A2 Milk Company Limited · NZX:ATM
A2 Milk — The a2 Milk Company — Shareholder Meeting (November 2025)
41 slides from A2 Milk's shareholder meeting presentation, Nov 20, 2025
Slide 1: 2025 Annual Meeting
For personal use only The a2 Milk Company Limited 2025 ANNUAL MEETING We pioneer the future of Dairy for good 20 November 2025
Slide 2: Disclaimer
Disclaimer This presentation dated 20 November 2025 should be read in While all reasonable care has been taken in relation to the conjunction with, and subject to, the explanations and views in preparation of this presentation, none of the Company, its For personal use only documents previously rele
Slide 3: Welcome
For personal use only Welcome Pip Greenwood 3
Slide 4: Directors and management attending Annual Meeting
Directors and management attending Annual Meeting For personal use only Pip Greenwood Grant Dempsey Lain Jager Kate Mitchell Tonet Rivera Sandra Yu Chair Director Director Director Director Director Chair of Audit & Risk Chair of People & Management Committee Remuneration Committee David Bortolussi
Slide 5: Agenda
Agenda For personal use only Welcome 3 Chair speech 6 Managing Director & CEO address 8 Formal business 28 Questions 38 Close 39
Slide 6: Chair speech
For personal use only Chair speech Pip Greenwood 6
Slide 7: Chair speech and key messages
Chair speech and key messages Strategy 1 For personal use only Continued delivery against growth strategy Execution 2 Strong execution delivering share gains and strong FY25 results Supply Chain Transformation 3 Acquisition of Pokeno facility and divestment of Mataura Valley Milk Capital management
Slide 8: MD & CEO address
For personal use only MD & CEO address David Bortolussi 8
Slide 9: Record sales of $1.9 billion in 25th year since a2MC was formed
Record sales of $1.9 billion in 25th year since a2MC was formed Domestic, branded fresh Product and geographic IP Creators China IMF focused growth strategy milk focus expansion For personal use only Historical revenue; $ millions 2022 MVM Acquisition 2025 2023 Top-4 a2 IMF China 2012 2015 2018 entr
Slide 10: Strong operating and financial performance in FY25
Strong operating and financial performance in FY25 For personal use only Delivered record sales of $1.9 billion with double-digit growth in revenue, EBITDA 1 and EPS driven by execution of growth strategy Reached top-4 brand position in China IMF market, a major milestone in brand 2 health and marke
Slide 11: Double-digit revenue growth with improved profitability
Double-digit revenue growth with improved profitability Group performance (FY25 versus FY24) Key financials Revenue; $ millions CAGR For personal use only • Revenue up 13.5% to $1,902.0 million 1,902 (FY21-FY25) 1,593 1,675 1,446 1,207 • EBITDA up 17.1% to $274.3 million 12% • EBITDA margin of 14.4%
Slide 12: English label IMF, Liquid Milk and Other Nutritionals key growth drivers
English label IMF, Liquid Milk and Other Nutritionals key growth drivers Segment performance Segment and product sales • China & Other Asia segment sales up 13.9% Segment sales; $ millions CAGR For personal use only (FY21-FY25) • ANZ segment sales flat n/a 22% (13)% • USA segment sales up 22.6% • MV
Slide 13: a2MC rises to top-4 brand in total China IMF market
a2MC rises to top-4 brand in total China IMF market Total China IMF market share Value % share by brand1; MAT June 2025 International For personal use only Domestic 2 China label IMF market value share English label IMF market value share Value % share by brand1; MAT June 2025 Value % share by brand
Slide 14: Innovation supporting growth with launch of a2 Genesis, kids powder and seniors range
Innovation supporting growth with launch of a2 Genesis , kids fortified powder and seniors range New IMF – a2 Genesis New kids fortified powder New seniors range For personal use only • a2 Genesis launched in Hong Kong • New CL kids fortified powder launched. • Seniors range launched pre-Chinese CBE
Slide 15: Entering new markets with IMF range launch in Vietnam
Entering new markets with IMF range launch in Vietnam showing positive early momentum Launched a2 Platinum Marketing activations Performance For personal use only and a2 Gentle Gold a2MC sales growth in Vietnam1 • a2 Platinum launched in • Extensive online campaign through • Marketing and in-store a
Slide 16: Expansion of strategic partnership with China State Farm
Expansion of strategic partnership with China State Farm to include English label IMF • Expanded strategic partnership with China State Farm Agriculture (CSFA) to include English label IMF via cross-border For personal use only eCommerce, starting with a2 Genesis in early CY26 and other products ove
Slide 17: Investment in A1 protein free science supporting functional benefits
Investment in A1 protein free science supporting functional benefits with the release of three important studies Maternal nutrition Stage 1 IMF Mild cognitive impairment For personal use only exploratory real world (MCI) clinical trial • Breastfeeding mothers consuming A1PF • Mixed fed infants consu
Slide 18: Continued investment in making planet positive progress
Continued investment in making planet positive progress1 • Developed a detailed emissions reduction roadmap and climate transition plan to track progress against net zero GHG targets to 2040 For personal use only • Reduced Scope 1 emissions by 97% in FY25, led by MVM boiler conversion2 • Reduced Sco
Slide 19: a2MC growth strategy updated following recent transactions
a2MC growth strategy updated following recent transactions, with supply chain transformation remaining a key focus For personal use only 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
Slide 20: Strong FY25 performance closer to medium-term revenue ambition of $2 billion
Strong FY25 performance has moved the Company closer to its medium-term revenue ambition of $2 billion Medium-term revenue and EBITDA margin ambition Areas of planned revenue growth For personal use only Revenue, NZ$ billions EBITDA margin EBITDA margin target in the teens targeting year-on-year imp
Slide 21: Supply chain transformation transactions and strategic rationale
Supply chain transformation transactions and strategic rationale Transactions • a2MC announced the following transactions in August 2025 as part of its supply chain transformation strategy: announced - Acquisition of a China IMF registered manufacturing facility in Pokeno, New Zealand for ~$282 mill
Slide 22: Pokeno facility and milk pool ideally positioned
Pokeno facility and milk pool ideally positioned to meet a2MC’s needs a2MC Pokeno manufacturing facility Site highlights For personal use only a2MC facility • Location: Pokeno, New Zealand. Located Pokeno, NZ in the highly productive and fertile Waikato Port of Tauranga • NZ’s largest region and clo
Slide 23: Portfolio expansion will enable a2MC to compete more effectively
Portfolio expansion will enable a2MC to compete more effectively Total China IMF brand ranking1 #2 #4 #7 #9 For personal use only #1 #3 #5 #6 #8 #10 Feihe Aptamil Yili a2MC Friso Nestle Junlebao Wyeth Mead Johnson Biostime Number of CL registered products Estimated % of CL sales from top 3 ranges2 O
Slide 24: Targeting an expanded IMF product portfolio over time
Targeting an expanded IMF product portfolio over time CONCEPTUAL a2MC IMF portfolio segmentation For personal use only Ultra Premium Super Premium Potential to 2 existing registrations at a2 Pokeno and Premium access 2nd potential to access 3rd registration registration subject to regulatory approva
Slide 25: Supply chain transformation programme progressing in line with plan
Supply chain transformation programme progressing in line with plan • Successfully completed Pokeno acquisition with completion price adjustment of ~$7 million agreed in a2MC’s favour reducing purchase price to ~$275 million For personal use only • Pokeno transformation workstreams underway: - Advan
Slide 26: FY26 trading update and outlook
FY26 trading update and outlook The following is with reference to the Company’s full year guidance on 18 August 2025 • The Company’s outlook for FY26 is ahead of expectations due to: − IMF, Other Nutritionals and Liquid Milk product categories trading stronger than expected For personal use only −
Slide 27: Transactions enable intent to declare a $300 million special dividend
Transactions enable intent to declare a $300 million special dividend Special dividend • The combined transactions announced in August 2025 For personal use only Capital allocation framework help to clarify the Company’s future capital needs • As a result, the Board intends to declare a $300 million
Slide 28: Formal business
For personal use only Formal business Pip Greenwood 28
Slide 29: Notice of Meeting and voting instructions
Notice of Meeting and voting instructions For personal use only 29
Slide 30: Resolution: Auditor's fees and expenses
Resolution 1 For personal use only Auditor’s fees and expenses
Slide 31: Resolution 2a: Re-election of Director Pip Greenwood
Resolution 2a For personal use only Re-election of Director Pip Greenwood
Slide 32: Resolution 2b: Re-election of Director Sandra Yu
Resolution 2b For personal use only Re-election of Director Sandra Yu
Slide 33: Resolution 2c: Election of Director Lain Jager
Resolution 2c For personal use only Election of Director Lain Jager
Slide 34: Resolution 2d: Election of Director Grant Dempsey
Resolution 2d For personal use only Election of Director Grant Dempsey
Slide 35: Resolution: Increase in Non-executive Directors' Remuneration
Resolution 3 For personal use only Increase in Non-executive Directors’ Remuneration
Slide 36: Resolution: Grant of Rights to David Bortolussi
Resolution 4 For personal use only Grant of Rights to David Bortolussi, Managing Director & CEO
Slide 37: Polls
For personal use only Polls
Slide 38: Questions
For personal use only Questions 38
Slide 39: Close
For personal use only Close Pip Greenwood 39
Slide 40: a2MC glossary of terms
a2MC glossary of terms Acronym Meaning Acronym Meaning A1PF A1 protein free IP Intellectual property For personal use only a2MC The a2 Milk Company Limited IT Information technology ANZ Australia and New Zealand KOL Key opinion leader AU Australia MAT Moving annual total CBEC Cross-border e-commerce
Slide 41: www.thea2milkcompany.com
For personal use only www.thea2milkcompany.com
The a2 Milk Company — Shareholder Meeting (November 2025) on 6ix