Glanbia plc

Glanbia reported first-half revenue of $2.1 billion, up 7% on a constant-currency basis, with like-for-like revenue up 10.7%; volumes rose 8.2% and price rose 2.5%. Adjusted EPS was $0.8124, up 30% constant currency. Pre-exceptional EBITDA was $275.4 million, up 14.1%, and EBITDA margin was 13.2% versus 12.5% a year ago. By segment, Performance Nutrition like-for-like revenue grew 16.9%, Health & Nutrition grew 12%, and Dairy Nutrition grew 3.8%; Dairy Nutrition EBITDA was $92.3 million, up 28.2%, while Health & Nutrition EBITDA was $67.9 million, up 9.5%. Full-year guidance was raised: adjusted EPS growth is now expected to be 17% to 20% constant currency. Segment outlooks were also lifted, including Performance Nutrition like-for-like revenue growth of 12% to 14% for the year, Health & Nutrition like-for-like revenue growth of 8% to 10%, and Dairy Nutrition EBITDA of $170 million to $180 million. Operating cash flow conversion for the trailing 12 months was 95.1%, net debt was approximately $731 million, and net debt to adjusted EBITDA was 1.4x; capital expenditure is expected to be $100 million to $110 million for the full year.

Hugh McGuire described the half as strong across all three segments, with particularly strong demand in Better Nutrition brands and ingredients. He emphasized that category trends in protein, health and wellness, and energy remain supportive, and said Glanbia is benefiting from category leadership, innovation, brand building, and global distribution gains. His tone was confident and pragmatic, especially around pricing and whey inflation, noting some early elasticity but saying demand remains strong and category momentum is intact.

Mark Garvey highlighted the main financial drivers: revenue of $2.1 billion, EBITDA of $275.4 million, and adjusted EPS of $0.8124, with margin expansion to 13.2%. He noted operating cash flow conversion of 95.1%, net debt of about $731 million, and liquidity of $1.35 billion in committed facilities with no renewal due before late 2027. He also said capex was $50 million in the first half and should be $100 million to $110 million for the year, transformation charges are expected to total about $110 million with about $85 million incurred to date, and the effective tax rate should be 14% to 16% for the full year. On returns, he pointed to the 10% interim dividend increase to EUR 0.1892 and completion of the EUR 100 million buyback program.

Analysts focused heavily on Performance Nutrition pricing, elasticity, and Optimum Nutrition’s volume strength. Management said elasticity has been limited so far and concentrated in specific markets, channels, and SKUs, but they expect some volume elasticity as the year progresses because multiple price increases are being layered in; they also said they are planning further price increases later in 2026 or early 2027 if needed. Questions also probed the brand mix and weaker areas in the portfolio, where management said Healthy Lifestyle brands are pressured by lapping strong prior-year performance, a club delisting, and lost distribution at think!, with a relaunch planned later this year. Another theme was whey supply and industry dynamics: management said more supply has come on stream but has been absorbed by demand, and that Glanbia’s own new WPI capacity coming in early 2027 will stay within the group.