A strong opening for Glanbia plc’s business operations in 2026 has prompted the nutrition firm to revise its expectations upwards for the year as a whole in a move driven by stronger-than-expected revenue and earnings growth.
Glanbia reported revenues of $2.1bn for the first half of this year, up 7% on 2025’s half-way mark on a constant currency basis, as like-for-like revenues increased across all three of the business’s wholly-owned nutrition divisions.
The opening half of 2026 also brought Glanbia an earnings boost, with earnings before interest, tax and appreciation up 14.1% to $275.4m on a like-for-like basis with the first half of 2025.
The company appears to now have a handle on the spike in whey costs that knocked 9.4% off 2025 earnings on a year-on-year basis.
2026’s six-month performance left pre-exceptional profits after tax 34% up on 2025’s mid-way profits at $175.4m at the end of July.
The company’s year-to-date adjusted earnings per share came to ($)81.24c in July, having stood at ($)63.03c at the same point of 2025.
Its board has advised an interim dividend of ($)18.92c per share payable this October.
The performance has seen Glanbia update its outlook for 2026 adjusted earnings per share growth to 17% to 20% higher than 2025, having previously expected this to land near the upper end of a 7% to 11% window.
Divisions
Glanbia’s performance nutrition portfolio witnessed like-for-like revenue growth of just under 17%, with volume delivering most of this growth, but with pricing still delivering around two-fifths of the growth.
However, total revenues increased by a lower 6.7%, as the like-for-like revenue rise was partially offset by the offloading of non-core brands at the highest earning division of the plc.
An even larger revenue jump was witnessed in Optimum Nutrition’s revenues, which was up over one quarter in the first half of 2026 compared with the corresponding revenues one year previous.
The Optimum Nutrition label – which accounts for four out every five euros of Glanbia performance nutrition sales – fared even better than its wider division, as the company put its fortune down to “very strong volume and pricing growth” while managing elevated whey costs.
Glanbia’s 2026 like-for-like revenue growth outlook for its performance nutrition division has been doubled to 12% to 14% of last year’s.
Glanbia’s health and nutrition division saw market returns increase by 12% due to higher volumes hitting the market and acquisitions delivering an extra volume boost.
These volume dynamics buffered the health and nutrition wing’s revenues from negative price pressures amid expansion plans in the US, China and Europe.
The company’s dairy nutrition division increased total revenues by 3.8%, as volume growth offset a 0.8% divisional price hit driven by falling cheese prices,
Tirlán buyback
Glanbia plc’s half-year results state that Tirlán now holds 13.2% of the company's shares after this June’s $57.6m share buyback move.
Tirlán’s shareholding equated to 17.9% of Glanbia’s total in 2025 and the cancellation of the bought-back shares, combined with further early 2026 buyback activity, has delivered $107.2m to shareholders, the plc said.
An amended relationship agreement between Tirlán and Glanbia saw the former agree to reduce its representation on Glanbia’s board from two directors to one effective 5 August 2026.
Glanbia’s half-year report states that John Murphy and Bill Carroll retired from the plc board on 4 August, with new Tirlán chair Ger O'Brien appointed as a non-executive director effective from 5 August.
Tirlán has entered into an amended relationship agreement with Glanbia that reflects this change, as the co-op now holds just one non-executive directorship on Glanbia’s board of 10 members.
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