Our Annual Report & Accounts for 2025 reflect a strong year — with solid financial performance, strategic investment and meaningful support delivered to our members

With revenue of €2.94 billion and an operating profit of €63.7 million, 2025 marked another year of consistent delivery against our long‑term strategy. Importantly, core net debt reduced to €126 million, the lowest level in over a decade — a clear signal of the progress being made across the business.

This performance is down to the commitment, expertise and teamwork of colleagues right across Tirlán — from our sites and farms to our offices, customer-facing teams and international operations.

2025 at a glance

• Revenue: €2.94 billion
• Operating profit: €63.7 million (within target range)
• Core net debt: €126 million at year-end (down from €138 million in 2024)
• Milk supply growth: Milk collections up 7% year-on-year, with milk solids 9% higher than 2024

Investing for the future

Strategic investment continued throughout 2025, including work underway on a €126 million, state-of-the-art whey processing facility at Ballyragget. This investment strengthens Tirlán’s leadership position in advanced nutritional protein and supports long-term, sustainable growth for the co-op.

Tirlán also launched a €15 million Generational Renewal Programme, a landmark initiative designed to help secure the future of dairy farming and support the next generation of Members.

Supporting our Members

Alongside strong commercial performance, meaningful value was returned to Members during the year, including:

• A €5 million TB Support Programme for milk suppliers impacted by Bovine TB Support Package
• The spin-out of 15 million Glanbia plc shares, valued at €253 million*
• €9 million paid in Co-op dividends

Delivering The Power of Protein

The Annual Report highlights how Tirlán continues to deliver on The Power of Protein across its consumer, foodservice and ingredients categories.

Strong farmer engagement continued through the Milk Solids Growth Programme, helping to support sustainable increases in output through real-time data and personalised advisory services.

In consumer markets, Avonmore — Ireland’s number one dairy brand — delivered a strong retail performance, driven by protein-led innovation. Avonmore Professional UHT cream also continued its international expansion and is now exported to 35 countries worldwide.

In Ingredients, Tirlán sold 415,000 tonnes of dairy ingredients globally, with revenues in this category increasing by 13% year-on-year, despite challenging market conditions later in the year.

Looking ahead

2026 has started strongly, with momentum continuing into the first quarter. Particular recognition goes to teams across manufacturing and operations, who are processing significantly higher milk volumes as facilities operate at maximum capacity during one of the largest peak periods on record.

This performance is possible because of the dedication, resilience and commitment of our colleagues across Tirlán. Thank you for the role you play every day in delivering for our Members, customers and communities.