REG - Glanbia PLC - Third Quarter Interim Management Statement

GlanbiaAnnouncement

05/11/2025 07:00

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RNS Number : 1900G  Glanbia PLC  05 November 2025

THIRD QUARTER 2025 INTERIM MANAGEMENT STATEMENT

Strong third quarter revenue momentum, full year revenue guidance upgraded

5 November 2025 - Glanbia plc, the Better Nutrition company ("Glanbia" or the
"Group"), is issuing this Interim Management Statement for the nine month
period ended 4 October 2025 ("the period", or "YTD Q3 2025").

YTD Q3 2025 Highlights(1)

·  Group nine-month like-for-like revenue growth of 3.3% with strong growth
in the third quarter across all segments;

·   Performance Nutrition ("PN") like-for-like revenue increased by 2.5%
excluding SlimFast and Body & Fit;

o  Optimum Nutrition like-for-like revenue grew by 4.6% in the period (+14.3%
in the third quarter), showing sequential improvement driven by strong volume
growth;

·   Health & Nutrition ("H&N") like-for-like revenue growth of 6.1%,
driven by strong volume growth;

·   Dairy Nutrition ("DN") like-for-like revenue growth of 6.1%, driven by
strong dairy markets;

·   €197 million returned to shareholders via share buybacks;

·  Continued execution across strategic initiatives including the
acquisition of Sweetmix in H&N and completion of the sale of SlimFast and
Body & Fit in PN; and

·   Capital Markets Day being held in London on 19(th) November 2025.

 

Commenting today Hugh McGuire, Chief Executive Officer, said:

 

"I am pleased to report that Glanbia delivered a good performance during the
period, delivering Group like-for-like revenue growth of 3.3% across our
portfolio of better nutrition brands and ingredients.

 

Our Performance Nutrition segment delivered a very strong performance in the
third quarter, with our Optimum Nutrition and Isopure brands delivering double
digit volume growth. Our Health & Nutrition and Dairy Nutrition segments
also continued to perform well, with Health & Nutrition volumes showing
strong growth in its priority end-use markets.

 

We continue to progress our group-wide transformation programme and completed
the sale of non-core brands, SlimFast and Body & Fit, as well as the
acquisition of Sweetmix in Brazil within our H&N division.

 

With the third quarter showing strong sequential improvement in Performance
Nutrition, we are pleased to upgrade our full year revenue guidance for PN to
3-4% like-for-like revenue growth and now expect our full year adjusted EPS to
be in the upper end of the guidance range of 130 $cent - 133 $cent."

 

 

(1)  On 6 November 2024, Glanbia announced a change in its operating model,
separating the Glanbia Nutritionals business into two new divisions, Health
& Nutrition ("H&N") and Dairy Nutrition ("DN") and from 5 January
2025, Glanbia has reported in line with the revised segment structure.
Comparative segment information for the prior year was restated for
comparability purposes. The change does not impact total Group or Performance
Nutrition revenues or margins. Like-for-like revenue growth excludes the
impact of the 53rd week in the prior year and the net impact from acquisitions
and disposals and is shown on a constant currency basis.

 

Summary revenue progression (all commentary is on a constant currency basis)

                                Summary of YTD Q3 2025 revenue progression versus prior year
                                Constant currency movement
                                Volume     Price      Like-for-like  Prior Year 53(rd)  Acquisition / Disposals  Total constant currency  Total

                                                                     week                                                                 reported currency
 Performance Nutrition          0.5%       (0.5%)     0.0%           (2.4%)             (0.2%)                   (2.6%)                   (2.2%)
 Health & Nutrition             6.9%       (0.8%)     6.1%           (2.2%)             7.6%                     11.5%                    12.3%
 Dairy Nutrition                3.5%       2.6%       6.1%           (2.9%)             -                        3.2%                     3.3%
 Total wholly-owned businesses  2.6%       0.7%       3.3%           (2.5%)             0.9%                     1.7%                     2.1%

 

In the nine months ended 4 October 2025, Group revenue increased by 1.7%
compared to the same period in 2024. The main drivers of the revenue increase
were a volume increase of 2.6%, a price increase of 0.7% and an increase of
0.9% from the net impact of acquisitions and disposals, partly offset by a
decrease of -2.5% from the impact of the 53(rd) week in the prior year.

Performance Nutrition

PN like-for-like revenue was broadly in line with the prior year for the first
nine months of 2025, driven by a volume increase of 0.5% offset by a price
decrease of -0.5%. Excluding SlimFast and Body & Fit, PN like-for-like
revenue increased by 2.5%. Momentum continued to improve with double digit
volume growth across Optimum Nutrition and Isopure in the third quarter, led
predominantly by strong category growth, new distribution and innovation.

Pricing decreased by -0.5% as a result of some tactical price reductions,
which offset price increases implemented in international markets during the
first half of the year. Price increases were implemented in the Americas in
the fourth quarter.

PN Americas like-for-like revenue, excluding the impact of SlimFast, declined
by -0.9% in the first nine months predominantly driven by lower revenue in the
club and specialty channels in the US, which more than offset growth in the
FDM and e-commerce channels. On the same basis, PN Americas delivered revenue
growth of 9.6% in the third quarter, reflecting improved trends. PN
International like-for-like revenue, excluding SlimFast and Body & Fit,
increased by 8.8%, driven by volume and pricing growth across priority growth
markets.

Optimum Nutrition delivered accelerating US consumption(2) growth of 8.8% and
the healthy lifestyle portfolio delivered improved US consumption(2) growth
of 6.8%, with strong growth in the online and FDM channels across Optimum
Nutrition and Isopure.

Health & Nutrition

Health & Nutrition is a leading global ingredient solutions business,
providing value added ingredient and flavour solutions to a range of
attractive, high-growth end markets. H&N revenue increased by 11.5% in the
period, driven by a 6.9% increase in volume, a -0.8% decrease in price, an
increase of 7.6% from the impact of the Flavor Producers and Sweetmix
acquisitions, partly offset by a -2.2% decrease from the impact of the 53(rd)
week in the prior year. Volume growth was driven by a strong performance in
EMEA and ASPAC with continued momentum in key end-use markets. The price
decline was driven by certain pass through pricing with customers.

Dairy Nutrition

Dairy Nutrition is a leading producer of whey proteins and the number one
producer of American-style cheddar cheese in the US and provides a wide range
of dairy bioactives and functional protein solutions. DN revenue increased by
3.2%, driven by a 3.5% increase in volume, a 2.6% increase in price and a
-2.9% decrease from the impact of the 53(rd) week in the prior year. The
increase in volume and pricing was driven by strong dairy end-use markets with
demand for high end whey proteins remaining robust.

Share buyback

Between 5 January 2025 and 4 October 2025, Glanbia returned €197.0 million
to shareholders via its share buyback programme, repurchasing and cancelling
15,047,420 ordinary shares on Euronext Dublin at an average price of €13.10.

Financing

The Group's balance sheet remains in a strong position. Glanbia's net debt as
at 4 October 2025 was $718.5 million, an increase of $98.8 million versus the
net debt position at the end of Q3 2024, which primarily relates to the share
buybacks completed and the acquisition of Sweetmix. At the end of the period
the Group had committed debt facilities of $1.4 billion.

Capital Markets Day

The Group will host a Capital Markets Day in London on 19(th) November 2025.

2025 Outlook

With the third quarter showing strong sequential improvement in Performance
Nutrition, the Group is upgrading its full year like-for-like revenue guidance
for Performance Nutrition to 3% - 4%(3) (previously 2% - 3%). As a result of
this, full year adjusted EPS is now expected to be at the upper end of the
previous guidance range of 130 $cent - 133 $cent.

(2) 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 13 week period to 4 October
2025.

(3)  Excluding the impact of SlimFast and Body & Fit.

Ends

 

Cautionary statement

This announcement contains forward-looking statements. These statements have
been made by the Directors in good faith based on the information available to
them up to the time of their approval of this report. Due to the inherent
uncertainties, including both economic and business risk factors underlying
such forward-looking information, actual results may differ materially from
those expressed or implied by these forward-looking statements. The Directors
undertake no obligation to update any forward-looking statements contained in
this announcement, whether as a result of new information, future events, or
otherwise.

IMS conference call and webcast details

There will be an analysts' conference call and webcast presentation to
accompany this Interim Management Statement at 8.30 a.m. (GMT) today. Please
access the webcast from the Glanbia website at
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/financial-calendar

For further information contact

Glanbia plc +353 (0)56 777 2200

Mark Garvey, Chief Financial Officer

Liam Hennigan, Group Company 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

 

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