2025 Annual Meeting

The a2 Milk Company Limited
20 November 2025
2025
ANNUAL
MEETING
We pioneer the future of Dairy for good

Disclaimer
This presentation dated 20 November 2025 should be read in
conjunction with, and subject to, the explanations and views in
documents previously released to the market by The a2 Milk
Company Limited (the “Company”), including the Company’s Annual
Report for the 12 months ended 30 June 2025 and accompanying
information released to the market on 18 August 2025.
This presentation is provided for general information purposes only.
The information contained in this presentation is not intended to be
relied upon as advice to investors and does not take into account
the investment objectives, financial situation or needs of any
particular investor. Investors should assess their own individual
financial circumstances and consider talking to a financial adviser or
consultant before making any investment decision.
This presentation is not a prospectus, investment statement or
disclosure document, or an offer of shares for subscription, or sale,
in any jurisdiction.
Certain statements in this presentation constitute forward looking
statements. Such forward looking statements involve known and
unknown risks, uncertainties, assumptions and other important
factors, many of which are beyond the control of the Company and
which may cause actual results, performance or achievements to
differ materially from those expressed or implied by such
statements.
While all reasonable care has been taken in relation to the
preparation of this presentation, none of the Company, its
subsidiaries, or their respective directors, officers, employees,
contractors or agents accepts responsibility for any loss or damage
resulting from the use of or reliance on this presentation by any
person.
Past performance is not indicative of future performance and no
guarantee of future returns is implied or given.
Some of the information in this presentation is based on unaudited
financial data which may be subject to change.
All values are expressed in New Zealand dollars unless otherwise
stated.
All intellectual property, proprietary and other rights and interests in
this presentation are owned by the Company.
2

Welcome
Pip Greenwood
3

Kate Mitchell
Director
Chair of Audit & Risk
Management Committee
Sandra Yu
Director
Chair of People &
Remuneration Committee
Grant Dempsey
Director
Directors and management attending Annual Meeting
Pip Greenwood
Chair
Tonet Rivera
Director
David Bortolussi
Managing Director
and CEO
David Muscat
Chief Financial
Officer
Jaron McVicar
Chief Legal & Sustainability
Officer and Company Secretary
Lain Jager
Director
4

Agenda
Welcome3
Chair speech6
Managing Director & CEO address8
Formal business28
Questions38
Close 39

Chair speech
Pip Greenwood
6

Strategy
Continued delivery against growth strategy
Execution
Strong execution delivering share gains and strong FY25 results
Supply Chain Transformation
Acquisition of Pokeno facility and divestment of Mataura Valley Milk
Capital management
New dividend policy and intention to pay a $300 million special dividend subject
to China regulatory approvals
Board renewal
Appointment of Lain Jager and Grant Dempsey
1
2
3
4
5
Chair speech and key messages
7

MD & CEO address
David Bortolussi
8

2023
a2 IMF
entry into
USA
1
Source: Company data.
1
Under Enforcement Discretion.
IP Creators
Domestic, branded fresh
milk focus
Product and geographic
expansion
China IMF focused growth strategy
2025
Top-4
China
IMF
brand
2022
MVM
Acquisition
2018
Fonterra
relationship
Entry into
SEA
markets
2015
ASX listing
a2 Milk
launched in
USA
2000
Company
founded
FY00
2007
Shift from licensing to
operating model:
a2 Milk relaunches; in AU
2012
Production agreement
for IMF with Synlait
China distribution
agreement with CSFA
2013
a2 IMF
launched in
ANZ and
China
2021
COVID
disruption
Record sales of $1.9 billion in 25th year since a2MC was formed
Historical revenue; $ millions
9

Strong operating and financial performance in FY25
Delivered record sales of $1.9 billion with double-digit growth in revenue, EBITDA
and EPS driven by execution of growth strategy
Reachedtop-4 brand position in China IMF market, a major milestone in brand
health and market penetration
Achieved English label IMF double-digit sales growth and record market share in
China label IMF driven by high new user recruitment
Launched a range of new products targeting growth opportunitiesin the infant,
kids and seniors nutrition segments, and entered the Vietnam IMF market
Initiated returns to shareholders declaring first ever dividends totalling 20.0 cents
per share for FY25
1
2
3
4
5
10

1,207
1,446
1,593
1,675
1,902
FY21FY22FY23FY24FY25
Double-digit revenue growth with improved profitability
•Revenue up 13.5% to $1,902.0 million
•EBITDA up 17.1% to $274.3 million
•EBITDA margin of 14.4% up 0.4 ppts
•Net profit after tax (NPAT) up 21.1% to $202.9 million
1
•Basic earnings per share (EPS) up 20.9% to 28.0 cents
•Closing net cash
2
of $1,061.2 million up $92.2 million on
30 June 2024 with cash conversion of 95%
3
•FY25 dividend of 20.0 cents per share (~71% payout)
EBITDA; $ millions
Revenue; $ millions
Basic EPS; cents per share
Key financials
1
Excludes non-controlling interest in Mataura Valley Milk (MVM), a loss of $10.8 million.
2
Including term deposits and borrowings, excluding subordinated non-current shareholder loans.
3
Calculated as net cash flow from operating activities before interest and tax divided by EBITDA.
Group performance (FY25 versus FY24)
10.9
16.5
21.2
23.2
28.0
FY21FY22FY23FY24FY25
CAGR
(FY21-FY25)
12%
22%
27%
11

English label IMF, Liquid Milk and Other Nutritionals key growth drivers
•China & Other Asia segment sales up 13.9%
•ANZ segment sales flat
•USA segment sales up 22.6%
•MVM external ingredient sales up 41.9%
Segment and product sales
Segment sales; $ millions
Product sales; $ millions
Segment performance
Product performance
•IMF sales up 9.9%
−English label sales up 17.2% (market up 11.9%
1
)
−China label sales up 3.3% (market down 5.6%
1
)
•Liquid Milk sales in ANZ up 9.9% and USA up 22.1%
•Other Nutritionals sales up 23.1%
1
Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key&A + BCD cities) for the 52 weeks ending June 2025 and similar for prior periods. Kantar had two rounds of universe updates in March and June 2025 and restated historical data.
CAGR
(FY21-FY25)
n/a
22%
(13)%
22%
n/a
23%
11%
9%
12

a2MC rises to top-4 brand in total China IMF market
Total China IMF market share
1
Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key & A + BCD cities) for the 52 weeks ending June 2025. Kantar had two rounds of universe update in March and June 2025 and restated historical data.
2
Wyeth Nutrition is also owned by the Nestle Group.
Value % share by brand
1
; MAT June 2025
2
2
China label IMF market value share
English label IMF market value share
Value % share by brand
1
; MAT June 2025Value % share by brand
1
; MAT June 2025
Domestic
International
13

Innovation supporting growth with launch of a2 Genesis, kids fortified
powder and seniors range
•a2 Genesis launched in Hong Kong
CBEC channel in January 2025
•Innovative HMO formulation made
with a2 Milk and containing 3 HMOs,
probiotics and prebiotics
•Achieved strong month-on-month growth
post launch, tracking ahead of
comparable recent EL IMF HMO
product launches
•New CL kids fortified powder launched.
Strong online and offline performance,
scaling distribution
•Halo benefit from IMF brand,
functional milk powder trend driving
category growth
•Strong consumer resonance, distinctive
design, robust formulation, balanced
flavour
•Seniors range launched pre-Chinese
New Year, tapping into high value
gifting window
•Leveraging a2 IMF brand equity.
Distribution into select MBS stores with
plans for expansion
•Strong performance online – ranking high
on e-commerce hot lists
New IMF – a2 GenesisNew kids fortified powderNew seniors range
14

Entering new markets with IMF range launch in Vietnam showing
positive early momentum
•a2Platinum launched in
September2024
•a2 Gentle Gold and a2 Immune
fortified milk powder launched in
June 2025
•Launch events attended by over 200
key offline and online retailers
•Extensive online campaign through
50+ top tier KOL partnerships
•Focus on driving MBS store
distribution with in-store POSM and
staff training in over 100 local store
networks
•Marketing and in-store activity
supporting improving awareness of
a2 Platinum
•a2MC Vietnam sales growth in FY25
largely driven by IMF launches but also
supported by continued sales growth in
milk powder and UHT
1
a2MC internal data.
a2MC sales growth in Vietnam
1
Launched a2 Platinum

and a2 Gentle Gold
Marketing activationsPerformance
15

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
eCommerce, starting with a2 Genesis in early CY26 and other products over time, particularly a2 Platinum
•Builds on a 12 year exclusive import agent and master distributor relationship with CSFA for China label IMF
•Leverages deep market expertise, strategic advice and operational capability of CSFA to support growth in English
label IMF
•Reinforces long-term relationship with China National Agriculture Development Group Co. (CNADC), a leading Central
Government SOE and parent company of CSFA
•Signing ceremony held at China International Import Expo (CIIE) in Shanghai on 7 November 2025
16

Maternal nutrition
exploratory
Stage 1 IMF
real world
Mild cognitive impairment
(MCI) clinical trial
Investment in A1 protein free science supporting functional benefits with
the release of three important studies
•Breastfeeding mothers consuming A1PF
milk experienced significantly improved
gastrointestinal outcomes and reduction
in some markers associated with
systemic inflammation compared to the
mothers consuming ordinary milk
•These benefits were also seen in their
exclusively breastfed infants
•Mixed fed infants consuming a
combination of breastmilk and a2 IMF
experienced statistically significant
improvements in comfort including
gastrointestinal symptom relief, and
fewer crying periods compared to those
who were mixed fed breastmilk and
conventional infant formula at weeks
2 and 4
1
•Daily consumption of two serves of skim
milk over 3 months was beneficial to a
broad range of cognitive measures in
healthy milk tolerant adults, aged 65-75
years with MCI
•Participants consuming A1PF showed a
greater improvement in a range of
cognitive measures and in their reported
quality of life
2
Note: All three studies were conducted in China, with all participants being of Chinese Han ethnicity.
1
Li, J., Yang, T., & Sheng, X. (2025). Effect of Infant Formula Made With Milk Free of A1-Type ß-Casein on Growth and Comfort: A Randomised Controlled Trial. Food Science & Nutrition, 13(7), e70606.
2
Zhang, K., Sun, J., Han, M., Diao, Y., Xia, Y., Yang, C., & Robinson, S. R. (2025). Milk free of A1 ß-Casein supports superior gains in cognition and quality of life, relative to conventional milk, in older adults with mild cognitive impairment. The Journal of Nutrition, Health & Aging, 29(7), 100579.
17

Continued investment in making planet positive progress
1
•Developed a detailed emissions reduction roadmap and climate transition plan to
track progress against net zero GHG targets to 2040
•Reduced Scope 1 emissions by 97% in FY25, led by MVM boiler conversion
2
•Reduced Scope 3 emissions intensity in FY25 by 33% since 2021 baseline year,
through efficiency and supply chain energy transition, and more accurate data
collection and calculation methods
2
•Funded 19 new projects through the a2 Farm Sustainability Fund totaling
$575,000 in FY25 to advance outcomes aligned to our sustainability goals
•Further progress against sustainable packaging action plan
•Achieved 98% recyclable packaging placed on market (by weight) and
‘Beyond Best Practice’ in Australian sustainable packaging performance
3
•Continued to support AgriZero
NZ
, a partnership between the New Zealand
Government and major agribusiness companies to reduce on-farm biogenic
methane and nitrous oxide emissions
1
Refer to pages 38-47 of The a2 Milk Company 2025 Annual Report for sustainability programme details.
2
Excludes a2 Pokeno.
3
Source: a2MC 2025 Australian Packaging Covenant Organisation (APCO) Annual Report and Action Plan.
18

a2MC growth strategy updated following recent transactions, with
supply chain transformation remaining a key focus
Purpose
We pioneer the future of Dairy for good
Goals
PEOPLE
Create a safe, diverse, inclusive and
engaging place for our people to
thrive, support our farmers and
contribute to our communities
Vision
An A1-free world where Dairy nourishes all people and our planet
SHAREHOLDERS
Create long-term, enduring value for
shareholders and maintain a trusted,
transparent relationship
PLANET
Protect our planet and cows, rethink
packaging, achieve net zero and
become nature positive
CONSUMERS
Bring the unique benefits of pure and
natural a2 Milk to as many
consumers as possible
Strategic
priorities
Enablers
Values
Quality & ServiceBrand strength
Science & InnovationStrategic relationships
Capture full potential
in China IMF
-Leverage expanded portfolio
across more price points
-Expand in lower tier cities
-Accelerate online growth
-Invest in brand strength and
leverage across two labels
and wider portfolio
2
Ramp-up product
innovation
-Expand EL and CL IMF
product portfolio
-Develop Other Nutritionals
for kids, adults and seniors
-Innovate in liquid milk
-Explore other adjacencies
3
Enter new markets
-Leverage IMF and other
products into new markets
-Focus on Asia region
initially (esp. SEA) plus
other markets over time
-Adopt asset-light,
distributor model approach
4
Invest in people and
planet leadership
-Invest in our people to
enable them to thrive
-Take direct action to lead
the industry in GHG
emissions reduction,
farming practices and
sustainable packaging
1
Transform supply chain
-Execute transformation
programme at a2 Pokeno
facility in New Zealand
-Develop supply capability
and capacity to support
innovation and growth,
directly and with 3PMs
5
Bold passionOwnership & agility
Leading constructivelyDisruptive thinking
BLO
D
19

Refer to Investor Day materials communicated to the market on 27 October 2021 for further information on medium-term ambition, strategy, risks and opportunities
Medium-term revenue and EBITDA margin ambition
Revenue, NZ$ billions
EBITDA margin
Strong FY25 performance has moved the Company closer to its
medium-term revenue ambition of $2 billion
1
Incremental revenue ambition growth bridge from $1.21 billion in FY21 to ~$2.0 billion in ≥ FY27.
~
EBITDA margin target in the teens
targeting year-on-year improvement
Actual revenue and EBITDA margin
Areas of planned revenue growth
On track
Work in progress
Market/category
Growth ambition
(FY21 to ≥ FY27)
1
Tracking
China label IMF$0.4
English label IMF$0.3
China Other Nutritionals$0.2
Emerging markets$0.1
ANZ$0.1
USA$0.1
Non-specific risk$(0.4)
Net growth~$0.8bn
20

Secures market
access and
strategic control
1. Control
•a2MC announced the following transactions in August 2025 as part of its supply chain transformation strategy:
-Acquisition of a China IMF registered manufacturing facility in Pokeno, New Zealand for ~$282 million
-Divestment of a2MC’s shareholding in Mataura Valley Milk Limited (MVM) for ~$100 million
Supply chain transformation transactions and strategic rationale
Transactions
announced
Combined
financial
outcomes
•Delivers incremental sales and profit over time with attractive investment returns:
-Incremental brand sales of >$100 million by FY30
-EBITDA neutral in FY27
1
and positive from FY28 due to vertical margin capture and brand contribution
-Significant capex investment of ~$100 million planned to further upgrade facility
-Internal rate of return > Company’s after tax cost of capital (WACC ~10%)
-Return on invested capital achieving WACC in FY29
2

Strategic
rationale
•These transactions enable a2MC to build a better, higher growth, lower risk, end-to-end business and deliver
substantial benefits to shareholders supported by a clear strategic rationale:
Supports growth in
core infant milk
formula business
2. Growth
Accelerates
integrated
manufacturing
capability
3. Capability
Optimises asset
footprint and
capacity utilisation
4. Capacity
Generates
attractive financial
returns
5. Returns
21
1
Before potential transition costs.
2
Subject to the timing of regulatory approvals and IMF production volumes.

Pokeno facility and milk pool ideally positioned to meet a2MC’s needs
•Location: Pokeno, New Zealand. Located
in the highly productive and fertile Waikato
region and close to import / export logistics
and talent access
•Capability: High quality IMF manufacturer
(site commissioned in 2015), already
producing two ranges of a2MC EL products.
•CL Registrations: 2 x existing CL IMF
registrations, with 1 x unregistered slot
(available for use, subject to regulatory
approval)
•a2MC and Fonterra have entered into a
long-term agreement for A1 protein free
supply of raw milk from the North Island,
New Zealand
Auckland
•Access to Port of
Auckland and
Auckland Airport
terminals
•50km from Pokeno
a2MC facility
Pokeno, NZ
Port of Tauranga
•NZ’s largest
container port
•160km from Pokeno
a2 Gentle Gold and a2 Genesis
currently produced at Pokeno facility
a2MC Pokeno manufacturing facility Site highlights
22
Fonterra milk pool

Portfolio expansion will enable a2MC to compete more effectively
1
Based on value % share of total China IMF market in FY25 – Kantar Worldpanel 0-6 years old Baby & Kids panel for the 52 weeks ending June 2025.
2
Based on value % contribution to total brand level China Label sales from top 3 ranges – Nielsen MBS retail sales tracking for the 12 months ending June 2025.
Feihe
#1
Aptamil
#2
Yili
#3
a2MC
#4
Friso
#5
Estimated %
of CL sales from
top 3 ranges
2

#6
#7
#8
#9
#10
Junlebao
Mead JohnsonWyeth
Nestle
Biostime
Of the top 10 brands in China IMF, a2MC is the only one with a single CL registered product
Total China IMF brand ranking
1
Number of CL registered products
23

Mainstream
Ultra Premium
Super Premium
Premium
a2MC English label portfolio
a2MC China label portfolio
2 existing registrations at a2 Pokeno and
potential to access 3
rd
registration
subject to regulatory approval
Targeting an expanded IMF product portfolio over time
a2MC IMF portfolio segmentation
CONCEPTUAL
Potential to
access 2
nd

registration
at Synlait
subject to
regulatory
approval
24

Supply chain transformation programme progressing in line with plan
•Pokeno transformation workstreams underway:
-Advanced China regulatory process in line with plan
-Completed small batches of blending and canning
for a2 Platinum Stage 3 ahead of transition in 1Q27
in collaboration with Synlait
-Commenced capital investment programme with
progress ahead of plan
-Commenced long-term product development
process to create optimal future state CL IMF
product portfolio
-Progressed IT systems and infrastructure project
focusing on ERP upgrade design phase
-Hired people in manufacturing leadership and
operational roles in line with plan
25
•Successfully completed Pokeno acquisition with completion price adjustment of ~$7 million agreed in a2MC’s favour
reducing purchase price to ~$275 million
•MVM divestment and separation completed with purchase price adjustment currently work in progress and likely to be in
a2MC’s favour

1
Continuing operations represents the a2MC Group excluding MVM and including a2MC Pokeno from 1 September 2025. Discontinued operations comprises of Mataura Valley Milk (MVM).
2
Double-digit refers to the range 10%-20%.
3
FY25 continuing operations revenue was $1,757 million and FY25 reported NPAT was $203 million.
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
−Movements in actual and forecast currency rates reflecting NZD depreciation, which are expected to inflate sales and expenses. The
impact to EBITDA, net of hedge losses, is not expected to be material
•On a continuing operations
1
basis, the Company now expects the following for FY26:
−Revenue growth of low double-digit
2
percent versus FY25 continuing operations
3
with:
•1H26 revenue growth (vs pcp) expected to be higher than 2H26 revenue growth (vs pcp); and
•EL IMF revenue growth expected to be significantly higher than CL IMF revenue growth
−EBITDA % margin to be approximately 15% to 16%
−Depreciation and amortisation to be approximately $20 to $24 million
−Interest income to be lower due to lower market rates and net transaction cash outflows
−NPAT to be slightly up on FY25 reported
3

−Cash conversion of approximately 80% to 90%
−Capital expenditure of approximately $60 to $80 million
Discontinued operations
1
−MVM will be treated as discontinued operations including operating losses prior to completion of the divestment and a loss on sale.
Total losses from discontinued operations are now expected to be approximately $110 million, which includes a non-cash loss on sale
of >$100 million
26

Transactions enable intent to declare a $300 million special dividend
•The combined transactions announced in August 2025
help to clarify the Company’s future capital needs
•As a result, the Board intends to declare a $300 million
special dividend subject to:
−Regulatory approvals being received in connection
with amendments to the two existing Pokeno China
label registrations for use under a2MC brand (work in
progress)
•The dividend is expected to be unimputed (due to lack of
available imputation credits) and fully franked
•The Board also:
−Re-affirmed the Company’s ordinary dividend policy
of 60-80% of normalised NPAT
−Confirmed its intention to maintain a strong and
flexible balance sheet, continue to assess growth
opportunities and capital needs, manage risk and
consider further shareholder returns
Special dividend
27
Available capital + operating cash flow
Investment
Grow core business in existing markets
Expandtheboundaries
Balance sheet strength and flexibility
Excess capital
Capital allocation framework
Shareholder returns

Formal business
Pip Greenwood
28

Notice of Meeting and voting instructions
29

Resolution 1
Auditor’s fees
and expenses

Resolution 2a
Re-election of Director
Pip Greenwood

Resolution 2b
Re-election of Director
Sandra Yu

Resolution 2c
Election of Director
Lain Jager

Resolution 2d
Election of Director
Grant Dempsey

Resolution 3
Increase in Non-executive
Directors’ Remuneration

Resolution 4
Grant of Rights to
David Bortolussi,
Managing Director & CEO

Polls

Questions
38

Close
Pip Greenwood
39

a2MC glossary of terms
AcronymMeaning
A1PFA1 protein free
a2MCThe a2 Milk Company Limited
ANZAustralia and New Zealand
AUAustralia
CBECCross-border e-commerce
CIIEChina International Import Expo
CLChina label
CNADCChina National Agricultural Development Group Co.
CSFAChina State Farm Agribusiness
EBITDAEarnings before interest, taxes, depreciation and
amortisation
ERPEnterprise resource planning
ELEnglish label
EPSEarnings per share
GHGGreenhouse gas
HMOHuman milk oligosaccharides
IMFInfant milk formula (Stage 1-4)
AcronymMeaning
IPIntellectual property
IT Information technology
KOLKey opinion leader
MATMoving annual total
MBSMother & baby stores
MCIMild cognitive impairment
MVMMataura Valley Milk Limited
NPATNet profit after tax
NZNew Zealand
PCPPrior corresponding period
POSMPoint of Sale Marketing
SEASouth East Asia
SOEState-owned enterprise
UHTUltra high temperature treated milk
USAUnited States of America
WACCWeighted average cost of capital
40

www.thea2milkcompany.com

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1


a2MC 2025 Annual Meeting

Chair Speech: Pip Greenwood
With the formalities taken care of, it is now my pleasure on behalf of the Board to update our
shareholders on The a2 Milk Company’s progress over the last year.
2025 marks the significant milestone of the Company’s 25
th
anniversary, this is a moment to reflect on
our journey, celebrate our achievements, and look ahead with ambition.
From pioneering the A2-type protein proposition to becoming a trusted brand across China, Australia,
New Zealand, the USA and emerging international markets, our commitment to quality, innovation and
sustainable growth continues to define us.
FY25 has been another year of strong execution. Despite ongoing macroeconomic challenges and
evolving market dynamics, we remained focused on delivering against our growth strategy and our
results continue to reaffirm the strength of our brand, the quality of our execution, and the dedication
of our talented team.
Our financial performance was outstanding with group revenue up 13.5% and earnings per share up
20.9% in FY25. We continue to make meaningful progress against our medium-term financial and non-
financial goals and remain on track to achieve the vast majority of our targets.
This year saw the introduction of a dividend policy. Total dividends of 20 cents per share were
announced for FY25, representing a payout ratio of 71% and equating to approximately $145 million
being returned to our shareholders.
In sustainability, we continued to advance our goals of protecting the planet, caring for our cows,
rethinking packaging, progressing towards net zero, and contributing to a nature-positive future. We are
committed to supporting the planet and the communities in which we operate.
Our people are at the heart of our success. We continue to foster a safe, diverse and inclusive
environment where our team feels valued and supported. On behalf of the Board, I’d like to thank our
incredible team across Australia, China, New Zealand and the USA for their dedication and hard work in
contributing to our strong FY25 results.
Since the end of the financial year, we have made significant progress in our supply chain
transformation strategy with the acquisition of a world-class nutritional manufacturing facility in Pokeno
and the divestment of our interest in Mataura Valley Milk. David Bortolussi will speak to these
transactions in more detail in his address shortly.
These transactions strengthen our strategic position and provide greater certainty over future capital
needs.
As a result, the Board was pleased to announce its intention to declare a special dividend of $300
million, subject to regulatory approval in connection with Pokeno’s two existing China IMF products. We
expect to provide further details on the special dividend within the next twelve months.
Turning to governance, board renewal and succession planning have been a key focus since I
commenced my role as Chair. Last year, we welcomed Tonet Rivera and Lain Jager to the Board,
bringing deep expertise in global IMF supply chain and international agribusiness leadership. More
recently, Grant Dempsey joined the Board bringing extensive strategic and financial leadership
experience. Lain and Grant will be standing for election today, and you will hear from them later in the
meeting.

2

These changes reflect our commitment to ensuring the Board has the diverse perspectives and
capabilities needed to support the Company’s strategic ambitions. My fellow Directors and I remain
focused on growing shareholder value and serving our shareholders with purpose.
Before I close, I’d like to address my own re-election as a Director as I am standing for re-election today.
I’ve had the privilege of serving on the Board since 2019 and as Chair since November 2023. I’m proud
of the progress we’ve made and excited about the opportunities ahead.
I bring extensive commercial and governance experience, including my current role as Chair of Westpac
New Zealand and Director of Westpac Banking Corporation. I’ve previously served on the boards of
Spark New Zealand, Fisher & Paykel Healthcare, Vulcan Steel, and Russell McVeagh, where I also served
as Chair and interim CEO. I remain committed to realising the Company’s strategic ambitions and
representing the interests of our shareholders.
Thank you for your continued support and investment in The a2 Milk Company.
I will now invite David Bortolussi to address the meeting.

Managing Director & CEO Address: David Bortolussi
Good morning everyone and thank you for joining us today at our Annual Meeting.
My name is David Bortolussi, I am the Managing Director and CEO of The a2 Milk Company.
Over the past year, we have continued to deliver strong financial results, and made substantial progress
in transforming our supply chain. These outcomes are driven by execution of our growth strategy, and
the exceptional work of our talented teams around the world.
Today, I will share with you our operational and financial highlights from the past year, a slight
adjustment to our strategy following recent transactions, progress on our supply chain transformation,
and an update to our FY26 outlook.
Firstly, let me recap on a2’s journey to date. From humble beginnings in 2000, when the company was
first formed in New Zealand, by scientist Dr. Corrie McLachlan and his business partner Howard
Paterson, we have grown into a global business operating in Australia, China, New Zealand, North
America, South Korea and Vietnam, and have a product portfolio that spans all life stages, from infants
and kids, through to adults and now seniors.
It's fitting that we celebrate our 25
th
year since formation by:
• acknowledging the achievements of our team, past and present, that have built The a2 Milk
Company into what it is today;
• reporting record sales, with sales growth across all our markets and categories; and
• recently announcing a major step forward in our supply chain transformation, which I will speak
to later.
It’s been a remarkable journey to date, which all of us should be proud of, and I want to thank our
shareholders that have supported the Company along the way.
More recently, we reported a strong FY25 result to the market in August.
We continued to execute our growth strategy, which saw us deliver record sales of $1.9 billion, and
double-digit growth in Revenue, EBITDA and EPS.
We moved from a top-5, to top-4 brand position in the China infant milk formula (or IMF) market,
driven by strong performance in both English and China label. We launched new products for infants,
kids and seniors, and expanded into new markets.

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As shareholders, you will be aware, that last year at our Annual Meeting, we introduced a dividend
policy, for the first time in our Company’s history. Since then, we have declared and paid, dividends
totalling 20 cents per share, for the FY25 year, equating to a payout ratio of 71%. This marked an
important milestone, in our journey to deliver sustainable returns to shareholders.
Moving to our FY25 financial results.
We delivered full year revenue growth of 13.5%.
Importantly, earnings grew at a faster rate. EBITDA was up 17% and NPAT and EPS were up 21%, with
strong cash conversion.
On the right hand side of the slide, you can see that we have driven significant growth since FY21 when
we refreshed our growth strategy, achieving a CAGR in Revenue, EBITDA and EPS, of 12%, 22% and 27%
respectively.
Looking at our geographic segment and product category performance on the next page.
Our growth continues to be driven by our China and Other Asia segment, led this year by English Label
IMF and Other Nutritionals. Since FY21, we have grown our China and Other Asia sales by a CAGR of
22%.
Our ANZ segment sales were flat, with growth in our Australian liquid milk business, offsetting declines
in the Daigou channel.
Our US business continued its strong growth, and MVM experienced a significant increase in external
ingredient sales, mainly due to higher GDT pricing and milk volumes.
From a category perspective, our total IMF sales grew by 10%, with English label the standout
performer, up 17%, driven by growth in our CBEC and O2O channels, and a shift in the market towards
English label. China label was up 3.3% with record market share, which was a very good result, in a
market that declined by 5.6%, and also having to manage supply constraints.
Liquid milk sales grew by 14% in total, with ANZ up 10% and the US up 22%.
Other Nutritionals continued to grow at a fast rate, up 23%, supported by our new kids and seniors milk
powder products launched during the year.
Turning to market share, our overall China IMF market share, continued to reach record levels, resulting
in a2MC rising to the No. 4 brand position, in the world’s largest IMF market, with 8% overall market
share. This is a major milestone for our Company, which launched its first IMF product only 12 years
ago, competing against the global leaders in the category, and strong domestic players.
We continued to ramp up our innovation, with key new product launches during the year, in the infant,
kids and seniors nutrition segments. Early results are encouraging, and we are hopeful that a2
Genesis™, Kids Advance and our Seniors range, will be key growth drivers in FY26 and beyond.
As we look ahead, we remain committed to investing in product innovation as a core pillar of our
growth strategy, to deliver benefits to our consumers at every life stage, from the infant and toddler
years, to health ageing.
We progressed our emerging markets strategy, expanding the reach of our English label products into
Vietnam, through the launch of a2 Platinum™ in the first half, and a2 Gentle Gold™ in the second half.
The launches are showing positive early signs, driven by our focus on building brand awareness,
expanding our distribution across MBS stores, and activating in trade to promote trial and adoption.
As we continue to expand our footprint in emerging markets, we’re also deepening relationships in our
most established, and strategically important market – China. I'm pleased to share that recently, we
expanded our long-standing strategic partnership with China State Farm, to now include English label
IMF products in the CBEC channel, starting with a2 Genesis™ from early next year.

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This marks a significant milestone in our relationship with China State Farm, which began in 2013. Over
the past 12 years, we have worked closely with China State Farm, to build our China label IMF business,
helping us grow to over 100 distributors, and reach around 30,000 mother and baby stores across
China, as well as key online platforms. Their expertise and operational capability, have been critical to
our success in the world’s largest IMF market.
This expansion has been well over 12 months in the making, and was formally recognised at a signing
ceremony, at the China International Import Expo in Shanghai, a couple of weeks ago. It reflects not
only the strength of our partnership, but also the broader relationship between China and New Zealand.
Moving now to our investment in A1 protein free science, which is central to our a2 Milk brand
proposition. Over the past year, we have continued to build on that foundation, with the results of
three new studies released, in relation to maternal nutrition, infant nutrition and seniors cognition,
further expanding knowledge of the unique benefits of a2 Milk.
Shifting focus to sustainability. We have a clear roadmap in place to guide us toward achieving planet
positive outcomes, and net zero by 2040.
Over the year we have reduced emissions significantly, supported on-farm initiatives, and improved
packaging performance.
Moving now to a brief strategy update. We have updated our growth strategy after completing our
supply chain transformation transactions. Firstly, we have adjusted our Transform Supply Chain priority,
to focus on execution of our important transformation program at a2 Pokeno, and on building capability
to support our innovation and growth. Secondly, we have placed more emphasis on entering new
markets, and called this out as one of our key priorities.
Moving to the next slide, we are tracking well towards our medium-term financial and non-financial
goals, and remain on track to achieve the majority of our targets.
Our strong FY25 performance, has brought us much closer, to our medium-term revenue ambition of $2
billion, and our supply chain transformation will support a more significant increase in EBITDA margins
in FY26.
Our English label IMF and ANZ liquid milk businesses are back on track, and our emerging market
outlook has improved, following the launch of IMF in Vietnam this year which we are excited about.
I’ll now turn to the progress we’ve made in transforming our supply chain, which is a key enabler of our
future growth.
In August we announced two transactions that will transform our supply chain and market access,
enabling us to build a better, higher growth, lower risk, end-to-end business, with significant value
creation potential.
The first transaction, relates to the acquisition of a fully integrated nutritional manufacturing facility,
located in Pokeno, here in New Zealand, that I will refer to as a2 Pokeno. Importantly, it has two
existing China label IMF registrations, and already produces two of our English label IMF products.
The second transaction we announced relates to the divestment of MVM to Open Country Dairy to
optimise our asset footprint.
There is a clear strategic rationale for these transactions. In essence, the combined transactions:
• Enable growth and share gains in China, through market access and innovation;
• Accelerate the development of a world-class nutritional manufacturing capability; and
• Capture attractive financial returns, through vertical margin capture and incremental brand
contribution
In terms of financial returns, by FY30, the combined transactions, will deliver over $100 million of
additional brand sales, and over $60 million of additional EBITDA, through incremental brand
contribution and vertical margin capture.

5

We have been working on this strategy for several years and have considered many options. Without
doubt, the transactions we have completed, are our preferred strategic, operational and financial
outcome.
Turning to our newly acquired a2 Pokeno facility which is strategically located in the Waikato region.
This world-class site, has proven capability in IMF manufacturing, and is already producing two of our
English label products.
Importantly, we’ve secured a long-term agreement with Fonterra, for A1 protein-free milk, ensuring
supply flexibility, and supporting our long term growth ambitions.
We will be investing significantly in the facility, and expanding of our team, to enable our growth.
The next page highlights the strategic rationale for the acquisition of a2 Pokeno. Of the top ten players
in the China IMF market, a2MC is the only brand in the top-10, with a single China label product, with
the competition having between 5-21 registrations – it is obviously challenging to capture the full
potential of our brand in a large and complex market with one product.
The acquisition of a2 Pokeno, is expected to increase our China label IMF product registrations from 1 to
3 in the near term, which will enable us to expand our product portfolio, develop differentiated
consumer and trade propositions, to increase market share, including in lower-tier cities.
An expanded China label portfolio, will help us maximise our IMF opportunity in China, by providing
greater access to the largest segment of the China IMF market, with China label accounting for
approximately 81% of the total market.
In the short term, we’ll transition existing products to our A1 protein-free milk base, and are in the
process of seeking regulatory approval to bring them under the a2MC brand, while planning for future
innovation and a third registration slot.
Since announcing these transactions, we’ve made significant progress.
We successfully completed the acquisition of the a2 Pokeno facility and the divestment of MVM.
We’re advancing regulatory processes to bring existing China label registrations under the a2MC brand
– we have achieved MPI’s approval of our updated RMP and have applied for GACC approval.
We have already completed some blending and canning batches for a2 Platinum at a2 Pokeno in
collaboration with Synlait ahead of transition in 1Q27. And have commenced short-term and long-term
product development trials.
We have made strong progress on our capital investment program at Pokeno and awarded several key
contracts, and have commenced our IT integration and ERP upgrade project.
We have been hiring people in manufacturing leadership and operational roles and over time will add
more that 100 new roles, providing significant development opportunities to our existing and future
team members.
At the same time, we’ve ensured a smooth operational separation of MVM.
So, to conclude this section, we are excited to secure a world-class asset to help us build our supply
chain of the future, and at this early stage, our transformation program is tracking in-line, and in some
cases, ahead of plan.
Turning now to FY26 and the Company’s outlook.
I’m pleased to say that we’ve started the financial year strongly with IMF, Other Nutritionals and Liquid
Milk product categories all trading ahead of expectations.
In addition, changes to actual and forecast currency rates reflecting NZD depreciation are expected to
inflate sales and expenses, with the impact to EBITDA not expected to be material.
Having regard to these factors, today we increased our FY26 guidance for revenue growth from high
single-digit percent to low double-digit percent.
We have also reconfirmed EBITDA % margin guidance to be approximately 15 – 16%, and increased our
Net profit after tax guidance to now be slightly up on FY25 reported.

6

Lastly, we increased our guidance for capital expenditure to reflect the accelerated progress of the a2
Pokeno capital investment programme.
Finally, turning to capital management. The transactions discussed today provide us with clarity in
relation to our future capital needs.
As noted by our Chair in her address, the Board intends to declare a special dividend of $300 million,
subject to obtaining regulatory approvals, to bring the new China label registered products under the
a2MC brand, which is expected to take up to twelve months from when we announced the acquisition.
The special dividend is expected to be unimputed and fully franked.
That brings me to the end of my presentation.
In closing, we have delivered a strong FY25 result, executed two transactions and a milk supply
agreement that substantially supports our growth strategy, and have demonstrated disciplined capital
management.
It’s been a massive year for our team, and I want to thank them all for their exceptional contribution
and impact. We’re only a small team of just of 500 people, that has achieved extraordinary things.
I look forward to answering any questions you may have after the formal business section of the Annual
Meeting or after the meeting closes if you prefer.
Thank you very much for your time, and I’ll now hand back to our Chair.