REG - Glanbia PLC - Glanbia Full Year 2025 Results
25/02/2026 07:00
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RNS Number : 2494U Glanbia PLC 25 February 2026
Glanbia Full Year 2025 Results
Robust delivery with adjusted EPS1 of 134.93 $cent
25 February 2026 - Glanbia plc ("Glanbia", the "Group", the "Company", the
"plc"), the 'Better Nutrition company', announces its preliminary results for
the 2025 financial year ended 3 January 2026 ("2025" or "FY25").
FY25 highlights(2):
· Like-for-like ("LFL") revenue and volume growth across all three
segments;
· Group financial performance:
o Revenue of $3.9 billion (2024: $3.8 billion), an increase of 2.3% (+2.8%
reported)
o EBITDA of $499.1 million (2024: $551.3 million), a decline of 9.4% (-9.5%
reported)
o Adjusted EPS of 134.93 $cent (2024: 140.03 $cent), a decline of 3.4%
(-3.6% reported)
o Basic EPS of 73.16 $cent (2024: 63.21 $cent), an increase of 19.7% (+15.7%
reported)
· Performance Nutrition ("PN"):
o Pro-forma LFL revenue growth3 of +4.5% with volume +3.6%
o Optimum Nutrition delivered LFL revenue growth of +6.4% with double digit
growth in the second half
o EBITDA margin of 13.0% (2024: 16.9%), a reported decline of 390bps driven
by record whey input costs
· Health & Nutrition ("H&N")4:
o LFL revenue growth of +6.8% with strong volume growth across premix and
flavour solutions businesses driven by good demand across end-use markets
o EBITDA margin of 18.4% (2024: 17.7%) on a reported basis
· Dairy Nutrition ("DN")(4):
o LFL volume growth +4.2% driven by strong demand for protein solutions
o EBITDA of $149.5m (2024: $147.2 million) on a reported basis
· Capital allocation:
o Recommended final dividend per share of 25.67 €cent; representing a
total 2025 dividend of 42.87 €cent, a 10% increase on prior year,
representing a payout ratio of 35.9%
o Returned approximately €197 million to shareholders in the year via
share buybacks
o Further €100 million buyback authorisation approved by the Board for
2026
o Strong balance sheet with year-end net debt to adjusted EBITDA ratio of
1.08 times (2024: 0.81 times)
Strategic updates:
· Sale of non-core brands, SlimFast and Body & Fit, in PN
· Acquisitions of Sweetmix and Scicore5, building out further
global scale in H&N
· Continued momentum on Group-wide transformation programme,
targeting annual cost savings of at least $60 million by 2027
· New medium-term targets for 2026-2028 set out at the Group's
Capital Markets Day held on 19 November 2025
2026 outlook:
· In line with the Company's medium-term targets, Glanbia expects
to deliver adjusted EPS growth of 7% to 11% constant currency and operating
cash conversion of 85%+ in FY 2026
· Segmental performance is expected to be in line with the Group's
medium-term targets.
Commenting today Hugh McGuire, Chief Executive Officer, said:
"I am pleased to report that the Group delivered a robust performance in 2025,
despite a challenging macroeconomic and operating environment, with adjusted
EPS of 134.93 $c.
We delivered volume and like-for-like revenue growth across all three
segments, with performance somewhat offset by record whey inflation. Optimum
Nutrition delivered double digit volume growth in the second half of the year.
We also saw strong volume growth across Health & Nutrition and Dairy
Nutrition.
We generated excellent cash flow, with 91% operating cash conversion, allowing
us to invest in our brands and ingredients and return cash to shareholders. We
increased our dividend by 10% and returned approximately €197 million to
shareholders via our share buyback programme. Today we are announcing the
Board has approved authority for an additional €100 million of share
buybacks.
We continue to execute against our strategic priorities including the
acquisition of Sweetmix and Scicore and we progressed capacity expansion
within H&N. In parallel, we are advancing our group-wide transformation
programme, targeting annual cost savings of $60 million by 2027.
Glanbia is a protein powerhouse at the heart of better nutrition with a
portfolio of world-class brands and ingredients that help consumers globally
achieve their everyday fitness, health and nutrition goals. In line with our
new medium-term guidance, we expect adjusted EPS growth of 7% to 11% constant
currency in 2026, which will be driven by category and end-use market demand
and a strong operating performance across all three segments."
1 Earnings Per Share ("EPS")
2 All changes are shown on a constant currency basis unless otherwise stated.
FY 2024 comparison has 53 weeks versus FY 2025 which has 52 weeks.
3 Pro-forma like-for-like ("LFL") revenue growth for PN excludes SlimFast and
Body & Fit revenues in both years.
4 On 6 November 2024, Glanbia announced a change in the operating model,
separating Glanbia Nutritionals into two new segments, Health & Nutrition
("H&N") and Dairy Nutrition ("DN"). From 5 January 2025, Glanbia has
reported results in line with the revised segment structure. Comparative
segment information for full year 2024 was restated for comparability
purposes. The change does not impact total Group or PN revenue or margins.
Further details are referenced in Note 1 ('Material accounting policy
information') of the financial statements.
5 Agreement was reached in November 2025 for the acquisition of Scicore Nutra
("Scicore"), which completed post year end.
Summary financials(6)
FY25 results Constant
$m 2025 2024 Reported currency
change change(7)
Wholly-owned business (pre-exceptional)
Revenue 3,946.4 3,839.7 2.8% 2.3%
EBITDA 499.1 551.3 (9.5%) (9.4%)
EBITDA margin 12.6% 14.4% (180bps) (170bps)
Joint Venture
Share of profit after tax (pre-exceptional) 11.1 0.1
Profit after tax (pre-exceptional) 283.9 310.3
Adjusted EPS ($ cent) 134.93 140.03 (3.6%) (3.4%)
Basic EPS ($ cent) 73.16 63.21 15.7% 19.7%
FY25 results summary
Revenue progression 2025 versus 2024
Constant currency movement
Volume Price Like-for-like Acquisitions/ (disposals) 53(rd) week Total constant currency
Performance Nutrition 2.0% 0.8% 2.8% (1.9%) (1.8%) (0.9%)
Health & Nutrition 7.4% (0.6%) 6.8% 6.5% (1.8%) 11.5%
Dairy Nutrition 4.2% 0.8% 5.0% - (2.2%) 2.8%
Total wholly-owned businesses 3.7% 0.5% 4.2% 0.1% (2.0%) 2.3%
6 This release contains certain alternative performance measures. Detailed
explanation of the key performance indicators and non-IFRS performance
measures can be found in the glossary on pages 35 to 42.
7 Referred to herein as "constant currency change" or "total constant
currency". To arrive at the constant currency change, the average exchange
rate for the current period is applied to the reported result from the same
period in the prior year. The average US dollar euro exchange rate for 2025
was $1 = €0.8838 (2024: $1 = €0.9246).
Revenue, EBITDA and Margin
2025 2024*
$m - pre-exceptional Revenue EBITDA Margin % Revenue EBITDA Margin %
Performance Nutrition 1,801.1 233.8 13.0% 1,806.7 305.4 16.9%
Health & Nutrition 628.5 115.8 18.4% 558.1 98.7 17.7%
Dairy Nutrition 1,516.8 149.5 9.9% 1,474.9 147.2 10.0%
Total wholly-owned businesses 3,946.4 499.1 12.6% 3,839.7 551.3 14.4%
*Health & Nutrition and Dairy Nutrition restated to reflect the changes in
reportable segments.
2025 full year overview
Glanbia delivered a robust financial and operating performance in 2025. Group
revenue was $3,946.4 million (2024: $3,839.7 million), up 2.3% constant
currency (up 2.8% reported). Group EBITDA (before exceptional items) was
$499.1 million (2024: $551.3 million), down 9.4% constant currency (down 9.5%
reported). Group pre-exceptional profit after tax was $283.9 million (2024:
$310.3 million), down 8.2% constant currency (down 8.5% reported).
Adjusted EPS was 134.93 $cent (2024: 140.03 $cent), down 3.4% constant
currency (down 3.6% reported).
Balance sheet and financing
The Group's continued focus on cash management delivered a strong performance
with an Operating Cash Flow ("OCF") of $454.4 million (2024: $485.1 million),
which represents an OCF conversion of 91.0% (2024: 88.0%). At year end, the
Group had net debt of $526.0 million (2024: $436.0 million). Net debt to
adjusted EBITDA was 1.08 times (2024: 0.81 times). The Group had committed
debt facilities of $1.4 billion (2024: $1.3 billion) with a weighted average
maturity of 2.7 years (2024: 3.8 years).
Capital investment
Glanbia's total capital expenditure (on tangible and intangible assets) was
$84.8 million (2024: $87.1 million). Strategic investment totalled $51.2
million and included ongoing capacity enhancement, business integrations, and
IT investments to drive further efficiencies in operations. Total capital
expenditure for 2026 is expected to be $100 million to $110 million and will
include significant capacity expansion in H&N in the US, China and Europe.
Glanbia's ability to generate cash and its available debt facilities ensure
the Group has considerable capacity to finance future investments.
Dividend per share
The Board is recommending a final dividend of 25.67 €cent per share which
brings the total dividend for the year to 42.87 €cent per share, a 10%
increase on prior year. This total dividend represents a payout ratio of 35.9%
of 2025 adjusted EPS, which is within the Company's new target payout ratio of
30% to 40%. The final dividend will be paid on 1 May 2026 to shareholders on
the share register on 20 March 2026. Irish withholding tax will be deducted at
the standard rate where appropriate. Euro remains the Company's primary
dividend payment currency.
Share buyback
During the year, Glanbia purchased and cancelled approximately 15 million
ordinary shares, representing 5.8% of the total issued ordinary shares at the
beginning of 2025, for an average price of €13.10 per share at a total cost
of approximately €197 million (2024: €102 million). Today, the Group is
announcing that the Board has approved a further €100 million share buyback
authority in 2026 as part of its disciplined capital allocation policy, of
which the first €50 million tranche will be launched today.
Strategic updates
The Group continued to progress its group-wide transformation programme,
targeting annual cost savings of $60 million by 2027. The programme comprises
four key pillars: simplification of the Group's operating model, unlocking
supply chain efficiencies, accelerating digital transformation, and
optimisation of the Group's portfolio. The Group completed the sale of
non-core brands, SlimFast and Body & Fit during the year and announced the
acquisitions of Sweetmix and Scicore.
Board changes
The following Board changes took place at the Company since the beginning of
2025.
On 30 April 2025, Dan O'Connor retired from the Board and Senan Murphy was
appointed an Independent Non-Executive Director. On appointment, Mr. Murphy
was also appointed Chair of the Sustainability Committee and a member of the
Audit Committee. Gerard O'Brien retired from the Board on 11 June 2025 and
Bill Carroll was appointed an Independent Non-Executive Director on 12 June
2025.
On 31 December 2025, Donard Gaynor retired as Group Chair. On the same date,
Paul Duffy stepped down as Chair and member of the Audit Committee. Senan
Murphy was appointed Chair of the Audit Committee in his place.
On 1 January 2026, Paul Duffy was appointed as Group Chair and Chair of the
Nomination and Governance Committee.
The Board has approved a number of changes to committee membership, as
follows:
· On 1 March 2026, Gabriella Parisse will join the Audit Committee
and Senan Murphy will join the Nomination and Governance Committee;
· On 31 August 2026, Kimberly Underhill will step down from the
Audit Committee; and
· On 1 September 2026, Ilona Haaijer will join the Audit Committee.
Thomas Phelan has confirmed that he intends to retire from the Board at the
conclusion of the Company's annual general meeting ("AGM") on 29 April 2026.
Following this change, the Board will be comprised of 11 members: the Chair,
two Executive Directors and eight Non-Executive Directors, including two
representatives from Tirlán Co-Operative Society Limited, the Company's
largest shareholder.
Sustainability
Glanbia is focused on delivering against our commitments and integrating
sustainability within our strategic decisions. The Group delivered an 8.8%
reduction of Scope 1 and 2 carbon emissions in 2025 versus the previous year.
In addition, the Group continued to make progress across our other
environmental commitments, including those related to climate, water, waste
and consumer packaging.
2026 outlook
Based on the current market environment, the Group expects to deliver adjusted
EPS in the range of 7% to 11% on a constant currency basis and operating cash
flow conversion of 85%+ in FY 2026 in line with the Group's medium-term
targets as outlined at our Capital Markets Day in November 2025. Segmental
performance is also expected to be in line with the Group's medium-term
segmental targets.
The Group remains confident in delivering the financial ambition outlined at
its Capital Markets Day in November 2025, which is as follows:
2026 - 2028 financial ambition Ambition
Group annual targets:
Adjusted EPS growth (on a constant currency basis) 7% - 11%
OCF conversion % +85%
Return on Capital Employed ("ROCE") 10% - 13%
Dividend payout ratio 30% - 40%
Segmental targets:
PN annual organic revenue growth (excluding brands disposed of in 2025) 5% - 7%
PN total 3-year EBITDA margin progression (from FY 2025 reported base) Up to 250bps
H&N annual organic revenue growth 4% - 6%
H&N EBITDA margin range 17% - 19%
DN annual EBITDA range $150 - $160 million
2025 operations review
(Commentary on percentage movements is on a constant currency basis throughout
unless otherwise stated)
Performance Nutrition
$m 2025 2024 Reported Constant
change currency
change
Revenue 1,801.1 1,806.7 (0.3%) (0.9%)
EBITDA 233.8 305.4 (23.4%) (23.2%)
EBITDA margin 13.0% 16.9% (390bps) (380bps)
PN total revenue decreased by 0.9% driven by LFL revenue growth of 2.8% offset
by a 1.9% decrease from the impact of the disposals and a 1.8% decrease from
the impact of the 53(rd) week. PN pro-forma LFL revenue growth(3) of 4.5% was
driven by a 3.6% increase in volume and a 0.9% increase in price.
PN Americas, which represented 63% of PN revenue(8), saw pro-forma LFL
revenue(3) increase by 1.3%. This was driven by category growth, increased
distribution and innovation, somewhat offset by declines in the specialty
channel and competitive challenges in the club channel in the first half of
the year. Growth was volume led with price increases implemented in Q4.
PN International, which represented 37% of PN revenue(8), saw pro-forma LFL
revenue(3) increase by 10.5%. Growth was driven by strong volume and pricing
growth in the Optimum Nutrition brand across protein powders and energy in key
priority markets including the UK, Australia, India and China, and was
supported by PN's global supply chain footprint, enabling local innovation
across key regions.
Optimum Nutrition, which represented 75% of PN revenue(8) in FY 2025,
delivered a 6.4% increase in LFL revenue, with a sequential improvement during
the year with double digit volume growth in the second half offsetting
declines in the first half of the year. Optimum Nutrition delivered US
measured consumption growth(9) of 3.4% in the last 52 weeks.
PN EBITDA decreased by 23.2% versus prior year to $233.8 million and EBITDA
margin decreased by 380 basis points to 13.0%, driven by record inflation in
whey input costs.
Health & Nutrition
Reported change Constant
currency
change
$m 2025 2024
Revenue 628.5 558.1 12.6% 11.5%
EBITDA 115.8 98.7 17.3% 16.7%
EBITDA margin 18.4% 17.7% +70bps +80bps
Health & Nutrition is a leading global ingredient solutions business,
providing value added ingredient and flavour solutions to a range of
attractive, high-growth end-use markets.
H&N total revenue increased by 11.5% with a 6.5% increase from the impact
of acquisitions, somewhat offset by a decrease of 1.8% from the impact of the
53(rd) week. H&N LFL revenue increased by 6.8% in 2025. This was driven by
a 7.4% increase in volume, offset by a 0.6% decrease in price. The volume
increase was driven by good growth across both premix and flavour solutions,
with particularly strong growth in Europe and Asia.
H&N EBITDA increased by 16.7% versus prior year to $115.8 million and
EBITDA margin increased by 80 basis points to 18.4%. This was predominantly
due to full year impact of Flavor Producers to the H&N portfolio and
strong volume performance, partially offset by the impact of tariffs in the
second half of the year.
The Group completed the acquisition of Sweetmix for initial consideration of
approximately $41 million plus contingent consideration. Sweetmix is a
Brazil-based nutritional premix and ingredients solutions business that
enables H&N to continue to expand in Latin America. The acquisition of
Scicore, announced in November 2025, completed post year end for total
consideration of approximately $16 million including deferred consideration.
Scicore is a manufacturing facility in India, providing in-market
manufacturing for both Health & Nutrition and Performance Nutrition.
(8) All percentages shown for PN revenue exclude SlimFast and Body & Fit.
9 Consumption growth is US measured channels and includes online, FDMC (Food,
Drug, Mass, Club) and specialty channels. Data compiled from published
external sources and Glanbia estimates for the 52 week period to 3 January
2026.
Dairy Nutrition
Reported change Constant
currency
change
$m 2025 2024
Revenue 1,516.8 1,474.9 2.8% 2.8%
EBITDA 149.5 147.2 1.6% 1.7%
EBITDA margin 9.9% 10.0% (10bps) (10bps)
Dairy Nutrition is a leading producer of whey proteins and American-style
cheddar cheese in the US and provides a wide range of colostrum bioactives and
functional protein solutions.
DN total revenue increased by 2.8%. LFL revenue increased by 5.0% in 2025 with
a 4.2% increase in volume driven by strong protein solutions demand, targeting
the high-protein ready-to-eat category, and a 0.8% increase in price driven by
strong whey prices, somewhat offset by negative cheese markets in the second
half of the year. This was offset by a decrease of 2.2% from the impact of the
53(rd) week. We also continued to see good demand for colostrum bioactives,
which targets gut health and immunity.
DN EBITDA increased by 1.7% versus prior year to $149.5 million and EBITDA
margin decreased by 10 basis points to 9.9%.
Joint Venture (Glanbia share)
$m 2025 2024 Change
Share of joint venture profit after tax 11.1 0.1 11.0
The Group's share of joint venture profit after tax increased by $11.0 million
to $11.1 million, largely driven by improved dairy market dynamics in the
US.
Full Year 2025 Finance Review
Full year 2025 results summary (pre-exceptional) Reported Constant
currency
$m 2025 2024 change change
Revenue 3,946.4 3,839.7 2.8% 2.3%
EBITDA 499.1 551.3 (9.5%) (9.4%)
EBITDA margin 12.6% 14.4% (180 bps) (170 bps)
- Amortisation of intangible assets (75.3) (82.1)
- Depreciation of PPE & ROU Assets (73.5) (73.1)
- Net finance costs (29.4) (26.8)
- Share of results of joint venture 11.1 0.1
- Income taxes (48.1) (59.1)
Profit for the year 283.9 310.3
Basic EPS 73.16c 63.21c 15.7% 19.7%
Adjusted EPS 134.93c 140.03c (3.6%) (3.4%)
Revenue
Revenue increased in 2025 by 2.3% versus prior year on a constant currency
basis (2.8% reported) to $3.9 billion, driven by volume increases of 3.7%,
pricing increases of 0.5%, net acquisition/disposals related increase of 0.1%,
partially offset by the impact of the 53rd week of 2.0%. Detailed analysis of
revenue is set out within the operations review.
EBITDA (pre-exceptional)
EBITDA before exceptional items decreased by 9.4% constant currency (9.5%
reported) to $499.1 million (2024:$551.3 million), mainly due to elevated
input costs inflation in Performance Nutrition. EBITDA margin in FY 2025 was
12.6% compared to 14.4% in 2024, representing a reported decrease of 180 basis
points. Detailed analysis of EBITDA is set out within the operations review.
Net finance costs (pre-exceptional)
Net finance costs (pre-exceptional) increased by $2.6 million to $29.4 million
(2024: $26.8 million). The increase was primarily driven by an increase in
average net financial indebtedness resulting from the full year impact of the
Flavor Producers acquisition in late-April 2024. The Group's average interest
rate was 4.2% (2024: 4.6%). Glanbia operates a policy of fixing a significant
proportion of its interest rate exposure.
Share of results of joint venture (pre-exceptional)
The Group's share of joint ventures profit after tax (pre-exceptional)
increased by $11.0 million to $11.1 million, due to improved dairy market
dynamics.
Income taxes
The 2025 pre-exceptional tax charge decreased by $11.0 million to $48.1
million (2024: $59.1 million). This represents an effective tax rate,
excluding joint venture, of 15.0% (2024: 16.0%). The tax credit on exceptional
items is $22.2 million (2024: credit of $15.8 million) and relates primarily
to the loss on disposal of SlimFast and Body & Fit and impairment of the
LevlUp business. The Group currently expects that its effective tax rate for
2026 will be in the range of 14% to 16%.
Exceptional items
$m 2025 2024
Group-wide transformation programme (note 1) 55.4 18.0
Loss on disposal of subsidiaries (note 2) 45.7 -
Impairment of intangible assets (note 3) 16.5 91.4
Acquisition and integration costs (note 4) 5.2 5.7
Impairment of non-core assets held for sale (note 5) - 46.0
Pension related costs (note 6) - 0.3
Total 122.8 161.4
Exceptional tax credit (22.2) (15.8)
Total exceptional charge for the year 100.6 145.6
Details of the exceptional items are as follows:
1. Group-wide transformation programme: On 6 November 2024, a group-wide
transformation programme was announced to drive efficiencies across the new
operating model and support the next phase of growth. This multi-year
programme is focused on driving efficiencies across the Group's operating
model and supply chains while leveraging the Group's digital transformation
capabilities.
During 2025 the Group incurred costs of $55.4 million (2024: $18.0 million)
primarily related to advisory fees and people related costs.
2. Loss on disposal of subsidiaries: This primarily relates to the loss on
disposal of SlimFast and Body & Fit operations. Both transactions
concluded during 2025 and the loss represents the difference between proceeds
received, (net of associated costs) and the carrying value of the investments.
3. Impairment of intangible assets: A non-cash impairment charge of $16.5
million has been recognised during the year in respect of the LevlUp cash
generating unit reflecting challenges in the business impacting performance.
In the prior year, a non-cash impairment charge of $91.4 million was
recognised in respect of the SlimFast Americas cash generating unit reflecting
continuing challenges in the weight management category impacting the brand's
performance. The SlimFast business was disposed of during 2025 (see note 2
above).
4. Acquisition and integration costs: Relate to the transaction and
integration costs associated with recent acquisitions.
5. Impairment of non-core assets held for sale: The prior year charge
relates to fair value adjustments to reduce the carrying value of assets held
for sale to recoverable value. The assets related to the Benelux
Direct-To-Consumer ("DTC") online branded business (Body & Fit
Sportsnutrition B.V.). Following the completion of a portfolio review, these
assets and liabilities were determined to be non-core and a decision was made
to divest of them, resulting in the designation as held for sale at 2024 year
end. The business was disposed of during 2025 (see note 2 above).
6. Pension related costs: Prior year costs relate to the restructure of
certain legacy defined benefit pension schemes in the UK.
Profit after tax
Profit after tax comprises pre-exceptional profit of $283.9 million (2024:
$310.3 million). The $26.4 million decrease in pre-exceptional profit after
tax is driven by lower profits in Performance Nutrition.
Exceptional charges after tax of $100.6 million in the year predominantly
related to group-wide transformation programme, loss on disposal of
subsidiaries and non-cash impairments. In the prior year, exceptional charges
of $145.6 million mainly related to non-cash impairments in the PN business.
Profit after tax and exceptionals for the year was $183.3 million compared to
$164.7 million in 2024.
Earnings Per Share (EPS)
Basic EPS increased by 19.7% on a constant currency basis (15.7% reported),
driven by lower exceptional costs.
Adjusted EPS is a Key Performance Indicator ("KPI") of the Group, a key metric
guided to the market and a key element of Executive Director and senior
management remuneration. Adjusted EPS decreased by 3.4% constant currency
(3.6% reported) in the year.
Foreign exchange
Group results are impacted by year-on-year fluctuations in exchange rates
versus the US dollar. Key non-US dollar currencies for the Group over the year
were euro and Pound sterling, for which average and year-end rates were as
follows:
Average Year-end
1 US dollar = 2025 2024 2025 2024
euro 0.8838 0.9246 0.8532 0.9710
Pound sterling 0.7578 0.7827 0.7439 0.8058
Cash flow and capital allocation
Cash flow generation and conversion
$m 2025 2024
EBITDA (pre-exceptional) 499.1 551.3
Movement in working capital (pre-exceptional) (11.1) (37.5)
Business-sustaining capital expenditure (33.6) (28.7)
Operating cash flow 454.4 485.1
Net interest and tax paid (83.9) (65.7)
Payment of lease liabilities (23.3) (23.7)
Dividends received from related parties 12.5 5.0
Other inflows 0.1 1.8
Free cash flow 359.8 402.5
Strategic capital expenditure (51.2) (58.4)
Dividends paid to Company shareholders (117.8) (104.4)
Purchase of own shares under share buyback (226.9) (111.4)
Exceptional cash paid (55.8) (22.7)
Acquisitions/disposals 6.1 (297.0)
Net cash flow (85.8) (191.4)
Exchange translation (5.3) 2.4
Cash net of borrowings acquired on acquisition 1.1 1.7
Net debt movement (90.0) (187.3)
Opening net debt (436.0) (248.7)
Closing net debt (526.0) (436.0)
Operating cash flow ("OCF") is a Group KPI guided to the market and is an
element of Executive Director and senior management remuneration. The Group's
OCF was $454.4 million in the year (2024: $485.1 million). The decrease in OCF
versus prior year reflects lower profitability partially offset by reduced
working capital outflow. This represents a strong cash conversion on EBITDA of
91% (2024: 88%). The OCF conversion target for the year was 80%.
The Group's free cash flow ("FCF") amounted to $359.8 million versus $402.5
million in the prior year. The decrease was primarily due to lower OCF and
higher interest and tax payments.
Capital allocated for the benefit of shareholders includes regular dividend
payments of $117.8 million (2024: $104.4 million) and share buybacks of $226.9
million (2024: $111.4 million).
The 2025 net inflow for acquisitions/disposals primarily relates to the
proceeds from the disposal of SlimFast and Body & Fit, partially offset by
the consideration paid for Sweetmix. The 2024 outflow relates to the
consideration paid for Flavor Producers.
Group financing
Financing measures 2025 2024
Net debt ($m) 526.0 436.0
Net debt: adjusted EBITDA 1.08 times 0.81 times
Adjusted EBIT: adjusted net finance cost 13.7 times 16.7 times
The Group's financial position continues to be strong. At year end 2025, net
debt was $526.0 million (2024: $436.0 million), an increase of $90.0 million
from prior year and the Group had committed debt facilities of $1.4 billion
(2024: $1.3 billion) with a weighted average maturity of 2.7 years (2024: 3.8
years). Glanbia's ability to generate cash, as well as available debt
facilities ensures the Group has considerable capacity to finance future
investments. Net debt: adjusted EBITDA was 1.08 times (2024: 0.81 times) and
interest cover was 13.7 times (2024: 16.7 times), both
metrics remaining well within financing covenants.
Capital expenditure
Cash outflow relating to capital expenditure in the year amounted to $84.8
million (2024: $87.1 million), including $33.6 million of business-sustaining
capital expenditure and $51.2 million of strategic capital expenditure. Key
strategic projects completed in 2025 include ongoing capacity enhancement,
business integrations and IT investments to drive further efficiencies in
operations.
Dividends
The Board is recommending a final dividend of 25.67 €cent per share which
brings the total dividend for the year to 42.87 €cent per share, a 10%
increase on the prior year. This total dividend represents a payout ratio of
35.9% of 2025 adjusted EPS which is in line with the Board's new target
dividend payout ratio of 30% to 40%. The final dividend will be paid on 1 May
2026 to shareholders on the share register on 20 March 2026.
Share buyback
Share buyback activity continued during 2025, returning €197.2 million to
shareholders in the year.
During the year, Tirlán Co-operative Society Limited ("Tirlán Co-op" or "the
Co-op") placed 17 million shares in Glanbia plc with institutional investors
at a share price of €13.55. The proceeds from the share placement were used
by Tirlán to repay a €250 million Exchangeable Bond.
Glanbia participated in the share placement by purchasing and cancelling 7.38
million shares, representing around 2.9% of the Company's share capital.
Following the completion of the sale of Glanbia shares (including the related
cancellation of shares), Tirlán Co-op now holds 17.86% of Glanbia shares,
remains the largest equity investor and continues to be a strong supporter of
our strategy.
With confidence in the strong cash generation abilities of the organisation,
the Board has further authorised an additional €100 million in share
buybacks for 2026 as an effective mechanism to return value to shareholders.
ROCE
2025 2024 Change
Return on Capital Employed 11.3% 12.4% (110bps)
ROCE decreased in 2025 by 110 basis points to 11.3%, due to lower
profitability driven by higher input costs in Performance Nutrition.
Sustainability
In line with the requirements of the Corporate Sustainability Reporting
Directive ("CSRD") and the European Sustainability Reporting Standards
("ESRS"), we are presenting and publishing our first Sustainability Statement.
This marks a significant step in formalising our approach to sustainability
reporting and enhancing the transparency of our environmental, social, and
governance disclosures. The statement reflects the work undertaken to assess
our material impacts, risks, and opportunities, and establishes a structured
foundation for future reporting as we continue to integrate sustainability
considerations into our governance, strategy, and performance management.
Investor relations
Glanbia has a proactive approach to shareholder engagement with the Annual
General Meeting ("AGM") being a key event annually. In 2025, an in person AGM
was held on 30 April at the Killashee Hotel in Kildare, Ireland. All details
relating to the AGM were published on the Company's website:
www.glanbia.com/agm.
In 2025, the Group engaged with shareholders and investors through a series of
strategic activities. These included several investor roadshows and media
briefings following the Group's full year and half year results, providing
opportunities for direct engagement and communication. Additionally, the Group
hosted a Capital Markets Day in London in November 2025, to outline our
refreshed strategy and three-year financial targets for 2026-2028.
In addition to full year and half year results, Glanbia publishes interim
management statements after the first and third quarters to provide investors
with a regular update on performance and expectations throughout the year. All
releases, reports and presentations are made available immediately on
publication, on the Group's website: www.glanbia.com.
Auditor rotation
In compliance with the regulations mandating public interest entities to
tender their audits every ten years, the Board commenced an audit tender
process in 2024 to select the Group's next statutory auditor effective FY
2026. The Audit Committee and Board approved the appointment of EY as the
Group's statutory auditor commencing from 4 January 2026.
Looking ahead
At our Capital Markets Day in November 2025, we outlined our refreshed
strategy and three-year financial targets for 2026-2028. At a Group level, we
are targeting annual adjusted EPS growth of 7%-11%, ROCE 10%-13% and
increasing our cash conversion target to 85%. We will continue to invest with
discipline to drive growth and enhance returns.
In late 2024, we launched an ambitious group-wide transformation programme
designed to create a simpler, more
effective operating model that supports growth and drives efficiencies. We
originally targeted $50 million in annual savings, however, strong momentum
across the programme means we are now on track to deliver $60 million savings
annually by 2027, with expected costs to deliver of $100 million.
Principal Risks and Uncertainties
The Board of Glanbia plc has the ultimate responsibility for the Group's
systems of risk management and internal control. The Directors of Glanbia have
carried out a robust assessment of the Group's principal risks, including
those that may threaten Glanbia's business model, future performance, solvency
or liquidity. The risk categorisation recognises the external risks associated
with our operating environment, which are typically considered and managed
through our strategic processes, and the primarily internal risks associated
with people, processes and systems which are managed through Glanbia's
internal controls. Emerging risks with the potential to impact longer term
success are also considered to ensure appropriate plans are in place to
respond to them over time.
While the Group's principal risks and uncertainties which are summarised in
the risk profile table below remain relevant and consistent with those
reported in last year's Annual Report, the "Acquisition/Integration" principal
risk has been expanded to include potential risks associated with the
group-wide transformation programme and renamed to "Acquisition, Integration
and Transformation". No other changes were made to other principal risks;
however, the underlying risk trend for "Climate Change" risk moved from
elevated to stable, as reported in our half year results.
The Group has effectively managed the evolving risk environment in 2025 and
continues to develop mitigation measures to address these challenges in the
year ahead.
Strategic/External Financial Technological Operational/Regulatory
Risk where trend is stable • Customer concentration • Taxation • Digital transformation • Health and safety
• Climate change • Product safety and compliance
• Acquisition, integration and transformation
• Supply chain
• Talent management
Risk where trend is • Geopolitical • Cyber security and data protection
elevated • Economic and Industry
• Market disruption
There may be other risks and uncertainties that are not yet considered
material or not yet known to Glanbia and this list will change if these risks
assume greater importance in the future. Likewise, some of the current risks
may drop off the key risks schedule as management actions are implemented or
changes in the operating environment occur.
The key risk factors and uncertainties with the potential to impact on the
Group's financial performance in 2026 include:
· Geopolitical risk - the geopolitical landscape remains fragile, with
escalating tensions posing significant risks to global trade and economic
stability. Key concerns include the Venezuela and Ukraine conflicts,
persistent instability in the Middle East, heightened tensions in the South
China Sea and Taiwan, and the increased economic rivalry between the US and
China. The Board is closely monitoring geopolitical dynamics in key trading
regions where any escalation such as conflict, economic sanctions or trade
restrictions could impact Glanbia's growth objectives.
· Economic and industry risk - the Group remains exposed to
vulnerabilities in the global macroeconomic landscape, primarily driven by
sustained pressure in international trade. These are exacerbated by continued
uncertainties and volatility in tariff policies that could pose supply chain
disruption and inflationary risk pressures. The Group will continue to closely
monitor these and any other adverse changes in economic conditions which may
increase the cost of living and disrupt demand through reduced consumer
spending.
· Market disruption risk - while inflation across our core markets has
steadied it remains vulnerable to negative impacts, particularly due to the
continued volatility in trade and tariff relations between the US and its key
trading partners, which have the potential to drive prices higher. Given the
potential for a combination of external factors to influence this position,
the Group continues to implement targeted measures to mitigate remaining
inflationary pressures and navigate competitor challenges.
· Cybersecurity and data protection risk - while the Group has established
robust governance processes to oversee its digital and IT transformation
initiatives, a significant breakdown in controls could result in a potential
material exposure to cybersecurity and data protection risk. Management is
carefully evaluating and implementing digital initiatives to drive a
transformative shift in digital capabilities and technology enablement while
ensuring robust risk assessment and effective risk management remain integral
to the process.
· Supply chain risk - while supply chain volatility on our key ingredients
have largely stabilised during the year, the ongoing geopolitical tensions and
volatility in trade and tariff policies could potentially impact the
importation of key raw materials and/or negatively impact on the Group's
international sales channels. The Group is holding appropriate safety stocks
for core raw materials, however a prolonged impact to supply chains such as
increased/new tariffs, extreme weather events and natural disasters, inflation
headwinds or a geo-political event in a key trading region would have negative
consequences from both a supply and pricing perspective.
· Customer concentration risk - while the Group's strategic focus remains
on building strong customer relationships with major customers, material
disruption with, or loss of, one or more of these customers, or a significant
deterioration in commercial terms, could materially impact profitability. This
risk can also expose the Group to credit exposure and other balance sheet
risks. The Board remains focused on actively managing these risks and
leveraging available mitigation strategies to limit potential adverse impacts
wherever possible.
The Group actively manages these and all other risks through its risk
management and internal control processes.
Cautionary statement
Glanbia plc has made forward-looking statements in this document that are
based on management's beliefs and assumptions and on information currently
available to management. Forward-looking statements include, but are not
limited to, information concerning the Group's possible or assumed future
results of operations, business strategies, financing plans, competitive
position, potential growth opportunities, potential operating performance
improvements, the effects of competition and the effects of future legislation
or regulations. Forward-looking statements include all statements that are not
historical facts and can be identified by the use of forward-looking
terminology such as the words 'believe', 'develop', 'expect', 'ensure',
'arrive', 'achieve', 'anticipate', 'maintain', 'grow', 'aim', 'deliver',
'sustain', 'should' or the negative of these terms or similar expressions.
Forward-looking statements involve risks, uncertainties and assumptions.
Actual results may differ materially from those expressed in these
forward-looking statements. You should not place undue reliance on any
forward-looking statements. These forward-looking statements are made as of
the date of this document. The Group expressly disclaims any obligation to
update these forward-looking statements other than as required by law. The
forward-looking statements in this release do not constitute reports or
statements published in compliance with any of Regulations 4 to 9 and 26 of
the Transparency (Directive 2004/109/EC) Regulations 2007 or any equivalent
provisions of the Disclosure and Transparency Rules of the FCA.
On behalf of the Board
Hugh McGuire Mark Garvey
Chief Executive Officer Chief Financial Officer
25 February 2026
Annual General Meeting (AGM)
Glanbia plc's AGM will be held on Wednesday 29 April 2026 at 11.00 a.m.at
Killashee Hotel, Kilcullen Road, Naas, Co. Kildare, W91 DC98, Ireland.
Results webcast and dial-in details:
There will be an analysts' conference call and webcast presentation to
accompany this results announcement at 8.30 a.m. (GMT) today. Please access
the webcast from the Glanbia website at
https://www.glanbia.com/investors/financial-calendar
(https://www.glanbia.com/investors/financial-calendar) , where the
presentation can also be viewed or downloaded.
A replay of the call will be available for 30 days from this afternoon. Please
see the link below to the Investor Relations section of the Glanbia plc
website for details:
https://www.glanbia.com/investors/results-centre
(https://www.glanbia.com/investors/results-centre)
For further information contact
Glanbia plc +353 (0)56 777 2200
Hugh McGuire, Chief Executive Officer
Mark Garvey, Chief Financial Officer
Liam Hennigan, Group Secretary & Head of Investor Relations +353 (0)86 046 8375
Lauren O'Sullivan, Investor Relations Manager +353 (0)85 741 7861
Martha Kavanagh, Director of Corporate Affairs +353 (0)87 646 2006
Group income statement
for the financial year ended 3 January 2026
2025 2024
Notes Pre- Exceptional Total Pre- Exceptional Total
exceptional $m $m exceptional $m $m
$m (note 3) $m (note 3)
Revenue 3,946.4 - 3,946.4 3,839.7 - 3,839.7
Cost of goods sold (2,884.8) (0.2) (2,885.0) (2,674.3) - (2,674.3)
Gross profit 1,061.6 (0.2) 1,061.4 1,165.4 - 1,165.4
Selling and distribution expenses (385.5) - (385.5) (449.9) - (449.9)
Administration expenses (249.6) (60.2) (309.8) (238.3) (26.9) (265.2)
Net impairment (loss)/gain on financial assets (0.9) - (0.9) 1.0 - 1.0
Operating profit before intangible asset amortisation and impairment 425.6 (60.4) 365.2
478.2 (26.9) 451.3
Intangible asset amortisation and impairment (75.3) (16.7) (92.0) (82.1) (134.5) (216.6)
Operating profit 350.3 (77.1) 273.2 396.1 (161.4) 234.7
Loss on disposal of subsidiaries - (45.7) (45.7) - - -
Finance income 4 2.4 - 2.4 5.4 - 5.4
Finance costs 4 (31.8) - (31.8) (32.2) - (32.2)
Share of results of joint venture 11.1 - 11.1 0.1 - 0.1
Profit before taxation 332.0 (122.8) 209.2 369.4 (161.4) 208.0
Income taxes 5 (48.1) 22.2 (25.9) (59.1) 15.8 (43.3)
Profit for the year attributable to the equity holders of the Company 10 283.9 (100.6)
183.3 310.3 (145.6) 164.7
Earnings Per Share attributable to the equity holders of the Company
Basic Earnings Per Share (cent) 6 73.16 63.21
Diluted Earnings Per Share (cent) 6 72.44 62.45
Group statement of comprehensive income
for the financial year ended 3 January 2026
Notes 2025 2024
$m $m
Profit for the year 183.3 164.7
Other comprehensive income
Items that will not be reclassified subsequently to the Group income 4.1
statement:
1.9
Remeasurements on defined benefit plans, net of deferred tax
9 (5.5)
Items that may be reclassified subsequently to the Group income statement:
Currency translation differences 5.6
Currency translation difference arising on net investment hedge 9 12.8 (7.0)
Movement in cash flow hedges, net of deferred tax (1.1) 1.5
Share of other comprehensive income of joint venture, net of deferred tax (3.7) (0.1)
Other comprehensive income for the year, net of tax 15.5 (7.0)
Total comprehensive income for the year attributable to the equity holders of 198.8 157.7
the Company
Group balance sheet
as at 3 January 2026
Notes 3 January
2026 4 January
$m 2025
$m
ASSETS
Non-current assets
Property, plant and equipment 520.1 518.6
Right-of-use assets 91.1 87.0
Intangible assets 1,533.5 1,608.0
Interests in joint ventures 156.2 157.5
Other financial assets 0.9 0.9
Deferred tax assets 3.7 3.4
Retirement benefit assets 16.2 12.0
2,321.7 2,387.4
Current assets 634.8
Inventories 662.9
Trade and other receivables 476.4 391.5
Current tax receivable 21.7 17.0
Derivative financial instruments 0.1 1.4
Cash and cash equivalents (excluding bank overdrafts) 8 491.2 417.0
1,652.3 1,461.7
Assets held for sale - 25.4
1,652.3 1,487.1
Total assets 3,974.0 3,874.5
EQUITY
Issued capital and reserves attributable to the equity holders of the Company
Share capital and share premium 128.3 129.3
Other reserves 9 186.4 168.3
Retained earnings 10 1,612.5 1,775.2
Total equity 1,927.2 2,072.8
LIABILITIES
Non-current liabilities
Borrowings 8 641.6 552.2
Lease liabilities 88.0 85.1
Retirement benefit obligations 1.1 1.0
Deferred tax liabilities 92.7 104.6
Provisions 4.6 4.3
828.0 747.2
Current liabilities
Trade and other payables 715.9 611.7
Borrowings 8 375.6 300.8
Lease liabilities 20.5 20.8
Current tax liabilities 98.6 101.9
Derivative financial instruments 0.2 -
Provisions 8.0 10.7
1,218.8 1,045.9
Liabilities held for sale - 8.6
1,218.8 1,054.5
Total liabilities 2,046.8 1,801.7
Total equity and liabilities 3,974.0 3,874.5
Group statement of changes in equity
for the financial year ended 3 January 2026
Attributable to equity holders of the Company
2025 Share capital and share premium Other Retained Total
$m reserves earnings $m
$m
$m
(note 9)
(note 10)
Balance at 5 January 2025 129.3 168.3 1,775.2 2,072.8
- -
Profit for the year 183.3 183.3
Other comprehensive income - 13.6 1.9 15.5
Total comprehensive income for the year - 13.6 185.2 198.8
- - (117.8) (117.8)
Dividends
Purchase of own shares - (248.8) - (248.8)
Cancellation of own shares (1.0) 227.3 (226.3) -
Share-based payment expense - 21.9 - 21.9
Transfer on exercise, vesting or expiry of share-based payments - 4.1 (4.1) -
Deferred tax on share-based payments - - 0.3 0.3
Balance at 3 January 2026 128.3 186.4 1,612.5 1,927.2
2024
Balance at 31 December 2023 129.7 172.1 1,830.8 2,132.6
- - 164.7 164.7
Profit for the year
Other comprehensive income - (11.1) 4.1 (7.0)
Total comprehensive income for the year - (11.1) 168.8 157.7
- - (104.4) (104.4)
Dividends
Purchase of own shares - (129.8) - (129.8)
Cancellation of own shares (0.4) 111.4 (111.0) -
Share-based payment expense - 18.2 - 18.2
Transfer on exercise, vesting or expiry of share-based payments - 7.5 (7.5) -
Deferred tax on share-based payments - - (1.5) (1.5)
Balance at 4 January 2025 129.3 168.3 1,775.2 2,072.8
Group statement of cash flows
for the financial year ended 3 January 2026
Notes 2025
$m 2024
$m
Cash flows from operating activities 11 531.6
Cash generated from operating activities before exceptional items 508.2
Cash outflow related to exceptional items (55.8) (22.7)
Interest received 3.6 6.1
Interest paid (including interest paid on lease liabilities) (32.7) (31.3)
Tax paid (54.8) (40.5)
Net cash inflow from operating activities 368.5 443.2
(40.3) (298.0)
Cash flows from investing activities
Payment for acquisition of subsidiary, net of cash and borrowings acquired
Payments for property, plant and equipment (49.6) (54.3)
Payments for intangible assets (35.2) (32.8)
Proceeds from sale of property, plant and equipment - 2.7
Dividends received from related parties 12.5 5.0
Proceeds from disposal/redemption of other financial assets 1.8 2.4
Proceeds from disposal of subsidiaries 47.5 -
Net cash outflow from investing activities (63.3) (375.0)
9 (248.8) (129.8)
Cash flows from financing activities
Purchase of own shares
Drawdown of borrowings 867.9 672.8
Repayment of borrowings (780.7) (673.3)
Payment of lease liabilities (23.3) (23.7)
Dividends paid to Company shareholders 7 (117.8) (104.4)
Net cash outflow from financing activities (302.7) (258.4)
2.5 (190.2)
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of the year 116.2 304.8
Effects of exchange rate changes on cash and cash equivalents (3.1) 1.6
Cash and cash equivalents at the end of the year 8 115.6 116.2
Notes to the financial statements
for the financial year ended 3 January 2026
1. Material accounting policy information
The financial information set out in this document does not constitute full
statutory financial statements but has been derived from the Group financial
statements for the year ended 3 January 2026 (referred to as the 2025
Financial Statements). The 2025 Financial Statements have been prepared in
accordance with International Financial Reporting Standards ("IFRS") and their
interpretations approved by the International Accounting Standards Board
('IASB') as adopted by the European Union ('EU') and those parts of the
Companies Act 2014, applicable to companies reporting under IFRS. The 2025
Financial Statements have been audited and have received an unqualified audit
report. Amounts are stated in US dollar millions ($m) unless otherwise stated.
These financial statements are prepared for the 52‐week period ended 3
January 2026. Comparatives are for the 53‐week period ended 4 January 2025.
The balance sheets for 2025 and 2024 have been drawn up as at 3 January 2026
and 4 January 2025 respectively.
The financial statements have been prepared under the historical cost
convention as modified by use of fair values for certain other financial
assets, contingent consideration and derivative financial instruments.
All notes to the financial statements include amounts for continuing
operations, unless indicated otherwise.
The Group's material accounting policy information which will be included in
the 2025 Financial Statements is consistent with that presented in the 2024
financial statements, except for the change in segment reporting as detailed
below.
The 2025 Financial Statements were approved and authorised for issue by the
Board of Directors on 24 February 2026 and signed on its behalf by P Duffy, H
McGuire, and M Garvey.
Segment reporting
Glanbia has commenced a group-wide transformation programme to drive
efficiencies across the new operating model and support the next phase of
growth through three focused segments; Performance Nutrition, Health &
Nutrition and Dairy Nutrition. The new operating model reflects the way
resources are allocated and performance is assessed by the Chief Operating
Decision Maker ("CODM"). During the year, the Group reassessed the composition
of its CODM and determined that the CODM is now the Chief Executive Officer
and Chief Financial Officer acting together (formerly the Group Operating
Executive). Comparative segment information for 2024 has been restated where
necessary to reflect the changes in reportable segments. See note 2 for
further details.
In identifying the Group's operating segments, management considered the
following principal factors:
• the Group's organisational structure, namely Performance Nutrition, Health
& Nutrition, Dairy Nutrition and the joint venture
• how financial information is reported to the CODM
• the nature of the component business activities; refer to note 2 for
details
• the degree of similarity of products and services, and production
processes
Finance income, finance costs and income taxes are not allocated to segments,
as this type of activity is driven by central treasury and taxation functions
which manage the cash and tax position of the Group. Unallocated assets and
liabilities primarily include tax, cash and cash equivalents and borrowings.
Where a material dependency or concentration on an individual customer would
warrant disclosure, this is disclosed in note 2.
Impact of climate related matters
The Group has considered the impact of climate change on the financial
statements including the impairment of financial and non-financial assets, the
useful lives of those assets, and provisions, particularly in the context of
the potential transition and physical risks identified and assessed within
Taskforce for Climate-related Financial Disclosure (TCFD) report and the
associated mitigation plans in place. In addition, the Group refreshed its
2024 Double Materiality Assessment (DMA) in line with European Sustainability
Reporting Standards (ESRS) requirements to reassess climate-related financial
materiality for risks and opportunities. Currently, there is no indication
from these assessments that climate change is expected to have a significant
impact on the Group. The assessments included the following specific
considerations:
• The climate-related risk and opportunity (CRO) assessment to
assess the potential impact of these risks and opportunities for the Group did
not indicate obsolete production methods, site locations or products.
Consequently, management do not determine any significant impact on the
business, including operating or capital expenditure requirements, at this
point in time.
• The impact of transition and physical risks identified and the
potential impact on the carrying value of fixed assets and intangible assets
were specifically considered in the context of the estimated time horizon
impact and output from the financial quantification exercise carried out on
each of the climate-related risks assessed. There was no significant impact to
the carrying value of these assets as recorded in the Group balance sheet.
• The Group considered our environmental commitments, including
our carbon emission reduction targets, and the proposed Scope 1 and 2
decarbonisation plan to 2030 and concluded that there was no significant
provision requirements related to these commitments or plans required.
In addition to these considerations, we further considered the impact of
climate change in the impairment testing of goodwill and indefinite life
intangibles for 2025.
Going concern
After making appropriate enquiries, the Directors have a reasonable
expectation that the Group has adequate resources to continue in operational
existence for a period of at least 12 months from the date of approval of the
financial statements. The Group therefore considers it appropriate to adopt
the going concern basis in preparing its financial statements.
Adoption of new and amended standards
The following changes to IFRS became effective for the Group during the
financial year but did not result in material changes to the Group's financial
statements:
• Classification of Liabilities as Current or Non-current -
Amendments to IAS 1
• Non-current Liabilities with Covenants - Amendments to IAS 1
• Lack of Exchangeability - Amendments to IAS 21
• Lease Liability in a Sale and Leaseback - Amendments to IFRS
16
• Supplier Finance Arrangements - Amendments to IAS 7 and IFRS 7
New and amended standards that are not yet effective
The Group has not applied certain new standards, amendments and
interpretations to existing standards that have been issued but are not yet
effective. The Group intends to adopt these amended and new standards, if
applicable, when they become effective. These include:
• Classification and Measurement of Financial Instruments -
Amendments to IFRS 9/IFRS 7
• Contracts Referencing Nature-dependent Electricity -
Amendments to IFRS 9/IFRS 7
• IFRS 18 Presentation and Disclosure in Financial Statements
• IFRS 19 Subsidiaries without Public Accountability:
Disclosures (including amendments)
• Annual Improvements to IFRS Accounting Standards - Volume 11
• Translation to a Hyperinflationary Presentation Currency -
Amendments to IAS 21
The Group is currently assessing how the application of IFRS 18 Presentation
and Disclosure in Financial Statements, effective for accounting periods on or
after 1 January 2027, will affect the future presentation of the Group's
financial statements. While IFRS 18 will not affect reported totals, it is
expected to change the presentation of income and expenses in the primary
statements and the notes. In addition, IFRS 18 requires management-defined
performance measures, which are currently presented outside the audited
financial statements (in the Glossary), to be included within the audited
notes together with reconciliations to IFRS measures. This will increase
disclosure requirements and audit scope. Otherwise, the standards outlined
above are not expected to result in a material change to the Group's financial
statements.
2. Segment information
In accordance with IFRS 8 'Operating Segments', the Group has identified
Performance Nutrition (PN), Health & Nutrition (H&N) and Dairy
Nutrition (DN) as reportable segments as at 3 January 2026 (2024: Glanbia
Performance Nutrition and Glanbia Nutritionals). Glanbia Performance Nutrition
was renamed Performance Nutrition during the year and Glanbia Nutritionals was
segregated into Health & Nutrition and Dairy Nutrition. The new segments
reflect the way resources are allocated and performance is assessed by the
CODM. Comparative segment information for 2024 has been restated where
necessary to reflect the changes in reportable segments. Performance Nutrition
manufactures and sells sports nutrition and lifestyle nutrition products
through a variety of channels including specialty, online, Food, Drug, Mass,
Club (FDMC), and distributor in a variety of formats, including powders,
Ready-to-Eat (bars and snacking foods) and Ready-to-Drink beverages. Health
& Nutrition is a leading global ingredient solutions business, providing
value added ingredient and flavour solutions to a range of attractive,
high-growth end-use markets. Dairy Nutrition is a leading producer of whey
proteins and American-style cheddar cheese in the US and provides a wide range
of colostrum bioactives and functional protein solutions.
All other segments and unallocated include both the results of the joint
venture who manufacture and sell cheese and dairy ingredients and unallocated
corporate costs. These investees did not meet the quantitative thresholds for
reportable segments in 2025 or 2024. Amounts stated for joint ventures
represents the Group's share.
These segments align with the Group's internal financial reporting system and
the way in which the CODM assesses performance and allocates the Group's
resources. Each segment is reviewed in its totality by the CODM. The CODM
assesses the trading performance of operating segments based on a measure of
earnings before interest, tax, depreciation, amortisation and exceptional
items. Given that net finance costs and income tax are managed on a
centralised basis, these items are not allocated between operating segments
for the purposes of the information presented to the CODM and are accordingly
omitted from the detailed segmental analysis below.
Performance Nutrition Health & Dairy All other Segments Total
$m Nutrition* Nutrition* and unallocated $m
$m $m $m
Segment results (pre-exceptional)
2025
Total gross segment revenue 1,801.5 631.0 1,567.8 - 4,000.3
Inter-segment revenue (0.4) (2.5) (51.0) - (53.9)
Revenue 1,801.1 628.5 1,516.8 - 3,946.4
Earnings before interest, tax, depreciation, amortisation and exceptional 233.8 115.8 149.5 - 499.1
items (EBITDA)
- - - 11.1 11.1
Share of results of joint venture
2024
Total gross segment revenue 1,807.3 565.0 1,533.5 - 3,905.8
Inter-segment revenue (0.6) (6.9) (58.6) - (66.1)
Revenue 1,806.7 558.1 1,474.9 - 3,839.7
Earnings before interest, tax, depreciation, amortisation and exceptional 305.4 98.7 147.2 - 551.3
items (EBITDA)
Share of results of joint venture - - - 0.1 0.1
*Comparatives restated to reflect changes in reportable segments.
Segment assets and liabilities
2025
Segment assets 1,603.7 851.3 776.3 742.7 3,974.0
Segment liabilities 371.2 119.1 276.4 1,280.1 2,046.8
2024
Segment assets 1,700.9 759.1 766.0 648.5 3,874.5
Segment liabilities 378.8 94.3 261.2 1,067.4 1,801.7
*Comparatives restated to reflect changes in reportable segments.
Performance Nutrition Health & Dairy All other Segments Total
$m Nutrition* Nutrition* and unallocated $m
$m $m $m
Other segment information
2025
Depreciation of PP&E and ROU assets** 24.2 16.8 32.5 - 73.5
Amortisation of intangible assets 39.0 7.2 29.1 - 75.3
Exceptional charge 75.3 7.1 0.9 39.5 122.8
Capital expenditure - additions 15.9 26.7 39.9 6.9 89.4
Capital expenditure - business combinations - 41.4 - - 41.4
2024
Depreciation of PP&E and ROU assets** 25.6 15.8 31.7 - 73.1
Amortisation of intangible assets 50.8 11.1 20.2 - 82.1
Exceptional charge 139.8 0.5 0.6 20.5 161.4
Capital expenditure - additions 24.4 31.0 44.5 6.4 106.3
Capital expenditure - business combinations - 285.3 - - 285.3
* Comparatives restated to reflect changes in reportable segments.
** Includes depreciation of property, plant and equipment of $52.6 million (2024:
$52.2 million) and depreciation of right-of-use assets of $20.9 million (2024:
$21.9 million).
Also included is the reversal of an impairment of property, plant and
equipment of nil in the current year (2024: $1.0 million).
Within Performance Nutrition, revenue of $402.9 million is derived from one
external customer (2024: $374.5 million).
Within Dairy Nutrition, revenue of $405.6 million is derived from one external
customer (2024: $443.8 million).
Segment earnings before interest, tax, depreciation, amortisation and
exceptional items are reconciled to reported profit before taxation and profit
after taxation as follows:
Notes 2025 2024
$m $m
Earnings before interest, tax, depreciation, amortisation and exceptional 499.1 551.3
items (EBITDA)
Finance income 4 2.4 5.4
Finance costs 4 (31.8) (32.2)
Share of results of joint venture 11.1 0.1
Exceptional items before tax 3 (122.8) (161.4)
Intangible asset amortisation (75.3) (82.1)
Depreciation of property, plant and equipment (52.6) (52.2)
Reversal of impairment of property, plant and equipment - 1.0
Depreciation of right-of-use assets (20.9) (21.9)
Profit before taxation 209.2 208.0
Income taxes 5 (25.9) (43.3)
Profit for the year 183.3 164.7
Geographical information
Revenue from external customers, and non-current assets, other than financial
instruments, deferred tax assets, and retirement benefit assets attributable
to the country of domicile and all foreign countries of operation for which
revenue/non-current assets exceed 10% of total Group revenue/non-current
assets are set out below.
Revenue from external customers in the table below and in the disaggregation
of revenue by primary geographical markets table below is allocated to
geographical areas based on the place of delivery or collection of the
products sold as agreed with customers as opposed to the end-use market where
the product may be consumed.
Revenue Non-current assets
2025 2024 2025 2024
$m $m $m $m
Ireland (country of domicile) 63.1 45.7 1,134.6 1,064.4
US 2,660.5 2,718.1 1,018.3 1,180.8
Other:
- North America (excluding US) 113.3 115.0 5.7 5.6
- Europe (excluding Ireland) 537.9 471.3 94.3 108.9
- Asia Pacific 431.2 367.9 12.0 11.3
- LATAM 70.8 56.7 36.0 0.1
- Rest of World 69.6 65.0 - -
3,946.4 3,839.7 2,300.9 2,371.1
Disaggregation of revenue
Revenue is disaggregated based on the Group's internal reporting structures,
the primary geographical markets in which the Group operates, the timing of
revenue recognition, and channel mix as set out in the following tables.
2025 2024
Performance Nutrition Health & Total Health & Total
$m Nutrition Dairy $m Performance Nutrition Nutrition* Dairy $m
$m Nutrition $m $m Nutrition*
$m $m
Internal reporting structures
Health & Nutrition - 628.5 - 628.5 - 558.1 - 558.1
Dairy Nutrition - - 1,516.8 1,516.8 - - 1,474.9 1,474.9
PN Americas 1,114.0 - - 1,114.0 1,161.0 - - 1,161.0
PN International 687.1 - - 687.1 645.7 - - 645.7
1,801.1 628.5 1,516.8 3,946.4 1,806.7 558.1 1,474.9 3,839.7
Primary geographical markets 1,116.4 367.4 1,290.0 2,773.8 1,162.6 350.9 1,319.6 2,833.1
North America
Europe 369.5 141.5 90.0 601.0 351.8 113.3 51.9 517.0
Asia Pacific 249.0 61.8 120.4 431.2 226.7 52.4 88.8 367.9
LATAM 23.5 31.0 16.3 70.8 21.7 20.7 14.3 56.7
Rest of World 42.7 26.8 0.1 69.6 43.9 20.8 0.3 65.0
1,801.1 628.5 1,516.8 3,946.4 1,806.7 558.1 1,474.9 3,839.7
Timing of revenue recognition
Products transferred at point in time 1,801.1 628.5 1,516.8 3,946.4 1,806.7 558.1 1,474.9 3,839.7
Products transferred over time - - - - - - - -
1,801.1 628.5 1,516.8 3,946.4 1,806.7 558.1 1,474.9 3,839.7
*Restated to reflect the changes in reportable segments.
Channel mix for Performance Nutrition 2025 2024
$m $m
Distributor 365.3 363.8
Food, Drug, Mass, Club (FDMC) 606.6 635.5
Online 627.4 599.5
Specialty 201.8 207.9
1,801.1 1,806.7
The disaggregation of revenue by channel mix is most relevant for Performance
Nutrition.
3. Exceptional items
The nature of the total exceptional items is as follows:
Notes 2025 2024
$m $m
Group-wide transformation programme (a) 55.4 18.0
Loss on disposal of subsidiaries (b) 45.7 -
Impairment of intangible assets (c) 16.5 91.4
Acquisition and integration costs (d) 5.2 5.7
Impairment of non-core assets held for sale (e) - 46.0
Pension related costs (f) - 0.3
Total 122.8 161.4
Exceptional tax credit 5 (22.2) (15.8)
Total exceptional charge for the year 11 100.6 145.6
Details of the exceptional items are as follows:
(a) Group-wide transformation programme: On 6 November 2024, a group-wide
transformation programme was announced to drive efficiencies across the new
operating model and support the next phase of growth. This multi-year
programme is focused on driving efficiencies across the Group's operating
model and supply chains while leveraging the Group's digital transformation
capabilities.
During 2025 the Group incurred costs of $55.4 million (2024: $18.0 million)
primarily related to advisory fees and people related costs.
(b) Loss on disposal of subsidiaries: This primarily relates to the loss
on disposal of SlimFast and Body & Fit operations. Both transactions
concluded during 2025 and the loss represents the difference between proceeds
received, (net of associated costs) and the carrying value of the investments.
(c) Impairment of intangible assets: A non-cash impairment charge of $16.5
million has been recognised during the year in respect of the LevlUp cash
generating unit reflecting challenges in the business impacting performance.
In the prior year, a non-cash impairment charge of $91.4 million was
recognised in respect of the SlimFast Americas cash generating unit reflecting
continuing challenges in the weight management category impacting the brand's
performance. The SlimFast business was disposed of during 2025 (see note (b)
above).
(d) Acquisition and integration costs: Relate to the transaction and
integration costs associated with recent acquisitions.
(e) Impairment of non-core assets held for sale: The prior year charge
relates to fair value adjustments to reduce the carrying value of assets held
for sale to recoverable value. The assets related to the Benelux
Direct-To-Consumer ("DTC") online branded business (Body & Fit
Sportsnutrition B.V.). Following the completion of a portfolio review, these
assets and liabilities were determined to be non-core and a decision was made
to divest of them, resulting in the designation as held for sale at 2024 year
end. The business was disposed of during 2025 (see note (b) above).
(f) Pension related costs: Prior year costs relate to the
restructure of certain legacy defined benefit pension schemes in the UK.
4. Finance income and costs
2025 2024
$m $m
Finance income
Interest income on cash and deposits 2.3 5.1
Interest income on swaps 0.1 0.3
Total finance income 2.4 5.4
Finance costs
Bank borrowing costs (16.3) (16.0)
Finance cost of private placement debt (9.7) (10.4)
Facility fees (2.6) (2.8)
Interest expense on lease liabilities (3.2) (3.0)
Total finance costs (31.8) (32.2)
(26.8)
Net finance costs (29.4)
5. Income taxes
2025 2024
$m $m
Current tax
Irish current tax charge 12.6 22.1
Adjustments in respect of prior years 1.0 0.1
Irish current tax for the year 13.6 22.2
50.5
Foreign current tax charge 26.2
Adjustments in respect of prior years 3.5 0.2
Foreign current tax for the year 29.7 50.7
Total current tax 43.3 72.9
Deferred tax
Deferred tax - current year (13.1) (28.3)
Adjustments in respect of prior years (4.3) (1.3)
Total deferred tax (17.4) (29.6)
43.3
Tax charge 25.9
The tax credit on exceptional items included in the above amounts is as
follows:
Notes 2025 2024
$m $m
Current tax credit on exceptional items (12.5) (1.0)
Deferred tax credit on exceptional items (9.7) (14.8)
Total tax credit on exceptional items for the year 3 (22.2) (15.8)
The tax credit on exceptional items has been disclosed separately above as it
relates to costs and income which have been presented as exceptional.
The tax on the Group's profit before tax differs from the theoretical amount
that would arise applying the corporation tax rate in Ireland, as follows:
2025 2024
$m $m
Profit before tax 209.2 208.0
Income tax calculated at Irish rate of 12.5% 26.2 26.0
Earnings at non-standard Irish tax rate 1.1 1.1
Difference due to overseas tax rates (capital and trading) 6.9 1.4
Adjustment to tax charge in respect of previous periods 0.1 (1.0)
Tax on share of results of joint venture included in profit before tax (1.4) -
Difference due to permanent differences within exceptional items - 1.4 10.2
non-deductible costs/(non-taxable income)
Other reconciling items (8.4) 5.6
Total tax charge 25.9 43.3
Factors that may affect future tax charges and other disclosure requirements
The total tax charge in future periods will be affected by any changes to
applicable tax rates in force in jurisdictions in which the Group operates and
other relevant changes in tax legislation. The total tax charge of the Group
may also be influenced by the effects of corporate development activity and
the resolution of uncertain tax positions where the outcome is different from
the amounts recorded.
On 18 December 2023, the government of Ireland enacted Pillar Two income taxes
legislation in Ireland, effective 1 January 2024, under which Glanbia plc, the
ultimate parent company of the Group, is required to pay to the Irish tax
authorities top-up tax on the profits of its subsidiaries with an effective
tax rate of less than 15 per cent for each jurisdiction in which the Group
operates, or it can elect to rely on safe harbour criteria to exclude
qualifying subsidiaries.
No current tax income or expense related to Pillar Two income taxes was
recognised in the tax charge for the year ended 3 January 2026 (2024: nil).
6. Earnings Per Share
Basic
Basic Earnings Per Share is calculated by dividing profit after tax
attributable to the equity holders of the Company by the weighted average
number of ordinary shares in issue during the year, excluding ordinary shares
purchased by the Group and held as own shares (note 9). The weighted average
number of ordinary shares in issue used in the calculation of Basic Earnings
Per Share is 250,545,404 (2024: 260,554,311).
Diluted
Diluted Earnings Per Share is calculated by adjusting the weighted average
number of ordinary shares in issue to assume conversion of all potential
dilutive ordinary shares. Share awards are the Company's only potential
dilutive ordinary shares. The share awards, which are performance based, are
treated as contingently issuable shares, because their issue is contingent
upon satisfaction of specified performance conditions, as well as the passage
of time. Contingently issuable shares are included in the calculation of
Diluted Earnings Per Share to the extent that conditions governing
exercisability have been satisfied, as if the end of the reporting period were
the end of the vesting period.
2025 2024
Profit after tax attributable to equity holders of the Company ($m) 183.3 164.7
Basic Earnings Per Share (cent) 73.16 63.21
Diluted Earnings Per Share (cent) 72.44 62.45
Weighted average number of ordinary shares in issue 250,545,404 260,554,311
Shares deemed to be issued for no consideration in respect of share awards 2,484,212 3,181,275
Weighted average number of shares used in the calculation of Diluted Earnings 253,029,616 263,735,586
Per Share
7. Dividends
The dividends paid and recommended on ordinary share capital are as follows:
Notes 2025 2024
$m $m
Equity dividends to shareholders
Final - paid EUR 23.33c per ordinary share (2024: EUR 21.21c) 67.7 60.2
Interim - paid EUR 17.20c per ordinary share (2024: EUR 15.64c) 50.8 45.2
Total 118.5 105.4
Reconciliation to Group statement of cash flows and Group statement of changes
in equity
Dividends to shareholders 118.5 105.4
Waived dividends in relation to own shares (0.5) (0.6)
Dividend withholding tax refund (0.2) (0.4)
Total dividends paid to the equity holders of the Company 10 117.8 104.4
Equity dividends recommended
Final 2025 - proposed EUR 25.67c per ordinary share (2024: EUR 23.33c) 73.3 62.2
The amount of dividends recommended is based on the number of issued shares at
year end. The actual amount will be based on the number of issued shares on
the record date (note 14).
8. Net debt
2025 2024
$m $m
Non-current
Bank borrowings 266.6 177.2
Private placement debt 375.0 375.0
641.6 552.2
Current 300.8
Bank overdrafts 375.6
853.0
Total borrowings 1,017.2
At the year-end, the Group had multi-currency committed term facilities of
$1,363.3 million (2024: $1,273.0 million) of which $721.7 million (2024:
$720.8 million) were undrawn.
Net debt comprises the following:
2025 2024
$m $m
Private placement debt 375.0 375.0
Bank borrowings 169.0 169.0
Not subject to interest rate changes* 544.0 544.0
8.2
Bank borrowings 97.6
Cash and cash equivalents net of bank overdrafts (115.6) (116.2)
Subject to interest rate changes* (18.0) (108.0)
436.0
Net debt 526.0
* Taking into account contractual repricing dates at the reporting date.
2025 2024
$m $m
Cash at bank and in hand 448.8 386.8
Short term bank deposits 42.4 30.2
Cash and cash equivalents in the Group balance sheet 491.2 417.0
Bank overdrafts used for cash management purposes (375.6) (300.8)
Cash and cash equivalents in the Group statement of cash flows 115.6 116.2
9. Other reserves
Capital and Currency reserve Hedging reserve Own Share-based payment reserve FVOCI reserve Total
merger reserve $m $m shares $m $m $m
$m reserve
$m
Balance at 5 January 2025 137.1 17.9 5.9 (23.2) 30.4 0.2 168.3
Currency translation differences - 5.6 - - - - 5.6
Net investment hedge - 12.8 - - - - 12.8
Revaluation - gross - - (3.9) - - - (3.9)
Reclassification to profit or loss - gross - - (2.4) - - - (2.4)
Deferred tax - - 1.5 - - - 1.5
Net change in OCI - 18.4 (4.8) - - - 13.6
Purchase of own shares - - - (248.8) - - (248.8)
Cancellation of own shares 1.0 - - 226.3 - - 227.3
Share-based payment expense - - - - 21.9 - 21.9
Transfer on exercise, vesting or expiry of share-based payments - - - -
26.2 (22.1) 4.1
Balance at 3 January 2026 138.1 36.3 1.1 (19.5) 30.2 0.2 186.4
136.7 30.4 4.5 (37.5) 37.8 0.2 172.1
Balance at 31 December 2023
- (5.5) - - - - (5.5)
Currency translation differences
Net investment hedge - (7.0) - - - - (7.0)
Revaluation - gross - - 0.8 - - - 0.8
Reclassification to profit or loss - gross - - 0.8 - - - 0.8
Deferred tax - - (0.2) - - - (0.2)
Net change in OCI - (12.5) 1.4 - - - (11.1)
Purchase of own shares - - - (129.8) - - (129.8)
Cancellation of own shares 0.4 - - 111.0 - - 111.4
Share-based payment expense - - - - 18.2 - 18.2
Transfer on exercise, vesting or expiry of share-based payments - - - 33.1 (25.6) - 7.5
Balance at 4 January 2025 137.1 17.9 5.9 (23.2) 30.4 0.2 168.3
10. Retained earnings
Notes 2025 2024
$m $m
At the beginning of the year 1,775.2 1,830.8
Profit for the year attributable to the equity holders of the Company 183.3 164.7
Other comprehensive income
- Remeasurements on defined benefit plans 2.1 4.6
- Deferred tax on remeasurements on defined benefit plans (0.2) (0.5)
1.9 4.1
Dividends 7 (117.8) (104.4)
Cancellation of own shares 9 (226.3) (111.0)
Transfer on exercise, vesting or expiry of share-based payments 9 (4.1) (7.5)
Deferred tax on share-based payments 0.3 (1.5)
At the end of the year 1,612.5 1,775.2
11. Cash generated from operating activities
Notes 2025 2024
$m $m
Profit for the year 183.3 164.7
Exceptional items 3 100.6 145.6
Income taxes 48.1 59.1
Profit before taxation 332.0 369.4
Share of results of joint venture (11.1) (0.1)
Finance costs 4 31.8 32.2
Finance income 4 (2.4) (5.4)
Amortisation of intangible assets 75.3 82.1
Depreciation of property, plant and equipment 52.6 52.2
Depreciation of right-of-use assets 20.9 21.9
Reversal of impairment of property, plant and equipment - (1.0)
Share-based payment expense 21.9 18.2
Difference between pension charge and cash contributions (0.3) 0.1
Net write down of inventories 6.5 27.7
Non cash movement in/on:
- provisions (1.6) (2.1)
- allowance for impairment of receivables (2.2) (0.3)
- cross currency swaps (1.1) (1.5)
- other financial assets (1.8) (0.7)
Loss/(profit) on disposal of property, plant and equipment 0.4 (0.3)
Loss on disposal of intangible assets - 0.5
Operating cash flows before movement in working capital 520.9 592.9
Increase in inventories (7.1) (121.5)
(Increase)/decrease in trade and other receivables (60.5) 116.0
Increase/(decrease) in trade and other payables 61.7 (44.3)
Decrease in provisions (6.8) (11.5)
Cash generated from operating activities before exceptional items 508.2 531.6
12. Assets and liabilities held for sale, and disposals
Assets and liabilities held for sale
The net assets and liabilities held for sale at 4 January 2025 ($16.8 million)
related to the Benelux Direct-to-Consumer ("DTC") online branded business
(Body & Fit Sportsnutrition B.V.). Following the completion of a strategic
portfolio review, these assets and liabilities which were part of the
Performance Nutrition segment were determined to be non-core and a decision
was made to divest of them, resulting in the designation as held for sale at
2024 year end. The disposal was completed on 31 October 2025. The loss on
disposal of $11.7 million is recorded as an exceptional charge and is
presented within the 'loss on disposal of subsidiaries' line in note 3
(exceptional items) and in the Group income statement.
Disposal of SlimFast
As part of the ongoing strategic portfolio review, SlimFast, which was part of
the Performance Nutrition segment was determined to be non-core and a decision
was made to divest of it. The divestment was completed in the second half of
2025. The loss on disposal of $33.0 million is recorded as an exceptional
charge and is presented within the 'loss on disposal of subsidiaries' line in
note 3 (exceptional items) and in the Group income statement.
The above disposals are not regarded as discontinued operations as they were
not considered to be either separate major lines of business or geographical
areas of operations.
13. Business combinations
On 1 August 2025, Glanbia acquired 100% of the voting equity interests of
Sweetmix Indústria, Comércio, Importação e Exportação Ltda. ("Sweetmix")
via cash and contingent consideration as noted below. Sweetmix is a
Brazil-based nutritional premix and ingredients solutions business and is a
complementary acquisition for the Health & Nutrition segment. The goodwill
arises from the value of the acquired workforce, the anticipated synergies
across the Health & Nutrition segment and the expectation of future sales
growth beyond the current customer base, particularly in the Latin America
region. It also reflects opportunities to expand into new markets where the
business has no existing customers and further enhances the segment's existing
recipes and technical know‑how. Of the goodwill recognised in respect of the
acquisition, the Group expects the full amount to be deductible for tax
purposes.
Details of the net assets acquired and goodwill arising from the acquisition
are as follows:
2025
$m
Cash paid 41.4
Contingent consideration -
Total purchase consideration 41.4
Less: fair value of net assets acquired (18.0)
Goodwill 23.4
The fair value of assets and liabilities arising from the acquisition are as
follows:
Property, plant and equipment 3.2
Right-of-use assets 0.1
Intangible assets - brands 0.9
Intangible assets - customer relationships 6.7
Intangible assets - other intangibles 1.5
Inventories 3.5
Trade and other receivables 2.9
Cash and cash equivalents 2.2
Borrowings (1.1)
Trade and other payables (1.4)
Provision (0.1)
Lease liabilities (0.1)
Deferred tax liability (0.3)
Fair value of net assets acquired 18.0
The contingent consideration arrangement requires the Group to pay the sellers
an earnout if a pre-defined earnings threshold is exceeded within a defined
period post acquisition. Under the acquisition agreement, the undiscounted
amount of future payments for which the Group may be liable ranges from nil to
$29.0 million.
The fair value of the contingent consideration was estimated by calculating
the present value of the future expected payments and was nil at period end.
The main significant unobservable input in the calculation is the forecast
EBITDA of Sweetmix over the relevant period. A 10% increase/decrease in the
forecast EBITDA would not have a material effect on the fair value of the
contingent consideration.
The fair value of Sweetmix trade and other receivables at the acquisition date
amounted to $2.9 million. The gross contractual amount for trade receivables
due is $2.9 million, all of which is expected to be collectible.
Acquisition-related costs of $1.0 million incurred primarily on professional
fees are included in administrative expenses (exceptional).
Sweetmix contributed $6.0 million of revenue and made a profit of $0.8 million
before taxation and exceptional items for the period from the date of
acquisition to the reporting date. If the acquisition of Sweetmix had occurred
on 5 January 2025, pro forma Group revenue and Group profit before taxation
and exceptional items for the year ended 3 January 2026 would have been
$3,962.1 million and $336.0 million respectively.
14. Events after the reporting period
See note 7 for the final dividend, recommended by the Directors. Subject to
shareholder approval, this dividend will be paid on 1 May 2026 to shareholders
on the register of members on 20 March 2026, the record date.
Subsequent to the reporting date, on 30 January 2026, Glanbia acquired Scicore
Nutra private limited ("Scicore") for initial consideration of $15.1 million
plus deferred consideration of up to $1.3m. Scicore is an Indian-based
nutritional products manufacturing business and is a complementary acquisition
for the Health & Nutrition segment.
15. Statutory financial statements
The financial information in this preliminary announcement does not constitute
the full statutory financial statements of Glanbia plc (the 'Company'), a copy
of which is required to be annexed to the Company's annual return filed with
the Companies Registration Office and will be published on www.glanbia.com
(http://www.glanbia.com) . A copy of the full statutory financial statements
in respect of the financial year ended 3 January 2026 will be annexed to the
Company's annual return for 2026. The auditors of the Company have made a
report, without any qualification, on their audit of the financial statements
of the Group and Company in respect of the financial year ended 3 January
2026, which were approved by the Directors on 24 February 2026. A copy of the
financial statements of the Group in respect of the year ended 4 January 2025
has been annexed to the Company's annual return for 2025 and filed with the
Companies Registration Office and is available on www.glanbia.com
(http://www.glanbia.com) .
Glossary of non-IFRS performance measures
The Group reports certain performance measures including key performance
indicators that are not defined under IFRS but which represent additional
measures used by the Board of Directors and the Glanbia Operating Executive in
assessing performance and for reporting both internally and to shareholders
and other external users. The Group believes that the presentation of these
non-IFRS performance measures provides useful supplemental information which,
when viewed in conjunction with our IFRS financial information, provides
readers with an enhanced understanding of the underlying financial and
operating performance of the Group.
These non-IFRS performance measures may not be uniformly defined by all
companies and accordingly they may not be directly comparable with similarly
titled measures and disclosures by other companies. None of these non-IFRS
performance measures should be considered as an alternative to financial
measures drawn up in accordance with IFRS.
The principal non-IFRS performance measures used by the Group are defined
below with a reconciliation of these measures to IFRS measures where
applicable. Please note where referenced "GIS" refers to Group income
statement, "GBS" refers to Group balance sheet, and "GSCF" refers to Group
statement of cash flows. EBITDA and EBITA references throughout the annual
report are on a pre-exceptional basis unless otherwise indicated.
The definition of exceptional items is disclosed in note 2 of the 2025
Financial Statements. For an analysis of exceptional items refer to note 3 of
the financial statements.
While the Group reports its results in US dollar, it generates a proportion of
its earnings in currencies other than US dollar, in particular euro. Constant
currency reporting is used by the Group to eliminate the translational effect
of foreign exchange on the Group's results. To arrive at the constant currency
year-on-year change, the results for the prior year are retranslated using the
average exchange rates for the current year and compared to the current year
reported numbers. The principal average exchange rates used to translate
results for 2025 and 2024 are outlined in note 2 of the 2025 Financial
Statements.
Glanbia has commenced a group-wide transformation programme to drive
efficiencies across the new operating model and support the next phase of
growth through three focused segments; Performance Nutrition, Health &
Nutrition and Dairy Nutrition. Comparative segment information for 2024 has
been restated where necessary to reflect the changes in reportable segments.
In the prior year the Group disclosed Total shareholder return ("TSR") as a
non-IFRS measure which is not included in the current year. TSR is no longer a
performance condition of Glanbia's Long-term Incentive Plan hence not
disclosed as an Alternative Performance measure of the Group.
In the current year the Group has added two new performance measures (G1.3 and
G1.4) related to PN pro-forma like-for-like revenue change which exclude the
impact of Body & Fit and SlimFast in the current and prior years. This
aids comparability and understanding the performance of the remaining PN
business year on year. External revenue guidance for PN has been provided on
this basis.
G 1. Revenue measures
G1.1 Constant currency and like-for-like revenue change
Like-for-like total revenue represents the sales increase/(decrease)
year-on-year, excluding the incremental revenue contributions from current
year and prior year acquisitions and disposals, and the impact of a 53rd week
(when applicable), on a constant currency basis.
Reference 2025 2024* 2024* Constant Like-for-like
Reported $m Constant currency change
$m currency change (G 1.2)
$m (G 1.2) %
%
PN Americas Note 2 1,114.0 1,161.0 1,160.8 (4.0%) (0.5%)
PN International Note 2 687.1 645.7 657.4 4.5% 8.8%
Performance Nutrition Note 2 1,801.1 1,806.7 1,818.2 (0.9%) 2.8%
Health & Nutrition Note 2 628.5 558.1 563.7 11.5% 6.8%
Dairy Nutrition Note 2 1,516.8 1,474.9 1,476.2 2.8% 5.0%
Revenue GIS 3,946.4 3,839.7 3,858.1 2.3% 4.2%
* Restated to reflect the changes in reportable segments.
G 1.2 Volume and pricing increase/(decrease)
Volume increase/(decrease) represents the impact of sales volumes within the
revenue movement year-on-year, excluding volume from acquisitions and
disposals, and the impact of a 53rd week (when applicable), on a constant
currency basis.
Pricing increase/(decrease) represents the impact of sales pricing (including
trade spend) within revenue movement year-on-year, excluding acquisitions and
disposals, on a constant currency basis.
Reconciliation of volume and pricing increase/(decrease) to constant currency
revenue change:
Volume Price Like-for-like Acquisitions/ (disposals) 53rd week adjustment Constant
increase increase/ change currency
(decrease) (G 1.1) change
(G 1.1)
Performance Nutrition 2.0% 0.8% 2.8% (1.9%) (1.8%) (0.9%)
Health & Nutrition 7.4% (0.6%) 6.8% 6.5% (1.8%) 11.5%
Dairy Nutrition 4.2% 0.8% 5.0% - (2.2%) 2.8%
2025 increase/(decrease) % - revenue 3.7% 0.5% 4.2% 0.1% (2.0%) 2.3%
G 1.3 Pro-forma like-for-like revenue change
PN pro-forma like-for-like revenue change represents the revenue
increase/(decrease) year-on-year, excluding SlimFast and Body & Fit
revenue from the current and prior year.
Like-for-like Adjustment for SlimFast and Pro-forma
change Body & Fit like-for-like revenue
(G 1.1) revenue change
PN Americas (0.5%) 1.8% 1.3%
PN International 8.8% 1.7% 10.5%
Performance Nutrition 2.8% 1.7% 4.5%
G 1.4 Pro-forma like-for-like volume and pricing increase
PN pro-forma volume increase represents the impact of sales volumes within the
revenue movement year-on-year, excluding SlimFast and Body & Fit sales
volumes from the current and prior year.
PN pro-forma pricing increase represents the impact of sales pricing
(including trade spend) within revenue movement year-on-year, excluding
SlimFast and Body & Fit sales pricing from the current and prior year.
Reconciliation of pro-forma like-for-like volume and pricing increase to
like-for-like volume and price increase:
Volume Adjustment for SlimFast and Pro-forma Price Adjustment for SlimFast and Pro-forma
increase Body & Fit like-for-like volume increase Body & Fit like-for-like
(G 1.2) volume increase (G 1.2) price price
increase
Performance Nutrition 2.0% 1.6% 3.6% 0.8% 0.1% 0.9%
G 2. EBITDA and EBITDA margin % (pre-exceptional)
EBITDA (pre-exceptional) is defined as earnings before interest, tax,
depreciation (net of grant amortisation) and amortisation. Refer to note 2 of
the financial statements for the reconciliation of EBITDA (pre-exceptional) to
IFRS measures.
Reference 2025 2024* 2024* Constant
Reported $m Constant currency
$m currency change
$m %
Performance Nutrition Note 2 233.8 305.4 304.6 (23.2%)
Health & Nutrition Note 2 115.8 98.7 99.2 16.7%
Dairy Nutrition Note 2 149.5 147.2 147.0 1.7%
EBITDA (pre-exceptional) Note 2, G 7.4 499.1 551.3 550.8 (9.4%)
EBITDA margin % (pre-exceptional) is defined as EBITDA (pre-exceptional) as a
percentage of revenue. Refer to G 1 for revenue and EBITDA (pre-exceptional)
is disclosed above.
2025 2024* 2024* Constant
Reported % Constant currency
% currency change
% bps
Performance Nutrition 13.0% 16.9% 16.8% (380bps)
Health & Nutrition 18.4% 17.7% 17.6% 80bps
Dairy Nutrition 9.9% 10.0% 10.0% (10bps)
EBITDA margin (pre-exceptional) 12.6% 14.4% 14.3% (170bps)
* Restated to reflect the changes in reportable segments.
G 3. EBITA (pre-exceptional)
EBITA (pre-exceptional) is defined as earnings before interest, tax and
amortisation. EBITA (pre-exceptional) is one of the performance conditions in
Glanbia's Annual Incentive Plan for Senior Management.
Reference 2025 2024
$m $m
EBITDA (pre-exceptional) G 2, G 7.4 499.1 551.3
Depreciation* (73.5) (73.1)
EBITA (pre-exceptional) 425.6 478.2
* Includes depreciation of property, plant and equipment of $52.6 million (2024:
$52.2 million) and depreciation of right-of-use assets of $20.9 million (2024:
$21.9 million).
Also included is the reversal of an impairment of property, plant and
equipment of nil in the current year (2024: $1.0 million)
G 4. Constant currency earnings per share ("EPS") measures
G 4.1 Constant currency basic EPS
Basic EPS is an IFRS measure and defined in note 6 of the financial
statements.
Reference 2025 2024 2024
Reported Reported Constant
$m $m currency
$m
Profit after tax GIS 183.3 164.7 159.3
Weighted average number of ordinary shares in issue (thousands) Note 6 250,545 260,554 260,554
Basic EPS (cent) Note 6 73.16 63.21 61.12
Constant currency change 19.7%
G 4.2 Constant currency adjusted EPS
Adjusted EPS is defined as the profit after tax attributable to the equity
holders of the Company, before exceptional items and intangible asset
amortisation and impairment (excluding software amortisation), net of related
tax, divided by the weighted average number of ordinary shares in issue during
the year, excluding ordinary shares purchased by the Group and held as own
shares (see note 9). The Group believes that adjusted EPS provides useful
information of underlying performance as it excludes exceptional items (net of
related tax) that are not related to ongoing operational performance and
intangible asset amortisation, which allows for comparability of companies
that grow by acquisition to those that grow organically.
Adjusted EPS growth on a constant currency basis is one of the performance
conditions in Glanbia's Annual Incentive Plan and in Glanbia's Long-term
Incentive Plan.
Reference 2025 2024 2024
Reported Reported Constant
$m $m currency
$m
Profit after tax G 4.1 183.3 164.7 159.3
Exceptional charge after tax GIS 100.6 145.6 150.1
Profit after tax (pre-exceptional) GIS 283.9 310.3 309.4
Amortisation of intangible assets (excluding software amortisation)* 54.2 54.5 54.6
Adjusted net income 338.1 364.8 364.0
Weighted average number of ordinary shares in issue (thousands) Note 6 250,545 260,554 260,554
Adjusted EPS (cent) G 9 134.93 140.03 139.69
Constant currency change (3.4%)
* Net of related tax of $7.1 million (2024: $8.7 million, 2024 constant
currency: $8.6 million).
G 5. Financing measures
G 5.1 Net debt
Refer to note 30(a) of the 2025 Financial Statements and note 8 of the
financial statements for the definition and composition of net debt at the end
of the reporting period respectively.
G 5.2 Net debt: adjusted EBITDA
Refer to note 30(a) of the 2025 Financial Statements for the definition of net
debt: adjusted EBITDA.
Reference 2025 2024
$m $m
Net debt Note 8 526.0 436.0
EBITDA G 2 499.1 551.3
Adjustments in line with lenders' facility agreements (11.2) (15.6)
Adjusted EBITDA 487.9 535.7
Net debt: adjusted EBITDA 1.08 times 0.81 times
G 5.3 Adjusted EBIT: adjusted net finance cost
Refer to note 30(a) of the 2025 Financial Statements for the definition of
adjusted EBIT: adjusted net finance cost.
Reference 2025 2024
$m $m
Operating profit GIS 273.2 234.7
Exceptional charge GIS 77.1 161.4
Operating profit (pre-exceptional) G 6, GIS 350.3 396.1
Dividends received from related parties GSCF 12.5 5.0
IFRS 16 adjustment - interest paid on lease liabilities (3.2) (3.0)
Adjusted EBIT 359.6 398.1
Net finance cost Note 4 29.4 26.8
IFRS 16 adjustment - interest expense on lease liabilities Note 4 (3.2) (3.0)
Adjusted net finance cost 26.2 23.8
Adjusted EBIT: adjusted net finance cost 13.7 times 16.7 times
G 5.4 Average interest rate
The average interest rate is defined as adjusted net finance costs divided by
the average net debt during the reporting period. Refer to G 5.3 and G 5.2 for
net finance costs and net debt respectively.
G 6. Return on capital employed ("ROCE")
ROCE is defined as the Group's earnings before interest, and amortisation (net
of related tax) plus the Group's share of the results of joint venture after
interest and tax divided by capital employed. Capital employed comprises the
sum of the Group's total assets plus cumulative intangible asset amortisation
and impairment less current liabilities and deferred tax liabilities excluding
all borrowings and lease liabilities, retirement benefit assets, cash and
acquisition related contingent consideration and contract options. It is
calculated by taking the average of the relevant opening and closing balance
sheet amounts.
ROCE is one of the performance conditions in Glanbia's Long-term Incentive
Plan.
Reference 2025 2024
$m $m
Operating profit (pre-exceptional) G 5.3 350.3 396.1
Tax on operating profit (52.5) (63.4)
Amortisation and impairment of intangible assets net of related tax of $10.0m 65.3 68.4
(2024: $13.7m)
(pre-exceptional)
Share of results of joint venture (pre-exceptional) GIS 11.1 0.1
Return 374.2 401.2
3,311.9
Capital employed before adjustments (a) 3,192.9
Adjustment for acquisitions (b) (5.8) 110.9
Adjustment for disposals (b) 113.6 -
Capital employed after adjustments 3,300.7 3,422.8
Average capital employed 3,306.3 3,245.5
Return on capital employed 11.3% 12.4%
(a) Capital employed before adjustments
Reference 2025 2024
$m $m
Total assets GBS 3,974.0 3,874.5
Current liabilities GBS (1,218.8) (1,045.9)
Deferred tax liabilities GBS (92.7) (104.6)
Liabilities held for sale GBS - (8.6)
Less: cash and cash equivalents GBS (491.2) (417.0)
Less: current financial liabilities (borrowings) GBS 375.6 300.8
Less: short term lease liabilities GBS 20.5 20.8
Less: retirement benefit assets GBS (16.2) (12.0)
Plus: accumulated amortisation and impairment 641.7 703.9
Capital employed before adjustments 3,192.9 3,311.9
(b) Adjustment for acquisitions and disposals
In years where the Group makes significant acquisitions or disposals, the ROCE
calculation is adjusted appropriately, to ensure the acquisition or disposal
are equally time apportioned in the numerator and the denominator. For
information on acquisitions and disposals, refer to notes 13 and 12
respectively.
G 7. Cash flow measures
G 7.1 Operating cash flow ("OCF")
OCF is defined as EBITDA (pre-exceptional) net of business-sustaining capital
expenditure and working capital movements, excluding exceptional cash flows.
Reconciliation of OCF to cash generated from operating activities before
exceptional items:
Reference 2025 2024
$m $m
Cash generated from operating activities before exceptional items GSCF 508.2 531.6
Less: business-sustaining capital expenditure G 7.4, G 11(b) (33.6) (28.7)
Non-cash items not adjusted in computing OCF:
- Share-based payment expense Note 11 (21.9) (18.2)
- Difference between pension charge and cash contributions Note 11 0.3 (0.1)
- Other items 1.4 0.5
OCF G 7.3, G 7.4 454.4 485.1
G 7.2 Free cash flow ("FCF")
FCF is calculated as the net cash flow in the year before the following items:
purchase of own shares under share buyback, strategic capital expenditure,
dividends paid to Company shareholders, loans/investments in related parties,
exceptional costs paid, payment for acquisition of subsidiaries, proceeds
received on disposals. Refer to G 7.1 and G 7.4 for the reconciliation of FCF
to GSCF.
G 7.3 Operating cash conversion ("OCF conversion")
OCF conversion is defined as OCF divided by EBITDA (pre-exceptional). OCF
conversion is a measure of the Group's ability to convert adjusted trading
profits into cash and is an important metric in the Group's working capital
management programme. The measure is a key element of Executive Director and
senior management remuneration.
Reference 2025 2024
$m $m
Operating cash flow G 7.1, G 7.4 454.4 485.1
EBITDA (pre-exceptional) G 2, G 3, G 7.4 499.1 551.3
OCF conversion % 91.0% 88.0%
G 7.4 Summary cash flow
The summary cash flow is prepared on a different basis to the GSCF and as such
the reconciling items between EBITDA and net debt movement may differ from
amounts presented in the GSCF. The summary cash flow details movements in net
debt while the GSCF details movements in cash and cash equivalents. The
reconciliations of various reconciling items in the summary cash flow to IFRS
information are presented separately in G 11 for a clear presentation of
information.
Reference 2025 2024
$m $m
EBITDA (pre-exceptional) G 2 499.1 551.3
Movement in working capital (pre-exceptional) G 11(a) (11.1) (37.5)
Business-sustaining capital expenditure G 7.1, G 11(b) (33.6) (28.7)
Operating cash flow G 7.1 454.4 485.1
Net interest and tax paid G 11(c) (83.9) (65.7)
Payments of lease liabilities GSCF (23.3) (23.7)
Dividends received from related parties GSCF 12.5 5.0
Other inflows G 11(d) 0.1 1.8
Free cash flow 359.8 402.5
Strategic capital expenditure G 11(b) (51.2) (58.4)
Dividends paid to Company shareholders GSCF (117.8) (104.4)
Purchase of own shares under share buyback G 11(e) (226.9) (111.4)
Exceptional cash paid GSCF (55.8) (22.7)
Acquisitions/disposals G 11(f) 6.1 (297.0)
Net cash flow (85.8) (191.4)
Exchange translation (5.3) 2.4
Cash net of borrowings acquired on acquisition 1.1 1.7
Net debt movement (90.0) (187.3)
Opening net debt (436.0) (248.7)
Closing net debt Note 8 (526.0) (436.0)
G 8. Effective tax rate
The effective tax rate is defined as the pre-exceptional income tax charge
divided by the profit before tax less share of results of joint
venture.
Reference 2025 2024
$m $m
Income tax GIS 25.9 43.3
Exceptional tax credit GIS 22.2 15.8
Income tax (pre-exceptional) GIS 48.1 59.1
Profit before tax GIS 209.2 208.0
Exceptional charge GIS 122.8 161.4
Profit before tax (pre-exceptional) GIS 332.0 369.4
Less: share of results of joint venture (pre-exceptional) GIS (11.1) (0.1)
320.9 369.3
Effective tax rate 15.0% 16.0%
G 9. Dividend payout ratio
Dividend payout ratio is defined as the US dollar equivalent annual dividend
per ordinary share divided by the Adjusted EPS. US dollar equivalent dividend
is based on the actual dividend recommendation/payment in euro, retranslated
to US dollar at the average exchange rate in the year. The dividend payout
ratio provides an indication of the value returned to shareholders relative to
the Group's total earnings.
Reference 2025 2024
Adjusted EPS G 4.2 $134.93c $140.03c
Dividend recommended/paid per ordinary share in euro €42.87c € 38.97c
Equivalent US dollar dividend translated at average exchange rate for the year $48.50c $42.15c
Dividend payout ratio 35.9% 30.1%
G 10. Compound annual growth rate ("CAGR")
The compound annual growth rate is the annual growth rate over a period of
years. It is calculated on the basis that each year's growth is compounded.
G 11. Cash flow items
This section presents reconciliations of various reconciling items in the
summary cash flow (G 7.4) to IFRS information.
(a) Movement in working capital
Reference 2025 2024
$m $m
Movement in working capital (12.7) (61.3)
Net write down of inventories (pre-exceptional) Note 11 6.5 27.7
Non-cash movement in allowance for impairment of receivables Note 11 (2.2) (0.3)
Non-cash movement in provisions Note 11 (1.6) (2.1)
Non-cash movement on cross currency swaps Note 11 (1.1) (1.5)
Movement in working capital (pre-exceptional) G 7.4 (11.1) (37.5)
(b) Capital expenditure
Business-sustaining capital expenditure: the Group defines business-sustaining
capital expenditure as the expenditure required to maintain/replace existing
assets with a high proportion of expired useful life. This expenditure does
not attract new customers or create the capacity for a bigger business. It
enables the Group to keep operating at current throughput rates but also keep
pace with regulatory and environmental changes as well as complying with new
requirements from existing customers.
Strategic capital expenditure: the Group defines strategic capital expenditure
as the expenditure required to facilitate growth and generate additional
returns for the Group. This is generally expansionary expenditure beyond what
is necessary to maintain the Group's current competitive position.
Reference 2025 2024
$m $m
Business-sustaining capital expenditure G 7.1, G 7.4 (33.6) (28.7)
Strategic capital expenditure G 7.4 (51.2) (58.4)
Total capital expenditure (84.8) (87.1)
Payments for property, plant and equipment GSCF (49.6) (54.3)
Payments for intangible assets GSCF (35.2) (32.8)
Total capital expenditure per the GSCF (84.8) (87.1)
(c) Net interest and tax paid
Reference 2025 2024
$m $m
Interest received GSCF 3.6 6.1
Interest paid (including interest paid on lease liabilities) GSCF (32.7) (31.3)
Tax paid GSCF (54.8) (40.5)
Net interest and tax paid G 7.4 (83.9) (65.7)
(d) Other inflows/(outflows)
Reference 2025 2024
$m $m
Share-based payment expense Note 11 21.9 18.2
Difference between pension charge and cash contributions Note 11 (0.3) 0.1
Loss/(profit) on disposal of property, plant and equipment Note 11 0.4 (0.3)
Profit on disposal/redemption of other financial assets Note 11 (1.8) (0.7)
Loss on disposal of intangible assets Note 11 - 0.5
Purchase of own shares by Employee Share (Scheme) Trust G 11(e) (21.9) (18.4)
Proceeds from disposal/redemption of other financial assets GSCF 1.8 2.4
Total other inflows G 7.4 0.1 1.8
(e) Purchase of own shares
Reference 2025 2024
$m $m
Purchase of own shares under share buyback G 7.4 (226.9) (111.4)
Purchase of own shares by Employee Share (Scheme) Trust G 11(d) (21.9) (18.4)
Total purchase of own shares GSCF (248.8) (129.8)
(f) Acquisitions/disposals
Reference 2025 2024
$m $m
Payment for acquisition of subsidiaries Note 13 (41.4) (299.7)
Proceeds from disposal of subsidiaries GSCF 47.5 -
Proceeds from disposal of property, plant and equipment GSCF - 2.7
Total acquisitions/disposals G 7.4 6.1 (297.0)
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