Glanbia Half Year 2025 results

Resilient performance with adjusted EPS¹ ahead of expectations; full year guidance upgraded

 

13 August 2025 - Glanbia plc ("Glanbia" or the "Group"), the 'Better Nutrition company', announces its half year results for the six month period ended 5 July 2025 ("Half Year 2025" or "HY 2025").

 

HY 2025 Highlights²:

·      First half momentum with volume growth across Health & Nutrition and Dairy Nutrition and sequential improvement in Performance Nutrition, resulting in an upgrade to full year adjusted EPS guidance;

·      Glanbia announces that Paul Duffy will be appointed Company Chair on 1 January 2026 in place of Donard Gaynor who will retire on 31 December 2025;

·      Group Financial Performance:

o  Group revenues of $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;

o  Group EBITDA pre-exceptional of $241.3 million (HY 2024: $261.6 million), a decrease of 7.5% (down 7.8% reported);

o  Adjusted EPS of 63.03 $cent (HY 2024: 68.20 $cent), a decline of 7.5% (down 7.6% reported);

·      Performance Nutrition ("PN"):

o  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%;

o  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%);

o  EBITDA margin of 12.7% (HY 2024: 17.7%), a decrease of 490bps as a result of elevated whey input costs;

·      Health & Nutrition ("H&N")³:

o  Revenue growth of 18.0% (18.4% reported) with volume +6.9%, pricing -0.4% and +11.5% from acquisitions;

o  EBITDA margin of 19.5% (HY 2024: 16.9%), an increase of 260bps;

·      Dairy Nutrition ("DN")³:

o  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;

·      Capital allocation:

o  Strong balance sheet with net debt to adjusted EBITDA ratio of 1.28 times (HY 2024: 1.22 times);

o  Interim dividend increased by 10% to 17.20 €cent and €62.8 million returned via share buyback programmes.

 

Strategic Updates:

·      Agreement reached for the acquisition of Sweetmix, a Brazil-based nutritional premix and ingredients solutions business within the H&N division;

·      Good progress on transformation programme, targeting annual savings of at least $50m per annum by 2027;

·      Agreement reached for the sale of Body & Fit, the Benelux Direct-to-Consumer e-commerce business;

·      Capital Markets Day to be held on 19^th November to update on the Group's medium-term growth agenda.

 

FY 2025 Outlook Upgrades:

·      Group adjusted EPS in the range of 130 to 133 $cent⁴ (previously 124 to 130 $cent);

·      PN like-for-like revenue growth (excluding SlimFast and Body & Fit) of 2 to 3% (previously in line with 2024); and

·      H&N EBITDA margin in the range of 18-19% (previously 17-18%).

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¹ Adjusted Earnings Per Share on a constant currency basis

² All changes are shown on a constant currency basis unless otherwise stated.

³ On 6 November 2024, Glanbia announced a change in the operating model, separating Glanbia Nutritionals into two new segments, Health & Nutrition ("H&N") and Dairy Nutrition ("DN"). From 5 January 2025, Glanbia has reported results in line with the revised segment structure. Comparative segment information for half year 2024 was restated for comparability purposes. The change does not impact total Group or Performance Nutrition revenues or margins. This change is referenced in Note 2 ('Basis of preparation') of the interim financial statements.2024 was restated for comparability purposes. The change does not impact total Group or Performance Nutrition revenues or margins. This change is referenced in Note 2 ('Basis of preparation') of the interim financial statements.

⁴ Adjusted EPS of 130 - 133 $cent translates to a decline of approximately -7% to -5% on a constant currency basis.

 

 

 

Commenting today Hugh McGuire, Chief Executive Officer, said:

"Today's 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.

 

We delivered strong operating returns and cash conversion and continue to have a disciplined approach to capital allocation, with a 10% increase in the interim dividend and €62.8 million returned to shareholders via share buyback programmes during the period.

 

We are today upgrading our full year adjusted EPS guidance to 130 to 133 $cent⁵ as a result of increased revenue momentum in PN and improved margins in H&N. The category trends remain positive, and we expect to see continued improvement in volumes across PN in the second half of the year with continued momentum in H&N and DN."

 

Summary financials⁶

2025 half year results	HY 2025	HY 2024	Reported Change	Constant currency change7
$m
Income Statement
Revenue	1,926.7	1,815.6	6.1%	6.0%
EBITDA	241.3	261.6	(7.8%)	(7.5%)
EBITDA margin	12.5%	14.4%	(190bps)	(180bps)
Joint Venture
Share of profit after tax (pre-exceptional)	3.4	3.7
Profit after tax (pre-exceptional)	132.0	152.5
Adjusted EPS	63.03c	68.20c	(7.6%)	(7.5%)
Basic EPS	39.04c	54.71c	(28.6%)	(28.4%)

 

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⁵ Adjusted EPS of 130 to 133 $cent translates to a decline of approximately -7% to -5% on a constant currency basis

⁶ This release contains alternative performance measures. Detailed explanations of the key performance indicators and non-IFRS measures can be found in the glossary on pages 35 to 40

⁷ To arrive at the constant currency change, the average exchange rate for the current period is applied to the relevant result from the same period in the prior year. The average US dollar euro exchange rate for HY 2025 was $1 = €0.9113 (HY 2024: $1 = €0.9247). All movements in the table are on a pre-exceptional basis.

 

HY 2025 results summary (pre-exceptional)

Revenue progression	HY 2025 versus HY 2024*
	Constant Currency Movement
	Volume	Price	Like-for-like (LFL)	Acquisitions / (disposals)	Total constant currency
Performance Nutrition	(3.5%)	(0.3%)	(3.8%)	-	(3.8%)
Health & Nutrition	6.9%	(0.4%)	6.5%	11.5%	18.0%
Dairy Nutrition	4.3%	9.8%	14.1%	-	14.1%
Group Total	0.9%	3.4%	4.3%	1.7%	6.0%

 

 

Revenue, EBITDA and Margin		HY 2025			HY 2024*
$m	Revenue	EBITDA	Margin %	Revenue	EBITDA	Margin %
Performance Nutrition	850.0	108.2	12.7%	882.1	156.4	17.7%
Health & Nutrition	313.0	60.9	19.5%	264.3	44.7	16.9%
Dairy Nutrition	763.7	72.2	9.5%	669.2	60.5	9.0%
Group Total	1,926.7	241.3	12.5%	1,815.6	261.6	14.4%

*Health & Nutrition and Dairy Nutrition restated to reflect the changes in reportable segments.

 

 

2025 half year overview

Glanbia delivered a resilient financial and operating performance in HY 2025. Group revenue was $1,926.7 million (HY 2024: $1,815.6 million), up 6.0% constant currency (up 6.1% reported). Group EBITDA (before exceptional items) was $241.3 million (HY 2024: $261.6 million), down 7.5% constant currency (down 7.8% reported). Group pre-exceptional profit after tax was $132.0 million (HY 2024: $152.5 million) down 13.3% constant currency (down 13.4% reported).

 

Adjusted EPS was 63.03 $cent (HY 2024: 68.20 $cent), down 7.5% constant currency (down 7.6% reported).

 

Balance sheet and financing

Glanbia's net debt at 5 July 2025 was $650.0 million (HY 2024: $645.4 million) which represents an increase of $4.6 million versus prior year. Net debt to adjusted EBITDA was 1.28 times (HY 2024: 1.22 times). At the end of the period the Group had committed debt facilities of $1.37 billion (HY 2024: $1.30 billion). Glanbia's ability to generate cash and its available debt facilities ensure the Group has considerable capacity to finance future investments.

 

Capital investment

Glanbia's total investment in capital expenditure (strategic and maintenance) was $47.7 million in the first half of 2025 (HY 2024: $44.9 million). Strategic investment totalled $34.2 million and included ongoing capacity enhancement, business integrations, and IT investments to drive further efficiencies in operations. Total capital expenditure for the year is expected to be between $80 million and $90 million.

 

Dividend per share

The Board is recommending an interim dividend of 17.20 €cent per share (HY 2024: 15.64 €cent per share) representing a 10% increase on the prior year interim dividend. Glanbia's overall dividend policy remains unchanged at a target annual dividend payout ratio of between 25% and 35% of adjusted EPS. The interim dividend will be paid on 3 October 2025 to shareholders on the register of members as at 22 August 2025. Irish withholding tax will be deducted at the standard rate where appropriate. Euro remains the Group's primary dividend payment currency.

 

Share buyback

On 6 November 2024, the Group announced a €50 million share buyback programme which formally commenced on 16 December 2024. This programme was completed on 30 May 2025 and another €50 million share buyback programme launched on 4 June 2025. Year-to-date to 5 July 2025, Glanbia has deployed €62.8 million, repurchasing 5,095,246 ordinary shares on Euronext Dublin at an average price of €12.33. A further €50 million share buyback programme is expected to be concluded prior to year end.

 

Company Chair

Glanbia announces that with effect from today it is appointing Independent Non-Executive Director, Paul Duffy, Chair Designate and that he will succeed 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. A separate announcement published today details Mr Duffy's skills and experience as well as any required regulatory disclosures.

 

Board update

During the period, Bill Carroll was appointed to the Board of Glanbia on 12 June 2025 as Tirlán Co-operative Society Limited's nominee in place of Gerard O'Brien who retired on 11 June 2025. Senan Murphy was appointed to the Board of Glanbia on 30 April 2025. On appointment, Mr Murphy also joined the Audit and Sustainability committees of the Board and was appointed Chairman of the Sustainability committee. Also on this date, Dan O'Connor retired from the Board and Ilona Haaijer stepped down from the Audit Committee.

 

2025 Outlook

Today, the Group is upgrading its guidance for adjusted EPS to 130 - 133 $cent⁸ (previously 124 - 130 $cent). This is expected to be driven by:

·      PN like-for-like revenue growth of 2% - 3% (excluding the impact of SlimFast and Body & Fit);

·      PN EBITDA margins in the range of 13% - 14%;

·      H&N like-for-like revenue growth of mid-single digit;

·      H&N EBITDA margin in the range of 18% - 19%; and

·      Profit growth across DN and the Group's US joint venture, combined.

 

Glanbia also expects to deliver an operating cash flow conversion rate of 80%+ in FY 2025.

 

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8 Adjusted EPS of 130 to 133 $cent translates to a decline of approximately -7% to -5% on a constant currency basis

 

 

 

Half year 2025 operations review

(Commentary on percentage movements is on a constant currency basis throughout)

 

Performance Nutrition

$m	HY 2025	HY 2024	Reported change	Constant currency change
Revenue	850.0	882.1	(3.6%)	(3.8%)
EBITDA	108.2	156.4	(30.8%)	(30.5%)
EBITDA margin	12.7%	17.7%	(500bps)	(490bps)

 

·      LFL revenue decline of 3.8% with volume -3.5% and pricing -0.3%.

·      Excluding SlimFast and Body & Fit, which have been designated as non-core, revenue declined by 1.5%.

·      Optimum Nutrition LFL revenue decline of 0.5%; EBITDA margin of 12.7%, a decrease of 490bps versus HY 2024 due to a significant increase in input costs.

 

PN revenue decreased by 3.8% in HY 2025 versus prior year. This was driven by a 3.5% decrease in volume and a 0.3% decrease in price. The volume decline was largely driven by anticipated challenges in the US club and specialty channels and declines in non-core brands, partly offset by good growth in online and FDM channels. International markets delivered volume and pricing growth across primary markets, in particular Asia Pacific.

 

PN Americas revenue declined by 8.7% and PN International revenue increased by 4.9%. Price increases that were implemented across international markets during the first quarter of the year were offset by some tactical price reductions on specific products globally.

 

Optimum Nutrition, which represents 67% of GPN revenue, delivered a revenue decline of 0.5%, but the brand saw good momentum in the second quarter with positive revenue growth. Optimum Nutrition delivered improved US measured consumption with growth of 1.0%⁹ while the healthy lifestyle portfolio (Isopure, think! and Amazing Grass) delivered US measured consumption decline of 5.8%⁹ primarily as a result of certain promotional activities in 2024 not repeated this year.

 

In line with previous announcements regarding non-core brands, Glanbia has signed an agreement for the sale of Body & Fit, the Benelux Direct-to-Consumer e-commerce business, subject to certain customary deliverables, with completion expected to occur in Q4 2025.

 

PN EBITDA decreased by 30.5% versus prior year to $108.2 million and EBITDA margin decreased by 490 basis points to 12.7%, driven by inflation in whey protein. EBITDA margins are expected to improve in the second half of 2025.

 

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⁹ 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 13 week period to 5 July 2025

 

Health & Nutrition

Health & Nutrition is a leading global nutritional solutions business, providing value added ingredient and flavour solutions to a range of attractive, high-growth end markets.

 

$m	HY 2025	HY 2024*	Change	Constant currency change
Revenue	313.0	264.3	18.4%	18.0%
EBITDA	60.9	44.7	36.2%	35.9%
EBITDA margin	19.5%	16.9%	260bps	260bps

*Restated to reflect the changes in reportable segments.

 

·      LFL revenue increase of 6.5% with volume +6.9% and pricing -0.4%.

·      Strong volume performance in both premix and flavour solutions businesses. EBITDA margin of 19.5%, an increase of 260bps versus HY 2024.

 

H&N revenue increased by 18.0% in HY 2025 versus prior year. This was driven by a 6.9% increase in volume and an 11.5% increase from the impact of acquisitions, somewhat offset by a price decrease of 0.4%. The volume increase was driven by good growth across both premix and flavour solutions businesses, with particularly strong growth in international regions. Price decrease was driven by certain pass through pricing with customers.

 

H&N EBITDA increased by 35.9% versus prior year to $60.9 million and EBITDA margin increased by 260 basis points to 19.5%. This was predominantly due to the addition of Flavor Producers to the portfolio and strong volume performance.

 

H&N Acquisitions

The Flavor Producers business, acquired in April 2024, is performing well and the integration is substantially complete. Glanbia has completed the acquisition of Sweetmix, a Brazil-based nutritional premix and ingredients solutions business, for an initial consideration of $41 million plus contingent consideration. This acquisition will enable H&N to continue to expand in Latin America. Revenue for Sweetmix in 2024 was approximately $17 million.

 

Dairy Nutrition

Dairy Nutrition is a leading producer of whey protein isolate and American-style cheddar cheese in the US and provides a range of dairy and functional protein solutions.

 

$m	HY 2025	HY 2024*	Change	Constant currency change
Revenue	763.7	669.2	14.1%	14.1%
EBITDA	72.2	60.5	19.3%	19.5%
EBITDA margin	9.5%	9.0%	50bps	50bps

*Restated to reflect the changes in reportable segments.

 

·      LFL revenue increase of 14.1% with volume +4.3% and pricing +9.8%.

·      EBITDA margin of 9.5%, an increase of 50bps versus HY 2024.

 

DN revenue increased by 14.1% in HY 2025 versus prior year. This was driven by a 4.3% increase in volume and a 9.8% increase in price driven by favourable dairy markets and strong whey protein demand. The volume increase was driven by strong growth in protein solutions particularly targeting the high protein ready to eat category and we continue to see good demand for colostrum, which targets gut health and immunity.

 

DN EBITDA increased by 19.5% versus prior year to $72.2 million and EBITDA margin increased by 50 basis points to 9.5%. This was predominantly due to strong dairy market pricing.

 

 

Joint Venture (Glanbia share)

$m - pre-exceptional	HY 2025	HY 2024	Change
Share of joint venture profit after tax	3.4	3.7	(0.3)

 

The Group's share of joint venture profit after tax pre‐exceptional items decreased by $0.3 million to $3.4 million.

 

 

 

Half Year 2025 Finance Review

 

Half year 2025 results summary (pre-exceptional)				Constant currency
$m	HY 2025	HY 2024	Change	change
Revenue	1,926.7	1,815.6	6.1%	6.0%
EBITDA	241.3	261.6	(7.8%)	(7.5%)
EBITDA margin	12.5%	14.4%	(190) bps	(180) bps
- Amortisation of intangible assets	(38.6)	(38.9)
- Depreciation of PPE & ROU Assets	(37.8)	(35.1)
- Net finance costs	(13.6)	(10.4)
- Share of results of joint venture	3.4	3.7
- Income taxes	(22.7)	(28.4)
Profit for the period	132.0	152.5
Basic EPS	39.04c	54.71c	(28.6%)	(28.4%)
Adjusted EPS	63.03c	68.20c	(7.6%)	(7.5%)

 

Revenue

Revenue increased by 6.0% versus prior half year on a constant currency basis (+6.1% reported) to $1.93 billion, driven by volume increases of 0.9%, pricing increases of 3.4% and M&A related increase of 1.7%. Detailed analysis of revenue is set out within the operations review.

 

EBITDA

EBITDA before exceptional items decreased by 7.5% constant currency (-7.8% reported) to $241.3 million (HY 2024: $261.6 million), with EBITDA margin decline of 180 basis points constant currency (-190 bps reported) to 12.5% (HY 2024: 14.4%). Detailed analysis of EBITDA is set out within the operations review.

 

Net finance costs

Net finance costs increased by $3.2 million to $13.6 million (HY 2024: $10.4 million). The increase was driven primarily by a reduction in interest income as a result of lower average cash at HY 2025 versus HY 2024. The Group's average interest rate on a rolling 12 month basis to 5 July 2025 was 4.4% (HY 2024: 3.4%). Glanbia operates a policy of fixing a significant proportion of its interest rate exposure.

 

Share of results of joint venture

The Group's pre-exceptional share of joint venture profits decreased by $0.3 million to $3.4 million (HY 2024: $3.7 million). The decrease was driven by dairy market dynamics. The share of results of joint venture is stated after tax.

 

Income taxes

The half year 2025 pre-exceptional tax charge decreased by $5.7 million to $22.7 million (HY 2024: $28.4 million). This represents an effective tax rate, excluding joint venture, of 15.0% (HY 2024: 16.0%) and is in line with expectation. The Group currently expects that its effective tax rate for FY 2025 will be in the range of 14% to 16%.

 

 

 

Exceptional items

Exceptional items incurred in the first half of 2025 resulted in a net post-tax exceptional charge of $32.6 million (HY 2024: $9.2 million). Details of the exceptional items incurred in the period are as follows:

 

$m	HY 2025	HY 2024
Group-wide transformation programme (note 1)	28.3	6.0
Impairment of non-core assets held for sale (note 2)	8.7	-
Acquisition and integration costs (note 3)	3.1	5.0
Pension related costs (note 4)	0.1	0.2
Total	40.2	11.2
Exceptional tax credit	(7.6)	(2.0)
Total exceptional charge for the period	32.6	9.2

 

1.   Group-wide transformation programme: During 2023 the Group commenced a number of initiatives to realign support functions and optimise structures to more efficiently support business operations and growth. On 6 November 2024, a group-wide transformation programme was announced to drive efficiencies across the new operating model and support the next phase of growth. This multi-year programme is focused on driving efficiencies across the Group's operating model and supply chains while leveraging the Group's digital transformation capabilities.

2.   Impairment of non-core assets held for sale: The charge relates to fair value adjustments to reduce the carrying value of assets held for sale to fair value less costs to sell. The assets relate to the Benelux Direct-To-Consumer (DTC) online branded business (Body & Fit Sportsnutrition B.V.). Following the completion of a portfolio review, these assets and liabilities were determined to be non-core and a decision was made to divest of them, resulting in the designation as held for sale at 2024 year end. The divestment was substantially completed subsequent to the half year reporting date and is disclosed as a post balance sheet event in note 19.

3.   Acquisition and integration costs: These costs relate to the transaction and integration costs associated with the Flavor Producers business.

4.   Pension related costs: These costs relate to the restructure of certain legacy defined benefit pension schemes in the UK. Final wind up is anticipated in 2026.

 

Profit after tax

Profit after tax for the half year was $99.4 million compared to $143.3 million in HY 2024, comprising pre-exceptional profit of $132.0 million (HY 2024: $152.5 million) and exceptional charges of $32.6 million (HY 2024: $9.2 million).

 

Earnings per share (EPS)

 

The decrease in basic EPS is largely due to lower operating profit and an increase in exceptional charges, as outlined above.

 

Adjusted EPS is a key performance indicator ("KPI") of the Group and a key metric guided to the market and a key element of Executive Director and senior management remuneration. Adjusted EPS decreased by 7.5% constant currency (-7.6% reported). Full year 2025 adjusted EPS is expected to be in the range of 7% to 5% decline on a constant currency basis versus prior year.

 

 

 

Cash flow

The principal cash flow KPIs of the Group and business segments are Operating Cash Flow ("OCF") and Free Cash Flow ("FCF"). Refer to G 6.1 and G 6.2 of the glossary included in the interim financial statements for the definition of these measures. These metrics are used to monitor the cash conversion performance of the Group and Business Units and identify available cash for strategic investment. OCF conversion, which is OCF as a percentage of EBITDA, is a key element of the Executive Directors and senior management remuneration. OCF and FCF half year results for the Group are outlined below.

 

$m	HY 2025	HY 2024
EBITDA (pre-exceptional)	241.3	261.6
Movement in working capital (pre-exceptional)	(182.4)	(148.2)
Business-sustaining capital expenditure	(13.5)	(14.6)
Operating cash flow	45.4	98.8
Net interest and tax paid	(41.7)	(26.0)
Payment of lease liabilities	(11.8)	(10.7)
Other outflows	(11.5)	(8.5)
Free cash flow	(19.6)	53.6
Strategic capital expenditure	(34.2)	(30.3)
Dividend paid to Company shareholders	(67.4)	(59.6)
Share buyback (purchase of own shares)	(68.3)	(54.0)
Proceeds from disposal of property, plant and equipment	-	1.9
Exceptional costs paid	(18.3)	(9.1)
Acquisitions/disposals	-	(298.8)
Net cash flow	(207.8)	(396.3)
Exchange translation	(6.2)	(2.1)
Cash acquired on acquisition	-	1.7
Net debt movement	(214.0)	(396.7)
Net debt at the beginning of the period	(436.0)	(248.7)
Net debt at the end of the period	(650.0)	(645.4)

 

OCF was an inflow of $45.4 million (HY 2024: $98.8 million) and represents a cash conversion on EBITDA of 18.8% (HY 2024: 37.8%) in the period. The decrease in OCF versus prior period was due primarily to decreased EBITDA and reduced working capital performance. Full year OCF conversion is expected to be in line with the 80%+ target. 

 

FCF was an outflow of $19.6 million (HY 2024: inflow of $53.6 million), with the movement since prior period primarily as a result of movements in OCF outlined above and an increase in interest and tax payments.

 

Capital allocated for the benefit of shareholders includes regular dividend payments of $67.4 million (HY 2024: $59.6 million) and the execution of share buyback programmes of $68.3 million (HY 2024: $54.0 million).

 

Acquisition spend in the prior year relates to the acquisition of Flavor Producers.

 

Capital expenditure

The cash outflow relating to capital expenditure for half year 2025 amounted to $47.7 million (HY 2024: $44.9 million) which includes $13.5 million of business-sustaining capital expenditure and $34.2 million of strategic capital expenditure.

 

 

 

Group financing

Financing key performance indicators	HY 2025	HY 2024
Net debt: adjusted EBITDA*	1.28 times	1.22 times
Adjusted EBIT: adjusted net finance cost*	14.0 times	28.0 times

*The measures above are calculated on a rolling 12 month basis (a period of 12 consecutive months determined on a rolling basis with a new 12

month period beginning on the first day of each month).

 

The Group's financial position remains strong. Net debt at the 2025 half year was $650.0 million. This represents an increase of $4.6 million from the prior half year net debt of $645.4 million. At half year 2025, Glanbia had committed debt facilities of $1.37 billion (HY 2024: $1.30 billion) with a weighted average maturity of 3.2 years (HY 2024: 4.3 years). Glanbia's ability to generate cash as outlined above and available debt facilities ensures the Group has considerable capacity to finance future investments. Net debt to adjusted EBITDA was 1.28 times (HY 2024: 1.22 times) and interest cover was 14.0 times (HY 2024: 28.0 times), with both metrics remaining well within financing covenants.

 

Pension

The Group's net pension position under IAS 19 (revised) 'Employee Benefits', before deferred tax, improved by $1.5 million since 4 January 2025, resulting in a net pension asset of $12.5 million as at 5 July 2025. The defined benefit pension position is calculated by discounting the estimated future cash outflows using appropriate corporate bond rates. Restructuring of certain legacy defined pension schemes in the UK which began in 2021 is ongoing. Favourable market conditions resulted in actuarial gains in the period, resulting in an increase in the net asset position at period end.

 

Dividends

Glanbia's overall dividend policy remains unchanged at a target annual dividend payout ratio of between 25% and 35% of adjusted EPS. In line with this policy, the Board is recommending an interim dividend of 17.20 €cent per share (HY 2024: 15.64 €cent per share). The dividend will be paid on 3 October 2025 to shareholders on the register of members as at 22 August 2025. Irish withholding tax will be deducted at the standard rate where appropriate.

 

Share buyback

In December 2024, the Group commenced an initial €50.0 million share buyback programme under a €100.0 million share buyback authority. The first tranche concluded on 30 May 2025 and a second €50.0 million share buyback commenced on 4 June 2025. A total of $68.3 million (HY 2024: $54.0 million) was deployed under this programme in the period. A third €50 million share buyback programme is expected to be concluded prior to year end.

 

Foreign exchange

While the Group reports its results in US dollar, it generates a proportion of its earnings in currencies other than US dollar, in particular euro. Constant currency reporting is used by the Group to eliminate the translational effect of foreign exchange on the Group's results. To arrive at the constant currency period-on-period change, the results for the prior period are retranslated using the average exchange rates for the current period and compared to the current period reported numbers. The principal average exchange rates used to translate results for 2025 and 2024 are outlined below:

 

	HY 2025	FY 2024	HY 2024
1 US Dollar converted to euro	0.9113	0.9246	0.9247

 

 

 

Financial strategy

Glanbia's financial strategy is very much aligned with its overall strategy of ensuring the Group delivers on its key financial goals. Specific financial goals to enable this strategy include:

·      Assessing both external and organic investment opportunities against a target benchmark of 12% return after tax by end of year three;

·      Focusing the organisation on cash conversion through improved working capital management and disciplined business-sustaining capital expenditure, with a goal of greater than 80% cash conversion as a percentage of EBITDA;

·      Leveraging the Group's activities to enable improved cost structures utilising shared services, procurement, IT and a continuous improvement mindset;

·      Maintaining the capital structure of the Group within an implicit investment-grade credit profile; and

·      Capital allocation policy to return capital to shareholders which includes a dividend policy with a payout ratio of between 25% and 35% and the authorisation to implement a share buyback programme.

 

Principal risks and uncertainties

The Board of Glanbia plc has the ultimate responsibility for the Group's systems of risk management and internal control. The Group's risk management framework outlines the key stakeholder risk management responsibilities. It is strategically designed to foster risk awareness and ensure active participation across all levels of the business to the management of risk. A primary objective is to enable the Group to remain responsive to the dynamic environment in which it operates. This framework, together with the processes to identify, manage and mitigate potential material key risks to the achievement of the Group's strategic objectives are set out in detail on pages 64 - 77 of Glanbia plc's 2024 Annual Report.

 

The Group's principal risks and uncertainties, which are summarised in the risk profile table below, continue to remain relevant and unchanged from the risks reported for the year ended 04 January 2025. While no new principal risks were identified during the year, the underlying risk trend and potential impacts of some of these risks has evolved including:

 

·      Geopolitical risk, Economic and Industry risk, Market Disruption risk and Cyber Security and Data Protection risk continue to trend upwards. This is driven by ongoing geopolitical instability, global tariff and trade tensions, the rapid pace of technological advancement, particularly in AI, and persistent global threats to cybersecurity controls.

·      The overall risks associated with climate change have stabilised during the period. The progress we are making to comply with the EU Corporate Sustainability Reporting Directive ("CSRD"), along with our continued commitment to managing our environmental impact, particularly in meeting our Scope 1 and Scope 2 emission targets, has contributed to a more controlled risk environment. The updates to climate regulations have also helped reduce regulatory uncertainty, through the simplification of certain climate-related reporting obligations applicable to the Group. While the current level of risk has stabilised, the Group remains vigilant and proactively monitors emerging climate risks and regulatory developments.

 

There may be other risks and uncertainties that are not yet considered material or not yet known to the Group and this list will change if these risks assume greater importance in the future. Likewise, some of the current risks will drop off the key risks schedule as management actions are implemented or changes in the operating environment occur.

 

	Strategic/External	Technological	Operational/Regulatory	Financial
Risk where trend is stable	•     Customer Concentration •     Climate Change	•     Digital Transformation	•     Health and Safety •     Product Safety and Compliance •     Acquisition/Integration •     Supply Chain •     Talent Management	•     Taxation Changes
Risk where trend is increasing	•     Geopolitical •     Economic and Industry •     Market Disruption	•     Cyber Security and Data Protection

 

The Board is closely monitoring the key risks that could materially and adversely affect the Group's ability to achieve its strategic objectives, particularly those whose probability of occurrence/extent of impact are elevated by the consequences of the ongoing geopolitical uncertainties, instability from ongoing wars/conflicts and potential further escalation of tariff and trade tensions. Similar to our previous disclosures, these risks have wide-ranging consequences on our principal risks and uncertainties with the consequences being captured across a number of our principal risks.

 

 

The key risk factors and uncertainties with the potential to impact on the Group's financial performance in the second half of 2025 include:

 

·      Geopolitical risk - the geopolitical landscape continues to remain fragile. The war in Ukraine, regional conflicts and instability in the Middle East, continued tensions in the South China Sea and Taiwan and increased economic competition between the US and China continue to pose potential risks to global trade and economic stability. The Board is closely monitoring geopolitical dynamics in key trading regions where any escalation such as conflict, economic sanctions or trade restrictions could impact Glanbia's growth objectives.

 

·      Economic and Industry risk - the Group remains exposed to vulnerabilities in the macroeconomic outlook, primarily due to ongoing global trade pressures. These are exacerbated by heightened uncertainties and volatility in tariff policies that could pose supply chain disruption and inflationary risk pressures. The Group will continue to closely monitor these and any other adverse changes in economic conditions which may increase the cost of living and disrupt demand through reduced consumer spending.

 

·      Market disruption risk - inflation across our core markets remains persistent and vulnerable to negative impacts, particularly due to the ongoing volatility and uncertainties in trade and tariff relations between the US and its key trading partners, which have the potential to drive prices higher. Given the potential for a combination of external factors to influence this position, the Group continues to implement targeted measures to mitigate remaining inflationary pressures and navigate competitor challenges.

 

·      Supply chain risk - while supply chain volatility on our key ingredients have largely stabilized, the ongoing geopolitical tensions and volatility in trade and tariff policies could potentially impact the importation of key raw materials and/or negatively impact on the Group's international sales channels. The Group is holding appropriate safety stocks for core raw materials, however a prolonged impact to supply chains such as escalated global tariffs and trade tensions, extreme weather events and natural disasters, heightened inflation or a geo-political event in a key trading region would have negative consequences from both a supply and pricing perspective.

 

·      Customer concentration risk - while the Group's strategic focus remains on building strong customer relationships with major customers, material disruption with, or loss of, one or more of these customers, or a significant deterioration in commercial terms, could materially impact profitability. This risk can also expose the Group to credit exposure and other balance sheet risks. The Board remains focused to actively managing these risks and leveraging available mitigation strategies to limit potential adverse impacts wherever possible.

 

The Group actively manages these and all other risks, inclusive of emerging risks, through its risk management and internal control processes.

 

 

 

Cautionary statement

Glanbia plc has made forward-looking statements in this document that are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements include, but are not limited to, information concerning the Group's possible or assumed future results of operations, business strategies, financing plans, competitive position, potential growth opportunities, potential operating performance improvements, the effects of competition and the effects of future legislation or regulations. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words 'believe', 'develop', 'expect', 'ensure', 'arrive', 'achieve', 'anticipate', 'maintain', 'grow', 'aim', 'deliver', 'sustain', 'should' or the negative of these terms or similar expressions. Forward-looking statements involve risks, uncertainties and assumptions. Actual results may differ materially from those expressed in these forward-looking statements. You should not place undue reliance on any forward-looking statements. These forward-looking statements are made as of the date of this document. The Group expressly disclaims any obligation to update these forward-looking statements other than as required by law. The forward-looking statements in this release do not constitute reports or statements published in compliance with any of Regulations 4 to 9 and 26 of the Transparency (Directive 2004/109/EC) Regulations 2007 or any equivalent provisions of the Disclosure and Transparency Rules of the FCA.

 

Results webcast and dial-in details

There will be an analysts' conference call and webcast presentation to accompany this results announcement at 8.30 a.m. (BST) today. Please access the webcast from the Glanbia website at https://www.glanbia.com/investors/financial-calendar, where the presentation can also be viewed or downloaded.

 

A replay of the call will be available for 30 days from this afternoon. Please see the link below to the Investor Relations section of the Glanbia plc website for details:

 

https://www.glanbia.com/investors/results-centre

 

For further information contact

 

Glanbia plc	+353 (0)56 777 2200
Hugh McGuire, Chief Executive Officer
Mark Garvey, Chief Financial Officer
Liam Hennigan, Group Secretary & Head of Investor Relations	+353 (0)86 046 8375
Lauren O'Sullivan, Investor Relations Manager	+353 (0)85 741 7861
Martha Kavanagh, Head of Corporate Communications	+353 (0)87 646 2006

 

 

 

2025 half year financial report

 

Responsibility statement

 

Each of the Directors of Glanbia plc, whose names and functions are listed on the Group's website (www.glanbia.com), confirms that to the best of each person's knowledge and belief:

 

·      the 2025 Half Year Financial Report is in accordance with International Accounting Standard (IAS) 34, 'Interim Financial Reporting', as adopted by the European Union and the Transparency (Directive 2004/109/EC) Regulations 2007, as amended, and the Central Bank (Investment Market Conduct) Rules 2019; and

 

·      the 2025 Half Year Financial Report includes a fair review of:

o  important events that have occurred during the first six months of the year, and their impact on the condensed consolidated interim financial statements;

o  a description of the principal risks and uncertainties for the remaining six months of the financial year;

o  details of any related party transactions that have materially affected the Group's financial position or performance in the six months ended 5 July 2025, and material changes to related party transactions described in the Annual Report for the year ended 4 January 2025; and

o  any changes in the related parties' transactions described in the last annual report that could have a material effect on the financial position or performance of the Group in the first six months of the current financial year.

 

 

 

On behalf of the Board

 

Hugh McGuire                                                     Mark Garvey

Chief Executive Officer                                       Chief Financial Officer

 

12 August 2025

 

 

 

Condensed Group Income statement

for the half year ended 5 July 2025

		Half year 2025					Half year 2024
	Notes	Pre-exceptional  $m	Exceptional $m (note 5)	Total $m		Pre- exceptional  $m	Exceptional $m (note 5)	Total $m
Revenue	4	1,926.7	-	1,926.7		1,815.6	-	1,815.6
Cost of goods sold		(1,400.6)	-	(1,400.6)		(1,211.0)	-	(1,211.0)
Gross profit		526.1	-	526.1		604.6	-	604.6
Selling and distribution expenses		(199.0)	-	(199.0)		(241.0)	-	(241.0)
Administration expenses		(125.4)	(40.2)	(165.6)		(137.7)	(11.2)	(148.9)
Net impairment gain on financial assets		1.8	-	1.8		0.6	-	0.6
Operating profit before intangible asset amortisation		203.5	(40.2)	163.3		226.5	(11.2)	215.3
Intangible asset amortisation	11	(38.6)	-	(38.6)		(38.9)	-	(38.9)
Operating profit		164.9	(40.2)	124.7		187.6	(11.2)	176.4
Finance income	7	1.1	-	1.1		4.0	-	4.0
Finance costs	7	(14.7)	-	(14.7)		(14.4)	-	(14.4)
Share of results of joint venture	4	3.4	-	3.4		3.7		3.7
Profit before taxation		154.7	(40.2)	114.5		180.9	(11.2)	169.7
Income taxes	8	(22.7)	7.6	(15.1)		(28.4)	2.0	(26.4)
Profit attributable to the equity holders of the Company		132.0	(32.6)	99.4		152.5	(9.2)	143.3
Earnings Per Share attributable to the equity holders of the Company
Basic Earnings Per Share (cent)	10			39.04				54.71
Diluted Earnings Per Share (cent)	10			38.58				54.03

 

 

 

Condensed Group Statement of comprehensive Income

for the half year ended 5 july 2025

	Notes	Half year 2025 $m	Half year 2024 $m
Profit for the period		99.4	143.3
Other comprehensive income
Items that will not be reclassified subsequently to the Group income statement
Remeasurements on defined benefit plans, net of deferred tax		(0.2)	3.2
Items that may be reclassified subsequently to the Group income statement
Currency translation differences	15.1	12.7	(7.1)
Currency translation difference arising on net investment hedge	15.1	13.2	(3.1)
(Loss)/gain on cash flow hedges, net of deferred tax		(0.5)	0.4
Share of other comprehensive income of joint venture, net of deferred tax		(2.9)	2.2
Other comprehensive income for the period, net of tax		22.3	(4.4)
Total comprehensive income for the period attributable to the equity holders of the Company		121.7	138.9

 

 

 

Condensed Group Balance sheet

as at 5 july 2025

	Notes	5 July 2025 $m	4 January 2025 $m
ASSETS
Non-current assets
Property, plant and equipment	11	519.2	518.6
Right-of-use assets	11	93.4	87.0
Intangible assets	11	1,610.1	1,608.0
Interests in joint ventures		158.0	157.5
Other financial assets		0.9	0.9
Deferred tax assets		3.2	3.4
Retirement benefit assets	6	13.6	12.0
		2,398.4	2,387.4
Current assets
Inventories		701.7	634.8
Trade and other receivables		488.3	391.5
Current tax receivable		14.6	17.0
Derivative financial instruments		1.1	1.4
Cash and cash equivalents (excluding bank overdrafts)		275.6	417.0
		1,481.3	1,461.7
Assets held for sale	3	17.5	25.4
		1,498.8	1,487.1
Total assets		3,897.2	3,874.5
EQUITY
Issued capital and reserves attributable to equity holders of the Company
Share capital and share premium	14	129.0	129.3
Other reserves	15.1	183.0	168.3
Retained earnings	15.2	1,737.7	1,775.2
Total equity		2,049.7	2,072.8
LIABILITIES
Non-current liabilities
Borrowings	12	754.3	552.2
Lease liabilities		90.8	85.1
Retirement benefit obligations	6	1.1	1.0
Deferred tax liabilities		99.0	104.6
Provisions		4.5	4.3
		949.7	747.2
Current liabilities
Trade and other payables		595.8	611.7
Borrowings	12	171.3	300.8
Lease liabilities		20.7	20.8
Current tax liabilities		89.6	101.9
Derivative financial instruments		0.6	-
Provisions		11.8	10.7
		889.8	1,045.9
Liabilities held for sale	3	8.0	8.6
		897.8	1,054.5
Total liabilities		1,847.5	1,801.7
Total equity and liabilities		3,897.2	3,874.5

 

 

 

Condensed Group Statement of changes in equity

For the half year ended 5 july 2025

	Attributable to equity holders of the Company
Half year 2025	Share capital and share premium $m (note 14)	Other  reserves $m (note 15.1)	Retained earnings $m (note 15.2)	Total $m
Balance at 5 January 2025	129.3	168.3	1,775.2	2,072.8
Profit for the period	-	-	99.4	99.4
Other comprehensive income	-	22.5	(0.2)	22.3
Total comprehensive income for the period	-	22.5	99.2	121.7
Dividends	-	-	(67.4)	(67.4)
Purchase of own shares	-	(87.7)	-	(87.7)
Cancellation of own shares	(0.3)	67.2	(66.9)	-
Cost of share-based payments	-	8.6	-	8.6
Transfer on exercise, vesting or expiry of share-based payments	-	4.1	(4.1)	-
Deferred tax on share-based payments	-	-	1.7	1.7
Balance at 5 July 2025	129.0	183.0	1,737.7	2,049.7

 

 

Half year 2024
Balance at 31 December 2023	129.7	172.1	1,830.8	2,132.6
Profit for the period	-	-	143.3	143.3
Other comprehensive income	-	(7.6)	3.2	(4.4)
Total comprehensive income for the period	-	(7.6)	146.5	138.9
Dividends	-	-	(59.6)	(59.6)
Purchase of own shares	-	(71.7)		(71.7)
Cancellation of own shares	(0.2)	54.2	(54.0)	-
Cost of share-based payments	-	9.6		9.6
Transfer on exercise, vesting or expiry of share-based payments	-	6.7	(6.7)	-
Deferred tax on share-based payments	-	-	1.6	1.6
Balance at 29 June 2024	129.5	163.3	1,858.6	2,151.4

 

 

 

Condensed gROUP Statement of cash flows

For the half year ended 5 July 2025

	Notes	Half year 2025 $m	Half year  2024 $m
Cash flows from operating activities
Net cash flows from operating activities before exceptional items	17	66.8	122.3
Cash outflow related to exceptional items		(18.3)	(9.1)
Interest received		1.7	4.3
Interest paid (including interest paid on lease liabilities)		(14.7)	(13.5)
Tax paid		(28.7)	(16.8)
Net cash inflow from operating activities		6.8	87.2
Cash flows from investing activities
Payment for acquisition of subsidiaries, net of cash acquired		-	(297.1)
Payments for property, plant and equipment		(23.8)	(29.8)
Payments for intangible assets		(23.9)	(15.1)
Proceeds from disposal/redemption of FVOCI financial assets		-	0.3
Proceeds from sale of property, plant and equipment		-	1.9
Net cash outflow from investing activities		(47.7)	(339.8)
Cash flows from financing activities
Purchase of own shares	15.1	(87.7)	(71.7)
Drawdown of borrowings	12	484.5	314.6
Repayment of borrowings	12	(285.0)	(96.1)
Payment of lease liabilities		(11.8)	(10.7)
Dividends paid to Company shareholders	15.2	(67.4)	(59.6)
Net cash inflow from financing activities		32.6	76.5
Net decrease in cash and cash equivalents	12	(8.3)	(176.1)
Cash and cash equivalents at the beginning of the period		116.2	304.8
Effects of exchange rate changes on cash and cash equivalents		(3.6)	(3.4)
Cash and cash equivalents at the end of the period	12	104.3	125.3

 

 

Cash and cash equivalents at the end of the period include:

		5 July 2025 $m	29 June 2024 $m
Cash and cash equivalents (excluding bank overdrafts)		275.6	300.9
Bank overdrafts		(171.3)	(175.6)
	12	104.3	125.3

 

 

 

Notes to the financial statements

For the half year ended 5 July 2025

 

1.     General information

Glanbia plc (the "Company") and its subsidiaries (together the "Group") is a leading global nutrition group with geographical presence in regions that include North America, Europe and Asia Pacific. The Company is a public limited company incorporated and domiciled in Ireland, the number under which it is registered is 129933. The address of its registered office is Glanbia House, Kilkenny, Ireland, R95 E866. The Company is the ultimate parent company of the Group and its shares are quoted on the Euronext Dublin and London Stock Exchange (International Commercial Companies Secondary Listing).

 

These condensed consolidated interim financial statements as at, and for the period commencing 5 January 2025 and ended 5 July 2025 (half year/six months) ("interim financial statements") were approved for issue by the Board of Directors on 12 August 2025.

 

2.     Basis of preparation

The interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the European Union, the Transparency (Directive 2004/109/EC) Regulations 2007 as amended, and the Central Bank (Investment Market Conduct) Rules 2019. The interim financial statements should be read in conjunction with the financial statements as at, and for the year ended 4 January 2025 ("2024 Annual Report"). The interim financial statements do not include all of the information required for a complete set of IFRS financial statements and have not been audited or reviewed by the Group's auditor.

The methods of computation, presentation and accounting policies adopted in the preparation of the interim financial statements are consistent with those applied in the 2024 Annual Report other than noted below. The Group's accounting policies are set out in note 2 to the financial statements in the 2024 Annual Report. All amounts relate to continuing operations unless otherwise stated.

 

Segment Reporting

As announced on 6 November 2024, Glanbia has commenced a Group-wide transformation programme to drive efficiencies across the new operating model and support the next phase of growth through three focused segments; Performance Nutrition, Health & Nutrition and Dairy Nutrition. The new operating model reflects the way resources are allocated and performance is assessed by the Chief Operating Decision Maker (CODM). There has been no change to the CODM during the period.  Comparative segment information for 2024 has been restated where necessary to reflect the changes in reportable segments. See note 4 of the interim financial statements for further details.

 

Critical accounting judgements and estimates

The significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty in preparing the interim financial statements were the same as those that applied to the 2024 Annual Report.

 

New and amended standards adopted in the current period

The following changes to IFRS became effective for the Group for the current year but did not result in a material impact on the Group's results.

·          Classification of Liabilities as Current or Non-current - Amendments to IAS 1

·          Non-current Liabilities with Covenants - Amendments to IAS 1

·          Lack of exchangeability- Amendments to IAS 1

·          Lease Liability in a Sale and Leaseback - Amendments to IFRS 16

·          Supplier Finance Arrangements - Amendments to IAS 7 and IFRS 7

 

Going concern

The time period that the Directors have considered in evaluating the appropriateness of the going concern basis in preparing the interim financial statements is a period of at least 12 months from the date of approval of these interim financial statements (the "period of assessment").

The Directors have given due regard to the Group's available cash resources, borrowing facilities and related covenant requirements which taken together, provide confidence that the Group will be able to meet its obligations as they fall due, and the Group's financial risk management policies as described in the 2024 Annual Report, the nature of business activities and the factors likely to impact operating performance and future growth.

Having assessed the relevant business risks identified and discussed in the Principal risks and uncertainties on pages 12 and 13, the Directors believe that the Group is well placed to manage these risks successfully and they have a reasonable expectation that the Group has adequate resources to continue in operational existence for the period of assessment. The Group therefore considers it appropriate to adopt the going concern basis in preparing its interim financial statements.

 

Foreign currency translation

The interim financial statements are presented in US dollar.

 

The principal exchange rates used for the translation of results and balance sheets into US dollar are as follows:

 

		Average			Period end
1 US dollar =	Half year 2025	Half year 2024	Full year 2024		5 July 2025	29 June 2024	4 January 2025
euro	0.9113	0.9247	0.9246		0.8498	0.9341	0.9710
Pound sterling	0.7686	0.7904	0.7827		0.7330	0.7906	0.8058

 

3.     Assets and liabilities held for sale

 

	5 July 2025 $m	4 January 2025 $m
Inventories	10.4	9.3
Intangible assets	2.8	6.6
Trade and other receivables	2.7	5.0
Property, plant and equipment	1.1	3.1
Right-of-use assets	0.5	1.4
Assets held for sale	17.5	25.4
Trade and other payables	(5.6)	(6.3)
Lease liabilities	(2.4)	(2.3)
Liabilities held for sale	(8.0)	(8.6)

 

The assets and liabilities held for sale at 5 July 2025 and 4 January 2025 relate to the Benelux Direct-to-Consumer (DTC) online branded business (Body & Fit Sportsnutrition B.V.). Following the completion of a portfolio review, these assets and liabilities which are part of the Performance Nutrition segment were determined to be non-core and a decision was made to divest of them, resulting in the designation as held for sale at 2024 year end. The divestment was substantially completed subsequent to the half year reporting date and is disclosed as a post balance sheet event in note 19.

The above divestment is not regarded as a discontinued operation as it was not considered to be either a separate major line of business or geographical area of operations.

 

4.     Segment information

 

In accordance with IFRS 8 'Operating Segments', the Group has identified Performance Nutrition, Health & Nutrition and Dairy Nutrition as reportable segments as at 5 July 2025 (2024: Glanbia Performance Nutrition and Glanbia Nutritionals). Glanbia Performance Nutrition was renamed to Performance Nutrition during the period and Glanbia Nutritionals has been segregated into Health & Nutrition and Dairy Nutrition. The new segments reflect the way resources are allocated and performance is assessed by the CODM. Comparative segment information for 2024 has been restated where necessary to reflect the changes in reportable segments. Performance Nutrition manufactures and sells sports nutrition and lifestyle nutrition products through a variety of channels including specialty, online, Food, Drug, Mass, Club (FDMC), and distributor in a variety of formats, including powders, Ready-to-Eat (bars and snacking foods) and Ready-to-Drink beverages. Health & Nutrition is a leading global nutritional solutions business, providing value added ingredient and flavour solutions to a range of attractive, high-growth end markets. Dairy Nutrition is a leading producer of whey protein isolate and American-style cheddar cheese in the US and provides a wide range of dairy and functional protein solutions.

Half year 2025	Performance Nutrition $m	Health & Nutrition* $m	Dairy Nutrition* $m	All other segments and   unallocated $m	Total $m
Segment results (pre-exceptional)
Total gross segment revenue	850.1	316.2	787.1	-	1,953.4
Inter-segment revenue	(0.1)	(3.2)	(23.4)	-	(26.7)
Revenue	850.0	313.0	763.7	-	1,926.7
Earnings before interest, tax, depreciation, amortisation and exceptional items (EBITDA)	108.2	60.9	72.2	-	241.3
Share of results of joint venture	-	-	-	3.4	3.4
Half year 2024
Segment results (pre-exceptional)
Total gross segment revenue	882.6	269.0	690.7	-	1,842.3
Inter-segment revenue	(0.5)	(4.7)	(21.5)	-	(26.7)
Revenue	882.1	264.3	669.2	-	1,815.6
Earnings before interest, tax, depreciation, amortisation and exceptional items (EBITDA)	156.4	44.7	60.5	-	261.6
Share of results of joint venture	-	-	-	3.7	3.7
*Comparatives restated to reflect the changes in reportable segments.       5 July 2025	Performance Nutrition $m	Health & Nutrition* $m	Dairy Nutrition* $m	All other segments and unallocated $m	Total $m
Segment assets and liabilities
Segment assets	1,765.1	816.6	800.9	514.6	3,897.2
Segment liabilities	370.1	111.3	206.8	1,159.3	1,847.5

 

4 January 2025
Segment assets and liabilities
Segment assets	1,700.9	759.1	766.0	648.5	3,874.5
Segment liabilities	378.8	94.3	261.2	1,067.4	1,801.7

*Comparatives restated to reflect the changes in reportable segments.

 

Segment earnings before interest, tax, depreciation, amortisation and exceptional items are reconciled to reported profit before taxation and profit after taxation as follows:

	Notes	Half year 2025 $m	Half year 2024 $m
Earnings before interest, tax, depreciation, amortisation and exceptional items		241.3	261.6
Finance income	7	1.1	4.0
Finance costs	7	(14.7)	(14.4)
Share of results of joint venture		3.4	3.7
Exceptional items before tax	5	(40.2)	(11.2)
Intangible asset amortisation	11	(38.6)	(38.9)
Depreciation of property, plant and equipment	11	(26.6)	(25.1)
Depreciation of right-of-use assets	11	(11.2)	(10.0)
Profit before taxation		114.5	169.7
Income taxes	8	(15.1)	(26.4)
Profit for the period		99.4	143.3

 

Geographical information

Revenue from external customers, and non-current assets, other than financial instruments, deferred tax assets, and retirement benefit assets attributable to the country of domicile and all foreign countries of operation for which revenue/non-current assets exceed 10% of total Group revenue/non-current assets are set out below.

 

Revenue from external customers in the table below and in the disaggregation of revenue by primary geographical markets table is allocated to geographical areas based on the place of delivery or collection of the products sold as agreed with customers as opposed to the end use market where the product may be consumed.

	Revenue			Non-current assets
	Half year 2025 $m	Half year 2024 $m		5 July  2025 $m	4 January 2025 $m
Ireland (country of domicile)	38.0	12.3		1,056.9	1,064.4
US	1,304.8	1,238.3		1,185.9	1,180.8
Other
- North America (excluding US)	63.5	56.2		5.8	5.6
- Europe (excluding Ireland)	260.4	229.0		120.6	108.9
- Asia Pacific	203.6	198.2		10.6	11.3
- LATAM	27.5	50.7		0.9	0.1
- Rest of World	28.9	30.9		-	-
	1,926.7	1,815.6		2,380.7	2,371.1

 

Disaggregation of revenue

Revenue is disaggregated based on the Group's internal reporting structures, the primary geographical markets in which the Group operates, the timing of revenue recognition, and channel mix as set out in the following tables:

		Half year 2025					Half year 2024
		Performance Nutrition  $m	Health & Nutrition $m	Dairy Nutrition $m	Total $m		Performance Nutrition  $m	Health & Nutrition* $m	Dairy Nutrition* $m	Total $m
Internal reporting structures
Health & Nutrition		-	313.0	-	313.0		-	264.3	-	264.3
Dairy Nutrition		-	-	763.7	763.7		-	-	669.2	669.2
PN Americas		518.6	-	-	518.6		568.1	-	-	568.1
PN International		331.4	-	-	331.4		314.0	-	-	314.0
Total		850.0	313.0	763.7	1,926.7		882.1	264.3	669.2	1,815.6

 

Primary geographical markets
North America		525.9	186.8	655.6	1,368.3		569.2	164.3	561.0	1,294.5
Europe		179.0	70.4	49.0	298.4		173.6	54.9	12.8	241.3
Asia Pacific		120.9	31.1	51.6	203.6		110.5	25.0	62.7	198.2
LATAM		6.7	13.4	7.4	27.5		9.1	9.0	32.6	50.7
Rest of World		17.5	11.3	0.1	28.9		19.7	11.1	0.1	30.9
Total		850.0	313.0	763.7	1,926.7		882.1	264.3	669.2	1,815.6
Timing of revenue recognition
Products transferred at point in time		850.0	313.0	763.7	1,926.7		882.1	264.3	669.2	1,815.6
Products transferred over time		-	-	-	-		-	-	-	-
Total		850.0	313.0	763.7	1,926.7		882.1	264.3	669.2	1,815.6

*Restated to reflect the changes in reportable segments.

 

Channel mix for Performance Nutrition	Half year 2025 $m	Half year 2024 $m
Distributor	168.6	197.0
Food, Drug, Mass, Club (FDMC)	285.7	314.0
Online	302.1	267.3
Specialty	93.6	103.8
Total	850.0	882.1

 

The disaggregation of revenue by channel mix is most relevant for Performance Nutrition.

 

5.     Exceptional items

	Notes	Half year 2025 $m	Half year 2024 $m
Group-wide transformation programme	(a)	28.3	6.0
Impairment of non-core assets held for sale	(b)	8.7	-
Acquisition and integration costs	(c)	3.1	5.0
Pension related costs	(d)	0.1	0.2
Total		40.2	11.2
Exceptional tax credit	8	(7.6)	(2.0)
Total exceptional charge for the period	17	32.6	9.2

 

(a)    Group-wide transformation programme: During 2023 the Group commenced a number of initiatives to realign support functions and optimise structures to more efficiently support business operations and growth. On 6 November 2024, a group-wide transformation programme was announced to drive efficiencies across the new operating model and support the next phase of growth. This multi-year programme is focused on driving efficiencies across the Group's operating model and supply chains while leveraging the Group's digital transformation capabilities.

(b)    Impairment of non-core assets held for sale: The charge relates to fair value adjustments to reduce the carrying value of assets held for sale to the fair value less costs to sell. The assets relate to the Benelux Direct-To-Consumer (DTC) online branded business (Body & Fit Sportsnutrition B.V.). Following the completion of a portfolio review, these assets and liabilities were determined to be non-core and a decision was made to divest of them, resulting in the designation as held for sale at 2024 year end. The divestment was substantially completed subsequent to the half year reporting date and is disclosed as a post balance sheet event in note 19.

(c)    Acquisition and integration costs: These costs relate to the transaction and integration costs associated with the Flavor Producers business.

(d)    Pension related costs: These costs relate to the restructure of certain legacy defined benefit pension schemes in the UK. Final wind up is anticipated in 2026.

 

6.     Retirement benefit obligations

Recognition in the Condensed Group balance sheet:

 

	5 July 2025 $m	4 January 2025 $m
Non-current assets - Surplus on defined benefit pension plan	13.6	12.0
Non-current liabilities - Deficit on defined benefit pension plan	(1.1)	(1.0)
Net defined benefit pension plans asset	12.5	11.0

 

The net asset disclosed above relates to funded plans. The movement in the net defined benefit pension plans asset is as follows:

HY 2025	ROI $m	UK $m	Total $m
Fair value of plan assets:
At the beginning of the period	94.3	0.2	94.5
Interest income	1.7	-	1.7
Recognised in profit or loss	1.7	-	1.7
Remeasurements
Return of plan assets in excess of interest income	(1.6)	-	(1.6)
Recognised in OCI	(1.6)	-	(1.6)
Exchange differences	13.0	-	13.0
Contributions paid by the employer	0.3	-	0.3
Contributions paid by the employee	0.2	-	0.2
Benefits paid	(5.2)	-	(5.2)
At the end of the period	102.7	0.2	102.9
Present value of obligations:
At the beginning of the period	(82.5)	(1.0)	(83.5)
Current service cost	(0.4)	-	(0.4)
Interest expense	(1.4)	-	(1.4)
Recognised in profit or loss	(1.8)	-	(1.8)
Remeasurements
Gain from changes in financial assumptions	1.4	-	1.4
Recognised in OCI	1.4	-	1.4
Exchange differences	(11.4)	(0.1)	(11.5)
Contributions paid by the employee	(0.2)	-	(0.2)
Benefits paid	5.2	-	5.2
At the end of the period	(89.3)	(1.1)	(90.4)
Net asset/(liability)	13.4	(0.9)	12.5
FY 2024
Fair value of plan assets:
At the beginning of the year	106.8	0.4	107.2
Interest income	3.2	-	3.2
Recognised in profit or loss	3.2	-	3.2
Remeasurements
Return of plan assets in excess of interest income	0.7	-	0.7
Recognised in OCI	0.7	-	0.7
Exchange differences	(7.0)	-	(7.0)
Contributions paid by the employer	0.6	-	0.6
Contributions paid by the employee	0.3	-	0.3
Benefits paid	(10.3)	(0.2)	(10.5)
At the end of the year	94.3	0.2	94.5

 

FY 2024	ROI $m	UK $m	Total $m
Present value of obligations:
At the beginning of the year	(98.8)	(1.2)	(100.0)
Current service cost	(0.8)	-	(0.8)
Interest expense	(2.9)	(0.1)	(3.0)
Recognised in profit or loss	(3.7)	(0.1)	(3.8)
Remeasurements
Loss from experience adjustments	(0.4)	0.1	(0.3)
Gain from changes in financial assumptions	4.2	-	4.2
Recognised in OCI	3.8	0.1	3.9
Exchange differences	6.2	-	6.2
Contributions paid by the employee	(0.3)	-	(0.3)
Benefits paid	10.3	0.2	10.5
At the end of the year	(82.5)	(1.0)	(83.5)
Net asset/(liability)	11.8	(0.8)	11.0

 

The principal assumptions used for the purposes of the actuarial valuations were as follows:

 

	Half year 2025				Half year 2024						Year 2024
	ROI		UK			ROI		UK		ROI			UK
Discount rate	3.60%		5.80%			3.60%		5.30%		3.45%			5.60%
Inflation rate	1.90%		2.65%-3.05%			2.10%		2.70%-3.25%		1.85%			2.80%-3.20%
Future salary increases*	2.90%		0.00%			3.10%		0.00%		2.85%			0.00%
Future pension increases	0.00%		2.60%-2.90%			0.00%		2.65%-3.10%		0.00%			2.75%-3.05%
Mortality rates (years):
- Male - currently aged 65 years old	22.0		20.2			22.1		20.8		22.0			20.2
- Female - currently aged 65 years old	24.5		22.4			24.4		23.0		24.5			22.4
- Male - reaching 65 years of age in 20 years' time	23.4		21.2			24.3		21.7		23.4			21.2
- Female - reaching 65 years of age in 20 years' time	25.9		23.6			26.4		24.1		25.9			23.6

 

* The ROI defined benefit pension plans are on a career average structure therefore this assumption does not have a material impact. The UK defined benefit pension plans comprise solely pensioners and deferred pensioners.

 

7.     Finance income and costs

		Half year 2025 $m	Half year 2024 $m
Finance income
Interest income on cash and deposits		1.1	3.8
Interest income on swaps		-	0.2
Total finance income		1.1	4.0
Finance costs
Bank borrowing costs		(6.9)	(6.5)
Facility fees		(1.5)	(1.5)
Finance cost of private placement debt		(4.7)	(5.1)
Interest expense on lease liabilities		(1.6)	(1.3)
Total finance costs		(14.7)	(14.4)
Net finance costs		(13.6)	(10.4)

 

8.     Income taxes

The Group's income tax charge of $15.1 million (HY2024: $26.4 million) net of an exceptional tax credit of $7.6 million (HY2024: $2.0 million) (note 5) was prepared based on the Group's best estimate of the weighted average tax rate that is expected for the full financial year. The income tax charge is derived based on the profits and appropriate tax rates in force in each jurisdiction in which the Group operates for 2025. Based on legislation in effect and current financial forecasts, the Group does not expect to pay a material Pillar Two top-up tax with respect to its 2025 financial year (the year ending 3 January 2026).

 

9.     Dividends

		Half year 2025 $m	Half year 2024 $m
Equity dividends to shareholders
Final - EUR 23.33c per ordinary share, paid on 2 May 2025 (FY 2024: EUR 21.21c, paid on 3 May 2024)		67.7	60.2
Interim - EUR 17.20c per ordinary share, payable on 3 October 2025 (HY 2024: EUR 15.64c, paid on 4 October 2024)		51.4	45.2

 

Of the $67.7 million (HY2024: $60.2 million) dividends paid during the half year ended 5 July 2025, $0.3 million (HY2024: $0.4 million) are waived in relation to own shares. There was no dividend withholding tax refund received in the current period (HY2024: $0.2 million).

These interim financial statements do not reflect the interim dividends recommended for 2025. The amount of interim dividends recommended is based on the number of issued shares at period end (note 14). The actual amount will be based on the number of issued shares on the record date. There are no income tax consequences for the Company in respect of dividends proposed prior to issuance of the interim financial statements.

 

10.   Earnings per share

Basic

Basic Earnings Per Share is calculated by dividing profit after tax attributable to the equity holders of the Company by the weighted average number of ordinary shares in issue during the period, excluding ordinary shares purchased by the Group and held as own shares.

 

Diluted

Diluted Earnings Per Share is calculated by adjusting the weighted average number of ordinary shares in issue to assume conversion of all potential dilutive ordinary shares. Share awards are the Company's only potential dilutive ordinary shares.

The share awards, which are performance based, are treated as contingently issuable shares because their issue is contingent upon satisfaction of specified performance conditions as well as the passage of time. Contingently issuable shares are included in the calculation of Diluted Earnings Per Share to the extent that conditions governing exercisability have been satisfied, as if the end of the reporting period were the end of the vesting period.

 

	Half year 2025	Half year 2024
Profit after tax attributable to equity holders of the Company ($m)	99.4	143.3
Basic Earnings Per Share (cent)	39.04	54.71
Diluted Earnings Per Share (cent)	38.58	54.03

 

	Half year 2025	Half year 2024
Weighted average number of ordinary shares in issue	254,596,177	261,915,963
Shares deemed to be issued for no consideration in respect of share awards	3,027,904	3,309,696
Weighted average number of shares used in the calculation of Diluted Earnings Per Share	257,624,081	265,225,659

 

11.   Property, plant and equipment, right-of-use assets and intangible assets

Property, plant and equipment

During the six month period to 5 July 2025, property, plant and equipment increased by $0.6 million to $519.2 million. This movement reflects additions of $21.8 million (HY2024: $27.7 million), gains of $6.1 million (HY2024: losses of $1.9 million) arising from exchange differences, depreciation charges of $26.6 million (HY2024: $25.1 million) and disposals of $0.7 million (HY2024: $1.2 million). There were no business combinations during the period (HY2024: $11.3 million).

 

Right-of-use assets

During the six month period to 5 July 2025, right-of-use assets increased by $6.4 million, to $93.4 million. This movement reflects additions of $3.8 million (HY 2024: $6.1 million), remeasurement gains of $12.1 million (HY2024: losses of $1.1 million), gains of $1.8 million (HY2024: losses of $0.1 million) arising from exchange differences, depreciation charges of $11.2 million (HY2024: $10.0 million) and impairment of $0.1 million (HY2024: nil). There were no business combinations (HY2024: $2.3 million) or disposals (HY 2024: $0.3 million) during the period.

 

Intangible assets

During the six month period to 5 July 2025, intangible assets increased by $2.1 million to $1,610.1 million. This movement reflects additions of $23.9 million (HY2024: $15.1 million), gains of $16.8 million (HY2024: losses of $5.8 million) arising from exchange differences and amortisation charges of $38.6 million (HY2024: $38.9 million). There were no business combinations during the period (HY2024: $270.5 million).

 

12.   Borrowings

	5 July 2025 $m	4 January 2025 $m
Non-current
Bank borrowings	379.3	177.2
Private placement debt	375.0	375.0
	754.3	552.2
Current
Bank overdrafts	171.3	300.8
Total borrowings	925.6	853.0

 

Bank borrowings increased due to net drawdown of borrowings during the current period.

 

The maturity profile of borrowings, and undrawn committed and uncommitted facilities is as follows:

	5 July 2025					4 January 2025
	Borrowings $m	Undrawn committed facilities $m	Undrawn uncommitted facilities $m				Borrowings $m	Undrawn committed facilities $m	Undrawn uncommitted facilities $m
12 months or less	171.3	-	17.6				300.8	-	16.3
Between 1 and 2 years	-	-	-				-	-	-
Between 2 and 5 years	479.3	611.9	-				277.2	720.8	-
More than 5 years	275.0	-	-				275.0	-	-
	925.6	611.9	17.6				853.0	720.8	16.3

 

Net debt is a non-IFRS measure which we provide to investors as we believe they find it useful. Net debt comprises the following:

	5 July 2025 $m	4 January 2025 $m
Bank borrowings and private placement debt	754.3	552.2
Cash and cash equivalents net of bank overdrafts	(104.3)	(116.2)
	650.0	436.0

 

Net debt reconciliation is as follows:

		Half year 2025 $m	Half year 2024 $m
Net debt at the beginning of the period		436.0	248.7
Drawdown of borrowings		484.5	314.6
Repayment of borrowings		(285.0)	(96.1)
Exchange translation adjustment on net debt		6.2	2.1
Net decrease in cash and cash equivalents		8.3	176.1
Net debt at the end of the period		650.0	645.4

 

13.   Fair value of financial instruments

 

There have been no changes to the risk management procedures or policies since 4 January 2025. Refer to note 30 of the 2024 Annual Report for details on these risk management procedures and policies.

Except as detailed in the following table, the Group deemed that the carrying amounts of financial instruments measured at amortised cost in the interim financial statements approximate their fair value due to their short-term nature:

	5 July 2025			4 January 2025
	Carrying amount $m	Fair value $m		Carrying  amount $m	Fair value $m
Non-current borrowings payable	754.3	708.5		552.2	493.6

 

Fair value is estimated by discounting future contractual cash flows using current market interest rates from observable interest rates at the end of the reporting period that are available to the Group for similar financial instruments (classified as level 2 in the fair value hierarchy).

 

The following table shows the fair values of financial instruments measured at fair value:

	Fair value hierarchy	5 July 2025 $m	4 January 2025 $m
Assets
Foreign exchange contracts - cash flow hedges	Level 2	1.1	1.0
Cross currency swaps - fair value through income statement	Level 2	-	0.4
Liabilities
Foreign exchange contracts - cash flow hedges	Level 2	(0.5)	-
Cross currency swaps - fair value through income statement	Level 2	(0.1)	-

 

There was no movement in the carrying amounts associated with Level 3 financial instruments. Refer to note 29 of the 2024 Annual Report for details of the valuation process of the financial assets and liabilities.

 

14.   Share capital and share premium

	Number of shares (thousands)	Ordinary shares $m	Share premium $m	Total $m
At 5 January 2025	258,901	19.4	109.9	129.3
Cancellation of own shares	(4,971)	(0.3)	-	(0.3)
At  5 July 2025	253,930	19.1	109.9	129.0

 

 

At 31 December 2023	265,072	19.8	109.9	129.7
Cancellation of own shares	(2,786)	(0.2)	-	(0.2)
At 29 June 2024	262,286	19.6	109.9	129.5

 

The total authorised number of ordinary shares in the current and prior period is 350 million shares with a par value of €0.06 per share. All issued shares are fully paid, and carry one vote per share and a right to dividends.

 

15.   Other reserves and retained earnings

15.1 Other reserves

 

Half year 2025	Capital and merger reserve $m	Currency reserve $m	Hedging reserve $m	Own  shares $m	Share based payment reserve $m	Other $m	Total $m
Balance at 5 January 2025	137.1	17.9	5.9	(23.2)	30.4	0.2	168.3
Currency translation differences	-	12.7	-	-	-	-	12.7
Net investment hedge	-	13.2	-	-	-	-	13.2
Revaluation - gross	-	-	(2.9)	-	-	-	(2.9)
Reclassification to profit or loss - gross	-	-	(1.5)	-	-	-	(1.5)
Deferred tax	-	-	1.0	-	-	-	1.0
Net change in OCI	-	25.9	(3.4)	-	-	-	22.5
Purchase of own shares	-	-	-	(87.7)	-	-	(87.7)
Cancellation of own shares	0.3	-	-	66.9	-	-	67.2
Cost of share-based payments	-	-	-	-	8.6	-	8.6
Transfer on exercise, vesting or expiry of share-based payments	-	-	-	25.8	(21.7)	-	4.1
Balance at 5 July 2025	137.4	43.8	2.5	(18.2)	17.3	0.2	183.0

 

Half year 2024
Balance at 31 December 2023	136.7	30.4	4.5	(37.5)	37.8	0.2	172.1
Currency translation differences	-	(7.1)	-	-	-	-	(7.1)
Net investment hedge	-	(3.1)	-	-	-	-	(3.1)
Revaluation - gross	-	-	3.3	-	-	-	3.3
Reclassification to profit or loss - gross	-	-	0.2	-	-	-	0.2
Deferred tax	-	-	(0.9)	-	-	-	(0.9)
Net change in OCI	-	(10.2)	2.6	-	-	-	(7.6)
Purchase of own shares	-	-	-	(71.7)	-	-	(71.7)
Cancellation of own shares	0.2	-	-	54.0	-	-	54.2
Cost of share-based payments	-	-	-	-	9.6	-	9.6
Transfer on exercise, vesting or expiry of share-based payments	-	-	-	30.8	(24.1)	-	6.7
Balance at 29 June 2024	136.9	20.2	7.1	(24.4)	23.3	0.2	163.3

 

Refer to note 23 of the 2024 Annual Report for a description of the components of other reserves.

 

15.2 Retained earnings

	Notes	Half year 2025 $m	Half year 2024 $m
At the beginning of the period		1,775.2	1,830.8
Profit for the period attributable to equity holders of the Company		99.4	143.3
Other comprehensive income
- Remeasurements on defined benefit plans		(0.2)	3.7
- Deferred tax on remeasurements on defined benefit plans		-	(0.5)
		(0.2)	3.2
Dividends		(67.4)	(59.6)
Cancellation of own shares	15.1	(66.9)	(54.0)
Transfer on exercise, vesting or expiry of share-based payments	15.1	(4.1)	(6.7)
Deferred tax on share-based payments		1.7	1.6
At the end of the period		1,737.7	1,858.6

 

16.   Related party transactions

Related parties of the Group are the same as outlined in the 2024 Annual Report, with the exception of Leprino Foods which is not deemed to be a related party in 2025.

 

Transactions that occurred with related parties during the period ended 5 July 2025 include:

		Half year 2025 $m	Half year 2024 $m
Transactions with joint venture
Sales of services		34.7	26.8
Purchases of goods		23.9	7.2
Transactions with Tirlán Co-operative Group
Dividends received		0.1	-
Dividends paid		19.9	17.3
Sales of services		13.6	14.1
Sales of goods		0.3	0.3
Purchases of goods		22.3	23.7
Purchases of services		0.3	0.3

 

 

There have been no significant changes in the nature and scale of the transactions with directors and key management personnel as described in the 2024 Annual Report.

 

17.   Net cash flows from operating activities before exceptional items

	Notes	Half year 2025 $m	Half year 2024 $m
Profit for the period		99.4	143.3
Exceptional items	5	32.6	9.2
Income taxes		22.7	28.4
Profit before taxation		154.7	180.9
Share of results of joint venture	4	(3.4)	(3.7)
Finance costs	7	14.7	14.4
Finance income	7	(1.1)	(4.0)
Amortisation of intangible assets	11	38.6	38.9
Depreciation of property, plant and equipment	11	26.6	25.1
Depreciation of right-of-use assets	11	11.2	10.0
Cost of share-based payments	15.1	8.6	9.6
Net write down of inventories		10.1	10.4
Other		(0.9)	(4.8)
Operating cash flows before movement in working capital		259.1	276.8
Movement in working capital		(192.3)	(154.5)
Net cash flows from operating activities before exceptional items		66.8	122.3

 

18.   Contingent liabilities and commitments

Contingent liabilities

Guarantees provided by financial institutions amounting to $7.2 million (FY 2024: $6.8 million) are outstanding at 5 July 2025. The Group does not expect any material loss to arise from these guarantees. The Group has contingent liabilities in respect of legal claims arising in the ordinary course of business. It is not anticipated that any material liability will arise from these contingent liabilities other than those provided for.

 

Commitments

At 5 July 2025 the Group had entered into contractual commitments for the acquisition of property, plant and equipment amounting to $8.4 million (FY 2024: $6.1 million) and software of $2.3 million (FY 2024: $0.1 million).

 

19.   Events after the reporting period

See note 9 for the interim dividend, recommended by the Directors, to be paid on 3 October 2025.

 

Subsequent to the reporting date, the directors approved the divestment of Body & Fit Sportsnutrition B.V. to an external party with completion expected to occur in Q4 2025.

 

Subsequent to the reporting date, on 1 August 2025, Glanbia acquired Sweetmix for initial consideration of $41 million plus contingent consideration. Sweetmix is a Brazil-based nutritional premix and ingredients solutions business and is a complementary acquisition for the Health & Nutrition segment. In 2024 Sweetmix delivered $17.3 million in revenue and is expected to be marginally accretive to earnings per share in H2 2025. Due to the proximity of the acquisition to the date of signature of the financial statements, it is not possible to provide the fair values of the net assets acquired.

 

20.   Information

The interim financial statements are considered non-statutory financial statements for the purposes of the Companies Act 2014 and in compliance with section 340(4) of that Act we state that:

·      the interim financial statements have been prepared to meet our obligation under the Transparency (Directive 2004/109/EC) Regulations 2007 as amended (Statutory Instrument No. 277 of 2007);

·      the interim financial statements do not constitute the statutory financial statements of the Group and are unaudited;

·      the statutory financial statements as at, and for the financial year ended 4 January 2025 will be annexed to the 2025 annual return and filed with the Companies Registration Office;

·      the statutory auditor of the Group have made a report under section 391 in the form required by section 336 Companies Act 2014 in respect of the statutory financial statements of the Group; and

·      the matters referred to in the statutory auditor's report were unqualified, and did not include a reference to any matters to which the statutory auditor drew attention by way of emphasis without qualifying the report.

 

Copies of this half yearly financial report are available for download from the Group's website at www.glanbia.com.

 

 

 

 

glossary of NON-IFRS PERFORMANCE MEASURES   

 

The Group reports certain performance measures including key performance indicators that are not defined under IFRS but which represent additional measures used by the Board of Directors and the Glanbia Operating Executive in assessing performance and for reporting both internally and to shareholders and other external users. The Group believes that the presentation of these non-IFRS performance measures provides useful supplemental information which, when viewed in conjunction with our IFRS financial information, provides readers with an enhanced understanding of the underlying financial and operating performance of the Group.

These non-IFRS performance measures may not be uniformly defined by all companies and accordingly they may not be directly comparable with similarly titled measures and disclosures by other companies. None of these non-IFRS performance measures should be considered as an alternative to financial measures drawn up in accordance with IFRS.

The principal non-IFRS performance measures relevant to the interim period are defined below with a reconciliation of these measures to IFRS measures where applicable. Please note where referenced "CGIS" refers to Condensed Group income statement, "CGBS" refers to Condensed Group balance sheet, and "CGSCF" refers to Condensed Group statement of cash flows. EBITA and EBITDA references throughout the interim report are on a pre-exceptional basis unless otherwise indicated.

The definition of exceptional items and the analysis of exceptional items are disclosed in note 2 to the financial statements of the 2024 Annual Report and note 5 of these interim financial statements respectively.

While the Group reports its results in US dollar, it generates a proportion of its earnings in currencies other than US dollar, in particular euro. Constant currency reporting is used by the Group to eliminate the translational effect of foreign exchange on the Group's results. To arrive at the constant currency period-on-period change, the results for the prior period are retranslated using the average exchange rates for the current period and compared to the current period reported numbers. The principal average exchange rates used to translate results for 2025 and 2024 are outlined in note 2 of the interim financial statements.

Total shareholder return and return on capital employed are not considered relevant by the Group for the interim period as they are performance measures considered on an annual basis only as part of the performance conditions in Glanbia's Long-term Incentive Plan.

As announced on 6 November 2024, Glanbia has commenced a Group-wide transformation programme to drive efficiencies across the new operating model and support the next phase of growth through three focused segments; Performance Nutrition, Health & Nutrition and Dairy Nutrition. Comparative segment information for 2024 has been restated where necessary to reflect the changes in reportable segments.

G 1. Revenue measures

G 1.1 Constant currency and like-for-like revenue change

Like-for-like revenue change represents the sales increase/(decrease) period-on-period, excluding the incremental revenue contributions from current period and prior period acquisitions and disposals and the impact of a 53^rd week (when applicable), on a constant currency basis.

	Reference	HY 2025 Reported $m	HY 2024* $m	HY 2024*  Constant currency $'m	Constant currency change (G 1.2) %	Like-for-like change (G 1.2) %
PN Americas	Note 4	518.6	568.1	567.8	(8.7%)	(8.7%)
PN International	Note 4	331.4	314.0	315.9	4.9%	4.9%
Performance Nutrition	Note 4	850.0	882.1	883.7	(3.8%)	(3.8%)
Health & Nutrition	Note 4	313.0	264.3	265.2	18.0%	6.5%
Dairy Nutrition	Note 4	763.7	669.2	669.3	14.1%	14.1%
Revenue	CGIS	1,926.7	1,815.6	1,818.2	6.0%	4.3%

*Restated to reflect the changes in reportable segments.

 

G 1.2 Volume and pricing increase/(decrease)

Volume increase/(decrease) represents the impact of sales volumes within the revenue movement period-on-period, excluding volume from acquisitions and disposals and the impact of a 53^rd week (when applicable), on a constant currency basis.

 

Pricing increase/(decrease) represents the impact of sales pricing (including trade spend) within revenue movement period-on-period, excluding acquisitions and disposals, on a constant currency basis.

 

Reconciliation of volume and pricing increase/(decrease) to constant currency revenue change:

	Volume increase/ (decrease)	Price increase/ (decrease)	Like-for-like change (G 1.1)	Acquisitions/ (disposals)	Constant currency change (G 1.1)
Performance Nutrition	(3.5%)	(0.3%)	(3.8%)	-	(3.8%)
Health & Nutrition	6.9%	(0.4%)	6.5%	11.5%	18.0%
Dairy Nutrition	4.3%	9.8%	14.1%	-	14.1%
HY 2025 increase % - revenue	0.9%	3.4%	4.3%	1.7%	6.0%

 

G 2. EBITDA and EBITDA margin % (pre-exceptional)

EBITDA (pre-exceptional) is defined as earnings before interest, tax, depreciation (net of grant amortisation) and amortisation. Refer to note 4 of the interim financial statements for the reconciliation of EBITDA (pre-exceptional) to IFRS measures.

 

	Reference	HY 2025 Reported $m	HY 2024* $'m	HY 2024* Constant currency $m	Constant currency change %
Performance Nutrition	Note 4	108.2	156.4	155.7	(30.5%)
Health & Nutrition	Note 4	60.9	44.7	44.8	35.9%
Dairy Nutrition	Note 4	72.2	60.5	60.4	19.5%
EBITDA (pre-exceptional)	Note 4, G 6.4	241.3	261.6	260.9	(7.5%)

 

EBITDA margin % (pre-exceptional) is defined as EBITDA (pre-exceptional) as a percentage of revenue. Refer to G 1 for revenue and EBITDA (pre-exceptional) is disclosed in the table above.

 

		HY 2025 Reported %	HY 2024* %	HY 2024* Constant currency %	Constant currency change bps
Performance Nutrition		12.7%	17.7%	17.6%	(490) bps
Health & Nutrition		19.5%	16.9%	16.9%	260 bps
Dairy Nutrition		9.5%	9.0%	9.0%	50 bps
EBITDA margin (pre-exceptional)		12.5%	14.4%	14.3%	(180) bps

*Restated to reflect the changes in reportable segments.

 

G 3. EBITA (pre-exceptional)

EBITA (pre-exceptional) is defined as earnings before interest, tax and amortisation. EBITA (pre-exceptional) is one of the performance conditions in Glanbia's Annual Incentive Plan for Senior Management.

 

	Reference	HY 2025 $m	HY 2024 $m
EBITDA (pre-exceptional)	G 2	241.3	261.6
Depreciation*		(37.8)	(35.1)
EBITA (pre-exceptional)		203.5	226.5

*Includes depreciation of property, plant and equipment of $26.6 million (HY 2024: $25.1 million) and depreciation of right-of-use assets of $11.2 million (HY 2024: $10.0 million).

 

G 4. Constant currency earnings per share ("EPS") measures

G 4.1 Constant currency basic EPS

Basic EPS is an IFRS measure and defined in note 10 of the interim financial statements.

 

	Reference	HY 2025 Reported $m	HY 2024 Reported $m	HY 2024 Constant currency $m	Year 2024   Reported $m
Profit after tax	CGIS	99.4	143.3	142.8	164.7
Weighted average number of ordinary shares in issue (thousands)	Note 10	254,596	261,916	261,916	260,554
Basic EPS (cent)	Note 10	39.04	54.71	54.54	63.21
Constant currency change		(28.4%)

 

G 4.2 Constant currency adjusted EPS

Adjusted EPS is defined as the profit after tax attributable to the equity holders of the Company, before exceptional items and intangible asset amortisation and impairment (excluding software amortisation), net of related tax, divided by the weighted average number of ordinary shares in issue during the period, excluding ordinary shares purchased by the Group and held as own shares (see note 10). The Group believes that adjusted EPS provides useful information of underlying performance as it excludes exceptional items (net of related tax) that are not related to ongoing operational performance and intangible asset amortisation, which allows for comparability of companies that grow by acquisition to those that grow organically.

Adjusted EPS growth on a constant currency basis is one of the performance conditions in Glanbia's Annual Incentive Plan and in Glanbia's Long-term Incentive Plan.

 

	Reference	HY 2025 Reported $m	HY 2024   Reported $m	HY 2024 Constant currency $m	Year 2024 Reported $m
Profit after tax	G 4.1	99.4	143.3	142.8	164.7
Exceptional charge after tax	CGIS	32.6	9.2	9.5	145.6
Profit after tax (pre-exceptional)		132.0	152.5	152.3	310.3
Amortisation and impairment of intangible assets (excluding   software amortisation)*		28.5	26.1	26.2	54.5
Adjusted net income		160.5	178.6	178.5	364.8
Weighted average number of ordinary shares in issue (thousands)	Note 10	254,596	261,916	261,916	260,554
Adjusted EPS (cent)	G 8	63.03	68.20	68.14	140.03
Constant currency change		(7.5%)

* Net of related tax of $3.8 million (HY 2024: $3.9 million, HY 2024 retranslated $3.9 million, FY 2024: $8.7 million).

 

G 5. Financing measures

G 5.1 Net debt

Net debt is calculated as current and non-current borrowings less cash and cash equivalents. Refer to note 12 of the interim financial statements for net debt at the end of the reporting period.

 

G 5.2 Net debt: adjusted EBITDA

Net debt: adjusted EBITDA is calculated as net debt at the end of the period divided by adjusted EBITDA. Adjusted EBITDA is calculated in accordance with lenders' facility agreements definitions which adjust EBITDA for items such as exceptional items, dividends received from related parties, acquisitions or disposals and reversal of the net impact on EBITDA as a result of adopting IFRS 16 "Leases". Adjusted EBITDA is a rolling 12 month measure (a period of 12 consecutive months determined on a rolling basis with a new 12 month period beginning on the first day of each month).

	Reference	HY 2025 $m	HY 2024 $m	Year 2024 $m
Net debt	Note 12	650.0	645.4	436.0
Rolling EBITDA		531.0	522.8	551.3
Adjustments in line with lenders' facility agreements		(23.0)	4.3	(15.6)
Rolling adjusted EBITDA		508.0	527.1	535.7
Net debt: adjusted EBITDA		1.28 times	1.22 times	0.81 times

 

G 5.3 Adjusted EBIT: adjusted net finance cost

Adjusted EBIT: adjusted net finance cost is calculated as earnings before interest and tax adjusted for the IFRS 16 "Leases" impact on operating profit plus dividends received from related parties divided by adjusted net finance cost. Adjusted net finance cost comprises finance costs plus borrowing costs capitalised into assets less adjustments including interest expense on lease liabilities and finance income/costs on contingent consideration and remeasurements of call options. This measure and the numbers in the table below are on a rolling 12 month basis (a period of 12 consecutive months determined on a rolling basis with a new 12 month period beginning on the first day of each month).

		HY 2025 $m	HY 2024 $m	Year 2024 $m
Operating profit		254.9	375.9	234.7
Exceptional charge/(credit)		118.5	(2.6)	161.4
Operating profit (pre-exceptional)		373.4	373.3	396.1
Dividends received from related parties		5.0	12.5	5.0
IFRS 16 adjustment - interest paid on lease liabilities		(3.2)	(2.5)	(3.0)
Adjusted EBIT		375.2	383.3	398.1
Net finance cost		30.0	16.4	26.8
IFRS 16 adjustment - interest expense on lease liabilities		(3.2)	(2.7)	(3.0)
Adjusted net finance cost		26.8	13.7	23.8
Adjusted EBIT: net finance cost		14.0 times	28.0 times	16.7 times

 

G 5.4 Average interest rate

The average interest rate is defined as the rolling 12 month adjusted net finance cost divided by average net debt. Adjusted net finance cost comprises finance costs plus borrowing costs capitalised into assets less adjustments including interest expense on lease liabilities and finance income/costs on contingent consideration and remeasurements of call options. Average net debt and adjusted net finance cost are rolling 12 month measures (a period of 12 consecutive months determined on a rolling basis with a new 12 month period beginning on the first day of each month).

 

G 6. Cash flow measures

G 6.1 Operating cash flow ("OCF")

OCF is defined as EBITDA (pre-exceptional) net of business-sustaining capital expenditure and working capital movements, excluding exceptional cash flows.

Reconciliation of OCF to cash generated from operating activities before exceptional items:

	Reference	HY 2025 $m	HY 2024 $m
Cash generated from operating activities before exceptional items	CGSCF	66.8	122.3
Less: business-sustaining capital expenditure	G 6.4, G 10(b)	(13.5)	(14.6)
Non-cash items not adjusted in computing OCF:
- Cost of share-based payments	Note 17	(8.6)	(9.6)
- Other items		0.7	0.7
OCF	G 6.4	45.4	98.8

 

G 6.2 Free cash flow ("FCF")

FCF is calculated as the net cash flow in the year before the following items: strategic capital expenditure, dividends paid to Company shareholders, loans/investments in related parties, exceptional costs paid, payment for acquisition of subsidiaries, proceeds received on disposals and purchase of own shares under share buyback. Refer to G 6.1 and G 6.4 for the reconciliation of FCF to CGSCF.

 

G 6.3 Operating cash conversion ("OCF Conversion")

OCF conversion is defined as OCF divided by EBITDA (pre-exceptional). OCF conversion is a measure of the Group's ability to convert adjusted trading profits into cash and is an important metric in the Group's working capital management programme. The measure is a key element of Executive Director and senior management remuneration. This measure and the numbers in the table below are on a rolling 12 month basis (a period of 12 consecutive months determined on a rolling basis with a new 12 month period beginning on the first day of each month).

		HY 2025 $m	HY 2024 $m
Operating cash flow		431.6	503.4
EBITDA (pre-exceptional)		530.9	522.8
OCF conversion %		81.3%	96.3%

 

G 6.4 Summary cash flow

The summary cash flow is prepared on a different basis to the CGSCF and as such the reconciling items between EBITDA and net debt movement may differ from amounts presented in the CGSCF. The summary cash flow details movements in net debt while the CGSCF details movements in cash and cash equivalents. The reconciliations of various reconciling items in the summary cash flow to IFRS information are presented separately in G 10 for a clear presentation of information.

	Reference	HY 2025 $m	HY 2024 $m
EBITDA (pre-exceptional)	G 2	241.3	261.6
Movement in working capital (pre-exceptional)	G 10(a)	(182.4)	(148.2)
Business-sustaining capital expenditure	G 6.1, G 10(b)	(13.5)	(14.6)
Operating cash flow	G 6.1	45.4	98.8
Net interest and tax paid	G 10(c)	(41.7)	(26.0)
Payments of lease liabilities	CGSCF	(11.8)	(10.7)
Other outflows	G 10(d)	(11.5)	(8.5)
Free cash flow		(19.6)	53.6
Strategic capital expenditure	G 10(b)	(34.2)	(30.3)
Dividends paid to Company shareholders	CGSCF	(67.4)	(59.6)
Purchase of own shares under share buyback	G 10(e)	(68.3)	(54.0)
Proceeds from disposal of property, plant and equipment	CGSCF	-	1.9
Exceptional costs paid	CGSCF	(18.3)	(9.1)
Acquisitions/disposals	G 10(f)	-	(298.8)
Net cash flow		(207.8)	(396.3)
Exchange translation	Note 12	(6.2)	(2.1)
Cash acquired on acquisition		-	1.7
Net debt movement		(214.0)	(396.7)
Opening net debt	Note 12	(436.0)	(248.7)
Closing net debt	Note 12	(650.0)	(645.4)

 

 

G 7. Effective tax rate

The effective tax rate is defined as the pre-exceptional income tax charge divided by the profit before tax less share of results of joint venture.

 

	Reference	HY 2025 $m	HY 2024 $m
Income tax	CGIS	15.1	26.4
Exceptional tax credit	CGIS	7.6	2.0
Income tax (pre-exceptional)	CGIS	22.7	28.4
Profit before tax	CGIS	114.5	169.7
Exceptional charge	CGIS	40.2	11.2
Profit before tax (pre-exceptional)	CGIS	154.7	180.9
Less: share of results of joint venture (pre-exceptional)	CGIS	(3.4)	(3.7)
		151.3	177.2
Effective tax rate		15.0%	16.0%

 

G 8. Dividend payout ratio

Dividend payout ratio is defined as the US dollar equivalent interim dividend per ordinary share divided by the Adjusted EPS. US dollar equivalent dividend is based on the actual dividend recommendation/payment in euro, retranslated to US dollar at the average exchange rate in the period. The dividend payout ratio provides an indication of the value returned to shareholders relative to the Group's total earnings.

 

	Reference	HY 2025	HY 2024
Adjusted EPS	G 4.2	$  63.03c	$  68.20c
Dividend recommended/paid per ordinary share in euro	Note 9	€  17.20c	€  15.64c
Equivalent US dollar dividend translated at average exchange rate in the period		$  18.87c	$  16.91c
Dividend payout ratio		29.9%	24.8%

 

G 9. Compound annual growth rate ("CAGR")

CAGR is the annual growth rate over a period of years. It is calculated on the basis that each year's growth is compounded.

 

G 10. Cash flow items

(a) Movement in working capital

	Reference	HY 2025 $m	HY 2024` $m
Movement in working capital (pre-exceptional)	Note 17	(192.3)	(154.5)
Net write down of inventories (pre-exceptional)	Note 17	10.1	10.4
Other reconciling items		(0.2)	(4.1)
Total movement in net working capital	G 6.4	(182.4)	(148.2)

 

(b) Capital expenditure

Business-sustaining capital expenditure: the Group defines business-sustaining capital expenditure as the expenditure required to maintain/replace existing assets with a high proportion of expired useful life. This expenditure does not attract new customers or create the capacity for a bigger business. It enables the Group to keep operating at current throughput rates but also keep pace with regulatory and environmental changes as well as complying with new requirements from existing customers.

 

Strategic capital expenditure: the Group defines strategic capital expenditure as the expenditure required to facilitate growth and generate additional returns for the Group. This is generally expansionary expenditure beyond what is necessary to maintain the Group's current competitive position.

 

	Reference	HY 2025 $m	HY 2024` $m
Business-sustaining capital expenditure	G 6.1, G 6.4	13.5	14.6
Strategic capital expenditure	G 6.4	34.2	30.3
Total capital expenditure		47.7	44.9
Payments for property, plant and equipment	CGSCF	23.8	29.8
Payments for intangible assets	CGSCF	23.9	15.1
Total capital expenditure per CGSCF		47.7	44.9

 

 

(c) Net interest and tax paid

	Reference	HY 2025 $m	HY 2024` $m
Interest received	CGSCF	1.7	4.3
Interest paid (including interest paid on lease liabilities)	CGSCF	(14.7)	(13.5)
Tax paid	CGSCF	(28.7)	(16.8)
Total net interest and tax paid	G 6.4	(41.7)	(26.0)

 

(d) Other inflows/(outflows)

	Reference	HY 2025 $m	HY 2024` $m
Cost of share-based payments	Note 17	8.6	9.6
Purchase of own shares by Employee Share (Scheme) Trust	G 10(e)	(19.4)	(17.7)
Other reconciling items		(0.7)	(0.4)
Total other outflows	G 6.4	(11.5)	(8.5)

 

(e) Purchase of own shares

	Reference	HY 2025 $m	HY 2024` $m
Purchase of own shares under share buyback	G 6.4	(68.3)	(54.0)
Purchase of own shares by Employee Share (Scheme) Trust	G 10(d)	(19.4)	(17.7)
Total purchase of own shares	CGSCF	(87.7)	(71.7)

 

(f) Acquisitions/disposals

	Reference	HY 2025 $m	HY 2024 $m
Payment for acquisition of subsidiaries		-	(298.8)
Total acquisitions/disposals	G 6.4	-	(298.8)