Tirlán reports a strong 2025 performance as revenue increases to €2.94 billion

Tirlán, Ireland’s leading farmer-owned dairy and grain co-operative, has today published its Annual Report and Accounts for 2025. Pictured are (L-R) Michael Horan, Chief Financial and Secretariat Officer, John Murphy, Chairperson, Seán Molloy, Chief Executive Officer and Lisa Koep, Chief ESG Officer and Photo: Finbarr O'Rourke.

2025 highlights:

• 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), the lowest level in over a decade. 
• Milk supply growth: milk collected increased by 7% year-on-year, with milk solids 9% higher than 2024.
• Strategic investment: work underway on a €126 million new state-of-the-art whey processing facility at the Ballyragget site, strengthening Tirlán’s leadership position in advanced nutritional proteins.
• €15 million Generational Renewal Programme launched: A landmark initiative designed to secure the long-term future of dairy farming and strengthen the foundations of our Co-op for decades to come.
• Member Supports: including a €5 million TB Support Programme for milk suppliers impacted by Bovine TB and a €5.5 million Dairy Support Package.
• Value Distribution: Spin-out of 15 million Glanbia plc shares worth €253 million* and €9.0 million paid in Co-op dividends. 

The results reflect a strong business performance, continued investment and sustained support for Members. Total revenue was €2.9 billion,10% ahead of the previous year, with growth reported across all three categories.

Tirlán Chairperson John Murphy said the Co-op delivered a strong financial performance in 2025, with consistent profit delivery and a significantly improved debt position. “This performance was achieved on the back of excellent supply volumes, alongside disciplined cost and cash management. The Co-op continued to invest for long-term value creation across its Ingredients, Consumer and Agribusiness businesses, while maintaining a strong focus on supporting farm families through market volatility.”

He said the Co‑op Board remains firmly focused on delivering the best possible milk and grain prices, while also taking a broader view of how the Co‑op delivers for and supports its Members through Total Member Returns, which captures all payments, support schemes and value distributions to Tirlán farmers. John Murphy said that 2025 was an excellent year for Total Member Returns, with a spin-out of 15 million Glanbia plc shares to Co-op Members and the launch of a number of targeted support programmes in response to Member needs.

“As well as targeted Feed and Fertiliser Supports at key times of the year, we introduced our €15 million Generational Renewal programme, a landmark initiative designed to strengthen the foundations of our Co-op for decades to come. Under the programme, New Entrants receive a 2 cent per litre (cpl) bonus on all milk supplied for their first three years in production. This initiative is proving to be very successful, with near record annual number of new entrants (52) anticipated in the current year. In addition, we committed €5 million to a new TB Support Programme, offering an optional advance on future milk payments of €750 per cow to suppliers that lose more than 5% of their herd due to a TB outbreak.”

Strong operational performance

Tirlán Chief Executive Seán Molloy said that 2025 was a record year for milk supply, with volumes delivered by Tirlán farmers up 7% and milk solids 9% ahead of the previous year. In 2025, Tirlán processed approximately one third of the Irish milk pool, totalling 3.2 billion litres, and paid an average milk price of 54.4 cent per litre (2024: 52 cpl). The Co-op was also the largest purchaser and user of Irish grain, with green grain intake reaching 234,000 tonnes. The Co-op paid a total of €1.8 billion to farmers for milk and grain in 2025, delivering a significant positive economic impact in rural communities. Market leading grain prices were paid at harvest, supporting growers amid challenging global market conditions. Nearly half of all green grain delivered during the 2025 harvest qualified for premium payments, reflecting the Co-op’s focus on higher-value markets.

Tirlán successfully completed the close-out of its Exchangeable Bond in 2025, marking the conclusion of a strategic financing journey that supported the formation of the Co-op. As a result, Tirlán now has a very strong balance sheet, with its lowest net debt position in over a decade, while retaining a 17.9% shareholding in Glanbia plc valued at €734 million. Since 2012, the Co-op has achieved full ownership of its business while distributing 63 million Glanbia plc shares to Members, now valued at approximately €1.07 billion*.

Tirlán also noted other 2025 highlights, including:

• Strong farmer engagement with Tirlán’s Milk Solids Growth programme, which supports sustainable increases in milk solids output using real-time data and personalised expert advisory services;
• A strong retail performance from Ireland’s number one dairy brand, Avonmore, supported by protein-led innovation;
• Continued international expansion of Avonmore Professional UHT cream, now exported to 35 countries;

Sales of 415,000 tonnes of dairy ingredients to global markets, with revenues in this category up 13% year-on-year, despite particularly challenging market conditions in the fourth quarter of the year.

€126 million Ballyragget whey processing investment

Tirlán is currently investing €126 million at its Ballyragget site to expand capacity and flexibility to produce high-value whey protein ingredients, including fast-growing segments such as clear whey for lifestyle and performance nutrition. The investment will enhance innovation, leverage Tirlán’s research and development capabilities and support long-term growth.

Progress on sustainability and energy resilience

Tirlán continued to advance projects to strengthen operational resilience and reduce emissions during 2025, including the commissioning of a solar farm at its Ballyragget site. The 6.5-hectare, 8 MWp ground-mounted solar farm is a behind-the-meter, self-generation project, with all electricity produced consumed on site. The solar farm is expected to generate approximately 7.6 GWh of renewable electricity annually, meeting around 34% of the site’s imported electricity demand and significantly reducing reliance on grid power.

Tirlán also welcomed the positive EU vote in December 2025 to renew Ireland’s Nitrates Derogation for another three years, a crucial outcome for the viability of family farms and the continuation of sustainable, grass-based food production. John Murphy thanked farmers for their ongoing efforts to protect and enhance water quality, noting that this work must continue with a sustained focus on reducing nutrient losses from all sources, including agriculture. He also acknowledged the collaborative efforts of Irish co-ops, farm organisations, Teagasc and industry bodies including ICOS, DII and MII in protecting water quality and securing the Derogation.

Tirlán will continue to advocate constructively for policies that support water quality, farm viability and Ireland’s grass‑based farming model, working closely with farmers, Government, EU institutions and sector partners.

*Based on a Glanbia plc share price of €16.86 at close of business on 2 April 2026

View full Annual Report 2025 below: