Glanbia announces €100m share buyback scheme

Glanbia plc has today (Wednesday, February 25) announced a €100 million share buy back scheme as part of the release of its preliminary results for the 2025 financial year ended January 3, 2026.

The results reveal that revenue at the company in 2025 was $3,9 bullion – an increase of 2.3%.

The company has stated that there was like-for-like (LFL) revenue and volume growth across all three segments of the nutrition company.

Some highlights from the results include:

Revenue of $3.9 billion (2024: $3.8 billion), an increase of 2.3% (+2.8% reported);
EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) of $499.1 million (2024: $551.3 million), a decline of 9.4% (-9.5% reported);
Adjusted EPS (earnings per share) of 134.93 $cent (2024: 140.03 $cent), a decline of 3.4% (-3.6% reported);
Basic EPS of 73.16 $cent (2024: 63.21 $cent), an increase of 19.7% (+15.7% reported).

Performance nutrition

According to Glanbia, pro-forma LFL revenue growth in the performance nutrition section was +4.5% with volume +3.6%.

Optimum Nutrition delivered LFL revenue growth of +6.4% with double digit growth in the second half, according to the financial report.

The EBITDA margin was 13% (2024: 16.9%), a reported decline of 390bps (basis) driven by record whey input costs

Health & Nutrition

LFL revenue growth was +6.8% with “strong volume growth” across premix and flavour solutions businesses driven by good demand across end-use markets.

The EBITDA margin was 18.4% (2024: 17.7%) on a reported basis

Dairy Nutrition

Glanbia has stated that there was LFL volume growth in dairy nutrition of +4.2% driven by strong demand for protein solutions

The EBITDA figure is $149.5 million (2024: $147.2 million) on a reported basis.

The recommended final dividend per share is 25.67 € cent; representing a total 2025 dividend of 42.87 € cent, a 10% increase on the prior year, representing a payout ratio of 35.9%.

The results also state that Glanbia also returned approximately €197 million to shareholders in the year via share buybacks.

A further €100 million buyback has been approved by the board of Glanbia for 2026.

The company said that there was a strong balance sheet with year-end net debt to adjusted EBITDA ratio of 1.08 times (2024: 0.81 times).

Strategic updates:

Among the strategic moves made by Glanbia in 2025 was the sale of “non-core brands”, SlimFast and Body & Fit.

It also acquired Sweetmix and Scicore and said there was continued momentum on a programme of cost savings of at least $60 million by 2027.

Outlook

Glanbia said it expects to deliver adjusted EPS growth of 7% to 11% constant currency and operating cash conversion of 85%+ in the 2026 financial year.

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.”

The CEO outlined that Glanbia increased its dividend by 10% and returned approximately €197 million to shareholders via the share buyback programme.

“Today we are announcing the Board has approved authority for an additional €100 million of share buybacks,” he added.

“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.”

Board changes

The following board changes took place at the company since the beginning of 2025.

On April 30, 2025, Dan O’Connor retired from the board and Senan Murphy was appointed an independent non-executive director.

Murphy was also appointed chair of the Sustainability Committee and a member of the Audit Committee.

Gerard O’Brien retired from the board on June 11, 2025 and Bill Carroll was appointed an independent non-executive director on June 12, 2025.

On December 31, 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 January 1, 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 March 1, 2026, Gabriella Parisse will join the Audit Committee and Senan Murphy will join the Nomination and Governance Committee;
On August 31, 2026, Kimberly Underhill will step down from the Audit Committee;
On September 1, 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 April 29, 2026.

Following this change, the board will comprise 11 members: the chair, two executive directors and eight non-executive directors, including two representatives from Tirlán Co-Operative Society Ltd., the company’s largest shareholder.

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