DAVY VIEW

Ahead of H1 results, we update our Glanbia model – positive consumption trends for Optimum Nutrition (ON), a stronger Q2 for Health & Nutrition (H&N) and strengthening tailwinds for Dairy Nutrition (DN) drive a 1% EPS upgrade to FY26 forecasts. We expect a strong H1 performance with 8% EBITDA growth. The business sits at the intersection of the protein/nutrition mega-trend, which is translating into healthy top-line growth and strengthening momentum. Interim results are due on August 6th.