Glanbia plc, the Ireland-based Better Nutrition company, has upgraded its full-year 2026 adjusted earnings per share growth guidance to a range of 22% to 24% on a constant currency basis, following a strong nine-month performance to 3 October 2026. The group reported like-for-like revenue growth of 9.9% across its three segments — Performance Nutrition, Health & Nutrition, and Dairy Nutrition — with volume growth recorded in all three. The upgrade, from previous guidance of 17% to 20%, reflects particularly strong momentum in the Optimum Nutrition brand and broader category tailwinds in better nutrition products.

Key Points

  • Glanbia plc (GLB) — global Better Nutrition company operating across Performance Nutrition, Health & Nutrition, and Dairy Nutrition segments
  • Group LFL revenue grew 9.9% year-to-date in the nine months ended 3 October 2026, driven by 4.2% volume growth and 5.7% price growth
  • FY2026 adjusted EPS growth guidance upgraded to 22–24% constant currency; PN LFL revenue guidance raised to 16–17%; DN EBITDA guidance set at $175–180 million
  • Investors may be watching the CFO transition, with Wendy Chang Smith confirmed as CFO Designate effective as CFO and Executive Director from 31 March 2027

Optimum Nutrition Delivers 25.8% LFL Revenue Growth Year-to-Date, with Q3 Pricing Up 26.1%

The standout performer in Glanbia's third-quarter update was Optimum Nutrition, which represents 79% of Performance Nutrition revenue. The brand achieved LFL revenue growth of 25.8% year-to-date, driven by market share gains, expanded distribution, innovation, and pricing actions taken in response to significant whey protein inflation. In the third quarter alone, Optimum Nutrition delivered LFL revenue growth of 26.9%, comprising volume growth of 0.8% and price growth of 26.1%. US consumption growth in the 13 weeks to 3 October 2026 reached 22.9% across measured channels. PN International, representing 40% of PN revenue, saw LFL revenue rise 28.3% year-to-date.

Health & Nutrition Segment Benefits from Sweetmix and Scicore Acquisitions Alongside 11.5% Volume Growth

Glanbia's Health & Nutrition segment reported total revenue growth of 12.8% for the year-to-date period, supported by an 11.5% increase in volume and a 3.0% contribution from the acquisitions of Sweetmix in Brazil and Scicore in India. Volume gains were driven by strong performances in EMEA and Asia-Pacific across active nutrition, functional beverages, and vitamins, minerals and supplements end-use markets. A 1.7% decrease in pricing reflected tariff refunds and volume rebates. The announcement states that capacity expansions across the US, China, and Europe are progressing well, suggesting ongoing investment in the segment's infrastructure to meet growing demand.

Dairy Nutrition EBITDA Guidance Narrowed to $175–180 Million as Protein Solutions Drive Pricing Growth

Glanbia's Dairy Nutrition segment posted LFL revenue growth of 2.1% for the nine-month period, with volume up 1.4% and pricing up 0.7%. The announcement attributes positive pricing momentum to double-digit price growth in protein solutions, partly offset by negative pricing in cheese markets. The group continues to shift its Dairy Nutrition product mix towards higher-value protein solutions, supported by consumer trends in high-protein ready-to-eat and healthy snacking categories. FY2026 DN EBITDA guidance has been refined to a range of $175–180 million. Net debt stood at $704 million as at 3 October 2026, a decrease of $15 million versus the same point in 2025, with committed debt facilities of $1.3 billion.

Wendy Chang Smith Appointed CFO Designate as Glanbia Enters Final Quarter of FY2026

Alongside the financial update, Glanbia confirmed that Wendy Chang Smith has been appointed CFO Designate, with her appointment as CFO and Executive Director taking effect from 31 March 2027. The announcement does not provide further detail on her background or the circumstances of the transition. Investors may be watching how leadership continuity is managed as the group enters what is expected to be a strong fourth quarter. CEO Hugh McGuire stated in the announcement that Glanbia is "uniquely positioned to capitalise on favourable category dynamics and sustained consumer demand," citing the group's portfolio of better nutrition brands and ingredients as key competitive advantages.