Synlait Milk Limited

Overview

About Synlait

At Synlait we combine expert and sustainable farming practices with state-of-the-art manufacturing processes to produce a range of nutritional milk products that provide genuine benefits for human health and wellbeing.

Our purpose Doing Milk Differently For A Healthier World is driven by being different, essential nutrition and sustainability. Our disruptive, innovative spirit combined with resolute determination to do the right thing for planet and people sets us apart from the competition.

Founded in 2000, Synlait is based in Dunsandel, Canterbury and employ nearly 900 people.

Synlait listed on the NZX in July 2013. This was followed by a compliance listing on the ASX in November 2016. In 2019, Synlait joined the NZX Debt Market, issuing NZ$180 million of unsecured, subordinated, fixed rate bonds.

Our locations

Today we have sites in the South Island of New Zealand and an office in Shanghai, China:

• Christchurch: administration office and Dairyworks
• Dunsandel: fully integrated manufacturing facility and administration office
• Shanghai: sales office

Our products

We produce a range of added-value milk powders and nutritional products, such as retail-ready infant formula. Our customers are leading global health and nutrition companies, with established brands and strong retail distribution channels.

In early April 2019 we began manufacturing fresh milk and cream in our newly commissioned Advanced Liquid Dairy Packaging Facility at Dunsandel.

Dairyworks joined the Synlait family in April 2020 supplying iconic and much-loved New Zealand brands to the consumer and foodservice markets. Synlait also owns and operates two commercial farms which are located next to the Dunsandel factory.

Our farmer suppliers

Our 200 farmer suppliers are a key part of Synlait.

Because the company was an early leader in sustainability, it has attracted forward-thinking farmers who share a commitment to best practice dairy farming.

Synlait was the first New Zealand processor to financially incentivise farmers to reach best practice in caring for their environment, animals, milk quality and people. The company manages this through its own internationally accredited programme, Lead With Pride. 90% of its farmer suppliers are Lead With Pride Certified.

For more information about Synlait, visit: www.synlait.com

Performance

The following information was extracted from Synlait Milk Limited's half year, released on 23 March 2026:

Key financial metrics

• A reported EBITDA loss of ($34.7 million)*, with underlying EBITDA of $4.1 million.
• A reported net loss after tax of ($80.6 million), with an underlying net loss after tax of ($27.3 million).
• Net debt of $472.1 million an increase of 88%.
• Revenue of $949 million* an increase of $32.3 million.
• Gross profit of $3.1 million* a decrease of $83.9 million.
• Forecast base milk price for the 2025/26 season is $9.50 per kg MS with additional premium payments taking the total forecast average milk payment to $9.90 per kg MS.

Note the comparisons are to HY25 and the items marked * include both continued and discontinued operations.

Looking ahead to the second half, and as noted in Synlait's full-year results in September 2025, the company will not provide FY26 financial guidance. The Board has withdrawn guidance for the remainder of the financial year.