A2 Milk Company Limited · NZX:ATM
A2 Milk — The a2 Milk Company — FY2026 Earnings Presentation
48 slides from A2 Milk's earnings presentation, Aug 18, 2026
Slide 1: 2026 Annual Results
The a2 Milk Company Limited 2026 ANNUAL RESULTS We pioneer the future of Dairy for good 17 August 2026
Slide 2: Disclaimer
Disclaimer This presentation dated 17 August 2026 provides additional While all reasonable care has been taken in relation to the commentary on the financial results for the 12 months ended preparation of this presentation, none of the Company, its 30 June 2026 of The a2 Milk Company Limited (the “C
Slide 3: Agenda
Agenda Results summary and outlook 4 Financial overview 22 Regional and 28 product performance Appendix 45
Slide 4: Solid full year results with significant strategic progress
Solid full year results with significant strategic progress Delivered FY26 results in line with, or slightly ahead of, updated April guidance with double digit revenue growth 1 - Achieved Infant Milk Formula (IMF) growth of 5% in a flat China IMF market - Generated high growth in Other Nutritionals
Slide 5: Double digit revenue growth, margins impacted by supply chain disruption
Double digit revenue growth, margins impacted by supply chain disruption Continuing operations1 (FY26 versus FY25) Key financials1 Revenue; $ millions • Revenue up 12.4% to $1,974.9 million • EBITDA down 2.5% to $284.4 million − Underlying2 EBITDA up 5.4% to $307.6 million • EBITDA % margin 14.4% do
Slide 6: All geographic and product segments in growth
All geographic and product segments in growth Group performance1 Segment and product sales1 Segment sales; $ millions Sales up 12.4% with growth from core product portfolio and recent innovation, plus slightly benefiting from FX tailwinds (weakened NZD) Segment performance • China & Other Asia segme
Slide 7: China IMF market conditions update
China IMF market conditions update China IMF market conditions Total China IMF market value vs pcp1 • China IMF market value up 0.7% in FY26 as premiumisation offset low single digit volume declines. Stage 1 value in low single digit growth, Stage 2 in mid single digit growth and Stage 3 stabilising
Slide 8: Supply chain disruption in 4Q26 resolved but impacted market share
Supply chain disruption in 4Q26 resolved but impacted market share China label IMF supply chain disruption a2 至初 market share impacted in 4Q26 • a2 至初 in-market product availability during 4Q26 was materially • In-market product availability necessitated a large proportion of impacted by a number of
Slide 9: Actions underway to recover market share
Actions underway to recover market share 1Q27 2Q27 3Q27 4Q27 • Introduce market leading traceability tool with batch-by-batch testing Completed 1. Rebuild trust • Amplify through social media and PR campaigns • Engage and refine plan with distributors and key retail partners • Execute past user win
Slide 10: First wave of marketing investment focused on reassurance of high quality
First wave of marketing investment focused on reassurance of high quality Batch-by-batch testing Xinhua News endorsement Daddy Lab endorsement • Launched a market leading traceability tool • Launched endorsement campaign in early • Daddy Lab is a leading independent quality with batch-by-batch testi
Slide 11: Social media and PR campaigns improving brand sentiment
Social media and PR campaigns improving brand sentiment Social media sentiment tracking based on posts and comments Brand marketing comments • Positive brand sentiment quickly recovering 64% to prior levels based on comprehensive 62% 63% 61% social listening 57% 58% • a2 brand, a2 至初 and a2 Platinum
Slide 12: FY27 outlook
FY27 outlook a2MC’s revenue and EBITDA are expected to grow in FY27, supported by increased contribution from product innovation and new markets, continued momentum in Other Nutritionals and Liquid Milk, and a2 Pōkeno profitability improvement. IMF sales are expected to be impacted by the flow-on ef
Slide 13: Strategy remains focused on capturing China IMF potential while ramping up innovation
Strategy remains focused on capturing China IMF potential while ramping up innovation, entering new markets and transforming supply chain Purpose We pioneer the future of Dairy for good Vision An A1-free world where Dairy nourishes all people and our planet CONSUMERS PEOPLE PLANET SHAREHOLDERS Bring
Slide 14: a2MC continues to track well against strategic goals
a2MC continues to track well against strategic goals despite temporary supply chain disruption CONSUMERS PEOPLE PLANET SHAREHOLDERS BRAND HEALTH MARKET SHARE INNOVATION SUPPLY CHAIN 1 2 3 4 5 6 7 China brand MBS share IMF sales from Access to ≥ 3 Safety GHG emissions Sales ambition of health new pro
Slide 15: Expect to achieve $2bn revenue ambition by FY27
Expect to achieve $2bn revenue ambition by FY27 Medium-term revenue and EBITDA margin ambition Areas of planned revenue growth Commentary Revenue, NZ$ billions EBITDA margin • The Company expects to achieve its Growth ambition EBITDA margin target in the teens targeting year-on-year improvement (com
Slide 16: Substantial long-term growth opportunities beyond FY27
Substantial long-term growth opportunities in core business, adjacent categories and new markets beyond FY27 Market/category size; Retail sales value; FY26; $ billions1 Total combined market size ~$80 bn Total combined addressable market size ~$50 bn a2MC average share of total market ~4% China IMF
Slide 17: Accelerated innovation driving sales growth opportunities
Accelerated innovation driving sales growth opportunities IMF portfolio expansion to ramp up from FY27 Other Nutritionals innovation expanding growth beyond IMF Innovation and portfolio expansion has been enabled by internal Supported by internal capability and a growing network of product developme
Slide 18: Innovation supported by scientific leadership in A1 protein free dairy
Innovation supported by scientific leadership in A1 protein free dairy More than 25 years of research in A1 protein free dairy underpins a2MC’s pioneering category leadership • Ongoing investment in science and research supports future product innovation, category expansion and long-term competitive
Slide 19: Supply chain transformation substantially progressed at a2 Pōkeno
Supply chain transformation substantially progressed at a2 Pōkeno a2 Pōkeno to unlock significant value, with progress on track The Company successfully completed the acquisition of a2 Pōkeno, a world class nutritional facility, and divestment of MVM, as announced in August 20251. The acquisition si
Slide 20: a2 Pōkeno key milestones and metrics delivered
a2 Pōkeno key milestones and metrics delivered with production and financials on track to plan FY26 FY27 FY28 to FY30 • Complete a2 Pōkeno acquisition • n/a • n/a Transactions • Complete Fonterra milk supply agreement • Complete MVM divestment • Develop formulation Commence finished goods production
Slide 21: Continued investment in making planet positive progress
Continued investment in making planet positive progress • Commenced work to convert gas-fired boiler at a2 Pōkeno to an electrode boiler, advancing progress towards the Company’s Scope 1 & 2 net zero target by 2030 • Established on farm data collection approaches across New Zealand, Australian and U
Slide 22: Financial overview
Financial overview
Slide 23: Strong revenue growth with earnings impacted by supply chain disruption
Strong revenue growth with earnings impacted by supply chain disruption $ million1,2 FY26 FY25 % change • Net sales revenue growth of 12.4% reflects growth in all product categories and segments, with China label IMF impacted by 4Q26 supply chain disruption Net Sales Revenue 1,972.2 1,755.3 12.4% Gr
Slide 24: China segment impacted by a2 Pōkeno losses and supply chain disruption
China segment impacted by a2 Pōkeno losses and supply chain disruption China & Total $ million1 ANZ USA Corporate Other Asia2 Group Revenue 1,447.6 348.2 179.0 - 1,974.9 FY26 EBITDA 307.3 60.7 (3.4) (80.2) 284.4 EBITDA % 21.2% 17.4% (1.9%) - 14.4% Revenue 1,302.0 316.0 139.3 - 1,757.2 FY25 EBITDA 33
Slide 25: Delivered growth across all product categories
Delivered growth across all product categories Net sales revenue1 China & Total ANZ USA $ million Other Asia4 Group IMF 1,258.8 73.7 1.7 1,334.2 Liquid Milk2 - 244.9 177.0 421.9 FY26 Other Nutritionals3,4 188.6 27.5 - 216.1 TOTAL 1,447.4 346.2 178.7 1,972.2 IMF 1,191.7 80.6 1.6 1,273.9 Liquid Milk2
Slide 26: Cash flow reflects investment in supply chain transformation
Cash flow reflects investment in supply chain transformation, working capital build and temporary product availability impacts $ million FY26 FY25 % change • Cash flows from operating activities: $133.1 million Cash flows from operating activities ‒ Operating cash conversion of 68%1 (FY25: 95%) was
Slide 27: Strong balance sheet to support future growth
Strong balance sheet to support future growth • Inventories up $151.5 million due to acquisition of a2 Pōkeno and $ million FY26 FY25 % change post-acquisition build up of raw materials and base powder ahead of Cash and term deposits 784.5 1,100.2 (28.7%) the a2 Platinum transition from Synlait and
Slide 28: Regional and product performance
Regional and product performance
Slide 29: China label IMF sales impacted by 4Q26 supply chain disruption
China label China label IMF sales impacted by 4Q26 supply chain disruption After strong 1H26, FY26 results impacted by 4Q26 supply chain disruption China label IMF net sales revenue • FY26 China label IMF revenue declined by 14.0% to $544.3 million (1H26: up 6.5% $ million1 612 633 vs pcp, 2H26: dow
Slide 30: China label market share affected in 4Q26
China label China label market share affected in 4Q26 Total China label market stabilising a2 China label share gain impacted in 4Q26 • China label market value down 0.2%1 in FY26, with low single • China label MAT share increased to March, before declining to 5.2% digit volume decline partially off
Slide 31: New China label products launching in 1H27 will support future growth
China label New China label products launching in 1H27 will support future growth a2 Zhi Chu Qi Run (a2 至初启润 ) a2 Zhi Chu Zhi Chun (a2 至初至淳 ) Target segment Target segment • Ultra premium • Organic ultra premium+ Benefit proposition and formulation Benefit proposition and formulation • Digestion + c
Slide 32: English label IMF sales up significantly over the period
English label English label IMF sales up significantly over the period CBEC (including O2O) + Other Markets1 Growth in a2 Platinum , a2 Genesis and Vietnam English label IMF revenue • English label IMF revenue growth1 of 23.2% to $788.3 million driven by CBEC $ million by half2 and O2O growth, plus
Slide 33: English label market growth slowed in 2H26 due to industry recalls
English label English label market growth slowed in 2H26 due to industry recalls Market growth moderated following industry recalls a2 English label performance • English label market value increased 5.7% in FY26, with 2H26 • a2MC was the leading share gainer on CBEC (MAT: Jun-25 to growth slowing s
Slide 34: Major product updates in 1H27 to support English label future growth
English label Major product updates in 1H27 to support English label future growth a2 Platinum a2 Genesis Target segment Target segment • Premium in China, Asia and ANZ • Super premium in China and Asia Benefit proposition and formulation Benefit proposition and formulation • Digestion + sharper mi
Slide 35: Continuing growth in new markets with Vietnam starting to scale
English label Continuing growth in new markets with Vietnam starting to scale Strong Vietnam performance Growing awareness and distribution Emerging markets future potential Vietnam net sales revenue • Strengthened a2 brand awareness Vietnam through digital campaigns, science • Further distribution
Slide 36: Other Nutritionals growth driven by recent innovation
Other Nutritionals Other Nutritionals growth driven by recent innovation Strong performance across categories and regions Other Nutritionals net sales revenue • Other Nutritionals1 sales grew by 59.9% to $216.1 million, driven primarily by kids $ million nutrition and seniors fortified milk powder r
Slide 37: Kids milk powder growing rapidly with significant innovation potential
Other Nutritionals Kids milk powder growing rapidly with significant innovation potential Building scale and brand momentum Future potential • China label kids milk powder continued to • Launched locally manufactured kids milk maintain robust momentum with half on powder in 2H26 with improved freshn
Slide 38: China label paediatric supplements launched in 2H26
Other Nutritionals China label paediatric supplements launched in 2H26 Encouraging early consumer response Future potential • New a2 至奕 (Zhi Yi ) paediatric • Further expand distribution via MBS store supplements range launched in 3Q26 across network and online channels MBS and DOL channels • Invest
Slide 39: New English label paediatric supplements range launching in 1H27
Other Nutritionals New English label paediatric supplements range launching in 1H27 Immune Lactoferrin Plus Commentary • Immune Defence & Gut Health • a2 English label paediatric supplements range launching 1H27 • Lactoferrin (100 mg per sachet) • Range targets the top kids nutrition needs, consiste
Slide 40: ANZ liquid milk growth continues gaining market share
ANZ liquid milk ANZ liquid milk growth continues gaining market share Share gains and record lactose free growth Australia liquid milk net sales revenue • Net sales revenue up 17.2% to $244.9 million, with growth from both a2 Milk $ million and a2 Milk Lactose Free, and foreign currency translation
Slide 41: a2 Milk Lactose Free gaining share in a fast growing segment
ANZ liquid milk a2 Milk Lactose Free gaining share in a fast growing segment Lactose Free category a large driver of growth in Australian a2 Milk Lactose Free is the only product in market that is both dairy milk market1 A1PF and LF and the number 2 brand in market1 Retail sales value Australia dair
Slide 42: USA delivered high growth and achieved breakeven in 2H26
USA USA delivered high growth and achieved breakeven in 2H26 Momentum across core range, distribution and brand equity USA net sales revenue $ million2 • Net sales revenue growth of 28.6% to $178.7 million • Ongoing profitability improvement with lower EBITDA loss of $3.4 million, 179 achieving brea
Slide 43: Continuing to strengthen brand and driving growth through innovation
USA Continuing to strengthen brand and driving growth through innovation Strengthening brand1 Innovation focus • a2 Milk brand equity grew significantly, Current focus aided awareness increasing from 15% to 27% and spontaneous awareness more • Increase a2 Grassfed milk household than doubling from 2
Slide 44: Questions
Questions
Slide 45: Appendix
Appendix
Slide 46: Reconciliation of non-GAAP measures
Reconciliation of non-GAAP measures $ million FY26 FY25 Australia & New Zealand segment EBITDA 60.7 57.5 China & Other Asia segment EBITDA 307.3 332.4 USA segment EBITDA (3.4) (9.3) Corporate EBITDA (80.2) (88.9) EBITDA1 284.4 291.7 Depreciation/amortisation (16.9) (11.7) EBIT1 267.5 280.0 Net inter
Slide 47: a2MC glossary of terms
a2MC glossary of terms Acronym Meaning Acronym Meaning Acronym Meaning 2’FL 2’ - Fucosyllactose EL English label MT Metric ton 3PMs Third party manufacturers EPS Earnings per share MVM Mataura Valley Milk Limited 3QR Three QR code ERP Enterprise resource planning system NPAT Net profit after tax 618
Slide 48: www.thea2milkcompany.com
www.thea2milkcompany.com