Glanbia Plc EURONEXT:GL9

Glanbia : 2025 Annual Report (Glanbia Annual Report 2025)

Published March 11, 2026 at 11:28 a.m. UTC

Source: MarketScreener

At the Heart of Better Nutrition

Glanbia plc Annual Report and Financial Statements 2025

Leveroging our better nutrition

portfolio to drive growth through

our leoding bronds ond ingredients.

Throughout 2O25, we focused on simplifying

our group structure to accelerate growth

within our three segments:

SEE OUR OPERATIONS REVIEW ON PAGES 34-37.

Nutrition

Health &

FOR MORE INFORMATION,

Delivering Better Nutrition

Performance T Nutrition

Performance Nutrition ("PM") isa key growth engine.

As the #l sports nutrition company in the world, PM is powered by continued strong prowth in the protein powder category and the performance of our #1 global sports nutrition brand Optimum hJutrition'.

W FOR MORE INFORMATION,

* SEE OUR OPERATIONS REVIEW ON PAGES 30-33.

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.

DhJ 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.

retoit votue shores, 202° doto.

1. Source: Eurom onitor I nternationaI Lim ited, Cons um er Hea Ith 2025 Ed it ion, Sports Nutrition category,

Strategic Report Directors' Report Sustainability Statement Financial Statements Other Information 1

Contents

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

Find us online

Our online report

This copy of the statutory annual report of Glanbia plc for the year ended 3 January 2026 is not presented in the

European Single Electronic Format ("ESEF") as specified in the Regulatory Technical Standards on ESEF (Delegated Regulation (EU) 2019/815). The ESEF annual report is available at: https://www.glanbia.com/annualreport.

@Glanbia

‌Highlights 2025

Financial highlights1

Revenue

$3.9bn

2024: $3.8bn

+2.8%2 /+2.3%3

EBITDA (pre-exceptional)

$499.1m

2024: $551.3m

−9.5%2 / −9.4%3

Adjusted earnings per share ("EPS")

134.93 $c

2024: 140.03 $c

−3.6%2 / −3.4%3

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

Basic EPS

73.16 $c

2024: 63.21 $c

+15.7%2 / +19.7%3

Return on capital employed ("ROCE")

11.3%

2024: 12.4%

decrease of 110bps

Net debt

$526.0m

2024: $436.0m

increase of $90.0m

Non-financial highlights

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

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.
Reported currency.
Constant currency.
Average over a period of three years.

Strategic Report Directors' Report Sustainability Statement Financial Statements Other Information 3

"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

Adjusted EPS growth3,4

7-11%

ROCE4

10-13%

At our Capital Markets Day in November 2025, we outlined our growth strategy and financial targets for 2026 to 2028.

OCF $1.5bn

OCF conversion4

85%+

Dividend payout ratio

30-40%

‌At a glance

A Better Nutrition portfolio for growth

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.

Employees1

5,800

Innovation and collaboration centres

Manufacturing sites1

Markets for our

brands and ingredients

120+

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.

Our segments

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.

Includes joint venture.

Optimise Dairy Nutrition

to maximise profits

Our purpose

Delivering Better Nutrition

Our strategy

Drive

Nutrition

ptimum

Health

Scale

and grow PN globally with our portfolio of lifestyle brands

Nutrition

as a leading solutions partner to customers

30-40%

READ MORE ON PAGES 20-21.

Talented team
of brand and business builders, with a strong culture and values
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 40-45.
READ MORE ON PAGES 46-47.
READ MORE ON PAGES 26-27.

Strategic Report Directors' Report Sustainability Statement Financial Statements Other Information 7
Strong performance 2023-2025f

Adjusted EPS
growth
8.0%
OCF $1.4bn
OCF conversion
89.8%
ROCE
12.0%

Our disciplined approach to capital allocation

Our strong track record of returns to stakeholders
We have returned €1.2bn to shareholders since 20202
350
€300m
300
€258m
250
€198m
200
€190m
€172m
Targeted buyback strategy
Circa 52m shares repurchased at an average price of
~€13 since 2020
150
100
€95m
50
0
2020
2021
2022
2023
2024
2025
Progressive dividend policy
10% annual increase
since 2021
€84m
€78m
€81m

€96m

€90m

€17m

€103m

€91m

€100m

€102m

€174m

€197m

Share Buybacks

Use of available excess cash consistent with prior years.

Dividends

Progressive dividend policy targeting a payout ratio of 30-40%.

Acquisitions

Proactive mergers & acquisitions approach focusing on opportunities primarily in H&N.

Strategic Capex

Investment in strategic projects and capabilities across the Group.

Share buybacks €m Dividends payable €m

Average over a period of three years.
2025 final dividend is subject to Board approval at the 2026 AGM.

‌Group Chair's statement

Delivering sustainable growth and value creation

"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

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.

Strategic Report Directors' Report Sustainability Statement Financial Statements Other Information 9

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.

EBITDA (pre-exceptional)

$499.1m

2024: $551.3m

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.

Revenue

$3.9bn

2024: $3.8bn

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."

‌Chief Executive Officer's review

Delivering our next phase of growth

"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

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.

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

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

Strategic Report Directors' Report Sustainability Statement Financial Statements Other Information 11

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.

"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."

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:

Continue to drive Optimum Nutrition globally, as well as growing our lifestyle brands.
Scale our Health & Nutrition business, strengthening our position as a leading solutions partner across priority
end-use markets.
Optimise Dairy Nutrition to maximise profitability across our scaled operations.
Expand internationally and leverage our global supply chain and commercial footprint.
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

READ MORE ABOUT OUR CMD ON OUR WEBSITE.

‌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

$33bn1

Lifestyle Nutrition

$127bn1

Functional Beverages

$92bn1

+Mid-single digit growth per annum

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.

Our opportunities

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 4 5 6
Megatrends
2 3 4 5 6
Megatrends
1 2 3 4 6
1 Source: Euromonitor.

Strategic Report Directors' Report Sustainability Statement Financial Statements Other Information 13

Our markets are accelerated by powerful megatrends
Consumer needs

1 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.

US consumers prioritising protein on a daily basis

80%

Source: Nielsen IQ protein trends

2 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.

3 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.

US consumers who now consider wellness a top or important priority in their everyday lives

84%

Source: McKinsey Future of Wellness Survey

30%

Global F&B launches featuring a clean label in 2025

Source: Innova Market Insights

Consumer behaviours

26%

4 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).

Increase of high-protein products outside of traditional categories

Source: Nielsen IQ protein trends

5 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.

UK and US consumers who say that taste is a key priority when deciding what to eat

92%

Source: Attest

6 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.

US consumers willing to share personal health data for better personalised care

69%

Source: Verily

‌Our strategy

Unlocking our growth potential

Our purpose is delivering

better nutrition.

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

Our strategy

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.

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

Better nutrition

Optimise Dairy Nutrition

to maximise profits

Expand internationally

and leverage our global scale

Innovate

to meet growing consumer needs and occasions

SEE OUR BUSINESS MODEL ON PAGES 22-23.

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.

Metrics1,2 delivered 2023-2025

Adj. EPS

OCF

8.0%

growth4

89.8%

conversion

ROCE

12.0%

CMD metrics2,3 2026-2028

Adj. EPS

OCF

7-11%

growth4

85%+

conversion

ROCE

10-13%

Glanbia Group ambition targets as per Capital Markets Day ("CMD") November 2022.
Average over a period of three years.
Glanbia Group ambition targets as per CMD November 2025.
Constant currency.
Like-for-like excluding SlimFast and Body & Fit.

Strategic Report Directors' Report Sustainability Statement Financial Statements Other Information 15

Drive Optimum Nutrition

and grow Performance Nutrition globally with our portfolio of lifestyle brands

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

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
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.
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.
  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.
  Lando Norris, McLaren Formula 1 driver
  
  Our strategy continued
  Scale Health & Nutrition
  as a leading solutions partner to customers
  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

Metrics

H&N revenue

$0.6bn

+11.5% constant currency

H&N volume growth

7.4%

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
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.
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.
  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.
  
  Strategic Report Directors' Report Sustainability Statement Financial Statements Other Information 17
  Optimise Dairy Nutrition
  to maximise profits
  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

Metrics

DN EBITDA

$149.5m

+1.7% constant currency

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
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.
part of the annual incentive for the CEO of DN.
FOR MORE INFORMATION SEE PAGES 104-123.
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.

Our strategy continued
Expand internationally
and leverage our global scale
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

Metrics

OCF conversion

91.0%

2024: 88.0%

Global manufacturing sites2

Markets for our brands and ingredients

120+

Key risks

Complex regulatory compliance
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.
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.
  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.
  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.
  Strategic Report Directors' Report Sustainability Statement Financial Statements Other Information 19
  Innovate
  to meet growing consumer needs and occasions
  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
    Metrics
    
    Innovation and collaboration centres
    20
    Number of scientists
    230+
    Key risks
    - Failure to anticipate or respond quickly to evolving consumer preferences and wellness trends;
      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.
- 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.

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.

‌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:

Annual savings by 2027

$60m+

1. Simplified our operating model

We have undertaken a significant these segments to focus on execution transformation in separating our against their own individual strategies. Glanbia Nutritionals business into Dairy We also reorganised and injected new Nutrition and Health & Nutrition, capabilities into our Performance recognising the fundamentally different Nutrition business to enable us to nature and trajectory of these compete better in new product formats businesses. This separation enables and accelerate our innovation pipeline.

2. Delivering supply chain efficiencies

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.

Strategic Report Directors' Report Sustainability Statement Financial Statements Other Information 21

3. Accelerating digital transformation

Digital transformation is fundamentally across our back-office functions, reshaping how we operate and compete while simultaneously deploying AI in the marketplace. We are driving and advanced analytics to power efficiency through intelligent front-office growth initiatives. automation and process optimisation

Case Study

Automating and modernising business support to drive efficiencies

In 2025, we implemented a suite of Finance and HR services and deliver best-in-class business process connected mobile-first experiences for automation technologies which included our manufacturing workers. This is a robotic process automation ("RPA") and scalable ecosystem designed to extend leading Finance and HR management into additional areas which will drive systems. This enabled us to automate and ongoing efficiency improvements and modernise business processes, outsource enhanced employee experiences.

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.1 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.

READ MORE ON PAGES 30-33.

Health & Nutrition

We create ingredient and flavour solutions for our customers, solving their product challenges with custom formulations, new formats and innovations. We are experts in nutritional food and beverage applications across a wide variety of product formats. Through insight and science-led innovation, we create ingredient solutions for the future.

Revenue

$628.5m

2024: $558.1m

Dairy Nutrition

Our mission is to nourish people and possibilities with high-performance ingredient solutions. Our dairy, protein and bioactive ingredients offer superior functional properties and excellent nutritional support. Together with our joint venture partner, MWC-Southwest Holdings LLC, DN is a leading supplier and marketer of American-style cheddar cheese

in the US.

Revenue

$1,516.8m

2024: $1,474.9m

READ MORE ON PAGES 34-37. READ MORE ON PAGES 38-39.

Operations review continued

Performance Nutrition #1

Sports nutrition brand globally

Monica McGurk

CEO Performance Nutrition Americas

Andy Shaw

CEO Performance Nutrition International

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.

PN performance overview

Constant

$m	FY 2025	FY 2024	change	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)

Reported currency

EBITDA (pre-exceptional)

$233.8m

2024: $305.4m

EBITDA margin

13.0%

2024: 16.9%

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.

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

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 revenue1 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.

Case Study

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 2024.3

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.

Like-for-like revenue excluding SlimFast and Body & Fit.
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.
Source: Grandview.

Operations review continued

Performance Nutrition

63%

PN FY 2025 revenue overviewf By region

37%

34%

By channel12%

21%

By format

5% 4%

33%			83%
	Total growth		Total growth		Total growth
Americas	+1.3%	Online	+10.3%	Powders	+5.4%
International	+10.5%	FDMC	+2.8%	RTE	-14.4%
		Distributor	+2.4%	RTD	+22.4%
		Specialty	-2.0%	Other	+12.6%

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

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" benchmarks2
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
3
times increase in Protein Calculator
user time spent on the website
Google Analytics.

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.

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

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.

Case Study

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.

"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."

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

Operations review continued

Health & Nutrition #2

Global leader in custom premix solutions1

Growing natural and organic flavours partner to regional and emerging brands

Arnaud Schuh

CEO Health & Nutrition

EBITDA (pre-exceptional)

$115.8m

2024: $98.7m

EBITDA margin

18.4%

2024: 17.7%

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.

H&N performance overview

Reported

Constant currency

$m	FY 2025	FY 2024	change	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.

1. Source: IndustryARC.

Strategic Report Directors' Report Sustainability Statement Financial Statements Other Information 35

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

Case Study

Enhancing innovation through flavours expansion

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.

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.

Operations review continued

Health & Nutrition

Case Study

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.

Strategic Report Directors' Report Sustainability Statement Financial Statements Other Information 37

Case Study

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.

Operations review continued

Dairy Nutrition

Leading global supplier of whey protein solutions and bioactives

Leading producer of American-style cheddar cheese

Tom Tench

CEO Dairy Nutrition

EBITDA (pre-exceptional)

$149.5m

2024: $147.2m

EBITDA margin

9.9%

2024: 10.0%

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

Reported

Constant currency

$m	FY 2025	FY 2024	change	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.