Supply chain and FY26 results update

• Supply chain issues in China label IMF resolved, stock levels normalized
• Preliminary FY26 results show 14% sales drop in China label IMF
• Other product categories perform strongly, up on FY25
• FY26 results expected in line with or slightly ahead of April guidance

The a2 Milk Company Limited provided an update on its China infant milk formula (IMF) supply chain and preliminary unaudited FY26 results. The company confirmed that product availability was materially impacted in 4Q26 due to strong demand, freight challenges, and other factors. These issues have now been resolved, and stock levels have returned to target levels. Preliminary FY26 results show a 14% sales drop in China label IMF, while other product categories performed strongly. The company expects FY26 results to be in line with or slightly ahead of the previously announced guidance, with revenue of approximately $1.97 billion, EBITDA margin at the high end of 14.0% to 14.5%, and NPAT slightly up on FY25.

FY26 revenue approximately $1.97 billion, EBITDA margin 14.0% to 14.5%, NPAT slightly up on FY25

The company is focused on sales and marketing initiatives to encourage previous China label IMF users to return and accelerate new user recruitment.