Glanbia (GL9) H1 2026 earnings summary

Executive summary

• Delivered strong H1 2026 results with adjusted EPS of $0.8124, up 30% year-over-year, exceeding expectations and driven by robust growth across all three operating segments.

• Group revenue reached $2.1 billion, up 7% constant currency, with like-for-like revenue growth across all segments.

• Upgraded full-year adjusted EPS growth guidance to 17%-20% constant currency, reflecting strong momentum.

• Interim dividend increased by 10%, and €100 million was returned to shareholders via share buybacks.

• Transformation programme annual savings target raised to $70 million by FY27.

Financial highlights

• Pre-exceptional EBITDA was $275.4 million, up 14.1% year-over-year, with EBITDA margin at 13.2%, up 80bps.

• Operating cash flow conversion for the trailing 12 months was 95.1%, generating $507 million.

• Net debt stood at $731 million, with net debt to adjusted EBITDA at 1.4x.

• Basic EPS increased 66.8% to 63.68¢; profit after tax was $153.8 million, up from $99.4 million.

• Free cash flow was $37.8 million, reversing an outflow of $19.6 million in H1 2025.

Outlook and guidance

• Full-year adjusted EPS growth guidance upgraded to 17%-20% constant currency.

• Performance Nutrition full-year like-for-like revenue growth expected at 12%-14%, with H2 growth pricing-led and some volume elasticity anticipated.

• Health & Nutrition full-year like-for-like revenue growth expected at 8%-10%, volume-led, with EBITDA margins in the 17%-19% range.

• Dairy Nutrition EBITDA expected at $170-$180 million for the year, with joint venture profit after tax forecast at ~$20 million.

• Full-year capital expenditure projected at $100-$110 million, focused on capacity expansion and IT investments.