Kerrygold owner reports strong sales despite 'turbulent' year

Company surpasses $1bn in Kerrygold retail sales in the US for the first time

Chief executive of Ornua Conor Galvin: 'The price that we can realise for products in the market is down, and the price that a farmer is realising for a litre of milk is down… At the same time you've got costs across the entire supply chain rising.'

Despite a turbulent year in the global dairy markets, Kerrygold owner Ornua has seen its turnover and profits increase over the course of 2025 with sales in the US also up despite the imposition of tariffs, the company’s latest results show.

In its financial year ending on December 27, 2025, Ornua reported a group turnover of more than €3.5bn — a 1.6% increase compared to 2024 — as its earnings before interest, taxes, depreciation and amortization stood at €171.4m, a 3.6% increase. This resulted in an operating profit of €136.6m, up 4.7%.

The company purchased €1.8bn worth of Irish dairy products from member co-operatives over the course of the year. In addition, €74.3m in premiums and bonuses were paid to member co-operatives for product supplied in the year.

The company said €481.5m in working capital facilities was also provided to members last year.

Ornua’s signature brand Kerrygold surpassed $1bn in retail sales in the US for the first time. According to Ornua, global dairy markets “experienced fluctuating supply levels” and “shifting demand patterns”, while at home processors and producers felt the impact of this volatility.

It noted that global milk supply expanded much more than expected during the year, up 2.5%, with all major regions contributing to this growth.

Chief executive of Ornua Conor Galvin said that even in a year which he described as “turbulent or difficult” they have managed to give back to their members and dairy suppliers.

"The commodity markets are always dependent on supply and demand. The second half of last year was in excess of supply over demand, which caused the markets to correct themselves,” Mr Galvin said.

"What that has meant is that, the price that we can realise for products in the market is down, and the price that a farmer is realising for a litre of milk is down… At the same time you've got costs across the entire supply chain rising.” 

"When you don't have stability, when you do have volatility, it can create the challenges around maintaining margins and maintaining value for milk suppliers.” 

On the company’s success in the US, Mr Galvin said they are “lucky” to have consumers in the US who are loyal and willing to pay a premium for Kerrygold.

He said they have grown in the US in volume and value and while they have concerns around tariffs being implemented “a lot of the growth is now driven by innovation”.

"I would always be concerned about tariffs because of the uncertainty that it drives for us. The uncertainty piece is what's causing the challenges… We are innovating in how we present the products from a packaging point of view, and also in the products that we sell.

"We've had extensions to Kerrygold, and also new products that we've launched in the last year that are driving further sales,” he said.

ArraTipp results

In addition to Ornua’s latest results, dairy firm ArraTipp — formed following the merger of Arrabawn and Tipperary co-ops in February 2025 — also released their results for the first 10 months of their operations.

The company reported an operating profit of €14.1m for the period, up from €9.5 million on a combined basis for the previous 14 months. 

The co-op also strengthened its financial position, with net debt reducing from €78m to €53m while shareholder funds increased by €2.5m to €106m.

Chief executive of ArraTipp Eamon O’Sullivan said these results “represent a strong first year for ArraTipp”.