Glanbia shares climbed by around 9 per cent in early trading after the Kilkenny-based nutrition group said it expects to post earnings per share (EPS) growth this year at the “upper end” of the 7 per cent to 11 per cent range it set out in February.
In a trading update in advance of its annual general meeting (AGM) on Wednesday, the Dublin-listed group highlighted “strong momentum” across its core business divisions in the first three months of 2026.
Glanbia said like-for-like revenues in its key performance nutrition division, which makes protein powders, shakes and bars for gym-goers and dieters, increased by 11.5 per cent between January and April 4th compared to the same period in 2025.
Overall, group revenues increased by 7.2 per cent, which Glanbia said was driven by an 8.2 per cent increase in sales volume, “slightly offset” by a 1 per cent decrease in prices.
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“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,” said group chief executive Hugh McGuire.
Analysts raised their expectations for the group in February after Glanbia reported a “robust performance” in 2025 and signalled earnings growth of 7 per cent to 11 per cent in 2026.
Davy analyst Cathal Kenny signalled plans at the time to upgrade his full-year EPS projection to 147 US cents from 141.96c, while Goodbody Stockbrokers’ Patrick Higgins said he sees both his and consensus estimates moving higher.
Glanbia now expects earnings growth at the upper end of the range it outlined earlier this year.
On Wednesday, Davy Stockbrokers analysts Cathal Kenny and Gary Martin said they anticipate upgrading their EPS guidance by 2 per cent to 150 US cents per share.
“Top-line growth across core activities is the key differentiator for Glanbia,” they said. “The shares have plenty of scope to run further.”
Shares in the group were up by around 9 per cent to €19.04 in early trading following the update.
McGuire said the momentum in the group’s performance nutrition unit was driven by revenue growth of 18.8 per cent in its Optimum Nutrition brand.
Optimum Nutrition represented 78 per cent of the unit’s revenue. Some 57 per cent of Glanbia’s performance nutrition revenues were generated in the Americas, where price increases introduced at the end of last year were “somewhat offset” by promotional activity and “tactical price reductions”, according to the update.
Meanwhile, Glanbia’s health and nutrition division, the second core part of the group, which makes premix solutions and flavours for the vitamin and minerals sector, delivered an 11.6 per cent increase in like-for-like sales in the first quarter.
The group said volume growth of 12.5 per cent was driven by a “strong performance” in its Europe, Middle East and Africa region, as well as the Asia-Pacific region.
Glanbia’s Dairy Nutrition unit, which has a cheddar joint venture in the US and makes dairy protein solutions for food and drink manufacturers, saw its like-for-like sales rise 2 per cent.
