Glanbia Earnings: Delivers Solid EBITDA, Reiterates Full-Year EPS Growth Guidance

No-moat Glanbia delivered a first-half like-for-like sales decline of 2.2%, with volume up 1.8% and a negative 4.1% pricing impact. Group EBITDA margin was up 180 basis points to 14.4%, supported by lower input costs and portfolio mix benefits in the Glanbia performance nutrition segment. Despite the solid adjusted earnings per share in the first half—up 12.4% from a year ago—management confirmed its full-year adjusted EPS growth guidance of 5%-8% in constant currency. This implies low-single-digit adjusted EPS growth in the second half, reflecting headwinds from higher finance costs following the Flavor Producers acquisition earlier this year, a 2% higher effective tax rate, and lower joint-venture profits. We're updating our model to incorporate these results.