• Revenue increase of 8% to €668 million in 2024 

• Group EBITA (operating profit before interest, tax, amortisation of goodwill and other intangibles and exceptional items) increased 20% to €30.5m  

• Group EBITDA (earnings before interest, tax depreciation amortisation of goodwill and other intangibles and exceptional items) increased by 12% to €52m 

• Reported profits are after the creation of €8.6m Stability Fund for shareholders to protect against future volatility  

• Strong performance across all business divisions and geographies 

• Continued to invest across the business while strengthening the balance sheet for future growth opportunities  

• Reduction of Scope 1 and 2 emissions with a decrease of 3.09% and farm emissions down 1.56% from 2023. 

• Supporting farmer shareholders with €12.2 million paid through the FutureProof sustainability bonus scheme since 2022 

• Continued to deliver returns for our farmer shareholders by way of a leading milk price  

• 574m litres of milk processed in Ballineen in 2024 (-2% on 2023)  

West Cork, 28 April: Carbery Group has reported an increase in group turnover and operating profit for the year ended 31 December 2024. 

Revenue increased by 8% to €668 million while Group EBITDA (Earnings before interest, tax, depreciation (net of grants), amortisation of goodwill and other intangibles and exceptional items) increased by 12% to €52 million. Carbery reported an operating profit of €24.8m, an increase of €5.2m or 20% from 2023. The strong 2024 performance also enabled the business to set aside €8.6m in the Stability Fund to support milk price if needed in the future.  The Group prioritised delivering an excellent return for shareholders and driving sustainability measures to ensure the long-term viability of dairy farming in West Work.   

Carbery Group maintained its commitment to its farmer shareholders by paying a leading milk price in 2024 and its second highest average milk price on record.  As part of their FutureProof sustainability bonus scheme, €4.7 million was paid to farmers for actions undertaken in 2024, with €12.2m paid out since the scheme started in 2022. An impressive 93% of the milk pool is coming from suppliers who are participating in the scheme. Phase 2 of the initiative was launched in January 2025, increasing the bonus available to a 1.25c/l on milk supplied, a 25% increase on 2024.  These new measures will make a further €7.2 million available in 2025. 

Carbery also delivered a 3.09% reduction in Scope 1 & 2 emissions in 2024 and supported farmers in reducing their on-farm emissions by 1.56%, building on several years of sustained progress.  

Jason Hawkins, CEO of Carbery Group said: “2024 was a year of strong, balanced performance across every part of our business. I am pleased to report revenue growth driven by positive dairy markets but also very strong organic growth and performance across our global business. Every division—Nutrition, Taste, and Dairy—delivered growth, showing the strength of our diversified model. That performance enabled us to deliver value for our farmer shareholders and to invest in growth opportunities across the business.  

Reducing our carbon emissions for Scope 1, 2 and 3 remains a key priority, and we are proud to report a continuing reduction in our emissions as we look at avenues to achieve further reductions in the years ahead, in line with our commitment to Science Based Targets. Our farmer shareholders also recorded a reduction in their emissions and need to be commended for continuing to prioritise sustainable actions on their farms, while balancing challenges such as weather and input costs. We are delighted to support this work through our FutureProof bonus, under which we have paid out €12.2m since it started in 2022.  

We are also proud that we maintained our position as leaders in milk price and that our strong business performance has allowed us to set money aside for our Stability Fund. Our performance is very much a team effort, and credit is due to all our people globally who have worked to generate the successful performance we are reporting this year.  

Vincent O’Donovan, Chairperson of Carbery Group said: “As Chairperson of Carbery Group, I am proud to see our business continue to grow and deliver for our farmer shareholders. Our business is a truly global one, and connecting with our teams around the world this year was a reminder to me of our scale and our reach.  

While our financials were solid, I’m very proud of how we have leveraged our performance to deliver value for our shareholders. Delivering a leading milk price, adding money to our Stability Fund and providing additional support to farmers to see them through difficult months of weather was important this year. We also continue our journey on emissions reduction, with our FutureProof sustainability bonus scheme delivering €4.7m in payments to farmer suppliers and Farm Zero C continuing to pave the way for us to achieve a successful and sustainable future. 

I would like to thank the shareholders of Carbery, the farmers of West Cork, who continue to support the growth and investment strategies of Carbery, while supplying world-class milk for our products.” 

Divisional Performance 

Dairy 

After the challenging opening to the year due to bad weather conditions, milk supply recovered and Carbery Group’s farmer shareholders produced an impressive 574million litres of milk in 2024. The flexibility in producing both mozzarella and cheddar has become crucial in managing Carbery’s cheese business and maximising returns in the market. 

Taste 

Our Taste division continues to go from strength to strength due to a focus on business development and increased consumer demand. Activities drove record performance in all regions as the Group continued to consolidate its position with existing customers and further accelerate the business in selected growth categories. Their investment in Asia also continues to deliver, with the growing office in Singapore driving demand and growth across target segments with both existing customers and new business. 

Nutrition 

The global whey protein market continued to experience significant growth in 2024 and Carbery is well positioned to capitalise on this growth with an extensive range of products under the Optipep® and Isolac® brands, catering to various segments, including infant formula, sports nutrition, and clinical nutrition. This diversity helps Carbery tap into multiple market segments and drive growth. Carbery’s nutritional ingredients are distributed to global customers in over 30 geographical markets.  

Looking ahead to 2025, Jason Hawkins added:  

“Looking ahead to 2025, I am pleased with our healthy financial position and believe we can build on this performance, putting us in a strong position to capitalise on growth opportunities. Any investment across our business is supported by a strong balance sheet. That said, we must balance this activity with the challenges that may emerge in the global economy and manage the uncertainty in the outlook for global markets. We will always make decisions based on the long-term success and viability of the company. Even with current challenges, we are well positioned to achieve long-term success. 

We will continue to make significant investments in innovation and areas such as AI, while supporting the upskilling of our people to fully embrace emerging technologies. We remain dedicated to organisational excellence—prioritising operational efficiency, innovation, and collaboration across all markets—while keeping the customer at the core of everything we do. Sustainability, both within our facilities and in our relationships with shareholders, will remain central to how we operate and plan for the future. Above all, we remain focused on our mission: to deliver value for the shareholders of Carbery, in 2025 and beyond.” 

The full report is available to download from https://www.carbery.com/about/our-business/2024-annual-report/

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