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, which is owned by eight of the country’s leading dairy co-ops, also grappled with tumbling global milk prices, largely due to an oversupply of the dairy product on world markets, it said in its 2025 annual report.

Despite these challenges, group turnover rose by 1.6 per cent to €3.4 billion last year, while operating profits increased by 4.7 per cent €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, 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 Ornua chief executive Conor 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.”

Ornua said in the report that the North American market “proved to be highly challenging, partly driven by tariff uncertainty, the impact of significant food inflation, and strong milk supply in the US putting downward pressure on dairy product pricing”.

Galvin told The Irish Times last year that a 10 per cent US tariff on EU dairy would result in a €50 million hit to Kerrygold in a full year.