Glanbia plc has announced its half-year (HY) financial results for the six-month period ended July 5, 2025.

The business said it delivered a "resilient" financial and operating performance in HY 2025. Group revenue was $1.93 billion (HY 2024: $1.82 billion), up 6% on the same period last year.

The group EBITDA (earnings before interest, taxes, depreciation, and amortisation) was $241 million (HY 2024: $261 million), down 7.5%.

The group pre-exceptional profit after tax was $132 million (HY 2024: $152 million), down 13.3%.

Adjusted earnings per share (EPS) was 63.03 (US) cent (HY 2024: 68.2 US cent), down 7.5%.

Glanbia's net debt at July 5, 2025 was $650 million (HY 2024: $645 million), which represents an increase of $4.6 million versus the prior year. The ratio of net debt to EBITDA was 1.28 (HY 2024: 1.22).

At the end of the HY, the group had committed debt facilities of $1.37 billion (HY 2024: $1.3 billion).

Glanbia’s total investment in capital expenditure (strategic and maintenance) was $47.7 million in the first half of 2025 (HY 2024: $44.9 million).

Strategic investment totalled $34.2 million and included ongoing capacity enhancement, business integrations, and information technology (IT) investments, Glanbia said.

Total capital expenditure for the year is expected to be between $80 million and $90 million.

The board of Glanbia plc is recommending an interim dividend of 17.2 (euro) cent per share (HY 2024: 15.64 euro cent per share), representing a 10% increase on the prior year interim dividend.

Glanbia said its overall dividend policy remains unchanged at a target annual dividend payout ratio of between 25% and 35% of EPS.

The interim dividend will be paid on October 3, 2025 to shareholders on the register of members as at August 22, 2025. Irish withholding tax will be deducted at the standard rate where appropriate. Euro remains the group’s primary dividend payment currency.

On November 6, 2024, the group announced a €50 million share buyback programme which formally commenced on December 16, 2024. This programme was completed on May 30, 2025 and another €50 million share buyback programme launched on June 4, 2025.

Year-to-date to July 5, 2025, Glanbia has deployed €62.8 million, repurchasing 5,095,246 ordinary shares on Euronext Dublin at an average price of €12.33. A further €50 million share buyback programme is expected to be concluded prior to year end.

The group is revising its guidance for adjusted EPS for 2025 to 130-133 (US) cent (the previous guidance was 124-130 US cent). The updated guidance still represents a decline of between 5% and 7% annually.

Glanbia said this revised EPS is expected to be driven by:

Performance Nutrition (PN) division 'like-for-like' revenue growth of 2% to 3% (excluding the impact of SlimFast and Body & Fit);
PN EBITDA margins in the range of 13% to 14%;
Health & Nutrition (H&N) like-for-like revenue growth of "mid-single digit";
H&N EBITDA margin in the range of 18% to 19%;
Profit growth across Dairy Nutrition (DN) and the group’s US joint venture, combined.

Glanbia also expects to deliver an operating cash flow conversion rate of 80%+ in the full year (FY) 2025.

Commenting on these results, Glanbia chief executive Hugh McGuire said: "Today’s results reflect a first half of significant execution and progress as we generated 6% revenue growth in the period, underpinned by strong growth in H&N and DN and a sequential improvement in PN through the period as the group navigated significant macroeconomic volatility.

"In the second quarter, we were pleased to see volume and price growth in our flagship brand, Optimum Nutrition. Within our H&N division, we have today announced the acquisition of Sweetmix, a Brazil-based nutritional premix and ingredients solutions business, facilitating continued growth in the Latin America region," McGuire added.

The acquisition of Sweetmix is at an initial consideration of $41 million. Revenue for Sweetmix in 2024 was approximately $17 million.