1H23 Results and Interim Report

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)




Results for announcement to the market
Name of issuer The a2 Milk Company Limited
Reporting Period 6 months to 31 December 2022
Previous Reporting Period 6 months to 31 December 2021
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$ 783,339 18.6%
Total Revenue $ 783,339 18.6%
Net profit/(loss) from
continuing operations
$ 73,777 23.7%
Total net profit/(loss) $ 73,777 23.7%
Interim/Final Dividend
Amount per Quoted Equity
Security
The Company does not propose to pay a dividend for the half-
year ended 31 December 2022
Imputed amount per Quoted
Equity Security
Not applicable
Record Date Not applicable
Dividend Payment Date No applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
31 December 2022
$1.46
30 June 2022
$1.42
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
For further information refer to the attached:
Interim Report for the half-year ended 31 December 2022
Half Year Results Commentary
Half Year Results Presentation

Authority for this announcement
Name of person

authorised
to make this announcement
Jaron McVicar
Contact person for this
announcement
Jaron McVicar
Contact phone number +61 2 9697 7000
Contact email address Jaron.McVicar@a2milk.com
Date of release through MAP

20/02/2023

Unaudited financial statements accompany this announcement.

---

NZX Code: ATM
ASX Code: A2M


20 February 2023
NZX/ASX Market Release
1H23 Results
Strong performance in a very challenging market

The a2 Milk Company (“the Company”, “a2MC”) today announces a strong 1H23
1
performance in a very challenging market and
continued improvement in execution against its refreshed growth strategy. More specifically:
1. Half year result is in line with the Company’s expectations with double digit revenue and earnings growth
2. The Company delivered total IMF sales growth of 18.0% in a challenging market with China IMF market down 12.5%
3. Growth was driven by China label IMF sales with record market shares
4. China brand health reached new highs driven by increased investment and higher impact marketing campaigns
5. Innovation continues to ramp up with recent product launches in all categories supporting growth
6. New China label IMF registration process remains on track to be achieved in 2H23 subject to SAMR approval
Financial highlights
2

• Revenue growth of 18.6% to $783.3 million
- China & Other Asia sales up 54.0%, ANZ sales down 24.6%, USA sales up 61.8% and MVM sales up 18.4%
- IMF sales up 18.0% with China label sales up 43.5% and English label sales up 1.0%
3

- Liquid milk sales in ANZ and USA up 5.6% and 62.0% respectively
• EBITDA
4
up 10.5% to $107.8 million with an EBITDA to sales margin of 13.8%
• Net profit after tax (NPAT) including amounts attributable to non-controlling interests up 22.1% to $68.5 million with
$73.8 million
5
attributable to owners of the Company
• Basic earnings per share up 24.1% to 10.0 cents compared to 8.0 cents in 1H22
• On-market share buyback of up to $150 million commenced in 1H23 and 60.1% complete
• Strong balance sheet with closing net cash
6
of $707.2 million
• Outlook for FY23 revenue growth of low double-digit and EBITDA % margin similar to FY22. This is consistent with the
prior update at the Company’s Annual Meeting of Shareholders (see Outlook below for further detail, including key risks)
Operational highlights
• Reached historical highs in China brand awareness, trial and loyalty metrics supported by new brand positioning,
increased investment, and higher impact integrated marketing campaigns
• Achieved record market shares in China label IMF in mother and baby stores (MBS) and domestic online (DOL) channels
• English label IMF share improved in cross border e-commerce (CBEC) and Daigou channels while offline-to-online (O2O)
share was flat
• Continued focus on innovation with several new product launches – refreshed a2 Platinum® IMF range across ANZ and
China in 1Q23, new a2 Milk® Lactose Free milk in Australia in August 2022, a2™Nutrition for Mothers™孕产妇配方奶粉
launched in China in September 2022, upgraded a2 Smart Nutrition® in ANZ and China in November 2022 and new a2
Milk® Full cream milk powder in a tub in ANZ and China during December 2022
• Managed the phase-in of the refreshed a2 Platinum® IMF range and phase-out of the previous range successfully across
English label channels in 1H23 without significant market disruption or inventory exposure

1
All references to full year (FY), halves (H) and quarters (Q) relate to the Company’s financial year, ending 30 June.
2
All figures are in New Zealand Dollars (NZ$), unless otherwise stated.
3
English and other labels IMF included in China & Other Asia and ANZ segments.
4
EBITDA is a non-GAAP measure and does not have a standardised meaning prescribed by GAAP. However, the Company believes that in combination with
GAAP measures, it assists in providing investors with a comprehensive understanding of the underlying operational performance of the business. A
reconciliation of EBITDA to net profit after tax is shown in the Company’s 1H23 Investor Presentation (slide 47) dated 20 February 2023.
5
Excludes non-controlling interest in Mataura Valley Milk (MVM), a loss of $5.3 million.
6
Including term deposits and borrowings, excluding subordinated non-current shareholder loans.

2
• Continued enhancement of the Company’s IMF distribution models – renewed China State Farm (CSF) import and
distribution agreement, expanded CSF strategic co-operation agreement, and refined the English label distribution model
by managing the transition to exclusive resellers
• Continued to work closely with Synlait Milk (Synlait) to progress a2 至初® new China national standards (GB) registration
process for China label which remains on track to be achieved in 2H23 subject to China’s State Administration for Market
Regulation (SAMR) approval. Dossier review process was completed in December, Ministry for Primary Industries (MPI)
audit process of Synlait to commence in the week of 20 February 2023 and a stock build of existing product to assist with
transition has been completed prior to the 21 February manufacturing cut-off date
• Reduced USA operating losses and received US Food and Drug Administration (FDA) enforcement discretion approval to
import IMF
• Increased supply chain transformation focus with new leadership in place, increased in-sourcing of a2MC product from
Synlait to Mataura Valley Milk (MVM), progressed MVM blending & canning project and related options, and continued
Smeaton Grange and Kyabram milk processing development projects
• Progressed sustainability programmes including investing in lower emissions manufacturing equipment and research
projects with the aim to significantly reduce greenhouse gas (GHG) emissions over time, developing a sustainable
packaging roadmap, and continuing to support communities in need
CEO commentary
The a2 Milk Company’s Managing Director and CEO, David Bortolussi said:
• “We are pleased with progress in implementing our refreshed growth strategy focused on the China market and
improving our execution in the face of significant market headwinds and COVID-19 related challenges.
• “Our performance in the China IMF category has been a significant highlight – growing sales 18.0% while the market was
down 12.5% driven by strong growth in our China label MBS and DOL channels.
• “As the China market continues to evolve, we are focused on refining our English label distribution model which resulted
in a modest increase in sales with market share increases in the CBEC and Daigou channels.
• “We are continuing to invest behind our brand with an additional increase in marketing investment driving further gains
in China brand health metrics and record market shares in China label channels.
• “We have focused on building a strong innovation pipeline with recent new product launches in all categories supporting
growth.
• “We are in good shape heading into an increasingly challenging period with the rolling impact of the decline in the birth
rate and a market wide transition of China label product to the new GB standard.
• “We have made solid progress towards achieving our sustainability goals, including breaking ground on our 100%
renewable energy electrified boiler project at MVM which is the first of its kind in New Zealand.”
Group financial performance
7,8

The Company’s revenue for 1H23 was up 18.6% driven by strong growth in the China & Other Asia and USA segments, up 54.0%
and 61.8% respectively, and 18.4% growth in MVM, partially offset by a 24.6% decrease in the ANZ segment. Revenue also
benefited from favourable foreign exchange movements in the order of $35 million.
Gross margin percentage
9
of 47.6% was up 1.3 ppts reflecting benefits from a2 Platinum® refresh positioning and distribution
model changes, price increases and the cycling of other nutritional stock write-downs recognised in 1H22; partially offset by
increased milk prices, raw materials, inflationary pressures, and unfavourable foreign exchange on cost of goods sold which also
has a lagged impact into 2H23. EBITDA increased by 10.5% to $107.8 million, primarily reflecting higher revenue and gross
margin. EBITDA growth was achieved notwithstanding a 46.0% increase in marketing investment and increased Administrative
and Other Expenses, which increased 15.8% due to continued capability build, further investment in innovation and research
projects, timing of long-term incentives plus higher insurance and travel costs. These factors resulted in an EBITDA margin of
13.8%.
Depreciation and amortisation was $9.0 million, net interest income increased to $9.8 million due to higher interest rates and
the effective tax rate was 37.0%, in line with FY22. NPAT including amounts attributable to non-controlling interests was $68.5
million, an increase of 22.1%. The non-controlling interests represent China Animal Husbandry Group’s (CAHG’s) 25% interest in
MVM. Excluding this loss of $5.3 million, NPAT attributable to owners of the Company was $73.8 million.
The balance sheet remains in a strong position with closing cash and term deposits of $777.2 million and net cash
10
of $707.2
million. The lower cash balance compared to June 2022 mostly reflects the $90.3 million used to execute the on-market share

7
All figures are in New Zealand Dollars (NZ$), unless otherwise stated.
8
All comparisons are with the 6 months ended 31 December 2021 (1H22), unless otherwise stated.
9
Gross margin percentage is calculated as sales less cost of goods sold, divided by sales.
10
Including term deposits and borrowings, excluding subordinated non-current shareholder loans.

3
buyback. Inventory at the end of the period was $182.0 million, higher than at the end of 2H22, mainly due to stock building of
China label IMF inventory to accommodate the timing of new China GB registration and the transition of product during 2H23
and 1H24. Channel inventory and product freshness remained at target levels across the business.
Excluding interest and tax, operating cash inflow was $14.6 million, representing a cash conversion of 13.5%
11
which was, as
anticipated, significantly lower than the prior period due to the catch-up of FY22 payments in China which were impacted by
COVID-19 delays (outside the Company’s control) as well as prepayments for China label stock build to support transition in
2H23 and 1H24.
China IMF market update
12

The number of births in China declined a further 10.0% in CY22 to 9.6 million
13
. The overall China IMF market declined 11.0% in
volume and 12.5% in value in 1H23. The market decline reflected the decrease in births in CY22 along with the rolling impact of
fewer births in prior years reducing Stage 3 IMF sales (the biggest segment of the overall IMF market).
While market growth rates continued to vary between Key&A and BCD cities, market declines are now nationwide, with Key&A
market value sales decreasing by 15.4% and BCD market value declining by 10.1% (flat in FY22).
China label market value declined 12.2% in 1H23 with the MBS channel down 9.8% and DOL up 4.4%. English label decline again
exceeded the overall market in 1H23 down 15.7%. However, the market shift from English label channels to China label channels
was less pronounced than prior periods.
Within China label channels, a2MC continues to be supported by the mix shift to ultra-premium, rapid growth of the A2-protein
segment and increasing brand concentration.
Within English label channels, Daigou continues to experience strong declines (down 39.5% in value in 1H23), while O2O only
slightly underperformed the market (down 14.5%) and CBEC experienced strong double-digit growth (up 11.7%)
14
, creating a
significant mix shift across English label channels.
In the context of very challenging market conditions, a2MC’s volume and value growth in 1H23 in China IMF was encouraging,
and the Company has a significant opportunity to grow market value share from its current levels of approximately 4.5-5% over
time.
a2MC regional performance
1. China & Other Asia
Growth in the China & Other Asia segment was driven by continued execution of the Company’s refreshed growth strategy
particularly in China label and English label IMF. Revenue of $471.6 million was up 54.0%, with EBITDA of $111.5 million up
87.7%.
There were further gains in brand health metrics during 1H23 following the significant increase in marketing investment in 1H23
and 2H22. Total a2MC IMF top of mind brand awareness was flat at 9%, spontaneous awareness increased from 21% to 23% and
total brand awareness increased from 54% to 63%. The rate of consumers who have ever trialled the Company’s IMF products
increased from 20% to 24%, the percentage of consumers that have trialled the Company’s IMF products increased from 17% to
21% and the percentage of consumers who claim to use a2MC’s IMF most often increased from 13% to 15%
15
. Within this, China
label prompted brand awareness improved from 50% to 55% and English label prompted brand awareness improved from 29%
to 33%.
There were two key marketing campaigns in 1H23 – the first in 1Q23 focused on launching the refreshed a2 Platinum® range and
the second in 2Q23 focused on launching a2MC’s new brand positioning – “a2
TM
Milk Base Matters”. These campaigns
continued to build on the execution themes from FY22, with more balanced functional and emotional brand messaging, more
precise targeting of consumers, greater use of health care professional marketing, increased social seeding and stronger
integration across all channels and of both labels.
The combination of increased investment and higher impact marketing campaigns had a material positive impact on key brand
health metrics, which are in turn supporting increased sales and market share.
China label IMF
China label IMF business was the standout performer within the Group during 1H23. Consumer demand for a2 至初® was
strong and market value share increased both in-store and online, as well as across all stages. Sales for a2 至初® China label IMF
of $270.7 million were achieved, representing an increase of 43.5%. Growth was supported by continued strong execution of the
Company’s growth strategy, and benefitted from favourable pricing and foreign exchange plus increased sales late in the half to

11
Operating cash conversion defined as net cash flow from operating activities before interest and tax divided by EBITDA.
12
Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key&A + BCD cities); unless otherwise stated.
13
Source: China National Bureau of Statistics.
14
Smart Path China IMF online market tracking: for CBEC only retail sales (by value).
15
a2MC internal data tracking based on the Company’s brand health tracking (Jul-22 compared to Jan-23).

4
mitigate potential COVID-19 related disruptions and a relatively early Chinese New Year. 1H22 was also a weaker comparative
period as a2MC rebalanced channel inventory levels to improve channel dynamics in 1Q22.
Offline numeric and weighted distribution increased as well as same store sales, driving growth in Key&A and BCD cities. Offline
distribution increased to 26.8k stores at the end of December 2022 from 26.5k at the end of June 2022
16
, reflecting distribution
gains, primarily in BCD cities, partly offset by store closures during the period. The Company is building share in national key
accounts, pursuing regional key accounts, as well as targeting greater penetration of BCD cities, whilst developing new strategies
for accelerated growth in certain prioritised provinces.
Retail sales for the overall MBS channel were down 9.8% in 1H23
17
reflecting challenging China IMF market dynamics. a2MC’s
market value share in MBS increased to 3.2% at the end of December 2022 compared with 3.0% at the end of June 2022, making
a2 至初® the fastest growing international brand within MBS in the past 12 months.
Accelerating online growth is a strategic priority for China label IMF and performance in DOL is a key measure of success. Retail
sales for the overall DOL channel were up 4.4% in 1H23
18
and a2MC’s market value share in DOL increased to 3.0% at the end of
December 2022 compared with 2.5% at the end of June 2022.
Overall, the Company was a top three share gainer amongst domestic and international brand owners in both MBS and DOL
channels
19
.
English and other labels IMF (CBEC, Korea, Hong Kong Resellers)
Strong revenue growth in this segment was supported by the continued refinement of the Company’s English label IMF
distribution model. This has resulted in a significant increase in reported sales to CBEC. CBEC performance also benefitted from
improved brand health and increased pricing associated with the a2 Platinum® refresh. Overall, a2 Platinum® English and other
label IMF sales of $175.6 million were up 71.5%.
a2MC continued to prioritise overall channel economics as part of its overall inventory management plan and promotional
activity in CBEC. English label sales during key promotional events in 1H23 were up moderately, with market pricing across CBEC
platforms and reseller channels at target levels, and emerging platforms seeing stronger growth from a lower base. Platform
rankings on mainstream platforms were maintained or improved in the Double 11 sales event.
The Company is focused on CBEC growth and building digital marketing and e-commerce capability to improve its execution
which is having an impact, particularly on new user recruitment. Retail sales for the overall CBEC channel were up 11.7% in
1H23
20
and a2MC’s market value share in CBEC increased to 22.1% at the end of December 2022 compared with 19.5% at June
2022. The CBEC market value share would have been elevated to some extent by sales of both old and new label a2 Platinum®
during the transition between the two in 1H23.
Liquid milk and other nutritional products
Sales of liquid milk in China & Other Asia were up 34.6% to $7.5 million and revenue from other nutritional products was also up
83.7% to $17.8 million. These results were achieved as COVID-19 supply chain disruption improved in this area.
2. Australia and New Zealand (ANZ)
The ANZ segment result was driven by lower IMF sales to ANZ resellers / Daigou, partially offset by the positioning benefit
associated with the a2 Platinum® refresh. Overall, ANZ segment revenue was $213.7 million, down 24.6%, with EBITDA of $62.0
million, down 35.6%.
IMF resellers and retail
With the Daigou channel market value down 39.5% in 1H23
21
and the Company’s deliberate change to refine its English label IMF
distribution model in 2H22, IMF sales decreased 39.2% to $109.4 million. The decline related to the change in the English label
distribution model, is largely offset by a related increase in the CBEC channel (see commentary in China & Other Asia above).
To support resellers and the Daigou community, the Company focused its support on more direct engagement through
production of more digital marketing content and conducting Daigou sales events. This resulted in increased share of voice in the
channel which is an important leading indicator of share growth. To enable this increased level of activity, the Company
continued to invest in developing its reseller and Daigou trade marketing capability. This resulted in a2MC’s market share
improving slightly to 19.0% at the end of December 2022 versus 18.9% at the end of June 2022
22
.
Another key strategic focus has been working with partners to increase store numbers through the O2O channel and drive new
user recruitment. Consumer sales in the overall O2O channel were down 14.5% in 1H23 while a2MC’s market share decreased
slightly to 20.8% at the end of December 2022 versus 21.0% at the end of June 2022
23
.

16
a2MC internal data tracking of stores with active sales in the past 6 months.
17
Nielsen MBS retail measurement service: mother and baby stores only retail sales (by value). 6-month. 1H23 versus 2H22.
18
Smart Path China IMF online market tracking: domestic online platform sales (by value). 6-month. 1H23 versus 2H22.
19
Nielsen MBS retail measurement service: mother and baby stores only retail sales (by value) – MAT Dec-21 to MAT Dec-22. Smart Path China IMF online
market tracking: domestic online platform sales (by value). (Excludes goat and specialty) MAT Dec-21 to MAT Dec-22.
20
Smart Path China IMF online market tracking: for CBEC only retail sales (by value). 12-month rolling share. 1H23 versus 2H22.
21
Kantar data based on a panel of 9,000 consumers covering 0-6 year olds and only seeks to project ~40% of the population.
22
Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key & A + BCD cities). 12-month rolling share. 1H23 versus 2H22.
23
Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key & A + BCD cities). 12-month rolling share. 1H23 versus 2H22.

5
Liquid milk and other nutritional products
Australian liquid milk sales were up by 5.6% to $92.0 million despite several challenges. In 1H22, the Company benefitted from
COVID-19 lockdowns as the vast majority of ANZ liquid milk sales are derived from in-home consumption with both Sydney and
Melbourne in major lockdowns. Household consumption in 1H23 was impacted following the cessation of restrictions in 2H22
and rising interest rates and inflation. In response to higher raw milk prices and other input and logistics costs, net of cost
reduction initiatives, the Company implemented price increases during 1H23. Sales were supported by the launch of a2 Milk®
Lactose Free (in August 2022), which has performed ahead of expectations to date, gaining distribution in 1,000 stores and a
market share in Australian lactose free milk in the launch cities of 12.3%
24
in December 2022, five months post launch.
a2MC recorded market value share of 11.4% at the end of December 2022
25
versus 12.4% at the end of June 2022, reflecting a
similar market value share to pre-COVID-19. Whilst market volume for liquid milk increased during the COVID-19 lockdown
period, it has decreased 3.7% from January 2020 to December 2022. Over the same period, a2MC’s market volume share has
increased from 6.6% to 7.1%
26
. Pleasingly, three a2 Milk® products achieved rankings in the top ten products in the dairy
category in Grocery.
Revenue in other nutritional products was also impacted by the channel mix shift to CBEC, declining 24.3% to $12.3 million.
3. USA
USA profitability improved through a combination of higher revenue growth and cost reduction initiatives. As a result, USA
revenue increased 61.8% to $52.4 million while EBITDA loss reduced to $12.2 million compared with $16.4 million in 1H22.
Sales growth was driven by modest growth in core liquid milk and increased distribution in two new products launched during
FY22 (with sales weighted to 2H22 versus 1H22) – HERSHEY’S a2 Milk® and a2 Milk® Half and Half – and favourable foreign
exchange movements. Distribution increased from 27.4k stores at the end of June 2022 to 29.0k stores at the end of December
2022
27
due mainly to increased Mass channel distribution of HERSHEY’S a2 Milk® net of reduced Club channel distribution.
a2MC’s market value share in the premium milk category for the Grocery channel increased from 2.0% in June 2022 to 2.3% in
December 2022
28
.
Accelerating the path to profitability in the USA by FY25/FY26 remains a key strategic priority. The lower EBITDA loss was mainly
due to revenue growth, improved distribution rates and lower marketing spend. Despite the lower level of marketing
investment resulting in decreased brand awareness, household penetration increased, brand loyalty ranked first across key
competitors and brand equity ratings improved.
In November 2022, the Company received confirmation from the FDA that its application for enforcement discretion to import,
sell and distribute a2 Platinum® IMF product (Stages 1 and 2) from New Zealand into the USA had been approved. a2MC was one
of the last companies to receive enforcement discretion. Subsequently, out of stock levels in the market have improved
significantly, Abbott has regained most of its share losses and new entrants to the market have gained negligible share. There
have been no material changes to the market structure, WIC program, regulatory environment or import tariffs. At this stage,
a2MC intends to pursue longer term FDA approval of a2 Platinum® whilst carefully considering market entry options. No IMF
product has been manufactured or sold to date.
4. Mataura Valley Milk
Accelerating MVM’s path to profitability by FY26 or earlier is a key strategic focus for the Company. During 1H23, MVM
continued to progress its transition plan to in-source additional a2 Milk® Whole milk powder volumes from Synlait while
continuing to produce products for third parties. Revenue of $45.7 million
29
and an EBITDA loss of $13.4 million were recorded
for the period.
The higher revenue reflected 6-months under a2MC ownership versus 5-months in 1H22 (due to the timing of the acquisition
completion) net of intercompany sales during the current period. The EBITDA loss of $13.4 million reflected the current
production mix with MVM primarily selling lower value milk powders on the commodity market, compared to a reported loss of
$10.0 million in 1H22 (or $14.4 million on a pro-forma unaudited basis for 6-months).
MVM is prioritising in-sourcing a2 Milk® Skim milk powder and certain other nutritional products from Synlait, developing future
product innovation at the facility and exploring additional third-party customer opportunities. To complement this and facilitate
future China label GB registration applications, MVM is planning for the installation of a laboratory and blending & canning
capability at the site and continues to review options to accelerate this strategy.
During the period a2MC continued to invest in MVM, including progressing the installation of a new high-pressure electrode
boiler and the full electrification of the site supplied by 100% renewable energy such as hydro and wind. MVM has received
several awards for this project as it builds its environmental and sustainability credentials.

24
IRI Scan Data NSW and VIC Month ending 31 December 2022.
25
IRI Australian Grocery Weighted Scan 12-months ending 31 December 2022.
26
IRI Australian Grocery scan.
27
SPINS retail sales data as of 31 December 2022 and internal counts.
28
SPINS data for the Grocery channel only for the 52 weeks ending 30 June 2022 and 30 June 2021.
29
Revenue excluding intercompany sales.

6
Outlook
With reference to the Company’s full year outlook statement provided on 29 August 2022 and the update provided at the
Company’s Annual Meeting of Shareholders on 18 November 2022, the Company continues to expect low double digit revenue
growth in FY23 despite challenges in the China IMF market (noted below), and EBITDA margin (% of sales) similar to FY22. The
following outlook statement for FY23 is slightly refined and replaces the Company’s prior statements.
China market dynamics
The Company expects the increasingly challenging China IMF market dynamics to continue due to fewer births in CY22 and the
rolling impact from fewer births in prior years on later stage IMF products. It is also expected that the English label market will
continue to be impacted by the evolving channel dynamics and a further shift towards the China label market. The China IMF
market is also expected to experience a degree of disruption with the market transitioning from current to new GB registered
product during CY23.
Key financials
Despite these challenges, the Company is continuing to deliver against its refreshed growth strategy, and is expecting low double
digit revenue growth in FY23 supported by growth in China label IMF, ANZ liquid milk and USA liquid milk sales. English label IMF
revenue is expected to be broadly in line with FY22. MVM sales are expected to be down on FY22 reported sales due mainly to
higher internal sales to a2MC from in-sourcing, and lower global dairy trade (GDT) commodity pricing. Any USA IMF sales in FY23
are expected to be immaterial. The positive impact of foreign exchange rates on revenue growth is less than that expected at the
time the Company provided its last outlook update in November 2022.
FY23 gross margin percentage is expected to be slightly higher than FY22, with cost of goods sold headwinds related to
increasing milk, ingredient and packaging costs offset by price increases, mix benefits and cost mitigation initiatives.
Distribution costs are expected to be higher in FY23 due to higher costs associated with China label transition. Marketing
investment, along with Administration & Other costs, are expected to be significantly higher than FY22 as the Company
continues to invest in brand, capability, science, innovation and sustainability to continue executing against its refreshed growth
strategy.
The Company is expecting EBITDA growth in FY23 and an EBITDA margin (% of sales) similar to FY22.
Operating cash conversion is expected to be significantly lower in FY23 than FY22 mainly due to the reversal of working capital
timing benefits in FY22 and an increase in working capital related to the transition of China label IMF products. It is expected that
the Company’s operating cash conversion will return to more normalised levels in the future. Capital expenditure is expected to
be approximately $20 million for FY23 primarily related to planned upgrades to ANZ liquid milk supply chain capacity and
capability. The Company intends to complete its on-market share buyback program in 2H23.
Key risks
In addition to the challenges noted above and trading upside and downside, other risks include, but are not limited to, COVID-19
impacts on supply and demand, SAMR approval and GB registration process timing and associated inventory transition, volume
impact of price increases, cross border trade, foreign exchange movements, changes in interest rates and commodity prices, and
changes in the regulatory environment. These challenges and risks could materially impact expected revenue and earnings
outcomes.

Authorised for release by the Board of Directors

David Bortolussi
Managing Director and Chief Executive Officer
The a2 Milk Company Limited

For further information, please contact:

Investors / Analysts
David Akers
Group Head of Investor Relations and Sustainability
M +61 412 944 577
david.akers@a2milk.com


Anna Guan
Investor Relations Manager
M +61 430 166 872
anna.guan@a2milk.com
Media
Rick Willis
M +61 411 839 344
rick@networkfour.com.au
Media – New Zealand
Barry Akers
M +64 21 571 234
akers@senescallakers.co.nz

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We pioneer the future of Dairy for good
2023
INTERIM
REPORT

CONTENTS
Financial statements 2
Directors’ declaration 2
Consolidated statement of comprehensive income 3
Consolidated statement of changes in equity 4
Consolidated statement of financial position 6
Consolidated statement of cash flows 7
Notes to the interim financial statements 8
Auditor’s review report 19
Corporate directory 21

THE
a2 MILK COMPANY INTERIM REPORT 2023
1

The directors of The a2 Milk Company Limited are pleased to present the interim report for the six months ended 31 December 2022.
The interim report is unaudited and was authorised for issue by the directors on 19 February 2023.
Signed on behalf of the Board by:
David Hearn
Chair
David Bortolussi
Managing Director and CEO
19 February 2023
FINANCIAL
STATEMENTS
DIRECTORS’ DECLARATION
FOR THE SIX MONTHS ENDED 31 DECEMBER 2022
2

Notes
31 Dec 22
$’000
31 Dec 21
$’000
Sales2781,986658,797
Cost of sales(410,058)(354,325)
Gross margin371,928304,472
Other revenue21,3531,749
Distribution expenses(23,989)(24,734)
Marketing expenses (135,120)(92,546)
Administrative expenses(6 3,110 )(51,679)
Other expenses(52,175)(47, 8 7 3)
Operating profit98,88789,389
Interest income12,0891,740
Finance costs(2,288)(677)
Net finance income9,8011,063
Profit before tax108,68890,452
Income tax expense(4 0,215)(34,372)
Profit for the period68,47356,080
Profit for the period attributable to:
Owners of the Company73,77759,627
Non-controlling interests(5,304)(3,547)
68,47356,080
Other comprehensive income
Items that may be reclassified to profit or loss:
Foreign currency translation (loss)/profit(9,759)193
Cash flow hedges15,461480
Items not to be reclassified to profit or loss:
Listed investment fair value profit/(loss)917,7 74( 7, 8 0 4)
Total other comprehensive income/(loss) 23,476(7,131)
Total other comprehensive income/(loss) attributable to:
Owners of the Company22,422(6,974)
Non-controlling interests1,054(157)
23,476(7,131)
Total comprehensive income91,94948,949
Total comprehensive income attributable to:
Owners of the Company9 6,19 952,653
Non-controlling interests(4,250)(3,704)
91,94948,949
Earnings per share
Basic (cents per share)9.958.02
Diluted (cents per share)9.928.02
The accompanying notes form part of these financial statements.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
FOR THE SIX MONTHS ENDED 31 DECEMBER 2022
FINANCIAL STATEMENTS
THE
a2 MILK COMPANY INTERIM REPORT 2023
3

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
FOR THE SIX MONTHS ENDED 31 DECEMBER 2022
FINANCIAL STATEMENTS
Attributable to owners of the Company
Six months ended
31 December 2022
Foreign currency translation reserve

$’000Fair value revaluation reserve

$’000Employee equity settled payments reserve

$’000Treasury shares reserve

$’000Hedging reserve

$’000Total reserves

$’000Retained earnings

$’000Share capital

$’000Total

$’000Non-controlling interests

$’000Total equity

$’000
Balance 1 July 2022(332)(153,521)4 6 , 311(15,798)(13,0 01)(136,341)1,16 7, 5 61149,1571,18 0,37713,5831,193,9 6 0
Profit after tax
for the period------73,777-73,777(5,304)68,473
Foreign currency
translation differences
- foreign operations(9,759)----(9,759)--(9,759)-(9,759)
Changes in cash flow
hedges taken to equity----8 ,1248 ,124--8 ,124(1,678)6,446
Cash flow hedges
reclassified to profit
or loss----10,65610,656--10,6562,73213,388
Listed investment –
fair value movement-17,7 74---17,7 74--17,7 74-17,7 74
Income tax----(4,373)(4,373)--(4,373)-(4,373)
Total comprehensive
income for the period(9,759)17,7 74--14,40722,42273,777-9 6,19 9(4,250)91,949
Transactions with
owners in their
capacity as owners:
Share buy-back-------(90,255)(90,255)-(90,255)
Treasury shares
transferred--(1,15 8)1,15 8-------
Share-based payments--8,740--8,740--8,740-8,740
Total transactions
with owners--7, 5 8 21,15 8-8,740-(90,255)(81,515)-(81,515)
Balance
31 December 2022(10,091)(135,747)53,893(14,640)1,406(105,179)1,241,33858,9021,195,0 619,3331,204,394
The accompanying notes form part of these financial statements.
4

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
FOR THE SIX MONTHS ENDED 31 DECEMBER 2022
FINANCIAL STATEMENTS
Attributable to owners of the Company
Six months ended
31 December 2021
Foreign currency translation reserve

$’000Fair value revaluation reserve

$’000Employee equity settled payments reserve

$’000Treasury shares

reserve

$’000Hedging reserve

$’000Total reserves

$’000Retained earnings

$’000Share capital

$’000Total

$’000Non-controlling interests

$’000Total equity

$’000
Balance 1 July 2021(11, 4 0 5 )(130,978)36,058(3,773)- (110 , 0 9 8 )1,0 4 4,937149,1211,083,960- 1,083,960
Profit after tax
for the period------59,627-59,627(3,547)56,080
Foreign currency
translation differences
– foreign operations193----193--193-193
Changes in cash flow
hedges taken to equity----637637--637(157)480
Listed investment –
fair value movement-( 7, 8 0 4)---( 7, 8 0 4)--( 7, 8 0 4)-( 7, 8 0 4)
Total comprehensive income
for the period193( 7, 8 0 4)--637(6,974)59,627-52,653(3,704)48,949
Transactions with owners in
their capacity as owners:
Issue of ordinary shares -------4545-45
Share issue costs-------(9)(9)-(9)
Employee withholding
tax payments --(249)--(249)--(249)-(249)
Treasury shares purchased--- (13,306)-(13,306)--(13,306)-(13,306)
Treasury shares transferred--(93)93-------
Share-based payments--4,659--4,659--4,659-4,659
Acquisition of subsidiary ---------22,57822,578
Income tax--6--6--6-6
Total transactions
with owners--4,323(13,213)–(8,890)-36(8,854)22,57813,724
Balance
31 December 2021(11, 212)(138,782)40,381(16,986)637(125,962)1,10 4,5 6 4149,1571,127,75918,8741,14 6,633
The accompanying notes form part of these financial statements.
THE
a2 MILK COMPANY INTERIM REPORT 2023
5

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED)
AS AT 31 DECEMBER 2022
Notes
31 Dec 22
$’000
30 Jun 22
$’000
Assets
Current assets
Cash and term deposits7777,1958 8 7, 3 0 8
Trade and other receivables78,73883,510
Prepayments95,54754,537
Inventories6181,979140,04 4
Other financial assets95,297-
Income tax receivable-5,8 41
Total current assets1,138,7561,171,240
Non-current assets
Property, plant and equipment240,379240,547
Right-of-use assets14,23116,030
Investment property15,92315,663
Intangible assets108,598109,322
Other financial assets9153,421135,260
Prepayments9692,059
Deferred tax assets26,50925,731
Total non-current assets560,03054 4,612
Total assets1,698,7861,715,852
Liabilities
Current liabilities
Trade and other payables348,727376,082
Customer contract liabilities1,14 83,171
Lease liabilities2,6953,128
Loans and borrowings840,00040,794
Income tax payable18,516-
Other financial liabilities103,72216,999
Total current liabilities414,8084 4 0,174
Non-current liabilities
Trade and other payables495416
Lease liabilities12,88314,224
Loans and borrowings866,20666,206
Other financial liabilities10-872
Total non-current liabilities79,58481,718
Total liabilities494,392521,892
Net assets1,204,3941,193,960
Equity
Share capital 558,902149,157
Retained earnings 1,241,3381,16 7, 5 61
Reserves(105,179)(136,341)
Total equity attributable to owners of the Company1,195,0 611,18 0,377
Non-controlling interests9,33313,583
Total equity1,204,3941,193,960
The accompanying notes form part of these financial statements.
FINANCIAL STATEMENTS
6

Notes
31 Dec 22
$’000
31 Dec 21
$’000
Cash flows from operating activities
Receipts from customers8 0 6,651673,419
Payments to suppliers and employees(792,045)(5 4 6,13 4)
Interest received5,7151,655
Interest paid (1,638)(512)
Taxes paid(21,878)(30,022)
Net cash (outflow)/inflow from operating activities12(3,195)98,406
Cash flows from investing activities
Payments for property, plant and equipment(6,214)(2,407)
Payment for investment property(1,257)(58)
Payments for intangible assets(95)(48)
Acquisition of subsidiary-(213,74 6)
Payments for term deposits(50,000)-
Receipts from term deposits150,000-
Net cash inflow/(outflow) from investing activities92,434(216,259)
Cash flows from financing activities
Payments for share buy-back5(90,255)-
Payments of lease principal(1,949)(2,008)
Purchase of treasury shares-(13,306)
Proceeds from issue of equity shares-36
Proceeds from borrowings13,000-
Repayment of borrowings (13,794)-
Net cash outflow from financing activities(92,998)(15,278)
Net decrease in cash and short-term deposits(3,759)(133,131)
Cash and short-term deposits at the beginning of the period4 3 7, 3 0 8875,15 0
Effect of exchange rate changes on cash(6,354)5,151
Cash and short-term deposits at the end of the period74 27,19 5747,170
The accompanying notes form part of these financial statements.
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
FOR THE SIX MONTHS ENDED 31 DECEMBER 2022
FINANCIAL STATEMENTS
THE
a2 MILK COMPANY INTERIM REPORT 2023
7

1. Basis of preparation
The a2 Milk Company Limited (the Company and, together with its
subsidiaries, the Group) is a for-profit entity incorporated and
domiciled in New Zealand.
The Company is registered in New Zealand under the Companies
Act 1993 and is an FMC reporting entity under the Financial Markets
Conduct Act 2013. The Company is also registered as a foreign
company in Australia under the Corporations Act 2001 (Cth,
Australia). The shares of The a2 Milk Company Limited are publicly
traded on New Zealand’s Exchange (NZX), the Australian Securities
Exchange (ASX) and Cboe-X Australia (Cboe-X). The financial report
is presented in New Zealand dollars, and all values are rounded to the
nearest thousand ($’000), unless otherwise indicated.
The principal activity of the Company is the sale of branded products
in targeted markets made with milk naturally containing the
A2 protein type.
These consolidated financial statements were authorised for issue
by the directors on 19 February 2023.
Statement of compliance
These interim financial statements have not been audited. The
interim financial statements have been prepared in accordance with
Generally Accepted Accounting Practice in New Zealand, comply
with NZ IAS 34 Interim Financial Reporting and IAS 34 Interim
Financial Reporting, and have been the subject of a review by the
auditors.
This interim report should be read in conjunction with the Group’s
annual report for the year ended 30 June 2022, available at
www.thea2milkcompany.com/results.
The same accounting policies and methods of computation are
followed in this interim report as were applied in the preparation of
the Group’s financial statements for the year ended 30 June 2022,
or if new in the period are included in the relevant note.
Certain comparative amounts have been reclassified to conform
with the current period’s presentation.
Changes in significant accounting policies
The Group has applied all of the new and revised Standards and
Interpretations issued by the New Zealand External Reporting Board
that are relevant to the Group’s operations and effective for the
current accounting period. Their application has not had any material
impact on the Group’s assets, profits or earnings per share for the
half-year ended 31 December 2022.
New standards and interpretations not yet adopted
There are no new standards and interpretations that are issued, but
not yet effective as at 31 December 2022, that are expected to have
a material impact on the Group in current or future reporting
periods.
2. Operating segments
The Group’s key performance measures are segment revenue and

segment results before interest, tax, depreciation and amortisation
(Segment EBITDA, a non-GAAP measure). Further information an
d
analysis of performance can be found in the Half Year Results
Commentary, which has been lodged concurrently with the interim
report.
For management purposes, the Group is organised into business units
based primarily
on geographical location along with a corporate
function, and in the current period has four reportable operating
segments as follows:
—
The Australia and New Zealand segment receives external
revenue from in
fant milk formula, milk and other nutritional
products, along with rent, roy
alty, and licence fee income.
— The China and Other Asia segment receives external revenue from
infant milk formula, other nutritional products and milk.
— The USA segment receives external revenue from milk sales and
licence fees.
—
The Mataura Valley Milk segment receives external revenue
from the manufacturing and sale of nutritional and commodity
products.
M
anagement monitors the operating results of its business units
separately for the purpose of making decisions about resource
allocation and performance assessment. Segment performance is
assessed on segment EBITDA and is measured in conformity with
the accounting policies adopted for preparing and presenting the
financial statements of the Group.
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2022
FINANCIAL STATEMENTS
8

NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2022
2. Operating segments (continued)
Australia and
New Zealand
China and
Other AsiaUSA
Mataura
Valley MilkEliminationsTotal
Six months to 31 December 2022$’000$’000$’000$’000$’000$’000
Consolidated sales212,474471,57952,27345,660-781,986
Other revenue 1,18 8-165--1,353
Total external revenue213,662471,57952,43845,660-783,339
Inter-segment revenue---17, 2 2 9(17, 2 2 9 )-
Reportable segment revenue213,662471,57952,43862,889(17, 2 2 9 )783,339
Reportable segment results
(Segment EBITDA)62,012111, 47 9(12,216)(13,4 08)-147, 8 6 7
Corporate EBITDA(40,054)
Group EBITDA107, 813
Reconciliation to consolidated statement of comprehensive income
Interest income 12,089
Interest expense(2,232)
Depreciation and amortisation(8,982)
Income tax expense(4 0,215)
Consolidated profit after tax68,473
Australia and
New Zealand
China and
Other AsiaUSA
Mataura
Valley Milk
1
Total
Six months to 31 December 2021$’000$’000$’000$’000$’000
Consolidated sales281,671306,30732,25938,560658,797
Other revenue1,596-153-1,749
Reportable segment revenue283,267306,30732,41238,560660,546
Reportable segment results
(Segment EBITDA)96,24159,387(16,429)(10,019)129,18 0
Corporate EBITDA(31,607)
Group EBITDA97, 5 7 3
Reconciliation to consolidated statement of comprehensive income
Interest income1,740
Interest expense(627)
Depreciation and amortisation(8,234)
Income tax expense(34,372)
Consolidated profit after tax56,080
1 Mataura Valley Milk results are for the five months from acquisition on 30 July 2021.
FINANCIAL STATEMENTS
THE
a2 MILK COMPANY INTERIM REPORT 2023
9

3. Revenue
Disaggregation of revenue
In the following table, revenue is disaggregated by geographical location (reportable segments) and major product types.
Australia and
New Zealand
China and
Other AsiaUSA
Mataura
Valley MilkTotal
Six months to 31 December 2022$’000$’000$’000$’000$’000
Infant nutrition:
China label-270,727--270,727
English and other labels
1
109,365175,60 0--284,965
Liquid milk91,9637, 4 5 452,273-151,69 0
Other12,33417,7 9 816545,66075,957
213,662471,57952,43845,660783,339
Australia and
New Zealand
China and
Other AsiaUSA
Mataura
Valley Milk
2
Total
Six months to 31 December 2021$’000$’000$’000$’000$’000
Infant nutrition:
China label-188,701--188,701
English and other labels
1
179,8 87102,381--282,268
Liquid milk8 7, 0 8 85,53632,259-124,883
Other16,2929,68915338,56064,694
283,267306,30732,41238,560660,546
1 Revenue is allocated based on management responsibility and usually reflects the geographical location of the Group’s wholesale customers. It is understood
that the majority of the infant milk formula sales to customers in the Australia and New Zealand segment are ultimately consumed in China.
2 Mataura Valley Milk results for the five months from acquisition on 30 July 2021.
4. Expenses
31 Dec 22
$’000
31 Dec 21
$’000
Profit before income tax includes the following items:
Salary and wage costs48,80641,241
Equity settled share-based payments 8,7404,659
Bad and doubtful debts286-
Professional service fees9,17312,334
Insurance12,78011,15 0
Depreciation and amortisation8,9828,234
Net foreign exchange (gains)/losses(6,527)3,573
Cash flow hedge losses13,388-
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2022
FINANCIAL STATEMENTS
10

NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2022
5. Share capital
Movements in contributed equity:Number of shares
Share Capital
$’000
Fully paid ordinary shares:
Balance 30 June 2022743,656,528149,157
Movements in the period:
Share buy-back(13,471,219)(90,255)
Balance 31 December 2022730,185,30958,902
Share buy-back
When the Company re-acquires its own ordinary shares as the result of a share buy-back, those shares are deducted from equity and the
associated shares are cancelled. No gain or loss is recognised in profit or loss and the consideration paid including any directly attributable
incremental costs is recognised directly in equity.
On 29 August 2022, the Company announced an on-market buy-back of shares with an aggregate value of up to $150 million, which
commenced on 7 November 2022. From 7 November 2022 to 31 December 2022 the Company purchased and cancelled 13,471,219 ordinary
shares at a total cost of $90,255,000 including brokerage costs at an average price of $6.69 excluding brokerage costs.
Treasury Shares
As at 31 December 2022, the trustee of the a2MC Group Employee Share Trust held 2,198,839 of the Company’s shares
(30 June 2022: 2,372,842 shares) purchased on market and available solely to participants in Group employee share plans:
Gift shares: Shares issued to employees not participating in the Company’s Long Term Incentive plans. Each participating employee
received Company shares to the value of approximately AUD 1,000.
Vesting of time-based rights: Shares issued to participating employees continuing in employment to a vesting date in the period.
Vesting of matching shares: Shares vested in September 2022 for employees participating in the FY21 Share Match Programme
who continued in employment to September 2022.
6. Inventories
31 Dec 22
$’000
30 Jun 22
$’000
Raw materials17, 0 9 417, 974
Finished goods162,074119,5 0 5
Goods in transit2, 8112,565
Total inventories at the lower of cost and net realisable value181,979140,04 4
At period end $12.6 million (2021: $4.4 million) was recognised as an expense in cost of sales for inventories written down or written off,
with $6.9 million (2021: $0.8 million) relating to MVM inventory.
FINANCIAL STATEMENTS
THE
a2 MILK COMPANY INTERIM REPORT 2023
11

7. Cash and term deposits
31 Dec 22
$’000
30 Jun 22
$’000
Cash at banks and on hand 261,719331,6 46
Short-term deposits 165,476105,662
Cash and short-term deposits4 27,19 54 3 7, 3 0 8
Other current term deposits350,000450,000
Cash and term deposits777,1958 8 7, 3 0 8
Other current term deposits comprise term deposits with a maturity greater than three months and less than twelve months. The purpose for
which the term deposits are held is to meet short-term cash commitments rather than for investment or other purpose.
Term deposits are presented as cash equivalents in the statement of cash flows if they have a maturity of three months or less and are readily
convertible to known amounts of cash with no significant risk of changes in value.
For the purposes of the statement of cash flows, cash and cash equivalents comprise the following:
31 Dec 22
$’000
30 Jun 22
$’000
Cash at banks and on hand 261,719331,6 46
Short-term deposits 165,476105,662
Cash and short-term deposits4 27,19 54 3 7, 3 0 8
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2022
FINANCIAL STATEMENTS
12

8. Loans and borrowings
31 Dec 22
$’000
30 Jun 22
$’000
Current
Secured:
Bank loans40,00027,000
Unsecured:
Loan from MVM’s non-controlling shareholder-13,794
40,00040,794
Non-current
Secured:
Bank loan30,00030,000
Unsecured:
Loan from MVM’s non-controlling shareholder36,20636,206
66,20666,206
All of the loans and borrowings are specific to Mataura Valley Milk Limited (MVM) and are interest bearing.
The bank loans are secured against MVM’s property at Pease Street, Gore, New Zealand, and are subject to compliance with financial
covenants requiring the maintenance of specified financial ratios, related solely to MVM. All borrowing covenant ratios and limits have been
complied with as at 31 December 2022.
The non-current bank loan matures in July 2024. The interest rate applicable as at 31 December 2022 was 5.57%.
The average interest rate applicable at 31 December 2022 for the current bank loans was 5.17%.
Finance facilities available to MVM:
—Total bank debt facilities of $75 million, of which $70 million was drawn as at 31 December 2022.
—A performance guarantee facility of $10 million, of which $6.2 million was drawn as at 31 December 2022.
The unsecured subordinated loan is provided by MVM’s non-controlling shareholder. The non-current loan has an initial term through to FY27,
to be repaid thereafter at a time to be agreed by the shareholder lenders. The current loan was repaid during the period. The interest rate
applicable as at 31 December 2022 was 2.56%.
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2022
FINANCIAL STATEMENTS
THE
a2 MILK COMPANY INTERIM REPORT 2023
13

NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2022
9. Other financial assets
31 Dec 22
$’000
30 Jun 22
$’000
Current
Foreign currency forward contracts5,297-
Non-current
Foreign currency forward contracts387-
Listed investment153,034135,260
153,421135,260
Recognition and measurement
Foreign currency forward contracts are stated at fair value, calculated by reference to current forward exchange rates for contracts with similar
maturity profiles, adjusted to reflect the credit risk of the various counterparties.
Listed investment
The listed investment is in Synlait Milk Limited (Synlait). Synlait is a dairy processing company (listed on NZX and the ASX) with which the Group
has an ongoing Nutritional Powders Manufacturing and Supply Agreement. No dividends were received from this investment during the period
(2021: $nil).
A fair value gain of $17,774,000 (2021: loss $7,804,000) was recognised for the period.
Shareholding in Synlait Milk Limited
Shares
’000
Cost
$’000
Share price at
report date
Market Value
$’000
Mark to market
$’000
Movements in the period
Balance 30 Jun 202243,353288,781$3.12135,260(153,521)
Balance 31 Dec 202243,353288,781$3.53153,034(135,747)
Fair value gain in period17,7 74
10. Other financial liabilities
31 Dec 22
$’000
30 Jun 22
$’000
Current
Foreign currency forward contracts3,72216,999
Non-current
Foreign currency forward contracts-872
Recognition and measurement
Foreign currency forward contracts are stated at fair value, calculated by reference to current forward exchange rates for contracts with similar
maturity profiles, adjusted to reflect the credit risk of the various counterparties.
FINANCIAL STATEMENTS
14

11. Financial instruments
Carrying amounts versus fair value
The fair values of financial assets and liabilities, together with the carrying amounts shown in the statement of financial position,
are as follows:
31 December 202230 June 2022
Hierarchy
level
Carrying
amount
$’000
Fair Value
$’000
Carrying
amount
$’000
Fair Value
$’000
Cash and term deposits777,195777,1958 8 7, 3 0 88 8 7, 3 0 8
Trade and other receivables78,73878,73883,51083,510
Foreign currency forward contracts 21,9621,962(17, 8 71)(17, 8 71)
Listed investment1153,034153,034135,260135,260
Secured bank loans2(70,000)(70,000)(57,000)(57,000)
Unsecured loan from MVM’s
non-controlling shareholder2(36,206)(29,432)(50,000)(45,10 8)
Trade and other payables
- excluding employee entitlements(328,956)(328,956)( 3 47, 6 75 )( 3 47, 6 75 )
575,767582,541633,532638,424
Fair value hierarchy
Financial instruments carried at fair value are classified by valuation method based on the following hierarchy:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices)
or indirectly (i.e. derived from prices).
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
Carrying amount (equalling fair value) is applied consistently in the current and prior period to assets and liabilities not recognised in the
statement of financial position at fair value.
Estimation of fair value
The following methods and assumptions are used in estimating the fair values of financial instruments:
—Listed investment - closing share price on the NZX
—Foreign currency forward contracts - calculated by reference to current forward exchange rates for contracts with similar maturity profiles,
adjusted to reflect the credit risk of the various counterparties
—Loans and borrowings - present value of future principal and interest cash flow, discounted at the market rate of interest at the reporting
date; and
—Cash and term deposits, trade and other receivables and payables - carrying amount equals fair value.

NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2022
FINANCIAL STATEMENTS
THE
a2 MILK COMPANY INTERIM REPORT 2023
15

12. Reconciliation of after tax profit with net cash flows from operating activities
31 Dec 22
$’000
31 Dec 21
$’000
Net profit for the period68,47356,080
Adjustments for non-cash items:
Depreciation and amortisation 8,9828,234
Share-based payments8,7404,659
Net foreign exchange gain(2,212)(4,483)
Income tax on hedges(4,373)-
Deferred tax(778)27, 913
Changes in working capital:
Trade and other receivables4,772(3,171)
Prepayments(39,920)(20,137 )
Inventories(41,935)( 7, 5 4 8 )
Trade and other payables(27,278)33,538
Customer contract liabilities(2,023)27, 0 0 5
Income tax payable18,516-
Income tax receivable5,8 41(23,684)
Net cash (outflow)/inflow from operating activities(3,195)98,406
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2022
FINANCIAL STATEMENTS
16

NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2022
13. Share-based payments
Long-term incentives (LTI)
The LTI plan is designed to retain and motivate senior management to achieve the Group’s long term strategic goals by providing rewards that
align the interests of management with shareholders.
During the period the Board authorised the issue of 2,423,557 performance rights to senior management under the LTI plan.
The performance rights vest subject to:
—Continuing employment; and
—Achieving the following performance hurdles over the performance periods:
Revenue CAGR hurdles
Performance
rights grants:Performance periodEPS CAGR50% vest85% vest100% vest
FY22 plan
5,000 rights
3 years
to 30 June 202420%6%8%10%
FY23 plan
2,418,557 rights
3 years
to 30 June 202510%6%8%10%
Both the minimum EPS CAGR (compound annual growth in diluted earnings per share) and minimum Revenue CAGR (compound annual
growth in normalised sales) must be achieved for any vesting of performance rights. The minimum vesting proportion is 50%; thereafter,
vesting is on a straight-line basis.
EPS CAGR and Revenue CAGR are derived from the annual report of the Company for the relevant financial years and subject to adjustment to
remove the impact of such items as the Board may determine, including, without limitation, adjustments made to exclude the impact of
unusual or one-off items, on-market share buy-backs, discontinued operations, and acquisitions and disposals.
No amount is payable upon vesting of the performance rights and conversion to shares. Each exercised right is an entitlement to one fully paid
ordinary share in the Company.
Fair value of performance rights
The fair value of services received in return for performance rights granted to employees is measured by reference to the fair value of the rights
granted. The estimate of the fair value of the services received is measured by reference to the vesting conditions specific to the grant based
on a simplified Black-Scholes option pricing model.
Fair value of performance rights granted during the period and assumptions
Grant date30 Sep 22
Fair value at measurement date$6 .12
Share price at grant date$6 .12
Performance rights life3 years
Other employee equity schemes
In the period, employees not participating in the LTI plan were invited to participate in a Gift offer scheme in which employees each received
Company shares to the value of approximately AUD 1,000.
Amounts recognised in the consolidated statement of comprehensive income
During the period a $8,740,000 expense was recognised in the consolidated statement of comprehensive income for equity settled
share-based payment awards (2021: $4,659,000).
FINANCIAL STATEMENTS
THE
a2 MILK COMPANY INTERIM REPORT 2023
17

NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2022
14.Contingent liabilities
On 6 October 2021, The a2 Milk Company Limited (“the Company”)
announced that group proceedings had been filed in the Supreme
Court of Victoria by Slater & Gordon Lawyers, which named the
Company as the defendant. The proceeding relates to the period
from 19 August 2020 to 9 May 2021 (Relevant Period) and makes
allegations that the Company engaged in misleading and deceptive
conduct and breached its disclosure obligations by failing to disclose
certain information to the market. The claim filed by Slater & Gordon
Lawyers is said to be brought on behalf of shareholders who
acquired an interest in fully paid ordinary shares in the Company
on the ASX or the NZX between 19 August 2020 and 9 May 2021
(inclusive).
On 24 November 2021, the Company was served with a
representative proceeding filed in the Supreme Court of Victoria by
Shine Lawyers, which names the Company as the defendant. The
proceeding makes allegations which are broadly similar to those
advanced by the class action proceeding filed by Slater & Gordon
Lawyers on 5 October 2021. The claim filed by Shine Lawyers is said
to be brought on behalf of group members who acquired an interest
in ordinary shares in the Company on the ASX or the NZX: (1) prior
to 19 August 2020, and retained those shares until a date after
28 September 2020; or (2) during the Relevant Period.
On 14 June 2022, the Supreme Court of Victoria approved the
proposal to consolidate the proceedings filed by Slater & Gordon
Lawyers and Shine Lawyers (the Australian Proceedings). The
consolidated claim is brought on behalf of shareholders who
acquired an interest in fully paid ordinary shares in the Company
on the ASX or the NZX: (1) during the Relevant Period; and (2) prior
to 19 August 2020 and retained those shares until a date after
28 September 2020. The claim makes allegations under both
Australian and New Zealand law. On 28 November 2022, the
Victorian Supreme Court ruled that it has jurisdiction to hear and
determine the claims brought under New Zealand law.
On 18 May 2022, the Company announced that a representative
proceeding had been filed in the High Court of New Zealand which
names the Company as the defendant (the New Zealand Proceeding).
The New Zealand Proceeding, filed by Thorn Law and funded by
CHC Investment Fund III Pty Limited relates to the same period
(19 August 2020 to 9 May 2021) and makes allegations under New
Zealand law only which are substantially the same as those advanced
in the Australian Proceedings. The claim is commenced on behalf of
group members who acquired an interest in ordinary shares in the
Company on the ASX or the NZX: (1) during the Relevant Period; and
(2) prior to the Relevant Period and continued to hold some or
all of those shares for part or all of the Relevant Period.
The Company filed an interlocutory application for a stay of the New
Zealand Proceedings under the Trans-Tasman Proceedings Act 2010
(NZ) on 23 June 2022. On 23 January 2023, the Auckland High Court
granted the Company’s application for a stay of the New Zealand
Proceeding, pending judgment on liability or a final settlement of the
Australia Proceeding, whichever occurs first.
The Company considers that it has at all times complied with its
disclosure obligations, denies any liability and will vigorously defend
the proceedings. The Company filed its defence
in the Australian
Proceedings on 8 November 2022. The Company has not filed a
defence in the
New Zealand Proceeding, which is now stayed.
The claims of group members have not yet been and are not required
to be quantified. Based on the current status of the Australian
Proceedings and the New Zealand Proceedings, it is not practicable
to provide: (a)
an estimate of the financial effect; (b) an indication of
the uncertainties relating to the amount or timing of any outflow; or
(c) the possibility
of any reimbursement.
15. Subsequent events
No matters or circumstances have arisen since the end of the period
w
hich have significantly affected or may significantly affect the
operations, the result of these operations or state of affairs of the
Group in subsequent periods.
FINANCIAL STATEMENTS
18

A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation



Ernst & Young
200 George Street
Sydney NSW 2000 Australia
GPO Box 2646 Sydney NSW 2001
Tel: +61 2 9248 5555
Fax: +61 2 9248 5959
ey.co m/a u

Independent auditor’s review report to the shareholders of The a2 Milk Company
Limited
Conclusion
We have reviewed the interim financial statements of The a2 Milk Company Limited and its
subsidiaries (together “the Group”) which comprise the consolidated statement of financial position as
at 31 December 2022, and the consolidated statement of comprehensive income, consolidated
statement of changes in equity and consolidated statement of cash flows for the period ended on that
date, and a summary of significant accounting policies and other explanatory information. Based on
our review, nothing has come to our attention that causes us to believe that the accompanying interim
financial statements of the Group do not present fairly, in all material respects, the financial position
of the Group as at 31 December 2022, and its financial performance and its cash flows for the period
ended on that date, in accordance with New Zealand Equivalent to International Accounting Standard
34: Interim Financial Reporting.
This report is made solely to the Company’s shareholders, as a body. Our review has been undertaken
so that we might state to the Company’s shareholders those matters we are required to state to them
in a review report and for no other purpose. To the fullest extent permitted by law, we do not accept
or assume responsibility to anyone other than the Company and the Company’s shareholders as a
body, for our review procedures, for this report, or for the conclusion we have formed.
Basis for conclusion
We conducted our review in accordance with NZ SRE 2410 (Revised) Review of Financial Statements
Performed by the Independent Auditor of the Entity. Our responsibilities are further described in the
Auditor’s responsibilities for the review of the financial statements section of our report. We are
independent of the Group in accordance with the relevant ethical requirements in New Zealand
relating to the audit of the annual financial statements, and we have fulfilled our other ethical
responsibilities in accordance with these ethical requirements.
Ernst & Young provided market research services in relation to brand health tracking. Partners and
employees of our firm may deal with the Group on normal terms within the ordinary course of trading
activities of the business of the Group. We have no other relationship with, or interest in, the Group.
Directors’ Responsibility for the Interim Financial Statements
The Directors are responsible, on behalf of the entity, for the preparation and fair presentation of the
interim financial statements in accordance with New Zealand Equivalent to International Accounting
Standard 34: Interim Financial Reporting and for such internal control as the Directors determine is
necessary to enable the preparation and fair presentation of the interim financial statements that are
free from material misstatement, whether due to fraud or error.

AUDITOR’S REVIEW REPORT
FOR THE SIX MONTHS ENDED 31 DECEMBER 2022
THE
a2 MILK COMPANY INTERIM REPORT 2023
19

Auditor’s Responsibilities for the Review of the Interim Financial Statements
Our responsibility is to express a conclusion on the interim financial statements based on our review.
NZ SRE 2410 (Revised) requires us to conclude whether anything has come to our attention that
causes us to believe that the interim financial statements, taken as a whole, are not prepared in all
material respects, in accordance with New Zealand Equivalent to International Accounting
Standard 34: Interim Financial Reporting.
A review of interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited
assurance engagement. We perform procedures, consisting of making enquiries, primarily of persons
responsible for financial and accounting matters, and applying analytical and other review procedures.
The procedures performed in a review are substantially less than those performed in an audit
conducted in accordance with International Standards on Auditing (New Zealand) and consequently do
not enable us to obtain assurance that we would become aware of all significant matters that might be
identified in an audit. Accordingly, we do not express an audit opinion on those interim financial
statements.
The engagement partner on the review resulting in this independent auditor’s review report is Glenn
Maris.


Ernst & Young
Sydney
19 February 2023




AUDITOR’S REVIEW REPORT
FOR THE SIX MONTHS ENDED 31 DECEMBER 2022
20

Company
The a2 Milk Company Limited
New Zealand share registry
Link Market Services Limited
PO Box 91976
Victoria Street West
Auckland 1142
New Zealand
Telephone: +64 9 375 5998
Australian share registry
Link Market Services Limited
Locked Bag A14
Sydney South NSW 1235
Australia
Telephone: +61 1300 554 474
Registered offices
Level 10
51 Shortland Street
Auckland 1010
New Zealand
Level 4
182 Blues Point Road
McMahons Point NSW 2060
Australia
Telephone: +61 2 9697 7000
Auditor
Ernst & Young
200 George Street
Sydney NSW 2000
Australia
Corporate website
www.thea2milkcompany.com
Company Secretary
Jaron McVicar
Company Directors
David Hearn (Chair and Independent, Non-Executive Director)
Julia Hoare (Deputy Chair and Independent, Non-Executive Director)
David Bortolussi (Managing Director and CEO)
Pip Greenwood (Independent, Non-Executive Director)
Warwick Every-Burns (Independent, Non-Executive Director)
Sandra Yu (Independent, Non-Executive Director)
David Wang (Independent, Non-Executive Director)
CORPORATE
DIRECTORY
thea2milkcompany.com
THE
a2 MILK COMPANY INTERIM REPORT 2023
21

The a2 Milk Company Limited (Australian Registered Body Number 158 331 965 – Incorporated in New Zealand)
thea2milkcompany.com

---

2023
INTERIM
RESULTS
The a2 Milk Company Limited20 February 2023
DRAF
T

Disclaimer
This presentation dated 20 February 2023 provides additional
commentary on the Interim Report for the 6 months ended
31 December 2022 of The a2 Milk Company Limited (the
“Company” or “a2MC”) and accompanying information released to
the market on the same date. As such, it should be read in
conjunction with the explanations and views in those documents.
This presentation is provided for general information purposes only.
The information contained in this presentation is not intended to be
relied upon as advice to investors and does not take into account
the investment objectives, financial situation or needs of any
particular investor. Investors should assess their own individual
financial circumstances and consider talking to a financial adviser or
consultant before making any investment decision.
This presentation is not a prospectus, investment statement or
disclosure document, or an offer of shares for subscription, or sale,
in any jurisdiction.
Certain statements in this presentation constitute forward looking
statements. Such forward looking statements involve known and
unknown risks, uncertainties, assumptions and other important
factors, many of which are beyond the control of the Company and
which may cause actual results, performance or achievements to
differ materially from those expressed or implied by such
statements.
While all reasonable care has been taken in relation to the
preparation of this presentation, none of the Company, its
subsidiaries, or their respective directors, officers, employees,
contractors or agents accepts responsibility for any loss or damage
resulting from the use of or reliance on this presentation by any
person.
Past performance is not indicative of future performance and no
guarantee of future returns is implied or given.
Some of the information in this presentation is based on unaudited
financial data which may be subject to change.
All values are expressed in New Zealand dollars unless otherwise
stated.
All intellectual property, proprietary and other rights and interests in
this presentation are owned by the Company.
2 0 2 3 I N T E R I M R E S U L T S
2

Agenda
2 0 2 3 I N T E R I M R E S U L T S
3
Results overview
and strategy update
4
Financial overview15
Regional and product
performance
22
Appendix46

Strong performance in a very challenging market
2 0 2 3 I N T E R I M R E S U L T S
4
1.Half year result is in line with the Company’s expectations with double
digit revenue and earnings growth
2.The Company delivered total IMF sales growth of 18.0% in a challenging
China IMF market down 12.5%
3.Growth was driven by China label IMF sales with record market shares
4.China brand health reached new highs driven by increased investment
and higher impact marketing campaigns
5.Innovation continues to ramp up with recent product launches in all
categories supporting growth
6.New China label IMF registration process remains on track to be
achieved in 2H23 subject to SAMR approval
1
2
3
4
5
6

Double digit revenue and earnings growth driven by strong
China label IMF performance and innovation
2 0 2 3 I N T E R I M R E S U L T S
5
•Group results in line with the Company’s expectations
-Group revenue growth of 18.6% to $783.3 million
-EBITDA
1
up 10.5% to $107.8 million, with EBITDA to sales margin of 13.8%
-NPAT, including amounts attributable to non-controlling interests
2
up 22.1% to $68.5million with $73.8million attributable to
owners of the Company
-Strong balance sheet with closing net cash
3
of $707.2 million with 60.1% of on-market share buyback completed
•Revenue growth driven by execution of refreshed growth strategy
-China & Other Asia sales up 54.0%, ANZ sales down 24.6%, USA sales up 61.8% and MVM sales up 18.4%
-China label IMF sales up 43.5%following success of recent marketing campaigns and strong execution of key sales initiatives,
reflected in record market shares
-English label IMF sales up 1.0% despite challenging channel dynamics, whilst managing transition to the refreshed
a2 Platinum
®
range and continued refinement of distribution model
-ANZ liquid milk sales up 5.6% reflecting positive contribution from launch of a2 Milk
®
Lactose Free but with continuing
reduction of in-home consumption as COVID-19 stay-at-home restrictions ceased during the pcp
-USA liquid milk sales up 62.0% driven by modest growth in core liquid milk and increased distribution of two new products
launched during FY22 (with sales weighted to 2H22) and favourable foreign exchange movements
-MVM reported sales (net of intercompany) up 18.4% reflected 6-months under a2MC ownership versus 5-months in 1H22. On
a LFL basis, revenue is 9.5% lower reflecting an increase in the insourcing of a2MC product
1
Earnings before interest, tax, depreciation and amortisation (EBITDA) is a non-GAAP measure and does not have a standardisedmeaning prescribed by GAAP. However, the Company believes that, in combination with GAAP measures, it assists in
providing investors with a comprehensive understanding of the underlying operational performance of the business. A reconciliation of EBITDA to net profit after tax is shown on page 47 on the presentation.
2
The non-controlling interest represents China Animal Husbandry Group’s 25% interest in MVM, a loss of $5.3 million.
3
Including term deposits and borrowings, excluding subordinated non-current shareholder loans.

China IMF market challenging but still significant growth
opportunity for a2MC
•The number of births in China declined a further 10.0% in CY22 to 9.6 million.
1
The overall
China IMF market declined 11.0% in volume and 12.5% in value in 1H23.
2
The market
decline reflected the decrease in births in CY22 along with the rolling impact of fewer births
in prior years reducing Stage 3 IMF sales (the biggest segment of the IMF market).
•While market growth rates continued to vary between Key&Aand BCD cities, market
declines are now nationwide, with Key&Amarket value sales decreasing by 15.4% in 1H23
and BCD market value sales declining by 10.1% in 1H23 (flat in FY22).
2
•China label market value declined 12.2% in 1H23 with the MBS channel down 9.8% and
DOL up 4.4%. English label decline again exceeded the overall market in 1H23 down
15.7%. However, the market shift from English label channels to China label channels was
less pronounced than prior periods.
2
•Within China label channels, a2MC continues to be supported by the mix shift to ultra-
premium, rapid growth of the A2-protein segment and increasing brand concentration.
•Within English label channels, Daigou continues to experience strong declines (down
39.5% in value in 1H23),
2
while O2O only slightly underperformed the market (down
14.5%)
2
and CBEC experienced strong double-digit growth (up 11.7%)
3
, creating a
significant mix shift across English label channels.
•In the context of very challenging market conditions, a2MC’s volume and value growth in
1H23 in China IMF was encouraging, and the Company has a significant opportunity to
grow market value share from its current levels of 4.5-5% over time.
2 0 2 3 I N T E R I M R E S U L T S
6
1
Source: China National Bureau of Statistics.
2
Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key & A + BCD cities) for the 26 weeks ending 30 December2022.
3
Smart Path China IMF online market tracking: for CBEC only retail sales (by value).
Market mix by value (Kantar)
CL
EL
Market value growth vs pcp(Kantar)

Growth strategy and positive market trends supporting a2MC growth
2 0 2 3 I N T E R I M R E S U L T S
7
a2MC has evolved its mix of
business towards China label IMF
a2MC China label competes in
growing ultra premium segment
A2-protein segment continues to
gain share
Market consolidating towards
bigger brands
a2MC IMF net sales by labelMBS value sales by segment
1,2,3
A2-protein % value share of channelMBS value sales mix
1
Note: Periodic data upgrades at Nielsen result in minor variations in data from time to time. All data has been restated withthe most recent available Nielsen report.
1
Nielsen MBS retail measurement service: mother and baby stores only retail sales (by value).
2
Price segments based on Stage 1 price: Ultra premium >=390RMB/KG; Super premium 290-390RMB/KG: Premium 190-290RMB/KG; Mass <=190RMB/KG.
3
Numbers within the chart may not add to the total due to rounding.

FY23 outlook remains positive despite increasingly
challenging market
See full outlook statement in results announcement dated 20 February 2023
Outlook
•Low double-digit revenue growth expected in FY23
‒Growth in China label IMF, ANZ liquid milk and USA liquid milk sales
‒EL IMF sales expected to be broadly in-line with FY22
‒MVM sales are expected to be down on FY22 due mainly to higher internal sales to
a2MC and lower GDT commodity pricing
‒The positive impact of foreign exchange rates on revenue growth is less than that
expected at the time the Company provided its last outlook update in November 2022
•Gross margin percentage is expected to be slightly higher than FY22
•EBITDA is expected to grow in FY23, and EBITDA margin (% of sales) is expected to be
similar to FY22
•Cash conversion in FY23 expected to be significantly lower than FY22 due to the reversal of
working capital timing benefits in FY22 and higher working capital related to China label
transition. It is expected that the Company’s operating cash conversion will return to more
normalised levels in the future
2 0 2 3 I N T E R I M R E S U L T S
8
Key risks
•In addition to trading upside and downside, other risks include, but are not limited to, COVID-19 impacts on supply and demand, SAMR
approval and GB registration process timing and associated inventory transition, volume impact of price increases, cross border trade,
foreign exchange movements, changes in interest rates and commodity prices, and changes in the regulatory environment. These risks
could materially impact expected revenue and earnings outcomes

Key priorities of refreshed growth strategy remain unchanged
2 0 2 3 I N T E R I M R E S U L T S
9
Purpose
We pioneer the future of Dairy for good
Goals
PEOPLE
Create a safe, diverse, inclusive and
engaging place for our people to
thrive, support our farmers and
contribute to our communities
Vision
An A1-free world where Dairy nourishes all people and our planet
SHAREHOLDERS
Create long-term, enduring value for
shareholders and a trusted,
transparent relationship
PLANET
Protect our planet and cows, rethink
packaging, achieve net zero and
become nature positive
CONSUMERS
Bring the unique benefits of pure and
natural a2 Milk
®
products to as many
consumers as possible
Strategic
priorities
Enablers
Values
Brand strengthScience & innovation
Strategic relationshipsCapability development
Bold passionIntegrityPioneering spiritHumilityRespect
Capture full potential
in China IMF
-Gain more control over CL
and EL distribution and get
closer to our consumer
-Increase investment in our
brand, digital marketing
and e-commerce
2
Ramp-up product
innovation
-Expand our CL and EL IMF
product portfolios
-Enter adjacent product
categories in relevant
markets to drive growth
3
Transform our
supply chain
-Expand CL registered
market access
-Utilise MVM and invest in
New Zealand capability
-Develop China supply
capability over time
4
Invest in people and
planet leadership
-Invest in our people to
enable them to thrive
-Take direct action to lead
the industry in GHG
emissions reduction,
farming practices and
sustainable packaging
1
Accelerate path
to profitability
-Take action to realise
potential in USA
-Expedite insourcing of a2™
product and 3rd party
volume to significantly
increase MVM utilisation
5

CONSUMERS
Significant progress made against strategic priorities and goals
with some areas a work in progress
Safety
TRIFR
Engagement
Diversity &
inclusion
China
unprompted
brand
awareness
Australian fresh
milk loyalty
USA household
penetration
CL MBS
share
CL DOL
share
EL CBEC
share
EL Daigou
share
EL O2O
share
Australian fresh
milk share
USA premium
milk share
China other
dairy /
nutritionals
growth
Emerging
markets
development
USA sales from
new products
ANZ sales from
new products
GHG emissions
reduction
Environmental
plans on farms
Animal welfare
programmes
Sustainable
packaging
12
BRAND
HEALTH
3
MARKET
SHARE
4
INNOVATION
5
2 0 2 3 I N T E R I M R E S U L T S
10
On track
Work in progress
PEOPLEPLANET
SUPPLY
CHAIN
6
FY23 revenue
plan
FY23 EBITDA
plan
US profitability
improvement
MVM
profitability
improvement
Medium term
financial
ambitions
1
SHAREHOLDERS
7
Access to ≥3
CL registrations
CL inventory
management
EL inventory
management
Quality
outcomes
Supply chain
efficiency
1. Refer following page.

2 0 2 3 I N T E R I M R E S U L T S
11
Refer to Investor Day materials communicated to the market on 27 October 2021 for further information on medium-term ambition, strategy, risks and opportunities
Medium-term revenue and EBITDA margin ambitionCommentsAreas of planned revenue growth
•$2 billion revenue goal implies a
4-year CAGR of 8.5% from FY22 if
achieved by FY26
•Solid progress in 1H23 towards medium-
term ambition
−China label IMF is ahead
−English label IMF, other nutritionals
and emerging markets are work in
progress
•Positive indicators, including:
−Brand health metrics
−Market share gains
•Outlook for FY23 is for low double
digit revenue growth broadly consistent
with achieving medium-term ambition
over time
On track
Work in progress
Market / category
Growth ambition
(FY21 to ≥FY26)
2
Tracking
China label IMF$0.4
English label IMF$0.3
China and other
nutritionals
$0.2
Emerging markets$0.1
ANZ$0.1
USA$0.1
Non-specific risk$(0.4)
Net growthc.$0.8bn
Revenue, NZ$ billions
EBITDA margin
EBITDA margin target in the “teens”
On track to achieve ambition to grow sales to $2 billion and
improve EBITDA margins over time
1. 1H23 revenue partially inflated by NZD depreciation during the period impacting EBITDA margin percent.
2. Incremental revenue ambition growth bridge from $1.21 billion in FY21 to c.$2.0 billion in ≥FY26 provided in Investor Day materials in October 2021. Provided for tracking purposes and should not be added to FY22 actual revenue result of $1.45 billion.
c.
1
1

Innovation pipeline delivering significant new product launches
2 0 2 3 I N T E R I M R E S U L T S
12
a2 Platinum
®
refreshedrange launched
in 1Q23 in ANZ and China
a2 Smart Nutrition
®
EL relaunched in
November 2022 in ANZ and China
a2 Milk
®
Protein + Collagen nutritional powders
trial from January 2023 in the USA
a2™Nutrition for Mothers™孕产妇配方奶粉
CL launched in September 2022 in China
a2 Milk
®
Grassfedto launch
in March 2023 in the USA
a2 Milk
®
Lactose free launched
in August 2022 in Australia
a2 Milk
®
Full cream EL in a tub launched
in December 2022 in ANZ and China

China label new GB registration process progressing
•a2MC’s current China label IMF product a2 至初® registration was renewed by SAMR in
September 2022, allowing Synlaitto manufacture product until 21 February 2023
•Productmanufactured up until this date is allowed to be sold in market after that date
•China label product manufactured after 21 February 2023 needs to comply with the new
GB standard
•a2MC and Synlaitare working closely together in relation to the new GB registration
process. This included building stock of existing China label product, which has been
completed to plan prior to the 21 February manufacturing cut-off date, to assist with
transition in 2H23 and 1H24
•Of the key elements to achieve registration:
−Dossier review process was completed in December 2022
−MPI audit process of Synlaitto commence in the week of 20 February 2023
•While the new GB registration process is progressing, timing is uncertain and subject to
SAMR approval
•In all circumstances, a2MC fully respects SAMR’s governance and timing of this important
registration process
2 0 2 3 I N T E R I M R E S U L T S
13

Continued progress made in sustainability across the business
Investing to significantly reduce GHG emissions
•Commenced project for a new 100% renewable energy high pressure
electrode boiler at MVM which is due to be completed October 2023
•Commencing methane inhibitor feasibility study utilisingSea Forest’s
SeaFeed™product –a methane inhibitor from asparagopsisseaweed
•Previously contributed to conversion of Boiler 2 to from coal to biomass
at Synlait’sDunsandelsite
Expanded targets to include ‘nature positive’
•Commenced pilot assessment for nature risk analysis
•Commencing pilot trials of measurement tools for water quality, soil and
ecological health
•Awarded 15 projects funding through Farm Sustainability Fund with Lincoln
University and 8 grants with Landcare Australia to support sustainable dairy
farming projects in New Zealand and Australia
Committed to making meaningful change in packaging
•Developed a sustainable packaging roadmap aligned to APCO sustainable
packaging targets
•Exploring options for inclusion of recycled HDPE in milk containers in Australia
2 0 2 3 I N T E R I M R E S U L T S
14
Environment Southland sustainability award
Partnerships to support communities in need

FINANCIAL
OVERVIEW

Income statement reflects strong China IMF growth and
increased brand and capability investment
•Net sales revenue reflects strong growth in the China & Other Asia and
USA segments, up 54.0% and 61.8% respectively, and 18.4% growth in
MVM, partially offset by a 24.6% decrease in the ANZ segment
•Due to NZD weakness during the half, foreign exchangemovements led to
anincrease in revenue of ~$35 million and an offsetting increase in costs of
doing business (including hedge losses)
•Gross margin of 47.6% (+1.3 ppts) reflects benefits from a2 Platinum
®
refresh positioning and distribution model changes, price rises and the
cycling of other nutritional stock provisions in 1H22;partially offset by
increased milk prices, raw materials,inflationary pressures, and
unfavourable foreign exchange on cost of goods which also has a lagged
impact into 2H23
•Distribution costsmix benefit from lower sales to ANZ resellers compared
to CBEC and higher USA freight rates in pcp
•Marketing investment significantly higher to support execution of the
Company’s growth strategy in China, focused on consumer, medical and
digital marketing
•Administration & othercostsreflects further investment in capability and
innovation, normalised LTI costs, foreign exchange losses and highertravel
post COVID-19 disruption
•NPAT including the MVM non-controlling interest was $68.5 million, an
increase of 22.1% with $73.8 million attributable to owners of the Company
•Basic EPSwas up 24.1% to 10.0 cents per share
2 0 2 3 I N T E R I M R E S U L T S
16
1
All figures quoted in New Zealand Dollars (NZ$) and all comparisons are with the 6 months ended 31 December 2021 (1H22) unless otherwise stated. Numbers
may not add down due to rounding.
2
Gross margin percentage is calculated by dividing gross margin by net sales revenue.
3
Other revenue comprises royalty, licence fee and rental income.
4
Group Revenue comprises Net Sales Revenue and other revenue.
5
Earnings before interest, tax, depreciation and amortisation (EBITDA), Earnings before interest and tax (EBIT).
6
EBITDA and EBIT are non-GAAP measures,and represent earnings before interest, tax, depreciation and amortisation, and earnings before interest, tax.
$ million
1
1H231H22% change
Net Sales Revenue
782.0658.818.7%
Gross Margin
371.9304.522.2%
GM %
2
47.6%46.2%
Other Revenue
3
1.41.7(22.6)%
Distribution
(24.0)(24.7)(3.0)%
Marketing
(135.1)(92.5)46.0%
Administration & Other
(115.3)(99.6)15.8%
Interest Income and Finance Costs
9.81.1822.0%
Profit Before Tax
108.790.520.2%
Income Tax Expense
(40.2)(34.4)17.0%
NPAT
68.556.122.1%
-Attributable to owners of the Company
73.859.623.7%
-Attributable to non-controlling interests
(5.3)(3.5)49.5%
Group Revenue
4
783.3660.518.6%
EBITDA
5,6
107.897.610.5%
EBIT
5,6
98.889.310.6%
EPS –basic (cents)
10.08.024.1%

Growth in China and USA segments with continued shift from ANZ
towards China & Other Asia
2 0 2 3 I N T E R I M R E S U L T S
17
$ million
ANZ
China &
Other AsiaUSAMVM
1
Corporate
Total
Group
1H23
Revenue
213.7471.652.445.7-783.3
EBITDA
62.0111.5(12.2)(13.4)(40.1)107.8
EBITDA %
29.0%23.6%(23.3)%(29.4)%nm13.8%
1H22
Revenue
283.3306.332.438.6-660.5
EBITDA
96.259.4(16.4)(10.0)(31.6)97.6
EBITDA %
34.0%19.4%(50.7)%(26.0)%nm14.8%
%
Change
Revenue
(24.6)%+54.0%+61.8%+18.4%-18.6%
EBITDA
(35.6)%+87.7%+25.6%(33.8)%(26.7)%10.5%
1
MVM excludes intercompany sales 1H22 results are for the 5 months since acquisition on 30 July 2021.

Double digit growth across all product categories
2 0 2 3 I N T E R I M R E S U L T S
18
Revenue
$ million
ANZ
China &
Other AsiaUSAMVM
1
Total
Group
1H23
IMF
109.4446.3--555.7
Liquid milk
92.07.552.3-151.7
Other
12.317.80.245.776.0
TOTAL
213.7471.652.445.7783.3
1H22
IMF
179.9291.1--471.0
Liquid milk
87.15.532.3-124.9
Other
16.39.70.238.664.7
TOTAL
283.3306.332.438.6660.5
%
Change
IMF
(39.2)%+53.3%--+18.0%
Liquid milk
+5.6%+34.6%+62.0%-+21.5%
Other
(24.3)%+83.7%+7.6%+18.4%+17.4%
TOTAL
(24.6)%+54.0%+61.8%+18.4%+18.6%
1
MVM excludes intercompany sales 1H22 results are for the 5 months since acquisition on 30 July 2021.

23
17
6
12
7
8
4
16
19
14
15
16
17
20
45
74
47
74
70
112
112
84
110
67
101
93
137
135
0
20
40
60
80
100
120
140
160
1H202H201H212H211H222H221H23
USAANZChina
Marketing and capability investment increased significantly,
consistent with growth strategy
•Marketing investment was up 46.0%
compared with 1H22, in line with 2H22
•Increase reflects continued step-up in China,
in-line with refreshed growth strategy, timing
of campaigns related to English label and
new product launches, launch of new brand
positioning, and further impactedby negative
foreign exchange movements
•USA marketing decrease reflects planned
efforts to reduce EBITDA losses and
allocation of investment towards China
•Higher SG&A costs compared with 1H22
reflects further investment in capability and
innovation, normalised LTI expenses, foreign
exchange lossesand highertravel post
COVID-19 disruption
2 0 2 3 I N T E R I M R E S U L T S
19
Marketing and SG&A driversAdministrative and other expenses (SG&A)Marketing investment increased
1
$ million$ million
93
92
76
106
100
110
115
0
20
40
60
80
100
120
140
160
1H202H201H212H211H222H221H23
1
Numbers within the chart may not add to the total due to rounding.

Balance sheet remains strong post share buyback with stock
building ahead of China label IMF transition
•Cash and term depositsbalance of $777.2 million, with
consolidatednetcashposition of $707.2 million
1
.The lower
cash balance compared to June 2022reflects the $90.3 million
used to executethe on-market share buyback
•Inventorieshigher mainly due to building up China label IMF to
manage the timing of registration approval and the transition of
product during 2H23 and 1H24
•Other current assets higher primarily due to prepayments for
China label IMFstock building to manage transition in 2H23
and 1H24
•Other non-current assets mainly consists of the Company’s
investment in Synlait, valued at $153.0 million​
•Trade and other payables lower mainly due to timing of
annual rebate payments and FY22 catch-up payments in China
(related to COVID-19 impacts)
•Other current and non-current liabilities mainly consist of
MVM’s bank borrowing of $70.0 million
2 0 2 3 I N T E R I M R E S U L T S
20
$ million1H232H22% change
Cash and term deposits777.2887.3(12.4%)
Trade and other receivables78.783.5(5.7%)
Inventories182.0140.029.9%
Other current assets100.860.467.0%
Total current assets1,138.71,171.2(2.8%)
Property, plant & equipment240.4240.5(0.1%)
Intangible assets108.6109.3(0.7%)
Other non-current assets211.1194.78.4%
Total non-current assets560.1544.62.8%
TOTAL ASSETS1,698.81,715.9(1.0%)
Trade and other payables348.7376.1(7.3%)
Other current liabilities66.164.13.1%
Total current liabilities414.8440.2(5.8%)
Total non-current liabilities79.681.8(2.6%)
TOTAL LIABILITIES494.4521.9(5.3%)
NET ASSETS1,204.41,194.00.9%
1
Calculated as cash and term deposits less MVM financial debt (excluding subordinated non-current shareholder loans provided by non-controlling interest).

Operating cash flow reflects unwinding of working capital benefit
from 2H22 and stock building of China label IMF
2 0 2 3 I N T E R I M R E S U L T S
21
$ million1H231H22% change
Cash flows from operating activities
Receipts from customers806.7673.419.8%
Payments to suppliers and employees(792.0)(546.1)45.0%
Net interest flows and taxes paid(17.8)(28.9)(38.4%)
Net operating cash flows(3.2)98.4(103.2%)
Cash flows from investing activities
Acquisition of subsidiary-(213.7)nm
Receipts from term deposit​s100.0-nm
Payments for other assets(7.6)(2.5)201.1%
Net cash flows from investing activities92.4(216.3)(142.7%)
Net cash flows from financing activities(93.0)(15.3)508.7%
Net (decrease)/increase in cash(3.8)(133.1)(97.2%)
Cash at the beginning of the period437.3875.2(50.0%)
Effect of exchange rate changes on cash(6.4)5.2(223.4%)
Closing cash at the end of the period427.2747.2(42.8 %)
Cash comprised of:
Cash andshort termdeposits427.2747.2(42.8%)
Term deposits350.0-nm
Total cash & term deposits777.2747.24.0%
•Cash flows from operating activities
‒Lower cash conversion of 13.5%
1
due to:
‒catch-upof FY22 payments in China, which were
impacted by COVID-19 delays (outside the
Company’s control)
‒higher prepayments and inventory levels for China
label IMF stock building to support transition in 2H23
and 1H24
•Cash flows from investing activities
‒Receipt from term deposits of $100.0 million
•Cash flows from financing activities
‒Payment of $90.3 million for on-market share buyback
1
Calculated as net cash flow from operating activities before interest and tax divided by EBITDA..

REGIONAL &
PRODUCT
PERFORMANCE

China label key messages
2 0 2 3 I N T E R I M R E S U L T S
23
China label IMF
Strategic priorities
Continue to invest in and
nurture our brand
Achieve full potential in key
accounts
Capture opportunity in lower
tier cities
Accelerate online growth
Broaden our product portfolio
ProgressBusiness impact
1
2
3
4
5
•Launched new brand proposition “a2™
Milk Base Matters” coupled with more
disruptive PR and greater integration
•Increased activation coverage for
regional key accounts
•Increased offline distribution in lower
tier cities, and further refined approach
to new user recruitment
•Increased level of investment in digital
and online, and expanded into
emerging online channels (e.g. Douyin)
•Continued to invest to grow UHT,
particularly in online channels
•Continued to reach new highs in brand
health metrics, particularly in
awareness with improvements in loyalty
through the brand funnel
•Grew share within focus accounts, with
higher than national overall growth
•BCD cities were the biggest driver of
offline growth in 1H23, reflected in
strong MBS share growth
•DOL growth outpaced offline growth,
reflected in DOL share “closing the
gap” to MBS share
•Delivered strong double-digit growth in
UHT, which outperformed expectations

73
147
213
189
271
95
191
177
249
168
338
390
438
FY19FY20FY21FY22FY23
1H2H
Strong underlying consumer demand
China label IMF sales growth driven by execution of
refreshed growth strategy
•China label IMF business was the standout performer within the group during 1H23
•China label market value declined 12.2%
1
in 1H23 with the MBS channel declining by 9.8%
2
while the DOL channel grew by 4.4%
3
•Despite a significant decline in the market, a2 至初
®
China label IMF net revenue was up
43.5% to $270.7 million driven by continued execution of the Company's growth strategy, in
addition to pricing and favourable foreign exchange
•1H23 revenue includes increased sales late in the half to mitigate potential COVID-19
related disruptions in China and relatively early Chinese New Year
•1H22 was also a weaker comparative period as a2MC rebalanced channel inventory to
improve channel dynamics in 1Q22
•Execution of growth strategy to drive in store distribution and same store sales, particularly in
lower tier cities, plus investment in consumer and medical marketing and e-commerce
resulted in significant market share gains:
−MBS MAT value share increasing to 3.2%
2
at the end of 1H23, from 3.0% in 2H22
−DOL MAT value share of 3.0%
3
at the end of 1H23, compared with 2.5% in 2H22
2 0 2 3 I N T E R I M R E S U L T S
24
China label net sales revenue
$ million
1
Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key & A + BCD cities).
2
Nielsen MBS retail measurement service: mother and baby stores only retail sales (by value). 6-month. 1H23 versus 2H22.
3
Smart Path China IMF online market tracking: domestic online platform sales (by value). 6-month. 1H23 versus 2H22.
China label IMF

Improvement in LFL store growth
Distribution expanded with improvement in like-for-like sales
2 0 2 3 I N T E R I M R E S U L T S
25
Expanding store footprint
INDICATIVE
China label IMF
1
a2MC internal data and tracking of stores with active sales in the past 6 months.
2
Nielsen MBS retail measurement service: mother and baby stores only.
a2MC China distribution (store count ‘000)
1
a2MC CL IMF distributor sell-out to stores (units)
1
Resulting impact on distribution
2
1H221H23
Numeric distribution23%26%
Weighted distribution44%47%

1.4%
1.7%
2.1%
2.2%
2.5%
3.0%
3.2%
Dec-19Jun-20Dec-20Jun-21Dec-21Jun-22Dec-22
Growth reflected in MBS share gains in both Key&Aand BCD cities
2 0 2 3 I N T E R I M R E S U L T S
26
National MBS value shareBCD MBS value shareKey&AMBS value share
a2MC Key&AMBS MAT value share(%)a2MC BCD MBS MAT value share(%)a2MC MBS MAT value share(%)
Source: Nielsen MBS retail measurement service: mother and baby stores only retail sales (by value).
IMF market
Declined by 13% on a 12-month basis ending
Dec-22 vs Dec-21
IMF market
Declined by 7% on a 12-month basis ending
Dec-22 vs Dec-21
China label IMF

Record performance in DOL share closing gap to MBS share
2 0 2 3 I N T E R I M R E S U L T S
27
Tmalland JD value shareDOL value share
a2MC DOL MAT value share(%)
1
a2MC Tmalland JD MAT value share(%)
1
1.3%
1.6%
1.9%
2.0%2.0%
2.1%
2.5%
3.0%
Jun-19Dec-19Jun-20Dec-20Jun-21Dec-21Jun-22Dec-22
1
Smart Path China IMF online market tracking: domestic online platform sales (by value). 12-month rolling share.
China label IMF
Commentary
•Online growth outpaced offline sales
growth for a2MC in 1H23, reflected in
strong DOL share gains, which are “closing
the gap” to a2MC’s MBS share
•While a2MC achieved strong growth within
key DOL platforms, Tmall and JD, it also
“unlocked” growth in other platforms (not
covered by SmartPath’sDOL tracking) –in
particular, Douyin(TikTok)
•a2MC continues to focus on optimising the
effectiveness of its marketing investment
and execution capability in online channels

a2MC has become a top three share gainer in MBS and DOL
2 0 2 3 I N T E R I M R E S U L T S
28
1
Nielsen MBS retail measurement service: mother and baby stores only retail sales (by value). MAT Dec-21 to MAT Dec-22.
2
Smart Path China IMF online market tracking: domestic online platform sales (by value). (Excludes goat and specialty) MAT Dec-21 to MAT Dec-22.
China label IMF
Market share movements by IMF brand owner in MBS channelMarket share movements by IMF brand owner in DOL channel
Change in MBS value share(% pts)
1
Change in DOL value share(% pts)
2
International
International
International

Share gains achieved across all stages in MBS and DOL
2 0 2 3 I N T E R I M R E S U L T S
29
DOL share by stageMBS share by stage
MAT value shareby stage
1
MAT value shareby stage
2
1
Nielsen MBS retail measurement service: mother and baby stores only retail sales (by value) across stages. 12-month rolling share.
2
Smart Path China IMF online market tracking: domestic online platform sales (by value). Excludesgoat and specialty.12-month rolling share.
China label IMF
Commentary
•While a2MC seeks to recruit new users
across all stages, given a2MC’s strong
loyalty performance through the brand
funnel, recruiting early stage new users is
of particular focus for a2MC
•Within MBS, while a2MC delivered share
growth across all stages, Stage 3 was the
primary driver of share gains. Smaller
gains were delivered in Stage 1 and Stage
2, reflective of increasing competition in a
declining market. a2MC is refining its
approach to new user acquisition going
into 2H23 and FY24 to optimise efficiency
•Within DOL, share growth was driven by
early stage sales, a healthy indicator that
the channel is growing through recruiting
new users, rather than switching
consumers from offline channels

Strong China labelperformance in Double 11
2 0 2 3 I N T E R I M R E S U L T S
30
Double 11 activation overview –China labelDouble 11 performance –China Label
+76%
Chinalabel IMF tins sold through D11 sales period
(vs D11 2021)
#8
TMallDOL IMF Flagship store (#10in 6/18 2022,
#16 in D11 2021)
#2
TikTok DOL IMF Brand (#2 in 6/18)
3.5%
November 2022 Smart Path DOL share (+1.1%pts
vs November 2021)
Double 11 performance was achieved while whole ecosystem is healthier than most local and MNC competitor brands
China label IMF

Relaunched brand proposition with a focus on why the
“a2
™
Milk Base Matters”
•Following successful FY22 campaigns highlighting the
functional benefits of a2 至初
®
China label IMF and
a2 Platinum
®
English label IMF, relaunched brand proposition
in 2Q23 to further emphasisethe benefits of A2-protein
•Brand relaunch was integrated across channels to drive
effectiveness and efficiency, including with mass media to
maximise reach, as well as digital campaigns for more precise
targeting and social platforms to drive talkability. Campaign
was preceded by a medical marketing campaign
•The relaunch was also integrated with sales channels to
support new user recruitment and ensure efficiency through
the brand funnel
•The “a2
™
Milk Base Matters” campaign received a Gold
Award at the most recent China International Advertising
Festival
China label IMF
2 0 2 3 I N T E R I M R E S U L T S
31

Total brand awareness, trial and loyalty at new highs
2 0 2 3 I N T E R I M R E S U L T S
32
3
444
55
6
99
Oct-19Apr-20Sep-20Dec-20May-21Oct-21Jan-22Jul-22Jan-23
10
14
13
12
15
13
16
21
23
Oct-19Apr-20Sep-20Dec-20May-21Oct-21Jan-22Jul-22Jan-23
33
43
45
47
49
47
5454
63
Oct-19Apr-20Sep-20Dec-20May-21Oct-21Jan-22Jul-22Jan-23
China label IMF
a2MC spontaneous awareness %a2MC top of mind awareness %
a2MC total brand awareness %
10
1313
14
15
14
15
17
21
Oct-19Apr-20Sep-20Dec-20May-21Oct-21Jan-22Jul-22Jan-23
7
1010
111111
12
13
15
Oct-19Apr-20Sep-20Dec-20May-21Oct-21Jan-22Jul-22Jan-23
12
16
1717
18
17
19
20
24
Oct-19Apr-20Sep-20Dec-20May-21Oct-21Jan-22Jul-22Jan-23
a2MC past 3 months trialed %a2MC ever trialed %
a2MC brand used most often %
Source: a2MC internal data tracking based on the Company’s brand health tracking.

English label IMF key messages
2 0 2 3 I N T E R I M R E S U L T S
33
Strategic priorities
Maintain tight control of English
label inventory across channels
Remain the preferred brand for
the English label reseller
network
Accelerate online growth with
omni-channel mindset
Focus on developing O2O
channel
Broaden our IMF portfolio
Progress updateBusiness impact
1
2
3
4
5
•Executed transition to refreshed
a2 Platinum
®
across all EL channels
•Supported launch of refreshed
a2 Platinum
®
with digital-focused
consumer campaign in China, together
with offline events and reseller
marketing support in Australia
•Moved to directly manage third party
seller stores in CBEC
•Embedded dedicated teams to focus
on O2O coverage growth, leveraging
China offline network and activations
•Launched upgraded Smart Nutrition
®
fortified children’s milk and premium
Milk Powder Tub format
•Inventory within targeted levels, pricing
transitioned to refreshed a2 Platinum
®
•Step-changed share of voice within
Daigou community and increased EL
brand awareness, supporting Daigou
share growth
•Growth in CBEC and held O2O share,
with strong early stage growth in CBEC
and new user recruitment in O2O
•Delivered innovation in core markets
and segments with refreshed English
label IMF product range and packaging
and new Milk Powder products
English label IMF

422
513
313
282
285
474
574
211
302
896
1,087
524
585
FY19FY20FY21FY22FY23
1H2H
English label and other label IMF sales reflected continued channel mix shift
Sharp market decline in Daigou channel and growth in CBEC channel
•English label market value declined by 15.7% in 1H23, driven by a sharp 39.5% market
decline in the Daigou channel as COVID-19 lockdowns in China impacted normal Daigou
operations with challenged shipment times. O2O channels serviced by ANZ resellers
were also impacted. Conversely, CBEC benefited from the shift to online channels,
achieving double digit growth
•Net sales revenue of English and other label IMF was up 1.0% vs 1H22 to $285.0 million:
−CBEC and other labels revenue increased by 71.5% to $175.6 million reflecting the
continued refinement of the English label distribution model and the deliberate shift in
sales to CBEC authorised distributors from ANZ resellers, improved sales through
CBEC and O2O, and positioning benefits associated with refreshed a2 Platinum
®
−ANZ IMF revenue decreased 39.2% to $109.4 million, reflecting market decline in
Daigou channel and the continued shift of sales to the CBEC channel
−Total 1H23 English label IMF revenue partially impacted by managing the transition to
the refreshed a2 Platinum
®
range in market and across key channel participants
•1H23 market share:
−CBEC MAT value share 22.1% at end of 1H23 (19.5% in Jun-22)
1
−Daigou MAT value share 19.0% at end of 1H23 (18.9% in Jun-22)
2
−O2O MAT value share 20.8% at end of 1H23 (21.0% in Jun-22)
2
2 0 2 3 I N T E R I M R E S U L T S
34
English and other label IMF net sales revenue
Net sales revenue by half($ million)
3
English label IMF
Note: Kantar had a panel update in August 2022 and historical data has been restated accordingly.
1
Smart Path China IMF online market tracking: for CBEC only retail sales (by value).
2
Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key & A + BCD cities).
3
Numbers within the chart may not add to the total due to rounding.
27%
31%
32%
44%
62%
73%
69%
68%
56%
38%
FY19FY20FY21FY221H23
CBEC & other IMFANZ IMF
Net sales revenue by channel(% mix)
100%100%100%100%100%

English label market share has improved in CBEC and Daigou
2 0 2 3 I N T E R I M R E S U L T S
35
CBEC market value share
1
Daigou market value share
2
Note: Kantar had an universe update in June 2022 to better reflect baby population structure change and updated historical data accordingly.
1
Smart Path China IMF online market tracking: for CBEC only retail sales (by value).
2
Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key & A + BCD cities).
21.7%
22.2%
21.1%
19.5%19.5%
22.1%
Jun-20Dec-20Jun-21Dec-21Jun-22Dec-22
O2O market value share
2
English label IMF
24.2%
24.8%
22.2%
20.0%
18.9%
19.0%
Jun-20Dec-20Jun-21Dec-21Jun-22Dec-22
17.4%
19.1%
17.8%
19.0%
21.0%
20.8%
Jun-20Dec-20Jun-21Dec-21Jun-22Dec-22

Encouraging English label performance in Double 11
2 0 2 3 I N T E R I M R E S U L T S
36
Double 11 activation overview –English labelDouble 11 performance –English label
+4.8%
English label IMF tins sold through D11 sales period
(vs D11 2021)
#1
Tmall EL IMF Flagship store (#2 in 6/18 2022)
#2
SKU in both JD and TmallGlobal EL Top Seller List
60%
New label contribution to total D11 sales
#1
EL IMF store on Tik Tok
English label IMF
Double 11 performance was achieved while managing transition to selling new a2 Platinum
®

Multi-channel marketing campaigns to launch refreshed
a2 Platinum
®
2 0 2 3 I N T E R I M R E S U L T S
37
China consumer campaigna2 Platinum
®
relaunch campaign in ANZ
English label IMF
China Key Visual
Video Testimonials from Key Opinion
Leaders
Precise Digital Marketing
across multiple touchpoints
WeChat content campaign
via Daigou channel

ANZ liquid milk key messages
2 0 2 3 I N T E R I M R E S U L T S
38
Strategic priorities
Maintain brand leadership
Increase household penetration
Drive product innovation
Invest in sustainability
Expand capacity in our
supply chain
Progress updateBusiness impact
1
2
3
4
5
•Increased marketing investment with a
greater focus on social and digital
media, as well as direct engagement
with consumers through retailers
•Increased distribution ofa2 Milk
®
UHT
•Successful launch of a2 Milk
®
Lactose
Free,bringing new users to the brand
•Commenced preparation work for
asparagopsis feasibility study to
support methane emissions reduction
•Developed lactose-free production
capability at Smeaton Grange.
Kyabram upgrade delayed by Victorian
floods, scheduled to commence 2H23
•a2 Milk
®
products achieved rankings in
the top ten products in the dairy
category in Grocery
•Fresh milk market share declined to
11.4% due to reduced in-home
consumption and inflationary pressures
•a2MC maintained brand awareness
with some decline in loyalty, reflecting
market share movements
•a2 Milk
®
Lactose Freeachieved 12.3%
share in launch markets (NSW & VIC)
in the 12 weeks to end of Dec-22,
making it the highest value launch in
the dairy milk category in 2022
ANZ liquid milk

ANZ liquid milk sales supported by innovation
•Australia liquid milk net sales revenue increased by 5.6% to $92.0 million
despite several challenges
•In 1H22, the Company benefitted from COVID-19 lockdowns as the vast
majority of ANZ liquid milk sales are derived from in-home consumption (a2
Milk
®
over indexing to in-home consumption)
•Household consumption in 1H23 was impacted following the cessation of
restrictions in 2H22 and rising interest rates and inflation
•In response to higher raw milk prices and other input and logistics costs, the
Company increased prices in 1H23
•Sales growth was supported by new products and favourableforeign
exchange movements
•a2MC market value share of 11.4%
1
was down vs Dec-21 at 12.4% reflecting
the above but improving more recently
•Market volume for liquid milk has decreased 3.7% from January 2020 to
December 2022, while a2MC’s sales were up 2.7%, driving market volume
share to increase from 6.6% to 7.1%
2
•a2 Milk
®
Lactose Free launched in Australia in August 2022 with initial market
share performance exceeding expectations
•a2 Milk
®
products achieved rankings in the top ten products in the dairy
category in Grocery
2 0 2 3 I N T E R I M R E S U L T S
39
Liquid milk net sales revenue (Australia)
Australian milk market value share
1
1
IRI Australian Grocery Weighted Scan 12 months ending.
2
IRI Australian Grocery scan.
67
75
87
87
92
67
78
82
85
134
153
169
172
FY19FY20FY21FY22FY23
1H2H
ANZ liquid milk
$ million
Jun-19Dec-19Jun-20Dec-20Jun-21Dec-21Jun-22Dec-22
11.2% 11.3% 11.3% 11.7% 12.2% 12.4% 12.4% 11.4%
NSW and VIC COVID-19
stay-at-home restrictions
Monthly value share
MAT value share

Lactose Free launch exceeded expectations
2 0 2 3 I N T E R I M R E S U L T S
40
Australian Lactose Free milk market value share
1
•a2 Milk
®
Lactose Free launched in Australia in August 2022
•12.3% market share was achieved following the initial launch in key states of
NSW andVIC
•a2 Milk
®
Lactose Freeachieved top status in Australian grocery in 2022 as new
product development launch of the year in the dairy category
•Distribution has been extended into QLD and SA for 2H23 with broader
distribution in NSW and VIC
•The a2 Milk
®
Lactose Free product is distinctive in the market
−Only Lactose Free product that also has no A1 protein
−Made from fresh milk unlike some other products in the category
−Tastes better!
•The Australian Lactose Free segment accounts for $142 million in retail value
with +11.7%
2
in the latest MAT
1
IRI Scan Data NSW and VIC Month ending 31 December 2022。
2
IRI Australian Grocery scan.
ANZ liquid milk
1.1%
3.9%
6.8%
12.6%
12.3%
Aug-22Sep-22Oct-22Nov-22Dec-22

USA key messages
2 0 2 3 I N T E R I M R E S U L T S
41
Strategic priorities
Educate consumers on the
a2 Milk
®
difference
Increase conversion and
household penetration
Continue to drive in-store
velocities
Extend brand into new
categories
Improve profitability from cost
reduction and improved margins
Progress updateBusiness impact
1
2
3
4
5
•Marketing mix focused on driving
consumer understanding of the A2
proteinproposition
•Building distribution and consumer
engagement on both a2 Milk
®
Half
and Half and HERSHEY’S a2 Milk
®
in
both ESL and UHT formats
•Robust portfolio of innovation
including new nutritional powder trial
from 3Q23 including Grass Fed
•Demonstrating progress on the path
to profitability
•Household penetration increased from
2.3% to 2.6% with high loyalty rates
versus competitors
•Brand awareness at similar level to pcp
with lower marketing spend but brand
health metrics demonstrated strong
brand equity and loyalty
•Achieved growth in market value share in
the premium milk category for the
Grocery channel
•Grew average velocities within key
accounts over 1H23
•a2 Milk
®
Half and Half and HERSHEY’S
a2 Milk
®
exceeding expectations
USA

28.0
38.1
34.2
29.4
32.4
50.2
52.4
(30.0)
(20.5)
(11.6)
(21.9)
(16.4)
(20.3)
(12.2)
1H202H201H212H211H222H221H23
RevenueEBITDA
Improved profitability from higher revenue growth and
cost reductions
•USA premium milk category market value growth of c.10%
1
•Revenue increased 61.8% to $52.4 million
•Sales growth driven by modest growth in core liquid milk, increased distribution
of new products launched in FY22 (sales weighted to 2H22 versus 1H22), and
favourable foreign exchange movements
•EBITDA loss of $12.2 million reflects revenue growth, improved distribution
rates and lower marketing spend
•Market value share in the premium milk category for the Grocery channel
increased from 2.0% in June 2022 to 2.3%
1
in December 2022
•Additional new products with trial of a2 Milk
®
Protein + Collagennutritional
powders commencing in 3Q23 and a2 Milk
®
Grassfed to launch in 3Q23
•Accelerating the path to profitability in the USA by FY25/FY26 remains a key
strategic priority –steps taken to improve future profitability include price
increases, reduced trade spend, marketing effectiveness and merchandising
cost reduction
2 0 2 3 I N T E R I M R E S U L T S
42
Revenue and EBITDA
Distribution over time (store count)
5.4
8.2
12.4
21.0
22.0
24.0
25.9
26.8
27.0
27.4
29.0
Dec-17Jun-18Dec-18Jun-19Dec-19Jun-20Dec-20Jun-21Dec-21Jun-22Dec-22
$ million
USA
1
SPINS data for the Grocery channel only for the 52 weeks ending 30 June 2022 and 31 December 2022.

USA IMF opportunity update
2 0 2 3 I N T E R I M R E S U L T S
43
•IMF supply shortages resulted from Abbott recall in CY22
•In November 2022, a2MC received confirmation from the FDA that
its application for enforcement discretion (“ED”) to import, sell and
distribute a2 Platinum
®
IMF product (Stages 1 and 2) from New
Zealand into the USA had been approved. a2MC was one of the
last companies to receive enforcement discretion
•From late CY22 and into CY23:
−IMF out of stock levels in the market have improved significantly
−Abbott has regained most of its share losses
−New entrants to the market have gained limited share
−There have been no material changes to the market structure,
WIC program, regulatory environment or import tariffs
•a2MC is currently working through regulatory, production and
market complexities –no IMF product has been manufactured or
sold to date
USA
USA IMF shortage and a2MC progress overview
1
USA IMF market
1
$5.3b
US IMF market is estimated at $5.3 billion in retail
sales in 2022, with pre-covid growth at 1-2% p.a.
>95%
Highly concentrated market with top three brands
and private label representing >95% of the market
~60%
Highly regulated market where approximately 60%
of sales to WIC participating manufacturers with
significant shelf space guaranteed. Challenging for
smaller brands to win WIC contracts
≤2%
Smaller brands have gained up to 2% market share
over time with challenging returns
a2MC intends to pursue longer term FDA approval of a2 Platinum
®
whilst carefully considering market entry options
1
a2MC management estimates; internal analysis.

MVM remains focused on in-sourcing a2MC volumes
and future innovation
•Net sales revenue of $45.7 million
•1H23 increase versus 1H22 reflected 6-months under a2MC ownership versus
5-months in 1H22 (due to the timing of the acquisition completion), net of
intercompany sales during the current period
•EBITDA loss of $13.4 million reflectedthe current production mix with MVM
primarily selling lower value milk powders on the commodity market, compared
to a reported loss of $10.0 million in 1H22 (or a loss of $14.4 million on a pro-
forma unaudited basis for 6-months)
•Accelerating MVM’s path to profitability by FY26 or earlier is a key strategic
focus for the Company
•MVM continued to progress its transition to in-source additional a2 Milk
®
Full
cream milk powderfrom Synlait
•Prioritising in-sourcing a2 Milk
®
Skim milk powder and certain existing English
label IMF product from Synlait
•Developing future a2MC product innovation at MVM and exploring additional
third-party customer opportunities
•Planning for the installation of a laboratory, plus blending and canning
capability at the site and continuing to review options to accelerate this strategy
2 0 2 3 I N T E R I M R E S U L T S
44
Revenue and EBITDA
38.6
65.8
45.7
50.4
(10.0)
(8.8)
(13.4)
(14.4)
1H222H221H23
Revenue
6-months
Reported
EBITDA
EBITDA
6-months
$ million
Mataura Valley Milk
Reported
Revenue
1
Pro-forma unaudited basis for 6-months. Reflecting a2MC ownership of 5-months (1H22) versus 6-months due to timing of acquisition completion.
1
1

QUESTIONS

APPENDIX

Reconciliation of non-GAAP measures
2 0 2 3 I N T E R I M R E S U L T S
47
1
EBITDA and EBIT are non-GAAP measures. However, the Company believes they assist in providing investors with a comprehensive understanding of the underlying performance of the business.
$ million1H231H22
Australia & New Zealand segment EBITDA
62.096.2
China & Other Asia segment EBITDA
111.559.4
USA segment EBITDA
(12.2)(16.4)
MVM segment EBITDA
(13.4)(10.0)
Corporate EBITDA
(40.1)(31.6)
EBITDA
1
107.897.6
Depreciation / amortisation
(9.0)(8.2)
EBIT
1
98.889.3
Net interest income
9.91.1
Income tax expense
(40.2)(34.4)
Netprofit for the period
68.556.1

Standard a2MC glossary of terms
2 0 2 3 I N T E R I M R E S U L T S
48
AcronymMeaning
a2MCThe a2 Milk Company Limited
ANZAustralia and New Zealand
APCOAustralian Packaging Covenant Organisation
ASPAverage selling price
ATLAbove the line marketing
AUDAustralian Dollar
B2CBusiness to consumer
BCDLower tier cities in China
BHTBrand Health Tracker
BTLBelow the line marketing
BUBusiness unit
C2CConsumer to consumer
CAHGChina Animal Husbandry Group Co., Ltd.
CBECCross-border e-commerce
CLChina label
CNADCChina National Agriculture Development Group Corp.
COGSCost of goods sold
CRMCustomer relationship management
CSFAChina State Farm Holdings Shanghai Co., Ltd.
DCDistribution centre
DOLDomestic online channel
DTDistributor
EBITEarnings before interest and tax
EBITDAEarnings before interest, taxes, depreciation and
amortisation
EDEnforcement discretion
EECAEnergy Efficiency and Conservation Authority
ELEnglish label
EPSEarnings per share
AcronymMeaning
ESLExtended shelf life
FXForeign exchange
FYFinancial year
GAAPGenerally accepted accounting principles
GB“Guo Biao”, national standards of China
GHGGreenhouse gas
GMGross margin
HKHong Kong
IMFInfant milk formula
ITInformation Technology
KAKey accounts
Key&AUpper tier cities in China
KGKilogram
KOLKey opinion leader
LFLLike-for-like
LKALocal key accounts
MATMoving annual total
MBSMother & baby stores
MNCMultinational corporation
MPIMinistry for Primary Industries
MTModern trade
MVMMataura Valley Milk Limited
NDNumeric distribution
NKANational key accounts
NPATNet profit after tax
NPDNew product development
NPSNet Promoter Score
NZD/NZ$New Zealand Dollar
AcronymMeaning
NZXNew Zealand’s Exchange
OOHOut of home
OTTOver the top
O2OOffline to online
PCPPrior corresponding period
POSMPoint of sales marketing
P&PPick and pack
RKARegional key accounts
RMBOfficial currency of China
ROIReturn on investment
RRPRecommended retail price
RTMRoute-to-market
S1Stage 1 infant milk formula
S2Stage 2 infant milk formula
S3Stage 3 infant milk formula
S4Stage 4 infant milk formula
SAMRState Administration for Market Regulation
SG&ASelling, general and administrative expenses
SKUStock keeping unit
SPSuper premium
TPTaobao Partner
TRIFRTotal recordable injury frequency rate
UHTUltra-high-temperature treated milk
UPUltra premium
USDUnited States Dollar
WDWeighted distribution
YoYYear-on-year

www.thea2milkcompany.com

---

The a2 Milk Company Limited
ARBN 158 331 965

ASX Appendix 4D - Half Year Report

Results for announcement to the market

Reporting period Six months to 31 December 2022
Previous reporting
period
Six months to 31 December 2021

Amount (000s) Percentage change
Revenue from
continuing ordinary
activities
$NZ 783,339 18.6%
Profit (loss) from
continuing ordinary
activities after tax
attributable to security
holders
$NZ 73,777 23.7%
Net profit (loss)
attributable to security
holders
$NZ 73,777 23.7%

Final dividend Amount per security Imputed amount per
security
The Company does not
propose to pay a
dividend for the six
months ended 31
December 2022
Not applicable Not applicable

Record date Not applicable
Dividend payment date Not applicable

Comments: For further information refer to the attached:
Interim Report for the six months ended 31
December 2022
Half Year Results Commentary
Half Year Results Presentation



Net Tangible Assets per
security

31 December 2022
$NZ 1.46
30 June 2022
$NZ 1.42