April 16, 2025
Ornua, Ireland’s largest exporter of dairy products and owner of the Kerrygold brand, has today published its operating and financial results for the 12 months ending 28 December 2024, reporting a Group Turnover of €3.4 billion and Group EBITDA* of €165.5 million.
Financial Highlights
|
Key Performance Indicators
|
2024
€m
|
2023
€m
|
YOY change
|
|
Turnover
|
3,394.6
|
3,399.9
|
-0.2%
|
|
Group EBITDA*
|
165.5
|
149.8
|
10.5%
|
|
Operating Profit*
|
130.5
|
116.8
|
11.8%
|
|
Net Debt
|
86.1
|
153.7
|
-44.0%
|
|
Net Assets
|
782.3
|
745.1
|
5.0%
|
Performance Highlights
- Solid trading performance with Group Turnover of €3.4 billion stable year-on-year
- Strong product prices amounting to over €2 billion in purchases across 353k MT of premium Irish dairy products
- Group EBITDA* and Operating Profit* up 10.5% and 11.8% respectively on 2023
- Ornua delivered brand premium and bonuses to its Member Co-operatives amounting to an Ornua Value Payment of €72.8 million
- €481.5 million in working capital facilities provided to support working capital requirements of Member Co-operatives
- Kerrygold strengthened its position as Ireland’s most successful food brand with approximately 12 million retail packs of Kerrygold butter and cheese sold globally every week
Conor Galvin, CEO, Ornua said: “I am pleased to report a solid business performance for 2024 in which Group Turnover was €3.4 billion and Operative Profit* was up 11.8% on the previous year. Our teams around the globe responded well to difficult market conditions to deliver for our Member Co-operatives, our customer partners, and the consumers that enjoy our products. I am proud to see Ornua continue to achieve its mission of providing Irish dairy farmers with a trusted route to value, resulting in over €2 billion in premium Irish dairy product purchases in the year.
Kerrygold has strengthened its standing as Ireland’s most successful food brand, with over 12 million retail packs of butter and cheese sold globally each week in 2024. The brand’s continued growth has been greatly supported by the robust retail sales performance in the United States.
Following a complex year, we are now entering a period of much uncertainty driven by ongoing global trade tensions. The exact impact of these challenges remains to be seen, however, we are confident in the strength of Irish dairy which is a unique and sought-after proposition on the world stage. We have premium brands and food ingredients that are enjoyed globally, thanks to the qualities of the Irish grass-based dairy farming system, the hard work of Irish producers and processors, and the unique strengths of our co-operative business model.”
Financial Performance
Group turnover was relatively stable year-on-year and high historically, at €3.4 billion, representing a solid performance. Group EBITDA* and Operating Profit* increased by 10.5% and 11.8% respectively to reach €165.5 million and €130.5 million. The results reflect a strong trading performance amid volatile conditions driven by the impact of cost inflation and a pressurised milk supply.
Returning Value to Irish Farming Families
In a challenging year for processors and producers where milk volumes were pressurised and adverse weather conditions took their toll, Ornua remained focused providing a secure and profitable route to market for Irish dairy. This resulted in strong product prices amounting to over €2 billion in purchases across 353k MT of premium Irish dairy products.
These strong product prices were further supported by an Ornua Value Payment of €72.8 million for the year, made up of cash bonuses and additional premiums paid to Ornua’s Member Co-operatives for product supplied to the business.
Ornua also continued to support the working capital requirements of its Member Co-operatives with €481.5 million in working capital facilities provided during 2024.
Kerrygold – Ireland’s leading food brand
Despite the continued impact of food cost inflation in many major markets, Kerrygold solidified its position as a leading global food brand, driven by strategic growth, investment in innovative new products, and highly impactful brand activations across multiple territories.
In the US, Kerrygold continued to experience volume sales growth, further strengthening its position as the number two branded butter in the world’s largest consumer market. Kerrygold reached a record number of US households in the year, supported by the introduction of a new 1lb butter block, representing a category first in the market.
Kerrygold Park, the global home of Kerrygold butter production, had a record year in terms of output following its first full operational year after the completion of a major expansion project in 2023. In the UK, Kerrygold ended 2024 as the number two block butter brand and the fastest-growing brand in the category.
Global Dairy Markets
The global dairy market experienced a year of mixed fortunes overall. The first half saw a slight dip in milk supply, but a recovery in the latter half left annual supply flat overall. European retail sales remained healthy despite inflation, with cheese outperforming butter and own-label products gaining traction. The foodservice sector struggled to regain momentum. Global dairy exports were stable, but the demand-supply dynamic, coupled with buyers’ reluctance to hold high-priced stocks, resulted in a spike in commodity prices. European milk prices rose steadily, driven by strong butter prices, and remained above the five-year average.
Looking ahead, European dairy commodity prices could align with global levels, while global trade tensions remain among the key potential shock factors in the months ahead. Irish milk supply was bolstered by a late surge in Q4 2024, though this uplift followed an extended period in which supply was largely constrained.
Common Ground: Where we stand on Sustainability
Ornua introduced a new Group ESG strategy, Common Ground, in 2024, underpinning its commitment to improving its environmental impact. The Group continued to integrate renewable energy sources across its manufacturing footprint with over half of Ornua’s production energy consumption coming from renewable electricity. This transition contributed towards a 16.9% reduction in emissions when compared to 2023 and brings the total percentage reduction in Scope 1 and 2 emissions since 2020 to 29.4%. This result has seen the business exceed its 2025 target of a 25% reduction in Scope 1 and 2 emissions.
Ornua also received validation of its targets through the Science-Based Targets Initiative (SBTi), committing to a 42% reduction in Scope 1 and 2 energy and industrial emissions by 2030 and a 30.3% reduction in Scope 3 FLAG (Forest Land and Agriculture Group) emissions by the end of the decade, from baseline year of 2022.
Looking Ahead
This year marks ten years since Ornua’s rebrand from the Irish Dairy Board, in line with the removal of milk quotas. In that ten-year period, the global retail sales value of Kerrygold has more than doubled, supported by investment in the brand, its portfolio, and production capacity. While the outlook for the months ahead is uncertain, driven by ongoing geopolitical and trade tensions, the first quarter of 2025 has been relatively positive for Irish dairy and the Ornua business. Looking ahead, Ornua is well-positioned to continue navigating complexities to drive value and growth for its Member Co-operatives and Irish farming families, while serving the needs of its customers.
Annual Report 2024
Download the full report here.