Carbery Group added a further €3 million to its Stability Fund in 2025 to "support milk price during times of volatility".

The west Cork-based dairy co-op has today (Wednesday, April 29) published financial results showing that revenue increased by 8% to €723 million last year (2024: €668 million).

Group earnings before interest, tax depreciation amortisation of goodwill and other intangibles and exceptional items (EBITDA) increased by 1% to €52.3 million.

When depreciation is excluded, the EBITA figure was 3% lower compared to 2024, at €29.7 million.

This performance reflected "weaker dairy market returns in Ireland in the second half of 2025".

The co-op reported an operating profit of €23.8 million for 2025, down from €24.8 million in the previous year.

Carbery's net debt stood at €34.3 million in 2025, its lowest level in five years. By comparison, net debt was recorded at €79.6 million in 2021.

Carbery

Carbery processed 608.8 million litres of milk last year, up 5.9% on 2024 levels. The co-op said it processed the second highest ever levels of milk through Ballineen in 2025.

The co-op said it "maintained its commitment to farmer shareholders by paying a leading milk price in 2025".

The financial report stated that the average milk price returned to farmer shareholders in 2025 was 47.44c/L.

The co-op said that €5.8 million was paid to milk suppliers through its FutureProof sustainability bonus in 2025, bringing total payments since 2022 to €18 million.In 2025, the scheme covered 90% of Carbery’s milk pool.

The report states that the co-op's dairy business made "strong progress in 2025, with solid commercial performance and continued strategic investment".

While global dairy markets weakened in the final six months of the year due to an oversupply of milk, investment in mozzarella capability enhanced flexibility and helped optimise returns across the cheese portfolio.

Carbery produced its highest volume ever of mozzarella in 2025.

Taste business

Under its global taste business, the co-op acquired SoluTaste in Brazil which it said "strengthened the group’s position in South America".

"Investments across Europe, Asia and the US supported continued growth, innovation and customer responsiveness," the report added.

Carbery said its nutritional ingredients business "maintained strong momentum across sports, infant and clinical nutrition in 2025".

Whey protein demand increased significantly, driven by growth in active nutrition and the expanding GLP-1 area.

Challenging market

Jason Hawkins, chief executive of Carbery Group said the company "delivered strong global business performance in 2025".

"We grew revenue and saw strong underlying contributions from our Nutrition, Taste and Dairy businesses, despite a more challenging dairy market environment in the second half of the year.

"That reflects the strength of our diversified business model and the benefits of continuing to invest in the growth of the business while reducing debt levels," he said.

Hawkins added: "While the outlook for dairy markets in 2026 remains challenging, we are confident in the strength of our business and the clarity of our long-term direction".

"We will continue to invest in growth, our people, innovation, digital capability and sustainability, while staying focused on delivering value for our farmer shareholders and customers around the world.

"We will also continue to pursue opportunities to further diversify the business, particularly in areas where our experience and expertise position us to deliver strong long-term returns," he said.