Business
Glanbia : Full Year 2025 Results (Glanbia Full Year 25 Presentation)
Glanbia : Full Year 2025 Results (Glanbia Full Year 25
About this update from Glanbia Plc
F U L L Y E A R 2 0 2 5 R E S U L T S 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 revenue 1 and volume growth across all three segments and adjusted EPS 2 of 134.93 $cent (-3.4% versus prior year) 4.5% pro-forma LFL revenue growth 3 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&N 3 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. 01 Business Review 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 $m FY 2025 Constant Currency Change 1 Revenue 1,801.1 (0.9%) EBITDA 233.8 (23.2%) EBITDA Margin 13.0% (380bps) Pro-forma LFL 2 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 Revenue 2 LFL Revenue Growth 3 Pro-forma LFL Revenue Growth 2 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 53 rd 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 growth 1 +6.4% L52W US consumption 2 +3.4% Volume growth of +5.0% driven by category growth across key channels and markets, increased distribution and innovation L13W US consumption 3 +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 $m FY 2025 Constant Currency Change 1 Revenue 628.5 +11.5% EBITDA 115.8 +16.7% EBITDA Margin 18.4% +80bps H&N LFL 2 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 Change 1 Revenue 1,516.8 +2.8% EBITDA 149.5 +1.7% EBITDA Margin 9.9% (10bps) LFL 2 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 02 Finance Review 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 FY 2025 FY 2024 Operating cash flow ("OCF") $454m $485m OCF conversion % (Target 80%+) 91.0% 88.0% Free cash flow ("FCF") $360m $403m Cash Flow Strong operating performance delivering 91% OCF conversion Balance Sheet FY 2025 FY 2024 Net Debt $526m $436m Net Debt: adjusted EBITDA 1.08x 0.81x Adjusted EBIT: adjusted net finance costs 13.7x 16.7x 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 Allocation 1 Strategic Capex Automation, capacity, business integrations and IT investments Dividend Progressive dividend increased by 10% on FY24 Payout ratio of 35.9% $118m $51m Acquisitions Acquired Sweetmix and post-year end completed the acquisition of Scicore $41m FY 2025: Share Buybacks 2 Returned ~€197m in 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 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. 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 growth 3 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 FY 2025 base excludes revenue from brands disposed of during 2025. On a constant currency basis. Over the period for PN and H&N earnings growth. DELI VERI NG BETTER NUTRI TI O N 1 High-growth categories with leading brands and ingredients driven by consumer megatrends 2 Sharpened and focused operating model and portfolio to capture the growth 3 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 A P P E N D I C E S 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 : 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% 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. 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