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Glanbia: Glanbia's 2025 Earnings: A Mixed Bag

Glanbia's 2025 financial performance was marked by a 2.3% increase in revenue to $3.95 billion on a constant currency basis, driven by a 3.7% rise in volumes. However, the company's pre-exceptional EBITDA declined by 9.4% to $499.1 million, primarily due to higher whey input costs. Adjusted earnings per share came in at $1.3493, down 2.4% on a constant currency basis. The EBITDA margin contracted by 170 basis points to 12.6%. The actual EPS for the year was $0.612, beating estimates of $0.593.

GLB.L

EUR 17.1

-5%

A-Score: 3.9/10

Publication date: February 25, 2026

Full Report

Author: Analystock.ai

📋 Highlights
  • Revenue & Volume Growth: Glanbia achieved $3.95B revenue (up 2.3% constant currency) with 3.7% volume growth, driven by strong demand in protein brands and dairy pricing.
  • Segment Performance: Health & Nutrition led with 6.8% revenue growth (7.4% volume increase) and 18.4% EBITDA margin, up 80 bps despite 0.6% price decline.
  • EBITDA Decline: Pre-exceptional EBITDA fell 9.4% to $499.1M due to higher whey input costs, with group EBITDA margin dropping 170 bps to 12.6%.
  • Shareholder Returns: Returned EUR 399.5M to shareholders (EUR 197M buybacks + EUR 102.5M dividends) and authorized an additional EUR 100M buyback in 2026.
  • Transformation Program: $60M+ annual cost savings by 2027, with 50% reinvested for growth, including $51M in strategic capex for capacity and IT upgrades.

Segmental Performance

The Performance Nutrition segment delivered like-for-like revenue growth of 4.5%, driven by strong category growth and innovation, with Optimum Nutrition, the largest brand, posting 6.4% like-for-like revenue growth. Health & Nutrition reported a robust performance with 6.8% like-for-like revenue growth, driven by a 7.4% increase in volume. Dairy Nutrition also saw a 5% like-for-like revenue growth, driven by a 4.2% increase in volume.

Transformation Program and Guidance

Glanbia made significant progress on its group-wide transformation program, expected to generate annual cost savings of at least $60 million by 2027. The company expects Performance Nutrition like-for-like organic revenue growth to be between 5% and 7% in 2026, driven by pricing. For the medium term, Glanbia targets annual organic revenue growth of 5-7% in Performance Nutrition and 4-6% in Health & Nutrition.

Valuation and Outlook

With a P/E Ratio of 42.43 and an EV/EBITDA of 14.72, the market appears to be pricing in significant growth expectations. The company's guidance for 2026 suggests that it is on track to deliver on its medium-term targets. As Hugh McGuire noted, "we are moving at pace as outlined in our Capital Markets Day," reinforcing Glanbia's conviction for growth. Analysts estimate next year's revenue growth at 3.8%, which is slightly below the company's medium-term targets.

Glanbia's A-Score