Glanbia revenues up 7.2% as Optimum Nutrition continues to grow

Performance Nutrition saw like-for-like revenue growth of 11.5% on the back of strong category growth, new distribution, lapping of weaker comparative and innovation.

Within that, the Optimum Nutrition protein powder brand, which accounts for 78% of Performance Nutrition's business, recorded revenue growth of 18.8% in part due to new distribution and consumption growth of 13.3% in the US.

PN Americas saw 4% revenue growth while PN International increased turnover by 23.4%.

The Health & Nutrition division also reported a strong increase in like-for-like revenue at 11.6%, driven by 12.5% volume growth amid strong demand in priority end-use markets.

Revenues in Glanbia's Dairy Nutrition business rose 2% on a like-for-like basis as both volume and prices increased for protein solutions.

“I am pleased to report that Glanbia delivered a strong performance in the first quarter, with Group like-for-like revenue growth of 7.2% across our portfolio of better nutrition brands and ingredients with volume growth in all three segments, benefitting from accelerating category growth and good end-use market demand," said Hugh McGuire, CEO of Glanbia.

"Performance Nutrition showed continued momentum, with like-for-like revenue growth of 11.5%, led by our Optimum Nutrition brand with volume and pricing growth.

"Health & Nutrition delivered double-digit volume growth driven by continued demand in its priority end-use markets. Dairy Nutrition saw strong volume and pricing growth in protein solutions."

In its first quarter interim management statement, Glanbia said it is making progress on its group-wide transformation programme, which is targeting annual savings of at least $60m by 2027.

The group has also returned €22.2m to shareholders via share buybacks this year to date, repurchasing 1.3m shares at an average price of €17.14.

For the full year, Glanbia said that adjusted earnings per share is projected to be at the upper end of medium-term guidance of 7% to 11% on a constant currency basis.

Additionally, full-year revenues for both Performance Nutrition and Health & Nutrition are also expected to come in at the upper end of guidance, and EBITDA from Dairy Nutrition is expected to be in the range of $160m to $170m.

"We continue to see strong demand for our brands and ingredients and remain focused on executing on our medium-term strategy, notwithstanding the current geopolitical uncertainty," said McGuire.

"As a result of the Group’s performance in Q1, we now expect adjusted EPS growth in FY 2026 to be at the upper end of the medium-term guidance range of 7% to 11% constant currency.”

Glanbia's net debt as at 4 April was $648m, an increase of $69m versus the net debt position at the end of Q1 2025.

At the end of the period, the group had committed debt facilities of $1.4bn.

* This article was originally published on BusinessPlus.ie.