Glanbia Plc · EURONEXT:GL9
Glanbia — Investor Day (November 2025)
82 slides from Glanbia's investor day presentation, Nov 19, 2025
Slide 1: Capital Markets Day
Glanbia plc C A P I TA L M A R K E T S D AY Hugh McGuire Chief Executive Officer 19 November 2025
Slide 2: Important Notice
I M P O R T A N T N O T I C E The Glanbia Capital Markets Day (“CMD”) presentations contain forward- looking statements. These statements have been made by the Directors in good faith based on the information available to them up to the time of their approval of the CMD presentations. Due to the inh
Slide 3: Today's Agenda
T O D AY ’ S A G E N D A 14:00-14:30 1 Our Group strategy and ambition 14:30-14:50 2 Scaling Optimum Nutrition globally 14:50-15:05 3 Driving growth in PN Americas Expanding our global leadership in PN 15:05-15:15 4 International 15:25-15:40 5 Scaling H&N as a leading solutions partner 15:40-16:00 6
Slide 4: An Experienced, High-Performing Leadership Team
AN EXPERIENCED, HIGH-PERFORMING LEADERSHIP TEAM TODAY’S PRESENTERS Hugh McGuire Mark Garvey Monica McGurk Andy Shaw Arnaud Schuh Colin Westcott-Pitt CEO CFO CEO PN Americas CEO PN International CEO H&N Chief Brand Officer Joined: 2003 2013 2024 2019 2025 2016 OTHER LEADERS HERE TODAY Wendy Smith Sor
Slide 5: At the Heart of Better Nutrition
At the Heart of Better Nutrition 4 | Glanbia PLC 2025 CMD
Slide 6: A Better Nutrition Portfolio Driving Growth
A BETTER NUTRITION PORTFOLIO DRIVING GROWTH High-growth categories with great brands and ingredients driven by consumer megatrends Sharpened and focused operating model and portfolio to capture the growth Our people, portfolio, and firepower will drive strong shareholder returns 5 | Glanbia PLC 2025
Slide 7: Accelerated by Powerful Consumer Mega-Trends
A C C E L E R AT E D B Y P O W E R F U L C O N S U M E R M E G A - T R E N D S Consumer needs Consumer behaviours Extension of health Protein demand rapidly expanding benefits across occasions Functional benefits from nutrition Pleasure with purpose demand growing emphasising taste and texture Clean
Slide 8: We Play in Large and Growing Addressable Markets
W E P L AY I N L A R G E A N D G R O W I N G A D D R E S S A B L E M A R K E T S Performance Lifestyle Functional Nutrition Nutrition1 Beverages2 $33bn $127bn $92bn +Mid-single digit growth p.a. Maximise athletic Improve physical and Improve and maintain performance cognitive health energy levels So
Slide 9: Our Journey to a Higher Growth, Higher Margin Business
OUR JOURNEY TO A HIGHER GROWTH, HIGHER MARGIN BUSINESS 2020 Group EBITDA1 $312M +60% ~$500M 2025 Group EBITDA margin1 7.2% +560bps 12.8% Returns to shareholders2 +€1.2bn Cumulative returns 2022 2023 2024 2025 Sale of Glanbia Divested Acquired Flavor Producers Dairy Nutrition and Health & Nutrition I
Slide 10: Our Growth Algorithm
OUR GROWTH ALGORITHM Ambitious revenue growth Earnings ahead of PN – 5-7% revenue growth1 H&N – 4-6% EPS 7-11% OCF 85%+ Invest for growth Transformation and returns savings of $60M p.a.2 Dividend payout – 30-40% 1. Over the period for PN and H&N earnings growth 9 | Glanbia PLC 2025 CMD 2. To deliver
Slide 11: Leading Market Positions
LEADING MARKET POSITIONS PN H&N DN Performance Nutrition $3.9bn ~$500M #1 Global Sports Nutrition Brand Growing position in lifestyle nutrition 45% 48% Health & Nutrition #2 Premix Solutions 16% Leading natural, organic flavours 23% Dairy Nutrition 39% 29% #1 American Cheddar Leading whey protein so
Slide 12: Global Scale
GLOBAL SCALE 5,800 Employees 27 Manufacturing sites 20 Innovation and collaboration centres 120+ Markets for our brands and ingredients Ops R&D Sales 11 | Glanbia PLC 2025 CMD Map of all our manufacturing sites, innovation centres and sales support globally; multiple locations may be represented by
Slide 13: A Clear Strategy to Drive the Next Stage of Growth
A C L E A R S T R AT E G Y T O D R I V E T H E N E X T S TA G E O F G R O W T H Drive Scale Optimise Expand Innovate Optimum Nutrition and Health & Nutrition as a Dairy Nutrition to internationally and to meet growing grow globally with our leading solutions partner maximise profits leverage our glo
Slide 14: Accelerating Performance Nutrition to $2bn+
ACCELERATING PERFORMANCE NUTRITION TO $2BN+ OUR FOCUS AREAS GROW with our portfolio of DRIVE lifestyle brands ENABLED BY OUR RIGHT TO WIN Strong brands in Distinctive Strength in local Innovation engine growing markets and capabilities across markets with tailored creating consumer- categories our g
Slide 15: #1 Global Sports Nutrition Brand
#1 global sports nutrition brand CAGR 15% $1.2bn $120m 2008 20251 REVENUE GROWTH IN 18 OF THE LAST 19 QUARTERS 2 14 | Glanbia PLC 2025 CMD 1. 2025 estimate 2. Like-for-like Revenue Growth since 2021
Slide 16: Invest in Health & Nutrition to Scale to $1bn
I N V E S T I N H E A LT H & N U T R I T I O N T O S C A L E T O $ 1 B N P R O V I D I N G G R E AT TA S T I N G N U T R I T I O N S O L U T I O N S A C R O S S Custom premix Natural and solutions and organic clean- functionally optimised label flavour nutrients systems ENABLED BY OUR RIGHT TO WIN H
Slide 17: Drive Growth in Protein and Bioactives in Dairy Nutrition
D R I V E G R O W T H I N P R O T E I N A N D B I O A C T I V E S I N D A I RY N U T R I T I O N OUR STRONG POSITIONS OUR STRATEGIC PILLARS #1 producer of American style Protect our core through high Cheese cheddar cheese scale, low-cost manufacturing Protein Grow with our proprietary Leading global
Slide 18: Strength of Our Dairy Nutrition Business
S T R E N G T H O F O U R D A I RY NUTRITION BUSINESS Leading innovation capability led by protein experts Leverage protein demand across our B2B portfolio One of the key whey suppliers to Performance Nutrition Stable, strong returning business 17 | Glanbia PLC 2025 CMD
Slide 19: Investing in Key Innovation Platforms
I N V E S T I N G I N K E Y I N N O VAT I O N P L AT F O R M S T H AT B E N E F I T A L L OUR BUSINESSES Unique ability to deliver better nutrition Protein Functional Taste solutions technology nutrients P E R F O R M AN C E H E ALT H & D AI RY N U T R I T I O N N U T R I T I O N N U T R I T I O N F
Slide 20: Ambitious Group-Wide Transformation Programme
AMBITIOUS GROUP-WIDE TRANSFORMATION PROGRAMME SIMPLIFIED DELIVER SUPPLY CHAIN ACCELERATE DIGITAL OPTIMISE OPERATING MODEL EFFICIENCIES TRANSFORMATION PORTFOLIO Simplified operating model Centralised and Automation and AI- Disposals of SlimFast and to focus on growth streamlined for scale enabled fro
Slide 21: Ongoing Strategy to Navigate Whey Volatility
O N G O I N G S T R AT E G Y T O N AV I G AT E W H E Y V O L AT I L I T Y PROCUREMENT MARGIN PRODUCT MIX MANAGEMENT New supply, incl. additional Alternative proteins WPI capacity via JVs Marketing spend effectiveness Non-whey Structured, responsive Revenue growth management innovation procurement ap
Slide 22: Performance-Driven, Purpose-Led Better Nutrition Team
PERFORMANCE-DRIVEN, PURPOSE-LED BETTER NUTRITION TEAM Strong culture across Group Passion for our customers Performance matters Respect for people & consumers Distinctive One Glanbia values People live our values every day Find a better way Win together Sense of fun 21 | Glanbia PLC 2025 CMD
Slide 23: A Better Nutrition Portfolio Driving Growth
A BETTER NUTRITION PORTFOLIO DRIVING GROWTH High-growth categories with great brands and ingredients driven by consumer megatrends Sharpened and focused operating model and portfolio to capture the growth Our people, portfolio, and firepower will drive strong shareholder returns 22 | Glanbia PLC 202
Slide 24: The World's #1 Sports Nutrition Brand
THE WORLD’S #1 SPORTS NUTRITION BRAND Colin Westcott-Pitt Global Chief Brand Officer, Performance Nutrition 23 | Glanbia PLC 2025 CMD
Slide 25: World's #1 Protein Powder
World’s #1 Sold in over 100 Protein Powder Countries #1 SN Brand in Top 3 SN Brand in 21 Markets 45 Markets 24 | Glanbia PLC 2025 CMD Source: Based on Euromonitor 2024 Data
Slide 26: World's #1 Sports Nutrition Brand
WORLD'S #1 SPORTS NUTRITION BRAND Brand Essence: Most trusted brand in sports nutrition Brand DNA: Brand Role: Uncompromising quality, To help people most trusted, world’s #1, experience the power global pioneer of fitness & nutrition Consistently strong NPS scores1: US: 51 UK: 35 India: 51 China: 4
Slide 27: The Most Trusted Effective Products
THE MOST TRUSTED EFFECTIVE THE BEST PORTFOLIO… PRODUCTS In-House 1 Manufacturing PROTEIN CREATINE ENERGY Over 100,000 Quality 2 Tests Annually Industry Leading 3 Certifications1 GAINERS ON THE GO ENDURANCE VMS Most Reviewed, 4 Most Awarded …FOR EVERY NEED AND OCCASION #1 in Protein Quality, 5 Mixabi
Slide 28: Category Mega Trends Continue to Drive Growth
CATEGORY MEGA TRENDS CONTINUE TO DRIVE GROWTH Protein Energy +68% "Increase protein intake"1 +55% An important fitness/wellness goal4 +62% Gen Z increased protein intake2 +67% Increased global searches for energy5 +79% #1 US HHP Powder category, 1 in 3 adults3 US & UK future increased creatine use1
Slide 29: Powders Are Now Mainstream
POWDERS ARE NOW MAINSTREAM AND OFFER MULTIPLE CONSUMER BENEFITS 82%1 67%1 of consumers 68%1 View protein expect to either of consumers are powders as spend the same willing to pay offering great or increase more for Quality value for money protein powder Protein Powder spending Top 5 reasons consume
Slide 30: Nutri-Needs Segmentation Study
NUTRI-NEEDSTM SEGMENTATION STUDY CONDUCTED BY PN Proprietary segmentation based on 1 consumers primary nutritional needs 18,000 Consumers, 5 markets, general 2 population sample in US, UK, IN, AU, FR For Optimum Nutrition: 3 Macro segment – Performance Micro-segments – Build & Athletic 29 | Glanbia
Slide 31: Large Consumer Pool in All Markets, Headroom for Growth
LARGE CONSUMER POOL IN ALL MARKETS, HEADROOM FOR GROWTH CONSUMER TARGET BY COUNTRY CONSUMER NEEDS The Performance Motivated BUILD (US 27m) 58M in US1 111M in India1 Strength, Muscle, Bulk 8M in UK1 3M in Australia1 ATHLETIC (US 31m) Endurance, Energy, Stamina Performance Motivated are Optimum Nutrit
Slide 32: Optimum Nutrition User Is Highly Engaged
OPTIMUM NUTRITION USER IS HIGHLY ENGAGED IN THE CATEGORY Spends 20% more on the category than the average buyer Buys at least 4 performance nutrition categories, around double that of the average category buyer Works out “vigorously” 74% more than the average category buyer Has an income around $100
Slide 33: Optimum Nutrition Has an Effective Growth Playbook
OPTIMUM NUTRITION HAS AN EFFECTIVE GROWTH PLAYBOOK Broader Product Optimised Design & Inspiring Consumer Target Edge Brand Assets Creative Digital Media Reach & Elite Athlete Product & Format Broader Distribution Engagement Advocacy Innovation Footprint Supported by high impact targeted marketing in
Slide 34: Optimum Nutrition Products Rated #1 by Consumers
OPTIMUM NUTRITION PRODUCTS RATED # 1 BY CONSUMERS Desired Product Attributes for Protein Powder Protein Quality Mixability Taste Texture Digestibility Optimum Nutrition ranked #1 Highest Rated Brand Key Strengths Protein Quality Market Leading 4.6 / 5 Perfect score globally Results Global Average Mi
Slide 35: Optimum Advantage Campaign Launches Globally
OPTIMUM ADVANTAGE CAMPAIGN LAUNCHES GLOBALLY IN JAN '26 Driving Impact: With 7 “hero” films featuring Optimum Nutrition athletes Campaign Platform Lando Cameron Rishabh Dan Marcus Harley Hamiso Norris Brink Pant Sheehan Smith Reid Tabuai Fidoi Driving Persuasion: With social, channel specific retail
Slide 36: Leading the Way in Education & Advocacy
LEADING THE WAY IN EDUCATION & ADVOCACY Tailored Education Elite Athletes Local Heroes Science-backed education Top-tier athletes drive digital reach Credible content producers drive programs for employees, trade and reinforce high performance digital engagement & product & consumers credentials rec
Slide 37: We Are Winning in Digital Marketing Battlegrounds
WE ARE WINNING IN DIGITAL MARKETING "BATTLEGROUNDS" Reach & Community Education & Engagement "Battleground" Results Over 6m Social Media followers1 +16% YoY Protein Social Media +29% Calculator Engagement ytd '251 High reach athlete roster: McLaren 58.5m followers, 4X #2 brand2 Unlocked Website +11%
Slide 38: Reasons to Believe
REASONS TO BELIEVE Strong consumer Broadened consumer pool #1 brand growing & category growth across all markets fast globally Award-winning Best in-class High impact products digital activation investment 37 | Glanbia PLC 2025 CMD
Slide 39: PN Americas
PN Americas CAPITAL MARKETS DAY Monica McGurk CEO, Performance Nutrition Americas 19 November 2025
Slide 40: PN Americas Demonstrating Continued Growth
P N A M E R I C A S D E M O N S T R AT I N G C O N T I N U E D G R O W T H FY2025 PN Americas revenue1 ~$1.1bn Other 2025 net revenue1 Portfolio Optimum Brands Nutrition +4% CAGR (34%) (66%) 3-year net revenue CAGR from 20221 1,200+ Employees 75%+ powders1 Largest blending facility in NA #1 Sports N
Slide 41: Our Core Market of Powders Is Large and Growing
OUR CORE MARKET OF POWDERS IS LARGE AND GROWING RGY RT NE D E $23.5BN1 Core powders market is large and growth has accelerated E IN RTE & O T RT R $13.8BN1 D P ON has a strong leadership position DER across powders O W S P Significant headroom to expand in $8.0BN1 powders household penetration (HHP)
Slide 42: Our Growth Engines
OUR GROWTH ENGINES DRIVE INVEST IN +21.9% +16.8% +9.8% +19.4% +27.4% +12.2% 5.8% 40% HHP1 TDP3 ACV4 1.7% 36% HHP1 TDP3 ACV4 Household Aided Household Aided penetration1 awareness2 penetration1 awareness2 Growth Growth Growing ahead of category5 Growing ahead of category5 1. Neilsen Household penetra
Slide 43: Driving Growth in Optimum Nutrition
DRIVING GROWTH IN OPTIMUM NUTRITION COMMERCIAL I N N O VAT I O N BRAND LOVE EXCELLENCE ENGINE Accelerate recruitment and grow Increase distribution through new Serve growing consumer share of wallet through digital channels & enhanced visibility functional needs experiences and regimen ON regimen Re
Slide 44: Isopure as a Premium Everyday Nutrition Brand
A S A P R E M I U M E V E RY D AY N U T R I T I O N B R A N D , I S O P U R E TA R G E T S D I F F E R E N T C O N S U M E R S V S . O P T I M U M N U T R I T I O N WHAT WE ARE WHO WE TARGET Intentional Nutrition Aesthetics - Form Shape & Tone, Lean Muscle Product Essence – Intentionality: Highest Q
Slide 45: Isopure Consumers Are Affluent
ISOPURE CONSUMERS ARE AFFLUENT AND USE PROTEIN TO ACHIEVE BALANCE IN THEIR LIVES Predominantly female – 74%1 Affluent consumer with income over $150K; spends 38% more on the category than the average buyer2 Incorporate protein into their diet via traditional shakes as well as cooking and baking Seek
Slide 46: A Strong Platform with Room for Growth
A S T R O N G P L AT F O R M W I T H R O O M F O R G R O W T H BRAND LOVE I N N O VAT I O N E N G I N E Drive More of What Matters campaign, educate on usage Meet lifestyle consumer needs across formats and occasions and accelerate premium associations occasions 20M+ consumers reached by ‘More of Wh
Slide 47: Expanding Distribution Through Visibility and New Channels
E X PA N D I N G O U R D I S T R I B U T I O N T H R O U G H V I S I B I L I T Y A N D NEW CHANNELS COMMERCIAL EXCELLENCE INCREASING RETAIL DISTRIBUTION AND MULTI-CHANNEL GROWTH DRIVING DOUBLE VISIBILITY DIGIT INCREASE IN TDPS 1 Continued growth in core Expansion into new channels channels Rapidly g
Slide 48: Continue to Expand Our High Protein RTE Offering
C O N T I N U E T O E X PA N D O U R H I G H P R O T E I N R T E O F F E R I N G T H I N K ! I N T O N E W O C C A S I O N S D R I V E N B Y I N N O VAT I O N COMMERCIAL I N N O VAT I O N BRAND LOVE EXCELLENCE ENGINE Multi-channel presence with focus on Disrupting the category with sensory 4.1% HHP
Slide 49: PN Americas Key Takeaways
P N A M E R I C A S – K E Y TA K E AWAY S Operating in large, growing categories of powders, RTE and RTD driven 1 by strong consumer trends 2 Continued strength of Optimum Nutrition with a robust strategy for growth 3 Harness growth potential in lifestyle portfolio 4 Building a flywheel of brand lov
Slide 50: PN International
PN International CAPITAL MARKETS DAY Andy Shaw CEO, Performance Nutrition International 19 November 2025
Slide 51: PN International Demonstrating Strong Growth
P N I N T E R N AT I O N A L D E M O N S T R AT I N G S T R O N G G R O W T H FY2025 PN International revenue1 >$600m Other 2025 net revenue1 Portfolio Optimum Brands Nutrition +12% CAGR (13%) (87%) 3-year net revenue CAGR from 20221 5 brands 725 Employees In-market talent in 20+ locations 15 market
Slide 52: Leading Position in International Markets
L E A D I N G P O S I T I O N I N I N T E R N AT I O N A L M A R K E T S Balanced geographic split and strong growth across regions Top 3 Sports Nutrition Brand in 41 out of 70 International markets1 Performance Nutrition revenue by region3 Market Size2 3-Yr CAGR2 ON 3-yr CAGR3 $0.8bn +9% +10% >600
Slide 53: Proven, Repeatable Growth Model Across International Markets
W E C O N T I N U E T O E M B E D O U R P R O V E N , R E P E ATA B L E G R O W T H M O D E L A C R O S S I N T E R N AT I O N A L M A R K E T S Priority Markets C O M P L E M E N TA RY PORTFOLIO Build CHANNEL E X PA NS I ON >$50M1 Establish BRAND: + Category Leadership, + Innovation BUILD OPTIMUM N
Slide 54: Protein Powder Share Increased Significantly in UK
IN MEASURED CHANNELS (25% OF UK SALES) OUR P R O T E I N P O W D E R S H A R E H A S I N C R E A S E D S I G N I F I C A N T LY Strong ON brand performance Strong market share growth1 in measured channels Optimum Nutrition Protein Powder Share (%) Protein Powder #1 Protein Powders brand in the UK1 +
Slide 55: Driving Growth Through Brilliant Brand Building
DRIVING GROWTH THROUGH BRILLIANT BRAND BUILDING Inspiring Creative Product Edge Elite Athlete Advocacy RKET EXE MA CU L T A Marcus Smith Harley Rishabh C IO LO GLOBAL N Reid Pant CREATIVE PLATFORM Local market execution of Premium localised assets to showcase Continued evolution and activation of ou
Slide 56: Driving Growth Through Complementary Innovation
D R I V I N G G R O W T H T H R O U G H C O M P L E M E N TA R Y I N N O VAT I O N C R E AT I N E H Y D R AT I O N C L E A R R T D I S O P U R E Flavoured Creatine Electrolytes Whey + Collagen High Protein Shakes Collagen, Protein Powder Continued expansion of Establishing Optimum Broader expansion
Slide 57: Driving Growth Through Omnichannel Execution
DRIVING GROWTH THROUGH OMNICHANNEL EXECUTION Marketplaces Social Quick FDMC & D2C Commerce Commerce Maximise presence to reach Win in social commerce and Lead in channels Expand distribution in key & recruit new consumers own the shopper experience of the future food, drug & mass and from discovery
Slide 58: PN International Key Takeaways
P N I N T E R N AT I O N A L – K E Y TA K E AWAY S 1 Track record of strong growth momentum across international regions Mainstreaming of protein consumption driving consumer penetration with 2 continued scope for growth Continued global strength of Optimum Nutrition brand and 3 local activation 4 U
Slide 59: Health & Nutrition
Health & Nutrition C A P I TA L M A R K E T S D AY Arnaud Schuh Chief Executive Officer, Health & Nutrition 19 November 2025
Slide 60: H&N: A High Growth, High Margin Nutrition Platform
H & N – A H I G H G R O W T H H I G H M A R G I N N U T R I T I O N P L AT F O R M Custom premix solutions and functionally optimised >$600m Operating in attractive end-use markets nutrients 2025 Net Revenue1 Natural and organic clean- +11% CAGR Active Nutrition3 2-year net revenue CAGR from 20232 l
Slide 61: Building Our Global Platform
B U I L D I N G O U R G L O B A L P L AT F O R M With continued investment in growth 2025 Investments 2024 10 2020 9 Acquisitions of Expansion of 2019 Scicore and Integration track Sweetmix Orsingen 8 Acquisition of record New plant Flavor Producers 2016 Orsingen 7 Acquisition of New facility Foodar
Slide 62: Continued Global Scaling from a Position of Strength
CONTINUED GLOBAL SCALING FROM A POSITION OF STRENGTH S T R AT E G I C A C Q U I S I T I O N S ORGANIC INVESTMENT Doubling of premix facility in Suzhou Brazil-based nutritional premix and ingredient solutions business Investment into spray drying flavour facility and customer collaboration centre in
Slide 63: Our Right to Win
OUR RIGHT TO WIN Global footprint to support growth of our customers and serve local players Range of technologies to enhance ingredients functional performance Co-development capabilities to help our target customers win in their markets 62 | Glanbia PLC 2025 CMD
Slide 64: Our Science-Backed Innovation Capabilities
O U R S C I E N C E - B A C K E D I N N O VAT I O N C A PA B I L I T I E S Functional Optimisation of Nutritional Ingredients Designed encapsulations Enhanced Ingredient Efficiency and Homogeneity Granulation and trituration platforms Flavour / Protein Chemistry Market leading capabilities supported
Slide 65: Driving Growth Through Innovative Solutions
D R I V I N G G R O W T H T H R O U G H I N N O VAT I V E S O L U T I O N S CUSTOMER Develop and launch a clear Launch a ready-to-mix Protein Launch a gummy supplement NEED protein drink with a hydration coffee product, complimenting format using trending botanicals benefit the customer’s existing r
Slide 66: A Clear Strategy to Drive the Next Stage of Growth
A C L E A R S T R AT E G Y T O D R I V E T H E N E X T S TA G E O F G R O W T H Expand Scale Innovate Acquire with existing customers globally through new and further strengthen opportunistically to in primary markets customer acquisition our end applications expand product across Americas, and cros
Slide 67: H&N Key Takeaways
H & N – K E Y TA K E AWAY S 1 Strong track record of organic and M&A growth 2 Operating in attractive end-use markets growing at mid-single digit 3 Scale platform with deep relationships with global and regional customers 4 Global applications and innovation network 5 New leadership team with capabi
Slide 68: Group Financials
Group Financials C A P I TA L M A R K E T S D AY Mark Garvey Chief Financial Officer 19 November 2025
Slide 69: Strong Performance from 2023-2025
STRONG PERFORMANCE FROM 2023-20251 AVERAGE ADJUSTED AVERAGE OCF AVERAGE EPS GROWTH 2 CONVERSION ROCE 5% - 10% 80%+ 10% - 13% Average expected to be Average expected to be Average expected to be 7%+ 85%+ ~12% D E M O N S T R AT I N G R E S I L I E N C E T H R O U G H V O L AT I L I T Y MACROECONOMIC
Slide 70: Resilient Divisional Performance 2023-2025
RESILIENT DIVISIONAL PERFORMANCE 2023 -20251 PN AVERAGE ANNUAL PN EBITA NS PROFORMA NS PROFORMA REVENUE GROWTH MARGIN 3 AVERAGE ANNUAL EBITA MARGIN 3 5% - 7% 12%+ VOLUME GROWTH 12%+ 3% - 5% Average expected to be Average expected to be Average expected to be Average expected to be ~2% ~14% ~3%4 ~15%
Slide 71: Active Allocation Driving Growth and Capital Returns
A C T I V E A L L O C AT I O N D R I V I N G G R O W T H A N D C A P I TA L RETURNS 1,2 2023-2025 Capital Allocation Strategic Capex $170m Dividends $320m $1.3bn $430m OCF Acquisitions3 Share Buybacks $450m AV E R A G E Y E A R E N D N E T D E B T / E B I T D A < 1 X A N D R O C E O F ~ 1 2 % 1. Sum
Slide 72: Our Core Financial Principles
OUR CORE FINANCIAL PRINCIPLES Key focus for financial discipline 2026-2028 Deliver strong revenue and EBITDA growth across our Better Nutrition portfolio Group-wide Transformation programme to unlock efficiencies to fund growth and EBITDA Strong cash conversion to fuel investment and returns Discipl
Slide 73: Ambitious Group-Wide Transformation Programme
A M B I T I O U S G R O U P - W I D E T R A N S F O R M AT I O N P R O G R A M M E T O D E L I V E R A N N U A L S AV I N G S O F $ 6 0 M + B Y 2 0 2 7 Simplified operating model • Savings increased to $60m+ per annum by 2027 • Programme will drive growth and margin Primary progression: drivers of D
Slide 74: PN Continued Momentum in Revenue Growth with Margin Progression
PN – CONTINUED MOMENTUM IN REVENUE GROWTH WITH MARGIN PROGRESSION OVER THE MEDIUM-TERM O R G A N I C G R O W T H P. A . 1 EBITDA growing ahead of revenue2 +5% - 7% Key drivers of revenue growth Progression of up to 250bps from FY25 base Increased Group-wide Commercial Input cost Category growth pene
Slide 75: H&N Driving Organic and Inorganic Revenue Growth
H&N – DRIVING ORGANIC AND INORGANIC REVENUE GROWTH AND CONTINUED MARGIN DISCIPLINE O R G A N I C G R O W T H P. A . EBITDA growing ahead of revenue1 +4% - 6% Key drivers of revenue growth Margins in the range of 17% - 19% End-use market Commercial Operating Group-wide transformation Added Capability
Slide 76: DN Driving Value Through Operational Excellence
D N – D R I V I N G VA L U E I N D A I R Y N U T R I T I O N T H R O U G H O P E R AT I O N A L E X C E L L E N C E EBITDA …with a beneficial operating model $150m – $160m US JV OPERAT ING MODEL Operational and commercial partner with Dairy Nutrition One of the key suppliers of whey to Performance N
Slide 77: Targeting $1.5bn in OCF During 2026-2028
TA R G E T I N G $ 1 . 5 B N I N O C F D U R I N G 2026-2028 Consistently high operating cash flow Operational efficiencies through automation OCF conversion Optimisation of working capital with a target to upgraded to reduce inventory by ~5% 85%+ D E M O N S T R AT I N G S T R O N G F I N A N C I A
Slide 78: Strong Track Record of Returns to Shareholders
STRONG TRACK RECORD OF RETURNS TO SHAREHOLDERS W E H AV E R E T U R N E D €1 . 2 B N T O S H A R E H O L D E R S S I N C E 2 0 2 0 1 Share Dividends buybacks, €M payable, €M Progressive dividend policy 10% annual increase since 2020 197 174 Targeted buyback strategy 100 102 c.52m shares repurchased
Slide 79: Balanced Capital Allocation Supporting Investment and Returns
B A L A N C E D C A P I TA L A L L O C AT I O N S U P P O R T I N G I N V E S T M E N T AND RETURNS Strategic Capex Dividends Investment in strategic Maintain progressive projects and capabilities dividend policy targeting a across the Group payout ratio of 30 – 40% $1.5bn Acquisitions OCF Share Buy
Slide 80: Group Growth Ambition 2026-2028
GROUP GROWTH AMBITION 2026 – 2028 Adjusted EPS Growth 7% - 11% OCF $1.5bn OCF conversion 85%+ ROCE 10% - 13% Dividend payout ratio 30% - 40% 79 || Glanbia GlanbiaPLC PLC2025 2025CMD CMD
Slide 81: Glanbia Investment Case
GLANBIA INVESTMENT CASE Key strengths and unique competitive advantage Complimentary brands Powerful consumer trends and ingredients with and growing categories leading market positions Evolved to a simplified Talented team of brand & operating model focused business builders with on growth strong c
Slide 82: Q&A
Q&A 81 | Glanbia PLC 2025 CMD