(32.2)
Net finance costs		(29.4)	(26.8)

11. Income taxes

		2025	2024
	Notes	$m	$m
Current tax
Irish current tax charge		12.6	22.1
Adjustments in respect of prior years		1.0	0.1
Irish current tax for the year		13.6	22.2
Foreign current tax charge		26.2	50.5
Adjustments in respect of prior years		3.5	0.2
Foreign current tax for the year		29.7	50.7
Total current tax		43.3	72.9
Deferred tax
Deferred tax – current year		(13.1)	(28.3)
Adjustments in respect of prior years		(4.3)	(1.3)
Total deferred tax	26	(17.4)	(29.6)
Tax charge		25.9	43.3

The tax credit on exceptional items included in the above amounts is as follows:

		2025	2024
	Notes	$m	$m
Current tax credit on exceptional items		(12.5)	(1.0)
Deferred tax credit on exceptional items		(9.7)	(14.8)
Total tax credit on exceptional items for the year	6	(22.2)	(15.8)

The tax credit on exceptional items has been disclosed separately above as it relates to costs and income which have been presented

as exceptional.

The tax on the Group’s profit before tax differs from the theoretical amount that would arise applying the corporation tax rate in Ireland,

as follows:

	2025	2024
	$m	$m
Profit before tax	209.2	208.0
Income tax calculated at Irish rate of 12.5%	26.2	26.0
Earnings at non-standard Irish tax rate	1.1	1.1
Difference due to overseas tax rates (capital and trading)	6.9	1.4
Adjustment to tax charge in respect of previous periods	0.1	(1.0)
Tax on share of results of joint venture included in profit before tax	(1.4)	–
Difference due to permanent differences within exceptional items – non-deductible costs/(non-taxable income)	1.4	10.2
Other reconciling items	(8.4)	5.6
Total tax charge	25.9	43.3

Details of deferred tax charged or credited directly to other comprehensive income during the year are outlined in note 26.

 Glanbia plc | Annual Report and Financial Statements 2025

Notes to the Group financial statements continued

11. Income taxes continued

Factors that may affect future tax charges and other disclosure requirements

The total tax charge in future periods will be affected by any changes to applicable tax rates in force in jurisdictions in which the Group

operates and other relevant changes in tax legislation. The total tax charge of the Group may also be influenced by the effects of corporate

development activity and the resolution of uncertain tax positions where the outcome is different from the amounts recorded (note 3).

On 18 December 2023, the government of Ireland enacted Pillar Two income taxes legislation in Ireland, effective 1 January 2024, under

which Glanbia plc, the ultimate parent company of the Group, is required to pay to the Irish tax authorities top-up tax on the profits of

its subsidiaries with an effective tax rate of less than 15 per cent for each jurisdiction in which the Group operates, or it can elect to rely

on safe harbour criteria to exclude qualifying subsidiaries.

No current tax income or expense related to Pillar Two income taxes was recognised in the tax charge for the year ended 3 January 2026

(2024: nil).

12. Earnings Per Share

Basic

Basic Earnings Per Share is calculated by dividing profit after tax attributable to the equity holders of the Company by the weighted

average number of ordinary shares in issue during the year, excluding ordinary shares purchased by the Group and held as own shares

(note 23). The weighted average number of ordinary shares in issue used in the calculation of Basic Earnings Per Share is 250,545,404

(2024: 260,554,311).

Diluted

Diluted Earnings Per Share is calculated by adjusting the weighted average number of ordinary shares in issue to assume conversion of

all potential dilutive ordinary shares. Share awards are the Company’s only potential dilutive ordinary shares. The share awards, which

are performance based, are treated as contingently issuable shares, because their issue is contingent upon satisfaction of specified

performance conditions, as well as the passage of time. Contingently issuable shares are included in the calculation of Diluted Earnings

Per Share to the extent that conditions governing exercisability have been satisfied, as if the end of the reporting period were the end of

the vesting period.

		2025	2024
Profit after tax attributable to equity holders
of the Company ($m)		183.3	164.7
Basic Earnings Per Share (cent)		73.16	63.21
Diluted Earnings Per Share (cent)		72.44	62.45
Weighted average number of ordinary shares in issue		250,545,404	260,554,311
Shares deemed to be issued for no consideration in respect of share awards		2,484,212	3,181,275
Weighted average number of shares used in the calculation of Diluted Earnings Per Share	25	3,029,616	263,735,586

13. Dividends

The dividends paid and recommended on ordinary share capital are as follows:

		2025	2024
	Notes	$m	$m
Equity dividends to shareholders
Final – paid EUR 23.33c per ordinary share (2024: EUR 21.21c)		67.7	60.2
Interim – paid EUR 17.20c per ordinary share (2024: EUR 15.64c)		50.8	45.2
Total		118.5	105.4
Reconciliation to Group statement of cash flows and Group statement of changes in equity
Dividends to shareholders		118.5	105.4
Waived dividends in relation to own shares		(0.5)	(0.6)
Dividend withholding tax refund		(0.2)	(0.4)
Total dividends paid to the equity holders of the Company	24	117.8	104.4
Equity dividends recommended
Final 2025 – proposed EUR 25.67c per ordinary share (2024: EUR 23.33c)		73.3	62.2

The amount of dividends recommended is based on the number of issued shares at year end (note 22). The actual amount will be based

on the number of issued shares on the record date (note 36).

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

14. Property, plant and equipment

		Land and	Plant and	Motor
		buildings	equipment	Vehicles	Total
	Notes	$m	$m	$m	$m
Year ended 3 January 2026
Opening carrying amount		237.7	279.8	1.1	518.6
Exchange differences		3.5	2.9	–	6.4
Acquisitions	34	2.0	1.2	–	3.2
Additions		3.8	43.2	–	47.0
Depreciation charge	5/32(a)	(12.6)	(39.7)	(0.3)	(52.6)
Reclassifications		0.6	(0.7)	0.1	–
Disposals		(0.7)	(0.6)	–	(1.3)
Impairment	5	–	(1.2)	–	(1.2)
Closing carrying amount		234.3	284.9	0.9	520.1
At 3 January 2026
Cost		377.4	794.1	4.1	1,175.6
Accumulated depreciation and impairment		(143.1)	(509.2)	(3.2)	(655.5)
Carrying amount		234.3	284.9	0.9	520.1
Year ended 4 January 2025
Opening carrying amount		241.9	273.0	0.2	515.1
Exchange differences		(2.5)	(1.3)	–	(3.8)
Acquisitions		–	11.2	–	11.2
Additions		17.7	38.5	0.6	56.8
Depreciation charge	5/32(a)	(12.3)	(39.7)	(0.2)	(52.2)
Reclassifications		0.1	(0.6)	0.5	–
Disposals		(3.6)	(0.8)	–	(4.4)
Impairment reversal	5	1.0	–	–	1.0
Impairment	5	(1.8)	(0.2)	–	(2.0)
Transfer to assets held for sale		(2.8)	(0.3)	–	(3.1)
Closing carrying amount		237.7	279.8	1.1	518.6
At 4 January 2025
Cost		369.6	755.4	3.9	1,128.9
Accumulated depreciation and impairment		(131.9)	(475.6)	(2.8)	(610.3)
Carrying amount		237.7	279.8	1.1	518.6

Included in the closing cost at 3 January 2026 is an amount of $38.2 million (2024: $24.5 million) incurred in respect of assets under

construction. Included in the cost of additions for 2025 is $1.9 million (2024: $0.3 million) incurred in respect of staff costs capitalised into assets.

 Glanbia plc | Annual Report and Financial Statements 2025

Notes to the Group financial statements continued

15. Leasing

The movement in right-of-use assets during the year is as follows:

		Land and	Plant and	Motor
		buildings	equipment	Vehicles	Total
	Notes	$m	$m	$m	$m
Year ended 3 January 2026
Opening carrying amount		77.4	5.2	4.4	87.0
Exchange differences		1.0	0.1	–	1.1
Acquisitions	34	0.1	–	–	0.1
Additions		1.9	3.2	2.1	7.2
Disposals		(0.1)	(0.1)	–	(0.2)
Remeasurements		14.6	2.4	–	17.0
Depreciation charge	4/5/32(a)	(15.6)	(2.8)	(2.5)	(20.9)
Impairment	5	(0.2)	–	–	(0.2)
Closing carrying amount		79.1	8.0	4.0	91.1
At 3 January 2026
Cost		156.7	13.7	12.9	183.3
Accumulated depreciation and impairment		(77.6)	(5.7)	(8.9)	(92.2)
Carrying amount		79.1	8.0	4.0	91.1
Year ended 4 January 2025
Opening carrying amount		81.3	3.9	3.1	88.3
Exchange differences		(0.7)	0.1	(0.1)	(0.7)
Acquisitions		2.3	–	–	2.3
Additions		9.0	3.6	4.1	16.7
Disposals		–	(0.2)	–	(0.2)
Remeasurements		4.2	0.9	(0.3)	4.8
Reclassifications		(0.3)	–	0.3	–
Depreciation charge	4/5/32(a)	(16.3)	(3.1)	(2.5)	(21.9)
Impairment	5	(0.8)	–	(0.1)	(0.9)
Transfer to assets held for sale		(1.3)	–	(0.1)	(1.4)
Closing carrying amount		77.4	5.2	4.4	87.0
At 4 January 2025
Cost		140.9	12.9	10.7	164.5
Accumulated depreciation and impairment		(63.5)	(7.7)	(6.3)	(77.5)
Carrying amount		77.4	5.2	4.4	87.0

Amounts recognised in the Group income statement included the following:

		2025	2024
	Notes	$m	$m
Depreciation charge of right-of-use assets	5	20.9	21.9
Impairment of right-of-use assets	5	0.2	0.9
Interest expense on lease liabilities	10	3.2	3.0
Expense relating to short-term leases		4.6	3.5
Expense relating to low-value leases		0.1	0.2
Expense relating to variable lease payments		0.1	0.1

The total cash outflow for leases during the year was $31.3 million (2024: $29.1 million). At 3 January 2026, the Group was committed to

$0.6 million (2024: $1.1 million) for short-term leases. Income from subleasing was immaterial in the current and prior year.

Certain leases contain extension options exercisable by the Group. As at 3 January 2026, undiscounted potential future lease payments

of $69.5 million (2024: $75.9 million) have not been included in lease liabilities because it is not reasonably certain that the extension options,

$63.6 million (2024: $71.8 million) of which relate to periods more than five years from the reporting date, will be availed of. At 3 January 2026,

the undiscounted future lease payments relating to leases that have not yet commenced which the Group is committed to are nil (2024:

$3.2 million). The effect of excluding future cash outflows arising from variable lease payments, termination options, and residual value

guarantees from lease liabilities is not material for the Group.

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

Lease liabilities shown in the Group balance sheet are as follows:

		2025	2024
	Notes	$m	$m
Current		20.5	20.8
Non-current		88.0	85.1
Total	30(c)/32(c)	108.5	105.9

Refer to note 30(b) for a maturity analysis of the undiscounted lease liabilities arising from the Group’s leasing activities.

16. Intangible assets

			Brands
			and other	Software	Development	Customer
		Goodwill	intangibles	costs	costs	contracts*	Total
	Notes	$m	$m	$m	$m	$m	$m
Year ended 3 January 2026
Opening carrying amount		837.1	672.6	76.2	22.1	–	1,608.0
Exchange differences		6.8	3.5	5.9	–	–	16.2
Acquisitions	34	23.4	9.1	–	–	–	32.5
Additions		–	–	12.3	12.9	10.0	35.2
Disposals		(4.1)	(58.9)	(1.6)	(0.8)	–	(65.4)
Amortisation*	4/5/32(a)	–	(49.1)	(14.0)	(12.2)	(1.0)	(76.3)
Impairment	5	–	(15.8)	(0.9)	–	–	(16.7)
Closing carrying amount		863.2	561.4	77.9	22.0	9.0	1,533.5
At 3 January 2026
Cost		863.2	1,033.8	183.1	85.1	10.0	2,175.2
Accumulated amortisation and impairment		–	(472.4)	(105.2)	(63.1)	(1.0)	(641.7)
Carrying amount		863.2	561.4	77.9	22.0	9.0	1,533.5
Year ended 4 January 2025
Opening carrying amount		727.4	699.5	88.2	22.2	–	1,537.3
Exchange differences		(4.3)	(2.4)	(3.7)	0.2	–	(10.2)
Acquisitions		144.8	127.0	–	–	–	271.8
Additions		–	–	19.3	13.5	–	32.8
Disposals		–	–	(0.2)	(0.3)	–	(0.5)
Amortisation	4/5/32(a)	–	(49.9)	(18.9)	(13.3)	–	(82.1)
Impairment	5	(30.8)	(95.4)	(8.3)	–	–	(134.5)
Transfer to assets held for sale		–	(6.2)	(0.2)	(0.2)	–	(6.6)
Closing carrying amount		837.1	672.6	76.2	22.1	–	1,608.0
At 4 January 2025
Cost		837.1	1,231.1	169.3	74.4	–	2,311.9
Accumulated amortisation and impairment		–	(558.5)	(93.1)	(52.3)	–	(703.9)
Carrying amount		837.1	672.6	76.2	22.1	–	1,608.0

* During the year ended 3 January 2026, the Group entered into a contract with a key customer, which is amortised over a period of five years. The amortisation

relating to this contract of $1.0 million (2024: nil) is presented as a reduction of revenue, in line with the accounting policy. The remaining amortisation of $75.3 million

is included within the ‘Intangible asset amortisation and impairment’ line in the income statement.

The average remaining amortisation period for software costs is 4.5 years (2024: 4.4 years) and development costs is 2.5 years (2024: 1.9 years).

Approximately $7.5 million (2024: $12.6 million) of software additions during the year were internally generated which included $7.1 million

(2024: $8.8 million) of staff costs capitalised. Approximately $12.9 million (2024: $13.5 million) of additions to development costs during

the year were internally generated which included $8.1 million (2024: $7.1 million) of staff costs capitalised.

 Glanbia plc | Annual Report and Financial Statements 2025

Notes to the Group financial statements continued

16. Intangible assets continued

Brands and other intangibles

			Customer	Recipes, Know-
		Brands	relationships	how and other	Total
	Notes	$m	$m	$m	$m
Year ended 3 January 2026
Opening carrying amount		394.5	137.0	141.1	672.6
Exchange differences		2.7	0.9	(0.1)	3.5
Acquisitions	34	0.9	6.7	1.5	9.1
Disposals		(42.7)	(16.2)	–	(58.9)
Amortisation		(13.4)	(24.9)	(10.8)	(49.1)
Impairment		(12.6)	(3.2)	–	(15.8)
Closing carrying amount		329.4	100.3	131.7	561.4
At 3 January 2026
Cost		440.0	424.1	169.7	1,033.8
Accumulated amortisation and impairment		(110.6)	(323.8)	(38.0)	(472.4)
Carrying amount		329.4	100.3	131.7	561.4
Year ended 4 January 2025
Opening carrying amount		482.8	168.9	47.8	699.5
Exchange differences		(2.0)	(0.3)	(0.1)	(2.4)
Acquisitions		8.0	17.0	102.0	127.0
Amortisation		(14.5)	(26.8)	(8.6)	(49.9)
Impairment		(73.6)	(21.8)	–	(95.4)
Transfer to assets held for sale		(6.2)	–	–	(6.2)
Closing carrying amount		394.5	137.0	141.1	672.6
At 4 January 2025
Cost		573.1	489.9	168.1	1,231.1
Accumulated amortisation and impairment		(178.6)	(352.9)	(27.0)	(558.5)
Carrying amount		394.5	137.0	141.1	672.6

Individually material intangible assets with definite useful lives

	2025		2024
		Average		Average
		remaining		remaining
	Carrying	amortisation	Carrying	amortisation
	amount	period	amount	period
	$m	Years	$m	Years
Brands
Performance Nutrition – BSN	39.9	25	41.5	26
Performance Nutrition – Isopure	52.0	29	53.8	30
Performance Nutrition – think!	64.4	30	66.5	31
Performance Nutrition – Amazing Grass	31.8	31	32.8	32
Performance Nutrition – SlimFast North America	–	–	25.7	34
Performance Nutrition – SlimFast International	–	–	19.8	34
Customer relationships
Performance Nutrition – think!	16.1	3	22.1	4
Performance Nutrition – Amazing Grass	16.5	6	19.2	7
Dairy Nutrition – Sterling Technology	25.0	11	27.2	12
Know-How
Health & Nutrition – Flavor Producers	90.6	14	97.4	15

During the year, an indicator of impairment existed for the LevlUp International CGU which is part of the Performance Nutrition segment,

due to underperformance of the business. The carrying values of the assets of the LevlUp International CGU were fully impaired, with the

impairment recognised as an exceptional charge (note 6).

In the prior year, an indicator of impairment arose for the SlimFast Americas CGU, also part of the Performance Nutrition segment,

due to underperformance of the brand in the region. The carrying values of the assets of the SlimFast Americas CGU were reduced by

$91.4 million ($69.6 million relating to brands, $21.8 million relating to customer relationships), to their recoverable value of $44.1 million

as determined by a value in use computation, using a pre-tax discount rate of 9.41%. The impairment was recognised as an exceptional

charge (note 6). The SlimFast brand was disposed of during 2025.

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

Individually material indefinite life intangible assets

	2025	2024
Carrying amount	$m	$m
Brands
Performance Nutrition – Optimum Nutrition	122.7	122.7

As at the reporting date management reviewed the events and circumstances supporting the indefinite useful life assessment. The

Optimum Nutrition brand is long established, continues to have a strong market presence with high customer recognition and there are

no material legal, contractual or other factors that limit its useful life. In addition, the likelihood that market based factors could truncate

the brand’s life is relatively remote because of the size, diversification and market share of the brand. It was determined that this asset

will continue to contribute indefinitely to the cash flows of the Group.

Impairment tests for goodwill and indefinite life intangibles

During 2025, the Group reassessed its cash generating units (“CGUs”) following changes to the segmental structure (see note 2), with a

particular focus on the identification of CGUs within the Health & Nutrition (“H&N”) and Dairy Nutrition (“DN”) segments. As part of this

reassessment, it was determined that the individual businesses within H&N and DN represent separate CGUs based on the independence

of their cash inflows. However, for the purposes of goodwill impairment testing, these CGUs are grouped at the H&N and DN segment

level, as this reflects the lowest level at which goodwill is monitored for internal management purposes. Refer to note 3 for the critical

accounting judgement made.

Goodwill acquired in business combinations is allocated to the groups of CGUs that are expected to benefit from the business

acquisition or, where appropriate, by recognition of a new CGU. The group of CGUs represents the lowest level within the Group at which

the associated goodwill is monitored for internal management purposes and are not larger than the operating segments determined in

accordance with IFRS 8 ‘Operating Segments’.

The groups of CGUs to which significant amounts of goodwill have been allocated and the associated discount rates used for

impairment testing as at 3 January 2026 and 4 January 2025 are set out below:

	2025
	$m	Discount rate
PN Americas	410.5	9.71%
PN International	95.9	10.29%
Health & Nutrition	302.0	10.29%
Dairy Nutrition	54.8	10.00%
At the end of the year	863.2

	2024
	$m	Discount rate
PN Americas	412.5	9.42%
PN International	92.9	10.03%
Nutritional Solutions	331.7	9.09%
At the end of the year	837.1

The CGUs to which significant amounts of indefinite life intangibles have been allocated and the associated discount rates used for

impairment testing as at 3 January 2026 and 4 January 2025 are set out below:

	2025			2024
	$m	Discount rate	$m	Discount rate
Optimum Nutrition Americas	113.1	9.71%	113.1	9.42%
Optimum Nutrition International	9.6	10.29%	9.6	10.03%
At the end of the year	122.7		122.7

As at 3 January 2026, an amount of goodwill of $23.4 million associated with the Sweetmix acquisition (note 34) has been allocated to

the Health & Nutrition group of CGUs for impairment purposes.

Key assumptions

The recoverable amount of goodwill and indefinite life intangibles allocated to a group of CGUs or CGU is determined based on a value

in use computation. The key assumptions for calculating value in use of the CGUs are discount rates, growth rates and cash flows as

described in the following paragraphs:

As disclosed in note 2, specific consideration was given to the potential impact of the transition and physical risks associated with

climate change identified in our goodwill impairment assessment, including the estimated time horizon impact and output from the

financial quantification exercise carried out on each of the climate-related risks assessed, concluding that there was no significant

impact on the goodwill and other intangibles impairment assessment in the current year.

 Glanbia plc | Annual Report and Financial Statements 2025

Notes to the Group financial statements continued

16. Intangible assets continued

Discount rates

Refer to the table within this section for the pre-tax discount rates that are applied to the cash flow projections in the value in use

computations. The pre-tax discount rates are based on post-tax discount rates. The post-tax discount rates are based on each group

of CGUs or CGU’s weighted average cost of capital, calculated using the Capital Asset Pricing Model based on a set of publicly listed

comparable companies, including country risk premium and currency risk premiums that take into account the countries from where

the group of CGUs or CGU derives its cash flows and the currencies in which those cash flows are generated.

Growth rates

A terminal value of 2% growth into perpetuity was used to extrapolate cash flows beyond the budget and strategic plan period.

This growth rate does not exceed the long-term average growth rate for the industries in which each group of CGUs or CGU operates.

The application of the terminal value has taken account of the Group’s position, playing in large and growing markets which centre

around nutrition and healthy lifestyles.

Cash flows

The cash flow projections are based on three years of cash flows being, the 2026 budget formally approved by, and the strategic plan

for 2027 and 2028 as presented to, the Board of Directors. These cash flows have been used in the impairment calculations.

In preparing the 2026 budget and strategic plan, management considered the Group’s history of earnings, past experience, and cash

flow generation. Management also considered external sources of information pertaining to estimated growth of the relevant market,

customer and consumer behaviours, competitor activity and developing trends in the industry which the group of CGUs or CGU operates

in. Business-sustaining capital expenditure and working capital requirements are estimated by assigning values to the investment

required to support the estimated future profitability taking into account historic investment patterns and past experience. The cash

flow projections exclude the impact of future development and acquisition activity.

Sensitivity analysis

The key assumptions underlying the impairment reviews are set out above. Sensitivity analysis has been performed for the groups of

CGUs and CGUs that contain goodwill and indefinite life intangibles using the following assumptions: 1% increase in the discount rate;

10% decrease in EBITDA growth; and nil terminal value growth. In addition, to further consider the impact of climate change on operating

costs and shorter remaining useful lives of assets or the need for increased investment in technology to address climate challenges,

higher cost of manufacturing/sales beyond the budget and strategic plan period, and higher capital expenditure across all periods

were considered as part of the sensitivity analysis. Under these assumptions, the recoverable amount of each of the groups of CGUs

and CGUs containing goodwill and indefinite life intangibles exceeded its carrying amount. Furthermore, no reasonably possible change

in key assumptions would cause any CGU’s carrying amount to exceed its recoverable amount.

17. Interests in joint ventures

The movement in the interests in joint ventures recognised in the Group balance sheet is as follows:

		2025	2024
	Notes	$m	$m
At the beginning of the year		157.5	159.3
Share of profit after tax (post-exceptional)		11.1	0.1
Share of OCI – fair value movement on cash flow hedges, net of deferred tax	23(c)	(3.7)	(0.1)
Dividends received	35	(12.5)	(5.0)
Income tax movement		3.8	3.2
At the end of the year		156.2	157.5

The Group’s interests in joint ventures at the end of the reporting period represents the shareholding in MWC-Southwest Holdings LLC.

MWC-Southwest Holdings LLC was established in 2018 to hold 100% of the ownership interest in Southwest Cheese Company, LLC

(“Southwest Cheese”) and MWC (Michigan) LLC (“MWC”). Consequently, the Group owns 50% of MWC-Southwest Holdings LLC and

its two subsidiaries. The Group controls 50% of the voting rights and is entitled to appoint 50% of the total number of Directors to the

Board. Southwest Cheese and MWC are large scale manufacturers of premium quality block cheese and whey protein ingredients for

consumer foods markets internationally.

The joint venture has share capital consisting solely of membership interests or membership units. Decisions about the relevant activities

of the joint venture require unanimous consent of the Group and the joint venture partner. Refer to note 37 for further details of the

joint venture.

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

Summarised financial information for joint ventures accounted for using the equity method

Set out below is the summarised financial information for the Group’s joint ventures which are accounted for using the equity method.

The information reflects the amounts presented in the financial statements of the joint ventures reconciled to the carrying value of the

Group’s interests in joint ventures.

	2025	2024
	$m	$m
Summarised balance sheet (100%):
Non-current assets	666.5	709.3
Current assets
Cash and cash equivalents	60.0	8.7
Other current assets	244.3	293.6
	304.3	302.3
Non-current liabilities
Borrowings	(425.0)	(450.0)
Other non-current liabilities	(8.3)	(7.9)
	(433.3)	(457.9)
Current liabilities
Other current liabilities	(225.1)	(238.7)
	(225.1)	(238.7)
Net assets (100%)	312.4	315.0
Net assets attributable to equity holders of the Company	312.4	315.0
Reconciliation to carrying amount:
Group’s share of net assets	156.2	157.5
Adjustment in respect of unrealised profit in stock to the Group	–	–
Carrying amount	156.2	157.5
Summarised income statement (100%):
Revenue	1,965.4	1,939.6
Depreciation	(42.9)	(43.4)
Amortisation	(2.5)	(2.5)
Interest expense	(20.1)	(20.8)
Tax	(7.5)	–
Profit after tax	22.2	0.1
Other comprehensive income	(7.4)	(0.1)
Total comprehensive income	14.8	–
Profit after tax attributable to equity holders of the Company	22.2	0.1
Total comprehensive income attributable to equity holders of the Company	14.8	–
Reconciliation to the Group’s share of total comprehensive income:
Group’s share of total comprehensive income	7.4	–
Adjustment in respect of unrealised profit on sales to the Group	–	0.1
Group’s share of total comprehensive income	7.4	0.1
Dividends received by Group	12.5	5.0

 Glanbia plc | Annual Report and Financial Statements 2025

Notes to the Group financial statements continued

18. Other financial assets

Other financial assets are classified as non-current assets, unless they are expected to be realised within 12 months of the reporting

date or unless they will need to be sold to raise operating capital.

The movement in other financial assets is as follows:

		2025	2024
	Notes	$m	$m
At the beginning of the year		0.9	2.6
Disposals/redemption		–	(1.6)
Exchange differences		–	(0.1)
At the end of the year		0.9	0.9

19. Trade and other receivables

		2025	2024
	Notes	$m	$m
Current
Trade receivables		388.8	341.4
Less: loss allowance	30(b)	(7.5)	(9.7)
Trade receivables – net		381.3	331.7
Receivables from joint venture		3.5	0.5
Receivables from other related parties		1.7	3.0
Value added tax		7.6	5.1
Prepayments		34.2	25.9
Other receivables		48.1	25.3
		476.4	391.5

See note 32(b) for analysis of the movement in trade and other receivables. Information in relation to the fair value estimation process

and the Group’s credit risk is included in notes 29(b) and 30(b) respectively.

The currency profile of trade and other receivables is as follows:

			Pound	Australian
	US dollar	euro	sterling	dollar	Other	Total
	$m	$m	$m	$m	$m	$m
At 3 January 2026	357.1	60.8	34.3	7.3	16.9	476.4
At 4 January 2025	306.9	36.9	25.9	5.8	16.0	391.5

Principal currencies in “other” include Canadian dollar, Indian rupee, New Zealand dollar, South African rand and Chinese yuan in the

current and prior period.

20. Inventories

	2025	2024
	$m	$m
Raw materials	250.7	226.6
Work in progress	19.6	19.1
Finished goods	353.1	348.8
Consumables	39.5	40.3
	662.9	634.8

Recognition in the Group income statement:

		2025	2024
	Notes	$m	$m
Cost of inventories recognised as an expense in cost of goods sold	5	2,341.7	2,163.8
Write down of inventory to net realisable value during the year		24.5	38.6
Previous write downs of inventories reversed during the year*		(18.0)	(10.9)
	32(a)	6.5	27.7

* Previous write downs have been reversed as a result of increased sales prices in certain markets.

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

21. Cash and cash equivalents

		2025	2024
	Notes	$m	$m
Cash at bank and in hand		448.8	386.8
Short term bank deposits		42.4	30.2
Cash and cash equivalents in the Group balance sheet		491.2	417.0
Bank overdrafts used for cash management purposes	25	(375.6)	(300.8)
Cash and cash equivalents in the Group statement of cash flows	25	115.6	116.2

22. Share capital and share premium

		Number of	Ordinary	Share
		shares	shares	premium	Total
		(thousands)	$m	$m	$m
At 5 January 2025	25	8,901	19.4	109.9	129.3
Cancellation of own shares	(15,107)		(1.0)	–	(1.0)
At 3 January 2026	24	3,794	18.4	109.9	128.3
At 31 December 2023	265	,072	19.8	109.9	129.7
Cancellation of own shares		(6,171)	(0.4)	–	(0.4)
At 4 January 2025	258	,901	19.4	109.9	129.3

The total authorised number of ordinary shares is 350 million shares (2024: 350 million shares) with a par value of €0.06 per share

(2024: €0.06 per share). All issued shares are fully paid, carry one vote per share and a right to dividends. The rights and obligations

of the ordinary shares and the restrictions on the transfer of shares and voting rights are provided in Other Statutory Information.

During 2025, 15.1 million (2024: 6.2 million) ordinary shares were cancelled on the share buyback programme (note 23(d)). The amount paid

to repurchase these shares was initially recognised in the own shares reserve. On cancellation, amounts in the own shares reserve were

transferred to retained earnings and the nominal value of the shares cancelled was transferred from share capital to the capital reserve.

23. Other reserves

					Share-
	Capital				based
	and merger	Currency	Hedging	Own shares	payment	FVOCI
	reserve	reserve	reserve	reserve	reserve	reserve	Total
	$m	$m	$m	$m	$m	$m	$m
	note (a)	note (b)	note (c)	note (d)	note (e)	note (f)
Balance at 5 January 2025	137.1	17.9	5.9	(23.2)	30.4	0.2	168.3
Currency translation differences	–	5.6	–	–	–	–	5.6
Net investment hedge	–	12.8	–	–	–	–	12.8
Revaluation – gross	–	–	(3.9)	–	–	–	(3.9)
Reclassification to profit or loss – gross	–	–	(2.4)	–	–	–	(2.4)
Deferred tax	–	–	1.5	–	–	–	1.5
Net change in OCI	–	18.4	(4.8)	–	–	–	13.6
Purchase of own shares	–	–	–	(248.8)	–	–	(248.8)
Cancellation of own shares	1.0	–	–	226.3	–	–	227.3
Share-based payment expense	–	–	–	–	21.9	–	21.9
Transfer on exercise, vesting or expiry of share-based payments	–	–	–	26.2	(22.1)	–	4.1
Balance at 3 January 2026	138.1	36.3	1.1	(19.5)	30.2	0.2	186.4
Balance at 31 December 2023	136.7	30.4	4.5	(37.5)	37.8	0.2	172.1
Currency translation differences	–	(5.5)	–	–	–	–	(5.5)
Net investment hedge	–	(7.0)	–	–	–	–	(7.0)
Revaluation – gross	–	–	0.8	–	–	–	0.8
Reclassification to profit or loss – gross	–	–	0.8	–	–	–	0.8
Deferred tax	–	–	(0.2)	–	–	–	(0.2)
Net change in OCI	–	(12.5)	1.4	–	–	–	(11.1)
Purchase of own shares	–	–	–	(129.8)	–	–	(129.8)
Cancellation of own shares	0.4	–	–	111.0	–	–	111.4
Share-based payment expense	–	–	–	–	18.2	–	18.2
Transfer on exercise, vesting or expiry of share-based payments	–	–	–	33.1	(25.6)	–	7.5
Balance at 4 January 2025	137.1	17.9	5.9	(23.2)	30.4	0.2	168.3

 Glanbia plc | Annual Report and Financial Statements 2025

Notes to the Group financial statements continued

23. Other reserves continued

(a) Capital and merger reserve

The reserve includes capital reserve of $7.0 million (2024: $6.0 million) and merger reserve of $131.1 million (2024: $131.1 million) at the

reporting date.

The capital reserve comprises of a capital redemption reserve and a capital reserve which arose on the re-nominalisation of the Company’s

share capital on conversion to the euro. The reserve also includes $1.0 million (2024: $0.4 million) undenominated share capital that arose

on the cancellation of own shares during the year.

The merger reserve arose in 1997 on the merger of Waterford Foods plc now named Waterford Foods DAC and Avonmore Foods plc now

named Glanbia plc. The merger reserve adjustment represents the difference between the nominal value of the issued share capital of

Waterford Foods DAC and the fair value of the shares issued by Glanbia plc.

	$m
Share premium representing excess of fair value over nominal value of ordinary shares issued in connection with the
merger of Avonmore Foods plc and Waterford Foods plc	411.7
Merger reserve adjustment	(379.1)
Share premium and other reserves relating to nominal value of shares in Waterford Foods plc	98.5
At the beginning and end of the current and prior year	131.1

(b) Currency reserve

The currency reserve reflects the foreign exchange gains and losses arising from the translation of the net investment in foreign operations

and on borrowings designated as hedges of the net investment which are taken to equity. The movement in the US dollar foreign exchange

rate relative to euro from 0.9710 as at 4 January 2025 to 0.8532 as at 3 January 2026 is the primary driver of the movement in the currency

reserve in the year. When an entity is disposed of, the accumulated foreign currency gains and losses are recycled to the income statement.

The hedging reserve reflects the effective portion of changes in the fair value of derivatives that are designated and qualify as cash

flow hedges. Amounts accumulated in the hedging reserve are recycled to the income statement in the periods when the hedged item

affects income or expense, or are included in the initial cost of a hedged non-financial item, depending on the hedged item. The hedging

reserve also reflects the Group’s share of the effective portion of changes in the fair value of derivatives that are entered into by the

Group’s joint ventures (note 29(a)).

The movements on the hedging reserve for the years ended 3 January 2026 and 4 January 2025 are as follows:

	Joint venture	Group	Total
	$m	$m	$m
Balance at 5 January 2025	4.9	1.0	5.9
Revaluation – gross
– Foreign exchange contracts (currency risk)	–	0.5	0.5
– Interest rate swaps (interest rate risk)	(5.0)	–	(5.0)
– Commodity contracts (commodity price risk)	0.8	(0.2)	0.6
Recognised in OCI	(4.2)	0.3	(3.9)
Reclassification to profit or loss – gross
– Foreign exchange contracts (currency risk)	–	(1.6)	(1.6)
– Commodity contracts (commodity price risk)	(0.8)	–	(0.8)
Reclassified from OCI to profit or loss	(0.8)	(1.6)	(2.4)
Deferred tax	1.3	0.2	1.5
Net change in OCI	(3.7)	(1.1)	(4.8)
Balance at 3 January 2026	1.2	(0.1)	1.1
Balance at 31 December 2023	5.0	(0.5)	4.5
Revaluation – gross
– Foreign exchange contracts (currency risk)	–	1.1	1.1
– Interest rate swaps (interest rate risk)	(0.1)	–	(0.1)
– Commodity contracts (commodity price risk)	(0.3)	0.1	(0.2)
Recognised in OCI	(0.4)	1.2	0.8
Reclassification to profit or loss – gross
– Foreign exchange contracts (currency risk)	–	0.5	0.5
– Commodity contracts (commodity price risk)	0.3	–	0.3
Reclassified from OCI to profit or loss	0.3	0.5	0.8
Deferred tax	–	(0.2)	(0.2)
Net change in OCI	(0.1)	1.5	1.4
Balance at 4 January 2025	4.9	1.0	5.9

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

(d) Own shares reserve

The own shares reserve reflects the ordinary shares of Glanbia plc which are held in trust.

An Employee Share Trust was established in May 2002 to operate initially in connection with the Company’s Saving Related Share Option

Scheme and subsequently for the vesting of shares under the 2018 LTIP and 2019 RSP (note 9). The Trustee of the Employee Share Trust is

Computershare Trustees (Jersey) Limited, a Jersey based trustee services company. The dividend rights in respect of these shares have

been waived, save €0.001 cent per share. An Employee Share Scheme Trust was established in April 2013 to operate in connection with

the Company’s AIDIS. The Trustee of the Employee Share Scheme Trust is Glanbia Management Services Limited. The dividend rights in

respect of shares which have not vested have been waived.

From 2020 to 2025, the Group launched and completed several share buyback programmes. During 2025, the Group repurchased 15.1 million

(2024: 6.2 million) ordinary shares under the programmes which were subsequently cancelled (note 22).

The movement in own shares reserve is as follows:

		2025				2024
	Value	Nominal value		Number of	Value	Nominal value	Number of
	$m	$m		shares	$m	$m	shares
At the beginning of the year	23.2	0.1		1,373,532	37.5	0.1	2,368,126
Purchased by Employee Share (Scheme) Trust	21.9	0.1		1,637,391	18.4	0.1	1,008,071
Purchased under share buyback	226.9	0.9	15,	077,420	111.4	0.4	6,200,309
Allocated under Employee Share (Scheme) Trust	(26.2)	(0.1)		(1,666,753)	(33.1)	(0.1)	(2,032,665)
Cancelled under share buyback	(226.3)	(0.9)		(15,107,420)	(111.0)	(0.4)	(6,170,309)
At the end of the year	19.5	0.1		1,314,170	23.2	0.1	1,373,532

The shares purchased during the year and those held in trust are allocated to employees under the various share-based schemes. Shares

purchased under the share buyback programmes were cancelled. The shares acquired during the year represented an insignificant amount

of the total share capital at the beginning and end of the year. Shares purchased are deemed to be own shares in accordance with IAS 32

‘Financial Instruments’. The own shares at 3 January 2026 restrict distributable profits by $19.5 million (2024: $23.2 million) and had a market

value of $22.3 million (2024: $19.1 million).

(e) Share-based payment reserve

The share-based payment reserve reflects the equity settled share-based payment plans in operation by the Group (note 9).

(f) FVOCI reserve

Unrealised gains and losses arising from changes in the fair value of equity instruments measured at FVOCI are recognised in the FVOCI

reserve. On derecognition of such an equity instrument, the accumulated balances of an instrument associated with it is reclassified to

retained earnings.

24. Retained earnings

		2025	2024
	Notes	$m	$m
At the beginning of the year		1,775.2	1,830.8
Profit for the year attributable to the equity holders of the Company		183.3	164.7
Other comprehensive income
- Remeasurements on defined benefit plans		2.1	4.6
- Deferred tax on remeasurements on defined benefit plans	26	(0.2)	(0.5)
		1.9	4.1
Dividends	13	(117.8)	(104.4)
Cancellation of own shares	23(d)	(226.3)	(111.0)
Transfer on exercise, vesting or expiry of share-based payments	23	(4.1)	(7.5)
Deferred tax on share-based payments	26	0.3	(1.5)
At the end of the year		1,612.5	1,775.2

 Glanbia plc | Annual Report and Financial Statements 2025

Notes to the Group financial statements continued

25. Borrowings

		2025	2024
	Notes	$m	$m
Non-current
Bank borrowings		266.6	177.2
Private placement debt		375.0	375.0
	29(b)/30(a)	641.6	552.2
Current
Bank overdrafts	21	375.6	300.8
Total borrowings	30(b)/30(c)	1,017.2	853.0

At the year-end, the Group had multi-currency committed term facilities of $1,363.3 million (2024: $1,273.0 million) of which $721.7 million

(2024: $720.8 million) were undrawn.

The maturity profile of borrowings, and undrawn committed and uncommitted facilities is as follows:

		2025			2024
		Undrawn	Undrawn		Undrawn	Undrawn
		committed	uncommitted		committed	uncommitted
	Borrowings	facilities	facilities	Borrowings	facilities	facilities
	$m	$m	$m	$m	$m	$m
Less than 1 year	375.6	–	12.6	300.8	–	16.3
Between 1 and 2 years	266.6	721.7	–	–	–	–
Between 2 and 5 years	100.0	–	–	277.2	720.8	–
More than 5 years	275.0	–	–	275.0	–	–
	1,017.2	721.7	12.6	853.0	720.8	16.3

The weighted average maturity of committed facilities is 2.7 years (2024: 3.8 years).

Bank borrowings

The Group has committed unsecured bank facilities maturing in 2027. They are borrowed at fixed and floating interest rates. At 3 January

2026, $169.0 million of bank borrowings denominated in USD are at fixed nominal interest rate of 4.35% (2024: $169.0 million at 4.35%).

The remaining bank borrowings are subject to interest rate changes, taking account of contractual repricing dates. Nominal interest

rates of these borrowings range primarily from 2.70%-2.74% (2024: 3.80%-3.83%). Floating interest rates are set at commercial market

rates for the respective currency and tenor plus a margin with borrowing tenors up to six months.

Private placement debt

At 3 January 2026, $175.0 million of private placement debt matures in December 2031, bears interest at a fixed 2.75% nominal interest rate

and is denominated in USD. $100.0 million of private placement debt facility matures in March 2028, bears interest at a fixed 2.49% nominal

interest rate and is denominated in USD and a further $100.0 million matures in March 2031, bears interest at a fixed 2.82% nominal interest

rate and is denominated in USD.

Bank overdrafts

Bank overdraft interest rates are variable and range from 2.18%-5.45% (2024: 3.16%-6.45%). At 3 January 2026, the Group had undrawn

uncommitted bank overdraft facilities of $12.6 million (2024: $11.4 million).

Guarantees

Financial liabilities are guaranteed by Glanbia plc. The Group has complied with the financial covenants of its borrowing facilities during

2025 and 2024 (note 30(a)).

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

Net debt is a non-IFRS measure which we provide to investors as we believe they find it useful. It is also used to calculate leverage under

the Group’s financing arrangements, as defined within covenants. Refer to the Financing measures section in the Glossary for more

details. Net debt comprises the following:

		2025	2024
	Notes	$m	$m
Private placement debt		375.0	375.0
Bank borrowings		169.0	169.0
Not subject to interest rate changes*		544.0	544.0
Bank borrowings		97.6	8.2
Cash and cash equivalents net of bank overdrafts	21	(115.6)	(116.2)
Subject to interest rate changes*		(18.0)	(108.0)
Net debt	30(a)	526.0	436.0

* Taking into account contractual repricing dates at the reporting date.

The movement in net debt is as follows:

		Cash and
		short-term
		bank deposits	Overdrafts		Private
		$m	$m	Borrowings	placement debt	Total
	Notes	(note 21)	(note 21)	$m	$m	$m
At 5 January 2025		(417.0)	300.8	177.2	375.0	436.0
Drawdown of borrowings	32(c)	–	–	867.9	–	867.9
Repayment of borrowings	32(c)	–	–	(780.7)	–	(780.7)
Net change in cash and cash equivalents		(73.5)	69.9	1.1	–	(2.5)
Exchange differences		(0.7)	4.9	1.1	–	5.3
At 3 January 2026		(491.2)	375.6	266.6	375.0	526.0
At 31 December 2023		(413.7)	108.9	178.5	375.0	248.7
Drawdown of borrowings	32(c)	–	–	672.8	–	672.8
Repayment of borrowings	32(c)	–	–	(673.3)	–	(673.3)
Net change in cash and cash equivalents		(16.3)	206.5	–	–	190.2
Exchange differences		13.0	(14.6)	(0.8)	–	(2.4)
At 4 January 2025		(417.0)	300.8	177.2	375.0	436.0

The currency profile of net debt is as follows:

		US		Pound
		dollar	euro	sterling	Other	Total
	Notes	$m	$m	$m	$m	$m
At 3 January 2026
Borrowings		(723.2)	(270.6)	(23.4)	–	(1,017.2)
Cash and cash equivalents	21	168.6	166.7	67.7	88.2	491.2
		(554.6)	(103.9)	44.3	88.2	(526.0)
At 4 January 2025
Borrowings		(695.3)	(144.1)	(13.6)	–	(853.0)
Cash and cash equivalents	21	212.4	110.3	24.8	69.5	417.0
		(482.9)	(33.8)	11.2	69.5	(436.0)

Principal currencies in “other” include Indian rupee, Chinese yuan and Canadian dollar in the current and prior period.

 Glanbia plc | Annual Report and Financial Statements 2025

Notes to the Group financial statements continued

26. Deferred taxes

Recognition in the Group balance sheet:

		2025			2024
	Deferred tax	Deferred tax		Deferred tax	Deferred tax
	assets	liabilities	Net	assets	liabilities	Net
	$m	$m	$m	$m	$m	$m
Deferred tax assets/(liabilities) before offset	87.6	(176.6)	(89.0)	80.6	(181.8)	(101.2)
Offset of deferred tax	(83.9)	83.9	–	(77.2)	77.2	–
Deferred tax assets/(liabilities) after offset	3.7	(92.7)	(89.0)	3.4	(104.6)	(101.2)

The movement in the net deferred tax liability recognised in the Group balance sheet is as follows:

		2025	2024
	Notes	$m	$m
At the beginning of the year		(101.2)	(132.7)
Income statement credit	11	17.4	29.6
Deferred tax (charge)/credit to other comprehensive income
– on remeasurement of defined benefit plans	24	(0.2)	(0.5)
– on fair value movements	23(c)	0.2	(0.2)
Deferred tax credit/(charge) to equity
– on share-based payments	24	0.3	(1.5)
Acquisition of subsidiaries and intellectual property	34	(0.3)	1.4
Exchange differences		(5.2)	2.7
At the end of the year		(89.0)	(101.2)

The movement in deferred tax assets during the year is as follows:

	Retirement	Other
	benefit	employee		Lease
	obligations	obligations	Tax losses	liabilities	Other	Total
	$m	$m	$m	$m	$m	$m
At 5 January 2025	4.0	15.6	5.7	40.2	15.1	80.6
(Charge)/credit to income statement	0.5	2.4	(0.5)	3.7	0.3	6.4
Charge to other comprehensive income	(0.2)	–	–	–	–	(0.2)
Credit to equity	–	0.3	–	–	–	0.3
Acquisition of subsidiaries and intellectual property	–	–	–	(0.8)	–	(0.8)
Exchange differences	(0.3)	0.8	0.6	–	0.2	1.3
At 3 January 2026	4.0	19.1	5.8	43.1	15.6	87.6
At 31 December 2023	3.9	16.5	6.5	38.2	13.0	78.1
(Charge)/credit to income statement	0.5	1.0	(4.6)	0.8	(0.5)	(2.8)
Charge to other comprehensive income	(0.5)	–	–	–	–	(0.5)
Charge to equity	–	(1.5)	–	–	–	(1.5)
Acquisition of subsidiaries and intellectual property	–	0.1	4.0	1.2	2.5	7.8
Exchange differences	0.1	(0.5)	(0.2)	–	0.1	(0.5)
At 4 January 2025	4.0	15.6	5.7	40.2	15.1	80.6 

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

The movement in deferred tax liabilities during the year is as follows:

			Development
	Accelerated tax		costs and other	Right-of-use
	depreciation	Fair value	intangibles	assets	Other	Total
	$m	$m	$m	$m	$m	$m
At 5 January 2025	(64.6)	(0.2)	(40.3)	(34.3)	(42.4)	(181.8)
(Charge)/credit to income statement	4.7	–	20.5	(4.2)	(10.0)	11.0
Credit to other comprehensive income	–	0.2	–	–	–	0.2
Acquisition of subsidiaries and intellectual
property	(0.3)	–	–	0.8	–	0.5
Exchange differences	(0.2)	–	(0.8)	(0.1)	(5.4)	(6.5)
At 3 January 2026	(60.4)	–	(20.6)	(37.8)	(57.8)	(176.6)
At 31 December 2023	(66.9)	–	(67.0)	(31.8)	(45.1)	(210.8)
(Charge)/credit to income statement	2.6	–	31.0	(1.3)	0.1	32.4
Charge to other comprehensive income	–	(0.2)	–	–	–	(0.2)
Acquisition of subsidiaries and intellectual
property	(0.4)	–	(4.8)	(1.2)	–	(6.4)
Exchange differences	0.1	–	0.5	–	2.6	3.2
At 4 January 2025	(64.6)	(0.2)	(40.3)	(34.3)	(42.4)	(181.8)

A deferred tax asset has been recognised on the basis that the realisation of the related tax benefit through future taxable profits is

probable. This includes deferred tax assets which are recognised for tax losses carried forward to the extent that realisation of the related

tax benefit through future taxable profits is probable.

At the balance sheet date, the Group has unused tax losses of $200.3 million (2024: $185.5 million) available for offset against future profits.

A deferred tax asset has been recognised in respect of $21.3 million (2024: $17.9 million) of such losses. No deferred tax asset has been

recognised in respect of the remaining $179.0 million (2024: $167.6 million) as it is not considered probable that there will be future taxable

profits available. Unrecognised tax losses include $73.6 million (2024: $68.1 million) of capital losses. All tax losses may be carried

forward indefinitely.

No deferred tax liability has been recognised on temporary differences of $59.2 million (2024: $64.9 million) relating to the unremitted

earnings of overseas subsidiaries as the Group is able to control the timings of the reversal of these temporary differences and it

is probable that they will not reverse in the foreseeable future. Temporary differences arising in connection with interest in equity

accounted investees are insignificant.

27. Provisions

	Restructuring
	and portfolio	Property
	related	and lease	Legal and
	re-organisation	commitments	operational	Total
	$m	$m	$m	$m
	note (a)	Note (b)	Note (c)
Balance at 5 January 2025 – non-current	–	4.3	–	4.3
Balance at 5 January 2025 – current	4.6	1.7	4.4	10.7
Amount provided for in the year	1.4	–	1.1	2.5
Utilised in the year	(3.9)	–	(1.5)	(5.4)
Unused amounts reversed in the year	(0.1)	(0.1)	(0.9)	(1.1)
Unwinding of discount	–	0.2	–	0.2
Exchange differences	0.4	0.3	0.6	1.3
Acquired (note 34)	–	–	0.1	0.1
Balance at 3 January 2026	2.4	6.4	3.8	12.6
Non-current	–	4.6	–	4.6
Current	2.4	1.8	3.8	8.0
	2.4	6.4	3.8	12.6

(a) The restructuring and portfolio related re-organisation provision primarily relates to redundancies and also obligations that exist following the divestment of

Leprino Foods. The timing of the utilisation of these provisions is uncertain.

(b) The property and lease commitments provision relates to restoration provisions associated with right-of-use assets and to property remediation works and

related mitigating actions associated with a property owned by the Group. Due to the nature of these items there is some uncertainty around the amount and

timing of payments.

(c) The legal and operational provision relates to certain legal claims, insurance claims and other items that arise in the normal course of business. Due to the nature

of these items, there is some uncertainty around the amount and timing of payments.

See note 32(b) for analysis of the movement in provisions.

 Glanbia plc | Annual Report and Financial Statements 2025

Notes to the Group financial statements continued

28. Trade and other payables

		2025	2024
	Notes	$m	$m
Current
Trade payables	30(b)	349.0	344.6
Amounts due to joint venture	30(b)	31.5	23.5
Amounts due to other related parties	30(b)	15.9	12.3
Social insurance costs		9.0	5.9
Value added tax		3.6	3.3
Accrued expenses		306.9	222.1
		715.9	611.7

See note 32(b) for analysis of the movement in current trade and other payables. See note 29(b) for information on the Group’s fair value

estimation process.

29. Derivatives and fair value of financial instruments

(a) Derivatives

	2025	2025	2024	2024
	Assets	Liabilities	Assets	Liabilities
	$m	$m	$m	$m
Cross currency swaps – fair value through income statement	–	(0.1)	0.4	–
Foreign exchange contracts – cash flow hedges (currency risk)	0.1	(0.1)	1.0	–
	0.1	(0.2)	1.4	–
Non-current	–	–	–	–
Current	0.1	(0.2)	1.4	–
	0.1	(0.2)	1.4	–

Derivatives recognised at fair value through income statement

Included in cross currency swaps is a US dollar New Zealand dollar cross currency swap with notional amounts of $1.6 million and

NZ$2.8 million, a US dollar Australian dollar cross currency swap with notional amounts of $5.5 million and AU$8.2 million, and a

US dollar Canadian dollar cross currency swap with notional amounts of $2.4 million and CA$3.4 million accounted for at fair value.

The translation loss included in the Group income statement in respect of these swaps is $0.1 million.

At 4 January 2025, there was a US dollar New Zealand dollar cross currency swap with notional amounts of $3.5 million and

NZ$6.0 million, a US dollar Australian dollar cross currency swap with notional amounts of $7.0 million and AU$11.0 million, and a

US dollar Canadian dollar cross currency swap with notional amounts of $2.9 million and CA$4.2 million accounted for at fair value.

The translation gain included in the 2024 Group income statement in respect of these swaps was $0.4 million.

Hedge accounting

The Group enters into hedge relationships when there is an economic relationship between the hedged item and the hedging instrument.

When the critical terms of the hedged item and hedging instrument are closely aligned for the prospective assessment of effectiveness,

a qualitative assessment is performed. In instances where changes occur to the hedged item which result in the critical terms being no

longer closely aligned, the Group uses the hypothetical derivative method to assess the ineffectiveness. A hedge ratio of one to one is

established as the quantities of the hedged item and the hedging instrument used to hedge that hedged item are the same. Potential

sources of ineffectiveness may include the timing and amounts of cash flows, and changes in credit risk of the hedging instruments or

hedged items.

Derivative assets and liabilities designated as cash flow hedges

Foreign exchange contracts

The Group may use foreign exchange contracts to hedge its future cash flow risk from movements in foreign exchange rates on foreign

denominated sales or purchases. Such contracts are generally designated as cash flow hedges. Weighted average hedged rate of

foreign exchange contracts (including forward points) as at 3 January 2026 is 1 US dollar = 0.8571 euro (2024: 1 US dollar = 0.8986 euro).

The notional principal amounts of the outstanding foreign exchange contracts as at 3 January 2026 were $16.2 million (2024: $14.4 million).

All outstanding foreign exchange contracts will mature and be released to the Group income statement within 12 months of the reporting

date (2024: within 12 months of the reporting date).

Interest rate swaps

The Group may use floating to fixed interest rate swaps to hedge against its future cash flow risk from its exposure to variable rates

on its long-term borrowings with floating rates. There were no interest rate swaps outstanding at 3 January 2026 (2024: nil).

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

Commodity contracts

The Group may use commodity contracts to hedge its future cash flow risk from movement in milk prices. There were no outstanding

commodity contracts as at 3 January 2026 (2024: nil). All commodity contracts that were entered into during the period, if any, had

expired as at the end of the reporting period.

		2025	2024
Changes in fair value recognised in other comprehensive income	Notes	$m	$m
Foreign exchange contracts	23(c)	0.5	1.1
Commodity contracts	23(c)	(0.2)	0.1
		0.3	1.2
Reclassified from cash flow hedge reserve to the Group income statement
Foreign exchange contracts	23(c)	(1.6)	0.5

The reclassified amounts relating to foreign exchange contracts are recorded in the relevant line item in the Group income statement

relating to the hedged item (e.g. “Administration expenses”, “Revenue”, “Cost of goods sold”).

No material ineffectiveness was recognised in respect of the cash flow hedges in the current or prior year. If ineffectiveness had been

recognised, it would have been recorded in “Administration expenses” in the Group income statement.

Refer to note 23(c) for the balances in the cash flow hedge reserve. The maturity profile of the cash flows of the derivative financial

instruments is included in note 30(b).

Derivatives entered into by the joint venture

The Group’s joint venture enters into interest rate swaps, commodity contracts (e.g. butter and cheese) and foreign exchange contracts.

The Group’s share of the movement in the derivative financial instruments designated as cash flow hedges is recognised in other

comprehensive income and against the carrying value of the interest in the joint venture.

The movement recognised in other comprehensive income on interest rate swaps (note 23(c)) represents the Group’s share of the movement

in the interest rate swaps entered into by the joint venture. All movements are recognised against the carrying value of the interest in the

joint venture until repayment of the related bank borrowings.

Net investment hedge

A portion of the Group’s US dollar denominated borrowings with a nominal amount of $98.5 million (2024: $98.5 million) is designated as

a hedge of a portion of the net investment in the Group’s US dollar net assets amounting to $98.5 million (2024: $98.5 million). Therefore,

hedge ratio is 1:1. Refer to note 23 for the amounts recognised in other comprehensive income.

There was no ineffectiveness recognised in the Group income statement during the year (2024: nil). If ineffectiveness had been recognised,

it would have been recorded in “Administration expenses” in the Group income statement.

(b) Fair value of financial instruments

Fair value of financial instruments measured at amortised cost

Except as detailed in the following table the Group deemed that the carrying amounts of financial instruments measured at amortised

cost approximate their fair value due to their short term nature:

			2025		2024
		Carrying		Carrying
		amount	Fair value	amount	Fair value
	Notes	$m	$m	$m	$m
Non-current borrowings payable	25	641.6	603.4	552.2	493.6

Fair value is estimated by discounting future contractual cash flows using current market interest rates from observable interest rates at the

end of the reporting period that are available to the Group for similar financial instruments (classified as level 2 in the fair value hierarchy).

Group’s fair valuation process

The Group’s finance department includes a team that performs the valuations of financial assets and liabilities required for financial

reporting purposes. The valuation team reports to the Chief Financial Officer who in turn reports to the Audit Committee. Discussions

of valuation processes and results are held between the Chief Financial Officer and the Audit Committee. Level 3 fair values are

determined using external advisors as appropriate. Changes in Level 2 and Level 3 fair values are analysed at each reporting date.

As part of this discussion, the valuation team presents a report that explains the reasons for fair value movements.

In accordance with IFRS 13 ‘Fair Value Measurements’, the Group has disclosed the fair value of instruments by the following fair value

measurement hierarchy:

• quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);

• inputs, other than quoted prices included in Level 1, that are observable for the asset or liability, either directly (that is, as prices)

or indirectly (that is, derived from prices) (Level 2); and

• inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3)

 Glanbia plc | Annual Report and Financial Statements 2025

Notes to the Group financial statements continued

29. Derivatives and fair value of financial instruments continued

Fair value of financial instruments carried at fair value

The following table shows the fair values of financial instruments measured at fair value:

		Fair value	2025	2024
	Notes	hierarchy	$m	$m
Assets
Foreign exchange contracts – cash flow hedges	(a)	Level 2	0.1	1.0
Cross currency swaps – fair value through income statement	(b)	Level 2	–	0.4
Liabilities
Foreign exchange contracts – cash flow hedges	(a)	Level 2	(0.1)	–
Cross currency swaps – fair value through income statement	(b)	Level 2	(0.1)	–
Contingent consideration payable – Sweetmix	(c)	Level 3	–	–

(a) Fair value is estimated by discounting the difference between the contractual forward exchange rates and the current forward exchange rates (from observable

forward exchange rates at the end of the reporting period). The effect of discounting was insignificant in 2025 and 2024.

(b) Fair value is determined by reference to the current foreign exchange rates at the end of the reporting period.

(c) Refer to note 34 for a description of how the fair value of the contingent consideration relating to the Sweetmix acquisition is estimated.

There were no transfers in either direction between Level 3 financial instruments during 2025 or 2024. There were no movements in the

carrying amounts of Level 3 financial instruments during 2025 or 2024.

30. Capital and financial risk management

(a) Capital management

The Group’s objective when managing capital is to safeguard the Group’s ability to continue as a going concern while maximising the

returns to shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the overall cost of

capital. Total capital is calculated based on equity as shown in the balance sheet and net debt as follows:

		2025	2024
	Notes	$m	$m
Equity		1,927.2	2,072.8
Net debt	25	526.0	436.0
Total capital		2,453.2	2,508.8

In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital

to shareholders, issue new shares, sell assets to increase or reduce debt or buy back shares. Any material adjustments to the capital

structure are approved by the Board of Directors. From time to time, the Group purchases its own shares on the market. These shares are

primarily intended to be used for issuing shares under the Group’s long-term and short-term incentive plans. Buy decisions are made on

a specific transaction basis by the Employee Benefit Trusts. From 2020 to 2025, the Group also launched and completed several share

buyback programmes. Any shares repurchased in the buyback programmes were cancelled.

Under the terms of the Group’s financing arrangements, the group is required to comply with the following key financial covenants

at the end of each annual and interim reporting period:

• the net debt: adjusted EBITDA ratio must be not more than 3.50 times, and

• the ratio of adjusted EBIT: adjusted net finance cost must not be less than 3.50 times.

The carrying amount of borrowings at the reporting date that are subject to the covenants is $641.6 million (2024: $552.2 million) (note

25). The Group has complied with these covenants throughout the reporting period. The Group’s right to defer settlement of borrowings

classified as non-current is subject to compliance with these covenants within twelve months after the reporting date. Based on current

forecasts, which assume continued trading performance in line with expectations, there are no indications that the Group will have

difficulty complying when covenants are next tested. The ratios as at the reporting date are outlined in the following paragraphs:

At 3 January 2026, the Group’s net debt: adjusted EBITDA ratio was 1.08 times (2024: 0.81 times), which is deemed by management to

be prudent and within the Group’s financing covenants. Net debt: adjusted EBITDA is calculated as net debt at the end of the period

divided by adjusted EBITDA. Net debt is calculated as current and non-current borrowings less cash and cash equivalents. Adjusted

EBITDA is calculated in accordance with lenders’ facility agreements definitions which adjust EBITDA for items such as exceptional

items, dividends received from related parties, acquisitions or disposals and to reverse the net impact on EBITDA as a result of adopting

IFRS 16 ‘Leases’. Adjusted EBITDA is a rolling 12 month measure (a period of 12 consecutive months determined on a rolling basis with a

new 12 month period beginning on the first day of each month).

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

At 3 January 2026, the Group’s adjusted EBIT: adjusted net finance cost was 13.7 times (2024: 16.7 times) which is within the Group’s

financing covenants. Adjusted EBIT: adjusted net finance cost is calculated as earnings before interest and tax adjusted for the IFRS

16 ‘Leases’ impact on operating profit plus dividends received from related parties divided by adjusted net finance cost. Adjusted net

finance cost comprises finance costs plus borrowing costs capitalised into assets less adjustments including finance income/costs on

remeasurements of call options and contingent consideration and interest expense on lease liabilities. Adjusted EBIT and adjusted net

finance cost are rolling 12 month measures (a period of 12 consecutive months determined on a rolling basis with a new 12 month period

beginning on the first day of each month).

Further details on the covenants are outlined in the ‘Liquidity and cashflow risk’ section of this note and the ‘Financing measures’

section in the Glossary.

The Group’s capital position and information on the capital monitoring ratios are included in the monthly report issued to the Board

of Directors. The Group has no externally imposed capital requirements. No changes were made in the objectives, policies or processes

for capital management during 2025 and 2024.

(b) Financial risk management

The conduct of its ordinary business operations necessitates the Group holding financial instruments. The Group is exposed to the following

risks arising from financial instruments: market risk (including currency risk, interest rate risk, and price risk), liquidity and cash flow risk, and

credit risk.

The Group does not enter into any financial instruments that give rise to a speculative position. The Group finances its operations by a

mixture of retained profits, medium-term committed borrowings and undrawn uncommitted borrowings. The Group borrows in the major

global debt markets in a range of currencies at both fixed and floating rates of interest, using derivatives where appropriate to generate

the desired effective currency profile and interest rate basis. Risk management, other than credit risk management, is carried out by a

central treasury department (“Group Treasury”) under policies approved by the Board of Directors. Group Treasury identifies, evaluates

and hedges financial risks in close co-operation with the Group’s Business Units. The Board of Directors provides written principles for

overall risk management, as well as, written policies covering specific areas such as currency risk, interest rate risk, price risk, liquidity

and cash flow risk, and credit risk, use of derivative and non-derivative financial instruments, and investment of excess liquidity.

There has been no significant change during the financial year or since the end of the year to the types of financial risks faced by the

Group or the Group’s approach to the management of those risks.

Currency risk

While the Group reports its results in US dollar, it generates a proportion of its earnings in currencies other than US dollar, in particular

euro. As a result, currency movements, particularly movements in the US dollar/euro exchange rate, can affect the Group’s US dollar

balance sheet and income statement. Group Treasury monitors and manages these currency exposures on a continuous basis, using

approved hedging strategies and appropriate currency derivative instruments.

Sensitivity analysis

The following table demonstrates the sensitivity of profit before tax and total equity to movements in the US dollar/euro exchange rate

with all other variables held constant.

	2025	2024
+/-5% change in US dollar/euro exchange rate	$m	$m
Impact on profit before tax*	-/+3.6	-/+ 5.4
Impact on total equity**	-/+6.2	-/+ 6.8

* The impact on profit before tax is based on changing the US dollar/euro exchange rate used in calculating profit before tax for the period.

** The impact on total equity is calculated by changing the US dollar/euro exchange rate used in measuring the closing balance sheet.

The Group is exposed to transactional currency risk that arises from sales or purchases by an operating unit in currencies other than

the operating unit’s functional currency. Group companies are required to manage their foreign exchange risk against their functional

currency and spot and forward exchange contracts are primarily used to hedge currency risk exposure on foreign currency denominated

sales and purchases.

The notional principal amounts of the outstanding foreign exchange contracts as at 3 January 2026 were $16.2 million (2024: $14.4 million),

which substantially covers the operating units currency exposure. Refer to note 29(a) for further details of the foreign exchange contracts.

Interest rate risk

The Group’s objective is to minimise the impact of interest rate volatility on interest costs. This is achieved by determining a long-term

strategy against a number of policy guidelines, which focus on (i) the amount of floating rate indebtedness anticipated over such a

period and (ii) the consequent sensitivity of interest costs to interest rate movements on this indebtedness and the resultant impact

on reported profitability. The Group borrows at both fixed and floating rates of interest and can use interest rate swaps to manage the

Group’s resulting exposure to interest rate fluctuations.

 Glanbia plc | Annual Report and Financial Statements 2025

Notes to the Group financial statements continued

30. Capital and financial risk management continued

The Group’s main interest rate risk arises from long-term borrowings with floating rates, due to the borrowings being periodically

contractually repriced within 12 months from the reporting date. These borrowings expose the Group to cash flow interest rate risk.

The Group policy is to maintain no more than one third of its projected debt exposure on a floating rate basis over any succeeding 12 month

period with further minimum guidelines over the succeeding 24 and 36 month periods. The Group, on a continuous basis, monitors the level

of fixed rate cover dependent on prevailing fixed market rates, projected debt and market informed interest rate outlook. Occasionally,

the Group manages its cash flow interest rate risk by using floating to fixed interest rate swaps. Such interest rate swaps have the effect

of converting borrowings from floating rates to fixed rates. Under these interest rate swaps, the Group agrees with other parties to

exchange at specified intervals, the difference between fixed interest rate amounts and floating interest rate amounts calculated

by reference to the agreed notional amounts.

The exposure of the Group’s borrowings subject to interest rate changes taking into account contractual repricing dates at the end of the

reporting period is $97.6 million (2024: $8.2 million) (note 25). There were no interest rate swaps outstanding at 3 January 2026 (2024: nil).

Sensitivity analysis

The Group does not account for any fixed rate financial liabilities at fair value through profit or loss. Therefore a change in interest rates

at the reporting date would not affect profit or loss.

The table below demonstrates the sensitivity of profit before tax and total equity if market interest rates had been 1% higher or lower

with all other variables held constant:

	2025	2024
+/-1% change in market interest rates*	$m	$m
Impact on profit before tax	-/+1.0	-/+ 0.1
Impact on total equity	-/+0.9	-/+ 0.1

* Each incremental +/-1% change in market interest rates at 2025 year end would impact profit before tax and total equity by -/+$0.1m.

Price risk

Equity price risk

The Group’s objective is to minimise the price risk the Group is exposed to because of equity instruments held by the Group (note 18).

These equity instruments are classified in the Group balance sheet as FVOCI. To manage its price risk arising from these equity securities,

the Group does not maintain a significant balance with any one equity. Diversification of the equity instruments held by the Group must

be done in accordance with the limits set by the Group. The impact of a 5% increase or decrease in equity indices across the eurozone

countries would not have any material impact on Group profit before tax or total equity.

Commodity price risk

Commodity price risk in the Group arises primarily from price fluctuations of commodities. The Group’s objective is to minimise commodity

price risk through entering into commodity options and future contracts for instance and the use of appropriate hedging strategies. The

Group enters into forward purchase and forward sale agreements in the normal course of business. Certain of these contracts are deemed

to be ‘own use’ as they were entered into in accordance with the Group’s expected purchase, sale or usage requirements. The impact of

a 5% increase or decrease in commodity prices would not have any material impact on Group profit before tax or total equity.

Liquidity and cash flow risk

The Group’s objective is to ensure that the Group does not encounter difficulties in meeting obligations associated with financial

liabilities that are settled by delivering cash or another financial asset.

In order to preserve the continuity of funding, the Group’s policy is that, at a minimum, committed facilities should be available at all

times to meet the full extent of its anticipated finance requirements, arising in the ordinary course of business, during the succeeding

12 month period. Refer to note 25 for details of the Group’s committed facilities.

When appropriate, surplus funds in the Group are transferred to Group Treasury through different methods including the repayment

of borrowings and dividends. These are then lent to Group companies, contributed as equity to fund Group operations, used to repay

external debt or invested externally. The Group does not use off-balance sheet special purpose entities as a source of liquidity or for

other financing purposes.

The Group uses cash flow forecasts to constantly monitor the funding requirements of the Group. Compliance with the Group’s financial

covenants is monitored continually based on statutory and management accounts and financial projections. All covenants have been

complied with in 2025 and 2024.

There is no significant concentration of liquidity risk.

Further analysis of the Group’s debt covenants is included in the Chief Financial Officer’s Review. For further details regarding the

Group’s borrowing facilities, see note 25.

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

The table below analyses the Group’s non-derivative and derivative financial liabilities, for which the contractual maturities are essential

for an understanding of the timing of the cash flows, into relevant maturity groupings based on the remaining period from the reporting

date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.

			Between	Between
		Less than	1 and 2	2 and 5	More than
		1 year	years	years	5 years	Total
	Notes	$m	$m	$m	$m	$m
At 3 January 2026
Non-derivative financial liabilities
Trade payables	28	349.0	–	–	–	349.0
Amounts due to joint venture	28	31.5	–	–	–	31.5
Amounts due to other related parties	28	15.9	–	–	–	15.9
Lease liabilities		22.5	21.7	39.9	35.9	120.0
Interest-bearing borrowings	25	375.6	266.6	100.0	275.0	1,017.2
Projected interest payments on interest-bearing borrowings*		21.2	19.5	24.1	6.2	71.0
		815.7	307.8	164.0	317.1	1,604.6
Derivative financial liabilities	29(a)	0.2	–	–	–	0.2
At 4 January 2025
Non-derivative financial liabilities
Trade payables	28	344.6	–	–	–	344.6
Amounts due to joint venture	28	23.5	–	–	–	23.5
Amounts due to other related parties	28	12.3	–	–	–	12.3
Lease liabilities		22.8	19.7	38.7	33.9	115.1
Interest-bearing borrowings	25	300.8	–	277.2	275.0	853.0
Projected interest payments on interest-bearing borrowings*		18.3	17.8	33.8	13.9	83.8
		722.3	37.5	349.7	322.8	1,432.3

* The Group uses the interest rates in effect at the year end to calculate the interest payments on the floating rate borrowings for the periods indicated.

Credit risk

The Group’s objective is to minimise credit risk which is managed on a Group basis. Credit risk is the risk of financial loss to the Group

if a customer or counterparty to a financial transaction fails to meet its contractual obligations. Credit risk arises from cash and cash

equivalents, credit exposures to customers, including outstanding receivables and committed transactions. Other financial assets

(note 18) are not material and accordingly, loss allowance of ECL is not material.

Financial assets subject to credit risk are written off when there is no reasonable expectation of recovery such as debtor failing to engage

in a repayment plan with a company. Subsequent recoveries of amounts written off are recognised in the Group income statement. The

Group does not expect any significant counterparty to fail to meet its obligations. The maximum exposure to credit risk is represented

by the carrying amount of each asset.

Cash and cash equivalents

In the international movement and placement of funds and execution of financial transactions, the risk of counterparty default is

managed by the Group’s policies requiring exposure to independently rated parties with long-term credit ratings of at least A3 (Moody’s)

or A– (Standard & Poor’s). In the movement and placement of funds and execution of financial transactions in Ireland, the Group’s policies

accept exposure to independently rated parties with long-term credit ratings of at least Baa3 (Moody’s) or BBB– (Standard & Poor’s).

The Group’s cash and cash equivalents (note 21) at 3 January 2026 and 4 January 2025 were held within financial institutions which

complied with Group policy. Accordingly, the Group considers its cash and cash equivalents to be of low credit risk and does not expect

any expected credit loss in relation to them.

Trade receivables

The Group’s credit risk management policy requires that, where possible, all debt is insured with an external credit insurance underwriter.

The Group’s authorisation review includes external credit agency reports, the trading and financial history and position of the customer,

the business case, the country in which the customer operates and any other available information. The utilisation of credit limits is

actively managed and reviewed formally on an annual basis. Where the extension of credit is not appropriate, payment in advance is

required. No goods are dispatched on credit until the credit controller has authorised the application confirming all necessary procedures

have been complied with. Outstanding customer balances are regularly monitored and a review for indicators of impairment (evidence

of financial difficulty of the customer, payment default, breach of contract etc.) is carried out at each reporting date.

Goods are sold primarily subject to retention of title clauses, so that in the event of non-payment the Group may have a secured claim.

Where required, the Group holds appropriate security or liens in respect of trade and other receivables. The Group does not hold any

significant security or liens at the end of the year.

See note 19 for the carrying amount of the Group’s trade and other receivables

 Glanbia plc | Annual Report and Financial Statements 2025

Notes to the Group financial statements continued

30. Capital and financial risk management continued

At the end of the reporting period, the Group derecognised $35.1 million of certain trade receivables related to one customer through

the use of a limited receivables sale programme (2024: $45.0 million). This programme was entered into to partially mitigate but not fully

offset an increase in credit terms relating to these trade receivables. Under this programme, the Group has the option to sell certain

trade receivable invoices to a third-party financial institution. This third-party may accept this offer for sale by way of a non-recourse

payment to the Group (for face value of the receivables net of transaction fees), upon which the Group no longer retains any risks and

rewards in the receivables sold, resulting in the derecognition of these receivables from the Group balance sheet. The proceeds from

these sales of receivables are included in cash from operating activities in the Group statement of cash flows. The fair value of the

receivables equals to its amortised cost as they are transferred at the face value of the trade receivable invoices.

The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance

for all trade receivables. To measure the expected credit losses, historical loss rates of operating units are calculated based on their

recent historical credit loss experience and applied to the operating units trade receivables at the reporting date. The loss allowance is

estimated based on historical loss rates and adjusted where appropriate to reflect current information and forward-looking information

on macroeconomic factors which affect the ability of the debtors to settle the receivables. The loss allowance recognised during the

year reflects current and forward-looking information including the trading environment in which the Group sells its goods.

The movement in the expected credit loss allowance for trade receivables is as follows:

		2025	2024
	Notes	$m	$m
At the beginning of the year		9.7	10.0
Increase in loss allowance recognised during the year		1.3	1.1
Receivables written off during the year as uncollectible		(3.1)	(1.3)
Unused amounts reversed		(0.4)	(0.1)
At the end of the year	19	7.5	9.7

The movements in the expected credit loss allowance recognised or reversed during the year are included in the Group income statement.

Trade receivables amounted to $388.8 million at 3 January 2026 (2024: $341.4 million) (note 19). Receivable balances that are neither past

due nor impaired amounted to $350.1 million (2024: $308.5 million). Past due information is reported to key management personnel for credit

risk management purposes. At 3 January 2026, trade receivables of $38.7 million (2024: $32.9 million) were past due and analysed as follows:

	2025	2024
	$m	$m
Past due
Less than 30 days	27.7	20.5
1 to 3 months	7.9	4.1
4 to 6 months	1.4	1.7
Over 6 months	1.7	6.6
	38.7	32.9
Less: expected credit loss allowance	(7.5)	(9.7)
Total	31.2	23.2

		2025	2024
	Notes	$m	$m
Financial assets measured at amortised cost
Trade receivables and receivables from related parties		386.5	335.2
Financial liabilities measured at amortised cost
Borrowings	25	(1,017.2)	(853.0)
Trade payables and amounts due to related parties		(396.4)	(380.4)
Lease liabilities	15	(108.5)	(105.9)
		(1,522.1)	(1,339.3)
Equity instruments designated at FVOCI	18	0.9	0.9
Net derivative (liability)/asset		(0.1)	1.4

(d) Offsetting financial assets and financial liabilities

Financial assets and liabilities are offset and the net amount is reported in the Group balance sheet where the Group has a legally

enforceable right to offset recognised amounts which is not conditional on the occurrence of a future event, and there is an intention

to settle on a net basis or realise the asset and settle the liability simultaneously.

The Group enters into derivative transactions under International Swaps and Derivatives Association (ISDA) master netting arrangements.

There is no offset to the amounts of derivative financial assets and derivative financial liabilities presented in the Group balance sheet.

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

31. Commitments and contingent liabilities

Commitments

Capital expenditure contracted for at the reporting date but not recognised in the Group financial statements is as follows:

	2025	2024
	$m	$m
Property, plant and equipment	7.3	6.1
Intangible assets	1.7	0.1

Contingent liabilities

Guarantees provided by financial institutions amounting to $7.1 million (2024: $6.8 million) are outstanding at 3 January 2026. The Group does

not expect any material loss to arise from these guarantees. The Group has contingent liabilities in respect of legal claims arising in the ordinary

course of business. It is not anticipated that any material liability will arise from these contingent liabilities other than those provided for.

Any Irish registered wholly-owned subsidiary of the Company may avail of the exemption from filing its statutory financial statements for

the year ended 3 January 2026 as permitted by section 357 of the Companies Act 2014 and if an Irish registered wholly-owned subsidiary

of the Company elects to avail of this exemption, there will be in force an irrevocable guarantee from the Company in respect of all

commitments entered into by such wholly-owned subsidiary, including amounts shown as liabilities (within the meaning of section 357 (1) (b)

of the Companies Act 2014) in such wholly-owned subsidiary’s statutory financial statements for the year ended 3 January 2026.

Within the scope of benefitting from the exemption related to the filing of the statutory financial statements for the financial year

ended 31 December 2025 of Glanbia Foods B.V., the Company has guaranteed the liabilities ensuing from legal acts performed by

this subsidiary, including all existing and future debts arising from legal acts performed by this subsidiary from 1 January 2025, but

also from legal acts performed previously, in accordance with and to the extent as set out in section 2:403.1(b and f) of the Dutch Civil

Code. Therefore, Glanbia Foods B.V is exempt from the obligation to publish its statutory financial statements and its obligations to file

statutory financial statements has been fulfilled by means of the publication of the declaration of consent and the declaration of liability.

Within the scope of benefitting from the exemption related to the filing of the statutory financial statements for the financial year

ended 31 December 2025 of the Luxembourg subsidiary, Glanbia Luxembourg SA, the Company has guaranteed the liabilities of this

subsidiary in respect of any losses or liabilities (as provided by Article 70 (c) of the Luxembourg Law of 19 December 2002 on the register

of commerce and companies and the accounting and annual accounts of undertakings) for the financial year ended 31 December 2025.

This subsidiary avails of the exemption from filing of their statutory financial statements, as permitted by Article 70 of the Luxembourg

Law of 19 December 2002 on the register of commerce and companies and the accounting and annual accounts of undertakings.

32. Cash flow information

(a) Cash generated from operating activities:

		2025	2024
	Notes	$m	$m
Profit for the year		183.3	164.7
Exceptional items	6	100.6	145.6
Income taxes		48.1	59.1
Profit before taxation		332.0	369.4
Share of results of joint venture		(11.1)	(0.1)
Finance costs	10	31.8	32.2
Finance income	10	(2.4)	(5.4)
Amortisation of intangible assets	16	75.3	82.1
Depreciation of property, plant and equipment	14	52.6	52.2
Depreciation of right-of-use assets	15	20.9	21.9
Reversal of impairment of property, plant and equipment	14	–	(1.0)
Share-based payment expense	9/23	21.9	18.2
Difference between pension charge and cash contributions		(0.3)	0.1
Net write down of inventories	20	6.5	27.7
Non cash movement in/on:
– provisions		(1.6)	(2.1)
– allowance for impairment of receivables		(2.2)	(0.3)
– cross currency swaps		(1.1)	(1.5)
– other financial assets		(1.8)	(0.7)
Loss/(profit) on disposal of property, plant and equipment	5	0.4	(0.3)
Loss on disposal of intangible assets	5	–	0.5
Operating cash flows before movement in working capital		520.9	592.9
Increase in inventories	32(b)	(7.1)	(121.5)
(Increase)/decrease in trade and other receivables	32(b)	(60.5)	116.0
Increase/(decrease) in trade and other payables	32(b)	61.7	(44.3)
Decrease in provisions	32(b)	(6.8)	(11.5)
Cash generated from operating activities before exceptional items		508.2	531.6 

 Glanbia plc | Annual Report and Financial Statements 2025

Notes to the Group financial statements continued

32. Cash flow information continued

(b) The movement in working capital is as follows:

		Trade and other	Trade and other
	Inventories	receivables	payables	Provisions	Total
	$m	$m	$m	$m	$m
2025	(note 20)	(note 19)	(note 28)	(note 27)
At 5 January 2025	634.8	391.5	(611.7)	(15.0)	399.6
Exchange differences	14.0	9.2	(16.7)	(1.3)	5.2
Arising on acquisition (note 34)	3.5	2.9	(1.4)	(0.1)	4.9
Loans/amounts payable to joint venture, interest accruals, capital creditors and other non-operating items	3.5	12.3	(24.4)	(3.0)	(11.6)
Movement in working capital	7.1	60.5	(61.7)	6.8	12.7
At 3 January 2026	662.9	476.4	(715.9)	(12.6)	410.8
2024
At 31 December 2023	550.2	501.8	(659.1)	(27.4)	365.5
Exchange differences	(7.7)	(4.4)	7.3	0.8	(4.0)
Arising on acquisition	8.4	14.5	(8.2)	–	14.7
Loans/amounts payable to joint venture, interest accruals, capital creditors and other non-operating items	(37.6)	(4.4)	4.0	0.1	(37.9)
Movement in working capital	121.5	(116.0)	44.3	11.5	61.3
At 4 January 2025	634.8	391.5	(611.7)	(15.0)	399.6

			Private
		Borrowings	Placement Debt	Lease liabilities	Total
		$m	$m	$m	$m
2025	Notes	(note 25)	(note 25)	(note 15)
At 5 January 2025		177.2	375.0	105.9	658.1
Drawdown of borrowings	25	867.9	–	–	867.9
Repayment of borrowings	25	(780.7)	–	–	(780.7)
Leases		–	–	25.8	25.8
Payment of lease liabilities		–	–	(23.3)	(23.3)
Acquisitions	34	1.1	–	0.1	1.2
Exchange differences		1.1	–	–	1.1
At 3 January 2026		266.6	375.0	108.5	750.1
2024
At 31 December 2023		178.5	375.0	109.4	662.9
Drawdown of borrowings	25	672.8	–	–	672.8
Repayment of borrowings	25	(673.3)	–	–	(673.3)
Leases		–	–	18.6	18.6
Payment of lease liabilities		–	–	(23.7)	(23.7)
Acquisitions		–	–	2.3	2.3
Exchange differences		(0.8)	–	(0.7)	(1.5)
At 4 January 2025		177.2	375.0	105.9	658.1

33. Assets and liabilities held for sale, and disposals

Assets and liabilities held for sale

The net assets and liabilities held for sale at 4 January 2025 ($16.8 million) related to the Benelux Direct-to-Consumer (“DTC”) online

branded business (Body & Fit Sportsnutrition B.V.). Following the completion of a strategic portfolio review, these assets and liabilities

which were part of the Performance Nutrition segment were determined to be non-core and a decision was made to divest of them,

resulting in the designation as held for sale at 2024 year end. The disposal was completed on 31 October 2025. The loss on disposal of

$11.7 million is recorded as an exceptional charge and is presented within the ‘loss on disposal of subsidiaries’ line in note 6 (exceptional

items) and in the Group income statement.

Disposal of SlimFast

As part of the ongoing strategic portfolio review, SlimFast, which was part of the Performance Nutrition segment was determined to

be non-core and a decision was made to divest of it. The divestment was completed in the second half of 2025. The loss on disposal of

$33.0 million is recorded as an exceptional charge and is presented within the ‘loss on disposal of subsidiaries’ line in note 6 (exceptional

items) and in the Group income statement.

The above disposals are not regarded as discontinued operations as they were not considered to be either separate major lines of business or

geographical areas of operations.

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

34. Business combinations

On 1 August 2025, Glanbia acquired 100% of the voting equity interests of Sweetmix Indústria, Comércio, Importação e Exportação Ltda.

(“Sweetmix”) via cash and contingent consideration as noted below. Sweetmix is a Brazil-based nutritional premix and ingredients solutions

business and is a complementary acquisition for the Health & Nutrition segment. The goodwill arises from the value of the acquired

workforce, the anticipated synergies across the Health & Nutrition segment and the expectation of future sales growth beyond the current

customer base, particularly in the Latin America region. It also reflects opportunities to expand into new markets where the business has

no existing customers and further enhances the segment’s existing recipes and technical know-how. Of the goodwill recognised in respect

of the acquisition, the Group expects the full amount to be deductible for tax purposes.

Details of the net assets acquired and goodwill arising from the acquisition are as follows:

		2025
	Notes	$m
Cash paid		41.4
Contingent consideration		–
Total purchase consideration		41.4
Less: fair value of net assets acquired		(18.0)
Goodwill	16	23.4
The fair value of assets and liabilities arising from the acquisition are as follows:
Property, plant and equipment	14	3.2
Right-of-use assets	15	0.1
Intangible assets – brands	16	0.9
Intangible assets – customer relationships	16	6.7
Intangible assets – other intangibles	16	1.5
Inventories	32(b)	3.5
Trade and other receivables	32(b)	2.9
Cash and cash equivalents		2.2
Borrowings	32(c)	(1.1)
Trade and other payables	32(b)	(1.4)
Provision	32(b)	(0.1)
Lease liabilities	32(c)	(0.1)
Deferred tax liability	26	(0.3)
Fair value of net assets acquired		18.0

The contingent consideration arrangement requires the Group to pay the sellers an earnout if a pre-defined earnings threshold is exceeded

within a defined period post acquisition. Under the acquisition agreement, the undiscounted amount of future payments for which the

Group may be liable ranges from nil to $29.0 million.

The fair value of the contingent consideration was estimated by calculating the present value of the future expected payments and was

nil at period end. The main significant unobservable input in the calculation is the forecast EBITDA of Sweetmix over the relevant period.

A 10% increase/decrease in the forecast EBITDA would not have a material effect on the fair value of the contingent consideration.

The fair value of Sweetmix trade and other receivables at the acquisition date amounted to $2.9 million. The gross contractual amount

for trade receivables due is $2.9 million, all of which is expected to be collectible. Acquisition-related costs of $1.0 million incurred primarily

on professional fees are included in administrative expenses (exceptional).

Sweetmix contributed $6.0 million of revenue and made a profit of $0.8 million before taxation and exceptional items for the period

from the date of acquisition to the reporting date. If the acquisition of Sweetmix had occurred on 5 January 2025, pro forma Group

revenue and Group profit before taxation and exceptional items for the year ended 3 January 2026 would have been $3,962.1 million

and $336.0 million respectively.

 Glanbia plc | Annual Report and Financial Statements 2025

Notes to the Group financial statements continued

35. Related party transactions

Related parties of the Group include subsidiary undertakings, the joint venture (MWC-Southwest Holdings LLC), Tirlán Co-operative

Society Limited (the “Society”) and its subsidiaries (“Tirlán Co-operative Group”) and key management personnel. A listing of the principal

subsidiaries is provided in note 37.

On 1 October 2025 the Society placed 17 million shares in Glanbia plc with institutional investors at a share price of €13.55. Glanbia

participated in the share placement by purchasing and cancelling 7.38 million shares, representing around 2.9% of the Company’s share

capital. Following the completion of the sale of Glanbia shares (including the related cancellation of shares), Tirlán Co-operative Group

now holds 17.86% of the issued share capital of the Company (2024: 29.18%).

Details of related party transactions are as follows:

	2025	2024
	$m	$m
Transactions with joint venture*
Dividends received	12.5	5.0
Sales of services	59.8	51.9
Purchases of goods	60.5	23.2
Transactions with Tirlán Co-operative Group**
Dividends received	0.1	0.1
Dividends paid	32.0	30.1
Sales of goods	0.6	0.5
Sales of services	26.9	26.8
Purchases of services	0.3	0.3
Purchases of goods	73.9	64.5

* The Group trades in the normal course of business with MWC-Southwest Holdings LLC and provides management and administrative services to them.

** The Group provides management and administrative services to the Society and is headquartered in a premises owned by the Society.

Receivables from and payables to the joint venture and other related parties as at the balance sheet date are included as separate line

items in notes 19 and 28 respectively. The outstanding balances included in receivables and payables at the balance sheet date in respect

of transactions with related parties are unsecured, interest free and settlement arises in cash. No guarantees have been given or received

in relation to related party receivables and payables. There were no loans to joint ventures outstanding at 3 January 2026 (2024: nil).

Key management personnel

The Board of Directors and Glanbia Operating Executive are deemed to be key management personnel for the purposes of IAS 24 as they

are responsible for planning, directing and controlling the activities of the Group. Key management personnel remuneration amounted to:

	2025	2024
	$m	$m
Salaries and other short-term employee benefits	13.0	8.9
Post-employment benefits	0.7	0.6
Share-based payment expense	10.3	7.9
Non-Executive Directors fees	1.8	1.6
	25.8	19.0

In addition to the amounts disclosed above, remuneration related to a former director amounted $0.3 million (2024: $1.6 million).

Dividends totalling $0.6 million (2024: $0.4 million) were received by key management personnel during the year, based on their personal

shareholdings in Glanbia plc. The Group through Employee Benefit Trusts reacquired Company shares from key management personnel;

the total number reacquired was 179,268 ordinary shares at an average price of €12.74 per share (2024: 190,058 ordinary shares at an

average price of €17.84 per share).

Retirement benefits of $0.1 million (2024: $0.1 million) were accrued in the year to one member of key management (2024: one) under a

post retirement defined benefit plan. Total retirement benefits accrued to key management under the post retirement defined benefit

plan are $2.7 million (2024: $2.3 million).

36. Events after the reporting period

See note 13 for the final dividend, recommended by the Directors. Subject to shareholder approval, this dividend will be paid on 30 April

2026 to shareholders on the register of members on 20 March 2026, the record date.

Subsequent to the reporting date, on 30 January 2026, Glanbia acquired Scicore Nutra private limited (“Scicore”) for initial consideration

of $15.1 million plus deferred consideration of up to $1.3m. Scicore is an Indian-based nutritional products manufacturing business and

is a complementary acquisition for the Health & Nutrition segment.

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

37. Principal subsidiaries and joint venture

The information outlined in section (a) below relates only to the principal undertakings in the Group at the reporting date. The Group has

availed of the exemption under section 316 of the Companies Act 2014. The information required under section 314 of the Companies Act

2014 (including a full listing of subsidiaries and joint venture undertakings) will be annexed to the Company’s Annual Return to be filed in

the Companies Registration Office in Ireland. All beneficial interests are in ordinary shares, membership interests or membership units.

All Group entities are wholly-owned subsidiaries, unless otherwise stated.

(a) Subsidiaries

			Registered
Incorporated and operating in		Principal activity	office
Ireland	Alanfield Society Limited 1	Holding society	1
	Glanbia AP Designated Activity Company	Financing	1
	Glanbia Dairy Nutrition Limited	Dairy Nutrition	2
	Glanbia DN Holding Limited (formerly known as	Holding company (Dairy Nutrition)	1
	Glanbia (V) Limited)
	Glanbia Estates Limited	Property and land dealing	1
	Glanbia Finance International Designated Activity	Financing	1
	Company
	Glanbia Finance Investment Limited	Holding company	1
	Glanbia Financial Services Unlimited Company	Financing	1
	Glanbia GNPN Holding Limited	Holding company	1
	Glanbia Holdfin Limited	Holding company	1
	Glanbia Investment Holding Limited	Holding company	1
	Glanbia Management Services Limited	Management and general business services	1
	Glanbia Nutritionals Limited	Health & Nutrition	1
	Glanbia Performance Nutrition Limited	Performance Nutrition	1
	Glanbia Property Holding Designated Activity Company	Holding company	1
	Glanbia Property Rentals Designated Activity Company	Property lessor	1
	Glanbia SMP Limited	Holding company	1
	Glanbia Support Services Limited	Holding company	1
	Waterford Foods Designated Activity Company	Holding company	1
United States	APS BioGroup, Inc.	Dairy Nutrition	3
of America	Flavor Producers, LLC	Health & Nutrition	3
	Foodarom USA, Inc.	Health & Nutrition	3
	Glanbia Business Services, Inc.	Business services	3
	Glanbia (Delaware), Inc.	Holding company (Dairy Nutrition)	3
	Glanbia DN Holdings, Inc. (formerly known as	Dairy Nutrition	4
	KSF Acquisition Corporation)
	Glanbia Foods, Inc.	Dairy Nutrition	5
	Glanbia, Inc.	Holding company	3
	Glanbia Nutritionals, Inc.	Health & Nutrition and Dairy Nutrition	3
	Glanbia Nutritionals (NA), Inc.	Health & Nutrition and Dairy Nutrition	3
	Glanbia Nutritionals Services, LLC	Management services (Health & Nutrition)	3
	Glanbia Performance Nutrition (Manufacturing), Inc.	Performance Nutrition	4
	Glanbia Performance Nutrition (NA), Inc.	Performance Nutrition	6
	GPN Commercial, LLC	Performance Nutrition	4
	Grass Advantage, LLC	Performance Nutrition	4
	La Belle Associates, Inc.	Dairy Nutrition	3
	PacMoore Process Technologies, LLC	Dairy Nutrition	3
	Sterling Technology, LLC	Dairy Nutrition	3
Britain	Glanbia Milk Limited	Management services	7
	Glanbia Performance Nutrition (UK) Limited	Performance Nutrition	7
	Glanbia Performance Nutrition (UK Sales Division) Limited	Performance Nutrition	7
	Glanbia (UK) Limited	Holding company	7

 Glanbia plc | Annual Report and Financial Statements 2025

Notes to the Group financial statements continued

			Registered
Incorporated and operating in		Principal activity	office
Australia	Glanbia Performance Nutrition Pty Ltd	Performance Nutrition	8
Brazil	Glanbia Marketing de Produtos de Nutrição e	Performance Nutrition	9
	Performance do Brasil Ltda ¹
	Sweetmix Indústria, Comércio, Importação e	Health & Nutrition	10
	Exportação Ltda. 4
Canada	Foodarom Group Inc. 1	Health & Nutrition	11
	Glanbia Nutritionals (Canada) Inc. 1	Health & Nutrition	11
	Glanbia Performance Nutrition Canada Inc. 1	Performance Nutrition	11
China	Glanbia Nutritionals (Suzhou) Co., Ltd. 1	Health & Nutrition	12
	Glanbia Performance Nutrition Trading (Shanghai) Co.,	Performance Nutrition	13
	Glanbia (Shanghai) International Trading Co., Ltd. 1	Health & Nutrition	14
Denmark	Nutramino Int. ApS 1	Performance Nutrition	15
France	Glanbia Performance Nutrition France SAS 1	Performance Nutrition	16
Germany	Foodarom Germany GmbH 1	Health & Nutrition	17
	Glanbia Nutritionals Deutschland GmbH 1	Health & Nutrition	17
	Glanbia Performance Nutrition GmbH 1	Performance Nutrition	18
	LevlUp GmbH ¹	Performance Nutrition	19
India	Glanbia India Private Limited 2	Health & Nutrition	20
	Glanbia Performance Nutrition (India) Private Limited 2	Performance Nutrition	21
Italy	Glanbia Nutritionals Italia Srl	Health & Nutrition	22
Japan	Glanbia Japan K.K. 1	Health & Nutrition	23
Korea (Republic of)	Glanbia Performance Nutrition Korea, LLC 1	Performance Nutrition	24
Malta	Glanbia Maltfin Limited 1, 3	Financing	25
Mexico	Glanbia Performance Nutrition S.A. de C.V. 1	Performance Nutrition	26
	Glanbia, S.A. de C.V. ¹	Health & Nutrition	27
Netherlands	Glanbia Foods B.V. 1	Holding company	28
	Glanbia Performance Nutrition B.V.	Performance Nutrition	28
New Zealand	Glanbia Performance Nutrition (New Zealand) Limited 1	Performance Nutrition	29
Philippines	Glanbia Performance Nutrition Philippines, Inc. 1	Performance Nutrition	30
Portugal	Glanbia Nutritionals (Portugal), Sociedade Unipessoal	Performance Nutrition	31
Singapore	Glanbia Nutritionals Singapore Pte Limited	Health & Nutrition	32
	Glanbia Performance Nutrition Singapore Pte. Ltd	Performance Nutrition	33
South Africa	Glanbia (Pty) Limited 1	Health & Nutrition	34
Sweden	Nutramino AB 1	Performance Nutrition	35
United Arab Emirates	Glanbia Performance Nutrition DMCC 1	Performance Nutrition	36
Uruguay	Glanbia (Uruguay Exports) SA 1	Dairy Nutrition	37

Ltd.

Lda.

1. The statutory year end of these subsidiaries is fixed at 31 December each year to comply with statutory requirements.

2. The statutory year end of these subsidiaries is 31 March, which coincides with the tax year in India.

3. Glanbia Maltfin Limited has a branch at 3500 Lacey Road, Downers Grove, IL 60515, United States.

4. Acquired in 2025.

The Group has no significant restrictions in relation to its ability to access or use the assets and settle the liabilities of its subsidiaries.

37. Principal subsidiaries and joint venture continued

Strategic Report Directors’ Report Sustainability Statement Financial Statements Other Information

(b) Joint venture

			Registered
Incorporated and operating in		Principal activity	office
United States	MWC-Southwest Holdings LLC	Holding company of two subsidiaries that	3
of America		manufacture cheese and other dairy
		nutrition products

The Group has a 50% beneficial interest in MWC-Southwest Holdings LLC (note 17). The Group’s interest in the joint venture is subject to

certain restrictions, however these are not material.

Registered office

1 Glanbia House, Kilkenny, R95 E866, Ireland

2 Glanbia, Leggetsrath Business Park, Carlow Road, Co. Kilkenny, R95 YTD5, Ireland

3 Citco (Delaware) Inc., 222 Delaware Avenue, Suite 1010, Wilmington, New Castle 19801, United States

4 Corporate Creations Network, Inc., 1521 Concord Pike Suite 201 Wilmington, DE 19803, New Castle County, United States

5 Corporate Creations Network Inc., 950 W. Bannock Street #1100 Boise, ID 83702, Ada County, United States

6 Corporate Creations Network, Inc., 801 US Highway, 1 North Palm Beach, FL 33408, United States

7 2 North Park Road, Harrogate, HG1 5PA, United Kingdom

8 Level 10, 68 Pitt Street, Sydney NSW 2000, Australia

9 Rua Funchal, no. 411, 4th floor, suite 43-room 36, Vila Olimpia, São Paula, SP 04551-060, Brazil

10 Alameda Caçapava, No. 60, Jardim Saira, São Paulo, 18085-250, Brazil

11 1700-242 Hargrave Street, Winnipeg MB, R3C 0V1, Canada

12 No. 128 Fangzong Street SIP, Suzhou, Jiangsu Province, PRC 215025, China

13 Unit 01, 03-D, Nominal Floor 6 (Actual Floor 6), Office Building C, No. 610, Xujiahui Road, Huangpu District, Shanghai, China

14 Room 6, 6th Floor, Building 1, No. 39 Jiatai Road, Pilot Free Trade Zone, Shanghai, China

15 Nybrogade 12, København K, 1203, Denmark

16 162 Boulevard Haussmann, 75008, Paris, France

17 Gewerbestrasse 3, 78359 Orsingen – Nenzingen, Germany

18 C/o Citco Deutschland GmbH, Marienstraße 15, Frankfurt am Main, 60329, Germany

19 Robert-Bosch-Breite 15, 37079 Gottingen, Germany

20 Ground Floor, No. 12/47, 7th Cross, Swimming Pool Extension, Malleshwaram, Bangalore KA, 560003, India

21 10 – 11th Floor, Paras Trinity, Maidawas Road, Sector 63, Gurgaon, Haryana, 122011, India

22 Via Santa Valeria 52, Seregno (MB), 20831, Italy

23 Level 18, Yebisu Garden Place, Tower 4–20–3, Ebisu Shibuya-ku, Tokyo, Japan

24 Room 811, Fastfive, 503 Teheran-ro, Gangnam-gu, Seoul, Republic of Korea

25 Vision Exchange Building, Level 2, Territorials Street, Zone 1, Central Business District, Birkirkara, CBD 1070, Malta

26 Blvd. Puerta de Hierro, 5153 Piso 2 INT 259 Col. Plaza Andares, Mexico

27 Av. Prolongación Paseo de la Reforma No. 115–1006, Col. Paseo de las Lomas, C.P. 01330, Mexico

28 Herikerbergweg 88, 1101 CM Amsterdam, Netherlands

29 C/o Martelli McKegg, Level 20, HSBC Tower, 188 Quay Street, Auckland, 1010, New Zealand

30 WeWork RCBC Plaza, 30th and 31st Floor Yuchencgo Tower, 6819 Ayala Avenue cor. Buendia Avenue, Salcedo Village,

Makati City, 1227, Philippines

31 Calçada Nova de São Francisco, nº 10, 1º andar, 1200-300, Lisboa, Portugal

32 Helios, #03-03/04, 11 Biopolis Way, Singapore, 138667, Singapore

33 3 Temasek Avenue, Centennial Tower, Level 17, Unit 17.39, 039190, Singapore

34 Stand 893, 7 Forbes Street, Midstream Estate – Windsor Gate, Brakfontein RD, Gauteng, 2192, South Africa

35 Östermalmstorg 1, 4 tr, 114 42, Stockholm, Sweden

36 Unit No: 1JLT-Nook-098, One JLT, Plot No: DMCC-EZ1-1AB, Jumeirah Lakes Towers, Dubai, United Arab Emirates

37 Copacabana Street, Block 26 – S 12, Médanos de Solymar City, Canelones, Uruguay

 Glanbia plc | Annual Report and Financial Statements 2025

Company balance sheet

as at 3 January 2026

3 January

2026

4 January

2025

Notes €m €m

ASSETS

Non-current assets

Investments in subsidiaries

2 581.6 581.6

Other financial assets

3 0.3 0.3

581.9 581.9

Current assets

Trade and other receivables

4 10.0 6.0

Cash at bank and in hand 17.9 15.1

27.9 21.1

Total assets 609.8 603.0

EQUITY

Issued capital and reserves attributable to equity holders of the Company

Share capital and share premium

5 457.7 458.6

Other reserves 15.4 11.2

Retained Earnings 57.6 70.8

Total equity 530.7 540.6

LIABILITIES

Non-Current liabilities

Deferred tax liabilities 0.1 –

0.1 –

Current liabilities

Bank overdrafts 44.1 33.7

Provisions 0.6 0.6

Trade and other payables

6 34.3 28.1

Total liabilities 79.1 62.4

Total equity and liabilities 609.8 603.0

As permitted by section 304 of the Companies Act 2014, the Company is availing of the exemption from presenting its separate profit

and loss account in these financial statements and from filing it with the Registrar of Companies. The profit for the year dealt with in the

financial statements of the Company amounts to €291.3 million (2024: €211.2 million).

On behalf of the Board

Paul Duffy

Directors

Hugh McGuire Mark Garvey

24 February 2026

Strategic Report Directors’ Report Sustainability Statement Financial Statements Other Information

Company statement of changes in equity

for the financial year ended 3 January 2026



Other reserves  

Share capital

and share

premium

€m

(note 5)

Capital

reserve

€m

Own

Shares*

€m

Share-

based

payment

reserve

€m

FVOCI

reserve

€m

Retained

earnings

€m

Total

Equity

€m

Balance at 5 January 2025 458.6 6.5 (22.0) 26.5 0.2 70.8 540.6

      

Profit for the year – – – – – 291.3 291.3

Other comprehensive income – – – – – – –

Total comprehensive income for the year – – – – – 291.3 291.3

      

Dividends – – – – – (102.5) (102.5)

Purchase of own shares – – (217.6) – – – (217.6)

Cancellation of own shares* (0.9) 0.9 198.4 – – (198.4) –

Share-based payment expense – – – 18.9 – – 18.9

Transfer on exercise, vesting or expiry of

share-based payments – – 22.9 (19.3) – (3.6) –

Total contributions by and distributions to owners (0.9) 0.9 3.7 (0.4) – (304.5) (301.2)

Balance at 3 January 2026 457.7 7.4 (18.3) 26.1 0.2 57.6 530.7

      

Balance at 31 December 2023 459.0 6.1 (35.1) 33.1 0.2 64.7 528.0

      

Profit for the year – – – – – 211.2 211.2

Other comprehensive income – – – – – – –

Total comprehensive income for the year – – – – – 211.2 211.2

      

Dividends – – – – – (96.1) (96.1)

Purchase of own shares – – (119.5) – – – (119.5)

Cancellation of own shares* (0.4) 0.4 102.1   (102.1) –

Share-based payment expense – – – 17.0 – – 17.0

Transfer on exercise, vesting or expiry of

share-based payments – – 30.5 (23.6) – (6.9) –

Total contributions by and distributions to owners (0.4) 0.4 13.1 (6.6) – (205.1) (198.6)

Balance at 4 January 2025 458.6 6.5 (22.0) 26.5 0.2 70.8 540.6

Refer to note 23 of the Group financial statements for a description of the individual components in other reserves.

* Included within the cancellation of own shares of €198.4 million, is an amount of €197.2 million which was returned to shareholders in the financial year (2024:

€102.1 million was included in the cancellation of own shares, of which €102.0 million was returned to the shareholders).

 Glanbia plc | Annual Report and Financial Statements 2025

Notes to the Company financial statements

for the financial year ended 3 January 2026

1. Accounting policies

Basis of preparation

Glanbia plc (the “Company”) is a public limited company incorporated and domiciled in Ireland, the number under which it is registered

is 129933. The address of its registered office is Glanbia House, Kilkenny, R95 E866, Ireland.

These financial statements are prepared for the 52-week period ended 3 January 2026. Comparatives are for the 53-week period

ended 4 January 2025. The balance sheets for 2025 and 2024 have been drawn up as at 3 January 2026 and 4 January 2025 respectively.

The financial statements were approved and authorised for issue by the Board of Directors on 24 February 2026.

The financial statements have been prepared under the historical cost convention, as modified by use of fair values for certain other

financial assets, and comply with the Companies Act 2014 and Financial Reporting Standard 101 Reduced Disclosure Framework (“FRS 101”).

The Company has taken advantage of the following disclosure exemptions under FRS 101:

• a Cash Flow Statement and related notes;

• disclosures in respect of transactions with wholly-owned subsidiaries;

• disclosures in respect of capital management;

• the effects of new but not yet effective IFRS; and

• disclosures in respect of the compensation of key management personnel.

As the consolidated financial statements of the Company and its subsidiaries include the equivalent disclosures, the Company has also

availed of the following disclosure exemptions under FRS 101:

• IFRS 2 Share Based Payments in respect of group settled share based payments; and

• certain disclosures required by IAS 12 Income Taxes, IFRS 13 Fair Value Measurement and IFRS 7 Financial Instrument Disclosures.

The financial statements have been prepared in euro and presented in millions. The material accounting policies set out below have,

unless otherwise stated, been applied consistently to all periods presented in these financial statements.

Going concern

The Company is in a net current liabilities position of €51.1 million at 3 January 2026 (2024: €41.3 million). The Company and its subsidiaries

(the “Group”) is profit-making and cash generative, having made a profit after tax of $183.3 million and net cash inflow from operating

activities was $368.5 million in 2025. The Company made a profit of €291.3 million in 2025 (2024: €211.2 million). The Group expects to continue

to be profitable and cash generative for at least 12 months from the date of approval of these financial statements based on approved

budgets and strategic plans. The Company has control over its subsidiaries, it can therefore direct its subsidiary entities to distribute or

make available funds to the parent company to ensure that the Company can repay its creditors as they fall due. The Directors have a

reasonable expectation that these funds will be available within the Group based on current budgets and strategic plans. Accordingly,

the financial statements of the Company for the financial year ended 3 January 2026 have been prepared on a going concern basis.

Investments in subsidiaries

Investments in subsidiaries are held at cost less, if any, accumulated impairment. The Company assesses investments for impairment

whenever events or changes in circumstances indicate that the carrying value of an investment may not be recoverable. If any such

indication of impairment exists, the Company makes an estimate of its recoverable amount. When the carrying amount of an investment

exceeds its recoverable amount, the investment is considered impaired and is written down to its recoverable amount. In the opinion of

the Directors the shares in the subsidiaries are worth at least the amounts at which they are stated on the balance sheet.

Other financial assets

The Company classifies and initially measures its investments in equity instruments at fair value and are subsequently adjusted to

fair value at each reporting date. If the market for a financial asset is not active or unquoted, the Company establishes fair value using

valuation techniques. Changes in their fair value are recognised in the profit and loss account unless management has elected to present

changes in fair value through other comprehensive income (“FVOCI”) on an investment by investment basis. When an election is made for

an investment, there is no subsequent reclassification of fair value gains and losses related to the investment to profit or loss following

the derecognition of the investment. Dividends from such investments are recognised in profit or loss when the Company’s right to receive

payments is established.

Financial assets are derecognised when the rights to receive cash flows from financial assets have expired or have been transferred and

the Company has transferred substantially all the risks and rewards of ownership.

Trade and other receivables and payables

Receivables and payables are recognised initially at fair value except trade receivables that do not contain significant financing

components which are recognised at transaction price. They are subsequently measured at amortised cost using the effective interest

method less any allowance for expected credit loss (“ECL”) for receivables.

Cash at bank and in hand

Cash includes cash, in any currency, in hand or deposited with financial institutions repayable without penalty on notice of not more

than 24 hours.

Borrowings

Borrowings are recognised initially at fair value and are subsequently stated at amortised cost.

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

Impairment

The Company applies the simplified approach under IFRS 9 to measure ECL which uses a lifetime expected loss allowance for all trade

receivables. A loss allowance for receivables is estimated based on expected credit losses. To measure ECL, historical loss rates are

calculated based on historical credit loss experience. The loss allowance based on historical loss rates is adjusted to reflect current

information and forward-looking information on macroeconomic factors if there is evidence to suggest these factors will affect the

ability of the counterparty to settle the receivables. Trade and other receivables are written off when there is no reasonable expectation

of recovery such as a debtor failing to engage in a repayment plan with the Company.

The Company’s intercompany receivables at 3 January 2026 amounted to €9.9 million (2024: €5.8 million). There is no material ECL in

respect of intercompany receivables as at 3 January 2026 or 4 January 2025.

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity

as a deduction from the proceeds. Repurchase of the Company’s own equity instruments is recognised and deducted from equity with a

transfer between the own shares reserve and retained earnings when they are cancelled. No gain or loss is recognised in profit or loss on

the purchase, sale, issue or cancellation of the Company’s own equity instruments.

Own shares

Where the Employee Share Trust and/or the Employee Share Scheme Trust (on behalf of the Company) purchases the Company’s equity

share capital, under the 2018 Long-term incentive plan, the 2019 Restricted share plan, and the Annual incentive deferred into shares

scheme, the consideration paid is deducted from distributable reserves and classified as own shares until they are re-issued. Where such

shares are re-issued, they are re-issued on a first-in, first-out basis and the original cost of own shares are transferred from own shares

to retained earnings.

Dividends

Dividends on ordinary shares to the Company’s shareholders are recognised as a liability of the Company when approved by the

Company’s shareholders. Interim dividends are recognised when paid. Proposed dividends that are approved after the balance sheet

date are not recognised as a liability but are disclosed in note 13 of the Group financial statements.

Foreign currency translation

The functional and presentation currency of the Company is euro. Transactions in foreign currencies are translated at the rates of

exchange ruling at the transaction date. Monetary assets and liabilities denominated in foreign currencies are translated into euro

at the rates of exchange ruling at the balance sheet date, with a corresponding charge or credit to the profit and loss account.

Dividend income

Dividend income is recognised in the profit and loss account on the date the entity’s right to receive payment is established.

Share-based payments

The Company operates equity settled share-based payment arrangements. The arrangements include a long-term incentive plan and a

restricted share plan whereby share awards in the Company are granted to Executive Directors and senior management. The Company

also operates an annual incentive scheme whereby a portion of the annual incentive will be settled by way of shares. The Company

recharges the costs of these plans to its subsidiaries and the balances are settled in cash.

Taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account except to the extent

that it relates to items recognised in other comprehensive income or directly in equity, in which case the tax is also recognised in other

comprehensive income or directly in equity, respectively.

A provision is recognised for those matters for which the tax determination is uncertain but it is considered probable that there will be a

future outflow of funds to a tax authority. The provisions are measured at the best estimate of the amount expected to become payable.

Current tax is calculated on the basis of tax laws enacted or substantively enacted at the balance sheet date in countries where the

Company operates and generates taxable income, taking into account adjustments relating to prior years.

Deferred tax is determined using tax rates and laws enacted or substantively enacted by the reporting date. Deferred tax is provided on

a non-discounted basis, using the balance sheet liability method, providing for temporary differences on the reporting date between the

tax bases of assets and liabilities and their carrying amounts in the financial statements. However, deferred tax is not accounted for if it

arises from initial recognition of an asset or liability in a transaction, other than a business combination, that at the time of the transaction

affects neither accounting nor taxable profit or loss and does not give rise to an equal taxable and deductible temporary differences.

Deferred tax liabilities are not recognised to the extent they arise from the initial recognition of goodwill not having full tax basis. Deferred

tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences

can be utilised.

Critical accounting judgements and estimates

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations

of future events that are believed to be reasonable under the circumstances. There were no critical accounting estimates or significant

judgements used in the preparation of these financial statements for 2025.

 Glanbia plc | Annual Report and Financial Statements 2025

2. Investments in subsidiaries

2025 2024

€m €m

At the beginning and end of the year 581.6 581.6

Details of the Company’s principal subsidiaries are set out in note 37 of the Group financial statements.

3. Other financial assets

2025 2024

€m €m

At the beginning of the year 0.3 1.8

Disposals/redemption – (1.5)

At the end of the year 0.3 0.3

4. Trade and other receivables

2025 2024

€m €m

Amounts owed by subsidiaries 9.9 5.8

Prepayments 0.1 0.2

10.0 6.0

5. Share capital and share premium

At 3 January 2026, share capital and share premium were €14.6 million (2024: €15.5 million) and €443.1 million (2024: €443.1 million) respectively.

The movement in the share capital was due to cancellation of ordinary shares on the share buyback programme. The difference between

the Company and Group share premium is due to the merger in 1997 of Waterford Foods plc now named Waterford Foods DAC and

Avonmore Foods plc now named Glanbia and €0.2 million of issuance of shares in 2021.

6. Trade and other payables

2025 2024

€m €m

Amounts owed to subsidiaries 11.1 11.6

Accruals 23.2 16.5

34.3 28.1

7. Contingent liabilities

Any Irish registered wholly-owned subsidiary of the Company may avail of the exemption from filing its statutory financial statements for

the year ended 3 January 2026 as permitted by section 357 of the Companies Act 2014 and if an Irish registered wholly-owned subsidiary

of the Company elects to avail of this exemption, there will be in force an irrevocable guarantee from the Company in respect of all

commitments entered into by such wholly-owned subsidiary, including amounts shown as liabilities (within the meaning of section 357 (1) (b)

of the Companies Act 2014) in such wholly-owned subsidiary’s statutory financial statements for the year ended 3 January 2026.

Within the scope of benefitting from the exemption related to the filing of the statutory financial statements for the financial year

ended 31 December 2025 of Glanbia Foods B.V., the Company has guaranteed the liabilities ensuing from legal acts performed by

this subsidiary, including all existing and future debts arising from legal acts performed by the subsidiary from 1 January 2025, but

also from legal acts performed previously, in accordance with and to the extent as set out in section 2:403.1(b and f) of the Dutch Civil

Code. Therefore, Glanbia Foods B.V is exempt from the obligation to publish its statutory financial statements and its obligations to file

statutory financial statements has been fulfilled by means of the publication of the declaration of consent and the declaration of liability.

Within the scope of benefitting from the exemption related to the filing of the statutory financial statements for the financial year

ended 31 December 2025 of the Luxembourg subsidiary, Glanbia Luxembourg S.A, the Company has guaranteed the liabilities of this

subsidiary in respect of any losses or liabilities (as provided by Article 70 (c) of the Luxembourg Law of 19 December 2002 on the register of

commerce and companies and the accounting and annual accounts of undertakings) for the financial year ended on 31 December 2025.

This subsidiary avails of the exemption from filing of their statutory financial statements, as permitted by Article 70 of the Luxembourg

Law of 19 December 2002 on the register of commerce and companies and the accounting and annual accounts of undertakings.

The Group’s financial liabilities are guaranteed by the company. Expected credit loss allowance in relation to these guarantees is not material.

Notes to the Company financial statements continued

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

8. Related party transactions

During 2025, dividends of €28.0 million (2024: €27.8 million) were paid to Tirlán Co-operative Society Limited (the “Society”)

and its wholly-owned subsidiaries based on their shareholding in the Company.

On 1 October 2025 the Society placed 17 million shares in the Company with institutional investors at a share price of €13.55.

The Company participated in the share placement by purchasing and cancelling 7.38 million shares, representing around 2.9%

of the Company’s share capital.

9. Auditor’s remuneration

The following table discloses the fees paid or payable to Deloitte Ireland LLP, the statutory auditor:

2025 2024

€m €m

Statutory audit* 0.1 –

Other assurance services – audit of the Group financial statements 1.5 1.4

Tax advisory services – –

Other non-audit services – –

Other assurance services 0.4 –

2.0 1.4

* The audit fee for the Company is €54,000 (2024: €47,000).

10. Directors’ remuneration

2025 2024

€m €m

Salaries and other short-term employee benefits 3.8 3.3

Post-employment benefits 0.2 0.2

Share-based payment expense 3.7 3.5

Non-Executive Directors fees 1.6 1.4

9.3 8.4

In addition to the amounts disclosed above, remuneration relating to a former director for loss of office was €0.3 million (2024: €1.5 million).

There were no retirement benefits accrued in the current year to Directors’ under a post retirement defined benefit plan (2024: nil).

Total retirement benefits accrued to Directors’ under the post retirement defined benefit plan are nil (2024: nil).

11. Events after the reporting period

Refer to note 36 of the Group financial statements.

 Glanbia plc | Annual Report and Financial Statements 2025

In this section:

Glossary of non-IFRS

performance measures 292

Shareholder information 301

Contacts 305

Other

Information

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

 Glanbia plc | Annual Report and Financial Statements 2025

Glossary of non-IFRS performance measures

The Group reports certain performance measures including key performance indicators that are not defined under IFRS but which

represent additional measures used by the Board of Directors and the Glanbia Operating Executive in assessing performance and

for reporting both internally and to shareholders and other external users. The Group believes that the presentation of these non-IFRS

performance measures provides useful supplemental information which, when viewed in conjunction with our IFRS financial information,

provides readers with an enhanced understanding of the underlying financial and operating performance of the Group.

These non-IFRS performance measures may not be uniformly defined by all companies and accordingly they may not be directly

comparable with similarly titled measures and disclosures by other companies. None of these non-IFRS performance measures should

be considered as an alternative to financial measures drawn up in accordance with IFRS.

The principal non-IFRS performance measures used by the Group are defined below with a reconciliation of these measures to IFRS

measures where applicable. Please note where referenced “GIS” refers to Group income statement, “GBS” refers to Group balance sheet,

and “GSCF” refers to Group statement of cash flows. EBITDA and EBITA references throughout the annual report are on a pre-exceptional

basis unless otherwise indicated.

The definition of exceptional items and the analysis of exceptional items is disclosed in note 2 and note 6 of the Group financial

statements respectively.

While the Group reports its results in US dollar, it generates a proportion of its earnings in currencies other than US dollar, in particular

euro. Constant currency reporting is used by the Group to eliminate the translational effect of foreign exchange on the Group’s results.

To arrive at the constant currency year-on-year change, the results for the prior year are retranslated using the average exchange rates

for the current year and compared to the current year reported numbers. The principal average exchange rates used to translate results

for 2025 and 2024 are outlined in note 2 of the Group financial statements.

Glanbia has commenced a group-wide transformation programme to drive efficiencies across the new operating model and support

the next phase of growth through three focused segments; Performance Nutrition, Health & Nutrition and Dairy Nutrition. Comparative

segment information for 2024 has been restated where necessary to reflect the changes in reportable segments.

In the prior year the Group disclosed Total shareholder return (“TSR”) as a non-IFRS measure which is not included in the current year.

TSR is no longer a performance condition of Glanbia’s Long-term Incentive Plan hence not disclosed as an Alternative Performance

measure of the Group.

In the current year the Group has added two new performance measures (G1.3 and G1.4) related to PN pro-forma like-for-like revenue

change which exclude the impact of Body & Fit and SlimFast in the current and prior years. This aids comparability and understanding

the performance of the remaining PN business year on year. External revenue guidance for PN has been provided on this basis.

G 1. Revenue measures

G 1.1 Constant currency and like-for-like revenue change

Like-for-like total revenue represents the sales increase/(decrease) year-on-year, excluding the incremental revenue contributions from

current year and prior year acquisitions and disposals, and the impact of a 53rd week (when applicable), on a constant currency basis.

Reference

2025

Reported

2024*

Constant

currency

Constant

currency

change

(G 1.2)

Like-for-like

change

(G 1.2)

PN Americas Note 4 1,114.0 1,161.0 1,160.8 (4.0%) (0.5%)

PN International Note 4 687.1 645.7 657.4 4.5% 8.8%

Performance Nutrition Note 4 1,801.1 1,806.7 1,818.2 (0.9%) 2.8%

Health & Nutrition Note 4 628.5 558.1 563.7 11.5% 6.8%

Dairy Nutrition Note 4 1,516.8 1,474.9 1,476.2 2.8% 5.0%

Revenue GIS 3,946.4 3,839.7 3,858.1 2.3% 4.2%

* Restated to reflect the changes in reportable segments.

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

G 1.2 Volume and pricing increase/(decrease)

Volume increase/(decrease) represents the impact of sales volumes within the revenue movement year-on-year, excluding volume

from acquisitions and disposals, and the impact of a 53rd week (when applicable), on a constant currency basis.

Pricing increase/(decrease) represents the impact of sales pricing (including trade spend) within revenue movement year-on-year,

excluding acquisitions and disposals, on a constant currency basis. Reconciliation of volume and pricing increase/(decrease) to

constant currency revenue change:

Volume

increase

Price

increase/

(decrease)

Like-for-like

change

(G 1.1)

Acquisitions/

(disposals)

53rd week

adjustment

Constant

currency

change

(G 1.1)

Performance Nutrition 2.0% 0.8% 2.8% (1.9%) (1.8%) (0.9%)

Health & Nutrition 7.4% (0.6%) 6.8% 6.5% (1.8%) 11.5%

Dairy Nutrition 4.2% 0.8% 5.0% – (2.2%) 2.8%

2025 increase/(decrease) % – revenue 3.7% 0.5% 4.2% 0.1% (2.0%) 2.3%

G 1.3 Pro-forma like-for-like revenue change

PN pro-forma like-for-like revenue change represents the revenue increase/(decrease) year-on-year, excluding SlimFast and Body & Fit

revenue from the current and prior year.

Like-for-like

change

(G 1.1)

Adjustment for

SlimFast and

Body & Fit

revenue

Pro-forma

like-for-like

revenue

change

PN Americas (0.5%) 1.8% 1.3%

PN International 8.8% 1.7% 10.5%

Performance Nutrition 2.8% 1.7% 4.5%

G 1.4 Pro-forma like-for-like volume and pricing increase

PN pro-forma volume increase represents the impact of sales volumes within the revenue movement year-on-year, excluding SlimFast

and Body & Fit sales volumes from the current and prior year.

PN pro-forma pricing increase represents the impact of sales pricing (including trade spend) within revenue movement year-on-year,

excluding SlimFast and Body & Fit sales pricing from the current and prior year.

Reconciliation of pro-forma like-for-like volume and pricing increase to like-for-like volume and price increase:

Volume

increase

(G 1.2)

Adjustment for

SlimFast and

Body & Fit

volume

Pro-forma

like-for-like

volume

increase

Price

increase

(G 1.2)

Adjustment for

SlimFast and

Body & Fit

price

Pro-forma

like-for-like

price

increase

Performance Nutrition 2.0% 1.6% 3.6% 0.8% 0.1% 0.9%

G 2. EBITDA and EBITDA margin % (pre-exceptional)

EBITDA (pre-exceptional) is defined as earnings before interest, tax, depreciation (net of grant amortisation) and amortisation.

Refer to note 4 of the Group financial statements for the reconciliation of EBITDA (pre-exceptional) to IFRS measures.

Reference

2025

Reported

2024*

Constant

currency

Constant

currency

change

Performance Nutrition Note 4 233.8 305.4 304.6 (23.2%)

Health & Nutrition Note 4 115.8 98.7 99.2 16.7%

Dairy Nutrition Note 4 149.5 147.2 147.0 1.7%

EBITDA (pre-exceptional) Note 4, G 7.4 499.1 551.3 550.8 (9.4%)

EBITDA margin % (pre-exceptional) is defined as EBITDA (pre-exceptional) as a percentage of revenue. Refer to G 1 for revenue and

EBITDA (pre-exceptional) is disclosed above.

2025

Reported

2024*

Constant

currency

Constant

currency

change

bps

Performance Nutrition 13.0% 16.9% 16.8% (380bps)

Health & Nutrition 18.4% 17.7% 17.6% 80bps

Dairy Nutrition 9.9% 10.0% 10.0% (10bps)

EBITDA margin (pre-exceptional) 12.6% 14.4% 14.3% (170bps)

* Restated to reflect the changes in reportable segments.

 Glanbia plc | Annual Report and Financial Statements 2025

G 3. EBITA (pre-exceptional)

EBITA (pre-exceptional) is defined as earnings before interest, tax and amortisation. EBITA (pre-exceptional) is one of the performance

conditions in Glanbia’s Annual Incentive Plan for Senior Management.

Reference

2025

2024

EBITDA (pre-exceptional) G 2, G 7.4 499.1 551.3

Depreciation* Note 5 (73.5) (73.1)

EBITA (pre–exceptional) 425.6 478.2

* Includes depreciation of property, plant and equipment of $52.6 million (2024: $52.2 million) and depreciation of right-of-use assets of $20.9 million (2024: $21.9 million).

Also included is the reversal of an impairment of property, plant and equipment of nil in the current year (2024: $1.0 million).

G 4. Constant currency earnings per share (“EPS”) measures

G 4.1 Constant currency basic EPS

Basic EPS is an IFRS measure and defined in note 12 of the Group financial statements.

Reference

2025

Reported

2024

Reported

2024

Constant

currency

Profit after tax GIS 183.3 164.7 159.3

Weighted average number of ordinary shares in issue (thousands) Note 12 250,545 260,554 260,554

Basic EPS (cent) Note 12 73.16 63.21 61.12

Constant currency change 19.7%

G 4.2 Constant currency adjusted EPS

Adjusted EPS is defined as the profit after tax attributable to the equity holders of the Company, before exceptional items and intangible

asset amortisation and impairment (excluding software amortisation), net of related tax, divided by the weighted average number of

ordinary shares in issue during the year, excluding ordinary shares purchased by the Group and held as own shares (see note 23). The Group

believes that adjusted EPS provides useful information of underlying performance as it excludes exceptional items (net of related tax) that

are not related to ongoing operational performance and intangible asset amortisation, which allows for comparability of companies that

grow by acquisition to those that grow organically.

Adjusted EPS growth on a constant currency basis is one of the performance conditions in Glanbia’s Annual Incentive Plan and in Glanbia’s

Long-term Incentive Plan.

Reference

2025

Reported

2024

Reported

2024

Constant

currency

Profit after tax G 4.1 183.3 164.7 159.3

Exceptional charge after tax GIS 100.6 145.6 150.1

Profit after tax (pre-exceptional) GIS 283.9 310.3 309.4

Amortisation of intangible assets (excluding software amortisation)* 54.2 54.5 54.6

Adjusted net income 338.1 364.8 364.0

Weighted average number of ordinary shares in issue (thousands) Note 12 250,545 260,554 260,554

Adjusted EPS (cent) G 9 134.93 140.03 139.69

Constant currency change (3.4%)

* Net of related tax of $7.1 million (2024: $8.7 million, 2024 constant currency: $8.6 million).

Glossary of non-IFRS performance measures continued

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

G 5. Financing measures

G 5.1 Net debt

Refer to note 30(a) and note 25 of the Group financial statements for the definition and composition of net debt at the end of the

reporting period respectively.

G 5.2 Net debt: adjusted EBITDA

Refer to note 30(a) of the Group financial statements for the definition of net debt: adjusted EBITDA.

Reference

2025

2024

Net debt Note 25 526.0 436.0

EBITDA G 2 499.1 551.3

Adjustments in line with lenders’ facility agreements (11.2) (15.6)

Adjusted EBITDA 487.9 535.7

Net debt: adjusted EBITDA Note 30(a) 1.08 times 0.81times

G 5.3 Adjusted EBIT: adjusted net finance cost

Refer to note 30(a) of the Group financial statements for the definition of adjusted EBIT: adjusted net finance cost.

Reference

2025

2024

Operating profit GIS 273.2 234.7

Exceptional charge GIS 77.1 161.4

Operating profit (pre-exceptional) G 6, GIS 350.3 396.1

Dividends received from related parties GSCF 12.5 5.0

IFRS 16 adjustment – interest paid on lease liabilities (3.2) (3.0)

Adjusted EBIT 359.6 398.1

Net finance cost Note 10 29.4 26.8

IFRS 16 adjustment – interest expense on lease liabilities Note 10 (3.2) (3.0)

Adjusted net finance cost 26.2 23.8

Adjusted EBIT: adjusted net finance cost Note 30(a) 13.7 times 16.7times

G 5.4 Average interest rate

The average interest rate is defined as adjusted net finance costs divided by the average net debt during the reporting period. Refer to

G 5.3 and G 5.2 for net finance costs and net debt respectively.

 Glanbia plc | Annual Report and Financial Statements 2025

G 6. Return on capital employed (“ROCE”)

ROCE is defined as the Group’s earnings before interest, and amortisation (net of related tax) plus the Group’s share of the results of joint

venture after interest and tax divided by capital employed. Capital employed comprises the sum of the Group’s total assets plus cumulative

intangible asset amortisation and impairment less current liabilities and deferred tax liabilities excluding all borrowings and lease liabilities,

retirement benefit assets, cash and acquisition related contingent consideration and contract options. It is calculated by taking the

average of the relevant opening and closing balance sheet amounts.

ROCE is one of the performance conditions in Glanbia’s Long-term Incentive Plan. See Remuneration Committee Report on pages 104

to 123 for more information.

Reference

2025

2024

Operating profit (pre–exceptional) G 5.3 350.3 396.1

Tax on operating profit (52.5) (63.4)

Amortisation and impairment of intangible assets net of related tax of $10.0m

(2024: $13.7m) (pre-exceptional) 65.3 68.4

Share of results of joint venture (pre-exceptional) GIS 11.1 0.1

Return 374.2 401.2



Capital employed before adjustments (a) 3,192.9 3,311.9

Adjustment for acquisitions (b) (5.8) 110.9

Adjustment for disposals (b) 113.6 –

Capital employed after adjustments 3,300.7 3,422.8

Average capital employed 3,306.3 3,245.5

 

Return on capital employed 11.3% 12.4%

(a) Capital employed before adjustments

Reference

2025

2024

Total assets GBS 3,974.0 3,874.5

Current liabilities GBS (1,218.8) (1,045.9)

Deferred tax liabilities GBS (92.7) (104.6)

Liabilities held for sale GBS – (8.6)

Less: cash and cash equivalents GBS (491.2) (417.0)

Less: current financial liabilities (borrowings) GBS 375.6 300.8

Less: short term lease liabilities GBS 20.5 20.8

Less: retirement benefit assets GBS (16.2) (12.0)

Plus: accumulated amortisation and impairment Note 16 641.7 703.9

Capital employed before adjustments 3,192.9 3,311.9

(b) Adjustment for acquisitions and disposals

In years where the Group makes significant acquisitions or disposals, the ROCE calculation is adjusted appropriately, to ensure the

acquisition or disposal are equally time apportioned in the numerator and the denominator. For information on acquisitions and

disposals, refer to notes 34 and 33 respectively.

Glossary of non-IFRS performance measures continued

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

G 7. Cash flow measures

G 7.1 Operating cash flow (“OCF”)

OCF is defined as EBITDA (pre-exceptional) net of business-sustaining capital expenditure and working capital movements,

excluding exceptional cash flows.

Reconciliation of OCF to cash generated from operating activities before exceptional items:

Reference

2025

2024

Cash generated from operating activities before exceptional items GSCF 508.2 531.6

Less: business-sustaining capital expenditure G 7.4, G 11(b) (33.6) (28.7)

Non–cash items not adjusted in computing OCF:  

- Share-based payment expense Note 32(a) (21.9) (18.2)

- Difference between pension charge and cash contributions Note 32(a) 0.3 (0.1)

- Other items 1.4 0.5

OCF G 7.3, G 7.4 454.4 485.1

G 7.2 Free cash flow (“FCF”)

FCF is calculated as the net cash flow in the year before the following items: purchase of own shares under share buyback, strategic

capital expenditure, dividends paid to Company shareholders, loans/investments in related parties, exceptional costs paid, payment

for acquisition of subsidiaries, proceeds received on disposals. Refer to G 7.1 and G 7.4 for the reconciliation of FCF to GSCF.

G 7.3 Operating cash conversion (“OCF conversion”)

OCF conversion is defined as OCF divided by EBITDA (pre-exceptional). OCF conversion is a measure of the Group’s ability to convert

adjusted trading profits into cash and is an important metric in the Group’s working capital management programme. The measure

is a key element of Executive Director and senior management remuneration.

Reference

2025

2024

Operating cash flow G 7.1, G 7.4 454.4 485.1

EBITDA (pre-exceptional) G 2, G 3, G 7.4 499.1 551.3

OCF conversion % 91.0% 88.0%

G 7.4 Summary cash flow

The summary cash flow is prepared on a different basis to the GSCF and as such the reconciling items between EBITDA and net debt

movement may differ from amounts presented in the GSCF. The summary cash flow details movements in net debt while the GSCF

details movements in cash and cash equivalents. The reconciliations of various reconciling items in the summary cash flow to IFRS

information are presented separately in G 11 for a clear presentation of information.

Reference

2025

2024

EBITDA (pre–exceptional) G 2 499.1 551.3

Movement in working capital (pre–exceptional) G 11(a) (11.1) (37.5)

Business-sustaining capital expenditure G 7.1, G 11(b) (33.6) (28.7)

Operating cash flow G 7.1 454.4 485.1

Net interest and tax paid G 11(c) (83.9) (65.7)

Payments of lease liabilities GSCF (23.3) (23.7)

Dividends received from related parties GSCF 12.5 5.0

Other inflows G 11(d) 0.1 1.8

Free cash flow 359.8 402.5

Strategic capital expenditure G 11(b) (51.2) (58.4)

Dividends paid to Company shareholders GSCF (117.8) (104.4)

Purchase of own shares under share buyback Note 23 (d) (226.9) (111.4)

Exceptional cash paid GSCF (55.8) (22.7)

Acquisitions/disposals G 11(f) 6.1 (297.0)

Net cash flow (85.8) (191.4)

Exchange translation Note 25 (5.3) 2.4

Cash net of borrowings acquired on acquisition 1.1 1.7

Net debt movement (90.0) (187.3)

Opening net debt Note 25 (436.0) (248.7)

Closing net debt Note 25 (526.0) (436.0)

 Glanbia plc | Annual Report and Financial Statements 2025

G 8. Effective tax rate

The effective tax rate is defined as the pre-exceptional income tax charge divided by the profit before tax less share of results of joint venture.

Reference

2025

2024

Income tax GIS 25.9 43.3

Exceptional tax credit GIS 22.2 15.8

Income tax (pre–exceptional) GIS 48.1 59.1

Profit before tax GIS 209.2 208.0

Exceptional charge GIS 122.8 161.4

Profit before tax (pre-exceptional) GIS 332.0 369.4

Less: share of results of joint venture (pre-exceptional) GIS (11.1) (0.1)

320.9 369.3

Effective tax rate 15.0% 16.0%

G 9. Dividend payout ratio

Dividend payout ratio is defined as the US dollar equivalent annual dividend per ordinary share divided by the Adjusted EPS. US dollar

equivalent dividend is based on the actual dividend recommendation/payment in euro, retranslated to US dollar at the average exchange

rate in the year. The dividend payout ratio provides an indication of the value returned to shareholders relative to the Group’s total earnings.

Reference 2025 2024

Adjusted EPS G 4.2 $134.93c $140.03c

Dividend recommended/paid per ordinary share in euro €42.87c €38.97c

Equivalent US dollar dividend translated at average exchange rate for the year $48.50c $42.15c

Dividend payout ratio 35.9% 30.1%

G 10. Compound annual growth rate (“CAGR”)

The compound annual growth rate is the annual growth rate over a period of years. It is calculated on the basis that each year’s growth

is compounded.

Glossary of non-IFRS performance measures continued

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

G 11. Cash flow items

This section presents reconciliations of various reconciling items in the summary cash flow (G 7.4) to IFRS information.

(a) Movement in working capital

Reference

2025

2024

Movement in working capital Note 32(b) (12.7) (61.3)

Net write down of inventories (pre-exceptional) Note 32(a) 6.5 27.7

Non-cash movement in allowance for impairment of receivables Note 32(a) (2.2) (0.3)

Non-cash movement in provisions Note 32(a) (1.6) (2.1)

Non-cash movement on cross currency swaps Note 32(a) (1.1) (1.5)

Movement in working capital (pre–exceptional) G 7.4 (11.1) (37.5)

(b) Capital expenditure

Business-sustaining capital expenditure: the Group defines business-sustaining capital expenditure as the expenditure required

to maintain/replace existing assets with a high proportion of expired useful life. This expenditure does not attract new customers or

create the capacity for a bigger business. It enables the Group to keep operating at current throughput rates but also keep pace with

regulatory and environmental changes as well as complying with new requirements from existing customers.

Strategic capital expenditure: the Group defines strategic capital expenditure as the expenditure required to facilitate growth and

generate additional returns for the Group. This is generally expansionary expenditure beyond what is necessary to maintain the Group’s

current competitive position.

Reference

2025

2024

Business-sustaining capital expenditure G 7.1, G 7.4 (33.6) (28.7)

Strategic capital expenditure G 7.4 (51.2) (58.4)

Total capital expenditure (84.8) (87.1)

 

Payments for property, plant and equipment GSCF (49.6) (54.3)

Payments for intangible assets GSCF (35.2) (32.8)

Total capital expenditure per the GSCF (84.8) (87.1)

Reference

2025

2024

Interest received GSCF 3.6 6.1

Interest paid (including interest paid on lease liabilities) GSCF (32.7) (31.3)

Tax paid GSCF (54.8) (40.5)

Net interest and tax paid G 7.4 (83.9) (65.7)

(d) Other inflows/(outflows)

Reference

2025

2024

Share-based payment expense Note 32(a) 21.9 18.2

Difference between pension charge and cash contributions Note 32(a) (0.3) 0.1

Loss/(profit) on disposal of property, plant and equipment Note 32(a) 0.4 (0.3)

Profit on disposal/redemption of other financial assets Note 32(a) (1.8) (0.7)

Loss on disposal of intangible assets Note 32(a) – 0.5

Purchase of own shares by Employee Share (Scheme) Trust Note 23(d) (21.9) (18.4)

Proceeds from disposal/redemption of other financial assets GSCF 1.8 2.4

Total other inflows G 7.4 0.1 1.8

 Glanbia plc | Annual Report and Financial Statements 2025

G 11. Cash flow items continued

(e) Purchase of own shares

Reference

2025

2024

Purchase of own shares under share buyback G 7.4 (226.9) (111.4)

Purchase of own shares by Employee Share (Scheme) Trust G 11(d) (21.9) (18.4)

Total purchase of own shares GSCF (248.8) (129.8)

(f) Acquisitions/disposals

Reference

2025

2024

Payment for acquisition of subsidiaries Note 34 (41.4) (299.7)

Proceeds from disposal of subsidiaries GSCF 47.5 –

Proceeds from disposal of property, plant and equipment GSCF – 2.7

Total acquisitions/disposals G 7.4 6.1 (297.0)

Glossary of non-IFRS performance measures continued

Strategic Report Directors’ Report Sustainability Statements Financial Statements Other Information

Shareholder information

Stock exchange listings

The Company’s shares are listed on the main market of Euronext Dublin as well as having a listing on the Equity Shares (International

Commercial Companies Secondary Listing) category of the London Stock Exchange.

Managing your shareholding

Computershare Investor Services (Ireland) Limited (“Computershare”) maintains the Company’s register of members. Should a shareholder

have any queries in respect of their shareholding, they should contact Computershare directly using the contact details provided below:

Contact details

Computershare Investor Services (Ireland) Limited, 3100 Lake Drive, Citywest Business Campus, Dublin 24, Ireland. Telephone number:

01 247 5349 (within Ireland), +353 1 247 5349 (outside Ireland), or by logging on to: www.investorcentre.com/ie/contactus.

2025 2024

Share price data € €

Share price as at financial year end 14.48 13.50

Market capitalisation as at financial year end 3,530m 3,495m

Share price movements during the year:

– high 15.33 19.19

– low 9.31 13.33

The current share price of Glanbia plc ordinary shares can be accessed at:

https://www.glanbia.com/investors/share-price-information/detailed-share-price.

Shareholder analysis

Geographic location*

Number of

shares held % of total

Institutional

Ireland 136,171,490 56%

North America 38,146,828 16%

EU excluding Ireland 29,963,812 12%

UK 31,861,792 13%

Rest of world/other** 7,649,882 3%

* This represents a best estimate of the number of shares held by geographic locations at 3 January 2026.

** Rest of world/other includes shareholders outside of the European Union, North America and the UK as well as shareholders below the geographical threshold.

Ireland – 56%

North America – 16%

EU excluding Ireland – 12%

UK – 13%

Rest of world/other – 3%

Share capital

At 3 January 2026 the authorised share capital of the Company was 350,000,000 ordinary shares of €0.06 each and the issued

share capital was 243,793,804 (2024: 258,901,224) ordinary shares of €0.06 each, of which circa 17.86% was held by the Society. All the

Company’s shares are fully paid up and quoted on Euronext Dublin and the London Stock Exchange. During the year, the Company

repurchased 15,047,420 ordinary shares as part of its share buyback programme. All shares repurchased during the year were cancelled

during the financial year. In addition, 60,000 shares that had been repurchased in the 2024 financial year but had not settled by the end

of the 2024 financial year were cancelled during 2025.

Substantial shareholdings

As at 3 January 2026, Tirlán Co-operative Society Limited held 43,549,029 ordinary shares in the capital of the Company, representing

17.86% of the issued share capital of the Company.

 Glanbia plc | Annual Report and Financial Statements 2025

Shareholder information continued

Employee share schemes

The Company operates a number of employee share schemes. At 3 January 2026, 1,314,170 ordinary shares were held in employee benefit

trusts for the purpose of the Group’s employee share schemes. While any shares in the Company are held by the Trustees, the Trustees

shall refrain from exercising any voting rights which may attach to the shares save that if the beneficial interest in any share has been

vested in any beneficiary the Trustees shall seek and comply with any direction from such beneficiary as to the exercise of voting rights

attaching to such shares.

Dividend payments direct to your bank account

An interim dividend of 17.20 €cent per share was paid in respect of ordinary shares on 3 October 2025.

Subject to shareholders’ approval, a final dividend of 25.67 €cent per share will be paid in respect of ordinary shares on 30 April 2026 to

shareholders on the register of members on 20 March 2026. All dividend payments will be made by direct credit transfer into a nominated

bank or financial institution. If a shareholder has not provided their account details prior to the payment of the dividend, a shareholder

will be sent the normal tax voucher advising a shareholder of the amount of their dividend and that the amount is being held because

their direct credit transfer instructions had not been received in time. A shareholder’s dividends will not accrue interest while they are

held. Payment will be transferred to a shareholder’s account as soon as possible on receipt of their direct credit transfer instructions.

Historically, dividends were paid in sterling to shareholders whose address, according to the Company’s share register, is in the UK

(unless they have elected otherwise). On 15 March 2021 this structure changed and a default currency of euro is applied to all new

shareholders who come on to the Company’s share register, regardless of their registered address. Where an existing shareholder holds

shares in certificated (i.e. paper) form and has previously received sterling because their registered address is in the UK or because they

have previously elected to receive sterling, they will continue to receive sterling unless they elect otherwise. All other shareholders will

from 15 March 2021 automatically be paid in euro unless a sterling currency election is made (including those shareholders who hold

their shares in uncertificated (i.e. dematerialised form).

Shareholders holding their shares via the central securities depository operated by Euroclear Bank or CREST will receive dividends

electronically via such systems. To avail of these facilities, shareholders should follow the applicable rules and guidelines issued by the

operators of these systems form time to time.

Irish Dividend Withholding Tax (“DWT”) must be deducted from dividends paid by an Irish resident company, unless a shareholder is entitled

to an exemption and has submitted a properly completed exemption form to the Company’s Registrar. DWT is deducted at the standard

rate of Income Tax (25%). Non-resident shareholders located in countries with a double tax treaty with Ireland and certain Irish companies,

trusts, pension schemes, investment undertakings and charities may be entitled to claim exemption from DWT. Copies of the exemption

form may be obtained from the Company’s Registrar. Shareholders should note that DWT will be deducted from dividends in cases where

a properly completed form has not been received by the market deadline for the dividend. Individuals who are resident in Ireland for tax

purposes are not entitled to an exemption. If shares are held via Euroclear Bank or CREST, the owners of the shares will need to contact

the intermediary through whom the shares are held in order to ascertain arrangements for tax relief to be applied at source.

Electronic copies of current and past annual and half-yearly reports can be downloaded from the Glanbia website. Current and historic

share prices, news, updates and presentations may also be obtained. Shareholders may also register to receive future shareholder

communications electronically.

Shareholders may visit: https://www.glanbia.com/investors/shareholder-information for up-to-date investor information.

Electronic communications

The Transparency (Directive 2004/109/EC) Regulations 2007 recognises the growing importance of electronic communications.

The Group, therefore, provides documentation and communications to all shareholders via our website unless a shareholder has

specifically elected to receive a hard copy.

Using electronic communications enables fast receipt of documents, helps the environment by significantly reducing the amount

of paper used to communicate with shareholders and reduces associated printing, mailing and distribution costs.

Registered shareholders who hold their shares in dematerialised book-entry form (formerly certificated form) can also vote online for

the next Annual General Meeting (“AGM”) via: www.eproxyappointment.com. Holders of CREST Depository Interests (“CDIs”) and/or

participants of Euroclear Bank SA/NV (“Euroclear Bank”) system should refer to the voting arrangements with Euroclear Bank on page 303.

Financial calendar

Announcement of 2025 Full Year Results 25 February 2026

Ex-dividend date 19 March 2026

Record date for dividend 20 March 2026

Expected latest time for return of voting instructions by CDI holders 23 April 2026

Record date for AGM 25 April 2026

Latest time for return of voting instructions by Euroclear Bank participants 27 April 2026

Latest time for return of voting instructions by registered shareholders by post or via www.eproxyappointment.com 27 April 2026

AGM 29 April 2026

Dividend payment date 30 April 2026

Strategic Report Directors’ Report Sustainability Statements Financial Statements Other Information

AGM

The AGM will be held on 29 April 2026. The notice of meeting, together with details of the business to be conducted at the meeting will

be available 20 business days before the meeting on: www.glanbia.com/agm

The voting results for the 2026 AGM, including proxy votes and votes withheld will be available on our website shortly after the meeting

at the following address: www.glanbia.com/agm

Conditions for participating in a meeting

Every shareholder, irrespective of how many Glanbia plc shares they hold, has the right to attend, speak, ask questions and vote at the

AGM. Completion of a proxy form will not affect a shareholder’s right to attend, speak, ask questions and vote at the meeting in person.

The quorum for a general meeting of the Company is constituted by two persons entitled to vote upon the business of the meeting,

each being a shareholder or a proxy or corporate representative for a shareholder.

The right to participate in the AGM is subject to the registration of the shares prior to the date of the meeting (the record date).

For the 2026 AGM the record date is to be determined in accordance with sections 1087G and 1105 of the Companies Act 2014.

Appointment of proxy

Where a shareholder is unable to attend the AGM in person, a proxy (or proxies) may be appointed to attend, speak, ask questions and vote

on their behalf. For this purpose a form of proxy is posted to all shareholders. Copies of these documents may be requested by telephoning

the Company’s Registrar on 01 247 5349 (within Ireland), 00353 1 247 5349 (outside Ireland), or by logging on to www.investorcentre.com/ie/

contact us or by writing to the Group Secretary and Head of Investor Relations at Glanbia plc, Leggetsrath Business Park, Carlow Road,

Co. Kilkenny, R95 YTD5.

Alternatively, a shareholder may appoint a proxy electronically, by visiting: www.eproxyappointment.com and submitting their proxy

details. They will be asked to enter the Control Number, the Shareholder Reference Number (“SRN”) and PIN and agree to certain terms

and conditions. The Control Number, the SRN and the PIN can be found on the top of the form of proxy.

How to exercise shareholders’ rights

Shareholders have several ways to exercise their right to vote at the AGM:

• by attending the AGM in person;

• by submitting a validly completed proxy form appointing the Chair of the meeting or another person as a proxy to vote on their behalf;

• by visiting www.eproxyappointment.com and submitting their proxy details;

• via the Broadridge global proxy voting service if you hold CDIs via CREST;

• EB Participants may send electronic voting instructions to Euroclear Bank via SWIFT or to EasyWay Corporate Actions; or

• EB Participants may send a proxy voting instruction to Euroclear Bank to appoint a third party (i.e. other than Euroclear Nominees

Limited or the Chair of the meeting) to attend and vote at the AGM.

In the case of joint holders, the vote of the senior holder who tenders a vote, whether in person or by proxy, will be accepted to the exclusion

of the votes of the other registered holder(s) and, for this purpose, seniority will be determined by the order in which the names stand in

the register of members.

The passing of resolutions at a meeting of the Company, other than special resolutions, requires a simple majority. To be passed,

a special resolution requires at least 75% of the votes cast to be in favour of the resolution.

Voting Arrangements with Euroclear Bank

If you hold your interests in the Company’s ordinary shares through a participant account in the Euroclear Bank System you can either send:

• electronic voting instructions to Euroclear Bank via SWIFT or to EasyWay Corporate Actions; or

• a proxy voting instruction to Euroclear Bank to appoint a third party (other than Euroclear Nominees or the Chair of the AGM) to attend

and vote at the AGM;

If you hold your interests in the Company’s ordinary shares as CDIs through CREST you can either send:

• electronic voting instructions to Euroclear Bank via Broadridge Financial Solutions Limited (“Broadridge”); or

• appoint a proxy via the Broadridge Global Proxy Voting service.

Persons who hold their interests in the Company’s ordinary shares as Belgian law rights through the Euroclear Bank System or as CDIs

should consult with their stockbroker or other intermediary at the earliest opportunity for further information on the processes and

timelines for submitting proxies and voting instructions for the AGM through the respective systems. For voting services offered by

custodians holding Irish corporate securities directly with Euroclear Bank, please contact your custodian.

 Glanbia plc | Annual Report and Financial Statements 2025

Tabling agenda items

A shareholder, or a group of shareholders acting together, who hold at least 3% of the issued share capital of the Company, has the

right to put an item on the agenda of the AGM. In order to exercise this right, written details of the item to be included on the 2026 AGM

agenda together with a written explanation why the item is to be included on the agenda and evidence of the shareholding must be

received by the Group Secretary at Glanbia plc, Leggetsrath Business Park, Carlow Road, Co. Kilkenny R95 YTD5 or by e-mail to

groupsecretary@glanbia.com no later than 18 March 2026 (i.e. 42 days before the AGM).

An item cannot be included on the AGM agenda unless it is accompanied by the written explanation and received at either of these

addresses by this deadline.

Tabling draft resolutions

A shareholder, or a group of shareholders acting together, who hold at least 3% of the issued share capital of the Company, has the right

to table a draft resolution for inclusion on the agenda of the 2026 AGM subject to any contrary provision in company law.

In order to exercise this right, the text of the draft resolution and evidence of shareholding must be received no later than 30 March 2026

(i.e. 30 days before the AGM) by post to the Group Secretary and Head of Investor Relations at Glanbia plc, Leggetsrath Business Park,

Carlow Road, Co. Kilkenny R95 YTD5 or by e-mail to groupsecretary@glanbia.com. A resolution cannot be included on the 2026 AGM

agenda unless it is received at either of these addresses by this deadline. Furthermore, shareholders are reminded that there are provisions

in company law which impose other conditions on the right of shareholders to propose resolutions at the general meeting of a company.

How to ask a question before or at the meeting

The AGM is an opportunity for shareholders to put a question to the Group Chair during the question and answer session. Before the 2026

AGM, a shareholder may also submit a question in writing by sending a letter and evidence of shareholding at least four business days

before the 2026 AGM (i.e. 23 April 2026) to the Group Secretary and Head of Investor Relations, Glanbia plc, Leggetsrath Business Park,

Carlow Road, Co. Kilkenny R95 YTD5 or by e-mail to groupsecretary@glanbia.com.

Dividend rights

The Company may, by ordinary resolution, declare dividends in accordance with the respective rights of shareholders, but no dividend

shall exceed the amount recommended by the Directors. The Directors may also declare and pay interim dividends if it appears to them

that the interim dividends are justified by the profits of the Company available for distribution.

Distribution on winding up

If the Company shall be wound up and the assets available for distribution among shareholders shall be insufficient to repay the whole

of the paid up or credited as paid up share capital, such assets shall be distributed so that, as nearly as may be, the losses shall be borne

by shareholders in proportion to the capital paid up or credited as paid up at the commencement of the winding up on the shares held

by them respectively. Further if, in a winding up, the assets available for distribution among shareholders shall be more than sufficient

to repay the whole of the share capital paid up or credited as paid up at the commencement of the winding up, the excess shall be

distributed among shareholders in proportion to the capital at the commencement of the winding up paid up or credited as paid up

on the said shares held by them respectively.

Dematerialisation

Effective 1 January 2025, all securities in Irish issuers which are admitted to trading or traded on trading venues in the European

Economic Area have transitioned to a dematerialised format. This means that all shares and securities will now exist only in

electronic form, eliminating the need for paper share certificates to evidence share ownership. Further information is available at

www.glanbia.com/dematerialisation.

Shareholder information continued

Strategic Report Directors’ Report Sustainability Statements Financial Statements Other Information

Contacts

Group Secretary and Registered Office (as at 28 February 2026)

Group Secretary and Head of Investor Relations

Glanbia plc

Leggetsrath Business Park

Carlow Road

Co. Kilkenny

R95 YTD5

Ireland

Stockbrokers

J&E Davy

49 Dawson Street

Dublin 2

Ireland

Morgan Stanley & Co International plc

20 Bank Street

Canary Wharf

Floor 08

London

E14 4AD

United Kingdom

Barclays Bank plc

1 Churchill Place

Canary Wharf

London

E14 5HP

United Kingdom

Auditor

Deloitte Ireland LLP

Deloitte & Touche House

Earlsfort Terrace

Dublin 2

Ireland

Solicitors

Arthur Cox LLP

10 Earlsfort Terrace

Dublin 2

Ireland

Pinsent Masons

3 Colmore Circus

Birmingham

B4 6BH

United Kingdom

Principal Bankers

Allied Irish Banks, p.l.c.

The Governor and Company of the Bank of Ireland

Barclays Bank Ireland PLC

Danske Bank A/S, Irish Branch

Coöperatieve Rabobank U.A.

Citibank N.A., London Branch

BNP Paribas S.A, Dublin Branch

HSBC Continental Europe

Registrar

Computershare Investor Services (Ireland) Limited

3100 Lake Drive

Citywest Business Campus

Dublin 24

Ireland

 Glanbia plc | Annual Report and Financial Statements 2025

Notes

GLANBIA PLC

Leggetsrath Business Park

Carlow Road

Co. Kilkenny

R95 YTD5

Ireland

Tel: +353 56 777 2200

E-mail: ir@glanbia.ie

www.glanbia.com

Glanbia plc Annual Report and Financial Statements 2025