Glanbia has reported a 6% increase in group revenues, reaching $1.93 billion, compared to $1.82 billion in HY 2024. This growth stems from uplifts in volume (0.9%), pricing (3.4%), and acquisitions (1.7%).
However, EBITDA pre-exceptional has declined to $241.3 million, representing a 7.5% decrease.
CEO Hugh McGuire noted that both the Health & Nutrition (H&N) and Dairy Nutrition (DN) businesses, the latter now operating independently, are gaining momentum.
“First half results were driven by volume growth, earnings, and margin progression in H&N and DN, reflecting strong customer demand. This was offset by anticipated reduced performance in PN [Performance Nutrition] primarily as a result of elevated whey costs during the period,” he explained.
The Performance Nutrition (PN) division, which includes popular brands such as Optimum Nutrition, experienced a decline in like-for-like (LFL) revenue by 3.8%. This drop was primarily driven by a 3.5% decrease in volume and a 0.5% dip in price.
Notably, these results exclude Glanbia’s weight management brand, SlimFast, which the company has sought to divest due to underperformance influenced by the rise of weight-loss drugs.
Furthermore, the results of its PN business do not include Body & Fit, as McGuire announced an agreement to sell this online sports nutrition entity, although the buyer remains undisclosed.
Optimum Nutrition achieved a LFL revenue decline of just 0.5%, showing sequential improvement over the period, with a 2% revenue increase year-over-year in Q2, attributed to volume (+1.5%) and pricing (+0.5%).
McGuire attributed the decline mainly to lower revenues in the US, club, and specialty channels, compounded by decreased margin from diluted promotions and the impact of the “non-core brand,” SlimFast.
Regionally, PN Americas, which accounts for 61% of revenue, declined by 8.7% compared to last year.
“This was offset by strong growth in online channels and continued expansion internationally,” the CEO added.
Additionally, Glanbia implemented price increases in PN across international markets.
“This was offset by some tactical price reductions on higher-margin products in the energy category, which delivered robust volume uplift in the first half,” he stated.
McGuire emphasized that the company’s global brand presence remains a key strength, with international business constituting 39% of revenue.
This international segment experienced a LFL revenue growth of 4.9%, driven by “strong volume and pricing growth” in the Optimum Nutrition brand across priority markets, notably in the UK, Oceania, and India.
Regarding challenges faced by PN, McGuire noted: “Whey protein has remained elevated due to continued strong demand, and the group has contracted supply through most of Q1 2026. We expect 15-20% of new local supply of high-end whey to commence by the end of 2025, expanding throughout 2026.”
“We are working to mitigate impacts through revenue growth management initiatives, product reformulation, group-wide cost savings, and collaborating with key suppliers on further capacity,” he added.
Within its H&N division, Glanbia has integrated Sweetmix, a Brazilian-based nutritional premix and ingredient solutions business, as part of its strategy to enhance growth in Latin America.
McGuire stated that the company will “continue to look at strategic acquisitions” within its health and nutrition segment.
In summary, he mentioned that the business has “delivered strong operating returns and cash conversion, continuing a disciplined approach to capital allocation, with a 10% increase in the interim dividend and €62.8 million returned to shareholders via share buyback programs during this period.”
He concluded, “We are today upgrading our full-year adjusted EPS guidance to 130 to 133 $cent5 as a result of increased revenue momentum in PN and improved margins in H&N. The category trends remain positive, and we anticipate continued improvement in volumes across PN in the second half, alongside ongoing momentum in H&N and DN.”
Moreover, Glanbia announced the appointment of independent non-executive director Paul Duffy as chair designate, succeeding Donard Gaynor on January 1, 2026.
