• Revenue increased 8% to €723 million
• Strong performance across the business, with Nutrition and Taste delivering significant profit growth, and Dairy performing strongly in a very challenging market environment.
• Reported profits include a €3.0m contribution to the Stability Fund to support milk prices for farmer shareholders during challenging market periods
• Group EBITDA (earnings before interest, tax depreciation amortisation of goodwill and other intangibles and exceptional items) increased 1% to €52.3m
• Group EBITA (operating profit before interest, tax, amortisation of goodwill and other intangibles and exceptional items) decreased 3% to €29.7m, reflecting weaker dairy market returns in the second half of 2025
• Carbery continued to support farmer shareholders with a leading milk price
• €5.8m paid through the FutureProof sustainability bonus in 2025, bringing total payments since 2022 to €18m
• 608.8m litres of milk processed in Ballineen in 2025
• Scope 1 and 2 emissions increased 3.97% in 2025 due to higher production volumes, while emissions intensity continued to improve and has fallen 36% since 2020
• Since 2020, Carbery has removed 100,993 tonnes of CO2e across its value chain

West Cork, 29th of April:  Carbery Group has reported strong performance for the year ended 31 December 2025. The Group reports revenue growth, continued investment in the business, and ongoing support for farmer shareholders despite challenging dairy market conditions in the second half of the year.

Revenue increased by 8% to €723 million and this strong performance enabled the business to set aside a further €3 million contribution to its Stability Fund to support milk price during times of volatility. Group EBITDA (Earnings before interest, tax, depreciation (net of grants) amortisation of goodwill and other intangibles and exceptional items) increased by 1% to €52.3 million. Carbery reported an operating profit of €23.4m and Group EBITA decreased by 3% to €29.7 million, reflecting weaker dairy market returns in Ireland in the second half of 2025, despite strong underlying performance across the wider business.

Carbery also maintained its commitment to farmer shareholders by paying a leading milk price in 2025. This ensured strong returns for farmer shareholders and supports the long-term viability of dairy farming in West Cork. €5.8 million was paid to farmers through the FutureProof sustainability bonus in recognition of actions taken on farm, bringing total FutureProof payments since the scheme began in 2022 to €18 million. In 2025, the scheme covered 90% of Carbery’s milk pool.

Carbery processed 608.8 litres of milk through Ballineen in 2025.  

In sustainability, Scope 1 and 2 emissions increased by 3.97% in 2025, driven by higher milk volumes, record production output and higher gas usage in Ballineen compared to 2024. However, emissions intensity continued to improve, falling 36% since 2020. Carbery has removed 100,993 tonnes of CO2e across its value chain since 2020.

Jason Hawkins, CEO of Carbery Group said:
 “We delivered strong global business performance in 2025, while continuing to support our farmer shareholders in West Cork. We grew revenue and saw strong underlying contributions from our Nutrition, Taste and Dairy businesses, despite a more challenging dairy market environment in the second half of the year. That reflects the strength of our diversified business model and the benefits of continuing to invest in the growth of the business while reducing debt levels.

Our Nutrition and Taste businesses delivered significant profit growth in 2025, while our Dairy business also performed strongly. Continued demand in whey protein, particularly across sports, clinical and active nutrition, alongside progress in our global flavours business, helped offset weaker dairy market returns later in the year.

Supporting our farmer shareholders remains at the centre of everything we do. In 2025, we paid a leading milk price, distributed €5.8 million through our FutureProof sustainability bonus and made a €3 million contribution to our Stability Fund, which will help us support milk price through future periods of market volatility.

Sustainability also remains central to our strategy and Carbery have long-term investment plans to reach net zero across operations. While absolute emissions increased in 2025 due to higher production volumes, our emissions intensity continued to improve, and we have made strong long-term progress across our operations and wider value chain. Through FutureProof, Farm Zero C and the commitment of our farmer shareholders, we are continuing to make practical progress on emissions reduction, soil health and water quality.”

Vincent O’Donovan, Chairperson of Carbery Group said:
 “2025 was a strong year for milk price overall, particularly in the first half of the year, and I am proud that Carbery continued to deliver for farmer shareholders through a leading milk price, a strong sustainability bonus and continued support measures for the future. Our shareholders are the foundation of this business, and everything we do is focused on securing a sustainable and resilient future for farming in West Cork.

I am also pleased to see Carbery continue to grow as a global business while staying true to its cooperative roots. From business expansion and digital investment to sustainability progress and support for future generations of farmers, 2025 was a year in which the business continued to move forward with purpose.”

Divisional Performance

Taste
Carbery’s global Taste business delivered significant profit growth and strong performance across all geographies in 2025. The acquisition of SoluTaste in Brazil strengthened the Group’s position in South America, while investments across Europe, Asia and the US supported continued growth, innovation and customer responsiveness.

Nutrition
Carbery’s nutritional ingredients business maintained strong momentum across sports, infant and clinical nutrition in 2025. Whey protein demand increased significantly, driven by growth in active nutrition and the expanding GLP-1 segment. Carbery continued to build on the strength of its whey protein portfolio, serving customers across global nutrition markets.

Dairy
Carbery’s dairy business made strong progress in 2025, with solid commercial performance and continued strategic investment. While global dairy markets weakened in the final six months of the year due to an oversupply of milk, investment in mozzarella capability enhanced flexibility and helped optimise returns across the cheese portfolio. Carbery produced its highest volume ever of mozzarella in 2025.

Looking ahead, Jason Hawkins added:
“While the outlook for dairy markets in 2026 remains challenging, we are confident in the strength of our business and the clarity of our long-term direction. We will continue to invest in growth, our people, innovation, digital capability and sustainability, while staying focused on delivering value for our farmer shareholders and customers around the world. In the year ahead, we will build on the momentum in our existing business, expanding into new geographies, deepening customer relationships and broadening our customer offering. We will also continue to pursue opportunities to further diversify the business, particularly in areas where our experience and expertise position us to deliver strong long-term returns.”

The full report is available to download from here

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