The A2 Milk Company Limited (ACOPY) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning everyone and thank you for joining us today. My name is David Bortoglisi. I'm the Managing Director and CEO of the Atu Milk Company. Today I'm joined on a call by our CFO, Dave Muscat, and our business unit leaders, Lu Xiao, Yohan Sanaratna and Eleanor Kaur. The team and I will present the results from Outlook and as always there will be time at the end for questions. During the presentation we'll focus on continuing operations which excludes MBM that we divested during the half and occasionally refer to underlying results which excludes Atu Pocono. We've excluded A2 Pocono from underlying earnings, given that the site is currently underutilised and incurring manufacturing losses and transformation costs which are short-term in nature. Starting on slide four, we've had a very positive first half of the year, reporting significant revenue in EBITDA growth and underlying EBITDA margin improvement. In our IMF business, we achieved revenue growth of 13.6%, which was well ahead of category growth. We grew English label IMF by 21%, with strong performance in the CVEC and O2O channels, supported by growth in our new A2 Genesis products and from Vietnam. In China Label we delivered 6.5% revenue growth and achieved record market share in both the NBS and DOL channels. Our other nutritionals revenue growth accelerated to 43% on a like-for-like basis, driven by our recent kids and seniors innovation. and we recently entered the paediatric supplements category and launched a new kids UHT product. Johan and Shau will speak to these new product innovations in more detail later. Our liquid milk business continues to perform strongly with growth of 18.5% driven by our core product range with much higher growth in our lactose free and graft fed product innovations. We si...