Glanbia plc has revised its full-year earnings guidance upwards following a "strong performance" in the first nine months of the year.

The nutrition business headquartered in Kilkenny today (Wednesday, November 4) issued its third quarter (Q3) interim management statement which showed "continued revenue momentum across the group".

In the nine months ended October 3, 2026, group like-for-like revenue increased by 9.9% compared to the same period in 2025.

This was driven by a volume increase of 4.2% and a price increase of 5.7%.

Total group revenue increased by 6.7% as a result of the like-for-like revenue growth of 9.9%, partly offset by a decrease of 3.2% from the net impact of acquisitions and disposals.

Glanbia

Total revenue in the Performance Nutrition (PN) division increased by 8.5%, with like-for-like revenue up by 18.0%, with a volume increase of 4.3% and a price increase of 13.7%.

Glanbia said volume growth was driven by "continued strong category growth, market share gains, new distribution, lapping of a weaker comparative in the first half and innovation".

The company said pricing growth reflected price increases across the Americas and international markets over the last 12 months.

Optimum Nutrition, which represented 79% of PN revenue, saw a 25.8% increase in like-for-like revenue year-to-date driven by strong category growth, market share gains, new distribution, continued innovation and pricing actions.

"We continue to invest behind the Optimum Nutrition brand, which delivered volume growth of +0.8% in the third quarter, reflecting strong consumer demand and sustained momentum by the brand, with pricing +26.1%," the company said.

Health & Nutrition reported like-for-like revenue growth of 9.8% with volume growth of 11.5%, a 1.7% decrease in price and a 3% increase from the impact of the acquisitions of Sweetmix in Brazil and Scicore in India.

The company said bolume growth was driven by a strong performance in Europe, the Middle East, and Africa (EMEA) and Asia-Pacific (ASPAC) with continued momentum in key end-use markets in active nutrition, functional beverages and vitamins, minerals and supplements.

The pricing decrease was predominantly driven by some tariff refunds and volume rebates to customers.

The Dairy Nutrition segment saw like-for-like revenue growth of 2.1%, with a 1.4% increase in volume and a price increase of 0.7%.

Glanbia said protein solutions saw good volume and pricing growth, supported by favourable consumer trends, particularly in the high-protein ready-to-eat and healthy snacking categories.

The division is continuing to target higher-value protein solutions.

Outlook

Following a strong performance in the first nine months of the year, Glanbia now expects to deliver:

Performance Nutrition like-for-like revenue growth of 16% to 17% (previously 12% to 14%);
Dairy Nutrition earnings before interest, taxes, depreciation, and amortization (EBITDA) of $175-180 million (previously $170-180 million); and
Adjusted earnings per share (EPS) growth of 22% to 24% constant currency (previously 17% to 20%).

The company added that all other guidance remains unchanged.

Glanbia's net debt as at October 3, 2026 was $704 million, a decrease of $15 million versus the net debt position at the end of Q3 2025.

Performance

Hugh McGuire, Glanbia chief executive officer, said the company had "delivered a strong performance in the first nine months of the year" with volume growth across all three segments.

"Our Performance Nutrition segment delivered a strong year-to-date performance, with Optimum Nutrition achieving like-for-like revenue growth of 25.8%.

"This was driven by continued market share gains, expanded distribution, innovation and pricing actions in response to significant whey inflation, supported by our continued brand investment.

"We also generated volume growth across Health & Nutrition and Dairy Nutrition, with good demand in H&N’s end-use markets and strong pricing growth in protein solutions within DN.

"We are upgrading our full year adjusted EPS growth to a range of 22% to 24% which will be driven by a strong performance across all three segments," he said.