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F U L L Y E A R 2 0 2 5 R E S U L T S Hugh McGuire Chief Executive Officer Mark Garvey Chief Financial Officer 2 5 F e b r u a r y 2 0 2 6
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I M P O R T A N T N O T I C E This presentation contains forward-looking statements. These statements have been made by the Directors in good faith based on the information available to them up to the time of their approval of this presentation. Due to the inherent uncertainties, including both economic and business risk factors underlying such forward-looking information, actual results may differ materially from those expressed or implied by these forward- looking statements. The Directors undertake no obligation to update any forward-looking statements contained in this presentation, whether as a result of new information, future events, or otherwise. 2 | Glanbia PLC FY 2025 Presentation
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1 Like-for-like (“LFL”) revenue growth shown on a constant currency basis. 2 Adjusted Earnings Per Share (“EPS”) on a constant currency basis. 3 Pro-forma LFL revenue growth on a constant currency basis and excludes the revenues of SlimFast and Body & Fit in 2024 and 2025 in PN . 4 An agreement was reached for the acquisition of Scicore Nutra (“Scicore”) in November 2025 and the acquisition completed post year end. Robust performance with LFL revenue1 and volume growth across all three segments and adjusted EPS2 of 134.93 $cent (-3.4% versus prior year) 3 | Glanbia PLC FY 2025 Presentation 4.5% pro-forma LFL revenue growth3 in PN with double digit volume growth in H2 for Optimum Nutrition, showing strong sequential improvement Strong volume growth of 7.4% in H&N with growth across both premix and flavour solutions businesses driven by end-use markets Significant shareholder returns with a 10% increase in final dividend and approximately €197m returned via share buybacks Progress on Group-wide transformation programme with sale of non-core brands in PN and acquisition of Sweetmix and Scicore in H&N3 Capital Markets Day hosted in November outlining financial ambition for 2026 – 2028 announced
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01 Business Review Hugh McGuire Chief Executive Officer 4 | Glanbia PLC FY 2025 Presentation
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• Pro-forma LFL2 revenue +4.5% • Volume +3.6% driven by strong category growth, new distribution and innovation • Pricing +0.9% with price increases implemented in international markets in Q2 and in the US in Q4 • Optimum Nutrition delivered double digit volume growth in H2 • EBITDA margin decline of 380bps due to record whey input costs • Completion of the sale of non-core brands PERFORMANCE NUTRITION (PN) Strong H2 performance showing sequential improvement Americas International % of PN Revenue2 LFL Revenue Growth3 Pro-forma LFL Revenue Growth2 63% 37% (0.5%) +8.8% +1.3% +10.5% $m FY 2025 Constant Currency Change1 Revenue 1,801.1 (0.9%) EBITDA 233.8 (23.2%) EBITDA Margin 13.0% (380bps) 5 | Glanbia PLC FY 2025 Presentation 1 Revenue and EBITDA growth/decline shown on a constant currency basis versus FY 2024 and includes the negative impact of the 53 rd week in the prior year and the impact of disposals. 2 % of PN revenue and pro-forma LFL revenue growth excludes revenues from SlimFast and Body & Fit in 2025 and is shown on a const ant currency basis. 3 LFL revenue growth shown on a constant currency basis.
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LFL revenue growth1 +6.4% L52W US consumption2 +3.4% Volume growth of +5.0% driven by category growth across key channels and markets, increased distribution and innovation Price growth of +1.4% driven by price increases implemented in international markets in Q2 and in the US in Q4 Sequential improvement throughout the year with double-digit LFL revenue growth in H2 2025 High-growth categories with the most trusted brand in sports nutrition driven by powerful consumer megatrends 6 | Glanbia PLC FY 2025 Presentation 1 LFL revenue growth shown on a constant currency basis. 2 Consumption based on US measured channels for the 52-week period to 3 January 2026. 3 Consumption based on US measured channels for the 13-week period to 31 January 2026. WORLD’S #1 SPORTS NUTRITION BRAND WITH MORE GROWTH POTENTIAL L13W US consumption3 +4.6% New Campaign – The Optimum Advantage Digital Engagement Distribution and Retail Visibility Innovation
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DRIVING GROWTH IN OUR PREMIUM EVERYDAY NUTRITION BRAND 7 | Glanbia PLC FY 2025 Presentation D I S T R I B U T I O N & R E TA I L V I S I B I L I T Y D I G I TA L E N G A G E M E N T I N N O V AT I O N C R E AT I V E – M O R E O F W H AT M AT T E R S Ready-to- Drink Stick Packs Colostrum Beauty (Collagen)
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HEALTH & NUTRITION (H&N) Delivering strong volume growth momentum • H&N LFL2 revenue growth of +6.8% driven by strong volume growth • Volume +7.4% driven by demand across end-use markets in premix and flavours with strong growth in Europe and Asia • Pricing -0.6% driven by certain pass-through pricing with customers • Acquisition of Sweetmix (Brazil) and Scicore (India) • EBITDA margin 18.4%, an increase of 80bps due to strong volume performance and the full year impact of the Flavor Producers acquisition 1 Revenue and EBITDA growth shown on a constant currency basis versus FY 2024 and includes the negative impact of the 53rd week in the prior year and the positive impact of acquisitions. Prior period reported revenue and EBITDA for H&N has been restated for comparability purposes to align to the new segment structure . The change has no impact on Group revenue or EBITDA. 2 LFL revenue growth shown on a constant currency basis. $m FY 2025 Constant Currency Change1 Revenue 628.5 +11.5% EBITDA 115.8 +16.7% EBITDA Margin 18.4% +80bps 8 | Glanbia PLC FY 2025 Presentation
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H&N – A KEY PLATFORM FOR GROWTH 9 | Glanbia PLC FY 2025 Presentation Strong position in key ingredients Driven by strong trends in end-use markets Supported by acquisitions and capital investment #2 global position Custom premix solutions and functionally optimised nutrients Strong position in natural and organic clean-label flavour systems Acquisitions of Sweetmix (Brazil) and Scicore (India) Premix solutions Flavour systems Doubling capacity of Asian facility Investment into spray drying flavour facility and customer collaboration centre in the US European capacity expansion Operating in attractive end-use markets with opportunity for organic and inorganic expansion Functional Beverages Active Nutrition VMS (Vitamins, Minerals & Supplements)
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DAIRY NUTRITION (DN) Strong performance through volume and pricing • LFL2 revenue growth of +5.0% • Volume +4.2% driven by continued strong demand for protein solutions and bioactives with demand for high-end whey proteins remaining robust • Pricing +0.8% reflects strong protein markets offset by negative cheese markets in the second half of the year • Continued demand for colostrum bioactives, targeting gut health and immunity • EBITDA growth of +1.7% with disciplined cost management ensuring stable profitability 1 Revenue and EBITDA growth/decline shown on a constant currency basis versus FY 2024 and includes the negative impact of the 5 3rd week in the prior year. Prior period reported revenue and EBITDA for DN has been restated for comparability purposes to align to the new segment structure. The change has no impact on Group revenue or EBITDA. 2 LFL revenue growth shown on a constant currency basis. $m FY 2025 Constant Currency Change1 Revenue 1,516.8 +2.8% EBITDA 149.5 +1.7% EBITDA Margin 9.9% (10bps) 10 | Glanbia PLC FY 2025 Presentation
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ONGOING STRATEGY TO NAVIGATE WHEY VOLATILITY 11 | Glanbia PLC FY 2025 Presentation P R O C U R E M E N T New supply, incl. additional WPI capacity via JVs Structured, responsive procurement approach P R O D U C T M I X Alternative proteins Non-whey innovation M A R G I N M A N A G E M E N T Marketing spend effectiveness Pricing and other revenue growth management initiatives Transformation
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A M B I T I O U S G R O U P-W I D E T R A N S F O R M A T I O N P R O G R A M M E TA R G E T I N G A N N U A L C O S T S AV I N G S O F $ 6 0 M I L L I O N + B Y 2 0 2 7 SIMPLIFIED OPERATING MODEL Simplified operating model to focus on growth DELIVER SUPPLY CHAIN EFFICIENCIES Centralised supply chain model & acceleration of wide ranging procurement savings ACCELERATE DIGITAL TRANSFORMATION New IT operating model being stood up & implementing digital front office initiatives include enhanced use of AI OPTIMISE PORTFOLIO Acquisitions Disposals of non-core brands 12 | Glanbia PLC FY 2025 Presentation
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A CLEAR STRATEGY TO DRIVE THE NEXT STAGE OF GROWTH E X E C U T I O N E X C E L L E N C E E N A B L E D B Y Talent and culture Financial disciplineTransformation Drive Optimum Nutrition and grow globally with our portfolio of lifestyle brands Scale Health & Nutrition as a leading solutions partner Expand internationally and leverage our global scale Optimise Dairy Nutrition to maximise profits Innovate to meet growing consumer needs and occasions 13 | Glanbia PLC FY 2025 Presentation
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02 14 | Glanbia PLC FY 2025 Presentation Finance Review Mark Garvey Chief Financial Officer
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OCF Conversion %91% FY 2025 FINANCIAL SUMMARY Revenue$3.95bn EBITDA Decline of -9.4% constant currency$499.1m EBITDA margin -170bps constant currency PN -380bps and H&N +80bps12.6% Adjusted EPS Decline of -3.4% constant currency134.93$c Increase of +2.3% constant currency Operating cash flow: $454m ROCE % In line with medium-term guidance of 10% - 13%11.3% 15 | Glanbia PLC FY 2025 Presentation
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SIGNIFICANT CASH FLOW GENERATION & STRONG BALANCE SHEET Cash Flow Balance Sheet Cash Flow FY 2025 FY 2024 Operating cash flow (“OCF”) $454m $485m OCF conversion % (T arget 80%+) 91.0% 88.0% Free cash flow (“FCF”) $360m $403m Balance Sheet FY 2025 FY 2024 Net Debt $526m $436m Net Debt: adjusted EBITDA 1.08x 0.81x Adjusted EBIT : adjusted net finance costs 13.7x 16.7x Strong operating performance delivering 91% OCF conversion Committed debt facilities of $1.4 billion with a weighted average maturity of 2.7 years FY 2025 average interest rate 4.2% 16 | Glanbia PLC FY 2025 Presentation
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1. Summary of capital allocated to strategic investment and returns to shareholders, does not include capital deployed on other areas e.g. tax and finance charges. 2. Average exchange rate for the current period is applied to €197m buyback. The average US dollar euro exchange rate for 2025 w as $1 = €0.8838 ACTIVE ALLOCATION DRIVING GROWTH AND CAPITAL RETURNS 2025 Capital Allocation1 Dividend Share Buybacks2 Acquisitions Strategic Capex Y E A R E N D N E T D E B T / A D J U S T E D E B I T D A 1 . 0 8 X A N D R O C E O F 11 . 3% $118m $227m $41m $51m FY 2025: $437m 17 | Glanbia PLC FY 2025 Presentation Automation, capacity, business integrations and IT investments Acquired Sweetmix and post-year end completed the acquisition of Scicore Progressive dividend increased by 10% on FY24 Payout ratio of 35.9% Returned ~€197m in FY 2025
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OTHER FINANCIAL MATTERS N E T F I N A N C E C O S T S I N C O M E T A X E X C E P T I O N A L I T E M S Charges of $29.4m, up $2.6m on the prior year FY 2025 effective tax rate 15.0% Expected rate for FY 2026 of 14% to 16% Net charges of ~$100m largely related to Group-wide transformation programme and the loss on disposals of non-core brands J O I N T V E N T U R E Increase of $11.0m to $11.1m primarily related to improved dairy market dynamics C A P E X FY 2026 capex expected to be $100m – $110m 18 | Glanbia PLC FY 2025 Presentation
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1. FY 2025 base excludes revenue from brands disposed of during 2025. 2. On a constant currency basis. 3. Over the period for PN and H&N earnings growth. FY26 OUTLOOK ALIGNED TO MEDIUM -TERM GROWTH ALGORITHM Earnings ahead of revenue growth3 PN: Up to 250bps by 2028 H&N: 17-19% DN: $150m-$160m Organic revenue growth PN: 5-7%1 H&N: 4-6% Transformation savings of $60m per annum by 2027 Invest for growth and returns Dividend payout: 30-40% OCF Conversion 85%+ Adj. EPS +7-11%2 19 | Glanbia PLC FY 2025 Presentation
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DELIVERING BETTER NUTRITION High-growth categories with leading brands and ingredients driven by consumer megatrends Sharpened and focused operating model and portfolio to capture the growth Our people, portfolio, and firepower will continue to drive strong shareholder returns 1 2 3 20 | Glanbia PLC FY 2025 Presentation
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A P E R F O R M A N C E D R I V E N P U R P O S E L E D G L O B A L N U T R I T I O N C O M P A N Y 21 | Glanbia PLC FY 2025 Presentation
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A P P E N D I C E S A 22 | Glanbia PLC FY 2025 Presentation
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34% 33% 21% 12% 63% 37% 83% 8% 5% 4% PN FY 2025 PRO -FORMA LFL REVENUE OVERVIEW 1 L F L G R O W T H1 : Distributor +2.4% RTD +22.4% Specialty -2.0% Other +12.6% Online Powders +5.4%Americas +1.3% FDMC +2.8% RTE -14.4%International +10.5% BY R E G I O N BY C H A N N E L BY F O R M A T +10.3% 1 Pro-forma LFL revenue shown on a constant currency basis and excludes the revenue from SlimFast and Body & Fit in 2025. 23 | Glanbia PLC FY 2025 Presentation