Thank you. Good morning, and welcome to the Glanbia full year 2025 results call.

During today's call, the directors may make forward-looking statements. These statements have been made by the directors in good faith based on the information available to them up to the time of their approval of the full year 2025 results.

Due to the inherent uncertainties, including both economic and business risk factors underlying such forward-looking information, actual results may differ materially from those expressed or implied by these forward-looking statements. The directors undertake no obligation to update any forward-looking information made on today's call, whether as a result of new information, future events, or otherwise.

I'm now handing the call over to Hugh McGuire, CEO of Glanbia plc.

Thank you, Liam. Good morning, everybody, and welcome to the Glanbia full year 2025 results call and presentation.

I'm joined on today's call by Mark Garvey. I will provide an overview of our performance for the year, and Mark will then cover the financials and outlook.

At the end of the call, we will be happy to take your questions. Overall, we delivered a robust performance in 2025, with like-for-like revenue and volume growth across all three segments, driven by strong consumer demand for our Better Nutrition brands and ingredients, with adjusted earnings per share of 134.93 cents.

The group delivered pre-exceptional EBITDA of $499.1 million, representing a decrease of 9.4%, and EBITDA margins of 12.6%, representing a decrease of 170 basis points on a constant currency basis, with margin expansion in Health & Nutrition offset by a contraction in margin in Performance Nutrition as a result of elevated whey input costs. We continued our strong track record of delivering returns to shareholders by raising the interim dividend by 10% and returning approximately €197 million to shareholders via our share buyback programs.

The board has authorized a further €100 million share buyback program, and we will commence an initial €50 million tranche of this program today. As well as delivering a strong operational and financial performance, we continue to progress our strategic agenda, and we made significant progress on our group-wide transformation program, with a new operating model implemented to simplify our business and bring greater focus on high-growth opportunities.

We continue to make good progress on our portfolio, with the sale of non-core brands completed during the year. We also acquired Sweetmix, a Brazil-based nutritional premix and ingredient solutions business within our Health & Nutrition division, and agreed to acquire Sycore, a manufacturing facility in India which provides in-market manufacturing for both Performance Nutrition and Health & Nutrition, with the acquisition completing post year-end.

We hosted our Capital Markets Day on the 19th of November in London, where we outlined the group's growth strategy for the next 3 years focused on five key drivers, and our financial ambition for the period 2026 to 2028, and our confidence in driving continued shareholder returns. We were pleased with the positive response and interest from attendees and look forward to delivering on our medium-term ambitions.

For Performance Nutrition, like-for-like revenue increased by 4.5%, excluding the impact of non-core brands, which was driven by our two priority grow brands, Optimum Nutrition and Isopure, and was a combination of strong category growth, increased distribution, and innovation. The volume increase was driven by strong growth in the online and food, drug, mass channels, as well as continued growth in international markets across both protein and energy categories, somewhat offset by lower revenues in the US club and specialty channels.

We implemented price increases in our international markets in quarter two and in the US in quarter four to offset record whey inflation. During the year, we also implemented some tactical price reductions on higher-margin products in the energy category, which delivered a strong volume uplift.

From a regional perspective, Performance Nutrition Americas, which represented 63% of revenue, was down 0.5% versus last year due to the aforementioned club channel headwinds. Excluding non-core brands, Performance Nutrition Americas revenue increased by 1.3%.

We're pleased with the trajectory in our flagship brand, Optimum Nutrition, which showed a sequential improvement through the period, delivering double-digit like-for-like revenue growth in the second half of the year, with continued momentum in the protein powders and energy category. Our international business, which represents 37% of revenue, performed strongly, delivering like-for-like revenue growth of 8.8%, or 10.5% excluding the impact of non-core brands, driven by volume and pricing growth in the Optimum Nutrition brand, particularly in China, India, Oceania, and the UK.

Growth was supported by our global supply chain footprint, enabling in-market supply and local innovation in key regions. EBITDA for the year declined by 23.2% with an EBITDA margin of 13%.

The contraction in margin is entirely as a result of record whey input costs, as previously disclosed, with an improvement in EBITDA margins in the second half of the year. In terms of brand performance, Optimum Nutrition, our largest brand at 75% of Performance Nutrition revenue excluding non-core brands, delivered like-for-like revenue growth of 6.4%, comprising volume growth of 5% and pricing growth of 1.4%.

ON delivered double-digit like-for-like revenue growth in the second half of the year, led by a combination of strong velocities, distribution gains, lapping of a weaker comparative in the US club channel, and innovation. We continue to see strong momentum in the category, with an acceleration of the growth of the protein powder category in the last 12 months.

US consumption grew by 3.4% in the last 52 weeks, with double-digit growth in the food, drug, mass channel, growing ahead of the category, and continued strong growth in the online channel. In the last 13 weeks, US consumption accelerated to 4.6%, and ON continues to be a top driver of retail dollar consumption growth for protein powder and creatine in measured channels in the US.

We're also seeing strong consumption growth across many international regions, and we continue to increase our retail distribution, with distribution gains for ON across retailers in Europe and Asia-Pacific, and double-digit growth in e-commerce channels in China. I'm pleased to see ON deliver double-digit growth in household penetration and TDP in the US, reflecting strong recruitment and retention.

We have an uncompromised dedication to product quality, and we're operating in high-growth categories with the most trusted brands in sports nutrition, driven by powerful consumer megatrends. From a marketing perspective, our focus continues to be on driving recruitment and conversion and broadening the brand's appeal through increased campaign reach and education.

We've just launched the Optimum Advantage campaign, a disruptive campaign rolling out globally where the concept involves elite athletes revealing one thing they never want to share, the margin of gains that give them their edge. The launch features McLaren Formula 1 star Lando Norris, rugby internationals Dan Sheehan from Ireland and Marcus Smith from England, and US Women's NBA star Cameron Brink.

Early results show that the Optimum Advantage athlete strategy is driving both scalable media efficiency and authentic cultural relevance across channels. The AI-powered Coach Optimum went live in several markets during 2025, with results showing excellent engagement rates.

The protein calculator has been going from strength to strength, helping the consumer realize how Optimum Nutrition can help them fulfill their daily nutrition needs with trusted high-quality products. We've also seen strong growth being driven by online channels and the success of the quick commerce channel in India.

We have a world-class portfolio of high-quality products within the Optimum Nutrition brand, and we continue to focus on innovation, in particular by expanding our usage occasions. We launched a number of products during the year across our protein and energy offerings, including multiple creatine offerings, whey collagen blends, protein RTD shakes, and additional smaller pack sizes, including stick packs, addressing affordability through opening price points.

We're particularly pleased with the performance of ON Creatine, which delivered strong growth globally as we continue to cement our number one position in this fast-growing segment. Isopure, our premium high-protein, low-carb brand grounded in purity, continues to do well, delivering double-digit like-for-like revenue growth in the year.

This brand allows us to target an incremental consumer from Optimum Nutrition, with the consumer affluent and predominantly female that values high quality and great-tasting solutions that they can incorporate into their daily nutrition regime. During 2025, we rolled out More of What Matters campaign with strong engagement rates, reaching more than 20 million consumers through our digital channels, educating consumers on how to integrate Isopure into their daily routines with influencers such as celebrity Tiffani Thiessen sharing simple baking hacks, highlighting the mixability into things like sauces and soups.

Our partnership with top Bollywood celebrity Rashmika Mandanna has helped deliver a reach of over 50 million-plus for the brand in India. We've been expanding our distribution of Isopure across food, drug, mass and online retailers, elevating display execution and shelf placement, targeting aisles outside of Performance Nutrition to capture a broader consumer set.

I'm pleased to see continued good growth in our core brand metrics, with double-digit growth in ACV, TDP, and household penetration. Innovation continues to be a core focus across our portfolio, and we launched several products under the Isopure brand, including Protein Water, stick packs, Colostrum Plus, and Collagen Peptides in the UK.

Moving to our second growth platform of Health & Nutrition, which comprises nutritional premix solutions and flavors, and focuses on priority high-growth end-use markets of active lifestyle nutrition, functional beverages, and vitamin, mineral, and supplements. This segment delivered a strong performance in 2025, delivering like-for-like revenue growth of 6.8%.

This was driven by a 7.4% increase in volume and a 0.6% decrease in price. Total revenue increased by 11.5% as a result of 6.5% increase from the acquisitions of Flavor Producers and Sweetmix, which were completed in April 2024 and August 2025 respectively, and the negative impact of the 53rd week in the prior year of 1.8%.

We're pleased with the strong volume performance, which was driven by good growth across both premix and flavors, underpinned by strong demand across our end-use markets. We saw particularly good growth in Europe and Asia.

Pricing was slightly negative due to certain pass-through pricing with customers. Health & Nutrition EBITDA was $115.8 million, up 16.7% constant currency.

EBITDA margins were 18.4%, an increase of 80 basis points versus 2024 on a constant currency basis. Margin expansion was driven by the full-year impact of Flavor Producers and strong volume growth from existing customers, somewhat offset by the impact of tariffs in the second half of the year.

We have a strong global footprint in Health & Nutrition with a range of technologies and solutions targeting functional nutrition end-use markets across a broad range of customers. We have deep customer relationships and co-development capabilities to help our customers win in their markets.

We have the number two global position in customized premix solutions and have a strong position in natural and organic flavor systems, operating in attractive end-use markets such as active nutrition, functional beverages, and vitamins, minerals, and supplements. We continue to invest in innovation, capacity, and new capabilities to ensure we have the best solutions to meet the growing demand for functional taste and macronutrient needs across a broad range of formats.

During the year, we announced the acquisitions of Sweetmix and Sycore. Sweetmix is a high-quality, Brazil-based nutritional premix and ingredient solutions business which will allow continued expansion in the Latin America region.

Sycore is a fully operational manufacturing facility in India which provides us with our own in-market manufacturing for both Performance Nutrition and Health & Nutrition. In terms of capacity, we're substantially expanding our spray-drying capabilities in the US, which will enable us to capture a larger opportunity in powdered flavor applications.

We have also approved plans to more than double our Asian nutritional premix capacity and are also expanding our capacity in Europe. Dairy Nutrition combines our US cheese and dairy proteins portfolios.

This platform consists of a highly integrated manufacturing footprint with a high supply and operational interdependency, and is also the route to market for our joint venture partners' supply of whey and cheese ingredients. This business underpins our scale leadership position in dairy as a leading producer of whey protein isolate and American-style cheddar cheese in the US.

We also hold exciting positions in dairy bioactives with strong demand, particularly for colostrum, targeting gut health and immunity trends. In 2025, Dairy Nutrition delivered like-for-like revenue growth of 5% in the period, driven by a 4.2% increase in volume and a 0.8% increase in pricing.

The increase in volume was across cheese and protein solutions, and the price increase was driven by strong high-protein solutions category demand, somewhat offset by negative dairy market pricing in the second half of the year. We're seeing sustained demand for high-quality whey and non-whey protein solutions, driven by global trends in performance nutrition and everyday wellness.

Our expertise in protein chemistry and our unique assets, combined with the ability to deliver consistent functionality and nutritional density, positions us as a partner of choice for customers seeking premium science-led protein solutions. We saw good growth in existing and new customer wins in 2025.

An example of this momentum includes our novel protein solutions such as the OvenPro series, targeting high-protein breakfast and other snacking usage occasions. These solutions exemplify pleasure with purpose: indulgent products with protein content that taste good, meeting end-consumer demand for great taste without compromise.

Turning to whey and whey volatility, we're one of the largest suppliers and the largest buyer of whey protein isolate globally, and we've a clear ongoing strategy in whey procurement. As consumer demand for protein continues to grow, which is driving growth in our priority brands, we also continue to see whey pricing hit record levels driven by this strong demand.

We've a lot of experience across dairy complex, but there's currently no way to effectively hedge whey protein. We have a robust program using all available levers to manage it.

As you can imagine, there will always be a lag impact on margin as we implement consumer price increases and navigate this input volatility. We've now contracted supply into early quarter four, providing certainty on our cost base for 2026, with prudent assumptions for the remainder of the year.

New global supply of high-end whey of approximately 15% to 20% has started to come on-stream and is expected to expand across 2026. We continue to engage with our suppliers for longer-term supply investment, and as mentioned previously, we're also investing in our own WPI capacity within our joint ventures, which will come on-stream in early 2027.

We continue to take decisive action to mitigate the impact as much as possible, and we're very thoughtful on this to ensure we do it in a measured way to maintain revenue growth and protect share. In 2025, we increased prices in international markets in quarter two and in the US in quarter four, and we are currently implementing price increases globally for execution in quarter two, which is supported by promotional efficiency and product mix.

To date, we've seen limited elasticity from price increases in 2025, but will continue to monitor demand carefully, particularly as we move through this second round of price increases. We continue to review the possibility of further revenue growth management initiatives later in the year, depending on consumer reaction and the evolution of whey prices.

In addition, we also carefully manage our cost base to ensure we're efficient and adjust our marketing investment appropriately to ensure we prioritize spend on brand-building initiatives. We will also be pricing across our protein solutions business in Dairy Nutrition.

Lastly, with innovation, we're looking to broaden our product mix from whey protein to include other protein sources, such as collagen, milk, and plant proteins, while also driving non-whey innovation as you've seen in our energy platform. We made good progress on our group-wide transformation program during the year, which is focused on driving efficiencies across our new operating model and supporting the next phase of growth through three focused segments.

The program is expected to generate annual cost savings of at least $60 million by 2027, and we are on track to deliver approximately 40% of savings in 2026. Of these savings, we expect to reinvest approximately 50% to drive growth across our Performance Nutrition and Health & Nutrition segments.

Significant progress has been made across four key pillars to give us confidence in delivering on these targets. New operating model is now established, simplifying our structure, with Dairy Nutrition and Health & Nutrition established as new dedicated segments, and a reorganized Performance Nutrition Americas, injecting new capabilities into the business.

The second pillar is to unlock efficiencies, and we're centralizing and streamlining key activities and capabilities across procurement, engineering, planning, and quality, and driving operational efficiency through a mixture of automation and continuous improvement. We're also accelerating our procurement savings and leveraging our global manufacturing footprint for capacity.

The third pillar is about accelerating our digital transformation, and we've expedited the transformation of our back-office functions and continue to focus on automation and the implementation of AI and analytics to enable front-office growth initiatives. We are leveraging agentic AI across the group, which is supporting marketing campaigns and new product innovation in Performance Nutrition, and analyzing customer interactions in Health & Nutrition and Dairy Nutrition, providing us with both the intelligence and the infrastructure to drive growth and improve efficiency.

The final pillar is our ongoing portfolio evaluation. We're focused on simplifying our group structure and optimizing our overall margins, and in 2025 we completed the sale of two non-core brands, and we also completed the acquisition of Sweetmix and Sycore, further expanding our global scale.

As we outlined at our Capital Markets Day, we have a clear strategy in place to drive the next stage of growth, and we've shown evidence of this model throughout 2025. Firstly, we're focused on driving Optimum Nutrition globally and growing our portfolio of lifestyle brands.

Optimum Nutrition delivered double-digit like-for-like revenue growth in the second half of 2025, and we continue to see strong momentum for the brand. We're ambitious to scale our Health & Nutrition segment as a leading solutions partner in our end-use markets, and the acquisitions we've made and a commitment to capacity expansions we've outlined are core to this growth strategy.

We are focused on optimizing Dairy Nutrition to maximize profits across our scaled dairy operations while growing our protein solutions and bioactives business. We continue to expand internationally, leveraging our scale and global supply chain footprint.

Lastly, investing in innovation to stay at the forefront of our growing categories is vital to us, and the savings from our transformation program will allow us to continue reinvesting in innovation. Delivery against each of these requires focus and execution excellence, enabled by our group-wide transformation program, our teams, talent, and culture, as well as our strong financial discipline.

With that, I will hand over to Mark to take you through the financials.

Thanks, Hugh, and good morning to everyone on the call. 2025 group revenue was $3.95 billion, up 2.3% on a constant currency basis.

At the group level, volumes were up 3.7%, driven by good performance across all three divisions and a particular strong demand for our protein brands and ingredient solutions. Price was up 0.5%, driven primarily by positive dairy market pricing and positive pricing in Performance Nutrition.

53rd week in the 2024 comparison negatively impacted revenues by 2%, and the net impact of acquisitions and disposals added 0.1% to group revenues as a result of the acquisition of Sweetmix offset by the disposals of SlimFast and Body&Fit. 2025 group EBITDA pre-exceptional charges was $499.1 million, down 9.4% constant currency, primarily as a result of higher whey input costs impacting Performance Nutrition EBITDA, somewhat offset by strong EBITDA growth in Health & Nutrition in the year.

PN EBITDA was down 23.2%, H&N EBITDA was up 16.7%, and DN EBITDA was up 1.7%. Group EBITDA margin was 12.6% compared to 14.4% in the prior year.

PN EBITDA margins were 13%, down 380 basis points constant currency. In Health & Nutrition, we saw good progression in EBITDA margins to 18.4%, an increase of 80 basis points constant currency on the prior year.

Adjusted earnings per share for the year was 134.93 cents, down 3.4% constant currency on the prior year and ahead of the previously guided range of 130 to 133 cents. The group generated operating cash flow of just over $454 million, with a strong operating cash flow conversion of 91%, well ahead of our 80% target.

Return on capital employed for the year was 11.3%, in line with our target range of 10% to 13%. Cash flow generation was strong in 2025, with operating cash flow of just over $454 million.

Operating cash conversion was 91% compared to 88% in the prior year. Operating cash flow was enhanced by another year of disciplined working capital management.

Net working capital balances at year-end were broadly in line with prior year, and net working capital outflows for the year amounted to $11 million. Free cash flow for the year was $360 million compared to $403 million in the prior year.

At year-end, the group's net debt position was $526 million compared to $436 million at the prior year-end. The closing net debt balance represented a net debt to adjusted EBITDA ratio of 1.08 times.

Interest cover in 2025 was 13.7 times. Both metrics are well within the group's financing covenants.

The group has $1.4 billion in committed debt facilities, with a weighted average maturity of 2.7 years, with no facility due for renewal prior to late 2027. Now let me turn to our capital allocation framework.

Of the $437 million deployed in 2025, we returned the majority of this capital to shareholders. In respect of dividends, the group returned €102.5 million to shareholders during 2025, related to the final 2024 dividend and the interim '25 dividend.

Today, we announced that we are increasing the 2025 final dividend by 10%, so that the total dividend for 2025 will be 42.87 euro cents per share, representing a payout ratio of 35.9% of adjusted earnings per share, which is within our updated target payout range of 30% to 40%. As we stated at our recent Capital Markets Day, the group is committed to a progressive dividend policy.

The group also returned €197 million to shareholders via share buyback programs during 2025, acquiring and canceling 15 million shares at an average price of €13.10 per share. In addition, the board has authorized a further €100 million share buyback program for 2026, and we are launching an initial €50 million tranche of this today.

In 2025, the group spent just over $51 million on strategic capital expenditure, with investments in ongoing capacity enhancements, business integrations, and IT investments to drive further efficiencies. In the second half of 2025, we acquired Sweetmix, a Brazil-based nutritional premix and ingredient solutions business, for an initial consideration of $41 million, that enables Health & Nutrition to continue to expand in Latin America.

Post year-end, we completed the acquisition of Sycore, a manufacturing facility in India, providing in-market manufacturing for both PN and H&N, for consideration of approximately $16 million. We will continue to look for organic and acquisition opportunities to scale our Health & Nutrition business, supported by our strong balance sheet and financing facilities.

The group incurred exceptional charges after tax of just over $100 million during the year. These primarily related to the group-wide transformation program and losses on disposals of non-core brands.

The multi-year transformation program was announced in late 2024 to drive efficiencies across the group's new operating model and to support the next phase of growth. In 2025, costs for this program amounted to $55 million, which are primarily people-related costs and advisory fees associated with outsourcing certain back-office functions and establishing the new Health & Nutrition and Dairy Nutrition businesses.

The program is on track to deliver $60 million of annual savings during 2027, of which 40% are expected to be achieved by the end of 2026. Total cost of the program is expected to be $100 million.

The non-core brands SlimFast and Body&Fit were divested during the year, and we have recognized a loss of disposal of these businesses of $45.7 million in the current year. We've also taken a non-cash impairment charge of $16.5 million related to the LevelUp direct-to-consumer retail business.

As part of the decision to exit our dedicated European D2C retail strategy and following the sale of the Body&Fit business, we are exiting the LevelUp D2C retail business as it no longer aligns with our strategy. Net finance costs were $29.4 million, up approximately $2.6 million compared to prior year, due to the acquisition of Flavor Producers in 2024.

The average interest rate for the year was 4.2% compared to 4.6% in '24. The effective tax rate for the year was 15%, down from 16% in the prior year.

For 2026, we expect the group's effective tax rate to be between 14% and 16%. Joint venture performance increased by $11 million versus prior year, primarily related to improved dairy market dynamics, including the implementation of the US Federal Milk Marketing Orders program from June 1st.

For 2026, capital expenditure, both strategic and sustaining, is expected to be between $100 and $110 million, which includes initial spend related to the expansion of our Health & Nutrition facilities in Asia, the US, and Europe, as Hugh has referenced earlier. These projects, which are expected to be substantially completed by the end of '26, will have a total investment of approximately $40 million and will enhance our ability to service customers in growing end markets.

We are ambitious for growth, and we outlined our medium-term growth algorithm at our Capital Markets Day in November. Over the medium term, we are targeting 5% to 7% annual organic revenue growth in Performance Nutrition and 4% to 6% annual organic revenue growth in Health & Nutrition.

We expect to grow earnings ahead of revenue in PN and H&N, supported by our transformation program that will deliver $60 million of savings annually by 2027. EBITDA margins in PN are expected to improve by 250 basis points by 2028, and EBITDA margins in H&N are expected to be in the range of 17% to 19%.

Dairy Nutrition EBITDA is expected to be in a range of $150 to $160 million. From a group perspective, over the medium term, we are targeting annual earnings per share growth of 7% to 11%, with 85% cash conversion.

We will continue to invest for growth and returns, targeting a dividend payout ratio between 30% and 40%. Our 2026 outlook is aligned with these medium-term targets.

Performance Nutrition like-for-like organic revenue growth, excluding dispositions, is expected to be between 5% and 7% in 2026 and will be pricing-led. As we enter '26, we continue to see strong demand for our protein products, and we are currently implementing price increases which will be effective in Q2 to offset whey inflation.

Volume trends have remained broadly resilient following prior-year pricing actions, and we will continue to monitor these trends and demand responses closely as the year progresses. As whey input costs are expected to remain elevated this year, we will continue to assess the need for further revenue growth management actions in the second half of the year.

We continue to utilize all levers within our revenue growth management playbook, including disciplined pricing actions, promotional efficiency, and product mix management, allowing us to manage the cost environment while maintaining competitiveness and supporting the long-term health of our brands. We have very good visibility in our cost base this year as we have contracted whey supply needs into early Q4, and we have made prudent assumptions on whey costs for the remainder of the year.

New global whey supply of 15% to 20% has started to come on-stream, and we expect this to continue through 2026, albeit strong demand is taking up this supply. We expect to see EBITDA margin progression in Performance Nutrition in 2026 as a result of price increases, the sale of non-core brands, and our group-wide transformation program.

Progression is expected to be second-half weighted as a result of the phasing of price increases and timing of marketing investments. Revenue in Health & Nutrition is expected to grow between 4% and 6% and will be volume-led across both premix and flavor solutions businesses, with strong growth expected across our core end-use markets of active nutrition, functional beverages, and vitamins and supplements.

H&N EBITDA margins are expected to be in line with our medium-term guidance of 17% to 19%. We continue to expect profitability growth across Dairy Nutrition and the group's US joint venture.

In Dairy Nutrition, we expect EBITDA to be in line with our medium-term guidance of $150 million to $160 million, with continued strong demand for whey protein. Our US joint venture will see profit after tax growth given the full-year impact of the US Federal Milk Marketing Order, which was implemented in June 2025.

We expect to deliver adjusted constant currency earnings per share growth in the range of 7% to 11%, in line with our medium-term guidance. We also expect operating cash conversion to be over 85% and return on capital employed to be in the range of 10% to 13%.

With that, I will hand it back to Hugh.

Our purpose is Better Nutrition, and we're ambitious for growth. We're operating in exciting high-growth categories with leading brands and ingredients, driven by consumer megatrends.

We have transformed our business, sharpening our focus to capture growth in our primary engines of Performance Nutrition and Health & Nutrition. Finally, we believe we have the right people, the right capabilities, the right portfolio, and balance sheet firepower to deliver on our growth algorithm and drive strong shareholder return.

Now I'd like to hand over to the operator for questions.

Thank you. Morning, everyone.

My first question is just on whey costs. Very clear commentary there in terms of how you've hedged and your outlook.

Maybe just to ask a little bit more color. At the Q3 point, I think you said you hedged for H1 marginally ahead of H2 '25 levels.

Given the level of hedging you have in place now for this year, how should we think about that year-on-year impact for your whey cost bill for '26 versus '25? I guess the second question around this is just you flagged more new supply coming on-stream as we speak today.

What is your base case assumption in terms of whey prices over the course of the next year? Are you still anticipating a normalization or has that changed just given how strong demand has been over the last kind of year or so?

Then my last question, if I can sneak it in, is just around innovation for GPN clearly dialed up and kind of took more of a focus at your CMD in November. Maybe you could just talk us through the successes of some of the recent launches in H2 and some of the plans for the year ahead.

Thanks, Paddy. I'll answer the cost question, and Hugh will talk on innovation.

Look, we've been managing our whey fairly closely, as you can imagine. That's why we are procured now through Q4.

We've been layering in that procurement since last summer, frankly, as you sort of look at what we're doing for this year. Costs continue to be elevated.

There's obviously a 90 and an 80 elements to whey, and 80's been rising a bit more recently, I would say 90 a bit more stable, but certainly have continued to elevate as the year has gone on. When we look at year-on-year, we'd expect to see double-digit increase in costs of whey versus the prior year.

That, of course, will feed into the pricing conversation, as you can imagine, as well. In terms of your question on new whey supply coming on-stream, as I said, right now, it's being taken up in terms of the strong demand we're seeing for protein in all different formats.

Clearly, we're benefiting from it in our Dairy Nutrition business and our Performance Nutrition business. Certainly right now, that whey supply is being taken up.

As we look to '26, I don't think we expect to see any significant change in terms of significant reduction in whey prices. We've assumed they'll stay at an elevated rate for the year in terms of our overall guidance to you.

Thanks, Mark. Morning, Patrick.

How are you? Apologies to all, I'm fighting a bit of a cold, as you might hear in my voice.

Just to add actually to what Mark said on whey at a more strategic level, we see it in Dairy Nutrition. Demand is exceptionally strong at the moment across multiple formats, and we're seeing the benefit of that in Dairy Nutrition.

Clearly new supply is coming, and I can assure you that every dairy company out there is figuring out how they make more WPC80 and WPI, given these prices. Fundamentally, it's driven by demand.

I think you're going to see all categories price increase over the course of 2026 and figuring out the impact that may or may not have, but the fundamentals remain very strong for demand of whey proteins. If you look at innovation, Patrick, what I'd say is what we shared with you at our Capital Markets really was only coming online in quarter four and into this year.

We spoke to you about we're moving into blends of whey and collagen, targeting hydration and recovery, Pro Crunch in the US, Clear Whey in Europe, good start there, but very early. A lot of new flavor variants in creatine.

We've just launched our new creatine gummies actually in the TikTok shop in the US. Be interesting to see how that does.

New 40 g shake that we presented to you has just launched, Amino Energy stick packs, and we just launched new amped pre-workout as well in January in the US. A lot of activity, but very early to say, but obviously a key focus for us in Optimum Nutrition as we extend usage occasions.

Lastly, just to say, we are very focused on value to the consumer, we've launched a lot of new opening price points, whether it be the sachets or 10-serve or 14-serve, and we continue to invest and support those new pack sizes to support consumers.

Thank you.

Morning, Hugh and Mark. Just two questions from my side.

Just to go back to your comments on the Performance Nutrition margin for this year, you pointed out we should expect some margin progression. Now there's obviously the 50 basis points net benefit to margin in '26 from the disposals, which you had previously flagged.

Should we expect margin progression beyond that, or is this only going to be driven by that? That's my first question.

Then my second is on the club channel. Can you just give us some more color here?

I see there was a noticeable acceleration in like-for-likes in the second half of your food, drug, mass and club sort of segments. There's obviously the lapping of the club private label issues from summer of 2024.

Are sales in the club channel specifically now above levels prior to these issues? I think any and all color on the club channel would be appreciated.

Thank you.

Hi, David. I'll take the margin question, and Hugh will update you on the club channel.

A number of moving pieces, as you can imagine, as we look to margin in 2026, and we are confident in getting margin progression in '26. You're correct, we'll expect to see a 50 basis point improvement from the dispositions.

In a full year, actually, that will be 80 basis points, but we've got some dissynergies as we enter the year that are impacting that as well. Of course, the big thing for us this year, as we see costs increase, we also have a lot of pricing coming through.

We'll have double-digit pricing coming through in quarter two. As there can be a lag as pricing catches up with increases in whey costs, we'll see that move as we go through the year.

That will have a negative impact. A positive impact then will be the transformation savings.

We said with the $60 million by '27, 40% of that will come in in '26, and about half of that will hit the bottom line, quite a bit of that in PN. That will help us in terms of mitigating some of the lag on the pricing side.

Then in the first half, you'd expect to see some more marketing investment relative to the year as we normally do that. It'll probably be second-half weighted.

Overall, when you put this together, I'd expect about a 50 basis point progression as we work through the year here, second-half weighted.

Thanks, Mark. Hi, David, morning.

Look, I suppose the first thing I'd say is very happy with performance in Optimum Nutrition and Isopure with double-digit growth in half two last year particularly. A reminder that we're an omnichannel business, our focus is across all our channels of distribution.

I wouldn't pick out one in particular. Our food, drug, mass, that is very strong category, is growing very well.

We're growing above category with both our brands. Look, the club channel will always have puts and takes just given the nature of products that go in and out as part of their tests and as part of kind of their innovation focus.

From our perspective, we're confident in our revenue guide for the year, particularly driven by Optimum Nutrition and Isopure.

Thanks very much.

Hi, morning, all. A few questions from my side, if that's okay.

Firstly on Health & Nutrition, a very strong organic performance in quarter four, and really notably ahead of quite a lot of larger B2B ingredient peers. Can you give a bit more color in terms of what you think your weighted sort of end-market growth was against that organic delivery in Q4?

I guess what I'm trying to get at is, is this outperformance really driven by structural mix of categories, and do you see kind of growth being sustainable in 2026? Secondly, just to come back to whey, thanks for all the color already, but just a couple of questions.

Firstly, I guess, have you seen the broader peer set take similar pricing that you put through in November in the US so that your kind of relative price points are unchanged? Secondly, thinking a bit longer-term, you're not assuming that whey costs come down or whey prices come down in '26 because of the strong demand.

Regarding the sort of 250 basis point improvement target out to '28, are you embedding a normalization in whey prices in that assumption, or can most of that be driven by organic means? Thank you.

Morning, Alex. How are you?

Look, very pleased with Health & Nutrition performance. As you said, a strong quarter four after a strong quarter three.

I suppose we highlighted it at our Capital Markets again, we're targeting three end-use segments: active nutrition, functional beverages, and vitamin, mineral, supplements, and they're all doing well for us. We're seeing the same benefits in Health & Nutrition in terms of the end consumer we target that we're seeing in Performance Nutrition.

I think that's the first thing I'd say. Second is that we're a focused and agile business as well.

We'd be smaller than a lot of the peers you referenced, but we're very focused on those segments. We invest in deep customer relationships.

Good to see continued progress in international. Very positive there.

We're also then leveraging cross-sell opportunities across the broader group, which is an opportunity for us as well. Clearly Mark called out as well, and as did I, we're investing in capacity expansions in Asia, Europe, and the US, which is a positive as well.

As we laid out in our Capital Markets, we're ambitious to scale this business.

In terms of your question on whey in terms of the 250 basis points, Alex, I would say that we are expecting that we'll have a normalization or a stabilization of cost versus pricing at some point here as we get through the 3 years, because this year clearly there's still some catch-up and lag, as I spoke to. At some point, this should normalize.

I'm not necessarily expecting a significant reduction given how sort of popular protein is, and we expect to see that in the medium term. Now, of course, I also have significant transformation work going on, which I know will give me margin improvement as well.

We're still confident in the 250 basis points over the period, but we are assuming that we get to a point where we have some stabilization of cost increases and pricing.

Lastly, just on your question, Alex, on whey and competition, look, I think I'm comfortable in saying that everybody is going to have to move on price and are moving in price given the whey price inflation we've seen over the last 24 months. We saw it first in international.

We would have moved in quarter two. We saw a little bit of elasticity for a quarter until all the competition moved.

Now, in fact, in international markets, some of our competition are moving ahead of us. In the US as well, we're starting to see competition move just given the scale of these prices.

As Mark said, we're not planning for a stabilization in whey at this point until we see what happens demand and what happens elasticity and what happens additional volume supply. Yes, we are seeing the market move.

That's very helpful. Thank you.

Morning, all. [unclear] my question.

The first one on the Optimum Nutrition. Just wondering if you can provide a view as to how you see the volume outlook for Optimum Nutrition in FY '26 just relative to the positive volume momentum that brand reflected in the second half of the year.

Then just one more question in reference to some of the color you provided on whey costs, high for longer dynamic you've outlined. Can you just provide a bit of detail as to what impacts you're seeing that have on the breadth of brands that compete with you, and if that's having more adverse impact on some of the smaller, not vertically integrated brands on shelves?

Thank you.

Matthew, the line wasn't great there, but I think I got the first question, which was just continued ON volume momentum into 2027. Clearly, we're we're very happy with performance in half two last year.

The year started well for the brand. We can see that in consumption numbers as well.

We'll be pricing in quarter two, and that's in train now as well. Figuring out the potential level of elasticity versus the level of price, etc., is just always a hard one to call.

We've seen limited elasticity to date in the price increase in November in the US, and we've we've we've worked through any small elasticity we saw in international earlier in 2025. Overall positive.

What I'd say is, look, our revenue guide for PN is across the entire portfolio, we would be ambitious for ON to be a little bit higher than that. Overall positive as we go into 2026.

Look, you can see it in the category data as well. Category growth is accelerating in powders.

We spoke at our Capital Markets on how powders are mainstream and the different consumer benefits, mixability, higher protein content, versatility, not just price, but affordability is actually, these are very affordable, even post price increase, on a cost-per-serve versus other formats of high-protein products. It's a great question on whey.

Look, we are effectively vertically integrated. We we we are we have a dairy business where we've great insights on the protein markets and protein solutions.

We manufacture all of our own powders. That that gives us probably we have we have good foresight on how the markets are moving.

Like the rest of the industry, we won't always get it right, but we we are we we will have good foresight earlier than a lot of the competitors. I would think the smaller competitors, if they weren't locked in to some of these prices or if they weren't locked in to supply, will struggle to get supply and will struggle with pricing.

I don't I don't know anything for fact there, but just to say that it's it is likely if they're working through co-mans and they weren't bought forward, they they could struggle.

Great, I'll pass it on. Thank you.

Hi, morning, gents. Thanks for taking the questions.

First one is just on the indicated capex increase. Could you just clarify that the increase is going towards H&N and that the planned expansion will complete this year, i.e., you'll be able to sort of start driving that factory growth or factories' growth from next year?

Second question is on online revenue momentum. It looked like you delivered pretty strong growth in the year at just over 10%.

Can you sort of provide what are the key sort of market drivers behind that and whether sort of we should expect that to continue through 2026? Then just one last one, just on marketing.

Are you in a position to sort of quantify what the step-up year-on-year is likely to be in 2026, please?

Hey, Damian, I'll take the capex question. We're a little bit ahead.

You probably know as of our CMD guidance, we said 80 to 100 in CMD. We're a bit ahead of that.

The reason for that, frankly, is the strength we're seeing in the Health & Nutrition business. The volume numbers are strong.

We expect to see that sustain quarter by quarter into 2026. As a result, we do require increased capacity.

To your question, most of that will be done by the end of 2026, we should be having production in 2027 in terms of our Chinese and US and European expansions. Most of that 40 million will be spent by the end of 2026 based on our current plans.

I'll pass over to Hugh for the marketing.

Maybe start with the marketing first one. Good morning, Damian.

Look, Mark laid it out, we're pulling all levers, as you can well imagine, across the business given the current inflationary environment on whey particularly. That would include marketing spend as per last year, but also our transformation project, our cost base, our mix, our revenue mix.

In terms of marketing spend, though, it'll be mid-to-high single digits. It'll be higher than last year, but all of that increased spend will go behind the Optimum Nutrition brand.

In terms of key e-commerce, obviously I said it earlier on, we're an omnichannel business, we're pushing for growth across all our channels that we compete in. An online channel is always a key channel for us as we can engage so well with the consumer there in terms of information, in terms of content, etc.

We continue to expand that. You can expect as well, that's where a lot of our innovation will go on online first because we can move quickest on it.

We would absolutely be ambitious for continued growth in that channel.

Thanks very much. Very clear, thank you.

Good morning, and thanks for taking my questions. Two quick questions.

Firstly, Hugh, just on the affordability piece within PN, obviously you mentioned 10-serve, 14-serve, and sticks, any early evidence on the performance of those formats? That's my first question.

My second question just relates to the guide for PN. I'm assuming that within that the assumption is a high degree of elasticity on the second price increase, or the price increase in Q2.

They're my two questions. Thank you.

Hi, Cathal, good morning. A little bit early on some.

The sachets are just really launching. Our 10-serve, 14-serve, we launched last year, and really pleased with performance there.

In fact, what we're seeing there is it's bringing in a lot of new consumers, particularly the 10-serve online. Affordability, hitting the right price points, sub-$20 price points in some instances has been important.

We continue to, and we see that in the US and internationally as well. In terms of the guide for PN, yeah, look, we debate this a lot, we discussed this a bit at our quarter three results as well.

Particularly international, when we price increased, we saw a little bit of elasticity for a quarter. It's hard to call.

We have built elasticity into our assumptions. In saying that, demand for whey protein continues to be exceptionally strong.

Our categories are going very strong. Our brands are outperforming the categories in this space as well.

Calling what the elasticity will be is a difficult thing to do. As you can imagine, we're very thoughtful in this and careful as we move through the year, because our goal here is to continue to drive growth in the brands and ahead of categories.

There's lots of debates internally, but simply put, yes, you can assume we have elasticity built into our assumptions for the year. We'll keep you updated as we go through the year how we're thinking about that.

Thanks. Just a quick follow-up on creatine, obviously you called it out in terms of very good growth.

One is, is there much opportunity to scale that further, and I'm thinking beyond North America? Secondly, just in terms of the pricing environment around creatine, could we get a little bit of color on that, please?

I think I can be quite clear. When we're talking about price increases, actually, we're just talking about price increases on our protein category.

It's all driven by whey,

which is about 65%, 70% of the business. We won't be price increasing on our energy or creatine products.

Two, I'd actually say, Cathal, the creatine growth is global. It's across all of our markets.

It was a significant double-digit growth in 2025 over 2024. We've launched a lot of new innovation, different format sizes, different flavors, but continues to do well, and kind of energy, creatine, and protein are what's going well for us.

Thank you.

Hi, gents. Sorry, I just have some follow-up questions.

I appreciate that this is another dairy 101, but just going back to whey, supply is obviously going to react to price, right? Can you give us an idea how quickly producers can react to adding new WPC80 or 90 capacity from brownfield conversions, or does this all need to be greenfields, given that, I guess, there's not been much investment into cheese over the last few years?

Then the other question is on marketing. Hugh, I promise this is a genuinely serious question, but can you confirm if Optimum Nutrition renewed its partnership with England Rugby that it previously had, or is it only Ireland Rugby that it now has as a main rugby team in the Six Nations?

Thanks.

I'll kind of start with that last question given the weekend that's in it, David. No, we sponsor Marcus Smith, the English rugby player, but not the English rugby team, and yes, we do sponsor the Irish rugby team and a number of athletes within there as well.

We could give you a thesis on this, and I know it wouldn't be fully accurate in that there's so many variants in this. The first thing I would say is we know from our own dairy plant that every dairy business is looking at efficiency initiatives to increase their output of high-end whey proteins, whether it be 80 or 90.

I think a lot of dairy plants can switch between the two. Depending on economics, they can switch between one and WPI and WPC80.

I think if it was an add-on, the best example I could give you is probably our own facility, where we've approved the capex late next year and that'll be in place for early 2027. Probably from approval of capex to implementation, kind of that probably 15-month period and that will be leveraging existing whey stream and concentrating it up to 90%.

If you were to build a new facility, it would obviously take that little bit longer, probably 2 years-plus. I suspect everybody is running the rules over whether they build new facilities or not.

The challenge always will be in the cheese whey markets as to the cheese market is effectively flat. Can you sell the cheese?

Then cheese prices. I think the difference now what you'd probably see is businesses, dairy businesses, start looking at can they produce whey casein rather than just whey cheese, not produce cheese at all, which is a different plant configuration.

Given the demand we're seeing and the prices, the returns will work. There'll be a lot of work going on at the moment around at these prices.

With this demand, even if prices were to drop, my sense is the dairy industry would be quite confident that demand will remain strong. Even if they were to drop back a little, 20%, 30% for a period, that would still be enough premium there to incentivize new capacity over the next number of years.

Thank you.

Thank you, operator. Look, just to briefly close, just reinforce our conviction from the team here that Glanbia remains well-positioned for growth and moving at pace as we laid out at our Capital Markets Day.

Just to thank you for your time, and look forward to connecting with you all individually over the next few days.