A2 Milk Company Limited · NZX:ATM
A2 Milk — The a2 Milk Company — Q2 2026 Earnings Presentation
40 slides from A2 Milk's earnings presentation, Feb 16, 2026
Slide 1: 2026 Interim Results
The a2 Milk Company Limited 2026 INTERIM RESULTS We pioneer the future of Dairy for good 16 February 2026
Slide 2: Disclaimer
Disclaimer This presentation dated 16 February 2026 provides additional While all reasonable care has been taken in relation to the commentary on the financial results for the 6 months ended preparation of this presentation, none of the Company, its 31 December 2025 of The a2 Milk Company Limited (t
Slide 3: Agenda
Agenda Results summary and outlook 4 Financial overview 15 Regional and 21 product performance Appendix 37
Slide 4: Strong 1H26 performance and upgraded FY26 outlook
Strong 1H26 performance and upgraded FY26 outlook 1 Strong revenue and EBITDA growth with underlying1 EBITDA % margin improvement Achieved Infant Milk Formula (IMF) growth of 13.6%, driven by: 2 - English label IMF growth of 20.9%, with growing contribution from a2 Genesis and new markets - China la
Slide 5: Double-digit Revenue and EBITDA growth
Double-digit Revenue and EBITDA growth Continuing operations1 (1H26 versus 1H25) Key financials1 Revenue; $ millions • Revenue up 18.8% to $993.5 million • EBITDA up 18.4% to $155.0 million − Underlying2 EBITDA up 25.9% to $164.8 million • EBITDA % margin 15.6% consistent with prior year EBITDA; $ m
Slide 6: Growth driven by all segments and products
Growth driven by all segments and products Group performance1 Segment and product sales1 Segment sales; $ millions Sales up 18.8% with growth primarily from core products supported by recent innovation and slightly benefiting from FX (~2ppts) and 1H26 weighted a2 Pokeno ingredient sales (2ppts). Seg
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 3.6% driven by higher CY24 births, with double-digit Stage 2 growth and Stage 3 stabilisation, subject to Kantar restatement in March 20261 • China newborns of 7.9 million
Slide 8: Top-4 brand position maintained in total China IMF market
Top-4 brand position maintained in total China IMF market Total China IMF market share Value % share by brand1; MAT December 2025 International Domestic 2 China label IMF market value share English label IMF market value share Value % share by brand1; MAT December 2025 Value % share by brand1; MAT D
Slide 9: FY26 outlook upgraded
FY26 outlook upgraded Refer full outlook statement in 1H26 Interim Results Commentary and Outlook announcement dated 16 February 2026 including key risks. The Company continues to perform well with revenue trending ahead of previous expectations across all segments and products. As a result, FY26 gu
Slide 10: Management remains focused on executing a2MC's growth strategy
Management remains focused on executing a2MC’s growth strategy Purpose We pioneer the future of Dairy for good Vision An A1-free world where Dairy nourishes all people and our planet PEOPLE PLANET CONSUMERS SHAREHOLDERS Create a safe, diverse, inclusive and Protect our planet and cows, rethink Bring
Slide 11: Progress towards achieving medium-term goals continues
Progress towards achieving medium-term goals continues PEOPLE PLANET CONSUMERS SHAREHOLDERS BRAND HEALTH MARKET SHARE INNOVATION SUPPLY CHAIN 1 2 3 4 5 6 7 Safety GHG emissions China brand MBS share IMF sales from Access to ≥3 Sales ambition of reduction health new products CL registrations ~$2.0b (
Slide 12: Expecting to achieve ~$2bn revenue ambition by FY26 ahead of plan
Expecting to achieve ~$2bn revenue ambition by FY26 ahead of plan Medium-term revenue and EBITDA margin ambition Areas of planned revenue growth Commentary Revenue, NZ$ billions EBITDA margin EBITDA margin target in the teens Growth ambition • Strong 1H26 result and upgraded FY26 targeting year-on-y
Slide 13: a2 Pokeno key milestone in supply chain transformation
a2 Pokeno key milestone in supply chain transformation a2 Pokeno facility Site highlights a2 Pokeno Port of Tauranga • Successfully completed Pokeno acquisition with Pokeno, NZ • NZ’s largest completion price adjustment of ~$7 million agreed container port in a2MC’s favour reducing purchase price to
Slide 14: a2 Pokeno transformation progressing well against key milestones
a2 Pokeno transformation progressing well against key milestones The Company established a Transformation Office (TO) prior to executing the acquisition to provide governance, planning and execution support to the a2 Pokeno transformation. The TO is led by a transformation expert who is supported by
Slide 15: Financial overview
Financial overview
Slide 16: Strong revenue and earnings growth
Strong revenue and earnings growth Reported $ million1,2 1H26 1H25 % change • Net sales revenue growth of 18.8% reflects strong performance across all product categories and segments Net Sales Revenue 992.6 835.4 18.8% Gross Margin 485.6 417.7 16.2% • Gross margin of 48.9%, down 1.1ppts due to a2 Po
Slide 17: China growth driven by strategic market focus
China growth driven by strategic market focus China & Total $ million1 ANZ USA Corporate Other Asia2 Group Revenue 739.0 171.3 83.2 - 993.5 1H26 EBITDA 167.6 33.2 (3.4) (42.5) 155.0 EBITDA % 22.7% 19.4% (4.1%) - 15.6% Revenue 614.2 157.7 64.5 - 836.5 1H25 EBITDA 148.0 29.5 (4.9) (41.8) 130.9 EBITDA
Slide 18: Strong growth across all product categories
Strong growth across all product categories Net sales revenue1 China & Total ANZ USA $ million Other Asia4 Group IMF 645.1 41.2 1.0 687.3 Liquid Milk2 - 116.1 82.0 198.1 1H26 Other Nutritionals3,4 93.8 13.4 - 107.2 TOTAL 738.9 170.7 83.0 992.6 IMF 563.4 40.5 0.8 604.7 Liquid Milk2 - 103.8 63.4 167.3
Slide 19: Solid cash conversion and significant investment in transformation
Solid cash conversion and significant investment in transformation $ million 1H26 1H25 % change • Cash flows from operating activities: $95.2 million Cash flows from operating activities ‒ Operating cash conversion of 90.8%1 (1H25: 106.3%) Receipts from customers 1,012.1 872.8 16.0% was in line wit
Slide 20: Strong balance sheet to support execution of growth strategy
Strong balance sheet to support execution of growth strategy • Cash and term deposits balance of $896.9 million $ million 1H26 2H25 % change Cash and term deposits 896.9 1,100.2 (18.5%) • Inventories up $34.3 million due to increase in IMF inventory Trade and other receivables 92.1 92.2 (0.1%) to re
Slide 21: Regional and product performance
Regional and product performance
Slide 22: China label mid single-digit growth achieved
China label China label mid single-digit growth achieved Strong China label performance in both IMF and Other Nutritionals categories China label IMF net sales revenue • China label IMF revenue growth of 6.5% to $324.9 million, supported by strong $ million3 612 633 execution, the overall market ret
Slide 23: Record high market share across MBS and DOL
China label Record high market share across MBS (offline) and DOL (online) China label market stabilising Strong a2 China label performance across channels • China label market returned to growth in 1H26, up 1.9% vs pcp1 • Further increased China label share to record level of 5.6%1 driven by price
Slide 24: My Little Pony IMF campaign launched to support Year of the Horse
China label My Little Pony IMF campaign launched to support Year of the Horse Integrated marketing campaign Commentary • Campaign started in mid December collaborating with popular My Little Pony brand to support new user recruitment in the Year of the Horse • Applied Customer-to-Manufacturer (C2M)
Slide 25: Kids and senior milk powder products showing positive momentum
China label Kids and senior milk powder products showing positive momentum Unlocking growth potential beyond IMF in Kids nutrition Building ultra premium position in Seniors nutrition • Kids fortified milk powder has driven a significant turnaround in • Senior fortified milk powder delivering steady
Slide 26: New kids UHT recently launched in high growth segment
China label New kids UHT recently launched in high growth segment • New product made with a2 Milk with a height-support formulation (Calcium + Vitamin D + CBP) to address strong consumer interest. a2MC’s first locally sourced UHT product in China, enabling improved freshness and service levels • Pil
Slide 27: China paediatric supplements an attractive adjacent category
China label China paediatric supplements an attractive adjacent category Large category in sustained growth Fragmented share by brand Close adjacency and opportunity for a2MC China paediatric supplement market, NZ$ billions China paediatric supplement market share % • Entering $8 billion Paediatric
Slide 28: a2MC launching new paediatric supplements range in China
China label a2MC launching new paediatric supplements range in China New a2MC paediatric supplements range (China Label) Commentary • a2MC paediatric supplements range focused on a2 Zhi Yi providing naturally good nutrition • Products focused on high growth areas aligned to functional benefits a2MC
Slide 29: English label achieved significant growth
English label English label achieved significant growth Ongoing momentum in English label CBEC (including O2O) English label IMF revenue $ million by half1,2 • English label IMF revenue growth1 of 20.9% to $361.4 million with 559 combined CBEC and O2O revenue increasing 23.9%, representing 448 89% o
Slide 30: Positive EL market trends and step up in a2MC demand post Double-11
English label Positive EL market trends and step up in a2MC demand post Double-11 Favourable English label market dynamics Strong a2 English label performance • Momentum of English label market continued, with value • a2MC’s demand significantly stepped up in 1H26 driven by growth up 12.1% in 1H261
Slide 31: a2 Genesis growth trajectory encouraging
English label a2 Genesis growth trajectory encouraging Brand marketing investment eCommerce marketing investment Performance Gross market value of recent EL IMF HMO new product launches in CBEC channel2 a2 Genesis RMB Competitors • Investment in mass media and talk show • Campaigns across major eCom
Slide 32: Continuing to develop Vietnam business and other new markets
English label Continuing to develop Vietnam business and other new markets Vietnam distribution Vietnam performance Emerging Markets expansion and marketing investment Est. IMF Market RSV2 Addressable RSV2 by 2030 ($NZD) by a2MC1 SE Asia, Korea ~$10.8B ~$2.9B Middle East ~$1.5B ~$0.7B India ~$2.0B M
Slide 33: ANZ double-digit growth in liquid milk
ANZ liquid milk ANZ double-digit growth in liquid milk a2MC liquid milk performing well in a challenging market Australia liquid milk net sales revenue • Net sales revenue up 11.9% to $116.1 million, with growth from both $ million a2 Milk and a2 Milk Lactose Free 190 209 184 • Total dairy milk cate
Slide 34: a2 Milk partnering with AO to raise global brand awareness
ANZ Liquid Milk a2 MilkTM partnering with AO to raise global brand awareness and premium positioning • a2 Milk is proud to be the first ever dairy milk partner for the Australian Open, commencing with AO26 • a2 Milk leveraged the partnership across its key markets in China and Australia with high AO
Slide 35: Strong USA growth with improved profitability
USA Strong USA growth with improved profitability Strong sales growth with ongoing focus on profitability Revenue • Revenue growth of 29.0% to $83.2 million $ million3 139 • Sales underpinned by sustained a2 Milk core range sales growth in 114 Grocery and Mass channels, plus growth from Grassfed ran
Slide 36: Questions
Questions
Slide 37: Appendix
Appendix
Slide 38: Reconciliation of non-GAAP measures
Reconciliation of non-GAAP measures $ million 1H26 1H25 Australia & New Zealand segment EBITDA 33.2 29.5 China & Other Asia segment EBITDA 167.6 148.0 USA segment EBITDA (3.4) (4.9) Corporate EBITDA (42.4) (41.8) EBITDA1 155.0 130.9 Depreciation/amortisation (8.7) (5.1) EBIT1 146.3 125.8 Net interes
Slide 39: a2MC glossary of terms
a2MC glossary of terms Acronym Meaning Acronym Meaning Acronym Meaning 2’FL 2’ - Fucosyllactose EL English label MAT Moving annual total 3PMs Third party manufacturers EPS Earnings per share MBS Mother & baby stores a2MC The a2 Milk Company Limited ERP Enterprise resource planning system MT Metric t
Slide 40: www.thea2milkcompany.com
www.thea2milkcompany.com