GLANBIA PLC (=) : Another placement by Tirlán

研报英文原文证据摘录

GLANBIA PLC (=) : Another placement by Tirlán

EQUITIES

CONSUMER INGREDIENTS

GLANBIA PLC NEUTRALPRICE* EUR22.3  TARGET PRICE EUR16.5 (DOWNSIDE 26%)

FLASH NOTE

Another placement by Tirlán

11 JUNE 2026 Securities Research Report Production time: 18:24* (London time)

Research Analyst & Publishing Entities

Nicola Tang, CFA BNP Paribas London Branch (+44) 203 430 8490 nicola.tang@uk.bnpparibas.com

What happened?

Largest Glanbia shareholder Tirlán has announced its intention to sell ~12m shares or a 5% stake via i) equity placement

to institutional shareholders and ii) EUR50m in an off-market sale to Glanbia. Glanbia will use EUR50m of its existing

EUR100m buyback authorisation for the purchase and will continue with the other EUR50m buyback programme which

is currently ongoing (~2/3 complete). Based on the current share price, the remaining institutional equity placement is

~EUR220m. Post the sale, Tirlán will hold ~13% of Glanbia. They currently have two seats on the Glanbia board.

BNPP View:

Tirlán has been reducing its stake in Glanbia over time, and with shares at an all-time high, it is perhaps not surprising

to see them make a further reduction today. Glanbia also participated in the last placing back in September 2025.

Over the long term, the co-op has stated its intention to reduce its holding in Glanbia for diversification purposes.

However, notably in 2024 they voted to remove the rule limiting them from reducing their stake in Glanbia to below 17%

and this latest transaction will take them below this threshold.

Shares have been strong (+47% YTD, by far the best performer in Ingredients) on the back of strong demand for protein

as Glanbia is one of the few stocks leveraged to the theme. We would expect this placement to take out some of the