• FY26 revenue grew 12.4% to $1,974.9 million
• EBITDA down 2.5% to $284.4 million, underlying EBITDA up 5.4%
• Net profit after tax decreased by 5.8% to $207.5 million
• Strong performance in English label IMF, Other Nutritionals, and Liquid Milk
• Supply chain disruption impacted China label IMF sales in 4Q26

The a2 Milk Company reported its full-year financial and operational results for the 12 months ended 30 June 2026. Revenue increased by 12.4% to $1,974.9 million, driven by growth in English label Infant Milk Formula (IMF), Other Nutritionals, and Liquid Milk. However, this growth was partially offset by a reduction in China label IMF sales due to supply chain disruptions in the fourth quarter. The China & Other Asia segment saw a 11.2% increase in revenue, while the USA segment experienced a 28.6% growth, and the ANZ segment grew by 10.2%. EBITDA decreased by 2.5% to $284.4 million, but underlying EBITDA increased by 5.4% to $307.6 million. Net profit after tax (NPAT) decreased by 5.8% to $207.5 million, but underlying NPAT increased by 7.0% to $235.8 million. The company's balance sheet remained strong with closing net cash of $784.5 million, and total capital expenditure was $86.4 million. The company is focused on regaining past users and accelerating new user recruitment, particularly in China, where it has received regulatory approval for two new China label products.

FY26 revenue $1,974.9 million, EBITDA $284.4 million, NPAT $207.5 million

The company is focused on regaining past users and accelerating new user recruitment, particularly in China, where it has received regulatory approval for two new China label products.