Glanbia (GL9) H1 2025 earnings summary

Executive summary

• Revenue grew 6.0% year-over-year to $1.93 billion, driven by strong Health & Nutrition and Dairy Nutrition segments, offset by declines in Performance Nutrition due to higher whey costs.

• Adjusted EPS declined 7.5% year-over-year to $0.6303, but full-year guidance was upgraded to $1.30–$1.33 (130–133¢) on improved second-half outlook.

• Interim dividend increased by 10% to $0.172 (17.20 € cent) per share, with $62.8 million (€62.8 million) returned via share buybacks.

• Announced sale of Body & Fit and acquisition of Sweetmix in Brazil to strengthen Health & Nutrition in Latin America.

• Transformation program advanced, targeting $50 million annual cost savings by 2027.

Financial highlights

• Group EBITDA (pre-exceptional) was $241.3 million, down 7.5% year-over-year; EBITDA margin at 12.5%, down 180bps.

• Net debt at $650 million, with net debt/adjusted EBITDA at 1.28x; $1.37 billion in committed debt facilities.

• Operating cash flow conversion at 81.3% for the 12 months ended June/July; full-year target above 80%.

• Capital expenditure in H1 was $47.7 million, with full-year capex expected at $80–90 million.

• Exceptional items of $32.6 million, mainly related to transformation program and Body & Fit write-down.

Outlook and guidance

• Upgraded full-year adjusted EPS guidance to $1.30–$1.33 (130–133¢), down 5%–7% year-over-year.

• Performance Nutrition like-for-like revenue growth (ex-SlimFast/Body & Fit) guided at 2%–3% for 2025.

• Health & Nutrition expected to deliver mid-single-digit like-for-like revenue growth, with EBITDA margin guidance raised to 18%–19%.

• Dairy Nutrition guidance unchanged; continued profitability growth expected.

• Operating cash flow conversion expected to exceed 80% for the year.