Australian Dairy Nutritionals Limited · ASX:AHF
Australian Dairy Nutritionals — Investor Presentation (October 2026)
27 slides from Australian Dairy Nutritionals's investor presentation, Oct 6, 2026
Slide 1: Investor Presentation
rsonal use only Investor Presentation Australia’s only vertically integrated dairy company — from organic A2 farms to premium infant formula ASX: AHF | October 2026
Slide 2: Disclaimer
IMPORTANT NOTICE Disclaimer About this presentation Not an offer rsonal use only Prepared by Australian Dairy Nutritionals Group Limited (ASX: AHF) (“ADNL” or “the This presentation is for information purposes only. It is not a prospectus, product Company”). It contains summary information about ADN
Slide 3: Investment highlights
WHY ADNL Investment highlights rsonal use only 01 02 03 04 05 Vertically Hard-to-copy Proven Strong Path to profit integrated process leadership momentum Australia’s only Single dried fresh Chairman is an a2 FY26 nutritional Targeting annual vertically integrated milk process — no Milk Company reven
Slide 4: An ASX-listed, vertically integrated infant nutrition company
ABOUT US An ASX-listed, vertically integrated infant nutrition company Australian Dairy Nutritionals Group Limited (ADNL, ASX: AHF) is based in Victoria rsonal use only and specialises in producing and selling premium infant nutrition. We control every step — from organic A2 protein milk to our own
Slide 5: Capital structure and net assets
CORPORATE SNAPSHOT Capital structure and net assets rsonal use only TOP SHAREHOLDERS Shares % ASX code AHF 1. Fire Dragon Capital Pty Ltd 84.2M 10.69% Share price (30-day VWAP) 1.74c 2. BNP Paribas Noms Pty Ltd 65.7M 8.34% 3. Xin Yang 45.5M 5.77% Shares on issue (1 Oct 2026) 787.4M 4. Scott Lai (IJ
Slide 6: From our farms to the tin, all in one place
OUR MODEL From our farms to the tin, all in one place rsonal use only Our own farms Organic A2 protein milk Our own plant Single dried manufacturing Our own brands future and Ocean Road Dairies Prime dairy land alongside the Great Ocean Road, Victoria 6
Slide 7: A decade of building an integrated business
OUR JOURNEY A decade of building an integrated business rsonal use only 2016 2019 2021 2022 2024 2025 Began 4-year organic Yarringa farm certified Brucknell South farm Ocean Road Dairies Ocean Road Dairies future brand launched conversion of farms organic certified organic launched at Chemist launch
Slide 8: An experienced team with a high-growth track record
LEADERSHIP An experienced team with a high-growth track record rsonal use only Mahi Peter Nathan Andy Zhang Executive Chairman Sundaranathan GM China Operations Chief Executive Officer • A founder of The a2 Milk Company • 30+ years in the dairy sector with • 12+ years in infant formula in China and
Slide 9: China: the world's largest infant formula market is growing again
MARKET OPPORTUNITY China: the world’s largest infant formula market is growing again rsonal use only ~A$25.5B +0.7% China IMF retail sales value: the largest China IMF market value growth in FY26¹, the category in the world, and still fragmented first rise after 4 years of decline, as by brand and c
Slide 10: Free-roaming cows on natural organic pasture
OUR FARMS Free-roaming cows on natural organic pasture rsonal use only 10,000 m² of grazing land per cow Organic A2 protein milk from certified organic farms Coastal pasture on the Great Ocean Road 10
Slide 11: Premium own brands, plus contract manufacturing
BRANDS AND PARTNERS Premium own brands, plus contract manufacturing rsonal use only OWN BRANDS CONTRACT MANUFACTURING Nutura Organic Sprout Organic Since Oct 2024 Since May 2025 future Organic future A2 Protein Ocean Road Dairies Small-batch flexibility makes our plant attractive to partner brands a
Slide 12: Single dried fresh milk process preserves key nutrients
OUR ADVANTAGE Single dried fresh milk process preserves key nutrients rsonal use only Our fresh milk Starts with fresh milk Fresh liquid milk fortified Dried to powder once Packed into tins, ready for process with key nutrients parents Powder reconstituted Conventional Starts with fresh milk Dried t
Slide 13: Building a high-growth infant formula brand in China
CHINA STRATEGY Building a high-growth infant formula brand in China rsonal use only Targeting the sweet spot English label and A2 protein: the fastest-growing segments Innovative channel model Our M2C app gives mother-and-baby stores leading retail profitability Premium, differentiated product Singl
Slide 14: Our M2C sales app: a legal and tax-compliant system
ROUTE TO MARKET Our M2C sales app: a legal and tax-compliant system BRAND × CHANNEL × SYSTEM = SUSTAINABLE GROWTH rsonal use only Data and technology deliver great brands efficiently to great channels and on to consumers, creating a growing commercial ecosystem. Data hub Channel management B2C marke
Slide 15: China launch and marketing activities
CHINA MARKET ACTIVATION China launch and marketing activities CBME (China Baby & rsonal use only Maternity Expo) Our booth showcasing future , Ocean Road Dairies to retailers and channel partners 1,490 mother-and-baby stores reached with the future brand 15
Slide 16: FY26 results
FINANCIAL PERFORMANCE FY26 results rsonal use only $8.09M 47% +62% Total revenue and other income Improvement in net loss Nutritional revenue growth Up 4% on FY25 $2.79M loss vs $5.26M in FY25 $4.98M, now 69% of total revenue 2.5% $21.74M $1.16M Corporate cost growth Net assets at 30 June 2026 Closi
Slide 17: Nutritional sales now drive the business: 69% of FY26 revenue
REVENUE, YEAR ON YEAR Nutritional sales now drive the business: 69% of FY26 revenue rsonal use only Total revenue by source (A$’000) +62% Nutritional revenue, FY26 vs FY25 $3.07M → $4.98M $2,191 $4,096 11% → 69% $5,595 Nutritional share of total revenue FY24 to FY26 $4,975 $3,072 $668 $7.17M FY24 FY
Slide 18: Strong retention: 86% of future customers are repeat buyers
CUSTOMER RETENTION Strong retention: 86% of future customers are repeat buyers rsonal use only Repeat customers as a share of all future customers (%) 86% Repeat customers in August 2026 84% 86% Up from 76% in March 2026 82% 81% 79% 76% 81% Average repeat share, March–August 2026 Above 75% in every
Slide 19: The future brand proposition is resonating well with Chinese consumers
CHINA SELL-OUT The future brand proposition is resonating well with Chinese consumers rsonal use only future sell-out (cans) per month +46% Cans sold, Q1 FY27 vs Q4 FY26 Jul–Sep 2026: 16,358 vs Apr–Jun 2026: 11,182 6,200 (Sep estimated) 5,580 4,578 3,980 4,205 1,490 Distribution points reached 2,997
Slide 20: Top-selling stores: strong repeat sales and fast-ramping new stores
CHINA SELL-OUT Top-selling stores: strong repeat sales and fast-ramping new stores # Store Location Mar Apr May Jun Jul Aug Total 3 → 10 rsonal use only 1 贵阳宝妈时光 Guiyang, Guizhou 2 6 12 16 33 260 329 2 夏邑县曹集好孩子 Shangqiu, Henan 0 0 1 6 12 238 257 Stores selling 200+ cans a month 10 stores in August,
Slide 21: Significant progress made in FY26
FY26 PROGRESS Significant progress made in FY26 rsonal use only Successful China launch 1 Well-executed launch of future Organic and future HMO in China, with positive consumer uptake & strong retention rates Distribution at scale 2 China distribution reached 1,490 mother-and-baby stores across 17 p
Slide 22: Our strategic growth pillars
STRATEGY Our strategic growth pillars rsonal use only Nimble, fast-mover advantage Efficient and single-minded: Develop powerful brand assets Key strategic partnerships with few brands, formulations and capable partners SKUs Small-batch runs as an edge in A quality-focused culture and Fully use and
Slide 23: Shareholder value creation plan
STRATEGY Shareholder value creation plan rsonal use only 1 Grow the future brand in China Rapid distribution build to 2,000 mother-and-baby stores in China by FY27 Better mix (brand vs co-pack), higher plant utilisation, yield improvement 2 Build gross margin and targeted capex, moving to an outsour
Slide 24: A capital-light model built to scale profitably
PATHWAY TO PROFITABILITY A capital-light model built to scale profitably rsonal use only 01 02 03 04 05 No further farm Plant at full Outsource extra Low operating Few brands, investment capacity by FY28 volume cost model premium focus Our organic A2 farm Rising volumes take our Volume above plant O
Slide 25: The ADNL investment story
SUMMARY The ADNL investment story rsonal use only Management with a career track record of 02 01 delivery Chairman a founder of The a2 Milk Company; CEO with 30+ years at Fonterra, Danone and a2 Strong consumption growth delivered to date future sell-out up 46% in Q1 FY27 vs Q4 FY26, in 1,490 mother
Slide 26: Questions & answers
rsonal use only Questions & answers
Slide 27: Thank you
rsonal use only Thank you Australian Dairy Nutritionals Group Limited ASX: AHF
Australian Dairy Nutritionals Group — Investor Presentation (October 2026) on 6ix