• Achieved double-digit revenue growth and upgraded FY25 full year guidance
• Delivered English label IMF double-digit revenue growth
• Continued to gain record market share in China label IMF

The a2 Milk Company ('the Company', 'a2MC') today reported strong 1H25 results, upgraded FY25 full year guidance, and declared its first dividend. The Company continues to execute its growth strategy, remaining focused on maximising opportunities in China and other markets, supported by brand investment, product innovation and supply chain transformation to realise future growth potential. The Company achieved double-digit revenue growth, with full year revenue and earnings guidance upgraded. It delivered English label IMF double-digit revenue growth, supported by English label market recovery, and continued to gain record market share in China label IMF whilst minimising impact from temporary supply constraints. The Company ramped up innovation, launching new products in IMF and Other Nutritionals targeting infants, kids and seniors segments. It also introduced a dividend policy for the first time in Company history and declared an interim dividend for 1H25. The Company's financial results and outlook included revenue growth of 10.1% to $893.8 million, EBITDA up 5.0% to $118.9 million, and net profit after tax (NPAT) attributable to owners of the Company up 7.6% to $91.7 million. The Company also maintained its China IMF top-5 brand position, improved brand health, and was the third highest share gainer in 1H25, while delivering second consecutive half of English label IMF sales growth, launching a new super-premium English label IMF product, and gaining market share in Australian liquid milk and the US market.

FY25 revenue growth guidance increased from mid to high single-digit, to low to mid double-digit percent on prior year. EBITDA margin (% of revenue) is expected to be slightly up versus FY24.

The Company remains focused on maximizing opportunities in China and other markets, supported by brand investment, product innovation and supply chain transformation to realise future growth potential. Obtaining access to additional China label IMF registrations to support future growth and developing its own nutritional manufacturing capability remain critical to the Company's supply chain transformation strategy.