Kilkenny's Glanbia shows strong third quarter, upgrades full-year earnings forecast
’I am pleased to report that Glanbia delivered a strong performance in the first nine months of the year, delivering Group like-for-like revenue growth of 9.9%, with volume growth across all three segments’
Glanbia has upgraded its adjusted earnings per share growth for the full year as it reported a strong performance in the first nine months of this year.
It said its earning per share are now expected to grow by 22% to 24%, up from its previous guidance of 17% to 20%. The update triggered a jump in shares for the Kilkenny-headquartered nutrition supplement maker.
Group like-for-like (LFL) revenue showed growth of 9.9% with volume growth across all three segments; with Performance Nutrition LFL revenue growth of 18.0%; while Optimum Nutrition LFL showed revenue growth of 25.8% driven by strong category growth, market share gains, new distribution, continued innovation and pricing actions, the company said.
“I am pleased to report that Glanbia delivered a strong performance in the first nine months of the year, delivering Group like-for-like revenue growth of 9.9%, with volume growth across all three segments,” said Hugh McGuire, Chief Executive Officer.
“Our Performance Nutrition segment delivered a strong year-to-date performance, with Optimum Nutrition achieving like-for-like revenue growth of 25.8%. This was driven by continued market share gains, expanded distribution, innovation and pricing actions in response to significant whey inflation, supported by our continued brand investment.
“We also generated volume growth across Health & Nutrition and Dairy Nutrition, with good demand in H&N’s end-use markets and strong pricing growth in protein solutions within DN.
“With a market-leading portfolio of better nutrition brands and ingredients, Glanbia is uniquely positioned to capitalise on favourable category dynamics and sustained consumer demand for our products. We are upgrading our full year adjusted EPS growth to a range of 22% to 24% which will be driven by a strong performance across all three segments.”
In the nine months ended 3 October 2026, Group LFL revenue increased by 9.9% compared to the same period in 2025, driven by a volume increase of 4.2% and a price increase of 5.7%. Total Group revenue increased by 6.7% as a result of LFL revenue growth of 9.9%, partly offset by a decrease of 3.2% from the net impact of acquisitions and disposals.
Performance Nutrition
PN total revenue increased by 8.5%. PN LFL revenue increased by 18.0%, with a volume increase of 4.3% and a price increase of 13.7%. Volume growth was driven by continued strong category growth, market share gains, new distribution, lapping of a weaker comparative in the first half and innovation. Pricing growth reflected price increases implemented across the Americas and International markets over the last 12 months.
PN Americas, which represented 60% of PN revenue, saw LFL revenue increase by 11.8%, with growth in Optimum Nutrition, somewhat offset by declines in the other portfolio brands. PN International, which represented 40% of PN revenue, saw LFL revenue increase by 28.3%, driven by strong volume and pricing growth across international markets, with continued momentum for Optimum Nutrition evident across priority markets.
Optimum Nutrition, which represented 79% of PN revenue, delivered a 25.8% increase in LFL revenue year-to-date and US consumption (2) growth of 22.9% in the last 13 weeks. We continue to invest behind the Optimum Nutrition brand, which delivered volume growth of +0.8% in the third quarter, reflecting strong consumer demand and sustained momentum by the brand, with pricing +26.1%.
Financing
The Group’s balance sheet remains in a strong position. Glanbia's net debt as at October 3, was $704 million - a decrease of $15 million versus the net debt position at the end of Q3 2025. At the end of the period, the Group had committed debt facilities of $1.3 billion.