• Revenue grew 18.8% to NZ$993.5 million, with growth across all segments and product categories
• Underlying EBITDA up 25.9% to NZ$164.8 million, with underlying NPAT up 19.6% to NZ$122.6 million
• Completed acquisition of a2 Pokeno manufacturing facility, divested Mataura Valley Milk

The a2 Milk Company ('the Company', 'a2MC') announced strong financial and operational results for the 6 months ended 31 December 2025, with revenue growing 18.8% to NZ$993.5 million and underlying EBITDA up 25.9% to NZ$164.8 million. The China & Other Asia segment was up 20.3%, the USA segment grew 29.1%, and the ANZ segment was up 8.8%. From a product category perspective, total Infant Milk Formula (IMF) sales grew 13.6%, with English label revenue up 20.9% and China label sales up 6.5%. Liquid Milk sales grew 18.5%, and Other Nutritionals sales increased 42.9%. The Company's balance sheet remains strong with closing net cash of NZ$896.9 million. In August 2025, the Company announced the acquisition of the a2 Pokeno manufacturing facility and the divestment of Mataura Valley Milk, which substantially advanced its supply chain transformation programme. The a2 Pokeno transformation is progressing well, with key initiatives on track. The Company also increased funding for its a2 Farm Sustainability Fund and developed an emissions reduction implementation plan.

The Company has upgraded its FY26 full year guidance, with revenue, EBITDA and NPAT expected to grow at double-digit rates compared to FY25.

The Company is well-positioned to continue its strong growth trajectory, driven by its leading position in the China IMF market, expansion in the USA, and ongoing innovation across its product portfolio. The successful integration of the a2 Pokeno facility is expected to further strengthen the Company's supply chain and manufacturing capabilities, supporting future growth.