• Infant Milk Formula, Other Nutritionals and Liquid Milk categories trading stronger than expected
• Movements in currency rates expected to inflate sales and expenses
• EBITDA margin guidance of approximately 15% to 16% for FY26

The a2 Milk Company ('the Company', 'a2MC') has announced an upgrade to its FY26 revenue guidance. This is due to Infant Milk Formula (IMF), Other Nutritionals and Liquid Milk product categories trading stronger than expected, as well as 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 revenue growth of low double-digit percent versus FY25 continuing operations, with 1H26 revenue growth expected to be higher than 2H26 revenue growth. English label IMF revenue growth is expected to be significantly higher than China label IMF revenue growth. The Company also expects EBITDA margin to be approximately 15% to 16%, depreciation and amortisation of $20 to $24 million, lower interest income due to lower market rates and net transaction cash outflows, and NPAT to be slightly up on FY25 reported. Cash conversion is expected to be approximately 80% to 90%, with capital expenditure of approximately $60 to $80 million.

For FY26, the Company expects: revenue growth of low double-digit percent versus FY25 continuing operations; EBITDA margin of approximately 15% to 16%; depreciation and amortisation of $20 to $24 million.