April 15, 2026
Ornua, Ireland’s largest exporter of dairy products and owner of Kerrygold, has today published its operating and financial results for the 12 months ending 27 December 2025, reporting a Group Turnover of €3.5 billion and Group EBITDA* of €171.4 million.
Financial Highlights
| Key Performance Indicators | 2025 €m | 2024 €m | YOY change |
| Turnover | 3,450.3 | 3,394.6 | +1.6% |
| Group EBITDA* | 171.4 | 165.5 | +3.6% |
| Operating Profit* | 136.6 | 130.5 | +4.7% |
| Net Debt | 163.1 | 86.1 | +89.4% |
| Net Assets | 779.0 | 782.3 | -0.4% |
*Pre Ornua Value Payment
Performance Highlights
- Solid trading performance with Group Turnover of €3.5 billion marginally up year-on-year
- Group EBITDA* and Operating Profit* grew 3.6% and 4.7% to €171.4 million and €136.6 million respectively
- Over €1.8 billion in Irish dairy products purchased from Member Co-operatives, providing a secure and profitable route-to-market for premium Irish dairy
- In addition, €74.3 million in premiums and bonuses paid to Member Co-operatives for product supplied in the year (Ornua Value Payment)
- €481.5 million in Working Capital facilities provided to Member Co-operatives in 2025
- Kerrygold surpassed the $1 billion retail sales milestone in the US for the first time and reached more households globally than ever before
- Over 14,000 containers of Irish dairy products shipped globally
- Ornua recorded an 5% reduction in Scope 1 & 2 emissions compared to 2024, representing a total decrease of 39.6% from its 2020 baseline
Conor Galvin, CEO, Ornua said: “I am pleased to report a solid performance from the business in 2025, a complex year in which we delivered continued growth across key metrics despite challenging global market conditions. Group Turnover was marginally up at €3.5 billion, while EBITDA and Operating Profit, pre Ornua Value Payment, also increased, representing a resilient set of results against a backdrop of volatility in global dairy markets.
Ornua purchased over €1.8 billion in premium Irish dairy from our Member Co-operatives, providing a consistent and profitable route-to-market, while delivering on our core purpose of creating value for Irish farm families. Purchases were further supported by an Ornua Value Payment of €74.3 million paid to Members for product supplied in 2025.
Kerrygold strengthened its position as a leading global dairy brand, reaching more households in 2025 than ever before and surpassing the $1 billion retail sales milestone in the United States for the first time. The brand’s continued success demonstrates the world-class quality of Irish grass-fed milk, the strength of Ornua’s talented global team and network, and the capabilities of our Irish dairy processors and farm families who work tirelessly to bring quality, desired, and trusted food to tables around the world.
In 2025, we introduced a new growth strategy for the business guiding our ambitions for the next five years. We will continue to focus on world-class commercial execution, enabled by everyday operational excellence, to meet the needs of a growing number of consumers globally.”
Turbulent Year for Global Dairy Markets
Global dairy markets experienced fluctuating supply levels and shifting demand patterns, while at home, processors and producers felt the impact of this volatility, in addition to uncertainty around regulatory developments and unpredictable weather conditions. Given the very real challenges farmers have faced and continue to face, Ornua’s priority has been to support their long-term viability through robust value creation.
Global milk supply expanded much more strongly than expected during 2025, rising by 2.5%, with all major regions contributing to growth. Higher EU‑27 yields, supported by favourable conditions early in the year and improved farm margins, drove increased production of cheese, butter, and skim milk powder. While global dairy demand remained generally firm, momentum softened through the summer as European retail growth slowed, exports eased, and foodservice demand lagged. With supply outpacing demand, dairy commodity availability increased and prices fell sharply towards the end of 2025.
Financial Performance
Against this challenging backdrop, Ornua recorded a solid financial performance. Group Turnover was slightly ahead year-on-year at €3.5 billion, while Group EBITDA and Operating Profit, pre Ornua Value Payment, were also up at €171.4 million and €136.6 million respectively. Central to this positive performance was the ability of Ornua’s teams to successfully navigate a challenging global trading environment, including renewed tariff pressures in the US. Through disciplined commercial management and the strength of its long‑standing customer relationships, these impacts were well handled, protecting value for Ornua’s Member Co-operatives.
Returning Value to Irish Farming Families
Purchases of premium Irish dairy from Member Co-operatives amounted to over €1.8 billion in the year, reflecting the strong product prices Ornua returned. The Ornua Value Payment paid to Member Co‑operatives for product purchased in the year amounted to €74.3m – up €9.1m on 2024 – of which €69.7 million was charged to the Group Income Statement in the year. Ornua also continued to support the working capital requirements of its Member Co-operatives with a facility of €481.5 million provided during 2025.
Commercial Performance
Kerrygold continued its strong growth trajectory, further enhancing its global position as a world-leading dairy brand. In the US, growth momentum remained strong as Kerrygold surpassed the $1 billion retail sales milestone for the first time early in the year. The brand continues to hold market-leading positions in many major international markets: Number one butter brand in Ireland and Germany; Number two butter brand in the United States; Number two block butter brand in the UK market.
Kerrygold’s innovation platform has become a critical engine to unlocking future growth, enabling the brand to enter new segments, develop new formats, and meet evolving consumer needs. Kerrygold introduced 16 new products and product extensions globally in 2025 including a new range of butter blends, Kerrygold cheese snacking sticks, an expansion of the brand’s cream cheese range, and new flavoured butter sticks including cinnamon and sugar.
Despite significant commodity market volatility, Ornua’s Value-Add business delivered another year of solid progress with strong demand for customised cheese solutions from food manufacturing and QSR customers across the US, Europe and Middle East.
Looking forward
Recognising global challenges, shifting consumer expectations, and rapid technological change, Ornua has introduced a new strategic growth plan to guide the business through to 2030. The strategy focuses on strengthening Ornua’s leadership in premium dairy through world‑class commercial execution, enabled by operational excellence and a more connected global operating model.
Although the near‑term outlook remains uncertain amid geopolitical tensions, trade disruption, and energy market volatility, Ornua’s clear strategy, ambitious leadership team, and unified global structure position the co‑operative to deliver sustainable growth in 2026. In doing so, Ornua will continue to create long‑term value for its Member Co‑operatives and Irish dairy farming families, while meeting the evolving needs of customers and consumers.
See the full 2025 Annual Report here: https://www.ornua.com/wp-content/uploads/2026/04/Ornua-Annual-Report-2025.pdf