Kerrygold owner Ornua delivered an almost 5 per cent jump in operating profits last year, despite “highly challenging” trading conditions in its key US market, amid “tariff uncertainty” and significant food price inflation in the world’s largest economy.
The group, which was directly in the firing line when US president Donald Trump unveiled a 15 per cent tariff on EU-produced imports, said on Wednesday that it “successfully navigated a complex global trading environment, including renewed tariff pressures in the US”.
Ornua chief executive Conor Galvin said he could not put a euro value on the financial hit the group took from the US tariff regime. However, he said it was lower than the €50 million he estimated it would cost in an interview with The Irish Times last April.
On Wednesday, Galvin said it is difficult to estimate the cost of the Trump administration’s trade policy last year because the tariff rate changed several times throughout 2025.
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“It wasn’t a €50 million challenge that we had in the end, [because of] how we managed it, and also the agreements that were reached," he said.
Ornua, which is owned by eight of the State’s leading dairy co-ops, also grappled with falling global milk prices, largely due to an oversupply of the dairy product on world markets.
A 454g block of Kerrygold cost around $9 in the US before the tariffs were introduced last year. Galvin said he did not have precise numbers to hand, but that Ornua saw “relatively stable pricing” in the US in 2025, while retail prices in Ireland fell somewhat in the latter part of the year as dairy prices, in general, retreated.
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Despite pricing challenges, group turnover rose by 1.6 per cent to €3.4 billion last year, while operating profits increased by 4.7 per cent to €136.6 million.
Ornua also paid €74.3 million in premiums and bonuses to its member co-operatives – Glanbia Ireland, Aurivo, Carberry, Lakelands, Arrabawn, Dairygold, Tipperary Co-op and North Cork Co-op – in the year, it said.
[ ‘1 in 5 US households consume Kerrygold’ – Ornua CEO Conor GalvinOpens in new window ]
The group purchased more than €1.8 billion of product from its members, said Galvin.
“I am pleased to report a solid performance from the business in 2025, a complex year in which we delivered continued growth across key metrics despite challenging global market conditions,” he said in a statement.
“Kerrygold strengthened its position as a leading global dairy brand, reaching more households in 2025 than ever before and surpassing the $1 billion retail sales milestone in the United States for the first time.”
