Average | Closing Rates | |||
1 US dollar = | 2025 | 2024 | 2025 | 2024 |
euro | 0.8838 | 0.9246 | 0.8532 | 0.9710 |
Pound sterling | 0.7578 | 0.7827 | 0.7439 | 0.8058 |
| % | |
Land | Nil |
Buildings | 2.5-5 |
Plant and equipment | 4-33 |
Motor vehicles | 20-25 |
| Years | |
Brands | 3-40 |
Customer relationships | 5-15 |
Recipes, know-how and other intangibles | 2-15 |
Average | Closing Rates | |||
1 US dollar = | 2025 | 2024 | 2025 | 2024 |
euro | 0.8838 | 0.9246 | 0.8532 | 0.9710 |
Pound sterling | 0.7578 | 0.7827 | 0.7439 | 0.8058 |
| % | |
Land | Nil |
Buildings | 2.5-5 |
Plant and equipment | 4-33 |
Motor vehicles | 20-25 |
| % | |
Land | Nil |
Buildings | 2.5-5 |
Plant and equipment | 4-33 |
Motor vehicles | 20-25 |
| Years | |
Brands | 3-40 |
Customer relationships | 5-15 |
Recipes, know-how and other intangibles | 2-15 |
| Years | |
Brands | 3-40 |
Customer relationships | 5-15 |
Recipes, know-how and other intangibles | 2-15 |
| All Other | |||||
| Performance | Health & | Dairy | Segments and | ||
| Nutrition | Nutrition* | Nutrition* | unallocated | Total | |
$m | $m | $m | $m | $m | |
| Segment results (pre-exceptional) | |||||
| 2025 | |||||
Total gross segment revenue | 1,801.5 | 631.0 | 1,567.8 | \u2013 | 4,000.3 |
Inter-segment revenue | (0.4) | (2.5) | (51.0) | \u2013 | (53.9) |
Revenue | 1,801.1 | 628.5 | 1,516.8 | \u2013 | 3,946.4 |
| Earnings before interest, tax, depreciation, amortisation | |||||
and exceptional items (EBITDA) | 233.8 | 115.8 | 149.5 | \u2013 | 499.1 |
Share of results of joint venture | \u2013 | \u2013 | \u2013 | 11.1 | 11.1 |
| 2024 | |||||
Total gross segment revenue | 1,807.3 | 565.0 | 1,533.5 | \u2013 | 3,905.8 |
Inter-segment revenue | (0.6) | (6.9) | (58.6) | \u2013 | (66.1) |
Revenue | 1,806.7 | 558.1 | 1,474.9 | \u2013 | 3,839.7 |
| Earnings before interest, tax, depreciation, amortisation | |||||
and exceptional items (EBITDA) | 305.4 | 98.7 | 147.2 | \u2013 | 551.3 |
Share of results of joint venture | \u2013 | \u2013 | \u2013 | 0.1 | 0.1 |
| 2025 | |||||
Segment assets | 1,603.7 | 851.3 | 776.3 | 742.7 | 3,974.0 |
Segment liabilities | 371.2 | 119.1 | 276.4 | 1,280.1 | 2,046.8 |
| 2024 | |||||
Segment assets | 1,700.9 | 759.1 | 766.0 | 648.5 | 3,874.5 |
Segment liabilities | 378.8 | 94.3 | 261.2 | 1,067.4 | 1,801.7 |
| 2025 | |||||
Depreciation of PP&E and ROU assets** | 24.2 | 16.8 | 32.5 | \u2013 | 73.5 |
Amortisation of intangible assets | 39.0 | 7.2 | 29.1 | \u2013 | 75.3 |
Exceptional charge | 75.3 | 7.1 | 0.9 | 39.5 | 122.8 |
Capital expenditure \u2013 additions | 15.9 | 26.7 | 39.9 | 6.9 | 89.4 |
Capital expenditure \u2013 business combinations | \u2013 | 41.4 | \u2013 | \u2013 | 41.4 |
| 2024 | |||||
Depreciation of PP&E and ROU assets** | 25.6 | 15.8 | 31.7 | \u2013 | 73.1 |
Amortisation of intangible assets | 50.8 | 11.1 | 20.2 | \u2013 | 82.1 |
Exceptional charge | 139.8 | 0.5 | 0.6 | 20.5 | 161.4 |
Capital expenditure \u2013 additions | 24.4 | 31.0 | 44.5 | 6.4 | 106.3 |
Capital expenditure \u2013 business combinations | \u2013 | 285.3 | \u2013 | \u2013 | 285.3 |
2025 | 2024 | ||
Notes | $m | $m | |
Earnings before interest, tax, depreciation, amortisation and exceptional items (EBITDA) | 499.1 | 551.3 | |
| Finance income | 10 | 2.4 | 5.4 |
| Finance costs | 10 | (31.8) | (32.2) |
Share of results of joint venture | 11.1 | 0.1 | |
| Exceptional items before tax | 6 | (122.8) | (161.4) |
| Intangible asset amortisation | 16 | (75.3) | (82.1) |
| Depreciation of property, plant and equipment | 14 | (52.6) | (52.2) |
| Reversal of impairment of property, plant and equipment | 14 | \u2013 | 1.0 |
| Depreciation of right-of-use assets | 15 | (20.9) | (21.9) |
Profit before taxation | 209.2 | 208.0 | |
| Income taxes | 11 | (25.9) | (43.3) |
Profit for the year | 183.3 | 164.7 |
2025 | 2024 | |||||||
| Performance | Health & | Dairy | Performance | Health & | Dairy | |||
| Nutrition | Nutrition | Nutrition | Total | Nutrition | Nutrition* | Nutrition* | Total | |
| $m | $m | $m | $m | $m | $m | $m | $m | |
| Internal reporting structures | ||||||||
Health & Nutrition | \u2013 | 628.5 | \u2013 | 628.5 | \u2013 | 558.1 | \u2013 | 558.1 |
Dairy Nutrition | \u2013 | \u2013 | 1,516.8 | 1,516.8 | \u2013 | \u2013 | 1,474.9 | 1,474.9 |
PN Americas | 1,114.0 | \u2013 | \u2013 | 1,114.0 | 1,161.0 | \u2013 | \u2013 | 1,161.0 |
PN International | 687.1 | \u2013 | \u2013 | 687.1 | 645.7 | \u2013 | \u2013 | 645.7 |
1,801.1 | 628.5 | 1,516.8 | 3,946.4 | 1,806.7 | 558.1 | 1,474.9 | 3,839.7 | |
| Primary geographical markets | ||||||||
North America | 1,116.4 | 367.4 | 1,290.0 | 2,773.8 | 1,162.6 | 350.9 | 1,319.6 | 2,833.1 |
Europe | 369.5 | 141.5 | 90.0 | 601.0 | 351.8 | 113.3 | 51.9 | 517.0 |
Asia Pacific | 249.0 | 61.8 | 120.4 | 431.2 | 226.7 | 52.4 | 88.8 | 367.9 |
LATAM | 23.5 | 31.0 | 16.3 | 70.8 | 21.7 | 20.7 | 14.3 | 56.7 |
Rest of World | 42.7 | 26.8 | 0.1 | 69.6 | 43.9 | 20.8 | 0.3 | 65.0 |
1,801.1 | 628.5 | 1,516.8 | 3,946.4 | 1,806.7 | 558.1 | 1,474.9 | 3,839.7 | |
| Timing of revenue recognition | ||||||||
Products transferred at point in time | 1,801.1 | 628.5 | 1,516.8 | 3,946.4 | 1,806.7 | 558.1 | 1,474.9 | 3,839.7 |
Products transferred over time | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
1,801.1 | 628.5 | 1,516.8 | 3,946.4 | 1,806.7 | 558.1 | 1,474.9 | 3,839.7 |
2025 | 2024 | |
Channel mix for Performance Nutrition | $m | $m |
Distributor | 365.3 | 363.8 |
Food, Drug, Mass, Club (FDMC) | 606.6 | 635.5 |
Online | 627.4 | 599.5 |
Specialty | 201.8 | 207.9 |
1,801.1 | 1,806.7 |
2025 | 2024 | ||||||
| Pre- | Pre- | ||||||
| Notes | exceptional | Exceptional | Total | exceptional | Exceptional | Total | |
$m | $m | $m | $m | $m | $m | ||
Cost of inventories recognised as an expense in cost of goods sold | 20 | (2,341.7) | \u2013 | (2,341.7) | (2,163.8) | \u2013 | (2,163.8) |
| Employee benefit expense | 7 | (593.5) | (15.2) | (608.7) | (557.5) | (5.2) | (562.7) |
Depreciation of property, plant and equipment | 14 | (52.6) | \u2013 | (52.6) | (52.2) | \u2013 | (52.2) |
Impairment of property, plant and equipment | 14 | \u2013 | (1.2) | (1.2) | \u2013 | (2.0) | (2.0) |
(Loss)/profit on disposal of property, plant and equipment | 32(a) | (0.4) | \u2013 | (0.4) | 0.3 | \u2013 | 0.3 |
Reversal of impairment of property, plant and equipment | 14 | \u2013 | \u2013 | \u2013 | 1.0 | \u2013 | 1.0 |
| Depreciation of right-of-use assets | 15 | (20.9) | \u2013 | (20.9) | (21.9) | \u2013 | (21.9) |
| Impairment of right-of-use assets | 15 | \u2013 | (0.2) | (0.2) | \u2013 | (0.9) | (0.9) |
| Amortisation of intangible assets | 16 | (75.3) | \u2013 | (75.3) | (82.1) | \u2013 | (82.1) |
| Impairment of intangible assets | 16 | \u2013 | (16.7) | (16.7) | \u2013 | (134.5) | (134.5) |
| Loss on disposal of intangible assets | 32(a) | \u2013 | \u2013 | \u2013 | (0.5) | \u2013 | (0.5) |
Research and development costs | (25.5) | \u2013 | (25.5) | (23.1) | \u2013 | (23.1) | |
Lease rentals | (4.8) | \u2013 | (4.8) | (3.8) | \u2013 | (3.8) | |
Net impairment (loss)/gain on financial assets | (0.9) | \u2013 | (0.9) | 1.0 | \u2013 | 1.0 | |
Auditor\u2019s remuneration | (3.4) | \u2013 | (3.4) | (2.6) | \u2013 | (2.6) | |
Net foreign exchange loss | (0.3) | \u2013 | (0.3) | (2.4) | \u2013 | (2.4) |
| Other statutory auditor | ||||
| Statutory auditor | network firms | |||
2025 | 2024 | 2025 | 2024 | |
$m | $m | $m | $m | |
The audit of the Group financial statements | 1.7 | 1.4 | 1.2 | 1.2 |
Other assurance services | 0.5 | \u2013 | \u2013 | \u2013 |
Tax advisory services | \u2013 | \u2013 | \u2013 | \u2013 |
Other non-audit services | \u2013 | \u2013 | \u2013 | \u2013 |
2.2 | 1.4 | 1.2 | 1.2 |
2025 | 2024 | ||
Notes | $m | $m | |
Group-wide transformation programme | (a) | 55.4 | 18.0 |
| Loss on disposal of subsidiaries | (b) | 45.7 | \u2013 |
| Impairment of intangible assets | (c) | 16.5 | 91.4 |
| Acquisition and integration costs | (d) | 5.2 | 5.7 |
| Impairment of non-core assets held for sale | (e) | \u2013 | 46.0 |
| Pension related costs | (f) | \u2013 | 0.3 |
Total | 122.8 | 161.4 | |
| Exceptional tax credit | 11 | (22.2) | (15.8) |
| Total exceptional charge for the year | 32(a) | 100.6 | 145.6 |
2025 | 2024 | ||
Notes | $m | $m | |
Wages and salaries | 505.1 | 467.0 | |
Social insurance costs | 44.7 | 41.5 | |
| Retirement benefit costs | |||
| - Defined contribution plans | 8 | 18.7 | 17.0 |
- Defined benefit plans | 0.3 | 0.6 | |
19.0 | 17.6 | ||
| Other compensation costs | |||
- Private health insurance | 32.3 | 31.8 | |
| - Share-based payment expense | 9 | 21.9 | 18.2 |
- Company car allowance | 2.8 | 2.8 | |
57.0 | 52.8 | ||
625.8 | 578.9 |
| 2025 | |
Performance Nutrition | 1,967 |
Health & Nutrition | 1,619 |
Dairy Nutrition | 1,544 |
| 5,130 |
| 2024 | |
Performance Nutrition | 2,163 |
Glanbia Nutritionals | 2,952 |
| 5,115 |
2025 | 2024 | |
$m | $m | |
Non-current assets \u2013 Surplus on defined benefit pension plan | 16.2 | 12.0 |
Non-current liabilities \u2013 Deficit on defined benefit pension plan | (1.1) | (1.0) |
Net defined benefit pension plans asset | 15.1 | 11.0 |
ROI | UK | Total | |
2024 | $m | $m | $m |
| Fair value of plan assets: | |||
At the beginning of the year | 106.8 | 0.4 | 107.2 |
Interest income | 3.2 | \u2013 | 3.2 |
Recognised in profit or loss | 3.2 | \u2013 | 3.2 |
| Remeasurements | |||
Return of plan assets in excess of interest income | 0.7 | \u2013 | 0.7 |
Recognised in OCI | 0.7 | \u2013 | 0.7 |
Exchange differences | (7.0) | \u2013 | (7.0) |
Contributions paid by the employer | 0.6 | \u2013 | 0.6 |
Contributions paid by the employee | 0.3 | \u2013 | 0.3 |
Benefits paid | (10.3) | (0.2) | (10.5) |
At the end of the year | 94.3 | 0.2 | 94.5 |
| Present value of obligations: | |||
At the beginning of the year | (98.8) | (1.2) | (100.0) |
Current service cost | (0.8) | \u2013 | (0.8) |
Interest expense | (2.9) | (0.1) | (3.0) |
Recognised in profit or loss | (3.7) | (0.1) | (3.8) |
| Remeasurements | |||
Loss from experience adjustments | (0.4) | 0.1 | (0.3) |
Gain from changes in financial assumptions | 4.2 | \u2013 | 4.2 |
Recognised in OCI | 3.8 | 0.1 | 3.9 |
Exchange differences | 6.2 | \u2013 | 6.2 |
Contributions paid by the employee | (0.3) | \u2013 | (0.3) |
Benefits paid | 10.3 | 0.2 | 10.5 |
At the end of the year | (82.5) | (1.0) | (83.5) |
Net asset/(liability) | 11.8 | (0.8) | 11.0 |
2025 | 2024 | |||||||
Quoted | Unquoted | Total | Quoted | Unquoted | Total | |||
$m | $m | $m | % | $m | $m | $m | % | |
| Equities | ||||||||
\u2013 Consumer | 2.3 | \u2013 | 2.3 | 2 | 1.2 | \u2013 | 1.2 | 1 |
\u2013 Financials | 2.2 | \u2013 | 2.2 | 2 | 1.7 | \u2013 | 1.7 | 2 |
\u2013 Information technology | 2.6 | \u2013 | 2.6 | 3 | 1.9 | \u2013 | 1.9 | 2 |
\u2013 Other Corporate bonds | 5.7 | \u2013 | 5.7 | 6 | 4.9 | \u2013 | 4.9 | 5 |
\u2013 Investment grade | 3.8 | \u2013 | 3.8 | 4 | 4.1 | \u2013 | 4.1 | 4 |
\u2013 Non investment grade | 0.2 | \u2013 | 0.2 | \u2013 | 0.3 | \u2013 | 0.3 | \u2013 |
\u2013 Cash | 0.1 | \u2013 | 0.1 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
Government bonds and gilts | 28.4 | \u2013 | 28.4 | 28 | 28.4 | \u2013 | 28.4 | 30 |
Property | \u2013 | 2.0 | 2.0 | 2 | \u2013 | 1.9 | 1.9 | 2 |
Cash | \u2013 | 2.2 | 2.2 | 2 | 0.4 | 2.9 | 3.3 | 3 |
Investment funds | 4.3 | \u2013 | 4.3 | 4 | 3.5 | \u2013 | 3.5 | 4 |
Annuities | \u2013 | 45.0 | 45.0 | 46 | \u2013 | 43.2 | 43.2 | 47 |
Other | 1.6 | \u2013 | 1.6 | 1 | 0.1 | \u2013 | 0.1 | \u2013 |
51.2 | 49.2 | 100.4 | 100 | 46.5 | 48.0 | 94.5 | 100 |
2025 | 2024 | |||
ROI | UK | ROI | UK | |
Discount rate | 4.15% | 5.65% | 3.45% | 5.60% |
Inflation rate | 1.80% | 2.60%-2.95% | 1.85% | 2.80% - 3.20% |
Future salary increases* | 2.80% | 0.00% | 2.85% | 0.00% |
Future pension increases | 0.00% | 2.55%-2.80% | 0.00% | 2.75% - 3.05% |
| Mortality rates (years) | ||||
\u2013 Male \u2013 currently aged 65 years old | 22.0 | 20.2 | 22.0 | 20.2 |
\u2013 Female \u2013 currently aged 65 years old | 24.5 | 22.4 | 24.5 | 22.4 |
\u2013 Male \u2013 reaching 65 years of age in 20 years\u2019 time | 23.4 | 21.2 | 23.4 | 21.2 |
\u2013 Female \u2013 reaching 65 years of age in 20 years\u2019 time | 25.9 | 23.6 | 25.9 | 23.6 |
2025 | 2024 | ||||
Increase | Decrease | Increase | Decrease | ||
Assumption | Change in assumption | $m | $m | $m | $m |
| ROI | |||||
Discount rate | 0.50% movement | (4.5) | 4.9 | (4.7) | 5.2 |
Inflation rate | 0.50% movement | 0.8 | (0.8) | 1.1 | (1.0) |
Mortality rate | 1 year movement | 2.3 | (2.3) | 2.3 | (2.3) |
| Future salary increases* | |||||
| Future pension increases** |
2025 | 2024 | |
| ROI | ||
Expected contributions to the defined benefit plans for the coming year ($m) | 0.6 | 0.5 |
Weighted average duration of the defined benefit plans (years) | 12 years | 14 years |
2025 | 2024 | |
$m | $m | |
Non-current assets \u2013 Surplus on defined benefit pension plan | 16.2 | 12.0 |
Non-current liabilities \u2013 Deficit on defined benefit pension plan | (1.1) | (1.0) |
Net defined benefit pension plans asset | 15.1 | 11.0 |
ROI | UK | Total | |
2025 | $m | $m | $m |
| Fair value of plan assets: | |||
At the beginning of the year | 94.3 | 0.2 | 94.5 |
Interest income | 3.5 | \u2013 | 3.5 |
Recognised in profit or loss | 3.5 | \u2013 | 3.5 |
| Remeasurements | |||
Return of plan assets in excess of interest income | (3.7) | \u2013 | (3.7) |
Recognised in OCI | (3.7) | \u2013 | (3.7) |
Exchange differences | 12.8 | \u2013 | 12.8 |
Contributions paid by the employer | 0.6 | \u2013 | 0.6 |
Contributions paid by the employee | 0.3 | \u2013 | 0.3 |
Benefits paid | (7.6) | \u2013 | (7.6) |
At the end of the year | 100.2 | 0.2 | 100.4 |
| Present value of obligations: | |||
At the beginning of the year | (82.5) | (1.0) | (83.5) |
Current service cost | (0.7) | \u2013 | (0.7) |
Interest expense | (3.0) | (0.1) | (3.1) |
Recognised in profit or loss | (3.7) | (0.1) | (3.8) |
| Remeasurements | |||
Loss from experience adjustments | (1.1) | 0.1 | (1.0) |
Gain from changes in financial assumptions | 6.8 | \u2013 | 6.8 |
Recognised in OCI | 5.7 | 0.1 | 5.8 |
Exchange differences | (11.0) | (0.1) | (11.1) |
Contributions paid by the employee | (0.3) | \u2013 | (0.3) |
Benefits paid | 7.6 | \u2013 | 7.6 |
At the end of the year | (84.2) | (1.1) | (85.3) |
Net asset/(liability) | 16.0 | (0.9) | 15.1 |
ROI | UK | Total | |
2024 | $m | $m | $m |
| Fair value of plan assets: | |||
At the beginning of the year | 106.8 | 0.4 | 107.2 |
Interest income | 3.2 | \u2013 | 3.2 |
Recognised in profit or loss | 3.2 | \u2013 | 3.2 |
| Remeasurements | |||
Return of plan assets in excess of interest income | 0.7 | \u2013 | 0.7 |
Recognised in OCI | 0.7 | \u2013 | 0.7 |
Exchange differences | (7.0) | \u2013 | (7.0) |
Contributions paid by the employer | 0.6 | \u2013 | 0.6 |
Contributions paid by the employee | 0.3 | \u2013 | 0.3 |
Benefits paid | (10.3) | (0.2) | (10.5) |
At the end of the year | 94.3 | 0.2 | 94.5 |
| Present value of obligations: | |||
At the beginning of the year | (98.8) | (1.2) | (100.0) |
Current service cost | (0.8) | \u2013 | (0.8) |
Interest expense | (2.9) | (0.1) | (3.0) |
Recognised in profit or loss | (3.7) | (0.1) | (3.8) |
| Remeasurements | |||
Loss from experience adjustments | (0.4) | 0.1 | (0.3) |
Gain from changes in financial assumptions | 4.2 | \u2013 | 4.2 |
Recognised in OCI | 3.8 | 0.1 | 3.9 |
Exchange differences | 6.2 | \u2013 | 6.2 |
Contributions paid by the employee | (0.3) | \u2013 | (0.3) |
Benefits paid | 10.3 | 0.2 | 10.5 |
At the end of the year | (82.5) | (1.0) | (83.5) |
Net asset/(liability) | 11.8 | (0.8) | 11.0 |
2025 | 2024 | |||||||
Quoted | Unquoted | Total | Quoted | Unquoted | Total | |||
$m | $m | $m | % | $m | $m | $m | % | |
| Equities | ||||||||
\u2013 Consumer | 2.3 | \u2013 | 2.3 | 2 | 1.2 | \u2013 | 1.2 | 1 |
\u2013 Financials | 2.2 | \u2013 | 2.2 | 2 | 1.7 | \u2013 | 1.7 | 2 |
\u2013 Information technology | 2.6 | \u2013 | 2.6 | 3 | 1.9 | \u2013 | 1.9 | 2 |
\u2013 Other Corporate bonds | 5.7 | \u2013 | 5.7 | 6 | 4.9 | \u2013 | 4.9 | 5 |
\u2013 Investment grade | 3.8 | \u2013 | 3.8 | 4 | 4.1 | \u2013 | 4.1 | 4 |
\u2013 Non investment grade | 0.2 | \u2013 | 0.2 | \u2013 | 0.3 | \u2013 | 0.3 | \u2013 |
\u2013 Cash | 0.1 | \u2013 | 0.1 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
Government bonds and gilts | 28.4 | \u2013 | 28.4 | 28 | 28.4 | \u2013 | 28.4 | 30 |
Property | \u2013 | 2.0 | 2.0 | 2 | \u2013 | 1.9 | 1.9 | 2 |
Cash | \u2013 | 2.2 | 2.2 | 2 | 0.4 | 2.9 | 3.3 | 3 |
Investment funds | 4.3 | \u2013 | 4.3 | 4 | 3.5 | \u2013 | 3.5 | 4 |
Annuities | \u2013 | 45.0 | 45.0 | 46 | \u2013 | 43.2 | 43.2 | 47 |
Other | 1.6 | \u2013 | 1.6 | 1 | 0.1 | \u2013 | 0.1 | \u2013 |
51.2 | 49.2 | 100.4 | 100 | 46.5 | 48.0 | 94.5 | 100 |
2025 | 2024 | |||
ROI | UK | ROI | UK | |
Discount rate | 4.15% | 5.65% | 3.45% | 5.60% |
Inflation rate | 1.80% | 2.60%-2.95% | 1.85% | 2.80% - 3.20% |
Future salary increases* | 2.80% | 0.00% | 2.85% | 0.00% |
Future pension increases | 0.00% | 2.55%-2.80% | 0.00% | 2.75% - 3.05% |
| Mortality rates (years) | ||||
\u2013 Male \u2013 currently aged 65 years old | 22.0 | 20.2 | 22.0 | 20.2 |
\u2013 Female \u2013 currently aged 65 years old | 24.5 | 22.4 | 24.5 | 22.4 |
\u2013 Male \u2013 reaching 65 years of age in 20 years\u2019 time | 23.4 | 21.2 | 23.4 | 21.2 |
\u2013 Female \u2013 reaching 65 years of age in 20 years\u2019 time | 25.9 | 23.6 | 25.9 | 23.6 |
2025 | 2024 | ||||
Increase | Decrease | Increase | Decrease | ||
Assumption | Change in assumption | $m | $m | $m | $m |
| ROI | |||||
Discount rate | 0.50% movement | (4.5) | 4.9 | (4.7) | 5.2 |
Inflation rate | 0.50% movement | 0.8 | (0.8) | 1.1 | (1.0) |
Mortality rate | 1 year movement | 2.3 | (2.3) | 2.3 | (2.3) |
| Future salary increases* | |||||
| Future pension increases** |
2025 | 2024 | |
| ROI | ||
Expected contributions to the defined benefit plans for the coming year ($m) | 0.6 | 0.5 |
Weighted average duration of the defined benefit plans (years) | 12 years | 14 years |
2025 | 2024 | ||||
Notes | $m | $m | |||
The | 2018 | Long-term incentive plan (2018 LTIP) | 13.5 | 13.9 | |
The 2019 | Restricted Share Plan (2019 RSP) | 2.6 | 1.2 | ||
The annual incentive deferred into shares scheme (AIDIS) | 5.8 | 3.1 | |||
7/23/32(a) | 21.9 | 18.2 |
2025 | 2024 | |||||||
2018 | LTIP | 2019 | RSP | 2018 | LTIP | 2019 | RSP | |
At the beginning of the year | 3,034,157 | 25 | 8,631 | 4,053,445 | 1 | 81,348 | ||
Granted | 2,226,587 | 9 | 9,519 | 1,057,127 | 212 | ,955 | ||
Vested | (1,294,198) | (58,745) | (1,655,110) | (115,672) | ||||
Lapsed | (342,004) | \u2013 | (421,305) | (20,000) | ||||
At the end of the year | 3,624,542 | 2 | 99,405 | 3,034,157 | 25 | 8,631 | ||
Weighted average fair value of awards granted | \u20ac9.16 | \u20ac11.48 | \u20ac16.96 | \u20ac16.15 |
2025 awards | 2024 awards | |||||||
2018 | LTIP | 2019 | RSP | 2018 | LTIP | 2019 | RSP | |
Year of earliest vesting date | 2026 | 2026-20 | 27 | 2025 | 2025 | -2027 | ||
Share price at date of award | \u20ac10.16 | \u20ac10.16-\u20ac14.34 | \u20ac17.89 | \u20ac14.81-\u20ac18. | 27 | |||
Expected dividend yield | 3.84% | 2.83%-3.84% | 1.98% | 2.02%- | 2.39% |
2025 | 2024 | ||
Notes | $m | $m | |
| Finance income | |||
Interest income on cash and deposits | 2.3 | 5.1 | |
Interest income on swaps | 0.1 | 0.3 | |
| Total finance income | 32(a) | 2.4 | 5.4 |
| Finance costs | |||
Bank borrowing costs | (16.3) | (16.0) | |
Finance cost of private placement debt | (9.7) | (10.4) | |
Facility fees | (2.6) | (2.8) | |
| Interest expense on lease liabilities | 15 | (3.2) | (3.0) |
| Total finance costs | 32(a) | (31.8) | (32.2) |
Net finance costs | (29.4) | (26.8) |
2025 | 2024 | ||
Notes | $m | $m | |
| Finance income | |||
Interest income on cash and deposits | 2.3 | 5.1 | |
Interest income on swaps | 0.1 | 0.3 | |
| Total finance income | 32(a) | 2.4 | 5.4 |
| Finance costs | |||
Bank borrowing costs | (16.3) | (16.0) | |
Finance cost of private placement debt | (9.7) | (10.4) | |
Facility fees | (2.6) | (2.8) | |
| Interest expense on lease liabilities | 15 | (3.2) | (3.0) |
| Total finance costs | 32(a) | (31.8) | (32.2) |
Net finance costs | (29.4) | (26.8) |
2025 | 2024 | ||
Notes | $m | $m | |
| Finance income | |||
Interest income on cash and deposits | 2.3 | 5.1 | |
Interest income on swaps | 0.1 | 0.3 | |
| Total finance income | 32(a) | 2.4 | 5.4 |
| Finance costs | |||
Bank borrowing costs | (16.3) | (16.0) | |
Finance cost of private placement debt | (9.7) | (10.4) | |
Facility fees | (2.6) | (2.8) | |
| Interest expense on lease liabilities | 15 | (3.2) | (3.0) |
| Total finance costs | 32(a) | (31.8) | (32.2) |
Net finance costs | (29.4) | (26.8) |
2025 | 2024 | ||
Notes | $m | $m | |
| Current tax | |||
Irish current tax charge | 12.6 | 22.1 | |
Adjustments in respect of prior years | 1.0 | 0.1 | |
Irish current tax for the year | 13.6 | 22.2 | |
Foreign current tax charge | 26.2 | 50.5 | |
Adjustments in respect of prior years | 3.5 | 0.2 | |
Foreign current tax for the year | 29.7 | 50.7 | |
Total current tax | 43.3 | 72.9 | |
| Deferred tax | |||
Deferred tax \u2013 current year | (13.1) | (28.3) | |
Adjustments in respect of prior years | (4.3) | (1.3) | |
| Total deferred tax | 26 | (17.4) | (29.6) |
Tax charge | 25.9 | 43.3 |
2025 | 2024 | ||
Notes | $m | $m | |
Current tax credit on exceptional items | (12.5) | (1.0) | |
Deferred tax credit on exceptional items | (9.7) | (14.8) | |
| Total tax credit on exceptional items for the year | 6 | (22.2) | (15.8) |
2025 | 2024 | |
$m | $m | |
Profit before tax | 209.2 | 208.0 |
Income tax calculated at Irish rate of 12.5% | 26.2 | 26.0 |
Earnings at non-standard Irish tax rate | 1.1 | 1.1 |
Difference due to overseas tax rates (capital and trading) | 6.9 | 1.4 |
Adjustment to tax charge in respect of previous periods | 0.1 | (1.0) |
Tax on share of results of joint venture included in profit before tax | (1.4) | \u2013 |
Difference due to permanent differences within exceptional items \u2013 non-deductible costs/(non-taxable income) | 1.4 | 10.2 |
Other reconciling items | (8.4) | 5.6 |
Total tax charge | 25.9 | 43.3 |
2025 | 2024 | ||
| Profit after tax attributable to equity holders | |||
of the Company ($m) | 183.3 | 164.7 | |
Basic Earnings Per Share (cent) | 73.16 | 63.21 | |
Diluted Earnings Per Share (cent) | 72.44 | 62.45 | |
Weighted average number of ordinary shares in issue | 250,545,404 | 260,554,311 | |
Shares deemed to be issued for no consideration in respect of share awards | 2,484,212 | 3,181,275 | |
Weighted average number of shares used in the calculation of Diluted Earnings Per Share | 25 | 3,029,616 | 263,735,586 |
2025 | 2024 | ||
Notes | $m | $m | |
| Equity dividends to shareholders | |||
Final \u2013 paid EUR 23.33c per ordinary share (2024: EUR 21.21c) | 67.7 | 60.2 | |
Interim \u2013 paid EUR 17.20c per ordinary share (2024: EUR 15.64c) | 50.8 | 45.2 | |
Total | 118.5 | 105.4 | |
| Reconciliation to Group statement of cash flows and Group statement of changes in equity | |||
Dividends to shareholders | 118.5 | 105.4 | |
Waived dividends in relation to own shares | (0.5) | (0.6) | |
Dividend withholding tax refund | (0.2) | (0.4) | |
| Total dividends paid to the equity holders of the Company | 24 | 117.8 | 104.4 |
| Equity dividends recommended | |||
Final 2025 \u2013 proposed EUR 25.67c per ordinary share (2024: EUR 23.33c) | 73.3 | 62.2 |
| Land and | Plant and | Motor | |||
| buildings | equipment | Vehicles | Total | ||
Notes | $m | $m | $m | $m | |
| Year ended 3 January 2026 | |||||
Opening carrying amount | 237.7 | 279.8 | 1.1 | 518.6 | |
Exchange differences | 3.5 | 2.9 | \u2013 | 6.4 | |
| Acquisitions | 34 | 2.0 | 1.2 | \u2013 | 3.2 |
Additions | 3.8 | 43.2 | \u2013 | 47.0 | |
| Depreciation charge | 5/32(a) | (12.6) | (39.7) | (0.3) | (52.6) |
Reclassifications | 0.6 | (0.7) | 0.1 | \u2013 | |
Disposals | (0.7) | (0.6) | \u2013 | (1.3) | |
| Impairment | 5 | \u2013 | (1.2) | \u2013 | (1.2) |
Closing carrying amount | 234.3 | 284.9 | 0.9 | 520.1 | |
| At 3 January 2026 | |||||
Cost | 377.4 | 794.1 | 4.1 | 1,175.6 | |
Accumulated depreciation and impairment | (143.1) | (509.2) | (3.2) | (655.5) | |
Carrying amount | 234.3 | 284.9 | 0.9 | 520.1 | |
| Year ended 4 January 2025 | |||||
Opening carrying amount | 241.9 | 273.0 | 0.2 | 515.1 | |
Exchange differences | (2.5) | (1.3) | \u2013 | (3.8) | |
Acquisitions | \u2013 | 11.2 | \u2013 | 11.2 | |
Additions | 17.7 | 38.5 | 0.6 | 56.8 | |
| Depreciation charge | 5/32(a) | (12.3) | (39.7) | (0.2) | (52.2) |
Reclassifications | 0.1 | (0.6) | 0.5 | \u2013 | |
Disposals | (3.6) | (0.8) | \u2013 | (4.4) | |
| Impairment reversal | 5 | 1.0 | \u2013 | \u2013 | 1.0 |
| Impairment | 5 | (1.8) | (0.2) | \u2013 | (2.0) |
Transfer to assets held for sale | (2.8) | (0.3) | \u2013 | (3.1) | |
Closing carrying amount | 237.7 | 279.8 | 1.1 | 518.6 | |
| At 4 January 2025 | |||||
Cost | 369.6 | 755.4 | 3.9 | 1,128.9 | |
Accumulated depreciation and impairment | (131.9) | (475.6) | (2.8) | (610.3) | |
Carrying amount | 237.7 | 279.8 | 1.1 | 518.6 |
| Land and | Plant and | Motor | |||
| buildings | equipment | Vehicles | Total | ||
Notes | $m | $m | $m | $m | |
| Year ended 3 January 2026 | |||||
Opening carrying amount | 77.4 | 5.2 | 4.4 | 87.0 | |
Exchange differences | 1.0 | 0.1 | \u2013 | 1.1 | |
| Acquisitions | 34 | 0.1 | \u2013 | \u2013 | 0.1 |
Additions | 1.9 | 3.2 | 2.1 | 7.2 | |
Disposals | (0.1) | (0.1) | \u2013 | (0.2) | |
Remeasurements | 14.6 | 2.4 | \u2013 | 17.0 | |
| Depreciation charge | 4/5/32(a) | (15.6) | (2.8) | (2.5) | (20.9) |
| Impairment | 5 | (0.2) | \u2013 | \u2013 | (0.2) |
Closing carrying amount | 79.1 | 8.0 | 4.0 | 91.1 | |
| At 3 January 2026 | |||||
Cost | 156.7 | 13.7 | 12.9 | 183.3 | |
Accumulated depreciation and impairment | (77.6) | (5.7) | (8.9) | (92.2) | |
Carrying amount | 79.1 | 8.0 | 4.0 | 91.1 | |
| Year ended 4 January 2025 | |||||
Opening carrying amount | 81.3 | 3.9 | 3.1 | 88.3 | |
Exchange differences | (0.7) | 0.1 | (0.1) | (0.7) | |
Acquisitions | 2.3 | \u2013 | \u2013 | 2.3 | |
Additions | 9.0 | 3.6 | 4.1 | 16.7 | |
Disposals | \u2013 | (0.2) | \u2013 | (0.2) | |
Remeasurements | 4.2 | 0.9 | (0.3) | 4.8 | |
Reclassifications | (0.3) | \u2013 | 0.3 | \u2013 | |
| Depreciation charge | 4/5/32(a) | (16.3) | (3.1) | (2.5) | (21.9) |
| Impairment | 5 | (0.8) | \u2013 | (0.1) | (0.9) |
Transfer to assets held for sale | (1.3) | \u2013 | (0.1) | (1.4) | |
Closing carrying amount | 77.4 | 5.2 | 4.4 | 87.0 | |
| At 4 January 2025 | |||||
Cost | 140.9 | 12.9 | 10.7 | 164.5 | |
Accumulated depreciation and impairment | (63.5) | (7.7) | (6.3) | (77.5) | |
Carrying amount | 77.4 | 5.2 | 4.4 | 87.0 |
2025 | 2024 | ||
Notes | $m | $m | |
Depreciation charge of right-of-use assets | 5 | 20.9 | 21.9 |
| Impairment of right-of-use assets | 5 | 0.2 | 0.9 |
| Interest expense on lease liabilities | 10 | 3.2 | 3.0 |
| Expense relating to short-term leases | 4.6 | 3.5 | |
| Expense relating to low-value leases | 0.1 | 0.2 | |
| Expense relating to variable lease payments | 0.1 | 0.1 |
2025 | 2024 | ||
Notes | $m | $m | |
Current | 20.5 | 20.8 | |
Non-current | 88.0 | 85.1 | |
| Total | 30(c)/32(c) | 108.5 | 105.9 |
| Brands | |||||||
| and other | Software | Development | Customer | ||||
| Goodwill | intangibles | costs | costs | contracts* | Total | ||
Notes | $m | $m | $m | $m | $m | $m | |
| Year ended 3 January 2026 | |||||||
Opening carrying amount | 837.1 | 672.6 | 76.2 | 22.1 | \u2013 | 1,608.0 | |
Exchange differences | 6.8 | 3.5 | 5.9 | \u2013 | \u2013 | 16.2 | |
| Acquisitions | 34 | 23.4 | 9.1 | \u2013 | \u2013 | \u2013 | 32.5 |
Additions | \u2013 | \u2013 | 12.3 | 12.9 | 10.0 | 35.2 | |
Disposals | (4.1) | (58.9) | (1.6) | (0.8) | \u2013 | (65.4) | |
| Amortisation* | 4/5/32(a) | \u2013 | (49.1) | (14.0) | (12.2) | (1.0) | (76.3) |
| Impairment | 5 | \u2013 | (15.8) | (0.9) | \u2013 | \u2013 | (16.7) |
Closing carrying amount | 863.2 | 561.4 | 77.9 | 22.0 | 9.0 | 1,533.5 | |
| At 3 January 2026 | |||||||
Cost | 863.2 | 1,033.8 | 183.1 | 85.1 | 10.0 | 2,175.2 | |
Accumulated amortisation and impairment | \u2013 | (472.4) | (105.2) | (63.1) | (1.0) | (641.7) | |
Carrying amount | 863.2 | 561.4 | 77.9 | 22.0 | 9.0 | 1,533.5 | |
| Year ended 4 January 2025 | |||||||
Opening carrying amount | 727.4 | 699.5 | 88.2 | 22.2 | \u2013 | 1,537.3 | |
Exchange differences | (4.3) | (2.4) | (3.7) | 0.2 | \u2013 | (10.2) | |
Acquisitions | 144.8 | 127.0 | \u2013 | \u2013 | \u2013 | 271.8 | |
Additions | \u2013 | \u2013 | 19.3 | 13.5 | \u2013 | 32.8 | |
Disposals | \u2013 | \u2013 | (0.2) | (0.3) | \u2013 | (0.5) | |
| Amortisation | 4/5/32(a) | \u2013 | (49.9) | (18.9) | (13.3) | \u2013 | (82.1) |
| Impairment | 5 | (30.8) | (95.4) | (8.3) | \u2013 | \u2013 | (134.5) |
Transfer to assets held for sale | \u2013 | (6.2) | (0.2) | (0.2) | \u2013 | (6.6) | |
Closing carrying amount | 837.1 | 672.6 | 76.2 | 22.1 | \u2013 | 1,608.0 | |
| At 4 January 2025 | |||||||
Cost | 837.1 | 1,231.1 | 169.3 | 74.4 | \u2013 | 2,311.9 | |
Accumulated amortisation and impairment | \u2013 | (558.5) | (93.1) | (52.3) | \u2013 | (703.9) | |
Carrying amount | 837.1 | 672.6 | 76.2 | 22.1 | \u2013 | 1,608.0 |
| Customer | Recipes, Know- | ||||
| Brands | relationships | how and other | Total | ||
Notes | $m | $m | $m | $m | |
| Year ended 3 January 2026 | |||||
Opening carrying amount | 394.5 | 137.0 | 141.1 | 672.6 | |
Exchange differences | 2.7 | 0.9 | (0.1) | 3.5 | |
| Acquisitions | 34 | 0.9 | 6.7 | 1.5 | 9.1 |
Disposals | (42.7) | (16.2) | \u2013 | (58.9) | |
Amortisation | (13.4) | (24.9) | (10.8) | (49.1) | |
Impairment | (12.6) | (3.2) | \u2013 | (15.8) | |
Closing carrying amount | 329.4 | 100.3 | 131.7 | 561.4 | |
| At 3 January 2026 | |||||
Cost | 440.0 | 424.1 | 169.7 | 1,033.8 | |
Accumulated amortisation and impairment | (110.6) | (323.8) | (38.0) | (472.4) | |
Carrying amount | 329.4 | 100.3 | 131.7 | 561.4 | |
| Year ended 4 January 2025 | |||||
Opening carrying amount | 482.8 | 168.9 | 47.8 | 699.5 | |
Exchange differences | (2.0) | (0.3) | (0.1) | (2.4) | |
Acquisitions | 8.0 | 17.0 | 102.0 | 127.0 | |
Amortisation | (14.5) | (26.8) | (8.6) | (49.9) | |
Impairment | (73.6) | (21.8) | \u2013 | (95.4) | |
Transfer to assets held for sale | (6.2) | \u2013 | \u2013 | (6.2) | |
Closing carrying amount | 394.5 | 137.0 | 141.1 | 672.6 | |
| At 4 January 2025 | |||||
Cost | 573.1 | 489.9 | 168.1 | 1,231.1 | |
Accumulated amortisation and impairment | (178.6) | (352.9) | (27.0) | (558.5) | |
Carrying amount | 394.5 | 137.0 | 141.1 | 672.6 |
2025 | 2024 | |||
| Average | Average | |||
| remaining | remaining | |||
| Carrying | amortisation | Carrying | amortisation | |
| amount | period | amount | period | |
$m | Years | $m | Years | |
| Brands | ||||
Performance Nutrition \u2013 BSN | 39.9 | 25 | 41.5 | 26 |
Performance Nutrition \u2013 Isopure | 52.0 | 29 | 53.8 | 30 |
Performance Nutrition \u2013 think! | 64.4 | 30 | 66.5 | 31 |
Performance Nutrition \u2013 Amazing Grass | 31.8 | 31 | 32.8 | 32 |
Performance Nutrition \u2013 SlimFast North America | \u2013 | \u2013 | 25.7 | 34 |
Performance Nutrition \u2013 SlimFast International | \u2013 | \u2013 | 19.8 | 34 |
| Customer relationships | ||||
Performance Nutrition \u2013 think! | 16.1 | 3 | 22.1 | 4 |
Performance Nutrition \u2013 Amazing Grass | 16.5 | 6 | 19.2 | 7 |
Dairy Nutrition \u2013 Sterling Technology | 25.0 | 11 | 27.2 | 12 |
| Know-How | ||||
Health & Nutrition \u2013 Flavor Producers | 90.6 | 14 | 97.4 | 15 |
2025 | 2024 | |
Carrying amount | $m | $m |
| Brands | ||
Performance Nutrition \u2013 Optimum Nutrition | 122.7 | 122.7 |
| 2025 | ||
$m | Discount rate | |
PN Americas | 410.5 | 9.71% |
PN International | 95.9 | 10.29% |
Health & Nutrition | 302.0 | 10.29% |
Dairy Nutrition | 54.8 | 10.00% |
At the end of the year | 863.2 |
| 2024 | ||
$m | Discount rate | |
PN Americas | 412.5 | 9.42% |
PN International | 92.9 | 10.03% |
Nutritional Solutions | 331.7 | 9.09% |
At the end of the year | 837.1 |
2025 | 2024 | |||
$m | Discount rate | $m | Discount rate | |
Optimum Nutrition Americas | 113.1 | 9.71% | 113.1 | 9.42% |
Optimum Nutrition International | 9.6 | 10.29% | 9.6 | 10.03% |
At the end of the year | 122.7 | 122.7 |
| Brands | |||||||
| and other | Software | Development | Customer | ||||
| Goodwill | intangibles | costs | costs | contracts* | Total | ||
Notes | $m | $m | $m | $m | $m | $m | |
| Year ended 3 January 2026 | |||||||
Opening carrying amount | 837.1 | 672.6 | 76.2 | 22.1 | \u2013 | 1,608.0 | |
Exchange differences | 6.8 | 3.5 | 5.9 | \u2013 | \u2013 | 16.2 | |
| Acquisitions | 34 | 23.4 | 9.1 | \u2013 | \u2013 | \u2013 | 32.5 |
Additions | \u2013 | \u2013 | 12.3 | 12.9 | 10.0 | 35.2 | |
Disposals | (4.1) | (58.9) | (1.6) | (0.8) | \u2013 | (65.4) | |
| Amortisation* | 4/5/32(a) | \u2013 | (49.1) | (14.0) | (12.2) | (1.0) | (76.3) |
| Impairment | 5 | \u2013 | (15.8) | (0.9) | \u2013 | \u2013 | (16.7) |
Closing carrying amount | 863.2 | 561.4 | 77.9 | 22.0 | 9.0 | 1,533.5 | |
| At 3 January 2026 | |||||||
Cost | 863.2 | 1,033.8 | 183.1 | 85.1 | 10.0 | 2,175.2 | |
Accumulated amortisation and impairment | \u2013 | (472.4) | (105.2) | (63.1) | (1.0) | (641.7) | |
Carrying amount | 863.2 | 561.4 | 77.9 | 22.0 | 9.0 | 1,533.5 | |
| Year ended 4 January 2025 | |||||||
Opening carrying amount | 727.4 | 699.5 | 88.2 | 22.2 | \u2013 | 1,537.3 | |
Exchange differences | (4.3) | (2.4) | (3.7) | 0.2 | \u2013 | (10.2) | |
Acquisitions | 144.8 | 127.0 | \u2013 | \u2013 | \u2013 | 271.8 | |
Additions | \u2013 | \u2013 | 19.3 | 13.5 | \u2013 | 32.8 | |
Disposals | \u2013 | \u2013 | (0.2) | (0.3) | \u2013 | (0.5) | |
| Amortisation | 4/5/32(a) | \u2013 | (49.9) | (18.9) | (13.3) | \u2013 | (82.1) |
| Impairment | 5 | (30.8) | (95.4) | (8.3) | \u2013 | \u2013 | (134.5) |
Transfer to assets held for sale | \u2013 | (6.2) | (0.2) | (0.2) | \u2013 | (6.6) | |
Closing carrying amount | 837.1 | 672.6 | 76.2 | 22.1 | \u2013 | 1,608.0 | |
| At 4 January 2025 | |||||||
Cost | 837.1 | 1,231.1 | 169.3 | 74.4 | \u2013 | 2,311.9 | |
Accumulated amortisation and impairment | \u2013 | (558.5) | (93.1) | (52.3) | \u2013 | (703.9) | |
Carrying amount | 837.1 | 672.6 | 76.2 | 22.1 | \u2013 | 1,608.0 |
| Customer | Recipes, Know- | ||||
| Brands | relationships | how and other | Total | ||
Notes | $m | $m | $m | $m | |
| Year ended 3 January 2026 | |||||
Opening carrying amount | 394.5 | 137.0 | 141.1 | 672.6 | |
Exchange differences | 2.7 | 0.9 | (0.1) | 3.5 | |
| Acquisitions | 34 | 0.9 | 6.7 | 1.5 | 9.1 |
Disposals | (42.7) | (16.2) | \u2013 | (58.9) | |
Amortisation | (13.4) | (24.9) | (10.8) | (49.1) | |
Impairment | (12.6) | (3.2) | \u2013 | (15.8) | |
Closing carrying amount | 329.4 | 100.3 | 131.7 | 561.4 | |
| At 3 January 2026 | |||||
Cost | 440.0 | 424.1 | 169.7 | 1,033.8 | |
Accumulated amortisation and impairment | (110.6) | (323.8) | (38.0) | (472.4) | |
Carrying amount | 329.4 | 100.3 | 131.7 | 561.4 | |
| Year ended 4 January 2025 | |||||
Opening carrying amount | 482.8 | 168.9 | 47.8 | 699.5 | |
Exchange differences | (2.0) | (0.3) | (0.1) | (2.4) | |
Acquisitions | 8.0 | 17.0 | 102.0 | 127.0 | |
Amortisation | (14.5) | (26.8) | (8.6) | (49.9) | |
Impairment | (73.6) | (21.8) | \u2013 | (95.4) | |
Transfer to assets held for sale | (6.2) | \u2013 | \u2013 | (6.2) | |
Closing carrying amount | 394.5 | 137.0 | 141.1 | 672.6 | |
| At 4 January 2025 | |||||
Cost | 573.1 | 489.9 | 168.1 | 1,231.1 | |
Accumulated amortisation and impairment | (178.6) | (352.9) | (27.0) | (558.5) | |
Carrying amount | 394.5 | 137.0 | 141.1 | 672.6 |
2025 | 2024 | |||
| Average | Average | |||
| remaining | remaining | |||
| Carrying | amortisation | Carrying | amortisation | |
| amount | period | amount | period | |
$m | Years | $m | Years | |
| Brands | ||||
Performance Nutrition \u2013 BSN | 39.9 | 25 | 41.5 | 26 |
Performance Nutrition \u2013 Isopure | 52.0 | 29 | 53.8 | 30 |
Performance Nutrition \u2013 think! | 64.4 | 30 | 66.5 | 31 |
Performance Nutrition \u2013 Amazing Grass | 31.8 | 31 | 32.8 | 32 |
Performance Nutrition \u2013 SlimFast North America | \u2013 | \u2013 | 25.7 | 34 |
Performance Nutrition \u2013 SlimFast International | \u2013 | \u2013 | 19.8 | 34 |
| Customer relationships | ||||
Performance Nutrition \u2013 think! | 16.1 | 3 | 22.1 | 4 |
Performance Nutrition \u2013 Amazing Grass | 16.5 | 6 | 19.2 | 7 |
Dairy Nutrition \u2013 Sterling Technology | 25.0 | 11 | 27.2 | 12 |
| Know-How | ||||
Health & Nutrition \u2013 Flavor Producers | 90.6 | 14 | 97.4 | 15 |
2025 | 2024 | |
Carrying amount | $m | $m |
| Brands | ||
Performance Nutrition \u2013 Optimum Nutrition | 122.7 | 122.7 |
| 2025 | ||
$m | Discount rate | |
PN Americas | 410.5 | 9.71% |
PN International | 95.9 | 10.29% |
Health & Nutrition | 302.0 | 10.29% |
Dairy Nutrition | 54.8 | 10.00% |
At the end of the year | 863.2 |
| 2024 | ||
$m | Discount rate | |
PN Americas | 412.5 | 9.42% |
PN International | 92.9 | 10.03% |
Nutritional Solutions | 331.7 | 9.09% |
At the end of the year | 837.1 |
2025 | 2024 | |||
$m | Discount rate | $m | Discount rate | |
Optimum Nutrition Americas | 113.1 | 9.71% | 113.1 | 9.42% |
Optimum Nutrition International | 9.6 | 10.29% | 9.6 | 10.03% |
At the end of the year | 122.7 | 122.7 |
| Brands | |||||||
| and other | Software | Development | Customer | ||||
| Goodwill | intangibles | costs | costs | contracts* | Total | ||
Notes | $m | $m | $m | $m | $m | $m | |
| Year ended 3 January 2026 | |||||||
Opening carrying amount | 837.1 | 672.6 | 76.2 | 22.1 | \u2013 | 1,608.0 | |
Exchange differences | 6.8 | 3.5 | 5.9 | \u2013 | \u2013 | 16.2 | |
| Acquisitions | 34 | 23.4 | 9.1 | \u2013 | \u2013 | \u2013 | 32.5 |
Additions | \u2013 | \u2013 | 12.3 | 12.9 | 10.0 | 35.2 | |
Disposals | (4.1) | (58.9) | (1.6) | (0.8) | \u2013 | (65.4) | |
| Amortisation* | 4/5/32(a) | \u2013 | (49.1) | (14.0) | (12.2) | (1.0) | (76.3) |
| Impairment | 5 | \u2013 | (15.8) | (0.9) | \u2013 | \u2013 | (16.7) |
Closing carrying amount | 863.2 | 561.4 | 77.9 | 22.0 | 9.0 | 1,533.5 | |
| At 3 January 2026 | |||||||
Cost | 863.2 | 1,033.8 | 183.1 | 85.1 | 10.0 | 2,175.2 | |
Accumulated amortisation and impairment | \u2013 | (472.4) | (105.2) | (63.1) | (1.0) | (641.7) | |
Carrying amount | 863.2 | 561.4 | 77.9 | 22.0 | 9.0 | 1,533.5 | |
| Year ended 4 January 2025 | |||||||
Opening carrying amount | 727.4 | 699.5 | 88.2 | 22.2 | \u2013 | 1,537.3 | |
Exchange differences | (4.3) | (2.4) | (3.7) | 0.2 | \u2013 | (10.2) | |
Acquisitions | 144.8 | 127.0 | \u2013 | \u2013 | \u2013 | 271.8 | |
Additions | \u2013 | \u2013 | 19.3 | 13.5 | \u2013 | 32.8 | |
Disposals | \u2013 | \u2013 | (0.2) | (0.3) | \u2013 | (0.5) | |
| Amortisation | 4/5/32(a) | \u2013 | (49.9) | (18.9) | (13.3) | \u2013 | (82.1) |
| Impairment | 5 | (30.8) | (95.4) | (8.3) | \u2013 | \u2013 | (134.5) |
Transfer to assets held for sale | \u2013 | (6.2) | (0.2) | (0.2) | \u2013 | (6.6) | |
Closing carrying amount | 837.1 | 672.6 | 76.2 | 22.1 | \u2013 | 1,608.0 | |
| At 4 January 2025 | |||||||
Cost | 837.1 | 1,231.1 | 169.3 | 74.4 | \u2013 | 2,311.9 | |
Accumulated amortisation and impairment | \u2013 | (558.5) | (93.1) | (52.3) | \u2013 | (703.9) | |
Carrying amount | 837.1 | 672.6 | 76.2 | 22.1 | \u2013 | 1,608.0 |
| Customer | Recipes, Know- | ||||
| Brands | relationships | how and other | Total | ||
Notes | $m | $m | $m | $m | |
| Year ended 3 January 2026 | |||||
Opening carrying amount | 394.5 | 137.0 | 141.1 | 672.6 | |
Exchange differences | 2.7 | 0.9 | (0.1) | 3.5 | |
| Acquisitions | 34 | 0.9 | 6.7 | 1.5 | 9.1 |
Disposals | (42.7) | (16.2) | \u2013 | (58.9) | |
Amortisation | (13.4) | (24.9) | (10.8) | (49.1) | |
Impairment | (12.6) | (3.2) | \u2013 | (15.8) | |
Closing carrying amount | 329.4 | 100.3 | 131.7 | 561.4 | |
| At 3 January 2026 | |||||
Cost | 440.0 | 424.1 | 169.7 | 1,033.8 | |
Accumulated amortisation and impairment | (110.6) | (323.8) | (38.0) | (472.4) | |
Carrying amount | 329.4 | 100.3 | 131.7 | 561.4 | |
| Year ended 4 January 2025 | |||||
Opening carrying amount | 482.8 | 168.9 | 47.8 | 699.5 | |
Exchange differences | (2.0) | (0.3) | (0.1) | (2.4) | |
Acquisitions | 8.0 | 17.0 | 102.0 | 127.0 | |
Amortisation | (14.5) | (26.8) | (8.6) | (49.9) | |
Impairment | (73.6) | (21.8) | \u2013 | (95.4) | |
Transfer to assets held for sale | (6.2) | \u2013 | \u2013 | (6.2) | |
Closing carrying amount | 394.5 | 137.0 | 141.1 | 672.6 | |
| At 4 January 2025 | |||||
Cost | 573.1 | 489.9 | 168.1 | 1,231.1 | |
Accumulated amortisation and impairment | (178.6) | (352.9) | (27.0) | (558.5) | |
Carrying amount | 394.5 | 137.0 | 141.1 | 672.6 |
2025 | 2024 | |||
| Average | Average | |||
| remaining | remaining | |||
| Carrying | amortisation | Carrying | amortisation | |
| amount | period | amount | period | |
$m | Years | $m | Years | |
| Brands | ||||
Performance Nutrition \u2013 BSN | 39.9 | 25 | 41.5 | 26 |
Performance Nutrition \u2013 Isopure | 52.0 | 29 | 53.8 | 30 |
Performance Nutrition \u2013 think! | 64.4 | 30 | 66.5 | 31 |
Performance Nutrition \u2013 Amazing Grass | 31.8 | 31 | 32.8 | 32 |
Performance Nutrition \u2013 SlimFast North America | \u2013 | \u2013 | 25.7 | 34 |
Performance Nutrition \u2013 SlimFast International | \u2013 | \u2013 | 19.8 | 34 |
| Customer relationships | ||||
Performance Nutrition \u2013 think! | 16.1 | 3 | 22.1 | 4 |
Performance Nutrition \u2013 Amazing Grass | 16.5 | 6 | 19.2 | 7 |
Dairy Nutrition \u2013 Sterling Technology | 25.0 | 11 | 27.2 | 12 |
| Know-How | ||||
Health & Nutrition \u2013 Flavor Producers | 90.6 | 14 | 97.4 | 15 |
2025 | 2024 | |
Carrying amount | $m | $m |
| Brands | ||
Performance Nutrition \u2013 Optimum Nutrition | 122.7 | 122.7 |
| 2025 | ||
$m | Discount rate | |
PN Americas | 410.5 | 9.71% |
PN International | 95.9 | 10.29% |
Health & Nutrition | 302.0 | 10.29% |
Dairy Nutrition | 54.8 | 10.00% |
At the end of the year | 863.2 |
| 2024 | ||
$m | Discount rate | |
PN Americas | 412.5 | 9.42% |
PN International | 92.9 | 10.03% |
Nutritional Solutions | 331.7 | 9.09% |
At the end of the year | 837.1 |
2025 | 2024 | |||
$m | Discount rate | $m | Discount rate | |
Optimum Nutrition Americas | 113.1 | 9.71% | 113.1 | 9.42% |
Optimum Nutrition International | 9.6 | 10.29% | 9.6 | 10.03% |
At the end of the year | 122.7 | 122.7 |
2025 | 2024 | ||
Notes | $m | $m | |
At the beginning of the year | 157.5 | 159.3 | |
Share of profit after tax (post-exceptional) | 11.1 | 0.1 | |
| Share of OCI \u2013 fair value movement on cash flow hedges, net of deferred tax | 23(c) | (3.7) | (0.1) |
| Dividends received | 35 | (12.5) | (5.0) |
Income tax movement | 3.8 | 3.2 | |
At the end of the year | 156.2 | 157.5 |
2025 | 2024 | |
$m | $m | |
| Summarised balance sheet (100%): | ||
Non-current assets | 666.5 | 709.3 |
| Current assets | ||
Cash and cash equivalents | 60.0 | 8.7 |
Other current assets | 244.3 | 293.6 |
304.3 | 302.3 | |
| Non-current liabilities | ||
Borrowings | (425.0) | (450.0) |
Other non-current liabilities | (8.3) | (7.9) |
(433.3) | (457.9) | |
| Current liabilities | ||
Other current liabilities | (225.1) | (238.7) |
(225.1) | (238.7) | |
Net assets (100%) | 312.4 | 315.0 |
Net assets attributable to equity holders of the Company | 312.4 | 315.0 |
| Reconciliation to carrying amount: | ||
Group\u2019s share of net assets | 156.2 | 157.5 |
Adjustment in respect of unrealised profit in stock to the Group | \u2013 | \u2013 |
Carrying amount | 156.2 | 157.5 |
| Summarised income statement (100%): | ||
Revenue | 1,965.4 | 1,939.6 |
Depreciation | (42.9) | (43.4) |
Amortisation | (2.5) | (2.5) |
Interest expense | (20.1) | (20.8) |
Tax | (7.5) | \u2013 |
Profit after tax | 22.2 | 0.1 |
Other comprehensive income | (7.4) | (0.1) |
Total comprehensive income | 14.8 | \u2013 |
Profit after tax attributable to equity holders of the Company | 22.2 | 0.1 |
Total comprehensive income attributable to equity holders of the Company | 14.8 | \u2013 |
| Reconciliation to the Group\u2019s share of total comprehensive income: | ||
Group\u2019s share of total comprehensive income | 7.4 | \u2013 |
Adjustment in respect of unrealised profit on sales to the Group | \u2013 | 0.1 |
Group\u2019s share of total comprehensive income | 7.4 | 0.1 |
Dividends received by Group | 12.5 | 5.0 |
| Registered | |||
Incorporated and operating in | Principal activity | office | |
Ireland | Alanfield Society Limited 1 | Holding society | 1 |
Glanbia AP Designated Activity Company | Financing | 1 | |
Glanbia Dairy Nutrition Limited | Dairy Nutrition | 2 | |
| Glanbia DN Holding Limited (formerly known as | Holding company (Dairy Nutrition) | 1 | |
| Glanbia (V) Limited) | |||
Glanbia Estates Limited | Property and land dealing | 1 | |
| Glanbia Finance International Designated Activity | Financing | 1 | |
| Company | |||
Glanbia Finance Investment Limited | Holding company | 1 | |
Glanbia Financial Services Unlimited Company | Financing | 1 | |
Glanbia GNPN Holding Limited | Holding company | 1 | |
Glanbia Holdfin Limited | Holding company | 1 | |
Glanbia Investment Holding Limited | Holding company | 1 | |
Glanbia Management Services Limited | Management and general business services | 1 | |
Glanbia Nutritionals Limited | Health & Nutrition | 1 | |
Glanbia Performance Nutrition Limited | Performance Nutrition | 1 | |
Glanbia Property Holding Designated Activity Company | Holding company | 1 | |
Glanbia Property Rentals Designated Activity Company | Property lessor | 1 | |
Glanbia SMP Limited | Holding company | 1 | |
Glanbia Support Services Limited | Holding company | 1 | |
Waterford Foods Designated Activity Company | Holding company | 1 | |
| United States | APS BioGroup, Inc. | Dairy Nutrition | 3 |
| of America | Flavor Producers, LLC | Health & Nutrition | 3 |
Foodarom USA, Inc. | Health & Nutrition | 3 | |
Glanbia Business Services, Inc. | Business services | 3 | |
Glanbia (Delaware), Inc. | Holding company (Dairy Nutrition) | 3 | |
| Glanbia DN Holdings, Inc. (formerly known as | Dairy Nutrition | 4 | |
| KSF Acquisition Corporation) | |||
Glanbia Foods, Inc. | Dairy Nutrition | 5 | |
Glanbia, Inc. | Holding company | 3 | |
Glanbia Nutritionals, Inc. | Health & Nutrition and Dairy Nutrition | 3 | |
Glanbia Nutritionals (NA), Inc. | Health & Nutrition and Dairy Nutrition | 3 | |
Glanbia Nutritionals Services, LLC | Management services (Health & Nutrition) | 3 | |
Glanbia Performance Nutrition (Manufacturing), Inc. | Performance Nutrition | 4 | |
Glanbia Performance Nutrition (NA), Inc. | Performance Nutrition | 6 | |
GPN Commercial, LLC | Performance Nutrition | 4 | |
Grass Advantage, LLC | Performance Nutrition | 4 | |
La Belle Associates, Inc. | Dairy Nutrition | 3 | |
PacMoore Process Technologies, LLC | Dairy Nutrition | 3 | |
Sterling Technology, LLC | Dairy Nutrition | 3 | |
Britain | Glanbia Milk Limited | Management services | 7 |
Glanbia Performance Nutrition (UK) Limited | Performance Nutrition | 7 | |
Glanbia Performance Nutrition (UK Sales Division) Limited | Performance Nutrition | 7 | |
Glanbia (UK) Limited | Holding company | 7 |
| Registered | |||
Incorporated and operating in | Principal activity | office | |
Australia | Glanbia Performance Nutrition Pty Ltd | Performance Nutrition | 8 |
Brazil | Glanbia Marketing de Produtos de Nutri\u00e7\u00e3o e | Performance Nutrition | 9 |
Performance do Brasil Ltda \u00b9 | |||
| Sweetmix Ind\u00fastria, Com\u00e9rcio, Importa\u00e7\u00e3o e | Health & Nutrition | 10 | |
Exporta\u00e7\u00e3o Ltda. 4 | |||
Canada | Foodarom Group Inc. 1 | Health & Nutrition | 11 |
Glanbia Nutritionals (Canada) Inc. 1 | Health & Nutrition | 11 | |
Glanbia Performance Nutrition Canada Inc. 1 | Performance Nutrition | 11 | |
China | Glanbia Nutritionals (Suzhou) Co., Ltd. 1 | Health & Nutrition | 12 |
| Glanbia Performance Nutrition Trading (Shanghai) Co., | Performance Nutrition | 13 | |
Glanbia (Shanghai) International Trading Co., Ltd. 1 | Health & Nutrition | 14 | |
Denmark | Nutramino Int. ApS 1 | Performance Nutrition | 15 |
France | Glanbia Performance Nutrition France SAS 1 | Performance Nutrition | 16 |
Germany | Foodarom Germany GmbH 1 | Health & Nutrition | 17 |
Glanbia Nutritionals Deutschland GmbH 1 | Health & Nutrition | 17 | |
Glanbia Performance Nutrition GmbH 1 | Performance Nutrition | 18 | |
LevlUp GmbH \u00b9 | Performance Nutrition | 19 | |
India | Glanbia India Private Limited 2 | Health & Nutrition | 20 |
Glanbia Performance Nutrition (India) Private Limited 2 | Performance Nutrition | 21 | |
Italy | Glanbia Nutritionals Italia Srl | Health & Nutrition | 22 |
Japan | Glanbia Japan K.K. 1 | Health & Nutrition | 23 |
Korea (Republic of) | Glanbia Performance Nutrition Korea, LLC 1 | Performance Nutrition | 24 |
Malta | Glanbia Maltfin Limited 1, 3 | Financing | 25 |
Mexico | Glanbia Performance Nutrition S.A. de C.V. 1 | Performance Nutrition | 26 |
Glanbia, S.A. de C.V. \u00b9 | Health & Nutrition | 27 | |
Netherlands | Glanbia Foods B.V. 1 | Holding company | 28 |
Glanbia Performance Nutrition B.V. | Performance Nutrition | 28 | |
New Zealand | Glanbia Performance Nutrition (New Zealand) Limited 1 | Performance Nutrition | 29 |
Philippines | Glanbia Performance Nutrition Philippines, Inc. 1 | Performance Nutrition | 30 |
Portugal | Glanbia Nutritionals (Portugal), Sociedade Unipessoal | Performance Nutrition | 31 |
Singapore | Glanbia Nutritionals Singapore Pte Limited | Health & Nutrition | 32 |
Glanbia Performance Nutrition Singapore Pte. Ltd | Performance Nutrition | 33 | |
South Africa | Glanbia (Pty) Limited 1 | Health & Nutrition | 34 |
Sweden | Nutramino AB 1 | Performance Nutrition | 35 |
United Arab Emirates | Glanbia Performance Nutrition DMCC 1 | Performance Nutrition | 36 |
Uruguay | Glanbia (Uruguay Exports) SA 1 | Dairy Nutrition | 37 |
| Registered | |||
Incorporated and operating in | Principal activity | office | |
| United States | MWC-Southwest Holdings LLC | Holding company of two subsidiaries that | 3 |
| of America | manufacture cheese and other dairy | ||
| nutrition products |
2025 | 2024 | ||
Notes | $m | $m | |
At the beginning of the year | 0.9 | 2.6 | |
Disposals/redemption | \u2013 | (1.6) | |
Exchange differences | \u2013 | (0.1) | |
At the end of the year | 0.9 | 0.9 |
2025 | 2024 | ||
Notes | $m | $m | |
| Current | |||
Trade receivables | 388.8 | 341.4 | |
| Less: loss allowance | 30(b) | (7.5) | (9.7) |
Trade receivables \u2013 net | 381.3 | 331.7 | |
Receivables from joint venture | 3.5 | 0.5 | |
Receivables from other related parties | 1.7 | 3.0 | |
Value added tax | 7.6 | 5.1 | |
Prepayments | 34.2 | 25.9 | |
Other receivables | 48.1 | 25.3 | |
476.4 | 391.5 |
| Pound | Australian | |||||
US dollar | euro | sterling | dollar | Other | Total | |
$m | $m | $m | $m | $m | $m | |
At 3 January 2026 | 357.1 | 60.8 | 34.3 | 7.3 | 16.9 | 476.4 |
At 4 January 2025 | 306.9 | 36.9 | 25.9 | 5.8 | 16.0 | 391.5 |
2025 | 2024 | |
$m | $m | |
Raw materials | 250.7 | 226.6 |
Work in progress | 19.6 | 19.1 |
Finished goods | 353.1 | 348.8 |
Consumables | 39.5 | 40.3 |
662.9 | 634.8 |
2025 | 2024 | ||
Notes | $m | $m | |
Cost of inventories recognised as an expense in cost of goods sold | 5 | 2,341.7 | 2,163.8 |
Write down of inventory to net realisable value during the year | 24.5 | 38.6 | |
Previous write downs of inventories reversed during the year* | (18.0) | (10.9) | |
32(a) | 6.5 | 27.7 |
| Number of | Ordinary | Share | |||
| shares | shares | premium | Total | ||
(thousands) | $m | $m | $m | ||
At 5 January 2025 | 25 | 8,901 | 19.4 | 109.9 | 129.3 |
Cancellation of own shares | (15,107) | (1.0) | \u2013 | (1.0) | |
At 3 January 2026 | 24 | 3,794 | 18.4 | 109.9 | 128.3 |
At 31 December 2023 | 265 | ,072 | 19.8 | 109.9 | 129.7 |
Cancellation of own shares | (6,171) | (0.4) | \u2013 | (0.4) | |
At 4 January 2025 | 258 | ,901 | 19.4 | 109.9 | 129.3 |
| $m | |
| Share premium representing excess of fair value over nominal value of ordinary shares issued in connection with the | |
merger of Avonmore Foods plc and Waterford Foods plc | 411.7 |
Merger reserve adjustment | (379.1) |
Share premium and other reserves relating to nominal value of shares in Waterford Foods plc | 98.5 |
At the beginning and end of the current and prior year | 131.1 |
Joint venture | Group | Total | |
$m | $m | $m | |
Balance at 5 January 2025 | 4.9 | 1.0 | 5.9 |
| Revaluation \u2013 gross | |||
\u2013 Foreign exchange contracts (currency risk) | \u2013 | 0.5 | 0.5 |
\u2013 Interest rate swaps (interest rate risk) | (5.0) | \u2013 | (5.0) |
\u2013 Commodity contracts (commodity price risk) | 0.8 | (0.2) | 0.6 |
Recognised in OCI | (4.2) | 0.3 | (3.9) |
| Reclassification to profit or loss \u2013 gross | |||
\u2013 Foreign exchange contracts (currency risk) | \u2013 | (1.6) | (1.6) |
\u2013 Commodity contracts (commodity price risk) | (0.8) | \u2013 | (0.8) |
Reclassified from OCI to profit or loss | (0.8) | (1.6) | (2.4) |
Deferred tax | 1.3 | 0.2 | 1.5 |
Net change in OCI | (3.7) | (1.1) | (4.8) |
Balance at 3 January 2026 | 1.2 | (0.1) | 1.1 |
Balance at 31 December 2023 | 5.0 | (0.5) | 4.5 |
| Revaluation \u2013 gross | |||
\u2013 Foreign exchange contracts (currency risk) | \u2013 | 1.1 | 1.1 |
\u2013 Interest rate swaps (interest rate risk) | (0.1) | \u2013 | (0.1) |
\u2013 Commodity contracts (commodity price risk) | (0.3) | 0.1 | (0.2) |
Recognised in OCI | (0.4) | 1.2 | 0.8 |
| Reclassification to profit or loss \u2013 gross | |||
\u2013 Foreign exchange contracts (currency risk) | \u2013 | 0.5 | 0.5 |
\u2013 Commodity contracts (commodity price risk) | 0.3 | \u2013 | 0.3 |
Reclassified from OCI to profit or loss | 0.3 | 0.5 | 0.8 |
Deferred tax | \u2013 | (0.2) | (0.2) |
Net change in OCI | (0.1) | 1.5 | 1.4 |
Balance at 4 January 2025 | 4.9 | 1.0 | 5.9 |
2025 | 2024 | ||||||
Value | Nominal value | Number of | Value | Nominal value | Number of | ||
$m | $m | shares | $m | $m | shares | ||
At the beginning of the year | 23.2 | 0.1 | 1,373,532 | 37.5 | 0.1 | 2,368,126 | |
Purchased by Employee Share (Scheme) Trust | 21.9 | 0.1 | 1,637,391 | 18.4 | 0.1 | 1,008,071 | |
Purchased under share buyback | 226.9 | 0.9 | 15, | 077,420 | 111.4 | 0.4 | 6,200,309 |
Allocated under Employee Share (Scheme) Trust | (26.2) | (0.1) | (1,666,753) | (33.1) | (0.1) | (2,032,665) | |
Cancelled under share buyback | (226.3) | (0.9) | (15,107,420) | (111.0) | (0.4) | (6,170,309) | |
At the end of the year | 19.5 | 0.1 | 1,314,170 | 23.2 | 0.1 | 1,373,532 |
2025 | 2024 | ||
Notes | $m | $m | |
| Non-current | |||
Bank borrowings | 266.6 | 177.2 | |
Private placement debt | 375.0 | 375.0 | |
29(b)/30(a) | 641.6 | 552.2 | |
| Current | |||
| Bank overdrafts | 21 | 375.6 | 300.8 |
| Total borrowings | 30(b)/30(c) | 1,017.2 | 853.0 |
2025 | 2024 | |||||
| Undrawn | Undrawn | Undrawn | Undrawn | |||
| committed | uncommitted | committed | uncommitted | |||
| Borrowings | facilities | facilities | Borrowings | facilities | facilities | |
$m | $m | $m | $m | $m | $m | |
Less than 1 year | 375.6 | \u2013 | 12.6 | 300.8 | \u2013 | 16.3 |
Between 1 and 2 years | 266.6 | 721.7 | \u2013 | \u2013 | \u2013 | \u2013 |
Between 2 and 5 years | 100.0 | \u2013 | \u2013 | 277.2 | 720.8 | \u2013 |
More than 5 years | 275.0 | \u2013 | \u2013 | 275.0 | \u2013 | \u2013 |
1,017.2 | 721.7 | 12.6 | 853.0 | 720.8 | 16.3 |
2025 | 2024 | ||
Notes | $m | $m | |
Private placement debt | 375.0 | 375.0 | |
Bank borrowings | 169.0 | 169.0 | |
Not subject to interest rate changes* | 544.0 | 544.0 | |
Bank borrowings | 97.6 | 8.2 | |
| Cash and cash equivalents net of bank overdrafts | 21 | (115.6) | (116.2) |
Subject to interest rate changes* | (18.0) | (108.0) | |
| Net debt | 30(a) | 526.0 | 436.0 |
| Cash and | ||||||
| short-term | ||||||
| bank deposits | Overdrafts | Private | ||||
| $m | $m | Borrowings | placement debt | Total | ||
| Notes | (note 21) | (note 21) | $m | $m | $m | |
At 5 January 2025 | (417.0) | 300.8 | 177.2 | 375.0 | 436.0 | |
| Drawdown of borrowings | 32(c) | \u2013 | \u2013 | 867.9 | \u2013 | 867.9 |
| Repayment of borrowings | 32(c) | \u2013 | \u2013 | (780.7) | \u2013 | (780.7) |
Net change in cash and cash equivalents | (73.5) | 69.9 | 1.1 | \u2013 | (2.5) | |
Exchange differences | (0.7) | 4.9 | 1.1 | \u2013 | 5.3 | |
At 3 January 2026 | (491.2) | 375.6 | 266.6 | 375.0 | 526.0 | |
At 31 December 2023 | (413.7) | 108.9 | 178.5 | 375.0 | 248.7 | |
| Drawdown of borrowings | 32(c) | \u2013 | \u2013 | 672.8 | \u2013 | 672.8 |
| Repayment of borrowings | 32(c) | \u2013 | \u2013 | (673.3) | \u2013 | (673.3) |
Net change in cash and cash equivalents | (16.3) | 206.5 | \u2013 | \u2013 | 190.2 | |
Exchange differences | 13.0 | (14.6) | (0.8) | \u2013 | (2.4) | |
At 4 January 2025 | (417.0) | 300.8 | 177.2 | 375.0 | 436.0 |
| US | Pound | |||||
dollar | euro | sterling | Other | Total | ||
Notes | $m | $m | $m | $m | $m | |
| At 3 January 2026 | ||||||
Borrowings | (723.2) | (270.6) | (23.4) | \u2013 | (1,017.2) | |
| Cash and cash equivalents | 21 | 168.6 | 166.7 | 67.7 | 88.2 | 491.2 |
(554.6) | (103.9) | 44.3 | 88.2 | (526.0) | ||
| At 4 January 2025 | ||||||
Borrowings | (695.3) | (144.1) | (13.6) | \u2013 | (853.0) | |
| Cash and cash equivalents | 21 | 212.4 | 110.3 | 24.8 | 69.5 | 417.0 |
(482.9) | (33.8) | 11.2 | 69.5 | (436.0) |
2025 | 2024 | |||||
| Deferred tax | Deferred tax | Deferred tax | Deferred tax | |||
| assets | liabilities | Net | assets | liabilities | Net | |
$m | $m | $m | $m | $m | $m | |
Deferred tax assets/(liabilities) before offset | 87.6 | (176.6) | (89.0) | 80.6 | (181.8) | (101.2) |
Offset of deferred tax | (83.9) | 83.9 | \u2013 | (77.2) | 77.2 | \u2013 |
Deferred tax assets/(liabilities) after offset | 3.7 | (92.7) | (89.0) | 3.4 | (104.6) | (101.2) |
2025 | 2024 | ||
Notes | $m | $m | |
At the beginning of the year | (101.2) | (132.7) | |
| Income statement credit | 11 | 17.4 | 29.6 |
| Deferred tax (charge)/credit to other comprehensive income | |||
| \u2013 on remeasurement of defined benefit plans | 24 | (0.2) | (0.5) |
| \u2013 on fair value movements | 23(c) | 0.2 | (0.2) |
| Deferred tax credit/(charge) to equity | |||
| \u2013 on share-based payments | 24 | 0.3 | (1.5) |
| Acquisition of subsidiaries and intellectual property | 34 | (0.3) | 1.4 |
Exchange differences | (5.2) | 2.7 | |
At the end of the year | (89.0) | (101.2) |
| Development | ||||||
| Accelerated tax | costs and other | Right-of-use | ||||
depreciation | Fair value | intangibles | assets | Other | Total | |
$m | $m | $m | $m | $m | $m | |
At 5 January 2025 | (64.6) | (0.2) | (40.3) | (34.3) | (42.4) | (181.8) |
(Charge)/credit to income statement | 4.7 | \u2013 | 20.5 | (4.2) | (10.0) | 11.0 |
Credit to other comprehensive income | \u2013 | 0.2 | \u2013 | \u2013 | \u2013 | 0.2 |
| Acquisition of subsidiaries and intellectual | ||||||
property | (0.3) | \u2013 | \u2013 | 0.8 | \u2013 | 0.5 |
Exchange differences | (0.2) | \u2013 | (0.8) | (0.1) | (5.4) | (6.5) |
At 3 January 2026 | (60.4) | \u2013 | (20.6) | (37.8) | (57.8) | (176.6) |
At 31 December 2023 | (66.9) | \u2013 | (67.0) | (31.8) | (45.1) | (210.8) |
(Charge)/credit to income statement | 2.6 | \u2013 | 31.0 | (1.3) | 0.1 | 32.4 |
Charge to other comprehensive income | \u2013 | (0.2) | \u2013 | \u2013 | \u2013 | (0.2) |
| Acquisition of subsidiaries and intellectual | ||||||
property | (0.4) | \u2013 | (4.8) | (1.2) | \u2013 | (6.4) |
Exchange differences | 0.1 | \u2013 | 0.5 | \u2013 | 2.6 | 3.2 |
At 4 January 2025 | (64.6) | (0.2) | (40.3) | (34.3) | (42.4) | (181.8) |
| Restructuring | ||||
| and portfolio | Property | |||
| related | and lease | Legal and | ||
| re-organisation | commitments | operational | Total | |
$m | $m | $m | $m | |
note (a) | Note (b) | Note (c) | ||
Balance at 5 January 2025 \u2013 non-current | \u2013 | 4.3 | \u2013 | 4.3 |
Balance at 5 January 2025 \u2013 current | 4.6 | 1.7 | 4.4 | 10.7 |
Amount provided for in the year | 1.4 | \u2013 | 1.1 | 2.5 |
Utilised in the year | (3.9) | \u2013 | (1.5) | (5.4) |
Unused amounts reversed in the year | (0.1) | (0.1) | (0.9) | (1.1) |
Unwinding of discount | \u2013 | 0.2 | \u2013 | 0.2 |
Exchange differences | 0.4 | 0.3 | 0.6 | 1.3 |
Acquired (note 34) | \u2013 | \u2013 | 0.1 | 0.1 |
Balance at 3 January 2026 | 2.4 | 6.4 | 3.8 | 12.6 |
Non-current | \u2013 | 4.6 | \u2013 | 4.6 |
Current | 2.4 | 1.8 | 3.8 | 8.0 |
2.4 | 6.4 | 3.8 | 12.6 |
2025 | 2024 | ||
Notes | $m | $m | |
| Current | |||
| Trade payables | 30(b) | 349.0 | 344.6 |
| Amounts due to joint venture | 30(b) | 31.5 | 23.5 |
| Amounts due to other related parties | 30(b) | 15.9 | 12.3 |
Social insurance costs | 9.0 | 5.9 | |
Value added tax | 3.6 | 3.3 | |
Accrued expenses | 306.9 | 222.1 | |
715.9 | 611.7 |
2025 | 2025 | 2024 | 2024 | |
Assets | Liabilities | Assets | Liabilities | |
$m | $m | $m | $m | |
Cross currency swaps \u2013 fair value through income statement | \u2013 | (0.1) | 0.4 | \u2013 |
Foreign exchange contracts \u2013 cash flow hedges (currency risk) | 0.1 | (0.1) | 1.0 | \u2013 |
0.1 | (0.2) | 1.4 | \u2013 | |
Non-current | \u2013 | \u2013 | \u2013 | \u2013 |
Current | 0.1 | (0.2) | 1.4 | \u2013 |
0.1 | (0.2) | 1.4 | \u2013 |
| 2025 | 2024 | ||
Changes in fair value recognised in other comprehensive income | Notes | $m | $m |
Foreign exchange contracts | 23(c) | 0.5 | 1.1 |
| Commodity contracts | 23(c) | (0.2) | 0.1 |
0.3 | 1.2 | ||
| Reclassified from cash flow hedge reserve to the Group income statement | |||
| Foreign exchange contracts | 23(c) | (1.6) | 0.5 |
2025 | 2024 | ||||
| Carrying | Carrying | ||||
amount | Fair value | amount | Fair value | ||
Notes | $m | $m | $m | $m | |
Non-current borrowings payable | 25 | 641.6 | 603.4 | 552.2 | 493.6 |
Fair value | 2025 | 2024 | ||
Notes | hierarchy | $m | $m | |
| Assets | ||||
| Foreign exchange contracts \u2013 cash flow hedges | (a) | Level 2 | 0.1 | 1.0 |
| Cross currency swaps \u2013 fair value through income statement | (b) | Level 2 | \u2013 | 0.4 |
| Liabilities | ||||
| Foreign exchange contracts \u2013 cash flow hedges | (a) | Level 2 | (0.1) | \u2013 |
| Cross currency swaps \u2013 fair value through income statement | (b) | Level 2 | (0.1) | \u2013 |
| Contingent consideration payable \u2013 Sweetmix | (c) | Level 3 | \u2013 | \u2013 |
2025 | 2025 | 2024 | 2024 | |
Assets | Liabilities | Assets | Liabilities | |
$m | $m | $m | $m | |
Cross currency swaps \u2013 fair value through income statement | \u2013 | (0.1) | 0.4 | \u2013 |
Foreign exchange contracts \u2013 cash flow hedges (currency risk) | 0.1 | (0.1) | 1.0 | \u2013 |
0.1 | (0.2) | 1.4 | \u2013 | |
Non-current | \u2013 | \u2013 | \u2013 | \u2013 |
Current | 0.1 | (0.2) | 1.4 | \u2013 |
0.1 | (0.2) | 1.4 | \u2013 |
| 2025 | 2024 | ||
Changes in fair value recognised in other comprehensive income | Notes | $m | $m |
Foreign exchange contracts | 23(c) | 0.5 | 1.1 |
| Commodity contracts | 23(c) | (0.2) | 0.1 |
0.3 | 1.2 | ||
| Reclassified from cash flow hedge reserve to the Group income statement | |||
| Foreign exchange contracts | 23(c) | (1.6) | 0.5 |
2025 | 2024 | ||||
| Carrying | Carrying | ||||
amount | Fair value | amount | Fair value | ||
Notes | $m | $m | $m | $m | |
Non-current borrowings payable | 25 | 641.6 | 603.4 | 552.2 | 493.6 |
Fair value | 2025 | 2024 | ||
Notes | hierarchy | $m | $m | |
| Assets | ||||
| Foreign exchange contracts \u2013 cash flow hedges | (a) | Level 2 | 0.1 | 1.0 |
| Cross currency swaps \u2013 fair value through income statement | (b) | Level 2 | \u2013 | 0.4 |
| Liabilities | ||||
| Foreign exchange contracts \u2013 cash flow hedges | (a) | Level 2 | (0.1) | \u2013 |
| Cross currency swaps \u2013 fair value through income statement | (b) | Level 2 | (0.1) | \u2013 |
| Contingent consideration payable \u2013 Sweetmix | (c) | Level 3 | \u2013 | \u2013 |
2025 | 2024 | ||
Notes | $m | $m | |
Equity | 1,927.2 | 2,072.8 | |
| Net debt | 25 | 526.0 | 436.0 |
Total capital | 2,453.2 | 2,508.8 |
2025 | 2024 | |
+/-5% change in US dollar/euro exchange rate | $m | $m |
Impact on profit before tax* | -/+3.6 | -/+ 5.4 |
Impact on total equity** | -/+6.2 | -/+ 6.8 |
2025 | 2024 | |
+/-1% change in market interest rates* | $m | $m |
Impact on profit before tax | -/+1.0 | -/+ 0.1 |
Impact on total equity | -/+0.9 | -/+ 0.1 |
| Between | Between | |||||
| Less than | 1 and 2 | 2 and 5 | More than | |||
| 1 year | years | years | 5 years | Total | ||
Notes | $m | $m | $m | $m | $m | |
| At 3 January 2026 | ||||||
| Non-derivative financial liabilities | ||||||
| Trade payables | 28 | 349.0 | \u2013 | \u2013 | \u2013 | 349.0 |
| Amounts due to joint venture | 28 | 31.5 | \u2013 | \u2013 | \u2013 | 31.5 |
| Amounts due to other related parties | 28 | 15.9 | \u2013 | \u2013 | \u2013 | 15.9 |
Lease liabilities | 22.5 | 21.7 | 39.9 | 35.9 | 120.0 | |
| Interest-bearing borrowings | 25 | 375.6 | 266.6 | 100.0 | 275.0 | 1,017.2 |
Projected interest payments on interest-bearing borrowings* | 21.2 | 19.5 | 24.1 | 6.2 | 71.0 | |
815.7 | 307.8 | 164.0 | 317.1 | 1,604.6 | ||
| Derivative financial liabilities | 29(a) | 0.2 | \u2013 | \u2013 | \u2013 | 0.2 |
| At 4 January 2025 | ||||||
| Non-derivative financial liabilities | ||||||
| Trade payables | 28 | 344.6 | \u2013 | \u2013 | \u2013 | 344.6 |
| Amounts due to joint venture | 28 | 23.5 | \u2013 | \u2013 | \u2013 | 23.5 |
| Amounts due to other related parties | 28 | 12.3 | \u2013 | \u2013 | \u2013 | 12.3 |
Lease liabilities | 22.8 | 19.7 | 38.7 | 33.9 | 115.1 | |
| Interest-bearing borrowings | 25 | 300.8 | \u2013 | 277.2 | 275.0 | 853.0 |
Projected interest payments on interest-bearing borrowings* | 18.3 | 17.8 | 33.8 | 13.9 | 83.8 | |
722.3 | 37.5 | 349.7 | 322.8 | 1,432.3 |
2025 | 2024 | ||
Notes | $m | $m | |
At the beginning of the year | 9.7 | 10.0 | |
Increase in loss allowance recognised during the year | 1.3 | 1.1 | |
Receivables written off during the year as uncollectible | (3.1) | (1.3) | |
Unused amounts reversed | (0.4) | (0.1) | |
| At the end of the year | 19 | 7.5 | 9.7 |
2025 | 2024 | |
$m | $m | |
| Past due | ||
Less than 30 days | 27.7 | 20.5 |
1 to 3 months | 7.9 | 4.1 |
4 to 6 months | 1.4 | 1.7 |
Over 6 months | 1.7 | 6.6 |
38.7 | 32.9 | |
Less: expected credit loss allowance | (7.5) | (9.7) |
Total | 31.2 | 23.2 |
2025 | 2024 | ||
Notes | $m | $m | |
| Financial assets measured at amortised cost | |||
Trade receivables and receivables from related parties | 386.5 | 335.2 | |
| Financial liabilities measured at amortised cost | |||
| Borrowings | 25 | (1,017.2) | (853.0) |
Trade payables and amounts due to related parties | (396.4) | (380.4) | |
| Lease liabilities | 15 | (108.5) | (105.9) |
(1,522.1) | (1,339.3) | ||
| Equity instruments designated at FVOCI | 18 | 0.9 | 0.9 |
Net derivative (liability)/asset | (0.1) | 1.4 |
2025 | 2024 | ||
Notes | $m | $m | |
Equity | 1,927.2 | 2,072.8 | |
| Net debt | 25 | 526.0 | 436.0 |
Total capital | 2,453.2 | 2,508.8 |
2025 | 2024 | |
+/-5% change in US dollar/euro exchange rate | $m | $m |
Impact on profit before tax* | -/+3.6 | -/+ 5.4 |
Impact on total equity** | -/+6.2 | -/+ 6.8 |
2025 | 2024 | |
+/-1% change in market interest rates* | $m | $m |
Impact on profit before tax | -/+1.0 | -/+ 0.1 |
Impact on total equity | -/+0.9 | -/+ 0.1 |
| Between | Between | |||||
| Less than | 1 and 2 | 2 and 5 | More than | |||
| 1 year | years | years | 5 years | Total | ||
Notes | $m | $m | $m | $m | $m | |
| At 3 January 2026 | ||||||
| Non-derivative financial liabilities | ||||||
| Trade payables | 28 | 349.0 | \u2013 | \u2013 | \u2013 | 349.0 |
| Amounts due to joint venture | 28 | 31.5 | \u2013 | \u2013 | \u2013 | 31.5 |
| Amounts due to other related parties | 28 | 15.9 | \u2013 | \u2013 | \u2013 | 15.9 |
Lease liabilities | 22.5 | 21.7 | 39.9 | 35.9 | 120.0 | |
| Interest-bearing borrowings | 25 | 375.6 | 266.6 | 100.0 | 275.0 | 1,017.2 |
Projected interest payments on interest-bearing borrowings* | 21.2 | 19.5 | 24.1 | 6.2 | 71.0 | |
815.7 | 307.8 | 164.0 | 317.1 | 1,604.6 | ||
| Derivative financial liabilities | 29(a) | 0.2 | \u2013 | \u2013 | \u2013 | 0.2 |
| At 4 January 2025 | ||||||
| Non-derivative financial liabilities | ||||||
| Trade payables | 28 | 344.6 | \u2013 | \u2013 | \u2013 | 344.6 |
| Amounts due to joint venture | 28 | 23.5 | \u2013 | \u2013 | \u2013 | 23.5 |
| Amounts due to other related parties | 28 | 12.3 | \u2013 | \u2013 | \u2013 | 12.3 |
Lease liabilities | 22.8 | 19.7 | 38.7 | 33.9 | 115.1 | |
| Interest-bearing borrowings | 25 | 300.8 | \u2013 | 277.2 | 275.0 | 853.0 |
Projected interest payments on interest-bearing borrowings* | 18.3 | 17.8 | 33.8 | 13.9 | 83.8 | |
722.3 | 37.5 | 349.7 | 322.8 | 1,432.3 |
2025 | 2024 | ||
Notes | $m | $m | |
At the beginning of the year | 9.7 | 10.0 | |
Increase in loss allowance recognised during the year | 1.3 | 1.1 | |
Receivables written off during the year as uncollectible | (3.1) | (1.3) | |
Unused amounts reversed | (0.4) | (0.1) | |
| At the end of the year | 19 | 7.5 | 9.7 |
2025 | 2024 | |
$m | $m | |
| Past due | ||
Less than 30 days | 27.7 | 20.5 |
1 to 3 months | 7.9 | 4.1 |
4 to 6 months | 1.4 | 1.7 |
Over 6 months | 1.7 | 6.6 |
38.7 | 32.9 | |
Less: expected credit loss allowance | (7.5) | (9.7) |
Total | 31.2 | 23.2 |
2025 | 2024 | ||
Notes | $m | $m | |
| Financial assets measured at amortised cost | |||
Trade receivables and receivables from related parties | 386.5 | 335.2 | |
| Financial liabilities measured at amortised cost | |||
| Borrowings | 25 | (1,017.2) | (853.0) |
Trade payables and amounts due to related parties | (396.4) | (380.4) | |
| Lease liabilities | 15 | (108.5) | (105.9) |
(1,522.1) | (1,339.3) | ||
| Equity instruments designated at FVOCI | 18 | 0.9 | 0.9 |
Net derivative (liability)/asset | (0.1) | 1.4 |
2025 | 2024 | |
$m | $m | |
Property, plant and equipment | 7.3 | 6.1 |
Intangible assets | 1.7 | 0.1 |
2025 | 2024 | |
$m | $m | |
Property, plant and equipment | 7.3 | 6.1 |
Intangible assets | 1.7 | 0.1 |
| Trade and other | Trade and other | ||||
| Inventories | receivables | payables | Provisions | Total | |
$m | $m | $m | $m | $m | |
2025 | (note 20) | (note 19) | (note 28) | (note 27) | |
At 5 January 2025 | 634.8 | 391.5 | (611.7) | (15.0) | 399.6 |
Exchange differences | 14.0 | 9.2 | (16.7) | (1.3) | 5.2 |
Arising on acquisition (note 34) | 3.5 | 2.9 | (1.4) | (0.1) | 4.9 |
Loans/amounts payable to joint venture, interest accruals, capital creditors and other non-operating items | 3.5 | 12.3 | (24.4) | (3.0) | (11.6) |
Movement in working capital | 7.1 | 60.5 | (61.7) | 6.8 | 12.7 |
At 3 January 2026 | 662.9 | 476.4 | (715.9) | (12.6) | 410.8 |
| 2024 | |||||
At 31 December 2023 | 550.2 | 501.8 | (659.1) | (27.4) | 365.5 |
Exchange differences | (7.7) | (4.4) | 7.3 | 0.8 | (4.0) |
Arising on acquisition | 8.4 | 14.5 | (8.2) | \u2013 | 14.7 |
Loans/amounts payable to joint venture, interest accruals, capital creditors and other non-operating items | (37.6) | (4.4) | 4.0 | 0.1 | (37.9) |
Movement in working capital | 121.5 | (116.0) | 44.3 | 11.5 | 61.3 |
At 4 January 2025 | 634.8 | 391.5 | (611.7) | (15.0) | 399.6 |
| 2025 | ||
Notes | $m | |
Cash paid | 41.4 | |
Contingent consideration | \u2013 | |
Total purchase consideration | 41.4 | |
Less: fair value of net assets acquired | (18.0) | |
| Goodwill | 16 | 23.4 |
| The fair value of assets and liabilities arising from the acquisition are as follows: | ||
Property, plant and equipment | 14 | 3.2 |
| Right-of-use assets | 15 | 0.1 |
| Intangible assets \u2013 brands | 16 | 0.9 |
| Intangible assets \u2013 customer relationships | 16 | 6.7 |
| Intangible assets \u2013 other intangibles | 16 | 1.5 |
| Inventories | 32(b) | 3.5 |
| Trade and other receivables | 32(b) | 2.9 |
Cash and cash equivalents | 2.2 | |
| Borrowings | 32(c) | (1.1) |
| Trade and other payables | 32(b) | (1.4) |
| Provision | 32(b) | (0.1) |
| Lease liabilities | 32(c) | (0.1) |
| Deferred tax liability | 26 | (0.3) |
Fair value of net assets acquired | 18.0 |
2025 | 2024 | |
$m | $m | |
| Transactions with joint venture* | ||
Dividends received | 12.5 | 5.0 |
Sales of services | 59.8 | 51.9 |
Purchases of goods | 60.5 | 23.2 |
| Transactions with Tirl\u00e1n Co-operative Group** | ||
Dividends received | 0.1 | 0.1 |
Dividends paid | 32.0 | 30.1 |
Sales of goods | 0.6 | 0.5 |
Sales of services | 26.9 | 26.8 |
Purchases of services | 0.3 | 0.3 |
Purchases of goods | 73.9 | 64.5 |
2025 | 2024 | |
$m | $m | |
Salaries and other short-term employee benefits | 13.0 | 8.9 |
Post-employment benefits | 0.7 | 0.6 |
Share-based payment expense | 10.3 | 7.9 |
Non-Executive Directors fees | 1.8 | 1.6 |
25.8 | 19.0 |
2025 | 2024 | |
$m | $m | |
Salaries and other short-term employee benefits | 13.0 | 8.9 |
Post-employment benefits | 0.7 | 0.6 |
Share-based payment expense | 10.3 | 7.9 |
Non-Executive Directors fees | 1.8 | 1.6 |
25.8 | 19.0 |
| Registered | |||
Incorporated and operating in | Principal activity | office | |
Ireland | Alanfield Society Limited 1 | Holding society | 1 |
Glanbia AP Designated Activity Company | Financing | 1 | |
Glanbia Dairy Nutrition Limited | Dairy Nutrition | 2 | |
| Glanbia DN Holding Limited (formerly known as | Holding company (Dairy Nutrition) | 1 | |
| Glanbia (V) Limited) | |||
Glanbia Estates Limited | Property and land dealing | 1 | |
| Glanbia Finance International Designated Activity | Financing | 1 | |
| Company | |||
Glanbia Finance Investment Limited | Holding company | 1 | |
Glanbia Financial Services Unlimited Company | Financing | 1 | |
Glanbia GNPN Holding Limited | Holding company | 1 | |
Glanbia Holdfin Limited | Holding company | 1 | |
Glanbia Investment Holding Limited | Holding company | 1 | |
Glanbia Management Services Limited | Management and general business services | 1 | |
Glanbia Nutritionals Limited | Health & Nutrition | 1 | |
Glanbia Performance Nutrition Limited | Performance Nutrition | 1 | |
Glanbia Property Holding Designated Activity Company | Holding company | 1 | |
Glanbia Property Rentals Designated Activity Company | Property lessor | 1 | |
Glanbia SMP Limited | Holding company | 1 | |
Glanbia Support Services Limited | Holding company | 1 | |
Waterford Foods Designated Activity Company | Holding company | 1 | |
| United States | APS BioGroup, Inc. | Dairy Nutrition | 3 |
| of America | Flavor Producers, LLC | Health & Nutrition | 3 |
Foodarom USA, Inc. | Health & Nutrition | 3 | |
Glanbia Business Services, Inc. | Business services | 3 | |
Glanbia (Delaware), Inc. | Holding company (Dairy Nutrition) | 3 | |
| Glanbia DN Holdings, Inc. (formerly known as | Dairy Nutrition | 4 | |
| KSF Acquisition Corporation) | |||
Glanbia Foods, Inc. | Dairy Nutrition | 5 | |
Glanbia, Inc. | Holding company | 3 | |
Glanbia Nutritionals, Inc. | Health & Nutrition and Dairy Nutrition | 3 | |
Glanbia Nutritionals (NA), Inc. | Health & Nutrition and Dairy Nutrition | 3 | |
Glanbia Nutritionals Services, LLC | Management services (Health & Nutrition) | 3 | |
Glanbia Performance Nutrition (Manufacturing), Inc. | Performance Nutrition | 4 | |
Glanbia Performance Nutrition (NA), Inc. | Performance Nutrition | 6 | |
GPN Commercial, LLC | Performance Nutrition | 4 | |
Grass Advantage, LLC | Performance Nutrition | 4 | |
La Belle Associates, Inc. | Dairy Nutrition | 3 | |
PacMoore Process Technologies, LLC | Dairy Nutrition | 3 | |
Sterling Technology, LLC | Dairy Nutrition | 3 | |
Britain | Glanbia Milk Limited | Management services | 7 |
Glanbia Performance Nutrition (UK) Limited | Performance Nutrition | 7 | |
Glanbia Performance Nutrition (UK Sales Division) Limited | Performance Nutrition | 7 | |
Glanbia (UK) Limited | Holding company | 7 |
| Registered | |||
Incorporated and operating in | Principal activity | office | |
Australia | Glanbia Performance Nutrition Pty Ltd | Performance Nutrition | 8 |
Brazil | Glanbia Marketing de Produtos de Nutri\u00e7\u00e3o e | Performance Nutrition | 9 |
Performance do Brasil Ltda \u00b9 | |||
| Sweetmix Ind\u00fastria, Com\u00e9rcio, Importa\u00e7\u00e3o e | Health & Nutrition | 10 | |
Exporta\u00e7\u00e3o Ltda. 4 | |||
Canada | Foodarom Group Inc. 1 | Health & Nutrition | 11 |
Glanbia Nutritionals (Canada) Inc. 1 | Health & Nutrition | 11 | |
Glanbia Performance Nutrition Canada Inc. 1 | Performance Nutrition | 11 | |
China | Glanbia Nutritionals (Suzhou) Co., Ltd. 1 | Health & Nutrition | 12 |
| Glanbia Performance Nutrition Trading (Shanghai) Co., | Performance Nutrition | 13 | |
Glanbia (Shanghai) International Trading Co., Ltd. 1 | Health & Nutrition | 14 | |
Denmark | Nutramino Int. ApS 1 | Performance Nutrition | 15 |
France | Glanbia Performance Nutrition France SAS 1 | Performance Nutrition | 16 |
Germany | Foodarom Germany GmbH 1 | Health & Nutrition | 17 |
Glanbia Nutritionals Deutschland GmbH 1 | Health & Nutrition | 17 | |
Glanbia Performance Nutrition GmbH 1 | Performance Nutrition | 18 | |
LevlUp GmbH \u00b9 | Performance Nutrition | 19 | |
India | Glanbia India Private Limited 2 | Health & Nutrition | 20 |
Glanbia Performance Nutrition (India) Private Limited 2 | Performance Nutrition | 21 | |
Italy | Glanbia Nutritionals Italia Srl | Health & Nutrition | 22 |
Japan | Glanbia Japan K.K. 1 | Health & Nutrition | 23 |
Korea (Republic of) | Glanbia Performance Nutrition Korea, LLC 1 | Performance Nutrition | 24 |
Malta | Glanbia Maltfin Limited 1, 3 | Financing | 25 |
Mexico | Glanbia Performance Nutrition S.A. de C.V. 1 | Performance Nutrition | 26 |
Glanbia, S.A. de C.V. \u00b9 | Health & Nutrition | 27 | |
Netherlands | Glanbia Foods B.V. 1 | Holding company | 28 |
Glanbia Performance Nutrition B.V. | Performance Nutrition | 28 | |
New Zealand | Glanbia Performance Nutrition (New Zealand) Limited 1 | Performance Nutrition | 29 |
Philippines | Glanbia Performance Nutrition Philippines, Inc. 1 | Performance Nutrition | 30 |
Portugal | Glanbia Nutritionals (Portugal), Sociedade Unipessoal | Performance Nutrition | 31 |
Singapore | Glanbia Nutritionals Singapore Pte Limited | Health & Nutrition | 32 |
Glanbia Performance Nutrition Singapore Pte. Ltd | Performance Nutrition | 33 | |
South Africa | Glanbia (Pty) Limited 1 | Health & Nutrition | 34 |
Sweden | Nutramino AB 1 | Performance Nutrition | 35 |
United Arab Emirates | Glanbia Performance Nutrition DMCC 1 | Performance Nutrition | 36 |
Uruguay | Glanbia (Uruguay Exports) SA 1 | Dairy Nutrition | 37 |
| Registered | |||
Incorporated and operating in | Principal activity | office | |
| United States | MWC-Southwest Holdings LLC | Holding company of two subsidiaries that | 3 |
| of America | manufacture cheese and other dairy | ||
| nutrition products |