(Alliance News) - Glanbia PLC on Wednesday celebrated a "strong performance in the first quarter, with like-for-like revenue growth across all its business segments.
In response, Glanbia shares were 15% higher at EUR19.68 each midday Wednesday in London.
For the three months that ended April 4, Glanbia reported comparable revenue growth of 7.2% on a year before, "with strong volume growth across all three segments".
Kilkenny, Ireland-based sports nutrition company also said it has made progress on its "transformation programme", and aims for "at least" USD60 million in annual savings by calendar 2027.
For the first quarter, the Performance Nutrition segment saw 12% like-for-like revenue growth on an annual basis. Optimum Nutrition booked 19% growth, thanks to "accelerating category growth, new distribution and continued innovation".
Volumes for Performance Nutrition grew 9.2%, while revenue rose 3.5% at reported rates and 1.3% at constant exchange rates.
Glanbia also reported 12% like-for-like revenue growth for the Health & Nutrition division, with volumes growing 13% due to "strong demand across priority end-use markets". Revenue jumped 18% at reported currency and 15% at constant currency.
Dairy Nutrition, meanwhile, saw revenue increasing 2.0% like-for-like, with 2.3% reported growth and 2.0% constant currency growth. Glanbia highlighted "strong volume and pricing growth in protein solutions". The segment's overall volumes increased 6.4%, although prices decreased by 4.4%.
In its financial year to date or between February 25 and Monday, meanwhile, Glanbia said it has repurchased 1.3 million shares at an average price of EUR17.14 in Dublin, returning EUR22.2 million to shareholders.
"I am pleased to report that Glanbia delivered a strong performance in the first quarter," Chief Executive Officer Hugh McGuire commented, adding that the portfolio "[benefitted] from accelerating category growth and good end-use market demand."
Looking ahead, Glanbia for financial 2026 expects adjusted earnings per share growth "to be at the upper end of medium-term guidance of 7% to 11% [at] constant currency." For the year ended January 3, it reported adjusted EPS of 134.93 US cents, down 3.6% from 140.03 cents in financial 2024.
"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," McGuire said.
By Emma Curzon, Alliance News reporter
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