At last week’s Capital Markets Day in London, Glanbia gave investors its targets for growth and financial performance over the next three years. The company forecast earnings-per-share growth of between 7% and 11% on a constant currency basis for each of the next three years.

Analysts reaction to the day of presentations was positive, with the targets described as ambitious, but achievable. The company is seen as being in a very strong position to continue to take advantage of the consumer megatrend of increasing protein demand.

Financial institutions such as Morgan Stanley, Barclays and Goodbody all have price targets for the company’s shares significantly higher than the current level, with Morgan Stanley’s €18.80 target suggesting an uplift of more than 30% in the company’s share price is possible.

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Despite these warm reviews, shares in Glanbia have actually fallen slightly since the Capital Markets Day. The Irish Farmers Journal sat down with Glanbia CEO Hugh McGuire to get his take on why investor reaction has been underwhelming to what was, by all accounts, a successful Capital Markets Day.

“We wouldn’t normally expect a bounce,” McGuire said. “Success for us is that we shared our story. We’re on track to continue to take advantage of consumer megatrends.” He added that it is his job to have the right approach and that “the share price will follow”.

He highlighted the increased commitments on returns to shareholders saying that the progressive dividend policy would see an increase in the dividend payout ratio to between 30% and 40%. Glanbia recently tapped out its buyback war chest when the company repurchased €100m of its own shares as part of Tirlán’s bond exchange. McGuire said the company would update investors on future buyback plans when it announces its annual results in February of next year.

During 2025 Glanbia completed the simplification of its corporate structure into three divisions.

Performance Nutrition, which includes the Optimum Nutrition and Isopure brands, Health & Nutrition which includes the premix, flavours and ingredients business, and finally, Diary Nutrition which includes the cheese and whey processing facilities.

The reorganisation has led to renewed speculation that Glanbia might be preparing to sell its cheese production business. When the Irish Farmers Journal asked about the possibility of a sale of the dairy division, McGuire said: “There are no plans at the moment.”