CARBERY Group has reported an 8% increase in 2025 revenues to €723m despite milk price volatility.

The West Cork-based ingredients, flavours and cheese producer’s annual financial report showed higher revenues and group EBITDA last year, and said it continued to support farm shareholders with a leading milk price.

Group earnings before interest, tax, tax depreciation amortisation of goodwill and other intangibles and exceptional items (EBITDA) increased by 1% to €52.3m.

When depreciation is excluded, the EBITA figure was 3% lower than 2024, at €29.7m.

Carbery said this performance reflected ‘weaker dairy market returns in Ireland in the second half of 2025’.

This, the group said, was against the backdrop of strong underlying performance across the wider business.

Carbery said that this ‘strong performance’ across the business, with nutrition and taste delivering significant profit growth, allowed it to set aside a further €3m contribution to its Stability Fund to support milk price during times of volatility.

It reported overall operating profits of €23.4m for the year. Carbery’s net debt stood at €34.3 million in 2025, its lowest level in five years.

By comparison, net debt was recorded at €79.6 million in 2021.

The dairy group said that €5.8m was paid to farmers through the FutureProof sustainability bonus in recognition of actions taken on farm, bringing total FutureProof payments since the scheme began in 2022 to €18m. The scheme covered 90% of Carbery’s milk pool last year.

Carbery said it processed a total of 606.8m litres of milk through Ballineen last year, up 5.9% on 2024 levels. The co-op said this was the second highest ever levels of milk processed through its Ballineen operation.

It said it ‘maintained its commitment to farmer shareholders by paying a leading milk price in 2025’. The financial report stated the average milk price returned to farmer shareholders in 2025 was 47.44c/L.

The co-op said that €5.8m was paid to milk suppliers through its FutureProof sustainability bonus in 2025, bringing total payments since 2022 to €18m. In 2025, the scheme covered 90% of Carbery’s milk pool.

Jason Hawkins, CEO of Carbery Group, said the group delivered strong global business performance in 2025, while continuing to support its farmer shareholders in West Cork.

‘Our Nutrition and Taste businesses delivered significant profit growth in 2025, while our Dairy business also performed strongly. Continued demand in whey protein, particularly across sports, clinical and active nutrition, alongside progress in our global flavours business, helped offset weaker dairy market returns later in the year,’ he added.

The CEO said that supporting the group’s farmer shareholders remains at the centre of everything it does.

‘In 2025, we paid a leading milk price, distributed €5.8m through our FutureProof sustainability bonus and made a €3m contribution to our Stability Fund, which will help us support milk price through future periods of market volatility,’ he stated.

He also said that sustainability remains central to its strategy and Carbery have long-term investment plans to reach net zero across operations.

‘While absolute emissions increased in 2025 due to higher production volumes, our emissions intensity continued to improve, and we have made strong long-term progress across our operations and wider value chain,’ he said.

‘Through FutureProof, Farm Zero C and the commitment of our farmer shareholders, we are continuing to make practical progress on emissions reduction, soil health and water quality,’ he added.

According to the report scope 1 and 2 emissions increased 3.97% in 2025 due to higher production volumes, while emissions intensity continued to improve and has fallen 36% since 2020. In the past five years, Cabery has removed 100,993 tonnes of CO2e across its value chain.

Looking ahead, Jason Hawkins said that while the outlook for dairy markets in 2026 remains challenging, Carbery was confident in the strength of its business and the clarity of its long-term direction.

‘We will continue to invest in growth, our people, innovation, digital capability and sustainability, while staying focused on delivering value for our farmer shareholders and customers around the world,’ he said.

‘We will also continue to pursue opportunities to further diversify the business, particularly in areas where our experience and expertise position us to deliver strong long-term returns,’ he added.