Glanbia (GL9) Q3 2025 earnings summary

Executive summary

• Group like-for-like revenue grew 3.3% year-to-date, with strong Q3 momentum across all segments and double-digit volume growth in priority brands Optimum Nutrition and Isopure.

• Strategic initiatives included the completed sale of SlimFast and Body & Fit and the acquisition of SweetMix in health and nutrition.

• Full-year like-for-like revenue and adjusted EPS guidance were upgraded, reflecting robust demand, successful divestments, and improved business momentum.

Financial highlights

• Performance Nutrition like-for-like revenue up 2.5% year-to-date (excluding disposed brands), with double-digit sequential Q3 growth.

• Health & Nutrition and Dairy Nutrition both delivered 6.1% like-for-like revenue growth, driven by strong volume increases.

• €197 million was returned to shareholders via share buybacks, with over 15 million shares repurchased.

• Net debt stood at $718.5 million as of 4 October 2025, with $1.4 billion in committed facilities.

Outlook and guidance

• Upgraded full-year like-for-like revenue growth guidance for Performance Nutrition to 3–4% (excluding SlimFast and Body & Fit).

• Health & Nutrition tracking towards upper end of mid-single-digit revenue growth guidance.

• Performance Nutrition EBITDA margin guided at 13–14%; Health & Nutrition EBITDA margin at 18–19%.

• Adjusted EPS expected at the upper end of the 130–133 $ cent range.

• Operating cash flow conversion expected above 80%; capex forecast at $80m–$90m.