Glanbia PLC (GLAPF) (H1 2025) Earnings Call Highlights

 

• Revenue: $1.9 billion, up 6% on a constant currency basis.

• Adjusted Earnings Per Share (EPS): $0.6303.

• Pre-exceptional EBITDA: $241.3 million, down 7.5%.

• EBITDA Margin: 12.5%, a decrease of 180 basis points.

• Health and Nutrition Revenue Growth: 6.5% like-for-like, with volume growth of 6.9%.

• Dairy Nutrition Revenue Growth: 14.1% like-for-like, with volume growth of 4.3% and pricing increase of 9.8%.

• Performance Nutrition Revenue Decline: 3.8% like-for-like, with volume decrease of 3.5% and price decrease of 0.3%.

• Net Debt: $650 million.

• Cash Conversion: 81.3% with operating cash flow of $432 million.

• Interim Dividend Increase: 10%.

• Share Buyback: EUR63 million returned to shareholders.

• Capital Expenditure: $47.7 million in the first half, with full-year expectation between $80 million and $90 million.

• Adjusted EPS Guidance: Upgraded to $1.30 to $1.33, a decline of approximately 5% to 7% constant currency.

Release Date: August 13, 2025

Positive Points

• Glanbia PLC (GLAPF) reported a resilient performance with adjusted earnings per share of $0.6303, driven by strong growth in Health and Nutrition and Dairy Nutrition divisions.

• The company delivered revenues of $1.9 billion, representing an increase of 6% on a constant currency basis.

• Health and Nutrition division saw like-for-like revenue growth of 6.5% with volume growth of 6.9%, driven by Nutritional premix and Flavor Solutions businesses.

• Dairy Nutrition experienced strong growth in Protein Solutions and favorable pricing due to strong whey protein demand.

• Glanbia PLC (GLAPF) raised the interim dividend by 10% and returned approximately EUR63 million to shareholders via share buyback programs.

Negative Points

• Performance Nutrition division faced a decline with like-for-like revenue down 3.8%, driven by a decrease in volume and price.

• Group EBITDA pre-exceptional decreased by 7.5% with EBITDA margins declining by 180 basis points due to elevated whey protein costs.

• The company incurred exceptional items net of tax of $32.6 million, primarily related to the group-wide transformation program.

• Net finance costs increased by $3.2 million compared to the prior year due to higher average net debt.

• Performance Nutrition Americas, representing 61% of revenue, was down 8.7% versus last year due to headwinds in the US, club, and specialty channels.

Q & A Highlights

Q: Can you provide more details on the Performance Nutrition (PN) guidance, particularly regarding the expected price versus volume growth in the second half of the year? A: Hugh McGuire, CEO, Glanbia Performance Nutrition, explained that the second half growth will primarily be volume-driven. They are lapping previous challenges in the club channel and have a strong innovation program in place. The categories are growing strongly, especially in powders, which are an affordable source of protein.

Q: Regarding Health and Nutrition (H&N), what is driving the strong performance despite a muted consumer backdrop, and how do you see margins evolving into 2026? A: Hugh McGuire noted that strong demand across all end markets is driving H&N's performance. Mark Garvey, CFO, added that while first-half margins were strong, they expect some softness in the second half due to tariff impacts. They plan to provide more detailed guidance for 2026 at their Capital Markets Day.

Q: How do your whey protein contract prices for 2026 compare to 2025, and do you expect the cost backdrop to ease with new supply? A: Mark Garvey stated that whey costs for 2026 are not materially different from 2025. They have visibility on new supply coming online, which should help stabilize costs. Hugh McGuire added that they are covered for whey through Q1 2026 and are focused on securing additional supply.

Q: Can you discuss the competitive intensity in the ready-to-mix protein powder category in the US and any notable changes in Q2? A: Hugh McGuire mentioned that the ready-to-mix category has always been competitive, but they are not seeing any significant changes in competitive dynamics. The category is growing, and they continue to invest in capturing market share.

Q: What are the expected impacts of the Sweetmix acquisition, and does it require additional capital expenditure? A: Hugh McGuire expressed satisfaction with the Sweetmix acquisition, highlighting its strategic importance for expanding in Latin America. The facility is well-invested and does not require additional CapEx. It serves key markets like functional beverages and supplements.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

https://finance.yahoo.com/news/glanbia-plc-glapf-h1-2025-070231660.html

Three Republican-led states to deploy National Guard troops to US capital

 

The Republican governors of three states are deploying hundreds of National Guard troops to Washington, D.C., at the request of the administration of President Donald Trump, who has portrayed the city as awash in crime.

The announcements on Saturday of troops from hundreds of miles away in West Virginia, South Carolina and Ohio came a day after D.C. officials and the Trump administration negotiated a deal to keep Mayor Muriel Bowser's appointed police chief, Pamela Smith, in charge of the police department after D.C. Attorney General Brian Schwalb filed a lawsuit to block the federal takeover of the department.

Trump, a Republican, said this week he was deploying hundreds of D.C. National Guard troops to Washington and temporarily taking over the Democratic-led city's police department to curb what he depicted as a crime and homelessness emergency.

Justice Department data, however, showed violent crime in 2024 hit a 30-year low in Washington, a self-governing federal district under the jurisdiction of Congress.

West Virginia Governor Patrick Morrisey's office said in a statement he was deploying 300 to 400 National Guard troops to D.C. in "a show of commitment to public safety and regional cooperation." The statement said he also was providing equipment and specialized training.

South Carolina Governor Henry McMaster responded to a Pentagon request by announcing that 200 of his state's National Guard troops would be sent.

Ohio Governor Mike DeWine said he would send 150 military police members in the coming days, adding none of them were "currently serving as law enforcement officers in the state."

After the announcements, Mayor Bowser posted on X: "American soldiers and airmen policing American citizens on American soil is #UnAmerican."

TROOPS TO OTHER CITIES?

The National Guard serves as a militia that answers to the governors of the 50 states except when called into federal service. The D.C. National Guard reports directly to the president.

Trump, who has suggested he could take similar actions in other Democratic-controlled cities, has sought to expand the powers of the presidency in his second term, inserting himself into the affairs of major banks, law firms and elite universities.

In June, Trump ordered 700 Marines and 4,000 National Guard troops to Los Angeles, against the wishes of California's Democratic governor, during protests over mass immigration raids by federal officials.

South Carolina's McMaster said his troops would immediately return to South Carolina if needed to respond to a possible hurricane or other natural disaster. Hurricane Erin, now northeast of Puerto Rico, has become a catastrophic Category 5 storm that could bring ocean swells to the U.S. East Coast early next week, the U.S. National Hurricane Center said on Saturday.

National Guard troops often respond to natural disasters and rarely police U.S. civilians. 

Drew Galang, a spokesperson for West Virginia's Morrisey, said the state's National Guard received the order to send equipment and personnel to D.C. late on Friday and was working to organize the deployment.

A White House official said on Saturday that more National Guard troops would be called in to Washington to "protect federal assets, create a safe environment for law enforcement officials to carry out their duties when required, and provide a visible presence to deter crime."

A U.S. official, speaking on the condition of anonymity, said a formal order was expected to go out that would authorize National Guard troops in D.C. to carry firearms. The official said this order would affect mostly military police officers with sidearms. Reuters has reported that the National Guard troops would have weapons nearby, such as in their vehicles.

The White House said on Saturday that D.C. National Guard members have conducted patrols on foot and in vehicles around the National Mall and Union Station. The White House said the National Guard troops are not making arrests now and that they may be armed.

It is not clear how the administration could deploy National Guard troops elsewhere. A federal judge in San Francisco is expected in the coming weeks to issue a ruling on whether Trump violated the law with the Los Angeles deployments.

https://www.marketscreener.com/news/west-virginia-governor-to-deploy-national-guard-troops-to-us-capital-ce7c51dfda8cf723

South Carolina deploys 200 National Guard troops to DC

 South Carolina Gov. Henry McMaster (R) revealed on Saturday that he authorized the deployment of 200 National Guard troops to help “restore law and order” in Washington, D.C., adding that they could be recalled in case of a disaster in the Palmetto State. 

“I’ve authorized the deployment of 200 S.C. National Guardsmen to support President Trump in his mission to restore law and order to our nation’s capital. The federal government will pay for this deployment under Title 32,” McMaster said in a post on social media platform X. 

“Our National Guard will work to assist President Trump’s mission, and should a hurricane or natural disaster threaten our state, they can and will be immediately recalled home to respond,” the governor added. 

The order comes just hours after West Virginia Gov. Patrick Morrisey (R) announced that between 300-400 National Guard troops from his state will be heading to the District as President Trump’s administration’s police takeover continues in the nation’s capital. 

The president invoked a provision in the Home Rule Act earlier this week, spearheading the federal control of Washington’s police department and deploying 800 National Guard soldiers and federal officers to patrol the District’s streets to better curb crime. 

The administration said this week that since the federal police takeover was put in place, hundreds have been arrested, and dozens of firearms have been confiscated. 

The Justice Department (DOJ) named Drug Enforcement Administration (DEA) head Terry Cole as the Metropolitan Police Department’s (MPD) “emergency police commissioner,” sparking pushback from some D.C. residents and city council members. Attorney General Brian Schwalb sued the administration over the DOJ’s move to appoint Cole. After a federal judge expressed concerns about the move, the DOJ agreed to back away.

D.C. Mayor Bowser (D) has looked to calm the nerves of Washingtonians, as some residents have protested the deployment of the National Guard in recent days. 

“It has been an unsettling and unprecedented week in our city. Over the course of a week, the surge in federal law enforcement across DC has created waves of anxiety. I was born one year before Home Rule became law, and while our autonomy has been challenged before, our limited self-government has never faced the type of test we are facing right now,” Bowser said in an open letter on Friday. 

https://thehill.com/homenews/state-watch/5456357-south-carolina-deploys-200-national-guard-troops-to-dc/

Russia's Lavrov discusses Alaska summit's outcome with Turkish, Hungarian counterparts

Russian Foreign Minister Sergei Lavrov held calls on Saturday with his Turkish and Hungarian counterparts, the Russian foreign ministry said, hours after a summit between the U.S. and Russian presidents yielded no deal on ending the war in Ukraine.

President Donald Trump, who hosted President Vladimir Putin in Alaska on Friday for bilateral talks aimed at ending the war that Russia launched with a full-scale invasion on Ukraine in early 2022, said that Kyiv should make a deal with Moscow because "Russia is a very big power, and they're not."

The phone call between Lavrov and Turkish Foreign Minister Hakan Fidan took place at Turkey's initiative, the Russian foreign ministry said in a statement on its website.

"The foreign ministers exchanged views on the outcomes of the high-level Russia–U.S. meeting held in Alaska on August 15," the ministry said in its short statement.

Turkey has tried to keep diplomatic channels open to both sides during the war, acting as a NATO member, a partner for both Russia and Ukraine, and a potential mediator.

Lavrov also held a call with Hungarian Foreign Minister Peter Szijjarto, the Russian foreign ministry said, in which "the parties discussed issues related to the Ukrainian crisis in the context of the outcomes of the Russia–U.S. summit."

Hungary has maintained close ties with Russia throughout the war, often opposing EU sanctions and continuing energy cooperation with Moscow, and drawing criticism from Western allies of Kyiv.

Hungarian Prime Minister Viktor Orban said on Saturday after the Putin-Trump meeting that "the world is a safer place than it was yesterday," while other European leaders reiterated in their joint statement that "it will be up to Ukraine to make decisions on its territory."

https://www.yahoo.com/news/articles/russias-lavrov-discusses-alaska-summits-222839275.html

Israeli military prepares to relocate residents to southern Gaza, spokesperson says

 Gaza residents will be provided with tents and other shelter equipment starting from Sunday ahead of relocating them from combat zones to the south of the enclave "to ensure their safety," the Israeli military said on Saturday.

This comes days after Israel said it intended to launch a new offensive to seize control of northern Gaza City, the enclave's largest urban centre, in a plan that raised international alarm over the fate of the demolished strip, home to about 2.2 million people.

Israeli Prime Minister Benjamin Netanyahu last Sunday said that before launching the offensive, the civilian population will be evacuated to what he described as "safe zones" from Gaza City, which he called Hamas' last stronghold.

The shelter equipment will be transferred via the Kerem Shalom crossing in southern Gaza by the United Nations and other international relief organisations after being inspected by defence ministry personnel, the military said.

A spokesperson for the United Nations Office for the Coordination of Humanitarian Affairs expressed concern over Israel's plans to relocate people to southern Gaza saying it would only increase suffering.

But the U.N. body welcomed Israel’s recognition that shelter is a desperate need and that tents and other shelter equipment will be allowed again into Gaza. "The UN and its partners will seize the opportunity this opens," the spokesperson said.

The U.N. warned on Thursday that thousands of families already enduring appalling humanitarian conditions could be pushed over the edge if the Gaza City plan moves ahead.

Palestinian and United Nations officials have said no place in the enclave is safe, including areas in southern Gaza where Israel has been ordering residents to move to.

The military declined to comment when asked whether the shelter equipment was intended for Gaza City's population estimated at around one million people presently, and whether the site to which they will be relocated in southern Gaza would be the area of Rafah, which borders Egypt.

Israel's Defence Minister Israel Katz said on Saturday that the plans for the new offensive were still being formulated.

The Palestinian militant faction Islamic Jihad, an ally of Hamas, said that the military's announcement "as part of its brutal attack to occupy Gaza City, is a blatant and brazen mockery of international conventions."

However, Israeli forces have already increased operations on the outskirts of Gaza City over the past week. Residents in the neighbourhoods of Zeitoun and Shejaia have reported heavy Israeli aerial and tank fire.

Residents there have also reported explosions throughout the day, resulting from Israeli tank shelling against homes in the eastern parts of the neighbourhood.

The Israeli military on Friday said that it had begun a new operation in Zeitoun to locate explosives, destroy tunnels and kill militants in the area.

The war began when Hamas attacked southern Israel on October 7, 2023, killing 1,200 people and taking 251 hostages, according to Israeli authorities, and 20 of the remaining 50 hostages in Gaza are still alive.

Israel's subsequent military assault against Hamas has killed over 61,000 Palestinians, Gaza's health ministry says. It has also caused a hunger crisis, internally displaced most of Gaza's population and left much of the enclave in ruins.

Protests calling for a hostage release and an end to the war were expected throughout Israel on Sunday, with many businesses, municipalities and universities saying they will support employees striking for the day.

Negotiations to secure a U.S.-backed 60-day ceasefire and hostage release ended in deadlock last month, and mediators Egypt and Qatar have been trying to revive them.

https://www.yahoo.com/news/articles/israeli-military-prepares-relocate-residents-175022086.html