12 March 2014

12 March 2014
www.glanbia.com

CAUTIONARY STATEMENT
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.
2013 FULL YEAR RESULTS
www.glanbia.com 2

FULL YEAR 2013 PERFORMANCE SUMMARY
Total Group
Revenue
Total Group
EBITA
Total Group
EBITA margin
Adjusted
EPS
Dividend
€3.3bn
+10.5%
€227m
+9.2%
6.9%
-10bps
55.46c
+11.9%
10.00c
+10.0%
• Good performance with 11.9% growth in adjusted EPS
• Global Performance Nutrition strong, driven by branded revenues
• Global Ingredients performed well
• Challenges in Dairy Ireland related to Consumer Products
• 10% increase in dividends to 10.00c per share
• Positive outlook for 2014 with guidance of 8% to 10% growth in adjusted EPS
Note:
(i) Metrics for the Total Group include both the wholly owned businesses and the Group’s share of Joint Ventures & Associates.
(ii) All growth figures shown are on a constant currency basis
2013 FULL YEAR RESULTS www.glanbia.com 3

SEGMENTAL OVERVIEW
GLOBAL
PERFORMANCE
NUTRITION
GLOBAL
INGREDIENTS
TOTAL GROUP REVENUE
Branded sports nutrition:
• ON
• BSN
• ABB
• Nutramino
• US Cheese
• Ingredient Technologies
• Customised Solutions
€3.3bn
+10.5%
53%
DAIRY
IRELAND
JOINT
VENTURES &
ASSOCIATES
TOTAL GROUP EBITA
• Consumer Products
• Agribusiness
• Glanbia Ingredients Ireland
• Southwest Cheese
• Glanbia Cheese
• Nutricima
€227m
+9.2%
76%
All growth figures shown are on a constant currency basis
2013 FULL YEAR RESULTS www.glanbia.com 4

OPERATIONAL OVERVIEW
GLOBAL PERFORMANCE NUTRITION
• Strong revenue performance driven by
volumes
• Branded revenue growth +20%
• Margin increase driven by favourable
sales mix and moderation in input costs
• US business performed well and gained
market share
• International strategy delivering strong
results
• Another year of good performance
expected for 2014
REVENUE
€655.3m
+15.7%
EBITA
€70.6m
+27.9%
EBITA margin
10.8%
+100bps
All growth figures shown are on a constant currency basis
2013 FULL YEAR RESULTS
www.glanbia.com 5

OPERATIONAL OVERVIEW
GLOBAL PERFORMANCE NUTRITION
• Acquisition of
Nutramino, a leading
Scandinavian sports
nutrition business, in
January 2014
• Brings total in-market
sales presence to 19
countries worldwide
• Continued focus on
investment in 2013
• Phase 1 of new
manufacturing
facility due in Q2
2014
• Innovation pipeline
remains strong
• PRO series launched
in February 2014
2013 FULL YEAR RESULTS www.glanbia.com 6

OPERATIONAL OVERVIEW
GLOBAL INGREDIENTS
• Good performance overall
• Market demand trends positive across
each business unit
• EBITA growth in US Cheese and
Customised Solutions partially offset by
anticipated decline in Ingredient
Technologies
• Continued investment in the business
to drive growth
REVENUE
€1,074.6m
+11.5%
EBITA
€102.0m
+8.1%
EBITA margin
9.5%
-30bps
All growth figures shown are on a constant currency basis
2013 FULL YEAR RESULTS www.glanbia.com 7

OPERATIONAL OVERVIEW
GLOBAL INGREDIENTS
• Cheese Innovation Centre enhances
capabilities and customer
collaboration
• Ongoing progress in development of
value-added systems and solutions
• New specialty grain facility enhances
grain solutions capabilities
• Ongoing international expansion
• Addressing current milk dynamics in
Idaho
• Overall solid outlook for 2014
US
Cheese
Ingredient
Technologies
Customised
Solutions
2013 FULL YEAR RESULTS www.glanbia.com 8

OPERATIONAL OVERVIEW
DAIRY IRELAND
• Challenging performance in 2013
• Consumer Products impacted by milk
input costs and difficult Irish retail
environment
• Agribusiness performed solidly with good
demand for feed and fertiliser
• Efficiency measures underway in both
businesses
• Challenges remain but somewhat
improved outlook for 2014
REVENUE
€652.2m
+3.4%
EBITA
€15.1m
-29.1%
EBITA margin
2.3%
-110bps
All growth figures shown are on a constant currency basis
2013 FULL YEAR RESULTS www.glanbia.com 9

OPERATIONAL OVERVIEW
JOINT VENTURES & ASSOCIATES
• Strong global dairy markets resulted in
both higher revenue and input costs
across the key joint ventures & associates
• Results of Glanbia Ingredients Ireland,
Southwest Cheese and Nutricima broadly
in line with 2012
• Growth in Glanbia Cheese driven by
positive market demand
• 2014 performance expected to continue
in line with 2013
• Expansion plans in Glanbia Ingredients
Ireland progressing well
REVENUE
€900.5m
+11.2%
EBITA
€39.0m
+5.3%
EBITA margin
4.3%
-30bps
All growth figures shown are on a constant currency basis
2013 FULL YEAR RESULTS www.glanbia.com 10

2013 FULL YEAR RESULTS
FINANCE REVIEW
www.glanbia.com 11

FINANCIAL HIGHLIGHTS
GOOD TOP AND BOTTOM LINE GROWTH
CHANGE
CONSTANT CURRENCY
CHANGE
TOTAL GROUP REVENUE
€3.3bn
+8.0%
+10.5%
TOTAL GROUP EBITA
€226.7m
+5.6%
+9.2%
TOTAL GROUP EBITA %
6.9%
-20bps
-10bps
ADJUSTED EPS
55.46c
+8.0%
+11.9%
FREE CASH FLOW
€87.6m
+35.2%
ROCE
14.2%
+10bps
2013 FULL YEAR RESULTS
www.glanbia.com 12

SEGMENTAL OVERVIEW
STRONG PERFORMANCE IN GLOBAL GROWTH PLATFORMS
2013 Constant currency change
€m Revenue EBITA Margin Revenue EBITA Margin
Global Performance Nutrition 655.3 70.6 10.8% +15.7% +27.9% +100 bps
Global Ingredients 1,074.6 102.0 9.5% +11.5% +8.1% -30 bps
Dairy Ireland 652.2 15.1 2.3% +3.4% -29.1% -110 bps
Total wholly owned 2,382.1 187.7 7.9% +10.3% +10.0% No change
Joint Ventures & Associates 1 900.5 39.0 4.3% +11.2% +5.3% -30 bps
Total Group 3,282.6 226.7 6.9% +10.5% +9.2% -10 bps
1. Glanbia disposed of a 60% interest in Glanbia Ingredients Ireland Limited (“GIIL”) in November 2012. GIIL is now a 40% associate of the Group. To aid comparability, 2012 results have been
restated to show GIIL as an associate for the full year.
2013 FULL YEAR RESULTS
www.glanbia.com 13

REVENUE ANALYSIS
TOTAL GROUP REVENUE GROWTH +10.5%*
€m
3,400
3,350
3,300
3,250
3.8%
0.7%
3.0%
-2.5%
3,283
3,200
3,150
3.0%
3,100
3,050
3,038
3,000
FY12
Global
Performance
Nutrition
Global
Ingredients
Dairy Ireland JV&As FX FY13
* Constant currency
2013 FULL YEAR RESULTS
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SEGMENTAL REVENUE ANALYSIS
Global Performance Nutrition +15.7%*
15.5% 0.2% -3.9%
Global Ingredients +11.5%*
4.0%
-3.5%
6.2%
1.3%
Volume Price FX
Volume Price Acq/Disp FX
Dairy Ireland +3.4%*
2.6% -1.7%
Joint Ventures & Associates +11.2%*
9.1% -2.2%
2.5%
0%
2.1%
Volume Price Acq/Disp FX
Volume Price FX
* Constant currency
2013 FULL YEAR RESULTS
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EBITA ANALYSIS
TOTAL GROUP EBITA GROWTH +9.2%*
€m
245
240
235
230
225
7.5%
3.7%
-2.9%
0.9%
-3.6%
227
220
215
215
210
205
200
FY12
Global
Performance
Nutrition
Global
Ingredients
Dairy Ireland JV&As FX FY13
* Constant currency
2013 FULL YEAR RESULTS
www.glanbia.com 16

SUMMARY INCOME STATEMENT
2013 results summary pre exceptional Reported currency Constant currency
€m 2013 2012 Change Change
Revenue 2,382.1 2,211.8 +7.7% +10.3%
EBITA 187.7 176.7 +6.2% +10.0%
EBITA margin 7.9% 8.0% -10bps No change
- Amortisation of intangibles (21.0) (19.9)
- Net finance costs (23.0) (20.4)
- Share of results of JV&As 1 26.5 12.1
- Income tax (24.7) (25.5)
Profit for the year 145.5 123.0
Adjusted Earnings per Share 2 55.46c 51.34c +8.0% +11.9%
1. Glanbia disposed of a 60% interest in GIIL in November 2012. GIIL is now a 40% associate of the Group. The share of results of JV&As figure for 2012 includes just one month of GIIL. The 11
months prior to the sale were shown in discontinued items and are not included in the table above.
2. For comparative purposes, the 2012 adjusted earnings per share have been adjusted to show GIIL as an associate for the full year.
2013 FULL YEAR RESULTS
www.glanbia.com 17

OTHER FINANCIALS
Finance costs
Tax
Exceptional items
IAS 19
€23.0m (2012: €20.4m). Average interest rate 5.1% (2012:
4.6%). Increase due primarily to renegotiation of debt facilities
in November 2012 (previously renegotiated May 2008).
€24.7m (2012: €25.5m). Effective tax rate of 17.2% (2012:
18.8%). Decrease due to change in mix and geographic
locations in which profits earned.
€5.5m net credit comprised of (i) €13.8m credit related to
revision of two DB pension schemes, (ii) €8.0m charge related to
Dairy Ireland rationalisation costs, (iii) €0.3m related tax charge.
2012 figures restated to reflect implementation of new pension
standard. 2012 adjusted earnings per share increased 0.32c from
51.02c to 51.34c.
2013 FULL YEAR RESULTS
www.glanbia.com 18

FREE CASH FLOW ANALYSIS
€m
FREE CASH FLOW INCREASED +35.2%
250
215
11
-40
200
-56
150
-36
100
-6
88
65
50
0
2013 EBITDA Dividends
from JV&As
Working
capital
Net interest
& tax
Business
sustaining
capex
Other
2013 Free
cash flow
2012 Free
cash flow
2013 FULL YEAR RESULTS
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CAPITAL INVESTMENT AND RETURNS
• Significant capital investment
programme over recent years
• Range of attractive investment
opportunities
• €112m capex for 2013 (€77m
strategic)
• Strong track record of delivery of
returns on investment
• 2013 ROCE 14.2% (2012: 14.1%)
• €120m capex for 2014 (€80m
strategic)
€m
180
160
140
120
100
80
60
40
20
0
15.0%
14.0%
13.0%
12.0%
11.0%
10.0%
9.0%
8.0%
Significant investment programme....
2010 2011 2012 2013
Bus. Sustaining Strategic Acquisitions
... with strong track record for ROCE
2010 2011 2012 2013
2013 FULL YEAR RESULTS
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FINANCING
Financing KPIs 2013 2012
Net debt 1 / Adjusted EBITDA 2 1.7 times 1.7 times
Adjusted EBIT 2 / Net Finance Cost 7.8 times 8.1 times
1. Includes cumulative redeemable preference shares
2. The definition of adjusted EBITDA and adjusted EBIT are as per our financing agreements and include dividends from Joint Ventures & Associates.
• €374.4 million net debt position at 4 January 2014
• Current committed debt facilities of €744.1 million:
€39.1 million preference shares due July 2014
€466.6 million revolving loan facilities maturing January
2018
€238.4 million ($325 million) private placement of senior
loan notes, due June 2021
Bank facilities
(€466.6m)
Preference
shares
(€39.1m)
Private debt
placement
(€238.4m)
2013 FULL YEAR RESULTS
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2013 FULL YEAR RESULTS
STRATEGY REVIEW
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OUR MARKET OPPORTUNITY
EVOLVING CONSUMER MARKETS
OUR OPPORTUNITIES
MACRO TRENDS
GROWTH OF MULTIPLE
NUTRITION SEGMENTS
B2C
GROWING GLOBAL
URBAN MIDDLE
CLASS ADOPTING
AND ADAPTING
WESTERN LIFESTYLE
AND DIETS
ADVANCEMENTS IN
NUTRITION SCIENCE
AND FOOD
TECHNOLOGY
GROWING GLOBAL
POPULATION AND
INCREASING
CONCERNS REGARDING
SECURITY OF FOOD
SUPPLY
MACRO TRENDS
FOOD QUALITY, INGREDIENT
AUTHENTICITY AND
TRACEABILITY
CONCERNS
RISING
HEALTHCARE
COSTS IN AGEING
SOCIETIES
INCREASED
FREQUENCY &
INTENSITY OF
EXERCISE IN
MODERN URBAN
LIFESTYLES
INCREASING DEMAND FOR
HIGHER NUTRIENT DENSITY IN
MAINSTREAM DIETS
INCREASING UNDERSTANDING
OF SYNERGISTIC BENEFITS OF
EXERCISE AND DIETS
INCREASING DEMAND FOR
SUPPLEMENTS AND NATURAL
PREVENTION
GROWING PREVALENCE OF
SNACK-BASED MEAL
REPLACEMENT
DEMAND FOR INGREDIENT
AUTHENTICITY AND
TRACEABILITY
GLOBAL PERFORMANCE
NUTRITION
Global Performance Nutrition is
harnessing the global growth in
household penetration of the
performance nutrition category
through our brand strength,
breadth of product range and
global presence.
B2B
GLOBAL INGREDIENTS
Global Ingredients is ideally
positioned to work with our
customers to address this
growing consumer demand for
higher nutrient density and
cleaner labels in food
ingredients and formulations.
2013 FULL YEAR RESULTS
www.glanbia.com 23

OUR VALUE CHAIN
ADDING VALUE TO
OUR PORTFOLIO
BY MOVING UP
THE VALUE
CHAIN IS
KEY TO OUR
STRATEGY
B2B
B2C
SOLUTIONS
& SYSTEMS
CONSUMER
BRANDS
OUR BRANDS
Optimum Nutrition
BSN
ABB
Nutramino
OUR PRODUCTS
Dairy-based protein systems
Vitamin & mineral premixes
Specialty grain systems
Aseptic beverages
SPECIALTY
INGREDIENTS
High protein dairy ingredients
Specialty milk minerals/proteins
Specialty grains
BASE
INGREDIENTS
Cheese
Base whey
Other dairy ingredients
2013 FULL YEAR RESULTS
www.glanbia.com 24

STRATEGY FOR GLOBAL GROWTH PLATFORMS
B2C
GLOBAL
PERFORMANCE
NUTRITION
B2B
GLOBAL
INGREDIENTS
• Grow in US specialty and
internet channels;
• Focus on high-growth markets
and continue with rapid
international expansion;
• Venture into new markets,
channels and consumer
segments; and
• Enhance capabilities in
marketing, sales, supply chain
and product innovation.
• Sustain leadership position in
American-style cheddar cheese;
• Leverage whey expertise and
add to protein ingredients and
systems;
• Strengthen market position in
premix solutions; and
• Look to scale dairy and
non-dairy ingredients.
2013 FULL YEAR RESULTS
www.glanbia.com 25

OUR STRATEGY
OUR VISION
TO BE THE LEADING GLOBAL PERFORMANCE NUTRITION AND INGREDIENTS GROUP
OUR STRATEGIC PRIORITIES
1. Sustain current and drive further market
leadership positions within both B2B
and B2C global growth platforms
2. Deliver strategic capital investment
programme
3. Acquire or partner with complementary
businesses to scale our current portfolio
OUR LONG TERM FINANCIAL AMBITIONS
ORGANIC EARNINGS 1
8% TO 10%
RETURN ON CAPITAL EMPLOYED
12% +
4. Develop talent, culture and values, in
line with our growing global scale
1. Five year adjusted earnings per share CAGR on a constant currency basis.
2013 FULL YEAR RESULTS
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2013 FULL YEAR RESULTS
SUMMARY & OUTLOOK
www.glanbia.com 27

SUMMARY
• Good performance for 2013 – fourth
consecutive year of double digit growth
• Continue to invest across the business
with consistent delivery of returns
• Clear strategic plan based around two
global growth platforms
• Positive outlook for 2014 with guidance of
8% to 10% growth in adjusted EPS on a
constant currency basis
• Ambition to sustain 8% to 10% growth
rate over the next five years
2013 FULL YEAR RESULTS
www.glanbia.com 28

2013 FULL YEAR RESULTS
SUPPLEMENTARY
INFORMATION
www.glanbia.com 29

2013 SUMMARY CASH FLOW
€m 2013 2012
EBITDA 214.6 201.5
Dividends from Joint Ventures & Associates 10.9 13.8
Working capital movement (39.9) (59.1)
Net interest and tax paid (55.8) (48.1)
Business sustaining capital expenditure (35.7) (30.1)
Other outflows (6.5) (13.2)
Free cash flow from continuing operations 87.6 64.8
Loans repaid by / (to) Joint Ventures & Associates 7.2 (3.3)
Strategic capital expenditure / acquisitions (76.5) (89.2)
Disposals 8.5 26.6
Restructuring costs (3.0) (6.5)
Equity dividends (27.9) (25.3)
Net cash flow from continuing operations (4.1) (32.9)
Cash flow from discontinued operations - 122.8
Cash flow pre currency exchange/fair value adjustments (4.1) 89.9
Currency exchange / fair value adjustments 6.3 13.8
Cash flow for the year 2.2 103.7
2013 FULL YEAR RESULTS
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2013 SUMMARY BALANCE SHEET
€m 2013 2012
Property, plant and equipment 374.0 309.5
Investments 152.9 135.2
Intangible assets 454.5 473.0
Non-current receivables 9.4 16.8
Deferred tax/capital grants (75.8) (73.7)
Working capital 225.7 201.3
Retirement benefit obligations (78.0) (98.1)
Provisions (44.8) (42.8)
1,017.9 921.2
Net debt (374.4) (376.6)
Shareholders equity 643.5 544.6
2013 FULL YEAR RESULTS
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JOINT VENTURES & ASSOCIATES RECONCILIATION
Joint Ventures & Associates - Reconciliation of EBITA to share of results
€m 2013 2012
EBITA of Joint Ventures & Associates 39.0 37.9
Reversal of pro-forma adjustment for GIIL 1 - (14.8)
Reported EBITA 39.0 23.1
Amortisation (0.3) -
Finance costs (4.2) (5.3)
Income tax (8.0) (5.7)
Share of results as reported in the Income Statement 26.5 12.1
1. Glanbia disposed of a 60% interest in Glanbia Ingredients Ireland Limited (“GIIL”) in November 2012. GIIL is now a 40% associate of the Group. 2012 EBITA of Joint Ventures & Associates
includes a pro forma adjustment to reflect GIIL as a 40% associate of the Group for the full year 2012.
2013 FULL YEAR RESULTS
www.glanbia.com 32

Glanbia plc
Glanbia House
Ring Road
Kilkenny
Ireland
Email: ir@glanbia.ie
Tel: +353 56 777 2200