Glanbia's Strong Growth
Glanbia Reports Robust HY2026 Growth Across Divisions, Raises Full-Year Earnings Outlook
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Key Points
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Optimum Nutrition delivered like-for-like revenue growth of 25.2% in HY2026, with PN like-for-like growth of 16.9% to $917.2m, as Glanbia navigates elevated whey costs.
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Health & Nutrition segment revenue rose 12% to $368.5m in HY2026, with capacity-expansion progress in the US, China and Europe.
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Dairy Nutrition revenue increased to $793.7m, supported by strong volume and pricing in protein solutions amid sustained consumer demand.
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Glanbia purchased and cancelled approximately 4.9 million shares between February 25 and July 17 as part of its capital management programme.
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HY2026 six-month net income rose to $153.8 million, with basic earnings per share from continuing operations of $0.6368 and diluted EPS of $0.6316.
Glanbia lifted its full-year profit forecast on Wednesday after posting a 30% jump in adjusted earnings per share in the first half of 2026. The Irish nutrition giant now expects adjusted EPS growth of 17% to 20% for the full year, up from its earlier outlook, driven by booming demand for protein products — including those used alongside weight-loss drugs like GLP-1s, according to Reuters.
Revenue for the six months ended late June hit roughly $2.1 billion, up about 7% year over year. EBITDA climbed 14.1% to $275.4 million. Net income for the period rose to $153.8 million, with diluted earnings per share of $0.6316.
Optimum Nutrition Leads With 25% Revenue Surge
Glanbia's Performance Nutrition division was the standout. Its flagship brand, Optimum Nutrition, posted like-for-like revenue growth of 25.2% in the first half. The broader Performance Nutrition segment grew 16.9% on a like-for-like basis, reaching $917.2 million in revenue. Volume gains were described as double-digit, even as whey protein costs rose, according to Reuters.
Whey is a key raw material in protein powders. Higher costs for it have squeezed some competitors. Glanbia managed to grow volumes anyway, a sign of strong consumer demand for its products, ESM Magazine noted.
Weight-Loss Drug Users Fuel Protein Product Demand
A key driver of growth is a new type of consumer: people using GLP-1 weight-loss drugs like Ozempic and Wegovy. These drugs suppress appetite, so users need to work harder to get enough protein in their diet. That is pushing more people toward high-protein supplements and foods, Reuters reported.
Glanbia's Health & Nutrition segment also benefited from this trend. That division saw revenue rise 12% to $368.5 million. The company is expanding capacity in the US, China, and Europe to keep up with demand, according to The Sun Herald.
Dairy Nutrition and Shareholder Returns Round Out Results
Glanbia's Dairy Nutrition segment also grew, with revenue rising to $793.7 million. Strong volume and pricing in protein solutions supported the gain. Sustained consumer demand for dairy-based protein helped the division hold up well across the period.
The board declared an interim dividend of 18.92 US cents per share, up 10% from a year ago. Glanbia also bought back and cancelled roughly 4.9 million shares between February 25 and July 17 as part of its capital return program. Net debt stood at 1.41 times adjusted EBITDA, a level the company considers comfortable, Star-Telegram reported.
$70 Million Cost-Saving Push Targets 2027 Deadline
Alongside the strong results, Glanbia reiterated its transformation program. The plan targets $70 million in annual cost savings by 2027. The company says the program is on track. It is designed to make operations leaner as the business scales up across all three divisions, according to ESM Magazine.
Basic earnings per share from continuing operations came in at $0.6368 for the half. With protein demand rising and GLP-1 tailwinds showing no sign of fading, Glanbia looks well placed heading into the second half of the year, The State noted.
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