• Group revenue up 10.1% to $893.8 million
• EBITDA increased 5.0% to $118.9 million
• Net profit after tax up 7.6% to $91.7 million

The a2 Milk Company has announced its financial results for the 6 months ended 31 December 2024. Group revenue grew 10.1% to $893.8 million, driven by continued growth in the China & Other Asia segment (up 11.8%), the USA segment (up 13.2%), and Mataura Valley Milk (up 31.9%), partially offset by a 2.7% decrease in the ANZ segment due to a decline in the Daigou channel. EBITDA increased 5.0% to $118.9 million, however EBITDA margin was lower at 13.3% due to the impact of temporary supply constraints and incremental airfreight costs. Net profit after tax attributable to owners of the Company was $91.7 million, up 7.6%. The company's balance sheet further strengthened during the period, with closing net cash of $1,014.0 million. The company's China & Other Asia segment saw strong performance in its English label IMF products, up 22.7%, while China label IMF sales were impacted by market decline and temporary supply constraints. In the ANZ segment, liquid milk sales grew 11.2%, offsetting declines in IMF and other nutritional products. The USA segment saw revenue growth of 13.2% and improved profitability, with EBITDA losses reduced. The company continues to focus on its supply chain transformation and sustainability initiatives.

The company expects to achieve a payout ratio range of between 60% and 80% of normalised net profit after tax for future dividends.