Half year results. Delivering better nutrition for every step of life s journey. 10 August 2017

results Delivering better nutrition for every step of life s journey 10 August 1

Good performance in first half driven by Glanbia Nutritionals FY guidance reiterated of 7% to 10% constant currency pro forma EPS growth 1 10 August Glanbia plc ( Glanbia, the Group, the plc ), the global nutrition group, announces its results for the six months ended 1 July. Results highlights for the half year Sale of 60% of Dairy Ireland and related assets completed on 2 July and a new joint venture, Glanbia Ireland, established encompassing the businesses of Glanbia Ingredients Ireland DAC and Dairy Ireland; On a pro forma basis Adjusted Earnings Per Share 1 grew 13.2% reported (10.1% constant currency); Wholly owned revenues from continuing operations of 1,185.7 million (: 1,077.9 million) up 10.0% on prior half year (7.3% constant currency); Wholly owned EBITA from continuing operations of 148.3 million (: 139.1 million) up 6.6% on prior half year (3.5% constant currency); Glanbia Performance Nutrition delivered reported revenue growth of 7.6% (5.4% constant currency) and reported EBITA growth of 3.1% (0.2% constant currency); Glanbia Nutritionals delivered reported revenue growth of 12.2% (9.0% constant currency) and reported EBITA growth of 11.6% (8.1% constant currency); and Joint Ventures and Associates delivered strong revenue and EBITA growth of 23.1% (23.2% constant currency) and 84.8% (83.8% constant currency) respectively. Commenting today Siobhán Talbot, Group Managing Director, said: Glanbia delivered a good performance in the first six months of with wholly owned revenues from continuing operations growing 7.3%, constant currency, when compared to the same period in. Pro-forma Adjusted Earnings Per Share 1 was up 10.1%, constant currency. The sale of 60% of Dairy Ireland and related assets was completed on 2 July and this business together with Glanbia Ingredients Ireland have formed a new Joint Venture named Glanbia Ireland. Glanbia Nutritionals and Joint Ventures were the main drivers of growth in the first half and we believe second half earnings progression will also be driven by Glanbia Performance Nutrition where good organic growth is expected for the remainder of the year. Overall, we reiterate guidance for the full year of proforma Adjusted Earnings Per Share 1 growth of 7% to 10% on a constant currency basis. half year results Reported Constant m HY HY Change Currency Change 2 Wholly-owned business (Continuing operations) Revenue 1,185.7 1,077.9 +10.0% +7.3% EBITA 3 148.3 139.1 +6.6% +3.5% EBITA margin 12.5% 12.9% - 40 bps - 50 bps JVs and Associates (Continuing operations) Revenue 475.7 386.3 +23.1% +23.2% EBITA 32.9 17.8 + 84.8% + 83.8% EBITA margin 6.9% 4.6% + 230bps + 230bps Discontinued ops (Dairy Ireland & related investments) Revenue 386.5 372.9 + 3.6% EBITA 11.6 19.6-40.8% EBITA margin 3.0% 5.3% - 230bps Group 4 Revenue 2,047.9 1,837.1 + 11.5% + 9.9% EBITA 192.8 176.5 +9.2% + 6.6% EBITA margin 9.4% 9.6% - 20bps - 30bps Group profit for the period 114.9 109.8 +4.6% - Reported basic Earnings Per Share 38.96c 37.06c +5.1% Adjusted Earnings Per Share (Reported) 5 48.04c 43.96c +9.3% +6.5% Pro - Forma Pro-forma Adjusted Earnings Per Share 1 46.09c 40.71c + 13.2% + 10.1% 1. Pro-forma Adjusted Earnings Per Share from continuing operations calculation assumes the Dairy Ireland segment and related assets were disposed of at the beginning of the financial year. A reconciliation is set out on pages 47 and 48 of the glossary to the financial statements 2. 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 the first half of was 1 = $1.083 (HY : 1 = $1.116). 3. EBITA is defined as earnings before interest, tax and amortisation and is stated before exceptional items. 4. Group includes Wholly Owned business and Glanbia s share of Joint Ventures & Associates from both continuing and discontinued operations. 5. Adjusted Earnings Per Share has been amended to exclude the cost of software amortisation within the earnings calculation and also includes the contribution from the Dairy Ireland segment and related assets. This release contains certain alternative performance measures. A detailed glossary of the key performance indicators and non-ifrs performance measures can be found on pages 42 to 51. Glanbia plc Delivering better nutrition for every step of life s journey half year results Page 1

half year overview and outlook Glanbia delivered a good performance in the first half of. As a result of the sale of 60% of Dairy Ireland and related assets subsequent to the period end, the results of Dairy Ireland and related assets have been classified as discontinued operations for these first half results, with prior year comparatives amended accordingly. Wholly owned revenue from continuing operations was 1,185.7 million, an increase of 10% reported (up 7.3% constant currency). The drivers of wholly owned continuing operations revenue growth on a constant currency basis were a 3.1% increase in price, a 1.3% volume improvement and a 2.9% contribution from acquisitions. Wholly owned EBITA from continuing operations was 148.3 million, up 6.6% reported (up 3.5% constant currency). Wholly owned EBITA margins from continuing operations were 12.5%, down 40 basis points reported (down 50bps constant currency). profit for the period was 114.9 million, up 4.6% on a reported basis compared to prior year. Group revenue for the period for continuing and discontinued operations and including the Group s share of Joint Ventures and Associates was 2,047.9 million an increase of 11.5% reported (up 9.9% constant currency). Group EBITA on the same basis was 192.8 million an increase of 9.2% on a reported basis (up 6.6% constant currency). Group EBITA margin was 9.4% down 20bps reported (down 30bps constant currency). Adjusted Earnings Per Share for the half year was 48.04c representing a reported increase of 9.3% (up 6.5% constant currency). On a pro-forma basis assuming the Dairy Ireland transaction had occurred at the beginning of FY Adjusted Earnings Per Share growth was 13.2% on a reported basis (up 10.1% constant currency). Sale of Dairy Ireland and creation of Glanbia Ireland The sale of 60% of Dairy Ireland and related assets was completed on 2 July. net cash proceeds from the transaction is expected to be in excess of 200 million. Of the total net cash proceeds, 112 million representing the sale of the 60% equity stake in Dairy Ireland and related assets, was received by Glanbia immediately prior to the end of the first half of and is included in the financial statements for HY. The balance of the cash proceeds to be received are dependent on the value of working capital in Dairy Ireland at 1 July and are subject to the final agreement of completion accounts. All proceeds are expected to be received in full by 31 October. The operations of Dairy Ireland are being integrated with Glanbia Ingredients Ireland DAC, and the combined business has been renamed Glanbia Ireland DAC ( Glanbia Ireland ). Glanbia Ireland is a joint venture which is 60% owned by Glanbia Co-operative Society Limited and 40% owned by Glanbia plc. Glanbia Ireland is the largest dairy and agri business in Ireland with pro-forma revenues in excess of 1.5 billion. Glanbia Ireland is well positioned to support the growth ambitions of its suppliers in the coming years producing a diverse range of value added dairy ingredients and consumer products. Capital investment and corporate development Glanbia s total investment in capital expenditure was 33.3 million in the first half of, of which 19.1 million was strategic investment. The key strategic project completed in the period was a new innovation centre in Glanbia Performance Nutrition in Illinois, USA. Glanbia also completed two acquisitions in the period, Grass Advantage LLC ("Amazing Grass") a plant based nutrition brand in the US and B&F Vastgoed B.V. ("Body & Fit") in the Netherlands, a leading direct to consumer ("DTC") online branded business focused on performance nutrition. The combined cost of both businesses was approximately 168 million. outlook Glanbia reiterates its full year guidance of 7% to 10% growth in pro-forma Adjusted Earnings Per Share from continuing operations, constant currency. If the average Euro US dollar exchange rate remains at similar levels to the average over the past month for the remainder of, Glanbia expects the FY reported pro-forma Adjusted Earnings Per Share growth from continuing operations to be marginally lower than the constant currency result. Glanbia plc Delivering better nutrition for every step of life s journey half year results Page 2

Glanbia expects growth to be more evenly balanced in FY between Glanbia Nutritionals ( GN ) and Glanbia Performance Nutrition ( GPN ). GN expects growth to continue to be driven by sales of valueadded products from Nutritional Solutions to existing customers. GPN expects to have a strong second half of with full year like-for-like branded revenue growth in the mid-single-digit range. Full year margins in GPN are expected to be broadly in line with the first half of. Joint Ventures & Associates are expected to deliver an improved performance versus prior year as a result of improved dairy markets with growth first half weighted. operations review Segmental analysis (as reported) Re-presented* HY HY m Revenue EBITA EBITA % Revenue EBITA* EBITA % Glanbia Performance Nutrition 543.5 83.9 15.4% 505.3 81.4 16.1% Glanbia Nutritionals 642.2 64.4 10.0% 572.6 57.7 10.1% wholly-owned businesses 1,185.7 148.3 12.5% 1,077.9 139.1 12.9% Joint Ventures & Associates 475.7 32.9 6.9% 386.3 17.8 4.6% continuing Group 1,661.4 181.2 10.9% 1,464.2 156.9 10.7% discontinued operations 386.5 11.6 3.0% 372.9 19.6 5.3% Group reported 2,047.9 192.8 9.4% 1,837.1 176.5 9.6% * EBITA numbers for the segments have been re-presented due to a reallocation of certain central overheads following the reclassification of Dairy Ireland and related investments in Associated Companies as discontinued operations to ensure a like for like comparison with current year. Overall EBITA for the Group is unchanged. Glanbia Performance Nutrition Re-presented Constant Currency m HY HY Change Change Revenue 543.5 505.3 +7.6% +5.4% EBITA 83.9 81.4 +3.1% +0.2% EBITA margin 15.4% 16.1% - 70bps - 80bps Commentary is on a constant currency basis throughout Glanbia Performance Nutrition ( GPN ) delivered a satisfactory result in the first half of in the context of challenging comparatives for the same period in. Revenues increased 5.4% to 543.5 million. The key drivers of revenue growth was a 6.2% contribution from the combined acquisitions of Amazing Grass and Body & Fit offset by a 0.8% volume decrease as a result of contract revenue declines. Overall, year on year pricing was neutral on a comparative basis. Like-for-like branded revenue growth in the period was 0.7% primarily driven by a good performance in EMEA and LAPAC markets and improved momentum in the US market during the second quarter, a dynamic which is anticipated to continue into the second half of. GPN remains focused on innovation as a core element of sustainable branded growth with the launches of ON Cake Bites and thinkthin plant based bars performing well in the period. GPN also completed development of a new innovation facility in Illinois, USA to further support new product development across the portfolio. The integration of the Amazing Grass and Body & Fit acquisitions completed in the period is on track with targeted investment plans being developed to fuel growth. Amazing Grass via its portfolio of plant based, organic and GMO free nutrition products participates in a high growth category and further expands GPN s reach with lifestyle consumers in the natural, online and specialty channels in North America. Body & Fit provides GPN with a presence in the European direct to consumer online channel. EBITA grew by 0.2% in the period as revenue growth was offset by EBITA margin compression of 80 basis points to 15.4%. The margin decrease was primarily as a result of a year on year increase in input Glanbia plc Delivering better nutrition for every step of life s journey half year results Page 3

costs. GPN expects EBITA growth to be weighted to the second half of with full year like-for-like branded revenue growth in the mid-single-digit range and margins in line with the half year. Glanbia Nutritionals Re-presented Constant Currency m HY HY Change Change Revenue 642.2 572.6 +12.2% +9.0% EBITA 64.4 57.7 +11.6% +8.1% EBITA margin 10.0% 10.1% -10bps -10bps Commentary is on a constant currency basis throughout Glanbia Nutritionals ( GN ) delivered a good performance in the first half of versus the same period in. Revenues increased by 9.0% to 642.2 million and this was driven by positive pricing of 5.9% and a volume increase of 3.1%. Price improvement was primarily related to higher dairy markets. The main driver of volume growth was increased sales of dairy and non-dairy value added systems by Nutritional Solutions. Margins were 10.0% which was a 10 basis point reduction versus the same period in the prior year. GN expects the current momentum in the Nutritional Solutions business to continue into the second half of which is expected to be the primary driver of EBITA growth in FY. Nutritional Solutions Nutritional Solutions is a leading marketer of advanced technology whey protein, specialist vitamin & mineral blends, plant based ingredients and functional beverages. Nutritional Solutions delivered a strong performance in H1 with revenue of 285.6 million, an 18.6% increase on H1. This was mainly driven by volume growth of value-added dairy and non-dairy ingredients, including bar systems, ready to mix and ready to drink solutions in addition to vitamin & mineral blends across a range of customers, categories and geographies. Higher dairy markets drove additional price improvement within Nutritional Solutions. US Cheese US Cheese is a leading producer of American style cheddar cheese in the US supplying a range of customers. US Cheese customers predominantly participate in the food service, retail, consumer branded and private label end markets. US Cheese had revenue of 356.7 million in H1. Revenue increased by 2.4% versus the same period in as higher cheese pricing was offset by some volume declines. Dairy Ireland Discontinued operations Re-presented m HY HY Change Revenue 357.9 356.9 +0.3% EBITA 11.1 18.3-39.3% EBITA margin 3.1% 5.1% - 200bps The sale of 60% of Dairy Ireland and related assets was completed on 2 July and the segment has been classified as discontinued operations. In the first half of, Dairy Ireland revenues increased by 0.3% reflecting a 2.5% increase in volumes, a 3.7% decline in price and a 1.5% revenue contribution resulting from the consolidation of a subsidiary previously included in Joint Ventures. A 200 bps reduction in margin drove an EBITA decline of 39.3% versus the prior half year. Glanbia plc Delivering better nutrition for every step of life s journey half year results Page 4

Consumer Products delivered continued growth in sales of value added milk in the period. However margins were reduced due to increased milk and dairy product costs which resulted in a reduced performance. Agribusiness delivered a reduced performance in the period. Increased animal feed and fertiliser volume was more than offset by lower pricing which led to a decline in margin. Joint Ventures & Associates (Glanbia Share) Re-presented* Constant Currency m HY HY Change Change Revenue* 475.7 386.3 +23.1% +23.2% EBITA* 32.9 17.8 +84.8% +83.8% EBITA margin 6.9% 4.6% +230bps +230bps * Joint Ventures and Associates results have been represented to reflect the removal of discontinued operations related to investments in Associated Companies which were sold as part of the Dairy Ireland transaction. Commentary is on a constant currency basis throughout Joint Ventures & Associates delivered a strong performance in the first half of with revenue increasing by 23.2% in the period. The driver of the revenue growth was a 21.8% improvement in pricing as a result of improved global dairy markets and a 1.4% increase in volumes primarily driven by Glanbia Ingredients Ireland DAC. Margin improved by 230 basis points to 6.9% and this coupled with revenue growth drove an 83.8% increase in EBITA in the first half of. Due to the timing of dairy market movements the result for Joint Ventures and Associates in FY will be ahead of FY with growth weighted towards H1. Joint Ventures and Associates (Glanbia Share) Discontinued operations A number of investments in certain Associated Companies were included in the Dairy Ireland disposal. A list of the main Associated Companies included in the disposal was set out in the Circular published on 28 April ahead of the Extraordinary Shareholders Meeting to approve the transaction. These Associated Companies are mainly involved in agribusiness related activities in Ireland. These investments were previously reported under Joint Ventures and Associates. They are now classified as discontinued operations. The table below summarises Glanbia s share of the revenue and EBITA from these Associated Companies which was previously reported within Joint Ventures and Associates. Reported m HY HY Change Revenue 28.6 16.0 +78.8% EBITA 0.5 1.3-61.5% Glanbia plc Delivering better nutrition for every step of life s journey half year results Page 5

finance review HY results summary pre-exceptional Re-presented* Constant Currency m HY HY Change Change Continuing operations: Revenue 1,185.7 1,077.9 +10.0% +7.3% EBITA 148.3 139.1 +6.6% +3.5% EBITA margin 12.5% 12.9% -40bps -50bps - Amortisation of intangible assets (21.8) (18.2) - Net finance costs (11.8) (11.6) - Share of results of Joint Ventures Associates 22.3 11.1 - Income tax (20.5) (19.4) Profit for the half year continuing operations 116.5 101.0 Discontinued operations: Profit after tax from discontinued operations 9.3 16.0-41.9% -41.9% Profit for the half year Group 125.8 117.0 * results have been re-presented to reflect the impact of discontinued operations resulting from the Dairy Ireland transaction. Dairy Ireland transaction The disposal of 60% of Dairy Ireland and related assets was completed on 2 July. As a result, Dairy Ireland reported numbers for the first half of are classified as discontinued operations (with comparatives changed accordingly) and all related Dairy Ireland Assets and Liabilities have been reclassified on the Group balance sheet as held for sale. Continuing activities referred to above exclude Dairy Ireland results. Costs incurred in respect of the transaction have been treated as exceptional items in the period and are described further below. Income statement For the first half of, wholly owned revenue from continuing operations increased 7.3%, constant currency (up 10% reported) to 1,185.7 million (HY : 1,077.9 million). EBITA from continuing operations grew by 3.5%, constant currency (up 6.6% reported) to 148.3 million (HY : 139.1 million). EBITA margin decreased by 50 bps, constant currency (decreased 40bps reported) to 12.5%. Net financing costs of 11.8 million increased versus prior year (HY : 11.6 million) due to an increase in average net debt arising from the acquisitions of Body & Fit and Amazing Grass and a seasonal increase in working capital. The Group s average interest rate for the period was 3.5% (HY : 3.6%). Glanbia operates a policy of fixing a significant amount of its interest exposure, with 85% of projected debt currently contracted at fixed rates. The Group s share of results of Joint Ventures & Associates increased by 11.2 million to 22.3 million (HY : 11.1million) driven by strong performances from Glanbia Cheese and Glanbia Ingredients Ireland. Share of results of Joint Ventures & Associates is stated after tax and interest. The HY pre-exceptional tax charge increased by 1.1 million to 20.5 million (HY : 19.4 million). This represents an effective tax rate, excluding Joint Ventures & Associates, of 17.9% (HY : 17.7%). Profit after tax from discontinued operations relates to the results of Dairy Ireland and related assets after tax and pre-exceptional costs. Profit for the period decreased by 6.7 million to 9.3 million on a reported currency basis. Glanbia plc Delivering better nutrition for every step of life s journey half year results Page 6

Reported basic Earnings Per Share HY HY Change Basic Earnings Per Share 38.96c 37.06c +5.1% Basic Earnings Per Share grew by 5.1% on prior year driven by higher Group profit for the period. Adjusted Earnings Per Share HY HY Change Constant Currency Change Adjusted Earnings Per Share 48.04c 43.96c +9.3% +6.5% During the current year the calculation of Adjusted Earnings Per Share was amended to exclude the cost of software amortisation within the earnings calculation. Prior year numbers have been amended accordingly. Full reconciliation is included in Note 13 to the financial statements and the glossary on page 46. Full year Adjusted Earnings Per Share is 86.02 cent when calculated on this basis. Adjusted Earnings Per Share has been provided as it is more reflective of the Group s underlying performance than basic Earnings Per Share and is calculated based on the net profit attributable to equity holders of the parent before exceptional items and amortisation of intangible assets (excluding software amortisation), net of related tax. Adjusted Earnings Per Share grew 6.5% (up 9.3% reported), driven by growth in EBITA. Pro-forma Adjusted Earnings Per Share from continuing operations HY HY Change Constant Currency Change Pro-forma Adjusted Earnings Per Share * 46.09c 40.71c +13.2% +10.1% * Pro-forma Adjusted Earnings Per Share from continuing operations calculation, including reconciliation of the comparatives, is set out on pages 47 and 48 of the glossary to the financial statements. Pro-Forma calculation of Adjusted Earnings Per Share from continuing operations has been provided as it represents the revised and on-going structure of the Group following the disposal of 60% of Dairy Ireland and related assets. Pro-forma Adjusted Earnings Per Share assumes the Dairy Ireland disposal was completed at the beginning of the financial year and is calculated based on the net profit attributable to equity holders of the parent from continuing activities plus 40% of the share of profits after tax for Dairy Ireland and related assets, before exceptional items and amortisation of intangible assets, net of related tax. In HY, total pro-forma Adjusted Earnings Per Share grew 10.1% (up 13.2% reported), driven by growth in EBITA. Full year pro-forma Adjusted Earnings Per Share is 80.40 cent when calculated on the same basis as described above. Dividend per share The Board is recommending an interim dividend of 5.91 cent per share (HY : interim dividend of 5.37 cent per share). This represents an increase of 10% on the prior year interim dividend. The dividend will be paid on 6 October to shareholders on the register of members as at 25 August. Irish withholding tax will be deducted at the standard rate where appropriate. Glanbia plc Delivering better nutrition for every step of life s journey half year results Page 7

Exceptional items m HY HY Organisation redesign costs (note 2) - (6.2) Acquisition integration costs (note 3) - (1.9) Exceptional (charge) pre-tax continuing operations - (8.1) Taxation credit continuing operations - 1.5 exceptional (charge) continuing operations - (6.6) Dairy Ireland transaction related costs (note 1) (13.0) - Rationalisation costs (note 4) - (0.8) Exceptional (charge) pre-tax discontinued operations (13.0) (0.8) Taxation credit discontinued operations 2.1 0.1 exceptional (charge) discontinued operations (10.9) (0.7) exceptional (charge) (10.9) (7.3) Exceptional items incurred in the first half of resulted in a post-tax exceptional charge of 10.9 million compared to a charge of 7.3 million for the same period in. Details of the exceptional items incurred in the period are as follows: 1. Dairy Ireland transaction related costs relates to the costs in respect of the sale of 60% of Dairy Ireland and related assets to Glanbia Co-operative Society Limited, completed on 02 July and amounted to 10.9 million net after tax. These costs include impairment of tangible fixed assets, professional fees, EGM meeting costs, employee benefit expenses and other related costs. As the transaction completed after the period end, the gain arising on the disposal has not been reflected in the H1 results. This will be reported in the full year financial statements. 2. The organisation redesign costs relate to the programme announced in 2015 in Glanbia Nutritionals to fundamentally reorganise the business to leverage future market opportunities. 3. Acquisition integration costs comprise of costs relating to the integration, restructuring and redesign of route to market capabilities within acquired businesses in the Glanbia Performance Nutrition segment. 4. Rationalisation costs primarily relate to the redundancy and rationalisation programme in the Dairy Ireland segment. Group financing and cash flow Financing key performance indicators HY HY FY Net debt m 608 644 438 Net debt : adjusted EBITDA 1 1.63 times 1.83 times 1.19 times Adjusted EBIT 1 : net finance cost 11.4 times 11.4 times 11.5 times 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. A detailed glossary of the key performance indicators and non- IFRS performance measures can be found on pages 42 to 51 of the financial statements. The Group s financial position continues to be strong. Net debt at the end of HY was 608 million. This is a decrease of 36 million relative to the end of HY. Net debt to adjusted EBITDA was 1.63 times and interest cover was 11.4 times, both metrics remaining well within financing covenants. Relative to the year end of, net debt has increased by 170 million. The key drivers of the net debt increase from year end have been the acquisition of Body & Fit and Amazing Grass, increase in working capital, particularly investment in inventory, and capital expenditure. The Group expects to receive in excess of 200 million total net cash proceeds from the disposal of 60% of Dairy Ireland and related assets. Of the total expected net cash proceeds, 112 million representing the 60% equity stake in Dairy Ireland and related assets, was received by Glanbia immediately prior to the end of H1 and contributed to the reduction in net debt since prior half year. The remaining proceeds are subject to agreement of completion accounts and are expected to be received in full by 31 October. Glanbia plc Delivering better nutrition for every step of life s journey half year results Page 8

Pension On 1 July, the Group s net pension liability under IAS 19 (revised) Employee Benefits, before deferred tax, decreased by 64.9 million to 45.6 million versus year end (FY pension liability 110.5 million). A significant driver of this was the transfer of 44.2 million to liabilities held for sale which reflects the portion of the pension liabilities relating to Dairy Ireland which has been disposed. See note 8 for further details on the retirement benefit obligation at the reporting date. Principal risks and uncertainties The Board of Glanbia plc has the ultimate responsibility for the Group s systems of risk management and internal control. The Group s risk management framework outlines the key stakeholder risk management responsibilities. It is designed to ensure that there is input across all levels of the business to the management of risk and to enable the Group to remain responsive to the ever changing environment in which it operates. This framework, together with the processes to identify, manage and mitigate potential material risks to the achievement of the Group s strategic objectives are set out in detail on pages 12-16 of the plc s Annual Report. The Group s principal risks and uncertainties are summarised in the risk profile table below, together with the strategic objective to which they relate, and an overview of the risk trend identified for the year ended 31 December, issued on 22 February which the plc Board believes to still remain applicable. There may be other risks and uncertainties that are not yet considered material or not yet known to the Group and this list will change if these risks assume greater importance in the future. Glanbia risk profile Group Grow Performance Strategic Nutrition and Priorities Sustain and drive nutritional Risk where trend is increasing Risks which are stable solutions Economic, industry and political risk Tax risk Strategy risk Market risk Organic and acquisition derived growth Acquisition risk Develop talent, culture and values Talent management risk Other risks IT and cyber security risks Site compliance risk and environmental, health & safety regulation risk. Customer concentration risk Product safety and compliance risk Supplier risk Key risk factors and uncertainties with the potential to impact on the Group s financial performance in the second half of the year include: Economic, industry, political and tax risk. Macroeconomic and global trade uncertainty continues to increase, partly as a result of Brexit (the United Kingdom (UK) electorate voting to leave the European Union). While the immediate direct impacts of this decision are limited, currency volatility, further movement in discount rates and other economic uncertainties will require on-going monitoring by the Group; Market risk. The overall impact on margins of movements in dairy pricing particularly in whey markets. The Group actively manages these and all other risks through its risk management and internal control processes. Full details of the principal risk exposures and the related mitigation actions are outlined on pages 12 16 of the plc Annual Report. Glanbia plc Delivering better nutrition for every step of life s journey half year results Page 9

Cautionary statement This announcement 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 report. 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 announcement, whether as a result of new information, future events, or otherwise. Results webcast and dial-in details There will be a webcast and presentation to accompany this results announcement at 9.00 a.m. BST today. Please access the webcast from the Glanbia website at http://www.glanbia.com/investors/results-centre, where the presentation can also be viewed or downloaded. In addition, a dial-in facility is available using the following numbers: Ireland: +353 (0)1 2465621 UK / International: +44 (0) 330 336 9411 USA: +1 719 457 1036 The access code for all participants is: 3416969 A replay of the call will be available for 30 days approximately two hours after the call ends. For further information contact Glanbia plc +353 56 777 2200 Siobhán Talbot, Group Managing Director Mark Garvey, Group Finance Director Liam Hennigan, Head of Investor Relations +353 86 046 8375 Mark Garrett, Director of Communications & Public Affairs: +353 86 601 9655 Glanbia plc Delivering better nutrition for every step of life s journey half year results Page 10

Responsibility statement The Directors are responsible for preparing the half yearly financial report in accordance with the Transparency (Directive 2004/109/EC) Regulations 2007 as amended, the related Transparency Rules of the Central Bank of Ireland and with IAS 34 Interim Financial Reporting, as adopted by the European Union. The Directors of Glanbia plc confirm that, to the best of their knowledge: The condensed Group interim financial statements for the half year ended 1 July have been prepared in accordance with the international accounting standard applicable to interim financial reporting (IAS 34) adopted pursuant to the procedure provided for under Article 6 of the Regulation (EC) No. 1606/2002 of the European Parliament and of the Council of 19 July 2002; The half yearly financial report includes a true and fair review of the development and performance of the business and the position of the Group; The half yearly financial report includes a true and fair review of the important events that have occurred during the first six months of the financial year, their impact on the condensed Group financial statements for the half year ended 1 July, and a description of the principal risks and uncertainties for the remaining six months; and The half yearly financial report includes a true and fair review of related party transactions that have occurred during the first six months of the current financial year that have materially affected the financial position or the performance of the Group during that period and any changes in the related party transactions described in the last Annual Report that could have a material effect on the financial position or the performance of the Group in the first six months of the current financial year. The Directors of Glanbia plc are as listed in the Glanbia plc Annual Report, with the exception of the following changes in the period: James Gilsenan and Mathew Merrick retired on 26 April Jeremiah Doheny retired on 2 June Brendan Hayes, Eamon Power and Tom Grant were appointed on 2 June. Following a review of the membership of the Audit, Remuneration and Nomination & Governance Committees of the Board, it has been decided that in line with best practice the Group Chairman and Group Vice-Chairmen will retire as Committee members, as appropriate, effective immediately. Paul Haran has been appointed as Chairman of the Nomination & Governance Committee. A list of current Directors is maintained on the Glanbia plc website: www.glanbia.com. On behalf of the Board Siobhán Talbot Group Managing Director Mark Garvey Group Finance Director 10 August Glanbia plc Delivering better nutrition for every step of life s journey half year results Page 11

CONDENSED GROUP INCOME STATEMENT FOR THE HALF YEAR ENDED 1 JULY Continuing operations Notes Re-presented* Year Pre exceptional Exceptional Pre exceptional Exceptional Pre exceptional Exceptional (note 7) (note 7) (note 7) Revenue 4 1,185,706-1,185,706 1,077,812-1,077,812 2,231,685-2,231,685 Earnings before interest, tax and amortisation (EBITA) 4 148,308-148,308 139,132 (8,057) 131,075 273,285 (14,412) 258,873 Intangible asset amortisation (21,835) - (21,835) (18,233) - (18,233) (37,410) - (37,410) Operating profit 6 126,473-126,473 120,899 (8,057) 112,842 235,875 (14,412) 221,463 Finance income 10 1,545-1,545 1,160-1,160 2,377-2,377 Finance costs 10 (13,296) - (13,296) (12,732) - (12,732) (25,172) - (25,172) Share of results of Equity accounted investees 22,312-22,312 11,083-11,083 26,032-26,032 Profit before taxation 137,034-137,034 120,410 (8,057) 112,353 239,112 (14,412) 224,700 Income taxes 11 (20,489) - (20,489) (19,352) 1,525 (17,827) (39,297) 2,277 (37,020) Profit from continuing operations 116,545-116,545 101,058 (6,532) 94,526 199,815 (12,135) 187,680 Discontinued operations Profit/(loss) from discontinued operations 9 9,268 (10,879) (1,611) 15,999 (724) 15,275 27,132 (2,657) 24,475 Profit for the period 125,813 (10,879) 114,934 117,057 (7,256) 109,801 226,947 (14,792) 212,155 Attributable to: Equity holders of the Company Continuing operations 116,545 94,526 187,680 Equity holders of the Company Discontinued operations (1,613) 14,838 24,144 Non controlling interests Discontinued operations 2 437 331 Earnings Per Share from continuing and discontinued operations attributable to the equity holders of the Company Basic Earnings Per Share (cent) 13 114,934 109,801 212,155 Continuing operations 39.50 32.03 63.59 Discontinued operations (0.54) 5.03 8.18 Diluted Earnings Per Share (cent) 13 38.96 37.06 71.77 Continuing operations 39.39 31.91 63.38 Discontinued operations (0.54) 5.01 8.15 38.85 36.92 71.53 * As re presented to reflect the impact of discontinued operations. See note 9 for further information. Glanbia plc Delivering better nutrition for every step of life s journey half year results Page 12

CONDENSED GROUP STATEMENT OF COMPREHENSIVE INCOME FOR THE HALF YEAR ENDED 1 JULY Notes Year Profit for the period 114,934 109,801 212,155 Other comprehensive income/(expense) Items that will not be reclassified subsequently to the Group income statement: Remeasurements defined benefit schemes Continuing operations 8 4,397 (26,086) (22,793) Discontinued operations 8 12,055 (25,293) (9,007) Deferred tax on remeasurements Continuing operations (614) 1,704 713 Discontinued operations (1,507) 3,162 1,126 Share of remeasurements defined benefit plans Equity accounted investees Continuing operations 3,490 (10,480) (7,093) Deferred tax on remeasurements defined benefit plans Equity accounted investees Continuing operations (194) 1,310 1,087 Items that may be reclassified subsequently to the Group income statement: Currency translation differences Continuing operations (93,520) (32,788) 27,323 Discontinued operations (45) (248) (284) Net investment hedge 7,132 2,015 (2,970) Revaluation of available for sale financial assets 2,820 (617) (1,310) Deferred tax on revaluation of available for sale financial assets (1,097) 204 432 Net fair value movements on cash flow hedges (438) (100) 834 Deferred tax on cash flow hedges 100 (141) (222) Net fair value movements on cash flow hedges Equity accounted investees 118 (406) 2,343 Deferred tax on cash flow hedges Equity accounted investees 388 - (1,261) Other comprehensive expense for the period, net of tax (66,915) (87,764) (11,082) comprehensive income for the period 48,019 22,037 201,073 comprehensive income attributable to: Equity holders of the Company Continuing operations 39,195 29,141 184,763 Equity holders of the Company Discontinued operations 8,890 (7,541) 15,979 Non controlling interests Discontinued operations (66) 437 331 comprehensive income for the period 48,019 22,037 201,073 Glanbia plc Delivering better nutrition for every step of life s journey half year results Page 13

CONDENSED GROUP BALANCE SHEET AS AT 1 JULY ASSETS Non current assets Notes 1 July 2 July 31 December Property, plant and equipment 14 471,942 579,258 628,245 Intangible assets 14 1,019,711 921,721 966,203 Equity accounted investees 173,940 155,237 166,298 Available for sale financial assets 11,945 10,105 9,935 Trade and other receivables 13,123 14,654 14,650 Deferred tax assets 1,627 1,528 1,818 Derivative financial instruments 17-15 - Retirement benefit assets 8 2,530 2,085 2,578 Non current assets 1,694,818 1,684,603 1,789,727 Current assets Current tax assets 161 8,969 5,234 Inventories 15 411,114 331,435 366,532 Trade and other receivables 320,341 399,259 327,132 Derivative financial instruments 17 1,459 997 1,182 Cash and cash equivalents 16 129,314 94,909 218,855 862,389 835,569 918,935 Assets held for sale 9 525,256 - - Current assets 1,387,645 835,569 918,935 assets 3,082,463 2,520,172 2,708,662 EQUITY Issued capital and reserves attributable to equity holders of the Company: Share capital and share premium 19 105,404 105,393 105,393 Other reserves 20 245,849 272,400 331,617 Retained earnings 887,295 673,900 778,986 1,238,548 1,051,693 1,215,996 Non controlling interests 11,007 8,952 11,073 equity 1,249,555 1,060,645 1,227,069 LIABILITIES Non current liabilities Financial liabilities 16 842,096 672,408 624,173 Deferred tax liabilities 155,136 160,677 158,206 Retirement benefit obligations 8 48,150 134,160 113,026 Provisions 18 17,368 16,578 15,558 Capital grants 162 2,697 3,006 Non current liabilities 1,062,912 986,520 913,969 Current liabilities Trade and other payables 325,826 351,026 460,349 Current tax liabilities 59,025 33,152 54,083 Financial liabilities 16 60,637 66,841 32,240 Derivative financial instruments 17 245 3,896 1,180 Provisions 18 9,826 17,850 19,520 Capital grants 34 242 252 455,593 473,007 567,624 Liabilities directly associated with the assets held for sale 9 314,403 - - Current liabilities 769,996 473,007 567,624 liabilities 1,832,908 1,459,527 1,481,593 equity and liabilities 3,082,463 2,520,172 2,708,662 Glanbia plc Delivering better nutrition for every step of life s journey half year results Page 14

CONDENSED GROUP STATEMENT OF CHANGES IN EQUITY FOR THE HALF YEAR ENDED 1 JULY Share capital and share premium Attributable to equity holders of the Parent Other reserves Retained earnings Non controlling interests Balance at 31 December 105,393 331,617 778,986 1,215,996 11,073 1,227,069 Profit for the period - - 114,932 114,932 2 114,934 Other comprehensive income/(expense): Remeasurements defined benefit plans - - 16,520 16,520 (68) 16,452 Deferred tax on remeasurements defined benefit plans - - (2,121) (2,121) - (2,121) Share of remeasurements defined benefit plans Equity accounted investees - - 3,490 3,490-3,490 Deferred tax on remeasurements defined benefit plans Equity accounted investees - - (194) (194) - (194) Currency translation differences - (93,565) - (93,565) - (93,565) Net investment hedge - 7,132-7,132-7,132 Fair value movements - 2,500-2,500-2,500 Deferred tax on fair value movements - (609) - (609) - (609) comprehensive income for the period - (84,542) 132,627 48,085 (66) 48,019 Transactions with equity holders of the Company Contributions and distributions: Dividends - - (23,506) (23,506) - (23,506) Cost of share based payments - 5,156-5,156-5,156 Transfer on exercise, vesting or expiry of share based payments - 1,054 (1,054) - - - Deferred tax on share based payments - - 242 242-242 Shares issued and premium on shares issued 11 - - 11-11 Purchase of own shares - (7,436) - (7,436) - (7,436) contributions and distributions 11 (1,226) (24,318) (25,533) - (25,533) Balance at 1 July 105,404 245,849 887,295 1,238,548 11,007 1,249,555 Glanbia plc Delivering better nutrition for every step of life s journey half year results Page 15

CONDENSED GROUP STATEMENT OF CHANGES IN EQUITY FOR THE HALF YEAR ENDED 1 JULY CONTINUED Share capital and share premium Attributable to equity holders of the Parent Other reserves Retained earnings Non controlling interests Balance at 2 January 105,370 306,425 642,763 1,054,558 8,515 1,063,073 Profit for the period - - 109,364 109,364 437 109,801 Other comprehensive income/(expense): Remeasurements defined benefit plans - - (51,379) (51,379) - (51,379) Deferred tax on remeasurements defined benefit plans - - 4,866 4,866-4,866 Share of remeasurements defined benefit plans Equity accounted investees - - (10,480) (10,480) - (10,480) Deferred tax on remeasurements defined benefit plans Equity accounted investees - - 1,310 1,310-1,310 Currency translation differences - (33,036) - (33,036) - (33,036) Net investment hedge - 2,015-2,015-2,015 Fair value movements - (1,123) - (1,123) - (1,123) Deferred tax on fair value movements - 63-63 - 63 comprehensive income for the period - (32,081) 53,681 21,600 437 22,037 Transactions with equity holders of the Company Contributions and distributions: Dividends - - (21,374) (21,374) - (21,374) Cost of share based payments - 5,693-5,693-5,693 Transfer on exercise, vesting or expiry of share based payments - 2,681 (2,681) - - - Deferred tax on share based payments - - 1,511 1,511-1,511 Shares issued and premium on shares issued 23 - - 23-23 Purchase of own shares - (10,318) - (10,318) - (10,318) contributions and distributions 23 (1,944) (22,544) (24,465) - (24,465) Balance at 2 July 105,393 272,400 673,900 1,051,693 8,952 1,060,645 Glanbia plc Delivering better nutrition for every step of life s journey half year results Page 16

CONDENSED GROUP STATEMENT OF CHANGES IN EQUITY FOR THE HALF YEAR ENDED 1 JULY CONTINUED Year Share capital and share premium Attributable to equity holders of the Parent Other reserves Retained earnings Non controlling interests Balance at 2 January 105,370 306,425 642,763 1,054,558 8,515 1,063,073 Profit for the period - - 211,824 211,824 331 212,155 Other comprehensive income/(expense): Remeasurements defined benefit plans - - (31,800) (31,800) - (31,800) Deferred tax on remeasurements defined benefit plans - - 1,839 1,839-1,839 Share of remeasurements defined benefit plans Equity accounted investees - - (7,093) (7,093) - (7,093) Deferred tax on remeasurements defined benefit plans Equity accounted investees - - 1,087 1,087-1,087 Currency translation differences - 27,039-27,039-27,039 Net investment hedge - (2,970) - (2,970) - (2,970) Fair value movements - 1,867-1,867-1,867 Deferred tax on fair value movements - (1,051) - (1,051) - (1,051) comprehensive income for the period - 24,885 175,857 200,742 331 201,073 Transactions with equity holders of the Company Contributions and distributions: Dividends - - (36,780) (36,780) (933) (37,713) Cost of share based payments - 7,712-7,712-7,712 Transfer on exercise, vesting or expiry of share based payments - 3,008 (3,008) - - - Deferred tax on share based payments - - 154 154-154 Shares issued and premium on shares issued 23 - - 23-23 Purchase of own shares - (10,413) - (10,413) - (10,413) contributions and distributions 23 307 (39,634) (39,304) (933) (40,237) Changes in ownership interests Non controlling interests arising on gain in control Continuing operations - - - - - - Discontinued operations - - - - 3,160 3,160 Balance at 31 December 105,393 331,617 778,986 1,215,996 11,073 1,227,069 Glanbia plc Delivering better nutrition for every step of life s journey half year results Page 17

CONDENSED STATEMENT OF CASHFLOWS FOR THE HALF YEAR ENDED 1 JULY Cash flows from operating activities: Notes 000 Cash (absorbed by)/generated from operating activities 23 (61,161) 53,616 374,303 Interest received 1,662 615 2,367 Interest paid Tax paid Year (13,414) (11,710) (24,772) (13,722) (11,762) (28,989) Net cash (outflow)/inflow from operating activities (86,635) 30,759 322,909 Cash flows from investing activities: Acquisition of subsidiaries purchase consideration 24 (162,440) (15,666) (15,725) Acquisition of subsidiaries liabilities settled at completion 24 (7,358) - - Acquisition of subsidiaries cash and cash equivalents acquired 24 1,646-1,065 Capital grants received - - 578 Purchase of property, plant and equipment 14 (23,902) (34,471) (65,398) Purchase of intangible assets 14 (9,406) (7,223) (24,084) Interest paid in relation to property, plant and equipment 10 (500) (500) (1,479) Dividends received from Equity accounted investees 2,732 2,248 13,825 Loans advanced to Equity accounted investees 21 - (12,800) (12,800) Amounts received in connection with the Dairy Ireland transaction 9 112,000 - - Net redemption and additions in available for sale financial assets 1,028 32 (491) Proceeds from property, plant and equipment 150 98 358 Net cash outflow from investing activities (86,050) (68,282) (104,151) Cash flows from financing activities: Proceeds from issue of ordinary shares 19 11 23 23 Purchase of own shares 20 (7,436) (10,318) (10,413) Increase/(decrease) in borrowings 257,376 (69,012) (154,501) Finance lease payments (115) (169) (315) Dividends paid to Company shareholders 12 (23,506) (21,374) (37,163) Dividends paid to non controlling interests - - (933) Net cash inflow/(outflow) from financing activities 226,330 (100,850) (203,302) Net (decrease)/increase in cash and cash equivalents 53,645 (138,373) 15,456 Cash and cash equivalents at the beginning of the period 187,217 169,125 169,125 Effects of exchange rate changes on cash and cash equivalents (4,081) (2,333) 2,636 Cash and cash equivalents at the end of the period 16 236,781 28,419 187,217 * See note 9 for further information on the cashflows arising within the discontinued operations. Glanbia plc Delivering better nutrition for every step of life s journey half year results Page 18

CONDENSED STATEMENT OF CASHFLOWS CONTINUED FOR THE HALF YEAR ENDED 1 JULY Reconciliation of net cash flow to movement in net debt Notes 000 Net increase/(decrease) in cash and cash equivalents 53,645 (138,373) 15,456 Cash movements from debt financing (257,261) 69,181 154,816 New finance leases Year - - (1,902) Debt acquired on acquisition - - (848) (203,616) (69,192) 167,522 Exchange translation adjustment on net debt 32,811 9,095 (20,837) Movement in net debt in the period (170,805) (60,097) 146,685 Net debt at the beginning of the period 16 (437,558) (584,243) (584,243) Net debt at the end of the period 16 (608,363) (644,340) (437,558) Net debt comprises: Borrowings 16 (845,144) (672,759) (624,775) Cash and cash equivalents net of bank overdrafts 16 236,781 28,419 187,217 (608,363) (644,340) (437,558) Glanbia plc Delivering better nutrition for every step of life s journey half year results Page 19

NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE HALF YEAR ENDED 1 JULY 1. GENERAL INFORMATION Glanbia plc (the Company) and its subsidiaries (together the Group) is a leading global nutrition group with its main operations in Europe, USA, Middle East, Asia Pacific and Latin America. The Company is a public limited company incorporated and domiciled in Ireland. The address of its registered office is Glanbia House, Kilkenny, Ireland. Glanbia Co operative Society Limited (the Society), together with its subsidiaries, holds 33.5% of the issued share capital of the Company. The Board of Directors as at 1 July is comprised of 18 members, of which up to 10 are nominated by the Society. In accordance with IFRS 10 Consolidated Financial Statements, the Society controls the Group and is the ultimate parent of the Group. The Company s shares are quoted on the Irish and London Stock Exchanges. These condensed consolidated interim financial statements (interim financial statements) as at and for the 26 week period ended 1 July were approved for issue by the Board of Directors on 9 August. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Basis of preparation The interim financial statements as at and for the six months ended 1 July have been prepared in accordance with the Transparency (Directive 2004/109/EC) Regulations 2007 as amended, the related Transparency Rules of the Central Bank of Ireland and with IAS 34 Interim Financial Reporting, as adopted by the European Union. The interim financial statements should be read in conjunction with the financial statements as at and for the year ended 31 December ( Annual Report), which have been prepared in accordance with International Financial Reporting Standards (IFRS). The interim financial statements do not include all of the information required for a complete set of IFRS financial statements. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group s financial position and performance since the last annual report. The interim financial statements as at and for the six months ended 1 July and, as at and for the six months ended 2 July, have neither been audited nor reviewed by the Group s auditors. Re presentation Certain comparative amounts in the balance sheet as at 2 July have been reclassified or re presented, to be consistent with the presentation in the Annual Report. These include the reclassification of retirement benefit assets (note 8); the presentation of current and deferred tax assets and liabilities where the offset criteria in IAS 12 Income Taxes are met; and the offset of certain trade payables and receivables where the Group is acting as agent in the collection of receivables. (b) Statutory information The interim financial statements are considered non statutory financial statements for the purposes of the Companies Act 2014 and in compliance with section 340(4) of that Act the Group states that: the interim financial statements for the half year to 1 July have been prepared to meet our obligation to do so under the Transparency Directive (2004/109/EC) Regulations 2007 as amended (Statutory Instrument No. 277); the interim financial statements as at and for the half year to 1 July do not constitute the statutory financial statements of the Group and are unaudited; the statutory financial statements as at and for the financial year ended 31 December have been annexed to the annual return and filed with the Companies Registration Office; the statutory auditors of the Group have made a report under section 391 in the form required by section 336 Companies Act 2014 in respect of the statutory financial statements of the Group; and the matters referred to in the statutory auditors report were unqualified, and did not include a reference to any matters to which the statutory auditors drew attention by way of emphasis without qualifying the report. (c) Going Concern The Group s business activities, together with the main factors likely to affect its future development and performance, are described in the Strategic Report on pages 1 to 40 of the Annual Report. As outlined in note 9, on 2 July the Group disposed of 60% of its shareholding in Dairy Ireland and related assets to the Society. There has been no other significant change to the activities and factors as outlined in the Annual Report. After making enquiries, the Directors have reasonable expectation that the Group has adequate resources to continue in operational existence for a period of at least 12 months from the date of approval of the interim financial statements. The Group therefore continue to adopt the going concern basis in preparing its interim financial statements. In reaching this conclusion the Directors have given due regard to: Available cash resources, cash generated from operations, committed bank facilities and their maturities which taken together provide confidence that Glanbia will be able to meet its obligations as they fall due; and The Group s financial risk management policies which are described in the Annual Report, the nature of business activities and the factors likely to impact operating performance and future growth. (d) Discontinued operations and non current assets held for sale Discontinued operations and non current assets held for sale are defined as follows: a component of an entity that either has been disposed of, abandoned or is classified as held for sale and: represents a separate major line of business or geographical area of operation; or is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operation; or is a subsidiary acquired exclusively with a view to resale. Classification as a discontinued operation occurs upon disposal, abandonment or when the operations meet the criteria to be classified as held for sale. Non current assets and disposal groups classified as held for sale are measured at the lower of the carrying value and the fair value less costs to sell. Non current assets and disposal groups are classified as held for sale if their carrying amounts will be recovered through a sale transaction rather than continued use. This condition is regarded as satisfied only when the sale is highly probable and the asset or disposal group is available for immediate sale in its present condition. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year of the date of classification. Property, plant and equipment and intangible assets, once classified as held for sale, are not depreciated or amortised. When the Group ceases to have control, any retained interest in the entity is re measured to its fair value at the date when control is lost with the change in carrying amount recognised in profit or loss. The fair value is the initial carrying amount for the purposes of Glanbia plc Delivering better nutrition for every step of life s journey half year results Page 20