Glanbia has reported like-for-like revenue growth of 7.2% in its first quarter, compared to the same period in 2025.

The performance was driven by a volume increase of 8.2%, slightly offset by a price decrease of 1.0%.

Total group revenue increased by 3.8% as a result the like-for-like revenue growth, partly offset by a decrease of 3.4% from the net impact of acquisitions and disposals.

The global nutrition company has today (Wednesday, April 29) issued an interim management statement for the three-month period ended April 4, 2026.

The financial results come ahead of Glanbia's annual general meeting (AGM) this morning at the Killashee Hotel, Naas, Co. Kildare.

Glanbia

The company has lifted its full year earnings forecast which is now expected to be at the upper end of medium-term guidance of 7% to 11% constant currency.

Between February 25, 2026 and April 27, 2026, Glanbia returned €22.2 million to shareholders through its share buyback programme.

Glanbia's net debt as of April 4, 2026 was $648 million, an increase of $69 million versus the net debt position at the end of Q1 2025.

At the end of the period, the group had committed debt facilities of $1.4 billion.

The company added that progress is continuing on a "group-wide transformation programme," targeting annual savings of at least $60m by 2027.

Financial results

Glanbia's Performance Nutrition business reported that first quarter like-for-like revenue increased by 11.5%, with a volume increase of 9.2% and a price increase of 2.3%.

The company said volume growth was driven by continued strong category growth, new distribution, lapping of a weaker comparative, and innovation.

Pricing growth was as a result of price increases implemented in the Americas in Q4 last year, somewhat offset by promotional activity and tactical price reductions on products in the energy category.

Optimum Nutrition, which represented 78% of Performance Nutrition revenue, delivered an 18.8% increase in like-for-like revenue during the quarter and US consumption growth of 13.3% in the last 13 weeks.

The Health and Nutrition business revenue increased by 11.6%, driven by a 12.5% increase in volume, a 0.9% decrease in price and a 3.2% increase from the impact of the acquisitions of Sweetmix and Scicore.

Glanbia said it continues to make good progress on capacity expansions in Health and Nutrition in the US, China, and Europe.

Dairy Nutrition

Revenues in the Dairy Nutrition business increased by 2%, with a 6.4% increase in volume, somewhat offset by a 4.4% decrease in price.

Glanbia said the increase in volume was driven by strong end-use markets with demand for high end whey proteins growing strongly with double-digit volumes in protein solutions.

The company noted the decrease in price was a result of negative cheese markets in the first quarter of the year, somewhat offset by double-digit pricing in whey protein solutions.

Glanbia performance

Hugh McGuire, Glanbia chief executive officer, said Glanbia "delivered a strong performance in the first quarter, with group like-for-like revenue growth of 7.2% across our portfolio".

He said there was volume growth in all three segments, "benefiting from accelerating category growth and good end-use market demand".

"Health and Nutrition delivered double-digit volume growth driven by continued demand in its priority end-use markets. Dairy Nutrition saw strong volume and pricing growth in protein solutions.

"We continue to see strong demand for our brands and ingredients and remain focused on executing on our medium-term strategy, notwithstanding the current geopolitical uncertainty.

"As a result of the group’s performance in Q1, we now expect adjusted EPS [earnings per share] growth in FY2026 to be at the upper end of the medium-term guidance range of 7% to 11% constant currency," he added.