Glanbia raises 2026 earnings-per-share growth forecast to 22%-24%
Key Facts
Glanbia on November 4 raised its forecast for adjusted earnings-per-share growth in fiscal 2026 to 22%-24% on a constant-currency basis, from 17%-20% previously. Chief Executive Hugh McGuire said the increase would come from "strong performance across all three divisions." The company announced the update in its interim statement for the nine months ended October 3, 2026. In the same period, group like-for-like revenue increased 9.9%, while total revenue rose 6.7% on a constant-currency basis. Glanbia said the impact of acquisitions and disposals reduced total revenue growth by 3.2%, putting the gap between growth in existing businesses and changes in the group’s scope at the center of the results.
At the heart of this performance, Optimum Nutrition, which accounted for 79% of the division’s revenue, delivered like-for-like growth of 25.8% during the period. Consumption of the brand’s products in U.S. channels tracked by the company also increased 22.9% in the 13 weeks ended October 3. In the third quarter alone, the brand’s like-for-like revenue grew 26.9%, with prices up 26.1% and volume up 0.8%. The company said growth benefited from market-share gains, broader distribution and innovation, alongside pricing measures in response to a significant rise in whey costs.
Growth in the sports nutrition division varied by region. The Americas accounted for 60% of divisional revenue and recorded like-for-like growth of 11.8% year to date. International, which accounted for 40% of revenue, grew 28.3% over the same period. Alongside the performance of the leading brand, this divergence highlights the breadth of growth sources within the division, with differing paces across markets. By contrast, the Nutritional Dairy division recorded more moderate like-for-like growth of 2.1% in the nine months ended October 3. Its sales volume rose 1.4%, while prices increased 0.7%.
Glanbia raised the lower end of its fiscal 2026 EBITDA forecast for the Nutritional Dairy division, setting a range of $175-180 million, compared with $170-180 million previously. The company said protein solutions benefited from demand for high-protein ready meals and healthy snacks. The forecast revision highlights the division’s contribution to the improved full-year guidance, although its like-for-like revenue growth was slower than that of sports nutrition. First-half results had shown revenue rising 7.0% to $2.1 billion and EBITDA increasing 14.1% to $275.4 million in the six months ended July 4. The November update follows that performance, with the company continuing to point to strong results across all three divisions.
The latest upgrade reflects a series of upward revisions during 2026. In its first-half results statement, Glanbia had raised its adjusted earnings-per-share growth range to 17%-20%, before widening it in November to 22%-24%. The comparison shows forecasts moving from limited annual growth to a higher range as the year progressed, while management linked the current update to performance across all three divisions. The company did not give a new figure for full-year group like-for-like revenue growth in the statement.
On financing, net debt was $704 million on October 3, down $15 million from its level at the end of the third quarter of 2025, while committed debt facilities stood at $1.3 billion. On input costs, McGuire said the company had largely secured its estimated whey requirements for the first half of 2027. He said higher whey costs in that half could lead the company to consider further price increases in early 2027. Management said it would update investors on its 2027 outlook in February. The company also appointed Wendy Zhang Smith as finance director designate, with her due to take up the role of chief financial officer and executive board member on March 31, 2027.