Protected: Annual Report and Financial Statements 2025

Dairygold delivers a resilient 2025 financial performance amid significant market volatility

(Wednesday, 8 th April 2026) Dairygold Co-Operative Society Limited, has today announced its financial results for 2025. Despite a challenging year marked by exceptional market volatility, Dairygold delivered a resilient financial performance, recording a turnover of €1.5 billion, earnings (EBITDA) of €52.7 million and an operating profit of €21.3 million, for the year.

While turnover was up €139.9 million (10%), EBITDA was down €12.7 million, versus 2024, reflecting the exceptional and severe fall in global dairy market returns that marked the second half of the year. From August onwards, the significant decline in returns for cheese and butter, together with reductions across other dairy products, had a material impact on Dairygold, and the overall dairy industry.

In March 2025, Dairygold launched its Business Optimisation Programme,to deliver €14 million in cost savings over a three-year period. During the year, €8.5 million in savings were delivered, €1.5 million ahead of target, with a continued focus in the business, on achieving the overall three-year programme objectives.

During the year, Dairygold invested €37.4 million in capital expenditure and reduced net bank debt by €22 million to €135.3 million, through the divestment of non-core assets and working capital management. At the end of 2025, the net asset value of the Society stood at €422.4 million. Dairygold is a significant driver of rural economic activity across the Munster region, with the Co-Operativepaying close to €800 million, to more than 2,400 farm families, for milk and grain supplied during 2025.

Commenting on the results Dairygold Chief Executive, Michael Harte said: “The significant deterioration in global dairy market returns from August onwards was the defining factor of the year, but despite this volatility, Dairygold delivered a resilient financial performance, with a clear focus on supporting Members, reducing net debt and progressing the core strategic initiatives that underpin the long-term strength and sustainability of the Society.

Dairygold Annual Results FY 2025 April 2026 Page 2 of 3 “Throughout the year, we maintained a disciplined approach to operational efficiency and cost reduction, with €8.5 million in cost savings, delivered through our Business Optimisation Programme. We continued to invest in our future growth platform, by continuing to develop the Vita Actives business, which remains central to our strategy to add value and diversify our earnings into higher-margin growth activities. These actions, combined with prudent working capital management and the divestment of non-core assets, enabled us to reduce net bank debt by €22 million, further strengthening our financial resilience.

“The significant and disciplined investment made over recent years has ensured that Dairygold has world-class assets and a strong commercial strategy, providing a solid platform to drive efficiencies and value for Members. Our strategic priorities of optimising core operations, scaling Vita Actives, simplifying our portfolio and accelerating debt reduction, provide a firm foundation for long-term growth and Member benefit. Throughout 2025, we continued to invest in the development of our people, to ensure the Society has the capability to deliver on its Strategy, for the benefit of all stakeholders.”

Commenting on the results, Dairygold Chairperson, Pat Clancy said: “Despite the significant fall in dairy market returns from August onwards, Dairygold delivered a resilient business performance and remained focused on its core objectives of supporting Members and safeguarding the long-term strength and sustainability of the Co-Operative, whilst responding decisively to evolving market conditions.

“Dairygold paid out close to €800 million for milk and grain, supplied by our farming Members across Munster, with the Co-Operative and its farmers providing employment, sustaining rural livelihoods and supporting thousands of additional jobs through the wider agri-food supply chain. Throughout the year we had a clear focus on the future through providing succession support, enhancing our Representative Structure to deliver more diversity and strengthening our communication with our Members through meetings and digital platforms.

“Dairygold and our Members continue to maintain a strong focus on sustainability, environmental compliance and water quality to enhance and protect our environment. It is key that we now use this three-year window ahead of the next review of the Nitrates Derogation to keep up this momentum and focus on all measures to enhance water quality.

“Looking ahead, the long-term fundamentals of the sector remain positive. Global demand for dairy Dairygold Annual Results FY 2025 April 2026 Page 3 of 3 products continues to grow, underpinned by population growth, urbanisation and the rising demand for high quality, sustainable nutritional products. Dairygold is well positioned to deliver on these opportunities for the benefit of our Members.”

Dairy Business and Markets
In the first half of 2025, positive market dynamics and favourable weather supported strong milk production, which saw Milk Suppliers produce a total of 1.44 billion litres of milk in 2025, a 4% increase on 2024. Dairygold’s peak week milk processing reached 44.4 million litres, while 2025 also saw Dairygold Milk Suppliers record the highest ever level of milk solids per cow, at 454 kg. The average milk price paid was 53.8 cpl, including constituents, sustainability and quality payments, and VAT.

However, from August onwards, global dairy market returns experienced a significant downturn. The sharpest decline came in August, just after peak milk processing, when finished product stocks across the industry were at their highest levels.
During the year Dairygold further strengthened its product mix, with a strategic investment to increase casein production at its Mitchelstown facility, which is now one of the largest casein production plants in Europe following commissioning in 2025. Dairygold is also investing in the diversification of a portion of its whey pool to meet growing global demand for high-protein whey products.

Agri Business and Member Trading
Dairygold’s Agri Business delivered a solid performance in 2025, with strong salesin feed, fertiliser and retail and a clear focus on supporting Members. In 2025, Dairygold purchased more than 106,000 tonnes of high-quality grain from growers. Supporting locally produced grain remains a strategic priority, with the Co-Operative paying competitive prices and utilising native grains in its feeds. The Co-Op Superstores Retail Business delivered turnover in excess of €100 million in the year, with the new Mallow Retail Park driving increased footfall. The overall Mallow Retail Park development is due for completion in 2026.

Health & Nutrition Business
Dairygold’s nutraceutical and nutrition business, Vita Actives, continued to grow throughout 2025, with both revenue and profitability rising in line with expectations. Vita Actives’ primary activities include the sourcing, supply and distribution of an expansive range of food and nutraceutical ingredients, to global customers, in the health and wellness, sports nutrition, pet nutrition and cosmetics industries. We continued to invest in scaling the business to expand its commercial reach, supported by sales teams located in the UK, Poland, Croatia, Germany, Italy and the Benelux region.

Dairygold’s acquisition of a 59% shareholding in Vita Actives in 2023, enabled entry into the fast-growing nutrition sector, delivering on its twin strategic objectives of diversifying earnings and securing higher margin growth opportunities. As a prudent measure, required by accounting standards, a provision against reserves for the future acquisition of the remaining 41% shareholding of Vita Actives was recognised in the 2025 Accounts.

Non-core Business
Dairygold’s strategy for its non-core property assets is to maximise their value and to divest of them at the appropriate time, either to facilitate further investment and/orreduce debt, within the business. In 2025, the Creamfields development property, formerly the site of Cork Milk Producers (CMP) Dairies in Cork city, was sold to Cairn Homes plc for €25.6m. In addition, planning permission was granted for a large-scale development at Parkmore Industrial Estate, Long Mile Road, Walkinstown, Dublin 12, with the intention to sell this property to a third party, for further development.

Sustainability
Sustainability remains a key pillar of Dairygold’s strategy and is critical to the long-term success of the business. In 2025, Dairygold worked in partnership with key industry stakeholders,to advocate for, and successfully retain, Ireland’s Nitrates Derogation on behalf of Members and the wider dairy sector. During the year, Dairygold also brought together key partners to launch the River Blackwater Catchment Programme, a collaborative initiative, designed to enhance water quality in the River Blackwater, the main watercourse in the Dairygold catchment area. Through its Grassroots Sustainability Programme, Dairygold’s farm advisory team has progressed 2,094 farm water quality visits and supported €5 million in Farming for Water EIP applications for Members.

On-farm Succession
Succession represents one of the most significant challenges facing Irish agriculture, with an ageing farming population and many family farms operating without a formal succession plan.

In 2025, Dairygold launched Pathways, a dedicated farm succession programme developed to support Members in planning confidently for the future of their farm businesses, with a strong focus on maintaining the Dairygold milk pool.

In conclusion, Michael Harte said: “In a year marked by exceptional volatility, Dairygold delivered a resilient performance, and looking ahead I am confident in Dairygold’s ability to maximise value for its Members.”