[PPT] - 2017 Full Year Results Presentation 21 February 2018 CAUTIONARY PowerPoint Presentation

SLIDE 1

2017 Full Year

Results Presentation

21 February 2018

SLIDE 2

CAUTIONARY STATEMENT

2017 Full Year Results | Slide 2

SLIDE 3

Full Year Highlights

2017 Full Year Results Presentation

SLIDE 4

8TH YEAR OF DOUBLE-DIGIT GROWTH

2017 Full Year Results | Slide 4

Total Group Pro- forma¹ EBITA

+8.6%

constant currency² Wholly-owned volume growth

+5.3%

Dividend payout raised to 25%

2017 FINANCIAL Highlights 2017 STRATEGIC Highlights

Acquisition of Amazing Grass and Body & Fit Disposal of 60%

f Dairy Ireland

Refreshed Group strategy Group structure focused on two growth platforms and strategic JVs

1. Pro-forma Adjusted Earnings Per Share for the continuing Group calculation assumes the Dairy Ireland segment and related assets were disposed of at the beginning of the 2016 financial year. A reconciliation of the pro-forma and reported adjusted earnings per share can be found in the appendix of this presentation 2. To arrive at the Constant Currency Change, the average FX rate for the current period is applied to the relevant reported result from the same period in the prior year. The average Euro US Dollar FX rate for 2017 was €1 = $1.130 (FY 2016: €1 = $1.107)

Pro-forma¹ adjusted EPS

+10.2%

constant currency²

SLIDE 5

2017 TOTAL GROUP PRO-FORMA EBITA¹ PROGRESSION

2017 Full Year Results | Slide 5

JVs €56m JVs €68m GN €111m GN €114m GPN €162m GPN €170m

€0m €50m €100m €150m €200m €250m €300m €350m €400m

2016 2017

Glanbia Performance Nutrition

Like-for-like branded revenue growth and acquisitions

Glanbia Nutritionals

Continued growth in Nutritional Solutions

Joint Ventures

Strong dairy markets and volume growth Drivers

€330m

Total Group pro-forma EBITA GPN EBITA GN EBITA JV pro-forma EBITA

€351m + + 21.9% + 4.1% + 7.0%

Constant currency growth

1. Pro-forma Adjusted Earnings Per Share for the continuing Group calculation assumes the Dairy Ireland segment and related assets were disposed of at the beginning of the 2016 financial year. A reconciliation of the pro-forma and reported adjusted earnings per share can be found in the appendix of this presentation 2. To arrive at the Constant Currency Change, the average FX rate for the current period is applied to the relevant reported result from the same period in the prior year. The average Euro US Dollar FX rate for 2017 was €1 = $1.130 (FY 2016: €1 = $1.107)

SLIDE 6

STRONG YEAR OF STRATEGIC EXECUTION

Amazing Grass and Body & Fit acquired for €168m

Investing in plant-based nutrition and DTC¹ capability On-going investment planned to drive growth

Disposal of 60% of Dairy Ireland for €209m

Glanbia Ireland joint venture created with ambitious growth plans

SwC – 25% expansion in production capacity $140m

Commissioning to be completed by Q3 2018

Initiatives

2017 Full Year Results | Slide 6

Update

1. Direct-to-consumer

SLIDE 7

IMPACT OF DAIRY IRELAND TRANSACTION

2017 Full Year Results | Slide 7

Creation of Glanbia Ireland JV The majority of the Group’s primary dairy processing now in JVs Two wholly-owned growth platforms Improved margin profile in wholly-

wned Group

+120 bps

plc 40% CO-OP 60%

Glanbia Ireland Ownership

GPN 47% GN 53%

2017 Revenues

10.7 % 11.9 %

0% 2% 4% 6% 8% 10% 12% 14%

2016¹ 2017²

1. 2016 margin is the Glanbia wholly-owned reported margin, which includes the Dairy Ireland segment 2. 2017 margin is the Glanbia wholly-owned margin, excluding the Dairy Ireland segment. The Dairy Ireland segment was disposed of on 02 July 2017

SLIDE 8

Operational Review

2017 Full Year Results Presentation

SLIDE 9

ACQUISITIONS REVENUE

€1,12 1,121.1m 1.1m

+13.7% (cc²)

EBITA

€169 169.7m .7m

+7.0% (cc²)

LFL BRANDED REVENUE

+6.3%

Vol. +8.0%

EBITA margin

15.1%

100 bps (cc²)

INNOVATION

GLANBIA PERFORMANCE NUTRITION

2017 Full Year Results | Slide 9

Performance

Good performance with total branded revenue growth of 15%

Growth

Growth driven by LAPAC, EMEA and acquisitions

Innovation

Strong performance in ready-to-eat format

1. Percentage movements are on a constant currency basis 2. To arrive at the Constant Currency Change, the average FX rate for the current period is applied to the relevant reported result from the same period in the prior year. The average Euro US Dollar FX rate for 2017 was €1 = $1.130 (FY 2016: €1 = $1.107) 3. Reported & constant currency reconciliations can be found in the Appendix of this presentation

SLIDE 10

GPN MARKET OVERVIEW

A global market leader
GPN brands are

available across a broad mix of geographies and channels

GPN positioned to

deliver mid-to-high single-digit volume growth in 2018

2017 Full Year Results | Slide 10

Online 26% Distributors 30% Specialty 28% FDMC¹ 16%

Total €1,121m GPN Global Revenue 2017 by Channel

North America 62% Rest of World 38%

Total €1,121m GPN Global Revenue 2017 by Region

1. Food, Drug, Mass and Club

SLIDE 11

GLANBIA NUTRITIONALS

2017 Full Year Results | Slide 11

Performance

Good performance driven by Nutritional Solutions

Growth

Driven by dairy & non-dairy systems

Innovation

A range of successful ingredient launches in healthy beverage and snacking

REVENUE

€1,26 1,266.0m 6.0m

+5.4% (cc¹)

EBITA

€113 113.5m .5m

+4.1% (cc¹)

NUTRITIONAL SOLUTIONS

VOLUME GROWTH +7.2%

EBITA margin

9.0%

10 bps (cc¹)

STRONG GROWTH WITH KEY REGIONAL AND INTERNATIONAL CUSTOMERS

1. Percentage movements are on a constant currency basis 2. To arrive at the Constant Currency Change, the average FX rate for the current period is applied to the relevant reported result from the same period in the prior year. The average Euro US Dollar FX rate for 2017 was €1 = $1.130 (FY 2016: €1 = $1.107) 3. Reported & constant currency reconciliations can be found in the Appendix of this presentation

SLIDE 12

NUTRITIONAL SOLUTIONS OVERVIEW

2017 Full Year Results | Slide 12

Dairy 39% Non- dairy 61% Total €532m

Nutritional Solutions

is a key growth engine

Growth is being

driven by consumers seeking ‘Better-For- You’ and convenient products

Nutritional Solutions

supplies a range of customers in a variety

f consumer

Financial Review

2017 Full Year Results Presentation

SLIDE 16

INCOME STATEMENT

2017 Full Year Results | Slide 16

2017 results summary Pre-exceptional €’m Reported currency 2017 2016 Change

Revenue (Wholly-owned) 2,387.1 2,231.7 +7.0% EBITA (Wholly-owned) 283.2 273.3 +3.6% EBITA margin 11.9% 12.2%

30 bps

Amortisation (43.1) (37.4) Net Finance Costs (23.0) (22.8) Share of Joint Ventures 42.8 26.0 Income Tax (38.3) (39.3) Profit from continuing operations 221.6 199.8 Profit from discontinued operations 9.8 27.1 Profit for the period 231.4 226.9 Adjusted EPS - Continuing operations on a pro-forma¹ basis 87.11c 80.40c +8.3% Adjusted EPS – Reported (continuing & discontinued operations) 89.17c 86.02c +3.7%

Constant currency² 2017

+9.2% +5.8%

30 bps

+10.2% +5.3%

1. Pro-forma Adjusted Earnings Per Share for the continuing Group calculation assumes the Dairy Ireland segment and related assets were disposed of at the beginning of the 2016 financial year. A reconciliation

f the pro-forma and reported adjusted earnings per share can be found in the appendix of this presentation

2. To arrive at the Constant Currency Change, the average FX rate for the current period is applied to the relevant reported result from the same period in the prior year. The average Euro US Dollar FX rate for 2017 was €1 = $1.130 (FY 2016: €1 = $1.107)

SLIDE 17

SEGMENTAL SUMMARY

2017 Full Year Results | Slide 17

FY 2017 €’m Revenue EBITA Margin

Glanbia Performance Nutrition 1,121.1 169.7 15.1% Glanbia Nutritionals 1,266.0 113.5 9.0% Total wholly-owned 2,387.1 283.2 11.9%

Constant currency¹ change Revenue EBITA Margin

+13.7% +7.0%

100 bps

+5.4% +4.1%

10 bps

+9.2% +5.8%

30 bps

1. To arrive at the Constant Currency Change, the average FX rate for the current period is applied to the relevant reported result from the same period in the prior year. The average Euro US Dollar FX rate for 2017 was €1 = $1.130 (FY 2016: €1 = $1.107) 2. Reported & constant currency reconciliations can be found in the Appendix of this presentation

SLIDE 18

WHOLLY-OWNED REVENUE GROWTH +9.2% (CC*)¹

2017 Full Year Results | Slide 18

Volume +5.3%, Price +0.2%, Acquisitions +3.7% CONTINUING BUSINESS €2,231.7m

(2.0%) 6.2% 3.0%

€2,387.1m

€2,000m €2,100m €2,200m €2,300m €2,400m

FY16 FX GPN GN FY17

1. To arrive at the Constant Currency Change, the average FX rate for the current period is applied to the relevant reported result from the same period in the prior year. The average Euro US Dollar FX rate for 2017 was €1 = $1.130 (FY 2016: €1 = $1.107)

SLIDE 19

GPN REVENUE GROWTH +13.7% (CC*)¹

2017 Full Year Results | Slide 19

CONTINUING BUSINESS €1,007.5m

7.1% 8.1% (2.1%) (1.5% )

€1,121.1m

€800m €900m €1,000m €1,100m €1,200m

FY16 FX Volume Price Acquisitions FY17

1. To arrive at the Constant Currency Change, the average FX rate for the current period is applied to the relevant reported result from the same period in the prior year. The average Euro US Dollar FX rate for 2017 was €1 = $1.130 (FY 2016: €1 = $1.107) 2. Reported & constant currency reconciliations can be found in the Appendix of this presentation

SLIDE 20

GN REVENUE GROWTH +5.4% (CC*)¹

2017 Full Year Results | Slide 20

CONTINUING BUSINESS €488.3m

7.2% 3.7% (1.8%)

€531.9m

€450m €470m €490m €510m €530m €550m FY16 FX Volume Price FY17

€735.9m

1.7% 0.1% (2.0%)

€734.1m

€710m €720m €730m €740m €750m FY16 FX Volume Price FY17

Nutritional Solutions (+10.9%) US Cheese (+1.8%)

1. To arrive at the Constant Currency Change, the average FX rate for the current period is applied to the relevant reported result from the same period in the prior

year. The average Euro US Dollar FX rate for 2017 was €1 = $1.130 (FY 2016: €1 = $1.107)

2. Reported & constant currency reconciliations can be found in the Appendix of this presentation

SLIDE 21

EXCEPTIONAL ITEMS

2017 Full Year Results | Slide 21

€’m

Continued

perations

€’m Discontinued

perations

€’m Total €’m

Intangible asset amortisation (19.4)

(19.4)

Rationalisation costs (5.4)

(5.4)

Debt restructuring (14.1)

(14.1)

Profit on disposal of 60% of Dairy Ireland

83.3

83.3 Share of results of Equity accounted investees – deferred tax credit due to US tax reform 8.7

8.7

Total exceptional operating (loss) / profit before tax (30.2) 83.3 53.1 Deferred tax credit due to US tax reform 38.7

38.7

Tax credit / (charge) on exceptional items 7.1 (0.9) 6.2 Total exceptional profit 15.6 82.4 98.0

SLIDE 22

CASH FLOW FROM CONTINUING OPERATIONS

2017 Full Year Results | Slide 22

€328m €16m €123m €20m €58m €6m €185m €137m

€0m €100m €200m €300m €400m 2017 EBITDA Working Capital Business Sustaining Capex 2017 Operating Cash Flow Net Interest & Tax Dividends from JV&A's Other FCF 2017

The pro-forma movement in working capital was (€123m), primarily due to an increase of receivables of (€76m) due to the

increased sales activity in Q4

On a pro-forma basis operating cash flow conversion of EBITDA for 2017 was 56.4% compared to 101.5% in 2016
The target for 2018 is 80% operating cash flow conversion

SLIDE 23

INVESTMENT & RETURNS

2017 Full Year Results | Slide 23

Major projects were the new

GPN R&D Innovation Centre, plant improvements and IT systems upgrades

Amazing Grass and Body &

Fit acquired in 2017 and thinkThin in 2015

2018 Capital Expenditure

expected to be €75 to €85 million

Return on Capital Employed

– “ROCE” 13.4% (2016: 13.9%*)

ROCE 2017: 13.4% ROCE 2016: 13.9% ROCE 2015: 14.8%

Sustaining Capex Strategic Capex Acquisitions Total Investment

*Restated to include deferred tax

€24m €32m €37m 49m 57m 86m €168m €15m €190m 2017 2016 2015

€241m €104m €313m

SLIDE 24

BALANCE SHEET

Net Debt reduced by €70 million to €368 million giving a Net Debt to Adjusted EBITDA ratio of 1.1 times
Available Banking Facilities:
€713 million revolving credit facilities maturing January 2020
$156 million private debt placement of senior loans, due June 2021
Net Financing Costs for FY 2018 expected to be less than €20m based on current activity
Net Pension Obligations of €41.9 million at year end, down from €110.6 million in 2016, €44.2 million

relating to the disposal of Dairy Ireland

2017 Full Year Results | Slide 24

Balance Sheet 2017 2016 Net Debt €367.7m €437.5m Net Debt / Adj. EBITDA 1.1 1.2

Adj. EBIT / Net Financing Costs

7.0¹ 11.5

1. The Adj. EBIT / net finance cost includes a once-off cost of €14 million recognised as an exceptional item in 2017. Excluding this once-off cost the Adjusted EBIT / net finance cost would be 11.2 times

SLIDE 25

TAXATION

On 22 December 2017, the Tax Cuts and Jobs Act was signed into US

law

The Act includes a reduction in the US federal corporate tax rate from

35% to 21%

This change resulted in an exceptional deferred tax credit to the 2017

Income Statement of €38.7m

The Glanbia effective tax rate is expected to be 16.0% – 17.5% in 2018

2017 Full Year Results | Slide 25

SLIDE 26

DIVIDEND UPDATE

2017 Full Year Results | Slide 26

Completed review of dividend policy Progressive dividend policy with target payout ratio 25% to 35% 2017 dividend payout will be 22c / share, an increase of 65% on 2016, representing a payout of 25%

SLIDE 27

Strategy & Outlook

2017 Full Year Results Presentation

SLIDE 28

GLANBIA STRATEGY DRIVERS

2017 Full Year Results | Slide 28

Our Purpose: To deliver better nutrition for every step of life’s journey Our Vision: To be one of world’s top performing nutrition companies trusted to enrich lives everyday Trends driving our business

Health and wellness On-the-go food & beverage Digitally connected Clean labelling

SLIDE 29

GLANBIA STRATEGY EXECUTION

2017 Full Year Results | Slide 29

Strategic Priorities

Maintain and grow

ur global leadership

in Performance Nutrition

Sustain current, and drive further ingredient market leadership in Nutritional Solutions

Grow through organic Investment programme and acquisition/partner with complementary businesses Develop talent, culture and values in line with

ur growing global

scale

Protect and grow the core Selectively build and scale beyond the core Embed enablers Across the business

Concentrate our focus in growing markets where we have market leading capability and right to win Invest to capture market opportunities Build scale internationally Invest in selective M&A or partnerships to drive growth Invest further in insights, technology, and innovation to create and capture growth

pportunities

Engage the consumer online

Strategic Pillars

SLIDE 30

2018 OUTLOOK

2017 Full Year Results | Slide 30

Positive outlook for FY 2018
Growth will be driven by wholly-owned

business offsetting declines in JVs

Mid-to-high single-digit like-for-like volume

growth expected across both the branded portfolio of GPN & Nutritional Solutions

GPN & GN margins expected to be in-line with

2017

Pro-forma¹ adjusted EPS is expected to grow

by 5% – 8% constant currency²

1. Pro-forma Adjusted Earnings Per Share for the continuing Group calculation assumes the Dairy Ireland segment and related assets were disposed of at the beginning of the 2016 financial year. A reconciliation of the pro-forma and reported adjusted earnings per share can be found in the appendix of this presentation 2. To arrive at the Constant Currency Change, the average FX rate for the current period is applied to the relevant reported result from the same period in the prior year. The average Euro US Dollar FX rate for 2017 was €1 = $1.130 (FY 2016: €1 = $1.107) 3. If the EUR/USD FX rate remains at approximately $1.24, we expect a pro-forma adjusted EPS headwind of c.8%

SLIDE 31

To register your interest please email: investorday@glanbia.com

GLANBIA CAPITAL MARKETS DAY 2018

2017 Full Year Results | Slide 31

Date: 23 May 2018 Location: Chicago, USA Focus: Glanbia Group with Site Tour

SLIDE 32

2017 Full Year Results | Slide 32

SLIDE 33

Appendix

2017 Full Year Results Presentation

SLIDE 34

NON IFRS PERFORMANCE MEASURES DEFINITIONS

The Group reports certain performance measures that are not defined under IFRS but which represent additional measures used by the Board of Directors and the Glanbia Operating Executive in assessing performance and for reporting both internally and to shareholders and other external users. The Group believes that the presentation of these non–IFRS performance measures provides useful supplemental information which, when viewed in conjunction with our IFRS financial information, provides readers with a more meaningful understanding of the underlying financial and operating performance of the Group. 1. While the Group reports its results in euro, it generates a significant proportion of its earnings in currencies other than euro, in particular US dollar. Constant currency reporting is used by the Group to eliminate the translational effect of foreign exchange on the Group's results. To arrive at the constant currency year-on-year change, the results for the prior year are retranslated using the average exchange rates for the current year and compared to the current year reported numbers 2. The Group has a number of strategically important Equity accounted investees (Joint Ventures) which when combined with the Group’s wholly owned businesses give an important indication of the scale and reach of the Group’s operations. Total Group is used to describe certain financial metrics such as Revenue and EBITA when they include both the wholly owned businesses and the Group's share of Equity accounted investees 3. Revenue comprises sales of goods and services of the wholly owned businesses to external customers net of value added tax, rebates and discounts 4. EBITA is defined as earnings before interest, tax and amortisation 5. EBITA margin is defined as EBITA as a percentage of revenue 6. EBITDA is defined as earnings before interest, tax, depreciation (net of grant amortisation) and amortisation 7. Adjusted EPS is defined as the net profit attributable to the equity holders of Glanbia plc, before exceptional items and intangible asset amortisation (excluding amortisation of software costs), net of related tax, divided by the weighted average number of ordinary shares in issue during the year. During the current year the calculation of Adjusted Earnings Per Share was amended to exclude the cost of software amortisation within the earnings calculation. The Group believes that adjusted EPS is a better measure of underlying performance than Basic EPS as it excludes exceptional items (net of related tax) that are not related to on–going operational performance and intangible asset amortisation, which allows better comparability of companies that grow by acquisition to those that grow organically 8. Pro-forma Adjusted Earnings Per Share is defined as the net profit from continuing operations attributable to the equity holders of Glanbia plc, before exceptional items and intangible asset amortisation net of related tax (excluding amortisation of software costs) plus the Group’s share (40%) of the profits after tax of Dairy Ireland and related assets, before exceptional items and intangible asset amortisation net of related tax (excluding amortisation of software costs) 9. Net debt : adjusted EBITDA is calculated as net debt at the end of the period divided by adjusted EBITDA. Net debt is calculated as total financial liabilities excluding debt issue costs less cash and cash equivalents. Adjusted EBITDA is calculated as EBITDA for the wholly owned businesses plus dividends received from Equity accounted investees, and in the event of an acquisition in the year, includes pro–forma EBITDA as though the acquisition date had been at the beginning of the year. Adjusted EBITDA is a rolling 12 month measure

2017 Full Year Results | Slide 34

SLIDE 35

NON IFRS PERFORMANCE MEASURES DEFINITIONS

10. Adjusted EBIT: net finance cost is calculated as earnings before interest and tax plus dividends received from Equity accounted investees divided by net finance
cost. Net finance cost comprises finance costs less finance income per the Group income statement plus capitalised borrowing costs
11. The Group has adopted an income statement format that seeks to highlight significant items within the Group results for the year. Such items may include

restructuring, impairment of assets, adjustments to contingent consideration, material acquisition integration costs, restructuring costs, profit or loss on disposal or termination of operations, material acquisition costs, litigation settlements, legislative changes, gains or losses on defined benefit pension plan restructuring and profit or loss on disposal of investments. Judgement is used by the Group in assessing the particular items which by virtue of their scale and nature should be disclosed in the income statement and notes as exceptional items

12. Volume increase/(decrease) represents the impact of sales volumes within the revenue movement year on year, excluding volume from acquisitions, on a constant

currency basis. Pricing increase/(decrease) represents the impact of sales pricing within the revenue movement year on year, excluding acquisitions, on a constant currency basis

13. Like-for-like branded revenue growth represents the sales growth / (decline) year on year on branded sales, excluding acquisitions, on a constant currency basis
14. The effective tax rate is defined as the pre-exceptional income tax charge divided by the profit before tax less share of results of Equity accounted investees
15. The Group defines business sustaining capital expenditure as the expenditure required to maintain/replace existing assets with a high proportion of expired useful
life. This expenditure does not attract new customers or create the capacity for a bigger business. It enables the Group to keep running at current throughput rates

but also keep pace with regulatory and environmental changes as well as complying with new requirements from existing customers

16. The Group defines strategic capital expenditure as the expenditure required to facilitate growth and generate additional returns for the Group. This is generally

expansionary expenditure beyond what is necessary to maintain the Group’s current competitive position

17. Operating cash flow is defined as pre–exceptional EBITDA of the wholly owned businesses net of business sustaining capital expenditure and working capital

movements, excluding exceptional cash flows. ROCE is defined as the Group's earnings before interest, and amortisation (net of related tax) plus the Group's share of the results of Equity accounted investees after interest and tax divided by capital employed. Capital employed comprises the sum of the Group's total assets plus cumulative intangible asset amortisation less current liabilities less deferred tax liabilities excluding all financial liabilities, retirement benefit assets and

cash. It is calculated by taking the average of the relevant opening and closing balance sheet amounts. In years where the Group makes significant acquisitions or

disposals, the ROCE calculation is adjusted appropriately, to ensure the acquisition or disposal are equally time apportioned in the numerator and the denominator

18. Dividend pay-out ratio is defined as the annual dividend per ordinary share divided by the pro-forma Adjusted Earnings Per Share. The dividend pay–out ratio

provides an indication of the value returned to shareholders relative to the Group's total earnings

2017 Full Year Results | Slide 35

SLIDE 36

ADJUSTED EPS - REPORTED

2017 Full Year Results | Slide 36

Adjusted Earnings Per Share Year 2017 €’m Constant currency 2016 €’m Year 2016 €’m

Profit attributable to the equity holders of the company 329.4 208.6 211.8 Amortisation 31.7 26.7 27.3 Exceptional items (net of tax) (98.0) 14.5 14.8 Adjusted net income (pro-forma) 263.1 249.8 253.9 Weighted average number of ordinary shares in issue 295,010.5 295,130.8 295,130.8 Adjusted Earnings Per Share (cent) pro-forma 89.17 84.66 86.02 Constant currency growth +5.3%

SLIDE 37

PRO-FORMA ADJUSTED EPS

2017 Full Year Results | Slide 37

Pro-forma Adjusted Earnings Per Share Pro-forma 2017 €’m Constant currency Pro-forma 2016 €’m Pro-forma 2016 €’m

Adjusted net income 262.9 249.9 253.9 Discontinued operations adjusted net income (100%) (9.8) (27.6) (27.6) 40% of Discontinued operations adjusted net income 3.9 11.1 11.1 Adjusted net income (pro-forma) 257.0 233.4 237.4 Weighted average number of ordinary shares in issue 295,010.5 295,130.8 295,130.8 Adjusted Earnings Per Share (cent) pro-forma 87.11 79.05 80.40 Constant currency growth +10.2%

SLIDE 38

SEGMENTAL ANALYSIS

2017 Full Year Results | Slide 38

Glanbia Performance Nutrition FY 2017 €’m FY 2016 €’m (RC) Change (CC) Change

Revenue 1,121.1 1,007.5 +11.3% +13.7% EBITA 169.7 162.0 +4.8% +7.0% EBITA margin 15.1% 16.1%

100 bps
100 bps

Glanbia Nutritionals FY 2017 €’m FY 2016 €’m (RC) Change (CC) Change

Nutritional Solutions Revenue 531.9 488.3 +8.9% +10.9% US Cheese Revenue 734.1 735.9

0.2%

+1.8% Glanbia Nutritionals Revenue 1,266.0 1,224.2 +3.4% +5.4% Glanbia Nutritionals EBITA 113.5 111.3 +2.0% +4.1% Glanbia Nutritionals EBITA margin 9.0% 9.1%

10 bps
10 bps

RC = Reported currency CC = Constant currency

SLIDE 39

SEGMENTAL ANALYSIS

2017 Full Year Results | Slide 39

Joint Ventures FY 2017 €’m FY 2016 €’m (RC) Change (CC) Change

Revenue 1,093.4 820.8 +33.2% +35.7% EBITA 63.4 42.9 +47.8% +50.2% EBITA margin 5.8% 5.2% +60 bps +60 bps Share of JVs PAT pre-exceptional items 42.8 26.0 64.6% 67.0%

RC = Reported currency CC = Constant currency

SLIDE 40

TOTAL GROUP PRO-FORMA EBITA

2017 Full Year Results | Slide 40

Total Group Pro-forma EBITA 2016 Reported €’m 2016 Retranslated €’m 2017 Actual €’m Constant currency growth

Glanbia Performance Nutrition 162.0 158.6 169.7 +7.0% Glanbia Nutritionals 111.3 109.0 113.5 +4.1% Wholly-owned EBITA 273.3 267.6 283.2 +5.8% Joint Ventures 56.3 55.6 67.8 +21.9% Total Group Pro-forma EBITA 329.6 323.2 351.0 +8.6%