• Strong revenue and EBITDA growth with underlying EBITDA % margin improvement
• Achieved 13.6% Infant Milk Formula revenue growth, driven by English label and China label products
• Accelerated 42.9% growth in Other Nutritionals through product innovation and new category entry

The a2 Milk Company ('the Company', 'a2MC') today reported strong first half financial and operational results for FY26 and upgraded its FY26 full year guidance. The company achieved strong revenue and EBITDA growth, with underlying EBITDA % margin improvement. Infant Milk Formula (IMF) revenue grew 13.6%, driven by 20.9% growth in English label IMF and 6.5% growth in China label IMF, which achieved record market share. The company also saw accelerated 42.9% growth in Other Nutritionals through recent kids and seniors product innovation, entry into the paediatric supplements category, and development of a new kids fortified UHT product. Liquid Milk revenue grew 18.5%, driven by core products and lactose free and grassfed innovations. The company completed key supply chain transactions, including the a2 Pokeno acquisition and Mataura Valley Milk divestment, enabling it to build a higher growth, more profitable and lower risk end-to-end business. The company upgraded its FY26 revenue growth guidance from low double-digit to mid double-digit percent, with an improved EBITDA % margin range expected.

FY26 revenue growth guidance increased from low double-digit percent to mid double-digit percent, with improved EBITDA % margin range expected.

The company is on track to achieve its $2 billion medium term sales ambition in FY26, a full year ahead of plan, testament to the execution of its team and the strength of the a2 brand. Infant milk formula remains central to the company's growth strategy, and it is committed to innovation, having launched a new range of China label paediatric supplements, opening up another growth platform.