1H26 Results and Interim Report

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)

Results for announcement to the market
Name of issuer The a2 Milk Company Limited
Reporting Period 6 months to 31 December 2025
Previous Reporting Period 6 months to 31 December 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$ 993,491 + 18.8%
Total Revenue $ 1,022,766 + 14.4%
Net profit/(loss) from continuing
operations
$ 112,128 + 9.4%
Total net profit/(loss) $ 10,913 - 88.1%
Interim Dividend
Amount per Quoted Equity
Security
$ 0.11500000
Imputed amount per Quoted
Equity Security
$ 0.00000000
Record Date 20 March 2026
Dividend Payment Date 2 April 2026

Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
31 December 2025
$ 1.57
30 June 2025
$ 1.79
A brief explanation of any of the
figures above necessary to
enable the figures to be
understood
For further information refer to the attached:
2026 Interim Report
2026 Interim Results Announcement / Media Release
2026 Interim Results Commentary and Outlook
2026 Interim Results Presentation

Authority for this announcement
Name of person authorised to
make this announcement
Jaron McVicar
Contact person for this
announcement
Jaron McVicar
Contact phone number +61 2 9697 7000
Contact email address Jaron.McVicar@a2milk.com
Date of release through MAP 16 February 2026

Unaudited financial statements accompany this announcement.

---

The a2 Milk Company
2026
Interim Report
We pioneer the future of Dairy for good

THE a2 MILK COMPANY
2026 INTERIM REPORT

Contents
Directors’ declaration 2
Consolidated statement of comprehensive income
(unaudited) 3
Consolidated statement of changes in equity
(unaudited) 4
Consolidated statement of financial position
(unaudited) 6
Consolidated statement of cash flows (unaudited) 7
Notes to the interim financial statements 8
Auditor’s review report 23
Corporate directory 25
1

Directors’ declaration
for the six months ended 31 December 2025
The directors of The a2 Milk Company Limited are pleased to present the interim
report for the six months ended 31 December 2025.
The interim report is unaudited and was authorised for issue by the directors on
15 February 2026.
Signed on behalf of the Board by:

Pip Greenwood David Bortolussi
Chair Managing Director and CEO
15 February 2026
2
THE a2 MILK COMPANY
2026 INTERIM REPORT

Consolidated statement of comprehensive income (unaudited)
for the six months ended 31 December 2025
Note
31 Dec 25
$’000
31 Dec 24
$’000
Continuing operations
Sales2992,558835,405
Cost of sales(506,957)(417,6 6 2)
Gross margin485,601417,74 3
Other revenue 29331,058
Distribution expenses(32,409)(26,872)
Marketing expenses (168,334)(145,870)
Administrative and other expenses(139,450)(120,230)
Operating profit146,341125,829
Interest income16,60525,186
Finance costs(4 42)(476)
Net finance income16,16324,710
Profit before tax162,504150,539
Income tax expense(50,376)(48,053)
Profit for the period from continuing operations112,128102,486
Discontinued operations
Loss from discontinued operation, net of tax17(103,681)(18,490)
Profit for the period 8,4 4783,996
Profit/(loss) for the period attributable to:
Owners of the Company10,91391,725
Non-controlling interests(2,466)( 7,7 2 9)
8,4 4783,996
Other comprehensive income
Items that may be reclassified to profit or loss:
Foreign currency translation profit10,5357, 1 8 1
Cash flow hedges fair value loss(11,834)(6,724)
Items not to be reclassified to profit or loss:
Listed and unlisted investments fair value gain2,0948,938
Total other comprehensive income, net of tax7959,395
Total other comprehensive income/(loss) attributable to:
Owners of the Company1,15811,241
Non-controlling interests(363)(1,846)
7959,395
Total comprehensive income9,24293,391
Total comprehensive income/(loss) attributable to:
Owners of the Company12,071102,966
Non-controlling interests(2,829)(9,575)
9,24293,391
Earnings per share – continuing operations
Basic (cents per share)15.4714.16
Diluted (cents per share)15.3814.09
Earnings per share (including discontinued operations)
Basic (cents per share)1.5112.68
Diluted (cents per share)1.5012.61
The accompanying notes form part of these financial statements.
3

Consolidated statement of changes in equity (unaudited)
for the six months ended 31 December 2025
Attributable to owners of the Company
Six months ended
31 December 2025Foreign currency translation reserve $’000
Fair value revaluation reserve

$’000Employee equity settled payments reserve

$’000Treasury shares reserve $’000Hedging reserve

$’000Total reserves

$’000Retained earnings

$’000Share capital

$’000To t a l

$’000Non-controlling

interests

$’000To t a l e q u i t y

$’000
Balance 1 July 2025(9,046)(248,384)76,806(3,383)2,755(181,252)1,632,1231001,450,971(20,231)1,430,740
Profit after tax
for the period––––––10,913–10,913(2,466)8,447
Foreign currency
translation differences
- foreign operations10,535––––10,535––10,535–10,535
Changes in cash flow
hedges taken to equity––––(18,940)(18,940)––(18,940)(893)(19,833)
Cash flow hedges
reclassified to profit
or loss––––3,4333,433––3,4335303,963
Listed and unlisted
investments –
fair value movement–2,094––-2,094––2,094–2,094
Income tax––––4,0364,036––4,036–4,036
Total comprehensive
income for the period10,5352,094--(11,471)1,15810,913-12,071(2,829)9,242
Transactions with
owners in their
capacity as owners:
Dividends paid––––––(83,424)-(83,424)–(83,424)
Employee withholding
tax payments––(464)––(464)––(464)–(464)
Treasury shares
transferred––(3,383)3,383–––––––
Share-based payments––5,766––5,766––5,766–5,766
Income tax––788––788––788–788
Discontinued operation–––––––––23,06023,060
Total transactions
with owners––2,7073,383–6,090(83,424)–(77,334)23,060(54, 274)
Balance 31 December
20251,489(246,290)79,513–(8,716)(174,004)1,559,6121001,385,708–1,385,708
The accompanying notes form part of these financial statements.
4
THE a2 MILK COMPANY
2026 INTERIM REPORT

Consolidated statement of changes in equity (unaudited)
for the six months ended 31 December 2025
Attributable to owners of the Company
Six months ended
31 December 2024Foreign currency translation reserve $’000
Fair value revaluation reserve

$’000Employee equity settled payments reserve

$’000Treasury shares reserve $’000Hedging reserve

$’000Total reserves

$’000Retained earnings

$’000Share capital

$’000To t a l

$’000Non-controlling

interests

$’000To t a l e q u i t y

$’000
Balance 1 July 2024(5,841)(279,027)6 7, 2 9 2(8,706)1,882(224,400)1,490,7761001,266,476(9,703)1,256,773
Profit after tax
for the period––––––91,725–91,725( 7,7 2 9)83,996
Foreign currency
translation differences
- foreign operations7,18 1––––7,18 1––7,18 1–7,18 1
Changes in cash flow
hedges taken to equity––––(5,667)(5,667)––(5,667)(1,972)( 7,6 3 9)
Cash flow hedges
reclassified to profit
or loss––––1,0451,045––1,0451261,171
Listed and unlisted
investments –
fair value movement–8,938–––8,938––8,938–8,938
Income tax––––(256)(256)––(256)–(256)
Total comprehensive
income for the period7,18 18,938––(4,878)11,24191,725–102,966(9,575)93,391
Transactions with
owners in their
capacity as owners:
Employee withholding
tax payments––(430)––(430)––(430)–(430)
Treasury shares
transferred––(5,323)5,323–––––––
Share-based payments––5,040––5,040––5,040–5,040
Total transactions with
owners––(713)5,323–4,610––4,610–4,610
Balance 31 December
20241,340(270,089)66,579(3,383)(2,996)(208,549)1,582,5011001,374,052(19,278)1,354,774
The accompanying notes form part of these financial statements.
5

Consolidated statement of financial position (unaudited)
as at 31 December 2025
Note
31 Dec 25
$’000
30 Jun 25
$’000
Assets
Current assets
Cash and term deposits10896,8781,100,171
Trade and other receivables92,12392,246
Prepayments108,875108,522
Inventories5173,399139,113
Other financial assets88,32110,949
Total current assets1,279,5961,451,001
Non-current assets
Property, plant and equipment617 7, 3 8 3216,844
Right-of-use assets16,91620,226
Investment property3 7, 3 4 534,182
Intangible assets7215,997110,919
Other financial assets884,60081,958
Deferred tax assets33,37526,981
Total non-current assets565,616491,110
Total assets1,845,2121,942,111
Liabilities
Current liabilities
Trade and other payables383,712353,537
Lease liabilities4,5295,369
Loans and borrowings12–39,000
Income tax payable29,65443,992
Other financial liabilities914,4368,182
Total current liabilities432,331450,080
Non-current liabilities
Trade and other payables755662
Lease liabilities14,61917,603
Loans and borrowings12–38,764
Other financial liabilities911,7994,262
Total non-current liabilities2 7, 17 361,291
Total liabilities459,504511,371
Net assets1,385,7081,430,740
Equity
Share capital 14100100
Retained earnings 1,559,6121,632,123
Reserves(174,004)(181,252)
Total equity attributable to owners of the Company1,385,7081,450,971
Non-controlling interests–(20,231)
To t a l e q u i t y1,385,7081,430,740
The accompanying notes form part of these financial statements.
6
THE a2 MILK COMPANY
2026 INTERIM REPORT

Consolidated statement of cash flows (unaudited)
for the six months ended 31 December 2025
Note
31 Dec 25
$’000
31 Dec 24
$’000
Cash flows from operating activities
Receipts from customers1,012,128872,790
Payments to suppliers and employees(871,385)(746,469)
Interest received17,92124,129
Interest paid (1,532)(989)
Ta xe s p a i d(61,943)(70,664)
Net cash inflow from operating activities1195,18978,797
Cash flows from investing activities
Payments for property, plant and equipment6(9,089)(2,444)
Payments for investment property(1,509)(4,683)
Payments for intangible assets7(4,524)(541)
Investment in listed shares–(32,802)
Acquisition of subsidiary net of cash acquired16(274,986)–
Disposal of subsidiary net of cash disposed17106,276–
Payments for term deposits(385,000)(400,000)
Receipts from term deposits425,000350,000
Net cash outflow from investing activities(143,832)(90,470)
Cash flows from financing activities
Payments of lease principal(2,895)(2,866)
Dividends paid15(83,424)–
Net (repayments of)/proceeds from borrowings(39,000)28,000
Net cash (outflow)/inflow from financing activities(125,319)25,134
Net (decrease)/increase in cash and short-term deposits(173,962)13,461
Cash and short-term deposits at the beginning of the period600,171518,943
Effect of exchange rate changes on cash10,6699,630
Cash and short-term deposits at the end of the period10436,878542,034
The accompanying notes form part of these financial statements.
7

Notes to the interim financial statements
for the six months ended 31 December 2025
1. Basis of preparation
The a2 Milk Company Limited (the Company) and its
subsidiaries (together the Group) is a for-profit entity
incorporated and domiciled in New Zealand.
The Company is registered in New Zealand under the
Companies Act 1993 and is an FMC reporting entity under
the Financial Markets Conduct Act 2013. The Company is
also registered as a foreign company in Australia under the
Corporations Act 2001 (Cth, Australia). The shares of The
a2 Milk Company Limited are publicly traded on New Zealand’s
Exchange (NZX), the Australian Securities Exchange (ASX)
and Cboe Australia (CXA). The financial report is presented in
New Zealand dollars, and all values are rounded to the nearest
thousand ($’000), unless otherwise indicated.
The principal activity of the Company is the sale of branded
products in targeted markets made with milk naturally
containing A2-type protein and no A1 protein.
These condensed consolidated financial statements were
authorised for issue by the directors on 15 February 2026.
Statement of compliance
These interim financial statements have not been audited. The
interim financial statements have been prepared in accordance
with Generally Accepted Accounting Practice in New Zealand,
comply with NZ IAS 34 Interim Financial Reporting and
IAS 34 Interim Financial Reporting, and have been the subject
of a review by the auditors.
This interim report should be read in conjunction with the
Group’s annual report for the year ended 30 June 2025,
available at www.thea2milkcompany.com/results.
The same accounting policies and methods of computation
are followed in this interim report as were applied in the
preparation of the Group’s financial statements for the year
ended 30 June 2025, or if new in the period are included in the
relevant note.
Certain comparative amounts have been reclassified to
conform with the current period’s presentation.
Changes in material accounting policies
The Group has applied all of the new and revised Standards and
Interpretations issued by the New Zealand External Reporting
Board (XRB) that are relevant to the Group’s operations and
effective for the current accounting period. Their application
has not had any material impact on the Group’s assets, profits
or earnings per share for the half year ended 31 December 2025.
New standards and interpretations not yet adopted
In May 2024, the XRB issued NZ IFRS 18, which replaces
NZ IAS 1 Presentation of Financial Statements. It requires
disclosure of newly defined management-defined performance
measures, subtotals of income and expenses, and includes
new requirements for aggregation and disaggregation of
financial information.
In addition, there are consequential amendments to several
other standards.
NZ IFRS 18, and the amendments to the other standards, is
mandatorily effective for annual reporting periods beginning
on or after 1 January 2027.
The Group is currently working to identify all impacts the
amendments will have on the financial statements.
There are no other new standards and interpretations that are
issued, but not yet mandatorily effective as at 31 December 2025,
that are expected to have a material impact on the Group in
current or future reporting periods.
2. Operating segments
The Group’s key performance measures are segment revenue
and segment results before interest, tax, depreciation and
amortisation (Segment EBITDA, a non-GAAP measure). Further
information and analysis of performance can be found in the
1H26 Interim Results Commentary and Outlook, which has been
lodged concurrently with the interim report.
For management purposes, the Group is organised into
business units based primarily on geographical location, and
in the current period has three reportable operating segments
as follows:
–The China and Other Asia segment receives external
revenue from the sale of infant milk formula, other
nutritional products (including all a2 Pokeno external
sales) and liquid milk sales to China.
–The Australia and New Zealand segment receives external
revenue from the sale of infant milk formula, milk and other
nutritional products, along with rent, royalty, and licence
fee income.
–The USA segment receives external revenue from the sale
of milk, infant milk formula and from licence fee income.
The Mataura Valley Milk segment, which was reported as a
segment in the prior year, has been reported as a discontinued
operation. Refer to Note 17 for details of the discontinued
operation.
Management monitors the operating results of its business
units separately for the purpose of making decisions about
resource allocation and performance assessment. Segment
performance is assessed on segment EBITDA and is measured
in conformity with the accounting policies adopted for
preparing and presenting the financial statements of the Group.
8
THE a2 MILK COMPANY
2026 INTERIM REPORT

2. Operating segments (continued)
Six months to 31 December 2025
China and
Other Asia
$’000
Australia and
New Zealand
$’000
USA
$’000
To t a l
$’000
Consolidated sales738,890170,67182,997992,558
Other revenue 91656186933
Reportable segment revenue from continuing operations738,981171,32783,183993,491
Reportable segment results (Segment EBITDA)
from continuing operations16 7,6 3 833,224(3,446)19 7,416
Corporate EBITDA(42,459)
Group EBITDA from continuing operations154,957
Other items from continuing operations
Interest income 16,605
Interest expense(398)
Depreciation and amortisation(8,660)
Income tax expense(50,376)
Consolidated profit after tax from continuing operations112,128
Loss after tax from discontinued operation(103,681)
Consolidated profit after tax8,447
Six months to 31 December 2024
China and
Other Asia
$’000
Australia and
New Zealand
$’000
USA
$’000
To t a l
$’000
Consolidated sales614,249156,86164,295835,405
Other revenue –8791791,058
Reportable segment revenue from continuing operations 614,249157,74 064,474836,463
Reportable segment results (Segment EBITDA)
from continuing operations148,04029,519(4,856)172,703
Corporate EBITDA(41,800)
Group EBITDA from continuing operations130,903
Other items from continuing operations
Interest income 25,186
Interest expense (451)
Depreciation and amortisation(5,099)
Income tax expense (48,053)
Consolidated profit after tax from continuing operations102,486
Loss after tax from discontinued operation(18,490)
Consolidated profit after tax83,996
9

Notes to the interim financial statements
for the six months ended 31 December 2025
3. Revenue
Disaggregation of revenue
In the following table, revenue from continuing operations is disaggregated by geographical location (reportable segments) and
major product types.
Six months to 31 December 2025
China and
Other Asia
$’000
Australia and
New Zealand
$’000
USA
$’000
To t a l
$’000
Infant milk formula:
China label324,861––324,861
English and other labels
1
320,24341,170979362,392
Liquid milk
2
–116,12282,018198,140
Other nutritionals
3
93,78613,379–107,165
Other revenue91656186933
738,981171,32783,183993,491
Six months to 31 December 2024
China and
Other Asia
$’000
Australia and
New Zealand
$’000
USA
$’000
To t a l
$’000
Infant milk formula:
China label305,020––305,020
English and other labels
1
258,39040,492845299,727
Liquid milk
2
–103,81163,45016 7, 26 1
Other nutritionals
3
50,83912,558–63,397
Other revenue–8791791,058
614,249157,74 064,474836,463
1 Revenue is allocated based on management responsibility and usually reflects the geographical location of the Group’s wholesale customers.
It is understood that a significant proportion of the infant milk formula sales to customers in the Australia and New Zealand segment are ultimately
consumed in China.
2 Excludes liquid milk products (plain and fortified) exported to China and Other Asia markets.
3 Comprises powdered milk products (plain and fortified), a2 Pokeno external ingredient sales, and liquid milk products (plain and fortified) exported to
China and Other Asia markets.
4. Expenses
31 Dec 25
$’000
31 Dec 24
$’000
Profit before income tax from continuing operations includes the following
significant items:
Salary and wage costs62,52849,795
Equity settled share-based payments (refer to Note 18)5,7665,040
Depreciation and amortisation8,6605,099
Net foreign exchange losses8,7319,900
10
THE a2 MILK COMPANY
2026 INTERIM REPORT

5. Inventories
31 Dec 25
$’000
30 Jun 25
$’000
Raw materials 49,58636,304
Finished goods 123,813102,809
Total inventories at the lower of cost and net realisable value173,399139,113
At period end $9,300,000 (31 December 2024: $9,423,000) was recognised as an expense in cost of sales for inventories written
down or written off.
The inventory balance at 31 December 2025 includes $39,149,000 of inventory held by the acquired entity a2 Pokeno (refer Note 16
for details on the acquisition), while $50,939,000 of inventory was disposed as part of the Mataura Valley Milk Limited divestment.
6. Property, plant and equipment
Land
$’000
Buildings
$’000
Office &
computer
$’000
Furniture
& fittings
$’000
Leasehold
improvements
$’000
Plant &
equipment
& work in
progress
$’000
To t a l
$’000
Carrying amount
1 July 20258,76345,8773,0207211,0851 57, 3 7 8216,844
Acquisition of
subsidiary32,37360,437128209–58,674151,821
Disposal of subsidiary(8,763)(45,675)(1,681)––(138,987)(195,106)
Additions––53916158,5199,089
Depreciation–(1,179)(483)(91)(149)(4,320)(6,222)
Net foreign currency
exchange differences––55958835957
Carrying amount
31 December 202532,37359,4601,5788641,00982,09917 7, 3 8 3
Cost32,37367,5996,9492,3207, 3 4 9144,253260,843
Accumulated
depreciation–(8,139)(5,371)(1,456)(6,340)(62,154)(83,460)
Carrying amount
31 December 202532,37359,4601,5788641,00982,09917 7, 3 8 3
11

7. Intangible assets
Patents &
Trade marks
$’000
Other
$’000
Goodwill
$’000
To t a l
$’000
Carrying amount 1 July 20254,7743,866102,279110,919
Acquisition of subsidiary–214100,413100,627
Disposal of subsidiary–(211)–(211)
Additions–4,524–4,524
Amortisation(33)(419)–(452)
Net foreign currency exchange differences–17573590
Carrying amount 31 December 20254,7417, 9 9 1203,265215,997
Cost5,59013,450203,265222,305
Accumulated amortisation and impairment(849)(5,459)–(6,308)
Carrying amount 31 December 20254,7417, 9 9 1203,265215,997
Other consists of software and product development costs.
8. Other financial assets
31 Dec 25
$’000
30 Jun 25
$’000
Current
Foreign currency forward contracts8,32110,949
Non-current
Foreign currency forward contracts5,8075,259
Listed investment at fair value76,56674,174
Unlisted investment at fair value2,2272,525
84,60081,958
Listed investment
The listed investment is a 19.8% holding in shares in Synlait Milk Limited (Synlait). Synlait is a dairy processing company
(listed on NZX and the ASX) with which the Group has an ongoing Nutritional Powders Manufacturing and Supply Agreement.
No dividends were received from this investment during the period (2024: $nil).
A fair value gain of $2,392,000 (2024: gain $9,485,000) was recognised in other comprehensive income for the period.
Shareholding in Synlait Milk Limited
Movements in the period
Shares
’000
Cost
$’000
Share price at
report date
$
Market value
$’000
Mark to market
$’000
Balance 30 June 2025119,636321,5830.6274,174(247,4 0 9)
Balance 31 December 2025119,636321,5830.6476,566(245,017)
Fair value gain in period2,392
Notes to the interim financial statements
for the six months ended 31 December 2025
THE a2 MILK COMPANY
2026 INTERIM REPORT
12

9. Other financial liabilities
31 Dec 25
$’000
30 Jun 25
$’000
Current
Foreign currency forward contracts14,4368,182
Non-current
Foreign currency forward contracts11,7994,262
10. Cash and term deposits
31 Dec 25
$’000
30 Jun 25
$’000
Cash at banks and on hand 153,613190,657
Short-term deposits 283,265409,514
Cash and short-term deposits436,878600,171
Other current term deposits460,000500,000
Cash and term deposits896,8781,100,171
Other current term deposits comprise term deposits with a maturity greater than three months and less than twelve months.
Term deposits are presented as cash equivalents in the consolidated statement of cash flows if they have a maturity of less than
three months and are readily convertible to known amounts of cash with no significant risk of changes in value.
For the purposes of the consolidated statement of cash flows, cash and cash equivalents comprise the following:
31 Dec 25
$’000
30 Jun 25
$’000
Cash at banks and on hand 153,613190,657
Short-term deposits 283,265409,514
Cash and short-term deposits436,878600,171
13

11. Reconciliation of after tax profit with net cash flows from operating activities
31 Dec 25
$’000
31 Dec 24
$’000
Net profit for the period8,44783,996
Adjustments for non-cash items:
Depreciation and amortisation10,23814,960
Share-based payments5,7665,040
Net foreign exchange gain(3,972)(3,029)
Gain on termination of lease –(53)
Loss on disposal of subsidiary100,291–
Changes in working capital:
Trade and other receivables(10,888)(15,618)
Prepayments(1,164)(6,276)
Inventories(62,774)(12,915)
Trade and other payables65,15438,472
Tax balances(15,909)(25,780)
Net cash inflow from operating activities95,18978,797
12. Loans and borrowings
31 Dec 25
$’000
30 Jun 25
$’000
Current
Secured:
Bank loans–39,000
–39,000
Non-current
Unsecured:
Loan from MVM’s non-controlling shareholder–38,764
–38,764
All of the loans and borrowings at 30 June 2025 were specific to Mataura Valley Milk Limited (MVM) and were interest bearing.
These were repaid or disposed of as part of the disposal of MVM.
Notes to the interim financial statements
for the six months ended 31 December 2025
14
THE a2 MILK COMPANY
2026 INTERIM REPORT

13. Financial instruments
Carrying amounts versus fair value
The fair values of financial assets and liabilities, together with the carrying amounts shown in the consolidated statement of
financial position, are as follows:
31 Dec 2530 Jun 25
Hierarchy
level
Carrying
amount
$’000
Fair Value
$’000
Carrying
amount
$’000
Fair Value
$’000
Cash and term deposits896,878896,8781,100,1711,100,171
Trade and other receivables92,12392,12392,24692,246
Foreign currency forward contract assets214,12814,12816,20816,208
Listed investment176,56676,56674,17474,174
Unlisted investment32,2272,2272,5252,525
Secured bank loans2––(39,000)(38,853)
Unsecured loan from MVM’s non-controlling shareholder2––(38,764)(3 7,16 4)
Trade and other payables – excluding employee
entitlements and customer contract liabilities(353,565)(353,565)(319,205)(319,205)
Foreign currency forward contract liabilities2(26,235)(26,235)(12,444)(12,444)
702,122702,122875,9118 7 7,6 5 8
Fair value hierarchy
Financial instruments carried at fair value are classified by valuation method based on the following hierarchy:
–Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
–Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly
(i.e. as prices) or indirectly (i.e. derived from prices).
–Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
Carrying amount (equalling fair value) is applied consistently in the current and prior period to assets and liabilities not recognised
in the consolidated statement of financial position at fair value.
Estimation of fair value
The following methods and assumptions are used in estimating the fair values of financial instruments:
–Listed investment – closing share price on NZX.
–Unlisted investment – latest financial information from the public-private partnership.
–Foreign currency forward contracts – calculated by reference to current forward exchange rates for contracts with similar
maturity profiles, adjusted to reflect the credit risk of the various counterparties.
–Loans and borrowings – present value of future principal and interest cash flow, discounted at the market rate of interest at
the reporting date.
–Cash and term deposits, trade and other receivables and payables – carrying amount approximates fair value.
15

Notes to the interim financial statements
for the six months ended 31 December 2025
14. Share capital
Movements in contributed equity:Number of shares$’000
Fully paid ordinary shares:
Balance 30 June 2025724,019,118100
Movements in the period:
Vesting of performance rights1,407,076–
Balance 31 December 2025725,426,194100
Vesting of performance rights: Shares issued to employees participating in Group employee share plans.
As at 31 December 2025, the trustee of the a2MC Group Employee Share Trust held 50,513 of the Company’s shares
(30 June 2025: 508,048 shares) available solely to participants in Group employee share plans.
15. Dividends
Dividends paid during the period are as follows:
31 Dec 2531 Dec 24
Final dividend
Total paid $’00083,424–
Cents per ordinary share11.50–
Imputation
Imputation percentage78.22%–
Imputation credit – cents per ordinary share3.50–
Franking
Franking percentage100%–
Franking credit – cents per ordinary share4.93–
Key dates
Ex-dividend date18 September 2025–
Record date19 September 2025–
Payment date3 October 2025–
Since the end of the year, the Directors have approved the payment of an interim dividend amounting to approximately
$83.4 million, proposed out of retained earnings, but not recognised as a liability at 31 December 2025.
Interim dividend
Cents per ordinary share11.50
Imputation
Imputation percentage0%
Imputation credit – cents per ordinary share–
Franking
Franking percentage100%
Franking credit – cents per ordinary share4.93
Key dates
Ex-dividend date19 March 2026
Record date20 March 2026
Payment date2 April 2026
16
THE a2 MILK COMPANY
2026 INTERIM REPORT

16. Acquisition of subsidiary
Acquisition of Yashili New Zealand Dairy Co., Limited (a2 Pokeno)
On 1 September 2025, the Company completed the acquisition of 100% of the shares in a2 Pokeno, an advanced dairy nutrition
business, located in Pokeno, in the Waikato region of New Zealand.
The transaction consists of the acquisition of a fully integrated nutritional manufacturing site with drying, blending and canning
capabilities. The facility currently holds two registrations with the Chinese State Administration for Market Regulation (SAMR)
and the Company intends to seek regulatory amendments to these two registrations to enable the Company to sell its branded
China Label infant milk formula (IMF) products. If these regulatory amendments are not approved within up to twelve months
from submission, the Company has the right (but not the obligation) to unwind the transaction with the purchase consideration
returned to the Company subject to working capital and other adjustments.
The acquisition forms part of the Group’s broader supply chain transformation strategy and provides greater market access to the
China Label IMF market, strategic control over IMF manufacturing and enhances product development capability and capacity.
The transaction was completed on a debt and cash-free basis for a total gross consideration of $282.0 million, with $144.8 million
paid on closing and the balance of $137.2 million held in escrow pending receipt of necessary regulatory amendment approvals.
Subsequent to completion, working capital and net debt adjustments were finalised with the final net consideration reducing to
$275.0 million (net of cash acquired).
Fair value of identifiable assets and (liabilities) acquired
Fair value recognition
on acquisition
$’000
Cash and cash equivalents6,145
Trade and other receivables11,603
Prepayments937
Inventories22,451
Property, plant and equipment151,821
Right-of-use assets1,290
Intangible assets214
Trade and other payables(12,406)
Lease liabilities(1,337)
Net identifiable assets acquired180,718
Assets and liabilities are measured on a provisional basis. If new information is obtained within one year of the date of acquisition
about facts and circumstances that existed at the date of acquisition that would require adjustment to assets and liabilities, the
accounting for the acquisition may be revised.
Purchase consideration and goodwill on consolidation
$’000
Purchase consideration281,131
Less: Net identifiable assets acquired(180,718)
Goodwill100,413
The net outflow of cash of $274,986,000 as noted on the consolidated statement of cash flows consisted of the cash outflow of
$281,131,000, less cash balances acquired of $6,145,000.
17

Notes to the interim financial statements
for the six months ended 31 December 2025
16. Acquisition of subsidiary (continued)
Goodwill comprises the value of expected synergies arising from the acquisition including access to the China label IMF market,
access to manufacturing margins and the ability to provide capability for product development and supply.
Goodwill is allocated to the cash generating units (CGUs) that are expected to benefit from the synergies of the business
combination. Therefore, total goodwill of $100,413,000 has been allocated to the China and Other Asia CGU as substantially all of
the synergies from this acquisition will benefit this CGU.
For the four months ended 31 December 2025 a2 Pokeno contributed revenue of $16,638,000 and an after-tax loss of $10,425,000.
Recognition and measurement
Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of
the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in
the acquiree.
Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount
recognised for non-controlling interests, over the net of the acquisition-date amounts of the identifiable assets acquired and the
liabilities assumed.
Acquisition-related costs are expensed as incurred and included in profit or loss as Other expenses.
When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and
designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date.
17. Disposal of subsidiary and discontinued operation
On 31 October 2025, the Company disposed of its 75% controlling interest in Mataura Valley Milk (MVM), a dairy nutrition business,
located in Southland, New Zealand. The disposal was consequential to the Company’s acquisition of a2 Pokeno, and follows the
Group’s broader supply chain transformation which has been noted in Note 16.
As part of the same transaction China Animal Husbandry Group disposed of its 25% minority shareholding in MVM.
The transaction was completed on a debt and cash-free basis for a net consideration of $110.3 million for the Company’s 75% share
of MVM, including initial working capital adjustments and net of cash disposed. The final consideration will be determined
after adjusting for milk payables based on the 2025/2026 final farmgate milk price which is expected to be announced around
September 2026. This adjustment is not expected to be material.
Accordingly, MVM was classified as a discontinued operation on the consolidated statement of comprehensive income and is no
longer presented as a separate segment in Note 2 Operating segments.
18
THE a2 MILK COMPANY
2026 INTERIM REPORT

17. Disposal of subsidiary and discontinued operation (continued)
Loss from discontinued operation
MVM's results, which have been included as part of the loss from the discontinued operation were as follows:
31 Dec 25
$’000
31 Dec 24
$’000
Sales29,27557, 3 8 5
Cost of sales(29,966)(75,167)
Gross margin(691)(17,7 8 2)
Distribution expenses(223)(76)
Marketing expenses(2)(17)
Administrative and other expenses(4,829)(4,001)
Operating loss (5,745)(21,876)
Interest income7025
Finance costs(1,224)(1,422)
Net finance costs(1,154)(1,397)
Loss before tax(6,899)(23,273)
Income tax benefit6,2734,783
Loss for the period from discontinued operation(626)(18,490)
Cash flow hedges fair value loss(1,457)( 7, 3 8 3)
Other comprehensive income for the period from discontinued operation(1,457)( 7, 3 8 3)
Net cash flows of discontinued operation
31 Dec 25
$’000
31 Dec 24
$’000
Net cash outflow from operating activities (2,968)(24,526)
Net cash outflow from investing activities(108)(1,619)
Net cash (outflow)/inflow from financing activities(39,302)2 7, 52 8
Total net cash (outflow)/inflow of discontinued operation(42,378)1,383
Earnings per share of discontinued operation
31 Dec 2531 Dec 24
Basic (cents per share)(13.96)(1.49)
Diluted (cents per share)(13.96)(1.49)
19

Notes to the interim financial statements
for the six months ended 31 December 2025
17. Disposal of subsidiary and discontinued operation (continued)
Net loss on the disposal of discontinued operation
Details of the net loss on the disposal of MVM are as follows:

31 Dec 25
$’000
Consideration received111,252
Less: cash disposed(4,976)
Cash consideration per the consolidated statement of cash flows 106,276
Consideration received subsequent to period end3,993
Total consideration net of cash disposed at 31 December 2025110,269
Less: other net assets disposed(1 8 7, 5 0 0)
Less: non-controlling interests disposed(23,060)
Less: incremental disposal costs(2,76 4)
Loss on disposal(103,055)
Reconciliation of total loss on discontinued operation to the consolidated statement of comprehensive income

31 Dec 25
$’000
31 Dec 24
$’000
Loss for the period from discontinued operation(626)(18,490)
Loss on disposal of discontinued operation(103,055)–
Total loss from discontinued operation(103,681)(18,490)
20
THE a2 MILK COMPANY
2026 INTERIM REPORT

18. Share-based payments
Long-term incentives (LTI)
The LTI plan is designed to retain and motivate senior management to achieve the Group’s long term strategic goals by providing
rewards that align the interests of management with shareholders.
During the period the Board authorised the issue of 1,443,880 performance rights to senior management under the LTI plan.
The performance rights vest subject to:
–Continuing employment; and
–Achieving the following performance hurdles over the performance periods:
Revenue CAGR hurdles
Performance rights grants:Performance periodEPS CAGR50% vest85% vest100% vest
FY26 plan
1,443,880 rights3 years to 30 June 202810%4%6%8%
Both the minimum EPS CAGR (compound annual growth in reported diluted earnings per share) and minimum Revenue CAGR
(compound annual growth in reported revenue from continuing operations) must be achieved for any vesting of performance
rights. The minimum vesting proportion is 50%; thereafter, vesting is on a straight-line basis between 50% and 85% vesting and
between 85% and 100% vesting.
EPS CAGR and Revenue CAGR are derived from the annual report of the Company for the relevant financial years and are subject
to adjustment to remove the impact of material items as the Board may determine in its absolute discretion to normalise results
(up or down) to more appropriately reflect underlying performance. Without limitation, adjustments may be made to exclude
the impact of unusual or one-off items, discontinued operations, impairment charges, acquisitions and disposals, and capital
management.
No amount is payable upon vesting of the performance rights and conversion to shares. Each exercised right is an entitlement to
one fully paid ordinary share in the Company.
Fair value of performance rights
The fair value of services received in return for performance rights granted to employees is measured by reference to the fair value
of the rights granted. The estimate of the fair value of the services received is measured by reference to the vesting conditions
specific to the grant based on a simplified Black-Scholes option pricing model.
Performance rights granted during the period and assumptions
Grant date9 Oct 258 Dec 25
Fair value at measurement date$9.20$9.44
Performance rights life2.9 years2.7 y e a r s
Amounts recognised in the consolidated statement of comprehensive income
During the period a $5,766,000 expense was recognised in the consolidated statement of comprehensive income for equity settled
share-based payment awards (2024: $5,040,000).
21

19. Contingent liabilities
The Company is the defendant in a group proceeding in the Supreme Court of Victoria, jointly conducted by Slater & Gordon
Lawyers and Shine Lawyers (the Australian Proceedings). The Australian Proceedings, now consolidated, were commenced in
October and November 2021 respectively. The Australian Proceedings relate to the period from 19 August 2020 to 9 May 2021
inclusive (Relevant Period) and makes allegations that the Company engaged in misleading and deceptive conduct and breached
its disclosure obligations by failing to disclose certain information to the market. The claim is said to be brought on behalf of
shareholders who acquired an interest in fully paid ordinary shares in the Company: (1) during the Relevant Period; or (2) prior to
19 August 2020 and retained those shares until a date after 28 September 2020.
The claim makes allegations under both Australian and New Zealand law. On 28 November 2022, the Supreme Court of Victoria
ruled that it has jurisdiction to hear and determine the claims brought under New Zealand law. On 18 May 2022, the Company
announced that a representative proceeding had been filed in the High Court of New Zealand which names the Company as the
defendant (the New Zealand Proceeding). The New Zealand Proceeding, filed by Thorn Law and funded by CHC Investment Fund III
Pty Limited relates to the same period (19 August 2020 to 9 May 2021) and makes allegations under New Zealand law only which
are substantially the same as those advanced in the Australian Proceedings.
On 28 April 2025 the Company was notified that Hamilton Locke (NZ) Limited became solicitor on the record in the New Zealand
Proceedings. The claim is commenced on behalf of group members who acquired an interest in ordinary shares in the Company on
the ASX and/or the NZSX: (1) during the Relevant Period; and (2) prior to the Relevant Period and continued to hold some or all of
those shares for part or all of the Relevant Period; and (3) those who fall into both categories (1) and (2).
The Company filed an interlocutory application for a stay of the New Zealand Proceeding under the Trans-Tasman Proceedings
Act 2010 (NZ) on 23 June 2022. On 23 January 2023, the Auckland High Court granted the Company’s application for a stay of the
New Zealand Proceeding, pending judgment on liability or a final settlement of the Australian Proceedings, whichever occurs first.
The Company filed its defence in the Australian Proceedings on 8 November 2022 and, in response to a further amended pleading
filed on 1 September 2025, an amended defence on 10 October 2025. The Company has not filed a defence in the New Zealand
Proceeding, which is stayed.
The plaintiffs and the Company filed their evidence in the Australian Proceedings in 2025, with some further evidence in reply due
from the plaintiffs on 6 March 2026. The matter has been listed for a further case management conference on 8 May 2026. A trial
has been set for a period of seven weeks commencing on 2 June 2026.
The Company considers that it has at all times complied with its disclosure obligations and has no present obligation in relation to
this claim, denies any liability and will vigorously defend the proceedings.
The claims of group members have not yet been and are not required to be quantified. Based on the current status of the
Australian Proceedings and the New Zealand Proceeding, it is not practicable to provide: (a) an estimate of the financial effect;
(b) an indication of the uncertainties relating to the amount or timing of any outflow; or (c) the possibility of any reimbursement.
20. Subsequent events
The directors approved the payment of an interim dividend of 11.50 cents per share, amounting to approximately $83.4 million.
Refer to Note 15 for details.
No other matters or circumstances have arisen since the end of the period which have significantly affected or may significantly
affect the operations, the result of these operations or state of affairs of the Group in subsequent periods.
Notes to the interim financial statements
for the six months ended 31 December 2025
22
THE a2 MILK COMPANY
2026 INTERIM REPORT

Auditor’s review report
for the six months ended 31 December 2025
A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation



Ernst & Young
200 George Street
Sydney NSW 2000 Australia
GPO Box 2646 Sydney NSW 2001
Tel: +61 2 9248 5555
Fax: +61 2 9248 5959
ey.co m/a u

Independent auditor’s review report to the shareholders of The a2 Milk
Company Limited

Report on the review of the interim financial statements
Conclusion
We have reviewed the interim condensed financial statements of The a2 Milk Company Limited (“the
Company”) and its subsidiaries (together “the Group”) which comprise the consolidated statement of
financial position as at 31 December 2025, and the consolidated statement of comprehensive income,
consolidated statement of changes in equity and consolidated statement of cash flows for the period
ended on that date, and explanatory notes. Based on our review, nothing has come to our attention
that causes us to believe that the accompanying interim financial statements of the Group do not
present fairly, in all material respects the financial position of the Group as at 31 December 2025, and
its financial performance and its cash flows for the period ended on that date, in accordance with New
Zealand Equivalent to International Accounting Standard 34: Interim Financial Reporting (NZ IAS 34)
and International Accounting Standard 34: Interim Financial Reporting (IAS 34).
This report is made solely to the Company’s shareholders, as a body. Our review has been undertaken
so that we might state to the Company’s shareholders those matters we are required to state to them
in a review report and for no other purpose. To the fullest extent permitted by law, we do not accept
or assume responsibility to anyone other than the Company and the Company’s shareholders as a
body, for our review procedures, for this report, or for the conclusion we have formed.
Basis for conclusion
We conducted our review in accordance with NZ SRE 2410 (Revised) Review of Financial Statements
Performed by the Independent Auditor of the Entity. Our responsibilities are further described in the
Auditor’s responsibilities for the review of the financial statements section of our report. We are
independent of the Group in accordance with the Professional and Ethical Standard 1 International
Code of Ethics for Assurance Practitioners (including International Independence Standards) (New
Zealand) as applicable to audits and reviews of public interest entities. We have also fulfilled our other
ethical responsibilities in accordance with Professional and Ethical Standard 1.
Ernst & Young provides sustainability reporting advisory and assurance services to the Group.
Partners and employees of our firm may deal with the Group on normal terms within the ordinary
course of trading activities of the business of the Group. We have no other relationship with, or
interest in, the Group.
Directors’ responsibility for the interim financial statements
The directors are responsible, on behalf of the Entity, for the preparation and fair presentation of the
interim financial statements in accordance with NZ IAS 34 and IAS 34 and for such internal control as
the directors determine is necessary to enable the preparation and fair presentation of the interim
financial statements that are free from material misstatement, whether due to fraud or error.

23

Auditor’s review report
for the six months ended 31 December 2025
A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation



Auditor’s responsibilities for the review of the interim financial statements
Our responsibility is to express a conclusion on the interim financial statements based on our review.
NZ SRE 2410 (Revised) requires us to conclude whether anything has come to our attention that
causes us to believe that the interim financial statements, taken as a whole, are not prepared in all
material respects, in accordance with NZ IAS 34 and IAS 34.
A review of interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited
assurance engagement. We perform procedures, consisting of making enquiries, primarily of persons
responsible for financial and accounting matters, and applying analytical and other review procedures.
The procedures performed in a review are substantially less than those performed in an audit
conducted in accordance with International Standards on Auditing (New Zealand) and consequently do
not enable us to obtain assurance that we would become aware of all significant matters that might be
identified in an audit. Accordingly, we do not express an audit opinion on those interim financial
statements.
The engagement partner on the review resulting in this independent auditor’s review report is Glenn
Maris.


Ernst & Young
Sydney
15 February 2026




24
THE a2 MILK COMPANY
2026 INTERIM REPORT

Corporate directory
Company
The a2 Milk Company Limited
New Zealand share registry
MUFG Pension & Market Services Limited
PO Box 91976
Victoria Street West
Auckland 1142
New Zealand
Telephone: +64 9 375 5998
Australian share registry
MUFG Corporate Markets (AU) Limited
Locked Bag A14
Sydney South NSW 1235
Australia
Telephone: +61 1300 554 474
Registered offices
Level 17
51 Shortland Street
Auckland 1010
New Zealand
Level 4
182 Blues Point Road
McMahons Point NSW 2060
Australia
Telephone: +61 2 9697 7000
Auditor
Ernst & Young
200 George Street
Sydney NSW 2000
Australia
Corporate website
thea2milkcompany.com
Company Secretary
Jaron McVicar
Company Directors
Pip Greenwood (Chair and Independent, Non-Executive Director)
David Bortolussi (Managing Director and CEO)
Grant Dempsey (Independent, Non-Executive Director) – appointed 1 September 2025
Lain Jager (Independent, Non-Executive Director)
Kate Mitchell (Independent, Non-Executive Director)
Tonet Rivera (Independent, Non-Executive Director)
Sandra Yu (Independent, Non-Executive Director)
25

Australian Registered Body Number 158 331 965 – Incorporated in New Zealand
thea2milkcompany.com

---

NZX Code: ATM
ASX Code: A2M


16 February 2026
NZX/ASX Market Release

1H26 Results Media Release


The a2 Milk Company (“the Company”, “a2MC”) today reported strong first half
1
financial and operational results and upgraded
FY26 full year guidance.

1H26 Results
2,3

1. Strong revenue and EBITDA growth with underlying
4
EBITDA % margin improvement
2. Achieved Infant Milk Formula (IMF) revenue growth of 13.6%, driven by:
- English label IMF growth of 20.9%, with growing contribution from a2 Genesis™ and new markets
- China label IMF growth of 6.5%, achieving record market share
3. Accelerated Other Nutritionals growth of 42.9%
5
, through recent kids and seniors product innovation, entered paediatric
supplements category and developed new kids fortified UHT product for launch in 2H26
4. Delivered strong growth in Liquid Milk of 18.5%, driven by core products and lactose free and grassfed innovations
5. Advanced supply chain transformation with completion of a2 Pokeno acquisition, Mataura Valley Milk divestment and
long-term Fonterra milk supply agreement – enabling a2MC to build a higher growth, more profitable and lower risk
end-to-end-business. Key transformation streams, including the China label registration amendment process and a2
Pokeno facility and capability upgrades are on track
6. Upgraded FY26 outlook driven by strong performance across all segments and products

Key financials and FY26 outlook
2,3,6

• Revenue up 18.8% to $993.5 million, driven by strong performance across all segments and products, with growth
primarily from core products supported by recent innovation and slightly benefiting from FX and a2 Pokeno sales
• China & Other Asia segment revenue up 20.3%, ANZ up 8.6% and USA up 29.0%
• EBITDA up 18.4% to $155.0 million, with underlying
4
EBITDA up 25.9%
• EBITDA % margin of 15.6% consistent with prior year, with underlying
4
EBITDA % margin of 16.6% up 0.9ppts
• Net profit after tax (NPAT) up 9.4% to $112.1 million, with underlying
4
NPAT up 19.6%
• Basic earnings per share (EPS) up 9.2% to 15.5 cents, with underlying
4
EPS up 19.4% to 16.9 cents
• Closing cash of $896.9 million, with operating cash conversion of 90.8%
7

• Interim dividend of 11.5 cents per share declared, unimputed and fully franked (~74% NPAT payout)
• FY26 revenue growth guidance increased from low double-digit
8
percent to mid double-digit
8
percent with improved
EBITDA % margin range expected (see full FY26 Outlook in the “1H26 Interim Results Commentary and Outlook”
announcement)


1
All references to full year (FY), halves (H) and quarters (Q) relate to the Company’s financial year, ending 30 June.
2
All references to financials and related metrics are on a continuing operations basis (ie exclude Mataura Valley Milk), unless otherwise stated.
3
All comparisons are with the 6 months ended 31 December 2024 (1H25), unless otherwise stated.
4
Underlying results represent the Group’s reported results excluding a2 Pokeno losses which reflect temporarily low production volumes ahead of the
a2 Platinum™ transition in 1H27 and one-off transformation costs associated with the transaction, separation, integration and transition. a2 Pokeno’s 1H26
losses, including transformation costs are as follows: EBITDA loss of $9.8 million and NPAT loss of $10.4 million.
5
Excludes 1H26 a2 Pokeno external ingredient revenue of $16.6 million.
6
All figures are in New Zealand Dollars (NZ$), unless otherwise stated.
7
Operating cash conversion defined as net cash flow from operating activities before interest and tax divided by EBITDA.
8
Double-digit refers to the range 10% to 20%.

2

Results CEO commentary
The a2 Milk Company’s Managing Director and CEO, David Bortolussi said:
• “We continue to execute our growth strategy with a focus on maximising opportunities in China infant milk formula,
adjacent categories and new markets.”
• “The Company’s strong performance in the half has enabled us to upgrade our FY26 full year guidance and declare an
interim dividend at the higher end of our policy range.”
• “Our upgraded outlook means we are now on track to achieve our $2 billion medium term sales ambition in FY26, a full
year ahead of plan. This is testament to the execution of our team and the strength of the a2™ brand.”
• “Infant milk formula remains central to our growth strategy and continues to outperform the China market, delivering
13.6% year-on-year revenue growth.”
• “Our liquid milk businesses continue to perform exceptionally well in Australia and the US, with both achieving double-
digit revenue growth as more consumers embrace the benefits of a2 Milk™.”
• “Recently launched kids and seniors nutrition products have accelerated our growth in Other Nutritionals, strengthening
our position in these growing and exciting categories.”
• “Our commitment to innovation has delivered a new range of China label paediatric supplements, now launching into a
rapidly growing market with around NZ$8 billion
9
in retail sales value – a highly attractive adjacency to our core infant
milk formula business opening up another growth platform.”
• “The supply chain transactions completed in the half will enable us to build a higher growth, more profitable and lower
risk end-to-end business over time. We’re very pleased with the early progress following completion, with all key
transformation streams progressing in line with, or ahead of plan.”



Authorised for release by the Board of Directors

David Bortolussi
Managing Director and Chief Executive Officer
The a2 Milk Company Limited



For further information, please contact:



9
Source: Online market size based on Smart Path paediatric supplement online market tracking: DOL + CBEC platforms; offline market size based on channel split
from Kantar Worldpanel China Household Panel and management estimates.

Investors / Analysts
Chante Mueller
Head of Investor Relations
M +61 400 374 133
chante.mueller@a2milk.com



Media – New Zealand
Barry Akers
M +64 21 571 234
barryakers9@gmail.com
Media – Other markets
Rick Willis
M +61 411 839 344
rick@networkfour.com.au

---

NZX Code: ATM
ASX Code: A2M



16 February 2026
NZX/ASX Market Release

1H26 Interim Results Commentary and Outlook

Group financial performance
1,2,3,4

The a2 Milk Company (“the Company”, “a2MC”) announces strong financial and operational results for the 6 months ended
31 December 2025 and upgraded FY26 full year guidance. Key results are as follows:

Continuing operations ($NZ million) 1H26 1H25 Variance (%)
Revenue 993.5 836.5 18.8%
EBITDA
5
155.0 130.9 18.4%
Underlying
6
EBITDA 164.8 130.9 25.9%
Net profit after tax (NPAT) 112.1 102.5 9.4%
Underlying
6
NPAT 122.6 102.5 19.6%
Basic earnings per share (cents) 15.5 14.2 9.2%
Underlying
6
basic earnings per share 16.9 14.2 19.4%
Net cash
7
(total reported) 896.9 1,014.0 (11.6%)
Interim dividend (NZ cents per share) 11.5 8.5 35.3%

Revenue grew 18.8% to $993.5 million, driven by strong performance across all segments and product categories, with
growth primarily from core products supported by recent innovation. First half growth also benefited modestly from FX
(~2ppts) and the inclusion of 1H26 weighted a2 Pokeno external ingredient sales (2.0ppts). The China & Other Asia segment
was up 20.3%, led by English label Infant Milk Formula (IMF) and Other Nutritionals growth. USA segment sales were up
29.1% due to core and Grassfed liquid milk growth, whilst ANZ segment sales were up 8.8% driven by Australian liquid milk
growth, with Daigou channel sales stabilised.
From a product category perspective, total IMF sales grew 13.6%, underpinned by strong brand health and effective sales
execution. English label revenue grew 20.9% driven by strong performance within the CBEC and O2O
8
channels (up 23.9%),
supported by continued growth in the overall English label market and ongoing premiumisation. China label sales were up
6.5%, achieving record market share in key channels, driven by strong execution across online and offline channels plus
favourable FX.
Liquid Milk sales grew 18.5%, with ANZ up 11.9% and USA up 29.3% driven by growth in the core portfolio and from recent
product innovation in both markets. Growth in Other Nutritionals accelerated with sales increasing 42.9% (excluding a2
Pokeno external ingredient sales), with growing contributions from kids and seniors fortified milk powder products that were
launched in FY25. The Other Nutritionals portfolio consists of non-IMF powdered a2 Milk™ products, China & Other Asia liquid
milk products and limited a2 Pokeno external ingredient sales.

1
All references to financials and related metrics are on a continuing operations basis (ie exclude Mataura Valley Milk), unless otherwise stated.
2
All references to full year (FY), halves (H) and quarters (Q) relate to the Company’s financial year, ending 30 June.
3
All figures are in New Zealand Dollars (NZ$), unless otherwise stated.
4
All comparisons are with the 6 months ended 31 December 2024 (1H25), unless otherwise stated.
5
EBITDA is a non-GAAP measure and does not have a standardised meaning prescribed by GAAP. However, the Company believes that in combination with
GAAP measures, it assists in providing investors with a comprehensive understanding of the underlying operational performance of the business. A
reconciliation of EBITDA to net profit after tax is shown in the Company’s 2026 Interim Results Investor Presentation (slide 38) dated 16 February 2026.
6
Underlying results represent the Group’s reported results excluding a2 Pokeno losses which reflect temporarily low production volumes ahead of the
a2 Platinum™ transition in 1H27 and one-off transformation costs associated with the transaction, separation, integration and transition. a2 Pokeno’s 1H26
losses are as follows: EBITDA loss of $9.8 million and NPAT loss of $10.4 million.
7
Including term deposits and 1H25 MVM borrowings, excluding 1H25 MVM subordinated non-current shareholder loans.
8
Cross-border e-Commerce and Offline-to-Online channels.

2
Gross margin percentage
9
of 48.9% was down 1.1ppts due to expected manufacturing losses at a2 Pokeno, which is currently
under-utilised ahead of the planned a2 Platinum™ transition from Synlait in 1H27 that will significantly increase production
levels and improve financial results. Excluding a2 Pokeno, gross margin % was slightly up, reflecting lower IMF ingredient costs
and net FX benefit.
Distribution costs were marginally higher as a percentage of net sales revenue at 3.3% (1H25 3.2%) due to higher freight rates
and increased liquid milk volumes.
Marketing investment of $168.3 million was up 15.4%, driving brand health to record levels, and supporting new user
recruitment and innovation. Due to the second half weighting of FY26 marketing expenses, the 1H26 re-investment rate was
slightly down. China marketing continues to make-up the vast majority of the Group’s investment, accounting for
approximately 90% of total 1H26 marketing expenses.
Administrative and other expenses (SG&A) declined as a percentage of revenue, down 0.3ppts to 14.0%, reflecting improved
operating leverage. In absolute terms, SG&A increased by 16.0% to $139.5 million primarily due to investment in capability to
support China growth and supply chain initiatives, including planned a2 Pokeno transformation costs (transaction, separation,
integration and transition costs).
EBITDA increased 18.4% to $155.0 million, with EBITDA % margin consistent with prior year at 15.6%. Excluding a2 Pokeno
operating losses and transformation costs, underlying
6
EBITDA was up 25.9% to $164.8 million with underlying
6
EBITDA %
margin of 16.6%, up 0.9ppts on 1H25.
Depreciation and amortisation increased $3.6 million to $8.7 million following the acquisition of a2 Pokeno. Net interest
income was lower due to lower market rates and net transaction cash outflows, and the effective tax rate improved to 31.0%
(1H25: 31.9%) due to reduced US losses and utilisation of a2 Pokeno losses.
NPAT from continuing operations increased by 9.4% to $112.1 million and was up 19.6% on an underlying
6
basis. Basic
earnings per share (EPS) from continuing operations of 15.5 cents was up 9.2% and was up 19.4% to 16.9 cents on an
underlying
6
basis. Total reported NPAT was $8.4 million including losses from discontinued operations of $103.7 million that
was almost solely due to the Mataura Valley Milk (MVM) non-cash divestment loss.
The Company’s balance sheet remains strong with closing net cash of $896.9 million, down $164.3 million versus June 2025
due to net supply chain transaction outflows of $168.7 million (a2 Pokeno acquisition, net of MVM divestment). Operating
cash inflows (excluding interest and tax) were $140.7 million, representing operating cash conversion of 91%
10
(1H25: 106%)
in line with expectations, impacted by the inventory rebuild following Synlait’s manufacturing challenges, which lowered IMF
inventory levels as at June 2025 and through 1H26. By December 2025, IMF inventory had partially recovered towards target
levels, with total inventory of $173.4 million, up 24.6% from June 2025.

Regional and product performance
1. China & Other Asia
The overall China IMF market grew by 3.6%
11
in 1H26, supported by higher CY24 births resulting in Stage 1 volumes growing
by mid single-digit rates. Total market Stage 2 volumes grew at double-digit rates, while Stage 3 stabilised. CY25 newborns of
7.92 million
12
declined 17%, cycling a peak CY24 birth year boosted by the Dragon year and deferred COVID births. CY26
newborns are expected to be supported by a recovery in marriage rates seen in CY25
13
and by a greater focus on birth rate
stabilisation which is explicitly listed as a China Central Government priority in 2026
14
.
a2MC’s China & Other Asia segment revenue grew by 20.3% to $739.0 million driven by IMF sales growth of 14.5% and Other
Nutritionals sales growth of 84.5%, with segment EBITDA up 13.2% to $167.6 million
15
. a2MC remains a top-4 brand in the
China IMF market with overall market share of 8.2% up 0.2ppts on FY25 (8.0%)
16
.
China label IMF
China label IMF sales grew by 6.5% to $324.9 million, supported by market growth (up 1.9% on 1H25
17
) and favourable FX.
The Company’s China label IMF market share was approximately 5.6%
18
(up 0.1ppts on FY25) with strong execution
performance across online and offline channels leading to record market share in both channels.

9
Gross margin percentage is calculated as sales less cost of goods sold, divided by sales.
10
Operating cash conversion defined as net cash flow from operating activities before interest and tax divided by EBITDA.
11
Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key&A + BCD cities) for the 26 weeks ended 26 December 2025. Kantar
had two rounds of panel updates in March and June 2025 and restated historical data, and is due to restate 2025 market data in March 2026.
12
China National Bureau of Statistics.
13
China Ministry of Civil Affairs. Number of marriage registrations grew by 11% in 2025 versus 2024.
14
China Central Economic Work Conference for 2026.
15
Includes a2 Pokeno EBITDA loss of $9.8 million.
16
Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key&A + BCD cities), MAT.
17
Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key&A + BCD cities) for the 26 weeks ended 26 December 2025.
18
Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key&A + BCD cities), MAT.

3
a2MC’s channel and market share performance was supported by strong new user recruitment in FY25 now cycling into later
stages. The Company’s total MBS
19
market share increased 0.3ppts on FY25 to 4.0%
20
, with accelerated share gains in Key&A
cities up 0.7ppts to 7.7% and market share in BCD cities increasing to 3.4% in line with the Company’s focus on continued
expansion into lower tier cities. Steady share growth in online channels resulted in a2MC’s DOL
19
market share reaching a new
high of 4.4%
21
, up 0.2ppts on FY25.
English label IMF
22

English label IMF continues to grow with a2MC English label sales in the China & Other Asia segment of $320.2 million, up
23.9%. a2MC’s English label performance was supported by overall market expansion, growth in combined CBEC and O2O
channels and innovation. The English label market maintained its positive momentum, growing by 12.1%
23
in 1H26 driven by
higher volumes and premiumisation, gaining share within the total IMF category and now accounting for 21% of the total IMF
market in the half, but below pre-COVID levels of 28% in FY19. While English label represents a smaller proportion of the IMF
market, a2MC remains well positioned to benefit from this segment’s growth given its position as the second largest brand in
the English label market with just under 20% market share
24
.
The rapid growth of HMO
25
and specialty product segments continues to be a key driver of the English label market with
consumers adopting English label products due to ingredients and specialised formulations not widely available in China label.
To capitalise on this growing market opportunity, the Company launched its most premium English label IMF product, a2
Genesis™ into the Hong Kong market and CBEC channel in January 2025 followed by a marketing campaign during 4Q25 and
further significant investment in 1H26 to build awareness. a2 Genesis™ sales continue to build month-on-month with a2
Genesis™ now representing 6%
26
of a2MC CBEC channel consumer sales in 1H26. More than 50% of a2 Genesis™ sales are for
early-stage product (Stages 1 and 2) which supports future potential. The Company continues to invest in dedicated a2
Genesis™ marketing and is focussed on further expansion into selected O2O channels to expand consumer awareness,
consideration and trial.
In 1H26, the Company continued to advance its emerging markets strategy, executing in Vietnam and South Korea while
assessing expansion opportunities in other markets in Southeast Asia and the Middle East. In 1H26 English label distribution in
Vietnam expanded significantly, with a2™ branded IMF and Other Nutritionals products now ranged in over 1,000 MBS stores,
with initial listings commencing across National Key Accounts and e-commerce platforms.
Other Nutritionals
Other Nutritionals revenue in the China & Other Asia segment increased 84.5% to $93.8 million, driven by recent innovation
launches. In 1H25, the Company introduced three China label seniors fortified milk powder products targeting key health
needs including immunity, bone, gut and heart health. This was followed in 2H25 by the launch of a new kids fortified milk
powder product for ages 3+, supporting immunity, eye health and brain development. In FY26, these kids and senior milk
powder products are showing positive momentum, resonating well with consumers and creating incremental growth
opportunities beyond IMF, supported by strong consumer trust and equity of the a2™ brand.
The Company continued to progress its innovation pipeline, developing a new China label kids fortified UHT product and
paediatric supplements range launched in 3Q26. Near term supplement sales are not expected to be material, however, the
longer-term potential of the category and growth platform for a2MC could be significant.
Other Nutritionals revenue also includes $16.6 million of a2 Pokeno external ingredient revenue, largely consisting of whole
milk powder and cream.

2. Australia and New Zealand
Australia and New Zealand (ANZ) segment reported revenue of $171.3 million, up 8.6% and EBITDA of $33.2 million, up
12.6%. The result was primarily driven by growth in the Australian liquid milk business achieving double-digit sales growth of
11.9%, with English label IMF sales stabilised through the Daigou and ANZ channels.
English label IMF and Other Nutritionals
ANZ IMF sales increased to $41.2 million, up 1.7% on 1H25. Daigou channel sales were relatively flat, with a2 Gentle Gold™
driving sales growth in retail channels. English label IMF focus remains on the CBEC and O2O channels, however the Company
continues to support the Daigou channel through marketing support and trade activations. Other Nutritionals sales were up
6.5%.

19
MBS: Mother & Baby Store channel; DOL: Domestic Online.
20
Nielsen MBS retail measurement service: mother and baby stores only retail sales (by value), MAT.
21
Smart Path China IMF online market tracking: for DOL only retail value share, MAT.
22
English label IMF includes sales via CBEC, O2O, emerging markets and Hong Kong resellers.
23
Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key&A + BCD cities) for the 26 weeks ended 26 December 2025.
24
Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key&A + BCD cities), MAT.
25
Human milk oligosaccharides.
26
Smart Path China IMF online market tracking: CBEC platform sales (by value).

4
Liquid Milk
Australian liquid milk sales were up 11.9% to $116.1 million, with growth from both the core a2 Milk™ range and a2 Milk™
Lactose Free. The Australian dairy milk category returned to modest growth, with market value up 2.0%
27
driven by pricing,
and volumes up 1.0%, led by continued strength in lactose free (+9.5%). Against this backdrop, a2 Milk™ outperformed the
category, delivering further market share gains with liquid milk value share increasing 0.3ppts to 11.5%. Performance was
driven by a2 Milk™ Lactose Free, which achieved a record MAT value share of 20.6%
28
. Subsequent to the half a2MC became
the first ever dairy milk partner of the Australian Open, participating in the AO26 with strong results from its first campaign.
During the period, the Company completed the final stage of commissioning upgrades at the Kyabram processing facility in
partnership with KyValley Dairy Group, strengthening operational capability.

3. USA
USA grew revenue by 29.0% to $83.2 million delivering ongoing profitability improvement with a lower EBITDA loss of $3.4
million (1H25: $4.9 million), primarily achieved through revenue growth and a continued focus on cost.
Revenue growth was driven by sustained a2 Milk™ volume growth in the Grocery and Mass channels, plus increasing
contributions from the Grassfed range and Club channel. a2MC’s market value share in the premium milk category for the
Grocery channel increased to 2.5% (up from 2.2%)
29
reflecting increased household penetration and consumption.
IMF sales in 1H26 under the current US FDA Enforcement Discretion were not material. a2MC’s IMF FDA submission remains
under review and is progressing.
Recently announced new Dietary Guidelines for Americans, which emphasise the importance of full fat dairy, is an
opportunity for category expansion and supports future growth.

Supply chain transformation
In August 2025, the Company announced
30
the acquisition of a world-class fully integrated nutritional manufacturing facility in
Pokeno with two existing China label product registrations. Concurrently, the Company announced the divestment of MVM
to optimise its asset footprint, capacity utilisation and financial performance. Both transactions were completed during the
half, with $275 million of purchase consideration for a2 Pokeno and $110 million of proceeds from the sale of MVM (net $165
million). In addition, the Company entered into a long-term agreement with Fonterra for the supply of A1 protein-free milk
from the North Island in New Zealand.
These combined transactions substantially advance the Company’s supply chain transformation programme by securing
greater market access to the ~$23 billion
31
China label IMF market and strategic control over related registrations, supporting
growth in the Company’s core IMF business through an expanded product portfolio and innovation, accelerating the
development of a2MC’s advanced nutrition manufacturing capability, optimising the asset footprint and generating attractive
financial returns.
Prior to the a2 Pokeno acquisition, a dedicated Transformation Office was established to provide governance, planning and
execution support to the a2 Pokeno transformation, which includes transition, integration and expansion related initiatives.
Key transformation initiatives at a2 Pokeno are progressing as planned, including China regulatory processes, early blending
and canning trials, capital investment activities, ERP upgrade design work and product development planning. Targeted
recruitment in manufacturing leadership and operations is well progressed to support execution.
Overall, the programme is tracking well, with some areas ahead of plan.

Sustainability
The Company increased funding to NZ$800,000 for its a2™ Farm Sustainability Fund across ANZ for the 2026 round to support
sustainability projects that demonstrate an integrated approach to deliver a meaningful impact across climate, nature, cows,
and community. In 1H26 the Company developed an emissions reduction implementation plan which is to be supported by
the collection of real on-farm data. With the integration of the a2 Pokeno manufacturing facility, the Company has taken
initial steps to investigate transitioning the site’s gas boiler to a renewable energy source, and more broadly identified the
opportunity to introduce an Environmental Management System to track relevant metrics across its owned manufacturing
facilities. To support delivery against its packaging targets, the Company has developed a comprehensive packaging database
and continued to investigate Extended Producer Responsibility (EPR) schemes in the markets where its products are sold.

27
IRI Australian Grocery Weighted Scan, MAT to 28 Dec 2025 vs. MAT to 28 Dec 2024.
28
IRI Australian Grocery Weighted Scan, MAT basis to 28 Dec 2025.
29
SPINS data for the Grocery channel, MAT.
30
Refer FY25 Results & Supply Chain Transformation update presentation dated 18 August 2025.
31
Source: FY25 Retail sales value market size based on a2MC internal estimation approach, which may be adjusted year-to-year, and which may result in
market size not being directly comparable across periods.

5
Dividends
The Company has declared an interim dividend of 11.5 cents per share (unimputed and fully franked) representing ~74% of
NPAT from continuing operations, at the higher end of the Company’s dividend policy range of 60% to 80% of normalised
NPAT. This equates to approximately $83.4 million, to be paid to shareholders on 2 April 2026.
As previously announced, the Board intends to declare a $300 million special dividend, subject to regulatory approvals being
received in connection with amendments to the two existing a2 Pokeno China label registrations for use under the a2MC
brand. The amendment process is currently underway and is progressing well.
The special dividend is expected to be unimputed (due to lack of available imputation credits) and fully franked.

FY26 Outlook
The Company continues to perform well with revenue trending ahead of previous expectations across all segments and
products. As a result, FY26 guidance has improved from the Company’s prior outlook statement provided on 20 November
2025.
On a continuing operations basis, the Company now expects the following for FY26:
• Revenue growth of mid double-digit
32
percent versus FY25 continuing operations
33

• EBITDA % margin to be approximately 15.5% to 16.0%
• 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 up on FY25 reported
34

• Cash conversion of approximately 80%
• Capital expenditure of approximately $60 to $80 million

Key risks
A range of risks could materially impact expected revenue and earnings outcomes including, but are not limited to, trading
upside and downside, challenging macroeconomic conditions, China IMF category dynamics and competitive intensity,
product and supply related risks, cross border trade, foreign exchange movements, changes in interest rates, farmgate milk
pricing and other commodity prices, and regulatory risk.



Authorised for release by the Board of Directors

David Bortolussi
Managing Director and Chief Executive Officer
The a2 Milk Company Limited



For further information, please contact:

Investors / Analysts
Chante Mueller
Head of Investor Relations
M +61 400 374 133
chante.mueller@a2milk.com




Media – New Zealand
Barry Akers
M +64 21 571 234
barryakers9@gmail.com
Media – Other markets
Rick Willis
M +61 411 839 344
rick@networkfour.com.au


32
Double-digit refers to the range 10% to 20%.
33
FY25 continuing operations revenue was $1,757 million and FY25 reported NPAT was $203 million.

---

The a2 Milk Company Limited
16 February 2026
2026
INTERIM
RESULTS
We pioneer the future of Dairy for good

Disclaimer
This presentation dated 16 February 2026 provides additional
commentary on the financial results for the 6 months ended
31 December 2025 of The a2 Milk Company Limited (the
“Company” or “a2MC”) and accompanying information released to
the market on the same date. As such, it should be read in
conjunction with the explanations and views in those documents.
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

Agenda
Results summary and outlook4
Financial overview15
Regional and
product performance
21
Appendix37

Strong 1H26 performance and upgraded FY26 outlook
Strong revenue and EBITDA growth with underlying
1
EBITDA % margin improvement
Achieved Infant Milk Formula (IMF) growth of 13.6%, driven by:
-English label IMF growth of 20.9%, with growing contribution from a2 Genesis and new markets
-China label IMF growth of 6.5%, achieving record market share in key channels
Accelerated Other Nutritionals growth of 42.9%
2
, through recent kids and seniors product innovation, entered
paediatric supplements category and developed new kids fortified UHT product for launch in 2H26
Delivered strong growth in Liquid Milk of 18.5%, driven by core products and lactose free and grassfed innovations
Advanced supply chain transformation with completion of a2 Pokeno acquisition, MVM divestment and Fonterra
milk supply agreement to build a higher growth, more profitable and lower risk end-to-end-business. Key integration
streams on track, including China label registration amendment process and Pokeno facility and capability upgrade
Upgraded FY26 outlook driven by strong performance across all segments and products
1
2
3
4
5
6
4
1
Underlying results represent the Group’s reported results excluding a2 Pokeno losses which reflect temporarily low production volumes ahead of the a2 Platinum transition in 1H27 and one off transformation costs associated with the transaction, separation, integration and transition. a2 Pokeno’s 1H26 losses, including
transformation costs are as follows: EBITDA loss of $9.8 million and NPAT loss of $10.4 million.
2
Excludes 1H26 a2 Pokeno external ingredient revenue of $16.6 million.

Double-digit Revenue and EBITDA growth
•Revenue up 18.8% to $993.5 million
•EBITDA up 18.4% to $155.0 million
−Underlying
2
EBITDA

up 25.9% to $164.8 million
•EBITDA % margin 15.6% consistent with prior year
−Underlying
2
EBITDA % margin of 16.6%, up 0.9ppts
•NPAT up 9.4% to $112.1 million
−Underlying
2
NPAT up 19.6% to $122.6 million
•Basic EPS up 9.2% to 15.5 cents
−Underlying
2
basic earnings per share

up 19.4% to 16.9 cents
•Cash of $896.9 million with cash conversion of 90.8%
3
•Interim dividend of 11.5 cents per share declared (~74% payout)
EBITDA; $ millions
Revenue; $ millions
Basic EPS; cents per share
Key financials
1
1
All references to financials and related metrics are on a continuing operations basis (ie exclude Mataura Valley Milk), unless otherwise stated.
2
Underlying results represent the Group’s reported results excluding a2 Pokeno losses which reflect temporarily low production volumes ahead of the a2 Platinum transition in 1H27 and one-off transformation costs. associated with the transaction, separation, integration and transition. a2 Pokeno’s 1H26 losses are as follows:
EBITDA loss of $9.8 million and NPAT loss of $10.4 million.
3
Calculated as net cash flow from operating activities before interest and tax divided by EBITDA.
Continuing operations
1
(1H26 versus 1H25)
5

Growth driven by all segments and products
•China & Other Asia segment sales up 20.3%, led by English label IMF
and Other Nutritionals growth
•ANZ segment sales up 8.8% driven by Australian liquid milk growth, with
Daigou channel sales stabilised
•USA segment sales up 29.1% due to core and grassfed liquid milk growth
Segment and product sales
1
Segment sales; $ millions
Product sales; $ millions
Segment performance
Product performance
•IMF sales up 13.6%: English label up 20.9%, China label up 6.5%
•Liquid Milk sales in ANZ and USA up 11.9% and 29.3% respectively
•Other Nutritionals sales up 69.0% (42.9% excluding a2 Pokeno)
1
All references to financials and related metrics are on a continuing operations basis (ie exclude Mataura Valley Milk), unless otherwise stated.
6
Sales up 18.8% with growth primarily from core products supported by
recent innovation and slightly benefiting from FX (~2ppts) and 1H26
weighted a2 Pokeno ingredient sales (2ppts).
Group performance
1

China IMF market conditions update
1
Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key&A + BCD cities) for the 26 weeks ended 26 December 2025 and similar for prior periods. Kantar is due to restate 2025 market data in March 2026 based on actual number of newborns released by China National Bureau of Statistics.
2
China National Bureau of Statistics.
3
China Ministry of Civil Affairs. Number of marriage registrations grew by 11% in 2025 vs 2024 (1Q -8%, 2Q +18%, 3Q +22%, 4Q +19%).
4
China Central Economic Work Conference for 2026.
5
Smart Path China IMF online market tracking: CBEC platform sales (by value).
6
Smart Path China IMF online market tracking: DOL platform sales (by value).
•China IMF market value up 3.6% driven by higher CY24 births, with double-digit
Stage 2 growth and Stage 3 stabilisation, subject to Kantar restatement in
March 2026
1
•China newborns of 7.9 million in CY25
2
, down 17%, cycling higher CY24 newborns
driven by Dragon Year and delayed births from COVID. CY26 newborns to be
supported by recovery in marriage rates up 11% in CY25
3
and by a greater focus on
birth rate stabilisation explicitly listed as a China Central Government priority in 2026
4
•China label IMF market value recovered with 1.9% growth in 1H26
1
, supported by
price recovery, with volumes stabilising
•English label IMF market maintained its growth momentum, up 12.1% in 1H26
1
,
supported by continued volume growth and premiumisation
•O2O, CBEC and DOL were the fastest growing channels up 20.9%
1
, 17.1%
5
and
11.9%
6
respectively in 1H26
•Key&A cities grew by 1.8% in 1H26 with higher growth in BCD cities up 5.7%
1
•A2-type protein segment grew 13% in 1H26, now 22% of China IMF market value
(up from 21% in FY25)
1
•Market concentration stable with the top-5 brands representing 58%
1
of market
value with brand concentration expected to continue
China IMF market conditions
English label IMF market value vs pcp
1
Total China IMF market value vs pcp
1
China label IMF market value vs pcp
1
7

Top-4 brand position maintained 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 26 weeks ended 26 December 2025 and similar for prior periods. Kantar is due to restate 2025 market data in March 2026 based on actual number of newborns released by China National Bureau of Statistics.
2
Wyeth Nutrition is also owned by the Nestle Group.
Value % share by brand
1
; MAT December2025
2
2
China label IMF market value share
English label IMF market value share
Value % share by brand
1
; MAT December 2025
Value % share by brand
1
; MAT December 2025
Domestic
International
8

1
Continuing operations represents the a2MC Group excluding MVM and including a2MC Pokeno from 1 September 2025. Discontinued operations comprises of 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 outlook upgraded
Refer full outlook statement in 1H26 Interim Results Commentary and Outlook announcement dated 16 February 2026 including key risks.
The Company continues to perform well with revenue trending ahead of previous expectations across all segments and products. As a
result, FY26 guidance has improved from the Company’s prior outlook statement provided at the Annual Meeting on 20 November 2025.
On a continuing operations basis
1
, the Company now expects the following for FY26:
•Revenue growth of mid double-digit
2
percent versus FY25 continuing operations
3
•EBITDA % margin to be approximately 15.5% to 16.0%
•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 up on FY25 reported
3
•Cash conversion of approximately 80%
•Capital expenditure of approximately $60 to $80 million
Special dividend
As previously announced, the Board intends to declare a $300 million special dividend, subject to regulatory approvals being received in
connection with amendments to the two existing a2 Pokeno China label registrations for use under the a2MC brand. The amendment
process is currently underway and is progressing well.
9

Management remains focused on executing a2MC’s growth strategy
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
10

CONSUMERS
Progress towards achieving medium-term goals continues
12
BRAND HEALTH
3
MARKET SHARE
4
INNOVATION
5
PEOPLEPLANET
SUPPLY CHAIN
6
SHAREHOLDERS
7
11
GHG emissions
reduction
Farm environmental
plans
Animal welfare
programmes
Sustainable
packaging
China brand
health
AU household
penetration
USA household
penetration
MBS share
DOL share
CBEC share
O2O + Daigou
share
Australian fresh
milk share
USA premium
milk share
Safety
Engagement
Diversity and
inclusion
Gender pay gap
On track
Work in progress
IMF sales from
new products
China Other
Nutritionals growth
Emerging markets
development
AU sales from
new products
USA sales from
new products
Sales ambition of
~$2.0b (≥FY27)
EBITDA margin
ambition in the
‘teens’ targeting
year-on-year
improvement
a2 Pokeno
profitability by FY28
US profitability
by FY27
1
a2 Pokeno transformation includes integration, transition and expansion activities, refer slide 14 for update.
Access to ≥3
CL registrations
a2 Pokeno
transformation
1
CL inventory
management
EL inventory
management
Quality and
service
Supply chain
efficiency

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 ambitionCommentaryAreas of planned revenue growth
•Strong 1H26 result and upgraded FY26
revenue guidance sees a2MC now
expecting to achieve medium term
revenue ambition of ~$2 billion by
FY26 – a year ahead of amended plan
and in line with original 2021 Investor
Day timing expectations
•All market and category growth drivers
on track to deliver on initial ambition
•Emerging markets progress
accelerated with encouraging Vietnam
performance, while exploring other
SE Asia and Middle East expansion
opportunities
•a2 Pokeno acquisition expected to
deliver further improvement in EBITDA
% margin over time
On track
Work in progress
Market/category
Growth ambition
(compared to
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~$0.8bn
Revenue, NZ$ billions
EBITDA margin
Expecting to achieve ~$2bn revenue ambition by FY26 ahead of plan
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
12

a2 Pokeno key milestone in supply chain transformation
•Successfully completed Pokeno acquisition with
completion price adjustment of ~$7 million agreed
in a2MC’s favour reducing purchase price to
~$275 million
•Secures greater market access to the China label
registered IMF market valued at ~$23 billion
1
, and
provides strategic and operational control over
related China registrations, products and supply
•Supports growth in core IMF business over time
with near term access to two existing China label
registrations currently awaiting SAMR approval
and a potential 3
rd
slot
2
•Generates attractive financial returns. Increases
earnings through vertical manufacturing margin
capture and China label brand contribution
•Significant multi-year capital investment
programme underway to increase capacity and
enhance capability
Auckland
•Access to Port of
Auckland and Auckland
Airport terminals
•50km from a2 Pokeno
a2 Pokeno
Pokeno, NZ
Port of Tauranga
•NZ’s largest
container port
•160km from
a2 Pokeno
a2 Pokeno facility Site highlights
13
1
Source: FY25 Retail sales value market size based on a2MC internal estimation approach, which may be adjusted year-to-year, and which may result in market size not being directly comparable across periods.
2
Subject to SAMR approval.

Key
metrics
a2 Pokeno transformation progressing well against key milestones
FY26FY27FY28 to FY30
Transactions
•Complete a2 Pokeno acquisition
•Complete Fonterra milk supply agreement
•Complete MVM divestment
•n/a
•n/a
English label
transition
•Develop formulation
•Complete product development trials
•Commence base powder production
•Commence finished goods production
•Phase-in / phase-out trade inventory
•Launch product in market
•n/a
China label
registrations
•Submit 2 x existing registration amendments
for use under a2MC brand
•Complete in-market withdrawal of old product
•Complete / commence product development
trials for amendment / new products
•Achieve approval for amendments
•Commence finished goods production
•Launch amended products
•Complete new product trials
•Submit registration applications for 2
upgraded and 1 new product
•Achieve approval of registrations
•Commence production and launch
new products
Facility upgrade and
capability build
•Commence capital works
•Commence ERP implementation
•Hire majority of additional roles
•Progress capital works
•Complete ERP implementation
•Complete recruitment and capability build
•Complete capital works
IMF production
•< 5,000 MT•10,000 – 15,000 MT•25,000 – 30,000 MT in FY29/30
EBITDA
•~$15 - 20 million operating loss•Approximately breakeven•Profitable
Transformation Costs
•~$10 million•Potential transition costs•n/a
Key
milestones
Completed On track
The Company established a Transformation Office (TO) prior to executing the acquisition to provide governance, planning and execution
support to the a2 Pokeno transformation. The TO is led by a transformation expert who is supported by an experienced team. The TO has
established clear roles and accountabilities across the Group, ensuring tight management of transformation activities.
During 1H26, the Company made strong early progress against all key milestones, which are set out below:
14

Financial
overview

Strong revenue and earnings growth
•Net sales revenue growth of 18.8% reflects strong performance across
all product categories and segments
•Gross margin of 48.9%, down 1.1ppts due to a2 Pokeno losses in
line with expectations. Excluding a2 Pokeno losses, gross margin %
slightly up, reflecting lower IMF ingredient costs and net FX benefit
•Distribution costs marginally higher as a % of net sales revenue due to
higher freight rates related to liquid milk, in part due to higher volumes
•Marketing spend higher to support China growth strategy and innovation
•Administrative and other expenses (SG&A) higher due to investment
in capability to support China growth and supply chain initiatives,
including a2 Pokeno transformation costs (transaction, separation,
integration and transition costs)
•Interest income lower due to lower market rates and net transaction
cash outflows
•Effective tax rate improved to 31.0% due to reduced USA losses and
utilisation of a2 Pokeno's losses
•NPAT – Continuing Operations increased by 9.4% to $112.1 million
•NPAT – Discontinued Operations loss of$103.7 millionis almost solely
due to the MVM non-cash divestment loss
•Basic EPS – Continuing Operations up 9.2% to 15.5 cents per share
•Interim dividend of 11.5 cents per share declared ~74% of NPAT
payout, aligned to the top end of a2MC’s dividend policy (unimputed and
fully franked)
1
All figures quoted in New Zealand Dollars (NZ$) and all comparisons are with the 6 months ended 31 December 2024 (1H25) unless otherwise stated. Numbers
may not add down due to rounding.
2
All references to financials and related metrics are on a continuing operations basis (ie exclude Mataura Valley Milk), unless otherwise stated.
3
Group revenue comprises net sales revenue and other revenue.
4
Earnings before interest, tax, depreciation and amortisation (EBITDA). EBITDA is a non-GAAP measure.
Reported $ million
1,2
1H261H25% change
Net Sales Revenue
992.6835.418.8%
Gross Margin
485.6417.716.2%
GM %
48.9%50.0%(1.1ppts)
Other Revenue
0.91.1(11.8%)
Distribution
% Net Sales Revenue
(32.4)
3.3%
(26.9)
3.2%
20.6%
0.0ppts
Marketing
% Net Sales Revenue
(168.3)
17.0%
(145.9)
17.5%
15.4%
(0.5ppts)
Administrative and other (SG&A)
% Net Sales Revenue
(139.5)
14.0%
(120.2)
14.4%
16.0%
(0.3ppts)
Interest Income and Finance Costs
16.224.7(34.6%)
Profit Before Tax
162.5150.57.9%
Income Tax Expense
(50.4)(48.1)4.8%
NPAT – Continuing Operations
112.1102.59.4%
NPAT – Discontinued Operations
(103.7)(18.5)460.7%
NPAT – Total Operations
8.484.0(89.9%)
Group Revenue
3
993.5836.518.8%
EBITDA
4
155.0130.918.4%
EBITDA Margin %
15.6%15.6%(0.1ppts)
Basic EPS – Continuing Operations (cents)
15.514.29.2%
DPS (cents)
11.58.535.3%
16

China growth driven by strategic market focus
$ million
1
China &
Other Asia
2
ANZUSACorporate
Total
Group
1H26
Revenue
739.0171.383.2
-993.5
EBITDA
167.633.2(3.4)(42.5)155.0
EBITDA %
22.7%19.4%(4.1%)-15.6%
1H25
Revenue
614.2157.764.5-836.5
EBITDA
148.029.5(4.9)(41.8)130.9
EBITDA %
24.1%18.7%(7.5%)-15.6%
%
change
Revenue
20.3%8.6%29.0%-18.8%
EBITDA
13.2%12.6%29.0%1.6%18.4%
17
1
All references to financials and related metrics are on a continuing operations basis (ie exclude Mataura Valley Milk), unless otherwise stated.
2
Includes a2 Pokeno.

Net sales revenue
1
$ million
China &
Other Asia
4
ANZUSA
Total
Group
1H26
IMF
645.141.21.0687.3
Liquid Milk
2
-116.182.0198.1
Other Nutritionals
3,4
93.813.4
-
107.2
TOTAL
738.9170.783.0992.6
1H25
IMF
563.440.50.8604.7
Liquid Milk
2
-103.863.4
167.3
Other Nutritionals
3
50.812.6
-
63.4
TOTAL
614.2156.964.3835.4
%
change
IMF
14.5%1.7%15.9%13.6%
Liquid Milk
2
-11.9%29.3%18.5%
Other Nutritionals
3,4
84.5%6.5%-69.0%
TOTAL
20.3%8.8%29.1%18.8%
Strong growth across all product categories
1
All references to financials and related metrics are on a continuing operations basis (ie exclude Mataura Valley Milk), unless otherwise stated.
2
Excludes liquid milk products (plain and fortified) exported to China and Other Asia markets.
3
Comprises powdered milk products (plain and fortified), and liquid milk products (plain and fortified) exported to China and Other Asia markets.
4
Includes $16.5 million of a2 Pokeno external ingredient sales, largely consisting of milk powder and cream.
18

Solid cash conversion and significant investment in transformation
1
Calculated as net cash flow from operating activities before interest and tax divided by EBITDA.
2
Net proceeds from MVM disposal of $110 million ($106 million received in 1H26 and $4 million received in January 2026) is higher than the amount estimated at August 2025 of $100 million due to higher than expected net working capital balance at disposal.
•Cash flows from operating activities: $95.2 million
‒Operating cash conversion of 90.8%
1
(1H25: 106.3%)
wasin line with expectations and impacted by
1H26 inventory rebuild following Synlait 4Q25
manufacturing challenges
•Cash flows from investing activities: ($143.8 million)
‒Includes net supply chain transaction outflows of $168.7
million for the a2 Pokeno acquisition and MVM
divestment. Excludes further $4.0 million MVM working
capital and net debt adjustment in a2MC’s favour,
received in January 2026
2

‒Other investing activities includes reduction in term
deposits of $40.0 million offset by capex additions of
$15.1 million
•Cash flows from financing activities: ($125.3) million
‒Includes $83.4 million final FY25 dividend and $39.0
million repayment of MVM’s external banking facility
prior to divestment
19
$ million1H261H25% change
Cash flows from operating activities
Receipts from customers​
1,012.1872.816.0%
Payments to suppliers and employees​
(871.4)(746.5)16.7%
Net interest flows and taxes paid​
(45.6)(47.5)(4.1%)
Net operating cash flows
95.278.820.8%
Acquisition of a2 Pokeno
(275.0)
-
nm
Disposal of MVM
106.3
-
nm
Other investing activities
24.9(90.5)(127.5%)
Net cash flows from investing activities
(143.8)(90.5)59.0%
Dividends paid
(83.4)
-
nm
Other financing activities
(41.9)25.1(266.7%)
Net cash flows from financing activities
(125.3)25.1(598.6%)
Net increase/(decrease) in cash
(174.0)13.5(1,392.3%)
Cash at the beginning of the period​
600.2518.915.7%
Effect of exchange rate changes on cash​
10.79.610.8%
Closing cash at the end of the period
436.9542.0(19.4%)
Net cash comprised of:
Cash andshort-termdeposits​
436.9542.0(19.4%)
Term deposits​
460.0500.0(8.0%)
Bank borrowings
-
(28.0)(100.0%)
Total net cash
896.91,014.0(11.6%)

Strong balance sheet to support execution of growth strategy
•Cash and term depositsbalance of $896.9 million
•Inventories up $34.3 million due to increase in IMF inventory
to replenish low levels at June 2025 impacted by Synlait
4Q25 manufacturing challenges. IMF inventory levels had
partially recovered by December 2025, however, remain below
target levels
•Intangible assets up $105.1 million due to $100.4 million of
goodwill arising from the acquisition of a2 Pokeno
•Trade and other payables up $30.2 million due to increase in
payables related to higher IMF inventory orders
•Other current liabilities down $48.0 million and non-current
liabilities down $34.1 million due to the reduction in external
MVM loans. The Company had no external debt at 31
December 2025
20
$ million1H262H25% change
Cash and term deposits896.91,100.2
(18.5%)
Trade and other receivables92.192.2
(0.1%)
Inventories173.4139.1
24.6%
Other current assets117.2119.5
(1.9%)
Total current assets1,279.6 1,451.0
(11.8%)
Property, plant & equipment177.4216.8
(18.2%)
Intangible assets216.0110.9
94.7%
Other non-current assets172.2163.4
5.4%
Total non-current assets565.6491.1
15.2%
TOTAL ASSETS1,845.21,942.1
(5.0%)
Trade and other payables383.7353.5
8.5%
Other current liabilities48.696.6
(49.7%)
Total current liabilities432.3450.1
(3.9%)
Total non-current liabilities27.261.3
(55.7%)
TOTAL LIABILITIES459.5511.4
(10.1%)
NET ASSETS1,385.71,430.7
(3.1%)

Regional
and product
performance

271
299
305
325
289
313
328
559
612
633
FY23FY24FY25FY26
1H2H
Strong China label performance in both IMF and Other Nutritionals categories
•China label IMF revenue growth of 6.5% to $324.9 million, supported by strong
execution, the overall market returning to growth (up 1.9%
1
on 1H25) and
favourable FX
•Achieved record brand health and China label IMF market share of 5.6%
2
with
strong performance across online and offline channels
•Market share performance supported by new user recruitment in FY25, now
graduating into later stages
•Other Nutritionals growth of 70.5%, benefitting from recent innovation launches,
including seniors milk powder range and kids milk powder, both resonating well
with consumers
China label IMF net sales revenue
$ million
3
China label
a2MC MAT share of total China label IMF market value %
2
China label mid single-digit growth achieved
China label IMF market share
1
Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key&A + BCD cities) values for the 26 weeks ended 26 December 2025.
2
Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key&A + BCD cities) values for the 52 weeks ended 26 December 2025.
3
Subject to rounding.
22

Record high market share across MBS (offline) and DOL (online)
China label
•China label market returned to growth in 1H26, up 1.9% vs pcp
1
driven by price recovery and volume stabilisation
•Average China label price further recovered with increased
contribution from higher priced early stage products and continued
premiumisation trend
•The trend of shifting to online channels continued with increased
pressure on offline channels resulting in further store closures
•Brand concentration stabilised with share of top-10 brands
(including a2MC) in China label market flat at 78%
1
and divergent
performance among top brands – concentration trend expected
to continue
China label market stabilisingStrong a2 China label performance across channels
China label IMF market
value share (MAT)
1
Jun-25Dec-25% change
DOL28%29%+1ppts
MBS51%50%-1ppts
Other21%21%0ppts
1
Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key&A + BCD cities). Kantar is due to restate 2025 market data in March 2026 based on actual number of newborns released by China National Bureau of Statistics.
2
Nielsen MBS retail measurement service: mother and baby stores only retail sales (by value).
3
Smart Path China IMF online market tracking: DOL platform sales (by value).
•Further increased China label share to record level of 5.6%
1
•a2MC achieved record high MBS market share with continued share
gain in Key&A cities and expansion in BCD cities
•Steady share growth in online channels resulting in record high DOL
market share, particularly in JD and Douyin / TikTok
•Available external market share metrics:
a2MC China label IMF
market value share (MAT)
Jun-25Dec-25% change
Kantar Total CL
1
5.5%5.6%+0.1ppts
Nielsen MBS
2
3.7%4.0%+0.3ppts
Key&A cities7.0%7.7%+0.7ppts
BCD cities3.2%3.4%+0.2ppts
Smart Path DOL
3
4.2%4.4%+0.2ppts
Market share metrics subject to limitations
(panel size and under or over representation of some channels or accounts) and
restatements from time to time
23

My Little Pony IMF campaign launched to support Year of the Horse
Integrated marketing campaignCommentary
•Campaign started in mid December collaborating
with popular My Little Pony brand to support new
user recruitment in the Year of the Horse
•Applied Customer-to-Manufacturer (C2M) model to
design gift packs and campaign mechanisms based
on pre-launch consumer research, factoring in both
emotional and functional values which is resonating
well with target consumers
•Campaign fully integrated across offline and online
sales channels, as well as all consumer touchpoints
including social media, generating significant amount
of user generated content (UGC)
•a2MC’s share of search volume on The Little Red
Book lifted from #9 pre-campaign to #1 since the
launch of the campaign
•With the support of the campaign, newuser
recruitment showed strong growth compared with
pre-campaign run rates
China label
24
Offline activations
Consumer UGC on
social media
Key visuals

25
China label
Kids and senior milk powder products showing positive momentum
•Senior fortified milk powder delivering steady online growth,
now ranked #5 overall and #3 in the ultra premium segment for
the category
3
•Accelerated new user recruitment through intergenerational gifting
with targeted campaigns during Moon Festival and Double 11
shopping festival
•Leveraged a2 IMF brand equity and user base for new user
recruitment through expanded Family Nutrition​ roadshow
Spartan kids race
Flying Hero reality show
advertisement
Moon festival campaignFamily nutrition roadshow
1
Nielsen MBS retail measurement service: mother and baby stores only retail sales (by value).
2
Smart Path China IMF online market tracking: DOL platform sales (by value).
3
Smart Path China senior milk powder online market tracking: DOL platform sales (by value).
Unlocking growth potential beyond IMF in Kids nutritionBuilding ultra premium position in Seniors nutrition
•Kids fortified milk powder has driven a significant turnaround in
China label Stage 4, now ranked #1 among international brands in
MBS
1
and rising to #5 in DOL
2
within the Stage 4 / Kids milk
powder category
•Strong consumer acceptance and repeat purchase due to
competitive formulation, taste profile and unique packaging
•Sustained off-take momentum supported by brandawareness,
targeted marketing activities and offline distribution expansion
25

China label
New kids UHT recently launched in high growth segment
•New product made with a2 Milk with a height-support
formulation (Calcium + Vitamin D + CBP) to address strong
consumer interest. a2MC’s first locally sourced UHT product in
China, enabling improved freshness and service levels
•Pilot launch through Costco as lead offline partner, supported by
selective online distribution to validate demand and refine model
•Launch focused on social seeding to drive word of mouth, expert /
authority media and health care practitioner endorsement, and
programmes designed to leverage a2 IMF customer base to
transition into post IMF category
26

China paediatric supplements an attractive adjacent category
27
Source: Online market size and brand share based on Smart Path paediatric supplement online market tracking: DOL + CBEC platforms; offline market size based on channel split from Kantar Worldpanel China Household Panel and management estimates.
•Entering $8 billion Paediatric Supplements
category – majority of market addressable
•Paediatric supplements are a close adjacency
to IMF, often purchased alongside or post IMF
usage to address specific needs
•Kids nutrition is a key strength of a2MC’s brand
equity with existing brand awareness among
current and past IMF users
•Majority of market is China label (vs English
label) and online (vs offline), with online rapidly
becoming the predominant sales channel
•Able to leverage existing relationships and
capability in MBS and online channels
•Opportunity to build on a2MC IMF / kids
nutrition capability in partnership with
sophisticated global manufacturers to develop
products for China and other markets
Large category in sustained growthClose adjacency and opportunity for a2MCFragmented share by brand
China label
China paediatric supplement market, NZ$ billionsChina paediatric supplement market share %

a2MC launching new paediatric supplements range in China
ImmunityGut health
Brain &
Eye Health
Anti-Allergy
•a2MC paediatric supplements range focused on
providing naturally good nutrition
•Products focused on high growth areas aligned to
functional benefits a2MC is known for, validated
through consumer research
•a2MC has built an experienced team and
partnered with leading global manufacturers,
undertaking an extensive product development and
quality assurance process
•Products will be manufactured in China including
premium imported ingredients
•New and innovative outer packaging design
adopted to maximise consumer and trade impact
•To be launched across MBS and DOL channels,
with campaign activity starting from 3Q26
•Near term sales are not expected to be material,
but the longer-term potential of the category for
a2MC could be significant
a2 Zhi Yi
HMO (2’FL)
Lactoferrin
IDP (Immune
Defence Protein)
4 x Probiotics
3 x Prebiotics
4 x Probiotics
3 x Prebiotics
Postbiotics
100mg DHA
Patented Algal Oil
Powder in SachetPowder in SachetPowder in Sachet
Soft gel in blister
New a2MC paediatric supplements range (China Label) Commentary
China label
28

176
211
258
320
211
237
301
386
448
559
FY23FY24FY25FY26
1H2H
English label achieved significant growth
1
Excludes USA IMF sales. Growth versus 1H25.
2
Subject to rounding.
•English label IMF revenue growth
1
of 20.9% to $361.4 million with
combined CBEC and O2O revenue increasing 23.9%, representing
89% of total English label sales
•a2 Genesis sales continue to build month on month, driven by
dedicated marketing investment and distribution expansion
•Supporting growth of a2 Platinum and a2 Gentle Gold in Vietnam
through consumer marketing and distribution expansion
•ANZ English label IMF stabilising, with +1.7% growth vs pcp. Daigou
sales flat and a2 Gentle Gold continues to drive sales growth in
retail channels
•Continued momentum in Other Nutritionals across all channels with
sales up 26.5% driven by milk powders, supported by a2 Smart
Nutrition, a2 Nutrition for Mothers and higher volumes in UHT –
particularly in Vietnam
Ongoing momentum in English label
English label
ANZ English label IMF revenue
CBEC (including O2O) English label IMF revenue
$ million by half
1,2
$ million by half
2
109
54
40
41
53
45
40
163
99
81
FY23FY24FY25FY26
1H2H
29

Positive EL market trends and step up in a2MC demand post Double-11
•Momentum of English label market continued, with value
growth up 12.1% in 1H26
1
driven by continued volume growth
and premiumisation
•Share of total China IMF market further increased to 20%,
up from a low of 14% in FY22, but still below pre COVID
levels of 28% in FY19
1
and higher levels prior to that:
•Premiumisation trend continues at higher price points
•New formula innovations, particularly in HMO and
specialty products, continue to drive growth in English label
consumer interest
•Accelerated shift to online channels exposing English label
IMF products to wider consumer base
Favourable English label market dynamics
English label
Strong a2 English label performance
Total IMF market value
share (MAT)
1
Jun-25Dec-25% change
English label19%20%+1ppts
China label81%80%-1ppts
1
Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key&A + BCD cities). Kantar is due to restate 2025 market data in March 2026 based on actual number of newborns released by China National Bureau of Statistics.
2
Kantar CBEC tracking includes social E-Commerce platforms including Douyin/TikTok, Pinduoduo (and others).
3
Smart Path China IMF online market tracking: CBEC platform sales (by value).
•a2MC’s demand significantly stepped up in 1H26 driven by
strong growth in CBEC platforms and in early stage SKUs
•a2MC was the leading share gainer on CBEC (MAT: Jun-25
to Dec-25)
3
•Key market share metrics:
EL IMF market value
share (MAT)
Jun-25Dec-25% change
Kantar Total EL
1
19.1%19.1%0.0ppts
CBEC
1,2
20.6%20.8%+0.2ppts
O2O & Daigou
1
17.4%17.2%-0.2ppts
Smart Path CBEC
3
18.1%18.4%+0.3ppts
Market metrics are subject to limitations (eg small panel size and under
representation of some a2MC high growth channels, particularly O2O) and
restatements from time to time
30

a2 Genesis growth trajectory encouraging
Brand marketing investmenteCommerce marketing investmentPerformance
•Investment in mass media and talk show
sponsorship to expand consumer
awareness and consideration
•Particular focus on promoting consumer
and HCP testimonials on major social
platforms to deepen consumer interest
Gross market value of recent EL IMF HMO new product launches
in CBEC channel
2
•Campaigns across major eCommerce
platforms to convert product awareness
into trial
•Regular e-commerce livestreaming
activations focused on hot topics such
as CIIE
1
and HK retailing store
exploration
•a2 Genesis represents 6% of all a2MC
IMF CBEC channel consumer sales in 1H26
2
•>50% of a2 Genesis sales for early stage
product (Stages 1 and 2)
•Expanding to selected key O2O channels
•Won Annual Technical Breakthrough
Leadership Award from Tmall
1
CIIE=China International Import Expo.
2
Smart Path China IMF online market tracking: CBEC platform sales (by value).
English label
31
a2 Genesis
Competitors
RMB

Continuing to develop Vietnam business and other new markets
Vietnam distribution
and marketing investment
Vietnam performanceEmerging Markets expansion
•Expanded distribution to >1,000 MBS
stores; commenced listing in National
Key Accounts (Bibomart, Avakids) and
EC (Tiktokshop, Shopee)
•Marketing activity focused on social and
digital channels, in-store (store staff
education, POSM) and outreach (HCP
activities, consumer workshops)
•1H26 Vietnam revenue +128% vs pcp
•Growth driven by IMF portfolio
expansion (a2 Platinum and
a2 Gentle Gold) and store distribution
expansion
•Other Nutritionals (milk powder range,
UHT) also growing strongly
1
a2MC Addressable market calculated based on a number of factors including size of premium segment, share of overseas brands in market.
2
Retail sales value.
•Addressable RSV
2
Market to 2030 of
~$3.5 billion
•Vietnam largest individual opportunity
with addressable Market RSV
2
by 2030 of
~$1 billion
•Saudi Arabia highest potential in Middle East
(favourable demographics, premiumisation)
•Continue to monitor India; significant market
entry barriers remain for IMF finished goods
from NZ (tariffs, regulations) despite FTA
SE Asia, Korea
Est. IMF Market
RSV
2
by 2030 ($NZD)
RSV
2
Addressable
by a2MC
1
~$10.8B~$2.9B
Middle East
~$1.5B~$0.7B
India
~$2.0BMonitoring
English label
32

92
93
104
116
92
97
105
184
190
209
FY23FY24FY25FY26
1H2H
ANZ double-digit growth in liquid milk
•Net sales revenue up 11.9% to $116.1 million, with growth from both
a2 Milk and a2 Milk Lactose Free
•Total dairy milk category value sales grew +2.0%
1
driven by price
increases across private label and branded products. Overall
volume growth was +1.0%
1
led by strong growth in lactose free
segment (+9.5%
1
)
•a2 Milk outperformed the market resulting in further share growth,
with overall liquid milk market share up +0.3ppts to 11.5%
2
supported
by high growth in a2 Milk Lactose Free, achieving record high MAT
value share of 20.6%
2
•Completed the final stage of commissioning upgrades to Kyabram milk
processing facility with KyValley Dairy Group in 1H26
•Proud to be the first ever dairy milk partner of the Australian Open,
participating in the AO26 with strong results from its first campaign
Australia liquid milk net sales revenue
1
IRI Australian Grocery Weighted Scan, MAT to 28 December 2025 vs MAT to 29 December 2024.
2
IRI Australian Grocery Weighted Scan, MAT basis to 28 December 2025.
ANZ liquid milk
Australia liquid milk market value share
2
a2MC liquid milk performing well in a challenging market
Australia lactose free market value share
2
$ million
33

ANZ Liquid Milk
•a2 Milk is proud to be the first ever dairy milk partner
for the Australian Open, commencing with AO26
•a2 Milk leveraged the partnership across its key
markets in China and Australia with high AO interest,
and selectively in other emerging markets. Activations
included in store and other in market events, as well as
social media to engage a broader online audience
•During the tournament, a2 Milk was the only dairy
milk supplied on site, with all hot beverages served in
a2 Milk branded cups. As the Official AO Frappe
Partner, a2 Milk worked with Tennis Australia to
develop bespoke Chocolate and Coffee Frappes,
providing significant trial and brand exposure
opportunities for the 1.3m+ venue audience
a2 Milk
TM
partnering with AO to raise global brand awareness and
premium positioning
34

Strong USA growth with improved profitability
•Revenue growth of 29.0% to $83.2 million
•Sales underpinned by sustained a2 Milk core range sales growth in
Grocery and Mass channels, plus growth from Grassfed range and
Club channel
•1H26 premium / specialty liquid milk value growth was 11%, ahead of
total market dairy growth of 4.4%
1
•Market value share in the premium milk category increased to 2.5%
(up from 2.2% in FY25)
2
reflecting increased household penetration
and consumption
•Ongoing profitability improvement with lower EBITDA loss of $3.4
million, primarily achieved through revenue growth and cost focus
•IMF FDA submission remains under FDA review and is progressing
•New Dietary Guidelines for Americans which emphasise full fat dairy
is an opportunity for category expansion
$ million
3
USA
1
SPINS consumption data to 28 December 2025.
2
SPINS data for the Grocery channel, MAT.
3
Subject to rounding.
Revenue
$ million
3
EBITDA
52
57
64
83
53
57
75
105
114
139
FY23FY24FY25FY26
1H2H
Strong sales growth with ongoing focus on profitability
-12
-8
-5
-3
-11
-7
-4
-23
-15
-9
FY23FY24FY25FY26
1H2H
35

Questions

Appendix

Reconciliation of non-GAAP measures
1
EBITDA and EBIT are non-GAAP measures. However, the Company believes they assist in providing investors with a comprehensive understanding of the underlying performance of the business.
$ million1H261H25
Australia & New Zealand segment EBITDA
33.229.5
China & Other Asia segment EBITDA
167.6148.0
USA segment EBITDA
(3.4)(4.9)
Corporate EBITDA
(42.4)(41.8)
EBITDA
1
155.0130.9
Depreciation/amortisation
(8.7)(5.1)
EBIT
1
146.3125.8
Net interest income
16.224.7
Income tax expense
(50.4)(48.1)
Net profit for the period – continuing operations
112.1102.5
38

a2MC glossary of terms
AcronymMeaning
2’FL2’ - Fucosyllactose
3PMsThird party manufacturers
a2MCThe a2 Milk Company Limited
ANZAustralia and New Zealand
AO26Australian Open 2026
AUAustralia
BCDLower tier cities in China
C2MCustomer to manufacturer
CAGRCompound annual growth rate
CBECCross-border e-commerce
CBPColostrum basic protein
CIIEChina International Import Expo
CLChina label
CNYChinese New Year
CYCalendar year
DHADocosahexaenoic acid
DOLDomestic online channel
DPSDividend per share
EBITEarnings before interest and tax
EBITDAEarnings before interest, taxes, depreciation and
amortisation
ECeCommerce
AcronymMeaning
ELEnglish label
EPSEarnings per share
ERPEnterprise resource planning system
FDAFood & Drug Administration
FTAFree trade agreement
FXForeign exchange
FYFinancial year
GAAPGenerally accepted accounting principles
GHGGreenhouse gas
GMGross margin
HCPHealth care practitioner
HMOHuman milk oligosaccharides
HKHong Kong
IDPImmune defence protein
IMFInfant milk formula (Stage 1-4)
JDJingdong
Key&AUpper tier cities in China
LTMLast twelve months
MATMoving annual total
MBSMother & baby stores
MTMetric ton
MVMMataura Valley Milk Limited
AcronymMeaning
MATMoving annual total
MBSMother & baby stores
MTMetric ton
MVMMataura Valley Milk Limited
NPATNet profit after tax
NZNew Zealand
NZD / NZ$New Zealand Dollar
O2OOffline to online
PCPPrior corresponding period
POSPoint of sales
POSMPoint of sales materials
RSVRetail sales value
SAMRState Administration for Market Regulation
SEASouth East Asia
SG&ASelling, general and administrative expenses
SKUStock keeping unit
TmallTaobao Mall
TOTransformation Office
UGCUser generated content
UHTUltra high temperature treated milk
USAUnited States of America
39

www.thea2milkcompany.com

---

The a2 Milk Company Limited
ARBN 158 331 965

ASX Appendix 4D – Half Year Report

Results for announcement to the market

Reporting period Six months to 31 December 2025
Previous reporting
period
Six months to 31 December 2024

Amount (000s) Percentage change
Revenue from
continuing ordinary
activities
$NZ 993,491 + 18.8%
Profit (loss) from
continuing ordinary
activities after tax
attributable to security
holders
$NZ 112,128 + 9.4%
Net profit (loss)
attributable to security
holders
$NZ 10,913 - 88.1%

Dividends Final dividend
Interim dividend approved
subsequent to 31 December 2025
Amount per security
($NZ)
0.11500000 0.11500000
Franked amount per
security ($NZ)
0.04928571 0.04928571
Record date 19 September 2025 20 March 2026
Dividend payment date 3 October 2025 2 April 2026
Dividend reinvestment
plan
Not applicable Not applicable

Comments: For further information refer to the attached:
2026 Interim Report
2026 Interim Results Announcement / Media Release
2026 Interim Results Commentary and Outlook
2026 Interim Results Presentation


Net Tangible Assets
per security

31 December 2025
$NZ 1.57
30 June 2025
$NZ 1.79

---

Distribution Notice





Section 1: Issuer information
Name of issuer The a2 Milk Company Limited
Financial product name/description Ordinary Shares
NZX ticker code ATM
ISIN (If unknown, check on NZX website) NZATME0002S8
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies
Record date 20/03/2026
Ex-Date (one business day before the
Record Date)
19/03/2026
Payment date (and allotment date for DRP) 02/04/2026
Total monies associated with the
distribution
1

$83,424,009
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.11500000
Gross taxable amount
3
$0.11500000
Total cash distribution
4
$0.11500000
Excluded amount (applicable to listed
PIEs)
N/A
Supplementary distribution amount N/A
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed Unimputed
If fully or partially imputed, please state
imputation rate as % applied
6

N/A
Imputation tax credits per financial product $0.00000000
Resident Withholding Tax per financial
product
$0.03795000

1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.

6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.

Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
N/A
Start date and end date for determining
market price for DRP
N/A
Date strike price to be announced (if not
available at this time)
N/A
Specify source of financial products to be
issued under DRP programme (new issue
or to be bought on market)
N/A
DRP strike price per financial product
N/A
Last date to submit a participation notice for
this distribution in accordance with DRP
participation terms
N/A
Section 5: Authority for this announcement
Name of person

authorised to make this
announcement
Jaron McVicar, Chief Legal and Sustainability
Officer & Company Secretary
Contact person for this announcement Jaron McVicar
Contact phone number +61 2 9697 7000
Contact email address Jaron.McVicar@a2milk.com
Date of release through MAP

16 February 2026