Glanbia reports revenue of US$1.93B in H1 2025

IRELAND – Glanbia, a dairy nutrition company, has reported revenues of US$1.93 billion (HY 2024: $1.82 billion), an increase of 6.0% (+6.1% reported) with volume +0.9%, pricing +3.4% and +1.7% from acquisitions.

The group’s EBITDA was US$241.3 million (HY 2024: US$261.6 million), a decrease of 7.5% (down 7.8%), while adjusted EPS was 63.03 $cent (HY 2024: 68.20 $cent), a decline of 7.5%.

In the nutrition performance, there was a revenue decline of 3.8% (3.6% reported) (decline of 1.5% excluding the impact of SlimFast and Body & Fit) with volume -3.5% and pricing -0.3%.

Optimum Nutrition delivered a LFL revenue decline of 0.5%, with sequential improvement through the period with revenue growth versus the prior year of 2% in Q2 (volume +1.5%, pricing +0.5%) and a EBITDA margin of 12.7% (HY 2024: 17.7%), a decrease of 490bps as a result of elevated whey input costs.

The Health & Nutrition sector reported a revenue growth of 18.0% (18.4% reported) with volume +6.9%, pricing -0.4% and +11.5% from acquisitions and an EBITDA margin of 19.5% (HY 2024: 16.9%), an increase of 260bps.

The Dairy Nutrition had a Revenue growth of 14.1% with volume +4.3% and pricing +9.8%; o EBITDA margin of 9.5% (HY 2024: 9.0%), an increase of 50bps.

In the Capital allocation, there was a strong balance sheet with net debt to adjusted EBITDA ratio of 1.28 times (HY 2024: 1.22 times); as the Interim dividend increased by 10% to 17.20 €cent and €62.8 million returned via share buyback programmes.

Commenting today Hugh McGuire, Chief Executive Officer, said: “The results reflect a first half of significant execution and progress as we generated 6% revenue growth in the period, underpinned by strong growth in H&N and DN and a sequential improvement in PN through the period as the Group navigated significant macroeconomic volatility.

“First half results were driven by volume growth, earnings and margin progression in H&N and DN, reflecting strong customer demand. This was offset by anticipated reduced performance in PN primarily as a result of elevated whey costs during the period. In the second quarter, we were pleased to see volume and price growth in our flagship brand, Optimum Nutrition. Within our H&N division, we have today announced the acquisition of Sweetmix, a Brazil-based nutritional premix and ingredients solutions business, facilitating continued growth in the Latin America region.”

New appointment

Additionally, Glanbia announced the appointment of Independent Non-Executive Director, Paul Duffy, as Chair Designate, who succeeds Donard Gaynor as Chair of the Company on 1 January 2026.

Mr Gaynor will retire as Chair and from the Board of the Company on 31 December 2025. This follows a comprehensive Chair succession process which was led by the Senior Independent Director, Roisin Brennan.

Mr Duffy has been a director of Glanbia plc since 1 March 2021 and has significant global business experience in the consumer sector.

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