Full Year 2025 Results (Glanbia Full Year 25 Presentation)

2 5 F e b r u a r y 2 0 2 6

Hugh McGuire

Chief Executive Officer

Mark Garvey

Chief Financial Officer

Robust performance with LFL revenue1 and volume growth across all three segments and adjusted EPS2 of 134.93 $cent (-3.4% versus prior year)

4.5% pro-forma LFL revenue growth3 in PN with double digit volume growth in H2 for Optimum Nutrition, showing strong sequential improvement

Strong volume growth of 7.4% in H&N with growth across both premix and flavour

solutions businesses driven by end-use markets

Significant shareholder returns with a 10% increase in final dividend and approximately

€197m returned via share buybacks

Progress on Group-wide transformation programme with sale of non-core brands in PN and acquisition of Sweetmix and Scicore in H&N3

Capital Markets Day hosted in November outlining financial ambition for 2026 - 2028 announced

3 | Glanbia PLC FY 2025 Presentation

1 Like-for-like ("LFL") revenue growth shown on a constant currency basis.

2 Adjusted Earnings Per Share ("EPS") on a constant currency basis.

3 Pro-forma LFL revenue growth on a constant currency basis and excludes the revenues of SlimFast and Body & Fit in 2024 and 2025 in PN.

4 An agreement was reached for the acquisition of Scicore Nutra ("Scicore") in November 2025 and the acquisition completed post year end.

Hugh McGuire

Chief Executive Officer

4 | Glanbia PLC FY 2025 Presentation

PERFO RM ANCE NUTRI TI O N ( PN)

Strong H2 performance showing sequential improvement

• Pro-forma LFL2 revenue +4.5%

  • Volume +3.6% driven by strong category growth, new distribution and innovation

  • Pricing +0.9% with price increases implemented in international markets in Q2 and in the US in Q4

• Optimum Nutrition delivered double digit volume growth in H2

• EBITDA margin decline of 380bps due to record whey input costs

• Completion of the sale of non-core brands

% of PN Revenue2

LFL Revenue

Growth3

Pro-forma LFL Revenue Growth2

Americas International

63% 37%

(0.5%) +8.8%

+1.3% +10.5%

5 | Glanbia PLC FY 2025 Presentation

1 Revenue and EBITDA growth/decline shown on a constant currency basis versus FY 2024 and includes the negative impact of the 53rd week in the prior year and the impact of disposals.

2 % of PN revenue and pro-forma LFL revenue growth excludes revenues from SlimFast and Body & Fit in 2025 and is shown on a constant currency basis.

3 LFL revenue growth shown on a constant currency basis.

WO RLD' S # 1 SPO RTS NUTRI TI O N BRAND

LFL revenue

growth1

+6.4%

L52W US

consumption2

+3.4%

Volume growth of +5.0% driven by category growth across key channels and markets, increased distribution and innovation

L13W US

consumption3

+4.6%

New Campaign - The Optimum Advantage

Digital Engagement

W I TH M O RE GRO W TH PO TENTI AL

6 | Glanbia PLC FY 2025 Presentation

1 LFL revenue growth shown on a constant currency basis.

Price growth of +1.4% driven by price increases implemented in international markets in Q2 and in the US in Q4

Sequential improvement throughout the year with double-digit LFL revenue growth in H2 2025

High-growth categories with the most trusted brand in sports nutrition driven by powerful consumer megatrends

Distribution and Retail Visibility

Innovation

2 Consumption based on US measured channels for the 52-week period to 3 January 2026.

3 Consumption based on US measured channels for the 13-week period to 31 January 2026.

DRI VI NG GRO W TH I N O UR PREM I UM

EVERYDAY NUTRI TI O N BRAND

C R E AT I V E - M O R E O F W H AT M AT T E R S

D I S T R I B U T I O N & R E T A I L V I S I B I L I T Y

D I G I T A L E N G A G E M E N T

I N N O V AT I O N

7 | Glanbia PLC FY 2025 Presentation

Ready-to-

Drink

Stick Packs Colostrum Beauty

(Collagen)

HEALTH & NUTRI TI O N ( H& N)

Delivering strong volume growth momentum

• H&N LFL2 revenue growth of +6.8% driven by strong volume growth

  • Volume +7.4% driven by demand across end-use markets in premix and flavours with strong growth in Europe and Asia

  • Pricing -0.6% driven by certain pass-through pricing with customers

• Acquisition of Sweetmix (Brazil) and Scicore (India)

• EBITDA margin 18.4%, an increase of 80bps due to strong volume performance and the full year impact of the Flavor Producers acquisition

  8 | Glanbia PLC FY 2025 Presentation

  1 Revenue and EBITDA growth shown on a constant currency basis versus FY 2024 and includes the negative impact of the 53rd week in the prior year and the positive impact of acquisitions. Prior period reported revenue and EBITDA for H&N has been restated for comparability purposes to align to the new segment structure. The change has no impact on Group revenue or EBITDA.

  
  
  

  2 LFL revenue growth shown on a constant currency basis.

  
  
  

  H&N - A KEY PLATFO RM FO R GRO W TH

  Operating in attractive end-use markets with opportunity for organic and inorganic expansion

  Strong position in

  key ingredients

  Premix solutions

  #2 global position

  Custom premix solutions and functionally optimised nutrients

  Flavour systems

  Strong position in natural and organic clean-label flavour systems

  Driven by strong trends

  in end-use markets

  Active Nutrition

  Functional Beverages

  VMS

  (Vitamins, Minerals & Supplements)

  Supported by acquisitions

  and capital investment

  Acquisitions of Sweetmix (Brazil) and

  Scicore (India)

  Doubling capacity of Asian facility

  Investment into spray drying flavour

  facility and customer collaboration centre in the US

  European capacity expansion

  
  
  
  
  

  9 | Glanbia PLC FY 2025 Presentation

  
  
  

  DAI RY NUTRI TI O N ( DN)

  Strong performance through volume and pricing

  $m	FY 2025	Constant Currency Change1
  Revenue	1,516.8	+2.8%
  EBITDA	149.5	+1.7%
  EBITDA Margin	9.9%	(10bps)

• LFL2 revenue growth of +5.0%

  • Volume +4.2% driven by continued strong demand for protein solutions and bioactives with demand for high-end whey proteins remaining robust

  • Pricing +0.8% reflects strong protein markets offset by negative cheese markets in the second half of the year

• Continued demand for colostrum bioactives, targeting gut health and immunity

• EBITDA growth of +1.7% with disciplined cost management ensuring stable profitability

10 | Glanbia PLC FY 2025 Presentation

1 Revenue and EBITDA growth/decline shown on a constant currency basis versus FY 2024 and includes the negative impact of the 53rd week in the prior year. Prior period reported revenue and EBITDA for DN has been restated for comparability purposes to align to the new segment structure. The change has no impact on Group revenue or EBITDA.

2 LFL revenue growth shown on a constant currency basis.

O NGO I NG STRATEGY TO NAVI GATE W HEY VO LATI LI TY

P R O C U R E M E N T

New supply, incl. additional

WPI capacity via JVs

Structured, responsive procurement approach

M A R G I N

M A N A G E M E N T

Marketing spend effectiveness

Pricing and other revenue growth management initiatives

Transformation

P R O D U C T M I X

Alternative proteins

Non-whey innovation

11 | Glanbia PLC FY 2025 Presentation

A M BI T I O U S G RO U P - W I D E T RA N SF O RM A T I O N P RO G RA M M E

SIMPLIFIED OPERATING MODEL

Simplified operating model to focus on growth

DELIVER SUPPLY CHAIN EFFICIENCIES

Centralised supply chain model & acceleration of wide ranging procurement savings

ACCELERATE DIGITAL TRANSFORMATION

New IT operating model being stood up & implementing digital front office initiatives include enhanced use of AI

OPTIMISE PORTFOLIO

Acquisitions

Disposals of non-core brands

TA R G E T I N G A N N U A L C O S T S AV I N G S O F $ 6 0 M I L L I O N + B Y 2 0 2 7

12 | Glanbia PLC FY 2025 Presentation

A CLEAR STRATEGY TO DRI VE THE NEXT STAGE O F GRO W TH

Optimum Nutrition and grow globally with our portfolio of lifestyle brands

Health & Nutrition as a leading solutions partner

Dairy Nutrition to maximise profits

internationally and leverage our global scale

to meet growing consumer needs and occasions

E X E C U T I O N E X C E L L E N C E E N A B L E D B Y

Transformation Talent and culture Financial discipline

13 | Glanbia PLC FY 2025 Presentation

Mark Garvey

Chief Financial Officer

14 | Glanbia PLC FY 2025 Presentation

FY 2025 FI NANCI AL SUM M ARY

$3.95bn

Revenue

Increase of +2.3% constant currency

$499.1m 12.6%

EBITDA Decline of -9.4% constant currency

EBITDA margin

-170bps constant currency

PN -380bps and H&N +80bps

134.93$c

Adjusted EPS Decline of -3.4% constant currency

91%

OCF Conversion %

Operating cash flow: $454m

11.3%

15 | Glanbia PLC FY 2025 Presentation

ROCE % In line with medium-term guidance of 10% - 13%

SI GNI FI CANT CASH FLO W GENERATI O N & STRO NG BALANCE SHEET

Cash Flow

Strong operating performance

delivering 91% OCF conversion

Balance Sheet

Committed debt facilities of $1.4 billion with a weighted average maturity of 2.7 years

FY 2025 average interest

rate 4.2%

16 | Glanbia PLC FY 2025 Presentation

ACTI VE ALLO CATI O N DRI VI NG GRO W TH AND CAPI TAL RETURNS

2025 Capital Allocation1

Strategic Capex

Automation, capacity, business integrations and IT investments

$118m

$51m

Acquisitions

Acquired Sweetmix and post-year end completed the acquisition of Scicore

$41m

FY 2025:

$437m

$227m

Y E A R E N D N E T D E B T / A D J U S T E D E B I T D A 1 . 0 8 X A N D R O C E O F 11 . 3 %

17 | Glanbia PLC FY 2025 Presentation

1. Summary of capital allocated to strategic investment and returns to shareholders, does not include capital deployed on other areas e.g. tax and finance charges.

   
   
   

2. Average exchange rate for the current period is applied to €197m buyback. The average US dollar euro exchange rate for 2025 was $1 = €0.8838

O THER FI NANCI AL M ATTERS

E X C E P T I O N A L

I T E M S

Net charges of ~$100m largely related to Group-wide transformation programme and the loss on disposals of non-core brands

N E T F I N A N C E C O S T S

I N C O M E T A X

Charges of $29.4m, up $2.6m on the prior year

FY 2025 effective tax rate 15.0%

Expected rate for FY 2026 of 14% to 16%

J O I N T

V E N T U R E

Increase of $11.0m to $11.1m primarily related to improved dairy market dynamics

C A P E X FY 2026 capex expected to be $100m - $110m

18 | Glanbia PLC FY 2025 Presentation

FY 26 O UTLO O K ALI GNED TO M EDI UM - TERM GRO W TH ALGO RI THM

Organic

revenue growth

PN: 5-7%1

H&N: 4-6%

Adj. EPS

+7-11%2

Earnings ahead of revenue growth3

PN: Up to 250bps by 2028 H&N: 17-19%

DN: $150m-$160m

Invest for growth

and returns

Dividend payout: 30-40%

OCF

Conversion

85%+

Transformation savings of $60m per annum by 2027

19 | Glanbia PLC FY 2025 Presentation

1. FY 2025 base excludes revenue from brands disposed of during 2025.

2. On a constant currency basis.

3. Over the period for PN and H&N earnings growth.

DELI VERI NG BETTER NUTRI TI O N

High-growth categories with leading brands and ingredients driven by consumer megatrends

Sharpened and focused operating model and portfolio to capture the growth

Our people, portfolio, and firepower will

continue to drive strong shareholder returns

20 | Glanbia PLC FY 2025 Presentation

A P E R F O R M A N C E D R I V E N P U R P O S E L E D G L O B A L N U T R I T I O N C O M P A N Y

21 | Glanbia PLC FY 2025 Presentation

22 | Glanbia PLC FY 2025 Presentation

PN FY 2025 PRO - FO RM A LFL REVENUE O VERVI EW 1

37%

34% 8%

12%

B Y

C H A N N E L

21

B Y

R E G I O N

63%

4%

5%

B Y

F O R M A T

83%

%

33%

L F L G R O W T H 1 :

23 | Glanbia PLC FY 2025 Presentation

1 Pro-forma LFL revenue shown on a constant currency basis and excludes the revenue from SlimFast and Body & Fit in 2025.