The a2 Milk Company Limited

Overview

The a2 Milk Company Limited was founded in February 2000 on a simple, yet profound, discovery that different cows produce different milk proteins that behave differently in people's bodies.

Milk that is naturally rich in the A2 beta-casein protein (and free from all A1 beta-casein protein) has been found by many to be easier to digest.

The a2 Milk Company single-mindedly pioneers scientific understanding, operational know-how and commercialisation of premium a2 Milk brand products around the world. Today, we have a range of products available in Australia, New Zealand, UK, USA and China.

The a2 Milk Company Limited listed on the NZAX market in April 2004 and completed capital raising and transferred the listing to the NZX Main board in 2012. The company was dual listed on the ASX in March 2015.

For more information visit: www.aboutthea2milkcompany.com

Performance

The following information was extracted from The a2 Milk Company Limited's Annual Report, released on 17 August 2026:

FY26 Results

1. Delivered FY26 results in line with, or slightly ahead of, updated April guidance with double digit revenue growth

• Achieved Infant Milk Formula (IMF) growth of 5% in a flat China IMF market
• Generated high growth in Other Nutritionals of 42%4 through innovation in kids, seniors, UHT and supplements
• Maintained strong Liquid Milk growth of 22% through market share gains in ANZ and USA

2. Managed supply chain disruption5 in 4Q26 which had a material impact on China label IMF product availability, performance and supply chain costs, which impacted 2H26 Group sales and earnings, with recovery actions underway

3. Continued to ramp up innovation with new products in recent years contributing over 50% of sales growth in FY26 and significant new product launches planned in 1H27 in IMF, Other Nutritionals and Liquid Milk to support future growth

4. Advanced supply chain transformation through divestment of MVM and acquisition of a2 Pōkeno earlier in FY26, with capital investment, capability build, product development and transition initiatives all on track or ahead of plan

5. Declared $300 million special dividend while retaining a strong balance sheet to support future growth and declared an increase in full year ordinary dividends with improved payout ratio

Key financials

• Group revenue up 12.4% to $1,974.9 million

• China & Other Asia segment revenue up 11.2%, ANZ up 10.2% and USA up 28.6%

• EBITDA of $284.4 million, with underlying7 EBITDA up 5.4% • Net profit after tax (NPAT) of $207.5 million, with underlying7 NPAT up 7.0%

• Basic earnings per share (EPS) of 28.6 cents, with underlying7 EPS up 6.8% to 32.5 cents

• Closing cash of $784.5 million, with operating cash conversion of 68%

• Increase in total full year dividends from 20.0 cps to 21.0 cps, unimputed and fully franked with a ~74% payout ratio

• FY27 outlook of mid single digit percent revenue growth and approximately 15% EBITDA margin percent (see “FY26 Results Commentary and Outlook” announcement)