Synlait Annual Meeting Presentation

Synlait Milk Limited · 1028 Heslerton Road, RD13 Rakaia, Canterbury, New Zealand · +643 373 3000 · www.synlait.com







NZX: SML
ASX: SM1


21 November 2025

Synlait Annual Meeting Presentation

The attached presentation will be delivered to shareholders by Synlait Chair George Adams and CEO
Richard Wyeth at the company's Annual Meeting, commencing at 1.00pm today.

To access the meeting virtually, please go to: www.meetnow.global/nz

More details about joining the meeting can be found in the Notice of Meeting.

A replay of the meeting will be available at below link afterwards: https://www.synlait.com/investors/

For more information contact
Media
Jo Scott
Corporate Affairs Manager
P: +64 21 883 123
E: jo.scott@synlait.com

Investors
Hannah Lynch
Head of Milk Supply, Strategy & Corporate Affairs
P: +64 021 252 8990
E: hannah.lynch@synlait.com

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Annual Meeting
Presentation
Friday 21 November 2025

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PAGE 2ANNUAL MEETING PRESENTATION 2025

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PAGE 3ANNUAL MEETING PRESENTATION 2025

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PAGE 4ANNUAL MEETING PRESENTATION 2025

Chair
Address
George Adams
PAGE 5

Agenda
• Chair Address
• CEO Address
• Resolutions & Voting
• Other Business
ANNUAL MEETING PRESENTATION 2025PAGE 6

Your Board
Paul Washer
(Retiring)
Leon Fung
Paul McGilvary
Tao Zhang
George Adams
Edward Yang
Independent
Directors
Bright Dairy
Appointed
Directors
Julia Zhu
Chair
PAGE 7ANNUAL MEETING PRESENTATION 2025

Board Committees
Leon Fung
Paul McGilvary
Paul McGilvary
George Adams
George Adams
Audit & Risk
People,
Environment,
& Governance
Julia Zhu
Chair
Chair
PAGE 8ANNUAL MEETING PRESENTATION 2025

Looking Back: Board Priorities
$130m Bright Dairy
shareholders loan
July 2024
Growing secured
milk supply

January to March 2025
Richard Wyeth
appointed CEO

March 2025
HY25 result return
to profitability

March 2025
Dunsandel
manufacturing
challenges
Q4 of FY25
Milk supply
secured

April 2025
Return to profitability
signalled, new milk
premiums
January 2025
CEO
resignation

October 2024
$180m bond
redemption

November and
December 2024
North Island assets
sale announced

September 2025
Guidance
withdrawal
July 2024
New CFO
appointment
August 2024
The a2 Milk Company
settlement
August 2024
Equity raise and bank
refinancing announced
August 2024
Shareholders
approve equity raise
September 2024
A prolonged period of fire-fighting to ensure Synlait’s survival.
PAGE 9ANNUAL MEETING PRESENTATION 2025

Current Focus: Board Priorities FY26
Executing a fulsome balance sheet reset and creating a plan for the future.
North Island assets to be sold to
global healthcare leader, Abbott.
Pressure test previous priorities.
Proceeds (circa NZ$307 million)
to reduce Synlait’s debt.
Careful exploration of customer and
product diversification opportunities.
Due for completion on 1 April 2026.
Creation of a strong platform
for Synlait’s success.
Shareholder approval sought today.Update provided in March 2026.
A turning point Synlait has fought
hard for and is ready to embrace.
Debt reduction Future strategy
PAGE 10ANNUAL MEETING PRESENTATION 2025

Optimising operational
excellence
Capital
strategy
Looking Forward: Resetting Synlait
Creating the roadmap to return Synlait to success.
Strategic
partnerships
Premium product and
innovation pipeline
A clear pathway to
sustainable growth
Dunsandel
strategy
PAGE 11ANNUAL MEETING PRESENTATION 2025

CEO
Address
Richard Wyeth
PAGE 12ANNUAL MEETING PRESENTATION 2025

FY26: Delivering An Operational Step Change
Back to basics approach to uplift operational stability.
Underpinned
by:
Right people,
right place
Training and
capability uplift
Quality
focus
PAGE 13ANNUAL MEETING PRESENTATION 2025

Big 6 for ‘26: Update On Current Focus Areas
Shifting Synlait from reactive recovery to proactive performance.
Operational
Stability
Quality
Performance
Customer
Satisfaction
Strengthening
Culture
Financial
Performance
Financial
Resilience
PAGE 14ANNUAL MEETING PRESENTATION 2025

Moving Forward
FY26 will see Synlait reshaped and well-positioned to capitalise on the growing global demand for
New Zealand dairy.
Strong South Island
business
Stronger strategic
partnerships
High quality
Canterbury milk supply
Commercially-smart
sustainability
World-class team
and facilities
Premium product and
innovation offering
Operational
excellence
Connectivity to
global markets
The right strategy to deliver sustainable, long-term value
PAGE 15ANNUAL MEETING PRESENTATION 2025

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PAGE 16ANNUAL MEETING PRESENTATION 2025

Resolutions
& Voting
ANNUAL MEETING PRESENTATION 2025PAGE 17

Resolution 1:
Director Re-election
That Paul McGilvary be
re-elected as a Director.
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PAGE 18

Resolution 2:
Director Election
That Yi (Julia) Zhu be
elected as a Director.
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PAGE 19

Resolution 3:
Auditor’s Remuneration
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That the Board be authorised to
determine the auditor’s fees and
expenses for the coming financial year.
PAGE 20

Resolution 4:
North Island Sale
That the North Island Sale is
approved under and for the
purposes of NZX Listing Rule 5.1.1(b).
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PAGE 21

Proxy Votes Cast Ahead Of The Meeting
Resolution 1
ForOpenAgainstTotalAbstain
Resolution 2
Resolution 3
Resolution 4
520,632,893
(99.69%)
521,260,795
(99.78%)
520,770,385
(99.72%)
520,561,128
(99.69%)
1,285,927
(0.25%)
1,282,448
(0.25%)
1,129,701
(0.22%)
1,276,803
(0.24%)
344,101
(0.07%)
35,094
(0.01%)
185,257
(0.04%)
337,317
(0.06%)
522,259,442
522,184,372
522,232,445
522,425,590
180,125
13,977
207,122
255,195
PAGE 22ANNUAL MEETING PRESENTATION 2025

Other
Business
ANNUAL MEETING PRESENTATION 2025PAGE 23

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• Click on the box, type your
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the meeting.
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PAGE 24ANNUAL MEETING PRESENTATION 2025

This Concludes
Synlait’s 2025 Annual Meeting
ANNUAL MEETING PRESENTATION 2025PAGE 25

This presentation is given on behalf of Synlait Milk Limited (Synlait). Information in this
presentation:
• comprises a statement or report made to or for the purposes of a meeting of Synlait’s
shareholders and is provided for general information purposes only, and is not an offer or
invitation for subscription, purchase, or recommendation of securities in Synlait;
• should be read in conjunction with, and is subject to, Synlait’s audited Annual Report for
the twelve months ended 31 July 2025, prior annual and interim reports and Synlait’s
market releases on the NZX and ASX;
• includes forward-looking statements about Synlait and the environment in which Synlait
operates which are subject to uncertainties and contingencies outside of Synlait’s control.
Synlait’s actual results or performance may differ materially from these statements;
• includes statements relating to past performance, which should not be regarded as a
reliable indicator of future performance;
• may contain information from third parties believed to be reliable; however, no
representations or warranties are made as to the accuracy or completeness of such
information; and
• is current at the date of this presentation, unless otherwise stated. Synlait is not under
any obligation to update this presentation at any time after its release, whether as a result
of new information, future events or otherwise.
All currency amounts are expressed in New Zealand dollars unless otherwise stated
and figures, including percentage movements, are subject to rounding. Similarly, unless
otherwise indicated, all references to a year in the presentation are for the financial year
ended 31 July 2025.
Synlait, its directors, employees and/or shareholders shall have no liability whatsoever
to any person for any loss arising from this presentation or any information supplied in
connection with it. Nothing in this presentation constitutes financial, legal, tax or other
advice.
Synlait has been designated as a “Non-Standard” (NS) issuer by NZX due to the nature of
the company’s constitution. In particular, Bright Dairy and Food Co Limited (which holds its
shares in Synlait through its wholly-owned subsidiary, Bright Dairy Holding Limited) has the
right to appoint four directors to the board of Synlait.
For the purposes of this Disclaimer and Important Notice, “presentation” means this
presentation, any presentation of this presentation by Synlait and any question and answer
session that follows that presentation.
Disclaimer
PAGE 26ANNUAL MEETING PRESENTATION 2025