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1. Company Snapshot

1.a. Company Description

Glanbia plc operates as a nutrition company worldwide.The company manufactures and sells sports nutrition and lifestyle nutrition products in various formats, including powders, ready-to-eat bars and snacking foods, and ready-to-drink beverages through various channels, such as specialty retail, online, and gyms, as well the food, drug, mass, and club channels.It engages in the manufacture and sale of cheese, dairy, and non-dairy nutritional and functional ingredients, and vitamin and mineral premixes.


In addition, the company engages in the financing, research and development, property and land dealing, receivables management, management, property leasing, business service, and weight management solutions businesses.It operates a portfolio of brands, including OPTIMUM NUTRITION, SlimFast, BSN, ISOPURE, NUTRAMINO, think!, Amazing Grass, and BODY&FIT brands.Glanbia plc was founded in 1964 and is headquartered in Kilkenny, Ireland.

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1.b. Last Insights on GLB

Glanbia plc's recent performance was positively driven by the divestiture of its online sports-nutrition business, Body & Fit, which allows the company to focus on its core operations. Additionally, the company is well-positioned in the growing market for egg replacers, with a projected CAGR of 7.58% from 2025 to 2030. Glanbia's presence in this market, alongside key players like Cargill and Kerry Group, is expected to drive growth. However, concerns over governance and transparency have been raised by the Institute for Governance & Markets.

1.c. Company Highlights

2. Glanbia plc's Resilient Performance Amidst Declines in Performance Nutrition

Glanbia plc reported a resilient performance in its 2025 half-year results, driven by strong growth in Health & Nutrition and Dairy Nutrition divisions. Adjusted earnings per share were $0.6303, despite a 3.8% decline in Performance Nutrition revenue. Group revenue was $1.9 billion, up 6% on a constant currency basis. Health & Nutrition and Dairy Nutrition delivered like-for-like revenue growth of 6.5% and 14.1%, respectively. Performance Nutrition revenue was down 3.8%, but showed sequential improvement in the second quarter.

Publication Date: Aug -15

📋 Highlights
  • Revenue Growth:: Group revenue reached $1.9 billion, up 6% constant currency, driven by 14.1% growth in Dairy Nutrition and 6.5% in Health & Nutrition.
  • Adjusted EPS Upgrade:: Full-year adjusted EPS guidance raised to $1.30–$1.33 (7–5% decline YoY), reflecting stronger performance in Health & Nutrition and Dairy Nutrition.
  • Divisional EBITDA Shifts:: Health & Nutrition EBITDA surged 35.9%, while Performance Nutrition fell 30.5% due to high whey costs, yet margins remained stable at 13–14%.
  • Cash Flow Strength:: 12-month cash conversion hit 81.3%, exceeding the 80% target, with net debt at $650 million and full-year conversion expected above 80%.
  • Strategic Moves:: Acquired Brazil-based Sweetmix and sold Body & Fit, aligning with growth in Health & Nutrition and margin optimization goals.

Segment Performance

The Health & Nutrition segment delivered strong performance, with like-for-like revenue growth of 6.5% and EBITDA margins of 19.5%. The company reiterated its guidance of mid-single-digit like-for-like revenue growth in 2025 and increased its EBITDA margin guidance to 18% to 19%. In contrast, Performance Nutrition revenue was down 3.8%, with EBITDA margins expected to be in the range of 13% to 14% for the full year.

Guidance and Outlook

The company upgraded its full-year adjusted earnings per share guidance to $1.30 to $1.33, representing a decline of approximately minus 7% to minus 5% constant currency. For the full year, Performance Nutrition like-for-like revenue growth, excluding the impact of SlimFast and Body & Fit, is expected to be between 2% and 3%. Health & Nutrition is expected to deliver like-for-like revenue growth of mid-single digits for the full year.

Whey Procurement and Cost Savings

Regarding whey procurement, the group has taken steps to mitigate the impact of high-end whey prices, including the outsourcing of certain finance and HR services and the implementation of a group-wide transformation program. Hugh McGuire noted that the group's focus is on growth, with improved trends in Performance Nutrition, strong demand in Health & Nutrition and Dairy Nutrition, and investment in key talent and capabilities.

Valuation

With a P/E Ratio of 28.46, P/B Ratio of 1.83, and EV/EBITDA of 17.65, the stock appears to be fairly valued. The dividend yield of 2.73% and free cash flow yield of 1.49% provide some comfort to investors. Analysts estimate next year's revenues growth at 3.3%. The actual EPS came out at $0.535, relative to estimates at $0.4825, indicating a positive surprise.

3. NewsRoom

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Chia Seeds Market Competitive Landscape Report 2025: Recent Developments, Company Strategies, Sustainability Benchmarking, Product Launches, Key Persons, and Revenue Forecasts

Nov -26

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Assessing Glanbia (ISE:GL9) Valuation: Is There Untapped Upside After a Steady Share Price Climb?

Nov -13

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USA Dietary Supplements Market Forecast and Company Analysis Report 2025-2033 Featuring Amway, Abbott, Glanbia, Bayer, Pfizer, Suntory, Herbalife, Haleon, Otsuka, Bountiful

Nov -12

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Protein Supplements Market Forecast Report 2025-2030 | Clean-Label Protein Supplements Surge as Consumers Demand Transparency and Quality

Oct -22

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Supreme bets on GLP-1 users with SlimFast acquisition

Oct -20

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SlimFast UK and Europe snapped up by Supreme for £20.1m

Oct -20

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Glanbia (ISE:GL9) Valuation in Focus as Investors Weigh Growth Potential and Recent Returns

Oct -04

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Heartland Food Products Group buys North America rights to SlimFast from Glanbia

Sep -18

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.95%)

6. Segments

Apparel, Footwear and Hardgoods

Expected Growth: 8.95%

Glanbia's 8.95% growth in Apparel, Footwear, and Hardgoods is driven by increasing demand for athleisure wear, expansion into new markets, and strategic partnerships. Additionally, the company's focus on sustainability, innovative products, and e-commerce growth have contributed to its success.

7. Detailed Products

Dairy Ireland

Glanbia's Dairy Ireland segment operates in the Irish dairy market, producing a range of dairy products including cheese, butter, and milk powder.

Dairy UK

Glanbia's Dairy UK segment operates in the UK dairy market, producing a range of dairy products including cheese, butter, and milk powder.

Nutritionals

Glanbia's Nutritionals segment produces a range of nutritional products including whey protein, lactoferrin, and other dairy-based ingredients.

Performance Nutrition

Glanbia's Performance Nutrition segment produces a range of sports nutrition products including protein powders, bars, and supplements.

Joint Ventures

Glanbia's Joint Ventures segment includes partnerships with other companies to produce and market dairy products.

8. Glanbia plc's Porter Forces

Forces Ranking

Threat Of Substitutes

Glanbia plc operates in the nutrition industry, which has a moderate threat of substitutes. While there are some substitutes available, they are not a significant threat to the company's business.

Bargaining Power Of Customers

Glanbia plc has a diverse customer base, which reduces the bargaining power of individual customers. Additionally, the company's products are often customized to meet specific customer needs, making it difficult for customers to switch to alternative suppliers.

Bargaining Power Of Suppliers

Glanbia plc relies on a network of suppliers for raw materials and ingredients. While the company has some bargaining power due to its size and scale, suppliers also have some bargaining power due to the specialized nature of some of the ingredients used in the company's products.

Threat Of New Entrants

The nutrition industry has high barriers to entry, including significant capital requirements and regulatory hurdles. Additionally, Glanbia plc has a strong brand presence and established distribution networks, making it difficult for new entrants to gain traction.

Intensity Of Rivalry

The nutrition industry is highly competitive, with several large players competing for market share. Glanbia plc faces intense competition from companies such as Abbott Nutrition, Nestle, and Danone, which can lead to pricing pressure and reduced margins.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 24.24%
Debt Cost 3.95%
Equity Weight 75.76%
Equity Cost 6.72%
WACC 6.05%
Leverage 32.00%

11. Quality Control: Glanbia plc passed 7 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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A-Score: 3.5/10

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

0.15$

Current Price

0.15$

Potential

-0.00%

Expected Cash-Flows