Tailwinds set to support 1H/ FY 26 growth

研报英文原文证据摘录

Tailwinds set to support 1H/ FY 26 growth

Deutsche Bank Group

Deutsche Numis Research

Rating Company Date

Buy Glanbia plc 25 June 2026

Forecast Change

Europe

Ireland

Reuters Bloomberg Exchange Ticker Price at 25 Jun 2026 (EUR) 23.66

GL9.I GLB ID ISE GL9

Price Target (EUR) 26.50

Consumer Staples

52-week range (EUR) 23.42 - 12.10

Food Manufacturing

Tailwinds set to support 1H/ FY 26

Valuation & Risks growth

Damian McNeela

Protein demand set to continue Research Analyst

We believe that the structural upswing in demand for protein will continue through +44-20-754-11565

the remainder of FY 26 and into FY 27. The drivers of the growth are multi-faceted

Daniel Tharian

but principally reflect the broader societal trends for healthier lifestyles and Research Associate

improved decisions about diets. Whilst difficult to disaggregate, the increased +44-20-7545-0195

number of GLP-1 users, particularly in the US, will also be contributing to the

increase in demand. Glanbia's three divisions remain strongly aligned with these Key changes

trends and look well placed to capitalise on the continued growth. TP 21.50 to 26.50 ↑ 23.3%

Source: Deutsche Bank

1H Preview

Price/price relative

Glanbia will report 1H 26 results on August 6th. We expect that these results will

reflect continued strong demand across all three divisions. At group level, we 30

forecast LFL revenue growth of 8.3%, adj EBITDA growth of 6.2% to $256m and adj 20

EPS growth of 10.4% to 69.6 cents. For a detailed review of our Divisional forecasts, 10

see page 2. 0

2024 2025 2026

We have modestly increased our FY 26 forecasts to reflect the continued strong Glanbia plc – (Rebased)

demand for protein through the remainder of this year. This results in ~5% adj EPS

upgrades to FY 26E.