a2 Milk Company Reports FY26 Results
Key points
- FY26 results align with updated guidance
- Double-digit revenue growth with 5% in IMF
- 42% growth in Other Nutritionals
- Strong Liquid Milk growth of 22%
- $300 million special dividend declared
Full summary
The a2 Milk Company reported its full year financial and operational results for the year ended 30 June 2026. The company achieved double-digit revenue growth with Infant Milk Formula (IMF) growing by 5% in a flat China IMF market. Other Nutritionals saw high growth of 42% through innovation in kids, seniors, UHT and supplements. Liquid Milk maintained strong growth of 22% through market share gains in ANZ and USA. The company managed supply chain disruption in the fourth quarter which impacted Group sales and earnings, but recovery actions are underway. Innovation continues to ramp up with new products contributing over 50% of sales growth in FY26. The supply chain transformation through the divestment of MVM and acquisition of a2 Påkeno is on track. The company declared a $300 million special dividend and increased full year ordinary dividends with a payout ratio of approximately 74%.
Guidance
FY27 outlook: mid single-digit percent revenue growth and approximately 15% EBITDA margin percent
Outlook
The company expects mid single-digit percent revenue growth and improved earnings next year supported by the robustness of its business model and growth strategy.
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