Glanbia plc 2018 Full Year Results Presentation 20th February, 2019

Siobhán Talbot, Mark Garvey, Group Managing Director Group Finance Director

This presentation contains 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 this presentation.

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 contained in this presentation, whether as a

result of new information, future events, or otherwise.

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4

Delivering our financial ambition

Financial Metrics 2018 – 2022 Ambition*

2018 Result

Achieved Summary

Total group Revenue by 2022 €5bn €3.7bn Total Group

Revenue +4.6%

Adj. EPS growth 5% - 10% +9% Driven by

growth platforms

ROCE 10% - 13% 13.2% Focused capital

allocation

OCF Conversion > 80% 92.0% Strong execution

Dividend Payout Ratio 25% - 35% 26.6% Dividend +10%

*Ambitions have been updated for IFRS 15 - refer to slide 23 for updated ambition

Unless clearly identified all revenue and profit movements in this presentation are on a constant currency basis. A reconciliation of constant currency and

reported movements is contained in the Appendix of this presentation

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Strategic Pillars

Innovation central to our success

Protect and grow the core

Embed enablers across the business

Investing in digital DTC platform

Growing our presence in Emerging markets

Ongoing talent development

Selectively build and scale beyond the core

Acquisitions

Growth in JVs via capital efficient model

Health and wellness

On-the-go food and beverages

Digitally connected

Clean labelling

Powerful consumer trends driving our business

Global Macro Trends

GPN like-for-like Branded volume +9.2%

Nutritional Solutions volume +8.5%

Group focused and aligned to drive growth

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Revenue

€1,180m

+9.5%

LFL Branded volume

+9.2%

Growth

EBITA

€173.1m

+6.7%

EBITA margin

14.7% -40 bps

Performance

Innovation ahead of target

Strong demand driving growth in all regions

Margins in-line with long-term guidance

Portfolio continues to evolve

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Channel shift to Online & FDMC

Emerging markets driving strong growth

Innovation around core formats & lifestyle driving growth

71% 63%

15%

14%

5% 14%

5% 5% 4% 4%

2015 2018

Format Mix Share of Revenue

RTE RTD

Protein

Energy

CAPS/TABS

RT

M

36% 26%

32%

25%

22%

28%

10%

21%

2015 2018

Channel Mix Share of Revenue

Specialty

Distributor

Online

FDMC

35% 39%

65% 61%

2015 2018

Regional Mix Share of Revenue

Rest of the

World

North

America

Excellent addition to the portfolio

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FY 2018 pro-forma revenue $247m +17%

Great brand to participate in $8 billion weight management category

Market leading position in RTD in the US & UK

Further platform for innovation

NS growth driven by customers seeking:

Protein Functionality

Convenience Clean Label

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€1,207m -0.6%

Nutritional Solutions Revenue

+3.0%

Revenue

US Cheese Revenue

-3.1%

€111.8m +3.0%

Nutritional Solutions EBITA margin

Mid-teens

EBITA

US Cheese EBITA margin

Low-to-mid single digits

Nutritional Solutions (NS) delivers 8.5% volume growth

US Cheese earnings largely protected by operating model

Driving growth in Nutritional Solutions

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Agreed purchase price $89m

Complementary technologies & supply chain to Nutritional Solutions

Customers across personal care and food sectors

2018 Revenue $101m

US based with 3 sites in CT & IL

Expected to close by Q2 2019

Marginally earnings accretive to FY 2019 results

US based non-dairy ingredients solutions

Global & Regional customer base

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1. Average adjusted EPS as reported on a constant currency basis over the 5 year period 2014 to 2018

2. Average ROCE over the 5 year period 2014 to 2018 is based on a reported ROCE in each financial year and adjusted for deferred tax in prior years to ensure like-for-

like comparison with 2017 & 2018

3. Operating Cash Flow (“OCF”) conversion is defined as Operating Cash Flow divided by pre-exceptional EBITDA. The 2014 – 2018 metric takes the averages of OCF

conversion over the period. In 2017, pro-forma cash-flow figures were used to reflect the disposal of 60% of Dairy Ireland

4. Dividend Payout Ratio is defined as Dividend Per Share divided by Adjusted Earnings Per Share. The 2014 – 2018 metric takes the averages of the Dividend Payout

Ratio over the period. In 2017, pro-forma Adjusted EPS was used in the calculation of Dividend Payout Ratio. Dividend per share for 2018 is 24.2c (2017: 22.0c)

Financial Metrics 2014 – 2018

Result 2018 – 2022

Ambition 2018

Result Achieved

Adj. EPS growth 10.2%1 5% - 10% 9%

ROCE 13.9%2 10% - 13% 13.2%

OCF Conversion 84.7%3 > 80% 92.0%

Dividend Payout Ratio 20.1%4 25% - 35% 26.6%

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2018 results summary

Pre-exceptional

€’m Reported currency

2018 2017 Change

Revenue (Wholly-owned) 2,386.3 2,387.1 (0.8)

EBITA (Wholly-owned) 284.9 283.2 +1.7

EBITA margin 11.9% 11.9% +0 bps

Amortisation (45.9) (43.1)

Net Finance Costs (17.5) (23.0)

Share of Joint Ventures 45.3 42.8

Income Tax (32.8) (38.3)

Profit for the period (pre-exceptional) 234.0 221.6

Adjusted EPS* 91.0c 87.1c +3.9c

Constant

currency

2018

+4.1%

+5.2%

+10 bps

+9.0%

*2017 Adjusted EPS is on a pro-forma basis for continuing operations. It eliminates the impact of discontinued operations.

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Wholly Owned Revenue

€’m Reported currency

Constant

currency

2018 2017 % Change % Change

Glanbia Performance Nutrition 1,179.6 1,121.1 +5.2% +9.5%

Nutritional Solutions 526.7 531.9 (1.0%) +3.0%

US Cheese 680.0 734.1 (7.4%) (3.1%)

Glanbia Nutritionals 1,206.7 1,266.0 (4.7%) (0.6%)

Wholly Owned Revenue 2,386.3 2,387.1 (0.0%) +4.1%

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€1,121m 9.1%

4.5%

(3.9%)

(4.1%) €1,180m

€750m

€850m

€950m

€1,050m

€1,150m

€1,250m

FY17 FX Volume Price Acquisitions FY18

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€532m 8.5%

(3.8%)

(5.5%)

€527m

€490m

€510m

€530m

€550m

FY17 FX Volume Price FY18

Nutritional Solutions

€734m

1.7% (4.4%)

(4.8%)

€680m

€630m

€650m

€670m

€690m

€710m

€730m

€750m

FY17 FX Volume Price FY18

US Cheese

€328m

€32m

€4m

(€10m)

(€16m)

(€42m)

€302m

€295m

€200m

€220m

€240m

€260m

€280m

€300m

€320m

€340m

2018 EBITDA Working Capital BusinessSustaining Capex

2018 OperatingCash Flow

Net Interest & Tax Dividends fromJV&A's

Other FCF 2018

18

€32m €24m €16m

€57m €49m

€46m

€15m

Amazing Grass &

Body & Fit €168m

SlimFast €313m

2016 2017 2018

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€417m

€241m

€104m

Total Investment

Investments in JVs

Strategic Capex

Sustaining Capex

2018 Return on Capital Employed 13.2%

Investment in JV’s €42m

Acquisitions

2018-2022 Ambition - Return on Capital Employed 10% - 13%

PLC’s total commitments to projects set-out above: €105m

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Capital efficient model for Glanbia to leverage its leading positions in dairy

2018 update Strategic update

Ring-fenced financing model using non-recourse bank funding

$470m cheese & whey facility

USA

€130m mozzarella facility Ireland

€140m continental cheese plant

Ireland

Michigan JV

Glanbia Cheese

EU

Glanbia Ireland A-Ware

Share of JV PAT

€45.3m +7.1%

Cash Dividends received

€32m

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Balance Sheet FY 2018 FY 2017

Net Debt €576.7m €367.7m

Net Debt / Adj. EBITDA 1.55x 1.07x

Adj. EBIT / Net Financing Costs 14.8x 11.2x*

Net debt increased by €209m, raising the Net Debt to Adjusted EBITDA ratio to 1.55 times, mainly due to the acquisition of SlimFast

Total available Banking Facilities €1.1bn with average maturity of 3.8 years (2017: 2.2 years)

Strong financing cost cover at 14.8 times

Net pension obligations of €38.5m at year end, down from €41.9m in 2017

*Pre-exceptional costs (7.0x reported)

Pro-forma impact on 2018 results

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€’m

Glanbia Nutritionals 2018

Reported

IFRS 15

impact

2018

Pro-forma

Nutritional Solutions €527m €50m €577m

US Cheese €680m €734m €1,414m

Total Revenue €1,207m €784m €1,991m

EBITA €112m €112m

EBITA margins 9.3% 5.6%

IFRS 15 will be effective for FY 2019

Impacts Glanbia Nutritionals reported revenue and EBITA margin percentage. No impact to EBITA

Recognition of 100% of Southwest Cheese sales within Glanbia Nutritionals

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WH

OL

LY

OW

NE

D

SH

AR

E O

F

RE

VE

NU

E

GPN €1.8bn

Nutritional Solutions €1.0bn

Joint Ventures €1.2bn

US Cheese €2.0bn

Revenue ambition by 2022 €6 billion*

13% - 15%

Low-to-mid

single digits

13% - 15%

Average 5 year EBITA Margin**

2018 to 2022

Updated for IFRS 15

*Glanbia held a Capital Markets Day on 23 May 2018 where it set out its revenue and margin ambition to 2022. The table above updates this for the adoption of IFRS 15 which

will take place in 2019. It is also retranslated based on current foreign exchange rates

**As a result of the adoption of IFRS 15, margin ambition in Nutritional Solutions has been reduced from 14% - 16% to 13% - 15% and in US Cheese from mid-single digits to

low-to-mid single digits. There is no change to GPN margin

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FX tailwinds – up to 3% based on current rates

Positive outlook for FY 2019

Adjusted EPS is expected to grow by 5% - 8% constant currency

Key financial metrics expected to be in-line with 2022 ambition

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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. The calculation of Adjusted Earnings Per Share excludes 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 EPS has been provided as the Group believes it is more reflective of the revised and on-going structure of the Group following the disposal of 60% of Dairy Ireland and related assets in 2017. It is defined as the net profit from continuing operations attributable to the equity holders of Glanbia plc, before exceptional items and intangible asset amortisation (excluding software amortisation), net of related tax, plus the Group’s share (40%) of the profits after tax for Dairy Ireland and related assets, before exceptional items and amortisation of intangible assets (excluding software amortisation), net of related tax, divided by the weighted average number of ordinary shares in issue during the year. Pro-forma Adjusted EPS has been calculated to set out the Adjusted EPS on the basis that the Dairy Ireland transaction had taken place on 1 January 2017.

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

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10. Adjusted EBIT: net finance cost is calculated as pre-exceptional 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. Adjusted EBIT and net finance cost are rolling 12 month measures.

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 conversion is defined as Operating Cashflow (OCF) divided by pre–exceptional EBITDA. Cash conversion is a measure of the Group’s ability to convert trading profits into cash and is an important metric in the Group’s working capital management programme.

18. 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.

19. Dividend payout ratio is defined as the annual dividend per ordinary share divided by the Adjusted Earnings Per Share. The dividend payout ratio for 2017 is defined as the annual dividend per ordinary share divided by the pro-forma Adjusted Earnings Per Share as the Group believes it is more reflective of the revised and ongoing structure of the Group following the disposal of 60% of Dairy Ireland and related assets in 2017. The dividend payout ratio provides an indication of the value returned to shareholders relative to the Group’s total earnings.

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€’m Reported

Constant

Currency

Adjusted Earnings Per Share* FY 2018 FY 2017 FY 2017

Profit attributable to the equity holders of the Company 234.0 231.4 221.8

Amortisation (net of tax)** 34.6 31.7 30.4

Discontinued operations adjusted net income (100%) 0.0 (10.1) (10.1)

40% share of discontinued operations adjusted net income 0.0 4.0 4.0

Pro-forma Adjusted net income 268.6 257.0 246.1

Weighted average number of ordinary shares in issue (millions) 295.2 295.0 295.0

Pro-forma Adjusted Earnings Per Share (cent) 91.01 87.11 83.46

Constant currency growth +9.0%

*This illustrates the adjusted EPS growth year-on-year by comparing 2018 actual results with 2017 pro-forma results which have been re-stated for FX movements.

2017 Pro-forma numbers adjust for the sale of 60% of Dairy Ireland on a continuing basis for FY 2017

**Amortisation and impairment of intangible assets (excluding software amortisation) net of related tax of €6.1 million (2017: €7.5 million)

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€’m Reported Constant Currency

Glanbia Performance Nutrition FY 2018 FY 2017 FY 2017 % Change

Revenue 1,179.6 1,121.1 1,077.7 +9.5%

EBITA 173.1 169.7 162.3 +6.7%

EBITA margin 14.7% 15.1% 15.1% -40 bps

€’m Reported Constant Currency

Glanbia Nutritionals FY 2018 FY 2017 FY 2017 % Change

Nutritional Solution 526.7 531.9 511.6 +3.0%

US Cheese 680.0 734.1 702.0 (3.1%)

Glanbia Nutritionals Revenue 1,206.7 1,266.0 1,213.6 (0.6%)

Glanbia Nutritionals EBITA 111.8 113.5 108.5 +3.0%

Glanbia Nutritionals EBITA margin 9.3% 9.0% 8.9% +40 bps

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€’m Reported Constant Currency

Joint Ventures FY 2018 FY 2017 FY 2017 % Change

Revenue 1,283.8 1,093.4 1,075.7 +19.3%

EBITA 65.8 63.4 62.4 +5.4%

EBITA margin 5.1% 5.8% 5.8% -70 bps

Share of JVs PAT 45.3 42.8 42.3 +7.1%

€’m Reported Constant Currency

Total Group Revenue** FY 2018 FY 2017 FY 2017 % Change

Glanbia Performance Nutrition 1,179.6 1,121.1 1,077.7 +9.5%

Glanbia Nutritionals 1,206.7 1,266.0 1,213.6 (0.6%)

Wholly-owned Revenue 2,386.3 2,387.1 2,291.3 +4.1%

Equity accounted investees 1,283.8 1,093.4 1,075.7 +19.3%

40% share of Discontinued operations* 143.2 143.2

Pro-forma Equity accounted investees 1,283.8 1,236.6 1,218.9 +5.3%

Total Group Revenue 3,670.1 3,623.7 3,510.2 +4.6%

*Joint Venture numbers are on a reported basis and exclude Discontinued operations for FY 2017

**Total Group revenue is comprised of wholly-owned revenue plus Glanbia’s share of revenue of JVs. Total Group Revenue growth growth year-on-year compares

2018 actual results with 2017 pro-forma results which have been re-stated for FX movements. 2017 Pro-forma numbers adjust for the sale of 60% of Dairy Ireland on a

continuing basis for FY 2017