The brand portfolio of Glanbia Performance Nutrition is the definition of a beige flag...not offensive, but not particularly inspiring or exciting either! Glanbia Plc (LON:GLB) is a multibillion-dollar global nutrition company that's currently comprised of three divisions that span across the B2B supply chain (i.e. Health & Nutrition and Dairy Nutrition) and branded products (Performance Nutrition). “Health & Nutrition” is a leading global ingredients solutions business, providing value added ingredient and flavor solutions to a range of attractive, high-growth end markets. In the first half of 2025, revenue increased by 18% YoY. Also, Glanbia announced the acquisition of Sweetmix, a Brazil-based nutritional premix and ingredients solutions business that will reportedly enable the Health & Nutrition segment to continue its Latin America expansion. “Dairy Nutrition” is the number one producer of American-style cheddar cheese in the U.S. market, but more importantly (for my audience) the number one producer of whey protein isolate…and provides a wide range of dairy and functional protein solutions. In the first half of 2025, revenue increased by 14.1%. The brands in the Glanbia Performance Nutrition portfolio include; Optimum Nutrition, BSN, think!, Isopure, Amazing Grass, and SlimFast. Glanbia Performance Nutrition had first half 2025 revenue that declined by 3.8% YoY, driven by a volume decrease of 3.5% and a price decrease of 0.3%. Additionally, I'll dive deeper into Glanbia Performance Nutrition geographical, sales channel, product format, and categorial performance. As part of the branded products portfolio part of the group-wide transformation program announced last November, Glanbia had begun the sale process on the weight management brand SlimFast (that was acquired for $350 million in 2018) and announced it signed an agreement for the sale of Body & Fit (that was acquired in 2017). So, if negative impact from non-core brands were excluded from the first half performance, GPN revenue would have only declined 1.5% YoY. Optimum Nutrition, which was the initial M&A transaction in 2008 that created the GPN division, now represents 67% of the total revenue. In the last year, Optimum Nutrition generated revenue of approximately $1.2 billion. The other largest share of GPN revenue is the healthy lifestyle brand portfolio makes up 19% and includes ISOPURE, think!, and Amazing Grass. While these healthy lifestyle portfolio brands have collectively performed relatively strong over the last several years, revenue was only up 0.6% YoY in the first half of 2025. And for the final portion of my latest first principles thinking content, I'll focus my “beige flag” assessment by examining GPN revenue by product format...and discuss the new ISOPURE protein water, think! crispy squares, and several new powdered supplement innovations like Optimum Nutrition creatine plus. I'll end with a discussion around what should be the strategic "north star" for Glanbia Performance Nutrition.
