Siobhan Talbot

Group Managing Director

22 February 2017

Mark Garvey

Group Finance Director

Glanbia plc

2016 Full Year

Results Presentation

Cautionary Statement

Strong cash conversion

Seventh consecutive year of double

digit growth in adjusted EPS

Strong EBITA growth across the Group

Continued EBITA margin

progression across the Group

Full Year 2016 Performance Summary

2016 Full Year Results | Slide 3

Adj. EPS

EBITA

EBITA margin

Free cash flow

87.66c

+11.2% (cc*) +10.8% (rc*)

€305.1m

10.7%

€311.0m

+12.5% (cc*) +12.6% (rc*)

+90 bps (cc*) +90 bps (rc*)

+21.5%

• *CC denotes constant currency; RC denotes reported currency

• 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 2016 was €1 = $1.107 (FY 2015: €1 = $1.109).

• This presentation contains certain alternative performance measures. A detailed glossary of the key performance indicators and non-IFRS performance measures can be found in the appendix of this presentation.

2016 Full Year Results | Slide 4

Group EBITA progression

Total group EBITA growth +12.8% (cc*), +12.6% (rc*)

Commentary

FY 2016 FY 2015

GLANBIA

PERFORMANCE

NUTRITION

GLANBIA

NUTRITIONALS

JVs & ASSOCIATES

DAIRY IRELAND

GLANBIA

GROUP TOTAL

* CC denotes constant currency; RC denotes reported currency

€310.7m

€349.8m

€135.6m

€106.6m

€39.7m

€28.8m

€162.6m

€111.8m

€44.7m

€30.7m

Strategic Initiatives

Proposal to sell 60% of Dairy

Ireland to Glanbia Coop

Proposed JV in

Michigan

2016 Full Year Results | Slide 5

GPN acquisitions

Amazing Grass and

Body & Fit

JV&A’s

2016 Full Year Results | Slide 6

Strategic rationale and timing

Creates integrated Irish based business of scale –

largest Irish dairy processor

Builds on the successful partnership of Glanbia plc

and Glanbia Coop created in 2012

Strategic logic to create one integrated organisation

to maximise opportunities from anticipated growth in

Irish milk

Investing €250 - €300 million in strategic investment

projects to 2020 for future growth largely funded by

JV bank debt

Key proposals

Non binding memorandum of understanding signed

Expected consideration to plc of €112 million for 60%

equity interest. Pension obligations to transfer to new

entity and working capital to be acquired separately

at completion

New entity to be named “Glanbia Ireland”

-Encompassing Glanbia Ingredients Ireland,

Consumer Products and Agribusiness

Ownership of Glanbia Ireland

60% Glanbia Coop

40% Glanbia plc

Proposal to sell 60% of Dairy Ireland to

Glanbia Coop

New Development Project -

Joint Venture

50/50 JV in Michigan

2016 Full Year Results | Slide 7

• Advanced discussions with three major Michigan

Co-ops

• Commissioning expected in late 2019

• Development will help Glanbia to maintain

leadership position in US Cheese and advanced

technology whey

• Project cost expected to be $400m to $425m

with the majority of the cost to be financed

through debt facilities within the JV

Acquisitions announced in 2017

2016 Full Year Results | Slide 8

• Plant-based nutrition, Greens & Super Foods

• Positions GPN within high growth category

• Distribution – natural, online & FDM – North America

• Direct to consumer “DTC” online brand

• Consumer base is largely in the Netherlands,

Belgium and Germany

• Providing GPN with access to the rapidly developing

DTC channel

Operational

Review

Innovation

Glanbia

Performance Nutrition

2016 Full Year Results | Slide 10

Performance

Growth

Earnings

Expansion

Strong performance in 2016

Branded revenue growth 13.6% branded revenue growth

Successful launches across the portfolio in ready-to-eat

REVENUE

€1,007.5m

+9.7% (cc) +9.1% (rc)

lfl branded

growth

Rev. +2.6%

Vol. +6.1%

EBITA

€162.6m

+20.0% (cc) +19.9% (rc)

EBITA

margin

16.1%

+130bps (cc) +140bps (rc)

20% Increase in EBITA

130 basis points margin expansion

Glanbia Nutritionals

2016 Full Year Results | Slide 11

Performance Good Performance in 2016

Growth 4.5% EBITA growth with strong H2

Value

Expansion

Continued growth in value- added Nutritional Solutions

30 basis points margin expansion

REVENUE

€1,224.2m

+0.4% (cc) +0.5% (rc)

EBITA

€111.8m

+4.5% (cc) +4.9% (rc)

EBITA

margin

9.1%

+30bps (cc) +30bps (rc)

Project to create one customer-facing organisation complete

Dairy Ireland & JVA’s

DAIRY IRELAND JOINT VENTURES & ASSOCIATES

REVENUE EBITA

EBITA

margin REVENUE EBITA

EBITA

margin

2016 Full Year Results | Slide 12

Good performance driven by value-added products

Strengthening of margins as a result of cost improvements and increased value-added sales

Strong performance driven by volume growth

EBITA growth across all three strategic Joint Ventures

Finance

Review

Summary Income Statement

2016 Full Year Results | Slide 14

Seventh year of

double-digit earnings growth

Reported currency

€'m 2016 2015 Change

Revenue (Wholly-owned) 2,847.9 2,774.3 +2.7%

EBITA (Wholly-owned) 305.1 271.0 +12.6%

EBITA margin 10.7% 9.8% +90 bps

Amortisation of intangibles

Net finance costs

Share of JV&As

Income tax

(39.7)

(22.8)

27.6

(43.3)

(31.1)

(21.1)

26.3

(37.3)

Profit for the year 226.9 207.8

Adjusted Earnings per Share 87.66c 79.14c +10.8%

Constant currency

Change

+2.8%

+12.5%

+90 bps

+11.2%

2016 results summary

pre-exceptional

Segmental Summary

2016 Full Year Results | Slide 15

Strong performance

led by Glanbia Performance Nutrition

FY 2016

€'m Revenue EBITA Margin

Glanbia Performance Nutrition 1,007.5 162.6 16.1%

Glanbia Nutritionals 1,224.2 111.8 9.1%

Dairy Ireland 616.2 30.7 5.0%

Total wholly-owned 2,847.9 305.1 10.7%

Constant currency change

Revenue EBITA Margin

+9.7% 20.0% +130 bps

+0.4% 4.5% +30 bps

-2.7% 6.6% +50 bps

+2.8% 12.5% +90 bps

Revenue Growth by Segment

2016 Full Year Results | Slide 16

€2,600

€2,650

€2,700

€2,750

€2,800

€2,850

€2,900

FY15 FX Glanbia

Performance

Nutrition

Glanbia

Nutritionals

Dairy

Ireland FY16

€2,774m (0.1)%

3.2% 0.2% (0.6)%

* Constant Currency (CC) excluding the impact of FX

€2,848m

Million

Wholly owned Revenue growth

+2.7% (+2.8% CC*)

Revenue Growth by Segment - GPN

2016 Full Year Results | Slide 17

€750

€800

€850

€900

€950

€1,000

€1,050

FY15 FX Volume Price Acquisitions

FY16

€923m (0.6)%

5.0% (4.8)%

9.5% €1,007m

Million

Glanbia Performance Nutrition Revenue growth

+9.1% (+9.7% CC*)

* Constant Currency (CC) excluding the impact of FX

€0

€200

€400

€600

€800

€1,000

€1,200

€1,400

FY15 FX Volume Price FY16

Revenue Growth by Segment - GN

2016 Full Year Results | Slide 18

US Cheese

€743m

Nutritional

Solutions

€475m

Glanbia Nutritionals Revenue growth

+0.5% (+0.4% CC*)

* Constant Currency (CC) excluding the impact of FX

Million

€1,218m 0.1% 3.2% (2.8)% €1,224m

FY15 FY16

US Cheese

€736m

Nutritional

Solutions

€488m

EBITA Progression

2016 Full Year Results | Slide 19

€200

€220

€240

€260

€280

€300

FY15 FX Glanbia

Nutritionals

Dairy

Ireland FY16

€271.0m €0.3m

€27.1m €4.8m €1.9m €305.1m

Million

Wholly owned EBITA growth

+12.6% (+12.5% CC*)

* Constant Currency (CC) excluding the impact of FX

Glanbia

Performance

Nutrition

Exceptional Items Summary

2016 Full Year Results | Slide 20

€'m 2016 2015

1. Organisation redesign costs (11.4) (7.0)

2. Acquisition integration costs (3.1) (2.9)

3. Rationalisation costs (3.0) (7.8)

4. Irish defined benefit pension plans - (5.0)

5. Disposal of Joint Venture - (3.6)

Total exceptional charge before tax (17.5) (26.3)

Tax credit on exceptional items 2.7 2.5

Total exceptional charge (14.8) (23.8)

Cash Flow Progression

2016 Full Year Results | Slide 21

* Depreciation includes Grant Amortisation

NOTE: 2016 EBITA reflects the wholly-owned business

€305m

€50m

€32m

€14m

€(32m)

€(53m)

€(4m)

€354m

€311m

€256m

€153m

€120

€170

€220

€270

€320

€370

Million

2016

EBITA

Depreciation* Working

Capital

Business

Sustaining

Capex

2016

Operating

Cash Flow

Net

Interest &

Tax

Dividends

from

JV&A's

Other 2016

Free Cash

Flow

FCF

2015

FCF

2014

Free Cash Flow +22%

converting 88% of EBITDA to cash

Investment

and Returns

2016 2015 2014

€73m

2016 Full Year Results | Slide 22

€116m

€124m

€90m

€86m

€57m

€43m €37m

€32m

ROCE

12.9%

-100bps Strategic Capex

Bus. Sustaining Capex

* Inclusive of estimated contingent consideration

Total Capex

Balance Sheet

2016 Full Year Results | Slide 23

Financing KPI's 2016 2015

Net Debt €438 million €584 million

Net Debt / Adjusted EBITDA¹ 1.19 times 1.75 times

Adjusted EBIT¹ / Net Finance Cost 11.5 times 10.8 times

1. The definition of adjusted EBITDA and adjusted EBIT are as per our financing agreements and include dividends from Joint Ventures & Associates

• Available bank facilities of:

- €722 million revolving credit facilities maturing January 2020

- $325 million private debt placement of senior loan notes, due June 2021

• Net pension obligations of €110.5 million* of which approximately €60 million* relate

to Dairy Ireland

*on an IAS 19 basis

2016 Full Year Results | Slide 24

Proposed sale of 60% interest in Dairy

Ireland to Glanbia Coop

Process and financing

Final agreements to be completed and

shareholder approval required by plc and Coop

Expected to close by mid 2017

100% of the actual working capital in Dairy

Ireland will be acquired by “Glanbia Ireland” on

completion

Transaction expected to be 5% - 7% Adjusted

EPS dilutive

Expected consideration*** to PLC

60% equity interest €112m

3 year Avg. working capital €92.5m * Enterprise Value is an approximate amount based upon the total of

Equity value plus 3 year average working capital plus pension liabilities

associated with Dairy Ireland

** Equity value is net of pension obligations associated with Dairy Ireland

and 3 year average working capital

*** Note final consideration will be the total value of 100% of the actual

working capital at completion plus equity value

Valuation

Enterprise Value (EV of 100%)* €340m

Equity value (100%)** €186m

Summary

& Outlook

Summary & Outlook

2016 Full Year Results | Slide 26

*Pro-forma adjusted EPS of the continuing Group has been calculated assuming the Dairy Ireland transaction was completed at the start of FY 2016.

**Continuing Group as used above includes “Glanbia Ireland” as a 40% associate

***The Dairy Ireland transaction is contingent upon agreement of legal transaction contracts and shareholder approvals

Questions

& Answers

Appendix

2016 Full Year Results | Slide 29

Appendix – Non IFRS Performance Measures

1. 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. Revenue comprises sales of goods and services of the wholly owned businesses to external customers net of value added tax, rebates

and discounts.

3. EBITA is defined as earnings before interest, tax and amortisation excluding exceptional items.

4. EBITA margin is defined as EBITA before exceptional items as a percentage of the revenue of the wholly owned businesses.

5. 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 Joint Ventures & Associates.

6. Adjusted EPS is defined as the net profit attributable to the equity holders of Glanbia plc, before exceptional items and intangible asset

amortisation, net of related tax, divided by the weighted average number of ordinary shares in issue during the year.

7. Free cash flow is calculated as the net cash flow in the year before the following items: strategic capital expenditure, acquisition spend,

proceeds received on disposals, equity dividends paid, exceptional costs paid, loans to Joint Ventures & Associates and currency

translation movements.

8. Net debt : adjusted EBITDA is calculated as net debt at the end of the year 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 (as defined under operating cash flow) plus dividends received from Joint Ventures & Associates, 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.

9. ROCE is defined as the Group's earnings before interest, tax and amortisation (net of related tax) plus the Group's share of the results

of Joint Ventures & Associates 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 but excluding all financial liabilities, retirement benefit

assets, cash and deferred tax balances. 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.

Email: ir@glanbia.ie Tel: +353 56 777 2200

Delivering better

nutrition for every

step of life’s

journey

Liam Hennigan

Head of Investor Relations

Glanbia plc

Glanbia House

Kilkenny, Ireland