The a2 Milk Company upgrades FY26 revenue guidance

The a2 Milk Company (“the Company”, “a2MC”) has today announced that it has upgraded its FY26 revenue guidance due to:

• Infant Milk Formula (IMF), Other Nutritionals and Liquid Milk product categories trading stronger than expected

• Movements in actual and forecast currency rates reflecting NZD depreciation, which are expected to inflate sales and expenses. The impact to EBITDA, net of hedge losses, is not expected to be material.


On a continuing operations basis, the Company now expects the following for FY26:

• Revenue growth of low double-digit percent versus FY25 continuing operations with:
- 1H26 revenue growth (vs pcp) expected to be higher than 2H26 revenue growth (vs pcp)
- English label IMF revenue growth expected to be significantly higher than China label IMF revenue growth

• EBITDA % margin to be approximately 15% to 16%

• Depreciation and amortisation to be approximately $20 to $24 million

• Interest income to be lower due to lower market rates and net transaction cash outflows

• NPAT to be slightly up on FY25 reported

• Cash conversion of approximately 80% to 90%

• Capital expenditure of approximately $60 to $80 million.


For the full FY26 trading update and outlook commentary, refer to page 26 of the 2025 Annual Meeting Presentation dated 20 November 2025.


Authorised for release by the Board of Directors

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

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Announcement PDF