Glanbia Plc S/Adr

Good day and thank you for standing by. Welcome to Glanview State Quartile 2026 Interim Management Statement Conference Call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 and 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1 and 1 again. Please be advised that today's conference is being recorded. And I'd like to hand the conference over to Mr. Liam Hennigan, Group Secretary and Head of Investor Relations. Please go ahead, sir.

Thank you. Good morning and welcome to the Dlanbia Q3 2026 Interim Management Statement 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 interim management statement. 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 statements 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, Glanbia Plc.

Thank you, Liam. Good morning, everyone, and welcome to the Glanbia Quarter 3, 2026 Interim Management Statement call and presentation. On today's call, I will provide an overview of performance for the first nine months of the year. I'm joined by my colleague, Mark Garvey, who will cover the outlook. At the end of the presentation, we will be happy to take your questions. Overall, the group had a strong performance as we continue to execute on our strategy supported by structural trends across our markets with growing protein consumption and increasing focus on health and wellness. Year to date, our like for like revenue increased by 9.9% to 3.2 billion with volume growth across all three segments. In performance nutrition, like for like revenue increased by 18% year to date as we continue to see strong consumer demand in the protein and energy categories with optimum nutrition continuing to outperform the protein powder category and gain market share with like-for-like revenue growth of 25.8%. In health and nutrition, we saw continued momentum in priority end-use markets with like-for-like revenue growth of 9.8% year-to-date. And in dairy nutrition, we saw volume and pricing growth across protein solutions somewhat offset by market pricing in cheese. I'm delighted to have Wendy Chang-Smith appointed as CFO designate ahead of succeeding Mark next year, and I look forward to a smooth transition. As a result of the strong performance across all three segments, We are today pleased to upgrade our full year adjusted earnings per share guidance to 22 to 24% constant currency growth. This will be driven by strong top line performance in performance nutrition and health and nutrition and continued earnings momentum in dairy nutrition supported by our group wide transformation program. Mark will provide a detailed update and changes to segmental guidance. Performance nutrition performed ahead of expectations during the third quarter with year to date like for like revenue increasing by 18%. driven by a 4.3% increase in volume and a 13.7% increase in pricing. The volume growth was driven by strong category and velocity growth, coupled with increased distribution, market share gains, innovation, some shipment timing in quarter two, and a weaker comparative in the first half of the year. Volumes declined by 4.7% in quarter three, primarily as a result of tougher comparable in the US region due to new distribution gains in the prior year and Margin Dilution Promotion Activity not repeated this year. Optimum Nutrition performed ahead of expectations with 0.8% volume growth in Q3 despite pricing greater than 20%. Pricing growth was driven by pricing actions taken over the last 12 months with the most recent price increases implemented in Q3 in response to weight cost inflation. We have seen an initial softening in some high-end weight prices in the last couple of months but remain at elevated levels in line with earlier this year. We continue to monitor the situation closely with our estimated way needs substantially procured for half 1, 2027. The visibility and insights that we build through our integrated model and procurement program is an important input into our pricing, revenue growth management model, and margin planning. Following our recent price increases, we've seen some elasticity concentrated in specific channels and tax sizes, but underlying consumer demand remains resilient, supported by the higher income skewer shopper base and ON and ISFUR's brand strength. We continue to monitor elasticity and remain disciplined in our approach, balancing the need to manage the cost environment with protecting consumer value and the long-term health of our brands. From a regional perspective, PN Americas, which represents 60% of revenue, increased year-to-date like-for-like revenue by 11.9% versus the prior year, with strong growth in optimum nutrition, somewhat offset by declines in other portfolio brands. PN International, which represents 40% of revenue, delivered like-for-like revenue growth of 28.3% in the year to date, with strong growth in measured consumption across priority markets and continued momentum in both protein powders and creatine. Optimum Nutrition, which represents 79% of performance nutrition revenue, delivered like-for-like revenue growth of 25.8%, growing ahead of the category and gaining market share. We continue to focus on driving recruitment and conversion of new consumers, supported by innovation as we expand usage occasions. We also continue to invest across our brands to drive market share growth, including a double-digit increase in marketing spend and optimum nutrition this year, and we are planning for a similar increase in investment next year. U.S. consumption increased by 22.9% in the 13 weeks of 3rd of October, with strong double-digit growth across four channels, growing ahead of the category. We saw continued growth in our household penetration and distribution. We're also seeing resilient consumption across measured international markets with strong double-digit growth. IsoPure saw strong growth in online and food drug mass channels, offset by declines in the club channel, primarily reflecting reduced distribution in the club channel. We will fully lap that impact by end of year. IsoPure also saw good double digit growth in household penetration and total distribution points. As a result of the continued strong momentum in the third quarter, which we see continuing into the fourth quarter, we are pleased to upgrade our full year like for like revenue guidance to 16 to 17% constant currency growth. Health and Nutrition delivered a strong performance year to date, delivering like-for-like revenue growth of 9.8%. This was driven by 11.5% increase in volume and a 1.7% decrease in price. Total revenue increased by 12.8% as a result of a 3% increase from the acquisitions of SweetMix and Xicor. We're pleased with the continued momentum across our end-use markets of active nutrition, functional beverages, and vitamin and mineral supplements, supported by strong underlying category momentum in protein, and broader health and wellness trends. As we noted previously, growth in the first half benefited from some incremental customer-led innovation activity. In quarter three, growth returned to a more normalized level. Given the nature and timing of customer innovation programs, we can see some variability in growth from quarter to quarter, but the underlying momentum of the business remains strong. Regionally, we saw strong growth, particularly in EMEA and Asia Pacific. Pricing was slightly negative as a result of certain volume rebates to customers throughout the year, and due to tariff refunds to customers in the second quarter. The integration of our recent acquisitions of SweetMix in Brazil and Sycor in India are on track and our capacity expansions in the US, Europe and China are progressing well, with new capacity expected by early 2027. We remain ambitious to scale this business further through acquisition. We continue to see strong demand for our high-quality protein solutions and bioactives driven by global trends in active nutrition and everyday wellness. supported by our expertise in protein innovation, positioned us as a partner of choice for customers seeking premium, science-led protein solutions. Year-to-date, like-for-like revenue in dairy nutrition increased by 2.1%, driven by a 1.4% increase in volume and a 0.7% increase in price. The volume increase year-to-date was driven by protein solutions, with strong whey protein demand particularly targeting the high-protein healthy snacking category. We continue to see good demand for colostrum, targeting gut health and immunity as we evolve our innovation and fractionation to deliver peptides that deliver immunity and other bioactive benefits to consumers. The volume decline in quarter three was primarily driven by customer-related timing effects for some commodity-linked products. Pricing is driven by double-digit pricing in whey protein solutions, somewhat offset by declines from market pricing in cheese markets. And with that, I will hand over to Mark.