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Glanbia HALF 2026 YEAR RESULTS 06 AUGUST 2026 Hugh McGuire Chief Executive Officer Mark Garvey Chief Financial Officer
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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 HY Results 2026
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Agenda 1 B U S I N E S S R E V I E W 2 F I N A N C E R E V I E W 3 Q & A 3 | Glanbia PLC HY Results 2026
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H Y 2 0 2 6 H I G H L I G H T S H1 2026 Group performance ahead of expectations with adjusted EPS1 of 81.24 $cent (+30.0%) with strong momentum across all three segments PN LFL revenue2 +16.9% driven by strong volume and pricing growth with Optimum Nutrition growing LFL revenue +25.2% H&N LFL revenue2 +12.0% driven by double digit volume growth with good demand in core end-use markets Strong momentum in Dairy Nutrition with EBITDA of $92.3m (+28.2%) driven by double digit volume and pricing growth in protein solutions Transformation programme annual savings increased from $60m to $70m by FY27 FY26 adjusted EPS growth upgraded to 17% to 20% constant current growth 1 Adjusted Earnings Per Share (“EPS”) on a constant currency basis. 2 Like-for-like (“LFL”) revenue growth shown on a constant currency basis. 4 | Glanbia PLC HY Results 2026
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1 B U S I N E S S R E V I E W Hugh McGuire Chief Executive Officer 5 | Glanbia PLC HY Results 2026
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• LFL revenue2 +16.9% • Volume +9.3% driven by accelerating category growth, new distribution and innovation • Pricing +7.6% driven by double digit price increases implemented in mid Q2 • Optimum Nutrition LFL revenue growth of +25.2% and L13W US consumption3 +23.5% with broad based growth across all channels • Consistent investment in Optimum Nutrition, helping to drive brand awareness, reinforce consumer loyalty and support long-term growth 1 Revenue and EBITDA growth shown on a constant currency basis versus HY 2025. 2 LFL revenue growth shown on a constant currency basis. 3 Consumption based on US measured channels for the 13-week period to 4 July 2026. PERFORMANCE NUTRITION (PN) Strong performance in H1 driven by Optimum Nutrition % of PN Revenue LFL Revenue Growth2 58% 42% +9.2% +29.6% Americas International $m HY26 Growth%1 Revenue 917.2 6.7% EBITDA 115.2 7.4% EBITDA margin 12.6% +10bps 6 | Glanbia PLC HY Results 2026
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H1 LFL revenue growth1 +25.2% Volume growth of +16.4% driven by category growth across key channels and markets, increased distribution and innovation Price growth of +8.8% driven by double digit price increases implemented globally in Q2 High-growth categories with the most trusted brand in sports nutrition driven by powerful consumer megatrends Continued focus on innovation with creatine, clear whey and electrolytes among the new products launched 1 LFL revenue growth shown on a constant currency basis versus HY 2025. 2 Consumption based on US measured channels for the 13-week period to 4 July 2026. WORLD’S #1 SPORTS NUTRITION BRAND WITH MORE GROWTH POTENTIAL L13W US consumption2 +23.5% Activation of The Optimum Advantage Campaign Optimum Nutrition Celebrating 40 Years’ Market Execution and Retail Distribution Innovation across Whey and Non-whey Products 7 | Glanbia PLC HY Results 2026
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HEALTH & NUTRITION (H&N) $m HY26 Growth%1 Revenue 368.5 +15.6% EBITDA 67.9 +9.5% EBITDA margin 18.4% (110bps) Strong topline growth and margin expansion through premix and flavours 1 Revenue and EBITDA growth/decline shown on a constant currency basis versus HY25. 2 LFL revenue growth shown on a constant currency basis. • LFL revenue2 +12.0%: • Volume +14.3% driven by continued strong growth across core end-use markets of Active Nutrition, Functional Beverages and VMS • Pricing -2.3% driven predominantly by tariff refunds in Q2 • EBITDA margin 18.4%, a decrease of 110bps versus prior year due to increased raw material costs • Integration on track for recent acquisitions, Sweetmix and Scicore • Capacity expansions in the US, China and Europe progressing well 8 | Glanbia PLC HY Results 2026
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$m HY26 Growth%1 Revenue 793.7 +3.8% EBITDA 92.3 +28.2% EBITDA margin 11.6% +220bps DAIRY NUTRITION (DN) Strong performance driven by protein solutions 1 Revenue and EBITDA growth shown on a constant currency basis versus HY25. 2 LFL revenue growth shown on a constant currency basis. • LFL revenue2 +3.8%: • Volume +4.6% driven by strong growth in protein solutions • Pricing -0.8% driven by strong whey protein markets offset by negative cheese markets • Strong demand for protein solutions driven by high-protein ready-to-eat and healthy snacking categories supported by expertise in protein chemistry • EBITDA margin 11.6%, an increase of 220bps versus prior year due to strong pricing in protein solutions 9 | Glanbia PLC HY Results 2026
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F I N A N C E R E V I E W Mark Garvey Chief Financial Officer 2 10 | Glanbia PLC HY Results 2026
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HY 2026 FINANCIAL SUMMARY +14.1% constant currency increase +80bps constant currency vs. HY 2025 PN +10bps, H&N -110bps and DN +220bps constant currency +30% constant currency increase +7.0% constant currency increase Operating cash flow2: $507m $2.1bn $275.4m 13.2% 81.24$c 95.1% R E V E N U E E B I T D A E B I T D A M A R G I N A D J U S T E D EPS O C F C O N V E R S I O N %1 1 OCF Conversion%: Operating cash flow conversion for the 12 months ending 4 July 2026. 2 Operating cash flow shown for the period for the 12 months ending 4 July 2026. 11 | Glanbia PLC HY Results 2026
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STRONG BALANCE SHEET Net Debt $731 million Total committed facilities of $1.35bn Net debt to adjusted EBITDA of 1.4 times1 D E B T Interim dividend increased by 10% €100m returned via share buybacks2 S H A R E H O L D E R R E T U R N S HY26 capex of $50m FY26 capex expected to be $100m – $110m C A P I T A L E X P E N D I T U R E 1 Net debt to adjusted EBITDA shown for the 12 months ending 4 July 2026 2 Some of the buyback completed post period end up to 17 July 2026. 12 | Glanbia PLC HY Results 2026
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OTHER FINANCIAL MATTERS 13 | Glanbia PLC HY Results 2026 Charges of $21.6m largely related to Group-wide transformation programme and contingent consideration for Sweetmix acquisition Increase of $9.3m to $12.7m primarily related to improved dairy market dynamics Increase of $2.3m mainly driven by higher average debt levels versus prior year Upgraded annual savings target from $60m to $70m by FY27 Expected rate for FY 2026 of 14% to 16% T R A N S F O R M A T I O N P R O G R A M M E E X C E P T I O N A L I T E M S J O I N T V E N T U R E N E T F I N A N C E C O S T S I N C O M E T A X
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FY26 OUTLOOK AHEAD OF MEDIUM -TERM GROWTH ALGORITHM 1 On a constant currency basis. H&N Revenue growth: 8% – 10% EBITDA margin: 17% – 19% PN Revenue growth: 12% – 14% EBITDA margin progression DN EBITDA in the range of $170m – 180m Adj. EPS1 growth of 17% – 20% OCF Conversion 85%+ 14 | Glanbia PLC HY Results 2026
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DELIVERING BETTER NUTRITION 15 | Glanbia PLC HY Results 2026 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
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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 16 | Glanbia PLC HY Results 2026
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A P P E N D I C E S A 17 | Glanbia PLC HY Results 2026
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34% 32% 23% 11% 86% 6% 4% 4% 58% 42% PN HY 2026 REVENUE OVERVIEW L F L G R O W T H1 : Distributor +29.5% RTD -2.3% Specialty +7.7% Other +31.1% Online Powders +21.8%Americas +9.2% FDMC +14.2% RTE -23.4%International +29.6% BY R E G I O N BY C H A N N E L BY F O R M A T 18 | Glanbia PLC HY Results 2026 +15.0% 1 Like-for-like growth shown on a constant currency basis.
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QUARTERLY REVENUE TRENDS 19 | Glanbia PLC HY Results 2026 HY 2026 results summary (pre-exceptional)) Revenue Progression HY 2026 versus HY 2025 Constant Currency Movement Volume Price Life-for-like (LFL) Acquisitions / (disposals) Total Constant Currency Performance Nutrition 9.3% 7.6% 16.9% (10.2%) 6.7% Health & Nutrition 14.3% (2.3%) 12.0% 3.6% 15.6% Dairy Nutrition 4.6% (0.8%) 3.8% - 3.8% Group Total 8.2% 2.5% 10.7% (3.7%) 7.0% Q2 2026 results summary (pre-exceptional)) Revenue Progression Q2 2026 versus Q2 2025 Constant Currency Movement Volume Price Life-for-like (LFL) Acquisitions / (disposals) Total Constant Currency Performance Nutrition 9.6% 12.4% 22.0% (9.3%) 11.5% Health & Nutrition 16.1% (3.4%) 12.7% 3.9% 16.6% Dairy Nutrition 2.6% 3.0% 5.6% - 5.6% Group Total 7.9% 5.9% 13.8% (3.3%) 10.5%