Siobhan Talbot

Group Managing Director

Boston

05 September 2017

Glanbia plc

Barclays Consumer

Staples Conference

Cautionary Statement

Barclays Consumer Staples

Conference 2017

Glanbia

Overview

Barclays Consumer Staples Conference 2017 | Slide 4

Glanbia Group Overview – Global Business

MARKET CAP*

€5BN

EMPLOYEES

6,200 COUNTRIES

32

20

16

To

tal

Gro

up

Reve

nu

e

20

16

To

tal

Gro

up

EB

ITA

*Contribution of Glanbia Performance Nutrition and Glanbia Nutritionals

GLANBIA

PERFORMANCE

NUTRITION

GLANBIA

NUTRITIONALS

JOINT

VENTURES &

ASSOCIATES

*at close 14 August 2017

€162m

€111m

€57m

83%*

€1,007m

€1,224m

€1,079m

67%*

Note: Numbers above are Pro-Forma and assume that the

Dairy Ireland divestment occurred at the beginning of FY 2016

Glanbia growth model – Consistent

returns

Barclays Consumer Staples Conference 2017 | Slide 5

Growth underpinned by

GPN & GN

Disciplined investment in

growth capex and

acquisitions

JVs: efficient use of capital

EBITA is shown at the Total Group level which includes Glanbia’s share of Joint Ventures & Associates 2016 segmental EBITA figures are pro-forma and assume that the Dairy Ireland divestment occurred at the beginning of FY 2016 The divestment of Dairy Ireland completed on 02 July 2017

+12.5% CAGR

€162m

€111m

€57m

2016 EBITA:

€331m €43m

€62m

€30m

€29m

Glanbia Performance Nutrtition Glanbia Nutritionals

Dairy Ireland Joint Ventures & Associates

2010 EBITA:

€163m

Barclays Consumer Staples Conference 2017 | Slide 6

Track Record of earnings & margin growth

Adjusted earnings per share*

11.4% CAGR from 2001 to 2016

EBITA margin*

+870bps from 2001 to 2016

*2016 adjusted earnings per share and EBITA margin calculations are pro-forma numbers which reflect the impact of the exclusion of amortisation and the divestment of the Dairy

Ireland segment on the performance

The divestment of Dairy Ireland completed on 02 July 2017

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

11.0%

12.0%

13.0%

0c

10c

20c

30c

40c

50c

60c

70c

80c

90c

Barclays Consumer Staples Conference 2017 | Slide 7

Track record of strong strategic execution

2014

2017

2013

2012 2015 2011 2013

2012 2015

Capacity

expansion

HIGH END WHEY

EXPANSION,

IDAHO

NEW GPN

PRODUCTION

PLANT, ILLINOIS

CHEESE

INNOVATION

CENTER, IDAHO

PREMIX

FACILITY,

GERMANY

CHEESE &

WHEY

EXPANSION,

NEW MEXICO

SPIN OUT OF

DAIRY IRELAND

DAIRY

INGREDIENTS

FACILITY,

IRELAND

CHEESE &

WHEY

EXPANSION,

NEW MEXICO

SPECIALTY

GRAIN

INGREDIENTS,

SOUTH DAKOTA

SPIN OUT OF

IRISH DAIRY

PROCESSING

ASSETS

NEW CHEESE

JV, MICHIGAN

1 Organic growth projects & strategic alliances

2020

2018

Barclays Consumer Staples Conference 2017 | Slide 8

Track record of strong strategic execution

2016 2014 2011 2008 2012 2017

2 Disciplined M&A

ASEPTIC

SOLUTIONS

USA

Barclays Consumer Staples Conference 2017 | Slide 9

Strong Financial Metrics

1.2x Net debt : Adj. EBITDA1

FY 2016

87.6% Conversion of EBITDA to FCF in

FY 2016

11.2% Growth in Adj. EPS in FY 2016 (constant

currency), the 7th year of double digit growth

12.9% FY 2016 Return on Capital Employed

1. Definition of net debt, adjusted EBITDA and adjusted EBIT are as per financing agreements which include dividends from Joint Ventures & Associates and the pro-forma effect of acquisitions

Consumer branded products

Glanbia Performance

Nutrition

Glanbia Performance Nutrition

Barclays Consumer Staples Conference 2017 | Slide 11

2014 2015 2016

EBITA Margin

€50

€100

€150

€200

€500

€700

€900

€1,100

2014 2015 2016

EB

ITA

Reve

nu

e

Revenue & EBITA

Revenue EBITA

Millions Millions

12.0%

14.7% 16.1%

Performance nutrition $12bn category*

Glanbia - market leader

Growth driven by brand development

and strategic acquisitions

*Source: Glanbia estimates and Euromonitor data

GPN Brand portfolio

Barclays Consumer Staples Conference 2017 | Slide 12

PERFORMANCE LIFESTYLE

Consumer

Barclays Consumer Staples Conference 2017 | Slide 13

DTC strong trend in category

Acquisition of Body & Fit

provides a platform in Europe

*DTC refers to direct-to-consumer

Consumer shift towards

snacking

Innovative brand extensions

such as ON Cake Bites and

thinkThin Super Fruit bars

Plant-based nutrition

experiencing strong growth

Amazing Grass well

positioned in this category

Plant Nutrition Direct-to-consumer Convenience

Trends driving growth

Business-to-business food

ingredients

Glanbia

Nutritionals

Glanbia Nutritionals

Barclays Consumer Staples Conference 2017 | Slide 15

€90

€100

€110

€120

€130

€1,100

€1,150

€1,200

€1,250

2014 2015 2016

EB

ITA

Reve

nu

e

Revenue & EBITA

Revenue EBITA

Millions Millions

2014 2015 2016

EBITA Margin

8.5% 8.8%

9.1%

Margin expansion mainly driven by value-

added Nutritional Solutions

US Cheese is a leading producer of American-

style cheddar cheese

Nutritional Solutions is a leading provider of

dairy & non-dairy proteins, ingredient

solutions, and vitamin & minerals pre-mix

Nutritional Solutions €488m

US Cheese €736m

2016 Revenues

Barclays Consumer Staples Conference 2017 | Slide 16

GN Plays into Growing End Markets

GN End Markets Nutritional Solutions serves customers

in a variety of growing end markets aligned to consumer trends

Protein

Enrichment

Convenience Nutritional

Functionality

Functional nutrition

Nutrition enhanced

mainstream food &

beverage

Life stage nutrition

Cheese

Business-to-business dairy

food ingredients

Joint Ventures

& Associates

Barclays Consumer Staples Conference 2017 | Slide 18

Joint Ventures & Associates

Glanbia total Group processed over 6 billion litres of milk in 2016 *Glanbia Ireland encompasses Glanbia Ingredients Ireland and the former wholly-owned division Dairy Ireland

3 scale dairy processing

businesses (% ownership)

Southwest Cheese (50%) Large-scale US cheese & whey producer

Glanbia Cheese (51%) Leader in mozzarella cheese in the EU

Glanbia Ireland* (40%) Largest dairy processor in Ireland

2016 Pro-forma Revenue from

the JVA’s (Glanbia share)

€370m

€118m

€591m

Southwest Cheese

Glanbia Cheese

Glanbia Ireland

Total €1,079m

Barclays Consumer Staples

Conference 2017

Summary

& Outlook

Summary & Outlook

Barclays Consumer Staples Conference 2017 | Slide 20

CC denotes constant currency

*Pro-forma adjusted EPS for continuing operations assumes that the Dairy Ireland

divestment occurred at the beginning of FY 2016

+7-10%(cc)

Half Year 2017 Results

Full Year 2017 Outlook

Pro-forma adjusted EPS

Barclays Consumer Staples

Conference 2017

Questions

& Answers

+

Delivering better

nutrition for every

step of life’s

journey

Glanbia plc

Glanbia House

Kilkenny, Ireland