Irish dairy co-op Ornua posted a near-50% net profit increase as its flagship butter brand Kerrygold achieved a major commercial milestone. Group turnover, operating profit and EBITDA all rose, with Ornua paying €1.87bn to co-operative members, inclusive of €74.3m in premiums and bonuses.
Kerrygold topped $1bn in US retail sales for the first time thanks to format innovation and range expansions, with Ornua broadening the Kerrygold portfolio with 16 new products and product extensions globally. This included new butter blends, cheese sticks, cream cheese range extensions, and flavoured butter sticks.
Kerrygold’s success has been underpinned by its premium positioning and Irish dairy’s grass-fed credentials. In the US, it’s the second best-selling branded butter and has continued to expand its household penetration. The Kerrygold portfolio also delivered in other key markets including the UK where it’s number two in branded butter; and Germany and Ireland, where it’s the branded butter market leader.
Building on Kerrygold’s strengths and reputation is a key strategic pillar for the co-op, along with selling dairy ingredients to manufacturers and foodservice and investment in efficiency, infrastructure and talent.
Ornua’s FY25 in numbers
Group turnover: €3.45bn (up 1.6% year‑on‑year)
EBITDA (pre Ornua Value Payment): €171.4m (up 3.6%)
Operating profit: €136.6m (up 4.7%)
Net profit (profit after tax): €34.1m (up ~50% vs 2024)
Net debt: €163.1m (2024: €86.1m)
Net assets: €779.0m (slightly down year‑on‑year)
Working‑capital facilities to members: €481.5m
Dairy purchases from members: €1.8bn+
Besides Kerrygold’s retail performance in the US and globally, Ornua reported its ingredients and foodservice businesses also contributed to its solid financial performance.
The company’s tailored dairy formulations, including customised cheese, produced robust demand while the co-op also benefited from geographic diversification across the US, Europe and the Middle East as it managed regional demand swings and balanced out volatility in consumer demand with its B2B services.
With global milk production surging since the end of Q3 2025, Ornua said its farmers “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,” said the co-op in a statement.
Global milk supply rose sharply in 2025, with supply outpacing demand as the year progressed, hitting commodity prices and pressuring farmgate returns. Ornua used financial support mechanisms such as its working capital support and value payments to offset some of the pressures on producers.
Global milk production is expected to slow in the second half of the year – and turn negative in Europe – but Ornua has warned of an uncertain near-term outlook over geopolitical tensions, trade disruption and energy market volatility.
Conor Galvin, CEO, said the co-op is pressing on with the implementation of its five-year growth plan, which includes strengthening Ornua’s leadership in premium dairy while bolstering operational discipline and global integration.
