Synlait Milk Ltd. · NZX:SML
Synlait Milk — FY2026 Earnings Presentation
31 slides from Synlait Milk's earnings presentation, Sep 28, 2026
Slide 1: Full Year Results Investor Presentation
Full Year Results Investor Presentation For the 12 months ended 31 July 2026
Slide 2: Looking back | First half performance
Looking back | First half performance The series of challenges that impacted HY26. Three core issues affected HY26 Financial performance impacted The roadmap to recovery Manufacturing ($34.7M) Fix the plan adjustments Total group EBITDA Stabilise fundamentals Lower Ingredients ($80.6M) Simplify Redu
Slide 3: Progressing Synlait's recovery roadmap
Progressing Synlait's recovery roadmap Actions delivered to stabilise and simplify Synlait since HY26. Operations Quality People Revenue and assets • Optimised production planning to • Strengthened protocols and processes • Embedded the Synlait Spirit framework. • Reset the revenue function with ena
Slide 4: Synlait's operations stabilised in the second half
Synlait's operations stabilised in the second half FY26 FY25 Year-on-year 1H FY26 2H FY26 average average improvement Manufactured in spec (MIS) 91% 95% 93% 88% +5 pts Production plan attainment 89.7% 102.6% 95.5% 91.7% +3.8 pts PAGE 4
Slide 5: Operational stability helped improve 2H financial performance
Operational stability helped improve 2H financial performance 1H FY26 2H FY26¹ FY26 Half-on-half growth Reported EBITDA ($34.7m) $42.8m $8.1m +$77.5m Underlying EBITDA $4.1m $42.2m $46.3m +$38.1m Reported NPAT ($80.6m) $5.2m ($75.4m) +$85.8m Underlying NPAT ($27.3m) $5.7m ($21.6m) +$33.0m ¹ Figures
Slide 6: Results at a glance
Results at a glance $42.6M $60.9M 14% $348.8M $ 8.1M $ 46.3M $ 215.0M ($183.3M) Total group EBITDA Total underlying group EBITDA¹ Net debt² Operating cash flow $35.6M $22.4M 6% 64% ($75.4M) ($21.6M) $ 1.94B $ 37.7M Total group NPAT Total underlying group NPAT¹ Total group revenue Total group gross p
Slide 7: Financial Performance
Financial Performance Andy Liu, CFO PAGE 7
Slide 8: Synlait's FY26 result
Synlait’s FY26 result Underlying NPAT movement ($ millions)¹ 2.3 0.8 Operational and commercial pressures shaped FY26, with improved stability supporting second-half progress. (7.3) 2.6 22.2 Volume SG&A Consumer and Foodservice volume growth more than offset Continued cost discipline delivered $1.6
Slide 9: Business unit revenue and performance
Business unit revenue and performance Business unit revenue including North Island¹ $1,937m $1,827m 268m 203m (14%) $1,661m $1,637m Advanced Nutrition Consumer $1,604m (11%) 109m 45m 74m (7%) 154m Revenue decreased 1%, driven by a year-on-year reduction Revenue is up 32% due to Dairyworks growth and
Slide 10: North Island discontinued operations vs continuing operations
North Island discontinued operations vs continuing operations The divestment of the North Island assets has been successfully completed, simplifying Synlait’s operations and improving efficiency. $ million FY25 FY25 FY25 FY26 FY26 FY26 North Island assets were fully integrated into Synlait’s Reporte
Slide 11: Cash flow and net debt
Cash flow and net debt Net debt ($ millions) 34.8 37.2 183.3 Operating cash flows Net debt Operating cash flows decreased by $348.8m year-on-year • North Island assets sale proceeds strengthened the 250.7 due to: balance sheet and reduced net debt to $215.0m. The 4.7 215.0 • Weaker operating perform
Slide 12: Business Update
Business Update Leon Fung, Acting CEO PAGE 12
Slide 13: 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. FY26 business achievements Future focus areas • Built a structured business development pipeline to support diver
Slide 14: Ingredients
Ingredients Synlait’s high-quality milk pool and manufacturing capabilities support a flexible Ingredients portfolio spanning milk powders, milk fats and specialty ingredients for global food and nutrition customers. FY26 business achievements Future focus areas • Embedded a disciplined value-over-v
Slide 15: Foodservice
Foodservice Manufactured from our certified grass-fed milk pool, 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. FY26 business achievements Future focus areas • Foodservice delivered its
Slide 16: 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. FY26 business achievements Future focus areas • Material volume growth (over 5,000 MT vs. FY25) in cheese shipped to Australia across key accounts
Slide 17: Milk Supply
Milk Supply Our farmer relationships are fundamental to Synlait's success and provide the foundation for delivering high-quality milk products, supporting sustainable growth, and creating shared value across the supply chain. FY26 business achievements Future focus areas • Delivered farmers the seco
Slide 18: Looking ahead
Looking ahead We love being part of Synlait. The company has always taken a leading approach to sustainability and it’s great to work alongside other farmers who share those values. Rory, Vuyo, Gavin and Kylie Bay from Bluff Farm in North Canterbury. PAGE 18
Slide 19: Maintaining momentum
Maintaining momentum The next steps in delivering Synlait's recovery roadmap. Operations Quality People Revenue and assets • Continue the delivery of this season's • Recruitment of a new Chief Quality • Continue leadership development for • Delivering the strategy for the Scale simple production pla
Slide 20: Key focus areas
Key focus areas Synlait has plans to navigate any challenges ahead. Focus area Activity Operational excellence Continue focus on deepening frontline capability to ensure Synlait maintains stability and delivers continuous operational excellence. Leadership and strategy Maintain strength of executive
Slide 21: Transitional period (TP26) guidance
Transitional period (TP26) guidance Synlait’s balance date for financial reporting is changing from 31 July to 31 December. We are now in a five-month transitional period from 1 August 2026 to 31 December 2026, known as TP26. Synlait is still in a recovery phase and TP26 will be influenced by the ti
Slide 22: An important reminder of Synlait's potential
An important reminder of Synlait's potential Historically, Synlait's financial performance was strongest when it was a South Island focused business. FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 $100.0m Key $82.2m $74.6m $74.3m North Island assets $50.0m $38.5m in operation $34.4m $38
Slide 23: Key takeaways
Key takeaways | Synlait is stronger, streamlined and more resilient 2H turnaround Operational recovery Simpler and stronger Revenue diversification delivered achieved business is underway Underlying EBITDA $42.2m Our focus is now on delivering North Island assets sold, net debt New Middle East custo
Slide 24: Appendices
Appendices North Canterbury farmer Louise Bailey and son Blake planting a native tree during Synlait's Family Day in May. PAGE 24
Slide 25: Key financial metrics including North Island
Key financial metrics including North Island Key financial metrics1 Currency as stated (in millions) FY22 FY23 FY24 FY25 FY26 Income statement Revenue 1,661 1,604 1,637 1,827 1,937 Gross profit 147 144 56 105 38 EBITDA2 132 91 (4) 51 8 EBIT2 65 31 (183) (6) (38) NPAT 39 (4) (182) (40) (75) Net cash
Slide 26: Synlait's FY26 result
Synlait’s FY26 result Reconciliation of reported to underlying EBITDA & NPAT ($ millions). FY25 FY26 Reported EBITDA 50.7 8.1 Items affecting comparability Onerous contract expense on North Island milk sales¹ 4.7 - Costs relating to power outage 5.6 - Insurance proceeds net of claim preparation cost
Slide 27: Underlying gross profit by business unit including North Island
Underlying gross profit by business unit including North Island Advanced Ingredients Consumer Foodservice Total Nutrition FY26 Production volume (MT) 45,294 82,960 59,711 12,135 200,099 Revenue ($ millions) 522 575 498 74 1,669 Gross profit ($ millions) 20.9 9.7 51.7 11.0 93.3 FY25 Production volume
Slide 28: Debt facilities and banking covenants
Debt facilities and banking covenants Synlait refinanced its banking facilities on 30 June 2026, with nine banks in the syndicate. The refinance was fully executed on 30 June 2026. Synlait's revised syndicated bank facilities are with ANZ, China The seasonal working capital facilities, term loan fac
Slide 29: Reminder | Balance date change
Reminder | Balance date change Synlait’s balance date for financial reporting is changing from 31 July to 31 December. We are now in a five-month transitional period from 1 August 2026 to 31 December 2026. Thereafter, Synlait’s financial reporting periods will be for a full twelve months ending on 3
Slide 30: 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 31: For more information contact:
For more information contact: Jo Scott Head of Corporate Affairs and Engagement +64 21 883 123 jo.scott@synlait.com