Synlait Milk Ltd. · NZX:SML
Synlait Milk — FY2025 Earnings Presentation
22 slides from Synlait Milk's earnings presentation, Sep 29, 2025
Slide 1: Full Year Results Investor Presentation
Full Year Results Investor Presentation For the 12 months ended 31 July 2025
Slide 2: A defining moment: agreement to sell Synlait's North Island assets
A defining moment: agreement to sell Synlait's North Island assets Global healthcare leader, Abbott, to purchase world-class assets for approximately US$178 million (NZ$307 million). Overview Rationale Outcomes • Global healthcare leader Abbott has entered into a • Abbott has been a customer of Synl
Slide 3: New CEO's first four months
New CEO’s first four months Seasoned dairy executive Richard Wyeth joined Synlait in May 2025. Synlait’s Strong foundations World-class assets High customer demand strategic strengths (location, scale, connectivity) Improved operational stability Reduce complexity Culture shift: Immediate needs to d
Slide 4: The Big 6 for '26
The Big 6 for '26 FY26 will see Synlait shift from reactive recovery to proactive performance. Here are the six key focus areas, which will deliver this shift. Operational Quality Customer Stability Performance Satisfaction Getting the basics right, every time – through Delivering quality without co
Slide 5: Results at a glance
Results at a glance $54.8M $62.0M 55% 451% $ 50.7M $ 107.2M $ 250.7M $ 165.5M Total Group EBITDA Total Underlying Net Debt Operating Group EBITDA Cashflow $142.3M $61.2M 12% $49.3M ($39.8M) $ 0.8M $ 1.8B $ 105.3M Total Group NPAT Total Underlying Total Group Total Group Group NPAT Revenue Gross Prof
Slide 6: Financial Performance
Financial Performance Andy Liu, CFO PAGE 6
Slide 7: Synlait's FY25 Result
Synlait’s FY25 Result Underlying NPAT movement ($ millions) 14.1 7.0 0.8 Strong core business performance despite manufacturing challenges at Dunsandel. 26.6 9.3 (2.2) (14.7) 21.1 (60.4) Business units’ underlying NPAT performance: FY24 NPAT Advanced Nutrition margin Ingredients margin Consumer and
Slide 8: Business Unit Revenue and Performance
Business Unit Revenue and Performance Business unit revenue $1.8B $1.7B $1.6B 0.2b (11%) $1.6B Advanced Nutrition 0.1b (7%) Consumer 0.2b (9%) 0.2b (11%) Revenue up 8% with increased sales volumes and Strong price performance from Dairyworks’ export $1.4B 0.3b 0.4b new products launched. business in
Slide 9: Cash Flow and Net Debt
Cash Flow and Net Debt 551.6 Net debt ($ millions) 48.0 23.5 (165.5) Operating Cash Flows Optimised Financing Costs 5.2 250.7 Core operational focus led to recovered cash flows. • Financing costs contributed $48m to net debt, a $7m (212.1) Operating cash flows increased by $212.7m driven by: improve
Slide 10: Business Update
Business Update Richard Wyeth, CEO PAGE 10
Slide 11: Advanced Nutrition
Advanced Nutrition This strategic product category delivers high-value, formulated products in bulk and consumer-ready formats, tailored to all ages – from early life to adult nutrition. FY25 Business Achievements FY26 Focus Areas • Continued delivery of both dairy and non-dairy • Deepening collabor
Slide 12: Ingredients
Ingredients With a high quality milk pool and infant-formula grade dryers, Synlait’s bulk ingredients portfolio delivers year-round consistency. Products, including milk powders and AMF, are sold to manufacturers for use in a range of applications. FY25 Business Achievements FY26 Focus Areas • A foc
Slide 13: Foodservice
Foodservice Manufactured from our high-quality milk pool in Dunsandel, Synlait’s UHT cream delivers increased stability and is sold for out-of-home consumption in a range of settings – including bakeries, cafés and beverage chains. FY25 Business Achievements FY26 Focus Areas • Successful launch of S
Slide 14: Consumer
Consumer A range of fresh milk, butter, cream and cheese products produced and sold under the Dairyworks, Rolling Meadow, Alpine, Pams and Value brands. FY25 Business Achievements – FY25 Business Achievements – New Zealand Offshore • Business unit gross margin has grown from $30.6m • Dairyworks’ bra
Slide 15: Milk Supply
Milk Supply Synlait managed approximately 4% of New Zealand’s milk supply and ended the FY25 season with 238 farmer suppliers. FY25 Business Achievements Uplifting On-Farm Support • Delivering farmers a record milk price of $10.16 • Distributing 80,000 native seedlings under per kgMS, up 30% on open
Slide 16: Full year 2026 guidance
Full year 2026 guidance FY26 presents a valuable reset for Synlait, with the entry into an agreement to sell its North Island assets. The sale will strengthen the company’s financial position, with the proceeds used to significantly reduce debt. The targeted completion date for the sale is 1 April 2
Slide 17: Key takeaways
Key takeaways Synlait’s North Island Financial Focus Moving Synlait from asset sale will deliver reactive recovery • Strengthens Synlait and • Simplifies Synlait’s two core benefits: elevates future potential. business model. to PROACTIVE • Delivers Board’s commitment • Enables operational PERFORMAN
Slide 18: Appendix
Appendix Synlait suppliers Bevan and Tracey Brown on their Geraldine-based farm. PAGE 18
Slide 19: Key Financial Metrics
Key Financial Metrics Key financial metrics1 Currency as stated (in millions) FY22 FY23 FY24 FY25 Income statement Revenue 1,661 1,604 1,637 1,827 Gross profit 147 144 56 105 EBITDA2 132 91 (4) 51 EBIT2 65 31 (183) (6) NPAT 39 (4) (182) (40) Net cash from/(used in) operating activities 233 39 (47) 1
Slide 20: Debt Facilities and Banking Covenants
Debt Facilities and Banking Covenants Synlait refinanced its banking facilities on 26 September 2025, with eight banks in the syndicate. The refinance will be fully executed on 30 September 2025. Synlait’s new banking syndicate, is made up of ANZ Bank, China Synlait has key financial covenants in pl
Slide 21: Disclaimer
Disclaimer This presentation is intended to constitute a summary of certain risks, uncertainties, assumptions and other important factors, Any past performance information in this presentation is given for information about the Synlait Group (“Synlait”) or in connection with many of which are beyond
Slide 22: For more information contact:
For more Media: Investors: information Jo Scott Corporate Affairs Manager Hannah Lynch Head of Milk Supply, Strategy & Corporate Affairs contact: +64 21 883 123 +64 21 252 8990 jo.scott@synlait.com hannah.lynch@synlait.com