Glanbia said it expects to post 7-11 per cent earnings per share (eps) growth this year, prompting analysts to start upgrading their estimates after the Kilkenny-based nutrition group posted what it called a “robust performance” in 2025.
Davy analyst Cathal Kenny signalled he plans to upgrade his full-year eps projection to 147 US cents from 141.96c, while Goodbody Stockbrokers’ Patrick Higgins said he sees both his and consensus estimates moving higher.
“This is positive update from Glanbia, with clear momentum in its two core divisions and a strong outlook for 2026 despite ongoing cost inflation challenges,” said Mr Higgins.
Glanbia’s biggest division, Performance Nutrition, which makes protein powders, shakes and bars for gym-goers and dieters, delivered 3.5 per cent like-for-like sales growth, driven by 6.4 per cent expansion by its key Optimum Nutrition brand, the group said in a statement on Wednesday.
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The result excluded revenues from the SlimFast and Body & Fit businesses the group sold during the year, as well as two companies acquired during the period – Brazil-based nutritional premix and ingredients solutions player Sweetmix and Indian dietary supplements maker Scicore.
However, the division’s earnings before interest, tax, depreciation and amortisation (Ebitda) fell by almost a quarter to €233.8 million, driven by record inflation in whey protein prices.
The Health & Nutrition division, the second core part of the group, which makes premix solutions and flavours for the vitamin and minerals sector, delivered 6.8 per cent like-for-like sales amid “good demand across end-use markets”.
Glanbia’s Dairy Nutrition unit, which has a cheddar joint venture in the US and makes dairy protein solutions to food and drink manufacturers, saw its like-for-like sales rise 5 per cent.
“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 134.93c,” said chief executive Hugh McGuire.
The eps result amounted to a 3.4 per cent decline on the previous year, but was marginally ahead of the $1.33 consensus call among analysts.
Glanbia last year purchased and cancelled approximately 15 million ordinary shares, representing 5.8 per cent of the total issued ordinary shares at the beginning of 2025, for about €197 million in total.
McGuire announced on Wednesday that the board has approved a further €100 million share buyback authority in 2026, with the first €50 million tranche being launched this week.
Glanbia shares were up 0.7 per cent at €16.64 in midmorning trading in Dublin, bringing their advance so far this year to more than 14 per cent. Still, the stock is well off a decade peak of more than €19 in late 2024, before it succumbed to a sharp sell-off amid investor concerns about the cost of whey and strategy.
