1H24 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 2023
Previous Reporting Period 6 months to 31 December 2022
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$ 812,104 3.7%
Total Revenue
$ 812,104 3.7%
Net profit/(loss) from
continuing operations
$ 85,261 15.6%
Total net profit/(loss)
$ 85,261 15.6%
Interim/Final Dividend
Amount per Quoted Equity
Security
The Company does not propose to pay a dividend for the half-
year ended 31 December 2023
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 2023
$ 1.47
30 June 2023
$1.40
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 2023
Half Year Results Media Release
Half Year Results Commentary and Outlook
Half Year Results Investor 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 19 February 2024

Unaudited financial statements accompany this announcement.

---

2024
Interim
Report
The a2 Milk Company
We pioneer the future
of Dairy for good

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 17
Corporate directory 19

INTERIM REPORT 20241

The directors of The a2 Milk Company Limited are pleased to present the interim report for the six months ended 31 December 2023.
The interim report is unaudited and was authorised for issue by the directors on 18 February 2024.
Signed on behalf of the Board by:
Pip Greenwood
Chair
David Bortolussi
Managing Director and CEO
18 February 2024
Financial
statements
Directors’ declaration
for the six months ended 31 December 2023
THE a2 MILK COMPANY2

Notes
31 Dec 23
$’000
31 Dec 22
$’000
Sales2811,099781,986
Cost of sales(432,299)(410,058)
Gross margin378,800371,928
Other revenue21,0051,353
Distribution expenses(25,530)(23,989)
Marketing expenses (136,700)(135,120)
Administrative and other expenses(113,168)(115,285)
Operating profit104,40798,887
Interest income19,30012,089
Finance costs(2,793)(2,288)
Net finance income16,5079,801
Profit before tax120,914108,688
Income tax expense(42,320)(40,215)
Profit for the period78,59468,473
Profit/(loss) for the period attributable to:
Owners of the Company85,26173,777
Non-controlling interests(6,667)(5,304)
78,59468,473
Other comprehensive income
Items that may be reclassified to profit or loss:
Foreign currency translation loss(4,019)(9,759)
Cash flow hedges fair value profit1,02415,461
Items not to be reclassified to profit or loss:
Listed investment fair value (loss)/profit6(30,780)17,7 74
Total other comprehensive (loss)/income (33,775)23,476
Total other comprehensive (loss)/income attributable to:
Owners of the Company(34,507)22,422
Non-controlling interests7321,054
(33,775)23,476
Total comprehensive income44,81991,949
Total comprehensive income/(loss) attributable to:
Owners of the Company50,75496,199
Non-controlling interests(5,935)(4, 250)
44,81991,949
Earnings per share
Basic (cents per share)11.809.95
Diluted (cents per share)11.769.92
The accompanying notes form part of these financial statements.
Consolidated statement of comprehensive income (unaudited)
for the six months ended 31 December 2023
Financial statements
INTERIM REPORT 20243

Consolidated statement of changes in equity (unaudited)
for the six months ended 31 December 2023
Financial statements
Attributable to owners of the Company
Six months ended
31 December 2023
Foreign currency translation reserve

$’000Fair value revaluation reserve

$’000Employee equity settled payments reserve

$’000Treasury shares reserve

$’000Hedging reserve

$’000Total reserves

$’000Retained earnings

$’000Share capital

$’000To t a l

$’000Non-controlling

interests

$’000To t a l e q u i t y

$’000
Balance 1 July 2023(6,780)(216,816)61,247(13,602)(1,528)(17 7,479)1,323,1991001,145,8203,6811,149,501
Profit after tax for
the period------85,261-85,261(6,667)78,594
Foreign currency
translation differences
- foreign operations(4,019)----(4,019)--(4,019)-(4,019)
Changes in cash flow
hedges taken to equity----(2,303)(2,303)--(2,303)462(1,841)
Cash flow hedges
reclassified to profit
or loss----1,8551,855--1,8552702,125
Listed investment
– fair value movement-(30,780)---(30,780)--(30,780)-(30,780)
Income tax----740740--740-740
Total comprehensive
income for the period(4,019)(30,780)--292(34,507)85,261-50,754(5,935)44,819
Transactions with
owners in their
capacity as owners:
Employee withholding
tax payments--(235)--(235)--(235)-(235)
Treasury shares
transferred--(4,896)4,896-------
Share-based
payments--5,519--5,519--5,519-5,519
Total transactions
with owners--3884,896-5,284--5,284-5,284
Balance
31 December 2023(10,799)(247, 5 9 6)61,635(8,706)(1,236)(206,702)1,408,4601001,201,858(2,254)1,199,604
The accompanying notes form part of these financial statements.
THE a2 MILK COMPANY4

Consolidated statement of changes in equity (unaudited)
for the six months ended 31 December 2023
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

$’000To t a l

$’000Non-controlling

interests

$’000To t a l e q u i t y

$’000
Balance 1 July 2022(332)(153,521)46,311(15,798)(13,001)(136,341)1,16 7, 5 6 1149,1571,180,37713,5831,193,960
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--14,40722,42273,777-96,199(4, 250)91,949
Transactions with owners in
their capacity as owners:
Share buyback-------(90,255)(90,255)-(90,255)
Treasury shares transferred--(1,158)1,158-------
Share-based payments--8,740--8,740--8,740-8,740
Total transactions
with owners--7, 5 8 21,158-8,740-(90,255)(81,515)-(81,515)
Balance
31 December 2022(10,091)(135,747)53,893(14,640)1,406(105,179)1,241,33858,9021,195,0619,3331,204,394
The accompanying notes form part of these financial statements.
INTERIM REPORT 20245

Consolidated statement of financial position (unaudited)
as at 31 December 2023
Notes
31 Dec 23
$’000
30 Jun 23
$’000
Assets
Current assets
Cash and term deposits8792,096802,234
Trade and other receivables8 7, 5 5 379,216
Prepayments49,38345,682
Inventories5196,578193,440
Other financial assets69,2381,536
Total current assets1,134,8481,122,108
Non-current assets
Property, plant and equipment245,925245,216
Right-of-use assets16,85217, 3 49
Investment property24,02517, 9 2 7
Intangible assets10 7, 8 3 1108,419
Other financial assets641,84872,078
Deferred tax assets29,18528,617
Total non-current assets465,666489,606
Total assets1,600,5141,611,714
Liabilities
Current liabilities
Trade and other payables297,360313,212
Lease liabilities4,7 134,181
Loans and borrowings10-15,000
Income tax payable34,39643,314
Other financial liabilities711,7043,501
Total current liabilities348,173379,208
Non-current liabilities
Trade and other payables460423
Lease liabilities14,38715,309
Loans and borrowings1037,8906 7,0 3 8
Other financial liabilities7-235
Total non-current liabilities52,73783,005
Total liabilities400,910462,213
Net assets1,199,6041,149,501
Equity
Share capital 12100100
Retained earnings 1,408,4601,323,199
Reserves(206,702)(17 7,479)
Total equity attributable to owners of the Company1,201,8581,145,820
Non-controlling interests(2,254)3,681
To t a l e q u i t y1,199,6041,149,501
The accompanying notes form part of these financial statements.
Financial statements
THE a2 MILK COMPANY6

Notes
31 Dec 23
$’000
31 Dec 22
$’000
Cash flows from operating activities
Receipts from customers799,690806,651
Payments to suppliers and employees(701,466)(792,045)
Interest received18,1285,7 15
Interest paid (2,345)(1,638)
Ta x e s p a i d(51,872)(21,878)
Net cash inflow/(outflow) from operating activities962,135(3,195)
Cash flows from investing activities
Payments for property, plant and equipment(12,909)(6,214)
Payments for investment property(6,843)(1,257)
Payments for intangible assets-(95)
Payments for term deposits(350,000)(50,000)
Receipts from term deposits350,000150,000
Net cash (outflow)/inflow from investing activities(19,752)92,434
Cash flows from financing activities
Payments for share buyback-(90,255)
Payments of lease principal(2,056)(1,949)
Net repayments of borrowings(45,000)(794)
Net cash outflow from financing activities(47,0 5 6)(92,998)
Net decrease in cash and short-term deposits(4,673)(3,759)
Cash and short-term deposits at the beginning of the period352,234437,308
Effect of exchange rate changes on cash(5,465)(6,3 54)
Cash and short-term deposits at the end of the period8342,09642 7,19 5
The accompanying notes form part of these financial statements.
Consolidated statement of cash flows (unaudited)
for the six months ended 31 December 2023
Financial statements
INTERIM REPORT 20247

1. Basis of preparation
The a2 Milk Company Limited (the Company) and its subsidiaries
(together 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 Australia (CXA). 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-type protein.
These consolidated financial statements were authorised for issue
by the directors on 18 February 2024.
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 2023, 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 2023,
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 2023.
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 2023, 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 and
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, and in the current
period has four reportable operating segments as follows:
—The
Australia and New Zealand segment receives external
revenue from infant milk formula, milk and other nutritional
products, along with rent, royalty, 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, infant
milk formula and licence fees.
—The
Mataura Valley Milk segment receives external revenue
from the manufacturing and sale of nutritional and commodity
products.
Management 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 2023
Financial statements
THE a2 MILK COMPANY8

Notes to the interim financial statements
for the six months ended 31 December 2023
2. Operating segments (continued)
Australia and
New Zealand
China and
Other AsiaUSA
Mataura
Valley MilkEliminationsTo t a l
Six months to 31 December 2023$’000$’000$’000$’000$’000$’000
Consolidated sales161,370549,45956,75943,511-811,099
Other revenue 824-181--1,005
Total external revenue162,194549,45956,94043,511-812,104
Inter-segment revenue---8,007(8,007)-
Reportable segment revenue162,194549,45956,94051,518(8,007)812,104
Reportable segment results
(Segment EBITDA)34,764135,911(8,337)(15,268)-147,0 70
Corporate EBITDA(33,845)
Group EBITDA113,225
Interest income 19,300
Interest expense(2,740)
Depreciation and amortisation(8,871)
Income tax expense(42,320)
Consolidated profit after tax78,594
Australia and
New Zealand
China and
Other AsiaUSA
Mataura
Valley Milk

EliminationsTo t a l
Six months to 31 December 2022$’000$’000$’000$’000$’000$’000
Consolidated sales212,474471,57952,27345,660-781,986
Other revenue 1,188-165--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)62,012111,479(12,216)(13,408)-147, 8 6 7
Corporate EBITDA(4 0,05 4)
Group EBITDA10 7, 8 13
Interest income 12,089
Interest expense(2,232)
Depreciation and amortisation(8,982)
Income tax expense(40,215)
Consolidated profit after tax68,473
Financial statements
INTERIM REPORT 20249

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 MilkTo t a l
Six months to 31 December 2023$’000$’000$’000$’000$’000
Infant milk formula:
China label-299,001--299,001
English and other labels
1
53,951210,509807-265,267
Liquid milk
2
93,315-55,952-149,267
Other nutritionals
3
14,10439,949--54,053
Ingredients---43,51143,511
Other revenue824-181-1,005
162,194549,45956,94043,511812,104
Australia and
New Zealand
China and
Other AsiaUSA
Mataura
Valley MilkTo t a l
Six months to 31 December 2022$’000$’000$’000$’000$’000
Infant milk formula:
China label-270,727--270,727
English and other labels
1
109,365175,600--284,965
Liquid milk
2
91,963-52,273-144,236
Other nutritionals
3
11,14625,252--36,398
Ingredients---45,66045,660
Other revenue1,188-165-1,353
213,662471,57952,43845,660783,339
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 Excludes liquid milk products (plain and fortified) exported to China and Other Asia markets.
3 Comprises powdered milk products (plain and fortified), and liquid milk products (plain and fortified) exported to China and Other Asia markets.
4. Expenses
31 Dec 23
$’000
31 Dec 22
$’000
Profit before income tax includes the following items:
Salary and wage costs50,49348,806
Equity settled share-based payments (refer to Note 13) 5,5198,740
Bad and doubtful debts (recovery)/expense(4 4)286
Depreciation and amortisation8,8718,982
Net foreign exchange gains(1,205)(6,527)
Cash flow hedge losses2,12513,388
Notes to the interim financial statements
for the six months ended 31 December 2023
Financial statements
THE a2 MILK COMPANY10

Notes to the interim financial statements
for the six months ended 31 December 2023
5. Inventories
31 Dec 23
$’000
30 Jun 23
$’000
Raw materials 14,51226,727
Finished goods 162,499161,706
Goods in transit19,5675,007
Total inventories at the lower of cost and net realisable value196,578193,440
At period end $8,900,000 (31 December 2022: $12,600,000) was recognised as an expense in cost of sales for inventories written down,
with $6,200,000 (31 December 2022: $6,900,000) relating to Mataura Valley Milk (MVM) inventory.
6. Other financial assets
31 Dec 23
$’000
30 Jun 23
$’000
Current
Foreign currency forward contracts9,2381,536
Non-current
Foreign currency forward contracts663113
Listed investment at fair value41,18571,965
41,84872,078
Listed investment
The listed investment is a 19.8% holding in shares 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 (2022: $nil).
A fair value loss of $30,780,000 (2022: gain $17,774,000) was recognised in other comprehensive income for the period.
Shareholding in Synlait Milk Limited
Movements in the period
Shares
’000
Cost
$’000
Share price at
report date
Market Value
$’000
Mark to market
$’000
Balance 30 June 202343,353288,7811.6671,965(216,816)
Balance 31 December 202343,353288,7810.9541,185(247, 5 9 6)
Fair value loss in period(30,780)
7. Other financial liabilities
31 Dec 23
$’000
30 Jun 23
$’000
Current
Foreign currency forward contracts11,7043,501
Non-current
Foreign currency forward contracts-235
Financial statements
INTERIM REPORT 202411

8. Cash and term deposits
31 Dec 23
$’000
30 Jun 23
$’000
Cash at banks and on hand 125,395176,064
Short-term deposits 216,701176,170
Cash and short-term deposits342,096352,234
Other current term deposits450,000450,000
Cash and term deposits792,096802,234
Other current term deposits comprise term deposits with a maturity greater than three months and less than twelve months. Term deposits
are presented as cash equivalents in the consolidated 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 consolidated statement of cash flows, cash and cash equivalents comprise the following:
31 Dec 23
$’000
30 Jun 23
$’000
Cash at banks and on hand 125,395176,064
Short-term deposits 216,701176,170
Cash and short-term deposits342,096352,234
9. Reconciliation of after tax profit with net cash flows from operating activities
31 Dec 23
$’000
31 Dec 22
$’000
Net profit for the period78,59468,473
Adjustments for non-cash items:
Depreciation and amortisation 8,8718,982
Share-based payments5,5198,740
Net foreign exchange loss/(gain)1,840(2,212)
Changes in working capital:
Trade and other receivables(8,337)4,772
Prepayments(3,701)(39,920)
Inventories(3,138)(41,93 5)
Trade and other payables(8,767)(29,301)
Tax balances(8,746)19,206
Net cash inflow/(outflow) from operating activities62,135(3,195)
Notes to the interim financial statements
for the six months ended 31 December 2023
Financial statements
THE a2 MILK COMPANY12

Notes to the interim financial statements
for the six months ended 31 December 2023
Financial statements
10. Loans and borrowings
31 Dec 23
$’000
30 Jun 23
$’000
Current
Secured:
Bank loans-15,000
-15,000
Non-current
Secured:
Bank loan-30,000
Unsecured:
Loan from MVM’s non-controlling shareholder37,8903 7,0 3 8
37,8906 7,0 3 8
All of the loans and borrowings are specific to Mataura Valley Milk Limited (MVM) and are interest bearing.
Finance facilities available to MVM:
—Total bank debt facilities of $45 million (30 June 2023: $75 million), undrawn as at 31 December 2023 (30 June 2023: $45 million drawn).
—A performance guarantee facility of $10 million, fully drawn as at 31 December 2023.
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 2023.
The $30 million bank loan due to mature in July 2024 was fully repaid and closed during the period.
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 interest rate applicable as at 31 December 2023
was 2.56%.
INTERIM REPORT 202413

Notes to the interim financial statements
for the six months ended 31 December 2023
Financial statements
11. Financial instruments
Carrying amounts versus fair value
The fair values of financial assets and liabilities, together with the carrying amounts shown in the consolidated statement of financial
position, are as follows:
31 December 202330 June 2023
Hierarchy
level
Carrying
amount
$’000
Fair Value
$’000
Carrying
amount
$’000
Fair Value
$’000
Cash and term deposits792,096792,096802,234802,234
Trade and other receivables8 7, 5 5 38 7, 5 5 379,21679,216
Foreign currency forward contract assets29,9019,9011,6491,649
Listed investment141,18541,18571,96571,965
Secured bank loans2--(45,000)(42,924)
Unsecured loan from MVM’s non-controlling
shareholder
2(37,890)(32,002)(3 7,0 3 8)(30,197)
Trade and other payables - excluding employee
entitlements and customer contract liabilities
(2 7 7, 2 0 6)(2 7 7, 2 0 6)(279,124)(279,124)
Foreign currency forward contract liabilities2(11,704)(11,704)(3,736)(3,736)
603,935609,823590,166599,083
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
consolidated 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 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.
—Cash and term deposits, trade and other receivables and payables – carrying amount equals fair value.
THE a2 MILK COMPANY14

Notes to the interim financial statements
for the six months ended 31 December 2023
Financial statements
12. Share capital
Movements in contributed equity:Number of shares$’000
Fully paid ordinary shares:
Balance 30 June 2023721,976,214100
Movements in the period:
Vesting of performance rights958,594-
Balance 31 December 2023722,934,808100
Vesting of performance rights: Shares issued to employees participating in Group employee share plans.
As at 31 December 2023, the trustee of the a2MC Group Employee Share Trust held 1,307,576 of the Company’s shares (30 June 2023:
2,042,948 shares) purchased on market and available solely to participants in Group employee share plans.
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 3,069,769 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
FY24 plan
3,069,769 rights3 years to 30 June 202610%4%6%8%
Both the minimum EPS CAGR (compound annual growth in diluted earnings per share) and minimum Revenue CAGR (compound annual
growth in normalised total external revenue) 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 are subject to
adjustment to remove the impact of material items as the Board may determine in its absolute discretion to normalise results (up or down)
to more appropriately reflect underlying performance. Without limitation, adjustments may be made to exclude the impact of unusual or
one-off items, discontinued operations, acquisitions and disposals, and capital management.
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 date1 Nov 2315 Dec 23
Fair value at measurement date$4.20$4.37
Share price at grant date$4.20$4.37
Performance rights life2.8 years2.7 years
Amounts recognised in the consolidated statement of comprehensive income
During the period a $5,519,000 expense was recognised in the consolidated statement of comprehensive income for equity settled
share-based payment awards (2022: $8,740,000).
INTERIM REPORT 202415

Notes to the interim financial statements
for the six months ended 31 December 2023
Financial statements
14. Contingent liabilities
The a2 Milk Company Limited (“the Company”) is the defendant in a group proceeding in the Supreme Court of Victoria, jointly conducted
by Slater & Gordon Lawyers and Shine Lawyers (the Australian Proceedings). The proceedings, now consolidated, were commenced in
October and November 2021 respectively. The proceeding relates to the period from 19 August 2020 to 9 May 2021 inclusive (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 is said to be brought on behalf of shareholders who acquired an interest in
fully paid ordinary shares in the Company on the Australian Securities Exchange (ASX) or NZX Main Board (NZSX): (1) during the Relevant
Period; or (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 Supreme Court of Victoria 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 and/or the NZSX: (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; and (3) those who fall
into both categories (1) and (2).
The Company filed an interlocutory application for a stay of the New Zealand Proceeding 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 stayed.
The Australian Proceeding is to be listed for a further case management conference on 21 June 2024.
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 which have significantly affected or may significantly affect the
operations, the result of these operations or state of affairs of the Group in subsequent periods.
THE a2 MILK COMPANY16

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
Report on the review of the interim financial statements
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 2023, 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 2023, 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 and International Accounting Standards 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 provides market research services in relation to brand health tracking, as well as
Sustainability reporting (limited assurance review) to the Group. 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 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 2023
INTERIM REPORT 202417

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




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 and International Accounting Standards 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.
Report on other legal and regulatory requirements
The engagement partner on the review resulting in this independent auditor’s review report is Glenn
Maris.



Ernst & Young
Sydney
18 February 2024





Auditor’s review report
for the six months ended 31 December 2023
THE a2 MILK COMPANY18

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
Pip Greenwood (Chair and Independent, Non-Executive Director)
David Bortolussi (Managing Director and CEO)
Warwick Every-Burns (Independent, Non-Executive Director)
Kate Mitchell (Independent, Non-Executive Director)
David Wang (Independent, Non-Executive Director)
Sandra Yu (Independent, Non-Executive Director)
Corporate directory
INTERIM REPORT 202419

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

---

NZX Code: ATM
ASX Code: A2M


19 February 2024
NZX/ASX Market Release
The a2 Milk Company
1H24 Results media release

The a2 Milk Company (“the Company”, “a2MC”) today announces a positive 1H24
1
result driven by strong execution of its
growth strategy which is mainly focused on capturing the full potential of its China market opportunity. More specifically,
the Company:
1. Delivered a positive interim result with 3.7% revenue growth and 5.0% EBITDA
2
growth
2. Grew total IMF sales despite a double-digit decline in the China infant milk formula (IMF) market
3. Achieved top-5 China IMF position with brand health reaching new highs supported by record levels of marketing
4. Launched new GB registered China label IMF product successfully with transition ahead of plan
5. Stabilised English label IMF sales on 2H23 after several periods of decline with new products on the way
6. Improved revenue growth guidance for FY24 relative to prior outlook statement
Financial results and outlook
3,4

• Revenue growth of 3.7% to $812.1 million
- Regional revenue: China & Other Asia segment up 16.5%, ANZ down 24.1% due to a change in distribution strategy,
USA up 8.6% and MVM down 4.7%
- Category revenue: Total IMF up 1.5% with China label up 10.4% and English label down 6.9%
5
, liquid milk in ANZ
and USA up 1.5% and 7.0% respectively, other nutritionals
6
up 48.5% and ingredients (MVM) down 4.7%
• EBITDA up 5.0% to $113.2 million with an EBITDA margin of 13.9% (up 0.2ppts)
• Net profit after tax (NPAT) attributable to owners of the Company up 15.6% to $85.3 million
7

• Basic earnings per share (EPS) up 18.6% to 11.8 cents
• Closing net cash
8
of $792.1 million up $34.9 million on June 2023 with operational cash conversion of 86.8%
9

• FY24 revenue growth guidance increased from low, to low-to-mid single-digit percent on prior year. EBITDA margin
expected to be broadly in line with FY23 (see FY24 Outlook in the “1H24 Results Commentary and Outlook”
announcement)
• Medium-term revenue ambition timing modified to reflect market conditions (see Medium-term revenue ambition
update in the “1H24 Results Commentary and Outlook” announcement)
Operational highlights
• Delivered total IMF sales growth of 1.5% in a challenging China IMF market that continues to be impacted by the
cumulative decrease in newborns over the past few years, market-wide transition to products formulated under the new
GB standards, and macroeconomic conditions, with total market sales down 13.6%
• Reached new highs in China brand awareness, trial and loyalty metrics supported by increased investment and more
targeted and integrated sales and marketing campaigns
• Achieved record market share in China label IMF channels, with 3.5% market value share in mother and baby stores
(MBS) and 3.6% market value share in domestic online (DOL) retail channels, resulting in being a top-5 share gainer in the
China label market and top-5 brand overall including English label

1
All references to full year (FY), halves (H) and quarters (Q) relate to the Company’s financial year, ending 30 June.
2
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 1H24 Investor Presentation (slide 58) dated 19 February 2024.
3
All figures are in New Zealand Dollars (NZ$), unless otherwise stated.
4
All comparisons are with the 6 months ended 31 December 2022 (1H23), unless otherwise stated.
5
English and other labels IMF included in China & Other Asia, ANZ and USA segments.
6
Other nutritionals consists of powdered milk products (plain and fortified), and liquid milk products (plain and fortified) exported to China & Other Asia.
7
Excludes non-controlling interest in Mataura Valley Milk (MVM), a loss of $6.7 million.
8
Including term deposits and borrowings, excluding subordinated non-current shareholder loans.
9
Operating cash conversion defined as net cash flow from operating activities before interest and tax divided by EBITDA.

2
• Launched upgraded China label IMF product a2 至初® range successfully, formulated in line with China’s new GB
standard, and with transition ahead of plan
• Stabilised total English label IMF sales compared to 2H23 with English label market value share relatively stable –
achieved 20.6% overall share of the English label market, with 21.4% share in the cross-border e-commerce (CBEC)
channel and 20.5% in the combined offline-to-online (O2O) and Daigou channels, with high growth in emerging channels
such as Douyin/TikTok
• Continued to optimise English label route-to-market through drop-shipping from Tier 1 distributors to consumers, and
developed a new distribution partnership with the market leader in the O2O channel (Yuou)
• Progressed development of two new English label IMF products with MVM and a new commercial IMF supply chain
partner (Yashili NZ, a subsidiary of Mengniu) – targeting to launch the first product (a2 Gentle Gold™) in 2H24
• Commenced production of a2 Platinum® Stage 4 IMF with MVM and another new commercial IMF supply chain partner
(New Zealand New Milk, a subsidiary of Lactalis)
• Accelerated sales growth of other nutritional products, up 48.5%, utilising A1 protein free milk powders produced by
MVM
• Developed two new fortified English label adult milk powder products (a2™ Immune and a2™ Move), to launch in 2H24
• Continued to develop a2 Milk® Lactose Free market penetration and progressed major upgrade of Kyabram processing
facility in Victoria with Kyvalley Dairy Group
• Improved profitability of USA business, commenced distribution of a2 Platinum® IMF under US Food and Drug
Administration (FDA) Enforcement Discretion with selected retailers in-store and online, and progressed long-term FDA
IMF approval with clinical trial underway
• Advanced sustainability programme significantly including commissioning a high-pressure electrode boiler at MVM
powered by certified renewable energy
10
to materially reduce greenhouse gas emissions from the site and achieved CY23
target of all certified farms supplying A1 protein free milk attaining an animal welfare certification and farm
environmental plan via third party audit and verification processes
CEO commentary
The a2 Milk Company’s Managing Director and CEO, David Bortolussi said:
• “We continued to execute against our growth strategy, primarily focused on the China market which now represents
approximately 80% of our total branded sales.”
• “We grew our IMF sales in a market that was down double-digits with China label sales up significantly, and launched our
new GB registered China label IMF product which is progressing well.”
• “After several years of COVID-19 related disruption and market decline, we are pleased that our a2 Platinum® sales and
the English label market have stabilised compared to 2H23.”
• “Beyond IMF, we are investing in growth in other nutritional products for kids, adults and seniors, and we are also
pursuing growth in new markets.”
• “As we continue to invest and grow, consumers are increasingly seeing the benefits of a2 Milk™, providing us with a
platform to further expand our portfolio, with the launch of more new products expected later this year.”

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:



10
MVM purchases Meridian’s Certified Renewable Energy product to enable it to match the amount of electricity it uses on an annual basis with an equivalent
amount of electricity put into the national grid from one of Meridian’s hydro stations or wind farms (which have been independently verified as producing
100% renewable electricity).
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 – New Zealand
Barry Akers
M +64 21 571 234
barryakers9@gmail.com
Media – Other markets
Rick Willis
M +61 411 839 344
rick@networkfour.com.au

---

NZX Code: ATM
ASX Code: A2M


19 February 2024
NZX/ASX Market Release
The a2 Milk Company
1H24 Results Commentary and Outlook
Group financial performance
1
,
2,3

The a2 Milk Company (“the Company”, “a2MC”) today announces its financial results for the 6 months ended 31 December 2023.
Key results are as follows:

1H24 ($m) 1H23 ($m) Variance (%)
Revenue 812.1 783.3 3.7%
EBITDA
4
113.2 107.8 5.0%
Net profit after tax
- Attributable to owners of the Company
85.3 73.8 15.6%
Basic earnings per share (cents)
11.8 10.0 18.6%
Net cash
5
792.1 707.2 12.0%

The Company’s revenue for 1H24 was up 3.7%, driven by continued growth in the China & Other Asia segment up 16.5%, partially
offset by a 24.1% decrease in the ANZ segment mainly due to a change in distribution strategy (with English label IMF sales shifting
to the China & Other Asia segment). USA revenue increased by 8.6% and MVM decreased by 4.7%.
From a category perspective, IMF sales grew 1.5% with China label up 10.4% and English label down 6.9%. Liquid milk sales grew,
with ANZ up 1.5% and USA up 7.0%. Other nutritional sales, which consist of non-IMF powdered milk products and China & Other
Asia liquid milk, grew by 48.5%, and ingredients (MVM) decreased by 4.7%.
Gross margin percentage
6
of 46.7% was 0.2ppts higher than FY23, but 0.9ppts lower than 1H23 primarily due to higher input costs,
foreign exchange movements and the adverse impact of sales mix, offsetting price increases and cost savings.
EBITDA increased by 5.0% to $113.2 million, primarily reflecting the increase in revenue and a 1.8% or $2.1 million decrease in
Administrative and other expenses (SG&A) driven by reduced foreign exchange hedge losses, lower LTI expenses and other cost
savings. Marketing investment increased by 1.2% to support the launch and transition of the new GB registered China label IMF
product and was 16.9% of net sales revenue.
Depreciation and amortisation was similar to prior year at $8.9 million, net interest income increased to $16.6 million reflecting
higher market interest rates and the effective tax rate reduced versus 1H23 (37.0%) to 35.0%, in line with FY23. NPAT including
amounts attributable to non-controlling interests was $78.6 million, an increase of 14.8%. The non-controlling interests represent
China Animal Husbandry Group’s (CAHG’s) 25% interest in MVM. Excluding this loss of $6.7 million, NPAT attributable to owners of
the Company was $85.3 million, up 15.6%.
The balance sheet remains in a strong position with closing net cash of $792.1 million, up $34.9 million on FY23. In accordance
with the Company’s Capital Allocation Framework, a2MC has decided to continue to prioritise investment in growth opportunities
(focused on supply chain transformation) and balance sheet strength, ahead of returning further capital to shareholders at this
point in time but will continue to review this on a regular basis.
Inventory at the end of the period of $196.6 million was up by 1.6% on FY23 as expected, mainly due to the timing of the new GB
registered China label product launch and transition. English label IMF inventory, which was higher at the start of the period due
to supply issues experienced in FY23, reduced during the current period through lower purchasing. Channel inventory and product
freshness remained at target levels across the business taking into consideration the China label transition.

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
All comparisons are with the 6 months ended 31 December 2022 (1H23), unless otherwise stated.
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 1H24 Investor Presentation (slide 58) dated 19 February 2024.
5
Including term deposits and borrowings, excluding subordinated non-current shareholder loans.
6
Gross margin percentage is calculated as sales less cost of goods sold, divided by sales.

2
Excluding interest and tax, operating cash inflow was $98.2 million, representing operational cash conversion of 86.8%
7
, up
73.3ppts on the prior corresponding period that was impacted by catch-up payments delayed from FY22 into 1H23 due to COVID-
19 related disruptions (outside of the Company’s control).

China market update
8

The number of newborns in China declined by 5.6% in CY23 to 9.0 million
9
which reflects an improvement in trajectory over the
past several years. The Company expects a higher number of newborns in CY24 having regard to various factors and data points,
including delayed births due to COVID-19, recent marriage rates, pregnancy indicators, government initiatives and historical birth
rates in prior ‘Year of the Dragon’, with the longer-term birth rate uncertain.
The overall China IMF market declined 10.7% in volume and 13.6% in value in 1H24. The decline in Key&A cities slightly exceeded
BCD cities, with Key&A market value decreasing by 13.7% in 1H24 and BCD market value decreasing by 13.5%. The overall market
decline reflected the decrease in newborns over the past few years, increased competitive intensity and promotional activity
(amplified by the market-wide transition to new GB registered products), and macroeconomic conditions impacting retail sales.
The rolling impact of fewer newborns in prior years reduced China IMF market Stage 3 sales (the largest segment of the IMF
market) in particular which declined by 18.8% in 1H24.
China label IMF market value declined 15.2% in 1H24. The mother and baby stores (MBS) channel was down 18.1%
10
in 1H24 and
domestic online (DOL) was down 21.6%
11
. Across China label channels, there was significant pricing pressure impacted by the
combination of volume pressure resulting from fewer newborns, market-wide transition to new GB registered products with
clearance of old GB registered products, and macroeconomic conditions. The China label market value decline also led to a
significant number of MBS store closures.
After a number of years of significant declines, the English label market outperformed the overall market and stabilised in 1H24
with value down 0.1%. A proportion of consumers switched back from China label channels to English label channels and the
English label market recovered value share to 16.3% of the overall China IMF market, up from 14.4% in 1H23. English label channel
mix continued to shift – the Daigou channel experienced a further significant decline of 18.6% in 1H24, while the offline-to-online
(O2O) channel grew the fastest at 6.8% in 1H24 and cross-border e-commerce (CBEC) experienced sustained growth up 2.4%
12
.
a2MC’s distribution strategy is focused on continuing to expand share in the growing CBEC and O2O channels which account for
approximately 64.0% of the English label market, as well as emerging channels such as Douyin/TikTok.
Market dynamics and the new GB registration process have led to increasing brand concentration within the China IMF market
with the top-5 brands now representing over 50% of market value.
In the context of challenging macroeconomic and IMF market conditions, a2MC’s growth in 1H24 in China label IMF of 10.4% and
total IMF of 1.5% reflected a strong performance overall.

Regional performance
1. China & Other Asia
Growth in value and volume of the China & Other Asia segment was driven by the continued strong execution of the Company’s
growth strategy, particularly in China label. Revenue of $549.5 million was up 16.5%, with EBITDA of $135.9 million up 21.9%. The
combination of increased investment and higher impact marketing campaigns underpinned further improvements in key brand
health metrics and market share in 1H24. This resulted in a2MC becoming a top-5 IMF brand in the overall China IMF market
taking into account the Company’s share in both the China label and English label markets. New highs in overall China brand
health metrics were achieved with total a2MC IMF prompted brand awareness increasing from 63% to 68%, unprompted brand
awareness increasing from 23% to 25%, top of mind brand awareness increasing from 9% to 10%, and trial and loyalty metrics
increasing as well with the Company’s target audience
13
.


7
Operating cash conversion defined as net cash flow from operating activities before interest and tax divided by EBITDA.
8
Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key&A + BCD cities); unless otherwise stated.
9
China National Bureau of Statistics.
10
Nielsen MBS retail measurement service: mother and baby stores only retail sales (by value). 1H24 versus 1H23.
11
Smart Path China IMF online market tracking: for DOL only retail sales (by value). 1H24 versus 1H23.
12
Smart Path China IMF online market tracking: for CBEC only retail sales (by value). 1H24 versus 1H23.
13
a2MC internal data based on the Company’s brand health tracking undertaken by Ipsos. Average brand health metrics for each financial year based on 3 surveys
in FY21 and FY22, 2 surveys in FY23, and 2 surveys in 1H24. Sample skews to a2MC target consumers (ie higher income earners based in Provinces / cities that
are the focus of sales and marketing activities).

3
China & Other Asia: China label IMF
China label IMF sales in 1H24 increased to $299.0 million, up 10.4%. The strong performance in China label IMF was supported by
careful execution of the launch and transition of the Company’s new upgraded China label IMF product, a2 至初®, formulated in
line with China’s new GB standard. This was achieved despite the declining market and continued volatility with most of the
market transitioning to new GB products over the past ~18 months. Consumer demand for a2 至初® remained strong with
market value share improving both in-store and online.
To support the launch and transition of the new China label IMF product a2 至初® range, the Company increased marketing
investment with integrated campaigns across all sales channels and media with high impact advertising reinforced at point of sale.
This was complemented by bespoke activities for key MBS accounts and impactful brand days with key DOL platforms to drive
awareness.
MBS weighted distribution increased modestly as well as same store sales, driving share gains in the MBS channel. Offline
distribution was flat at 25.9k stores at the end of December 2023, the same as at the end of June 2023
14
. A significant number of
store closures occurred in the market during the period reflecting challenging retail and IMF category conditions. The Company is
building share in national key accounts, increasing distribution in regional key accounts, targeting greater penetration of BCD
cities, and testing new strategies for accelerated growth in prioritised provinces.
Retail market value for the MBS channel was down 18.1% in 1H24
15
, reflecting the cumulative impact of fewer newborns plus
store closures and disruption driven by the market wide transition to new GB products, as well as macroeconomic conditions.
a2MC’s market value share in MBS increased to 3.5% at the end of December 2023 compared with 3.4% at the end of June 2023,
with a2 至初® being a top-5 share gainer in the channel.
Online growth for China label IMF was another highlight for the Company in 1H24. While retail market value for the DOL channel
was down 21.6% in 1H24
16
, a2MC’s market value share in DOL increased to 3.6% at the end of December 2023 compared with
3.3% at the end of June 2023, and a2MC was a top-3 share gainer in the channel. Within this channel the Company’s share of
early-stage product sales continued to increase significantly as more users shift to online channels at all stages of their IMF
lifecycle.
China & Other Asia: English label IMF
17

The China & Other Asia segment continued to benefit from the Company’s strategic decision to continue to focus on more
controlled channels, being CBEC and O2O, as well as further improvement in brand health metrics. English label IMF sales in the
China & Other Asia segment of $210.5 million were up 19.9%.
The Company is focused on CBEC growth and building digital marketing and e-commerce capability to further improve its
execution which is having an impact, particularly on new user recruitment. While reported a2MC CBEC market share decreased
from 21.6% to 21.4%
18
, there was strong growth in retail sales of a2MC English label IMF through emerging CBEC channels such as
Douyin/TikTok, which are not tracked by Smart Path. Similar to DOL, a2MC’s share of early-stage product sales increased
significantly in CBEC which has become increasingly important relative to the Daigou channel.
Development of the O2O channel has also been a key focus for English label distribution. Following the commencement of a new
partnership in 2H23 with Yuou, one of the leading O2O distributors in China, a2MC has further improved its distribution footprint
and share in O2O key accounts, ‘long-tail’ O2O and ‘Pop’ accounts.
The Company also refined its distribution model with the increased utilisation of drop-shipping fulfilment models via tier-1
distributors to service O2O stores and C2C networks. This reduced trade inventory positions and improved service and fulfilment
time for consumers.
Overall, the Company increased its total English label market share from 19.1% (FY23) to 20.6% (1H24)
19
.
China & Other Asia: Other nutritional products
Sales of other nutritional products in the China & Other Asia segment were up 58.2% to $39.9 million, benefitting from stronger
execution, brand awareness and mix shift from ANZ channels to CBEC. The strong performances in these categories, particularly in
milk powder and UHT, were supported by increased marketing investment through brand building campaigns particularly in 1Q24.

2. Australia and New Zealand
The Australia and New Zealand (ANZ) segment result was driven by lower IMF sales to the Daigou channel due to a change in
a2MC’s distribution strategy and a relatively strong prior corresponding period associated with the a2 Platinum® refresh. Overall,
ANZ revenue of $162.2 million was down 24.1%, and EBITDA of $34.8 million was down 43.9%.


14
a2MC internal data tracking of stores with active sales in the past 6 months.
15
Nielsen MBS retail measurement service: mother and baby stores only retail sales (by value). 1H24 versus 1H23.
16
Smart Path China IMF online market tracking: for DOL only retail sales (by value). 1H24 versus 1H23.
17
English label IMF includes sales via CBEC, Korea, and Hong Kong Resellers.
18
Smart Path China IMF online market tracking: for CBEC only retail sales (by value). 1H24 versus 1H23.
19
Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key & A + BCD cities). 12 month rolling share.

4

Australia and New Zealand: English label IMF
Daigou channel market value was down 18.6% in 1H24
20
. Whilst the Company’s IMF reseller and retail sales decreased 50.7% to
$54.0 million versus 1H23, it was broadly similar to 2H23, reflecting a more stable channel environment. Whilst the Company’s
English label IMF focus is on CBEC and O2O, the Company continued to support the Daigou channel through multi-channel
consumer marketing campaigns and further enhanced reseller trade support programmes.
O2O and Daigou channel combined market value was down 10.0% with recovery in the O2O channel partially offsetting Daigou
channel decline. a2MC’s market share in the O2O and Daigou channel increased to 20.5% at the end of December 2023 versus
19.8% at the end of December 2022
21
.
To broaden its English label IMF portfolio, the Company progressed the development of two new English label IMF products with a
new commercial IMF supply partner (Yashili NZ, a subsidiary of Mengniu). Whilst a2 Platinum® is positioned in the Super Premium
segment, a2 Gentle Gold™ will target the Premium segment and is expected to launch in 2H24 in Australian retail channels,
emerging markets in South East Asia and selected channels in China. a2MC is targeting to launch an additional English label
product to be positioned above a2 Platinum® in FY25.
Australia and New Zealand: Liquid milk and other nutritional products
Australian liquid milk sales were up by 1.5% to $93.3 million led by the contribution from a2 Milk
®
Lactose Free, partly offset by
lower consumption of the core milk range. This reflects a challenging consumer environment, with a market shift from branded
milk products to private label in the category overall. a2MC’s market value share of 11.3% was flat in 1H24, supported by a2 Milk®
Lactose Free achieving 18.3% combined share in launch markets of New South Wales and Victoria, and 11.3% national share.
The Company progressed the upgrade of its Kyabram milk processing facility with Kyvalley Dairy Group. Construction of the
infrastructure related aspects of the project commenced during the period with processing equipment upgrades to follow.
Completion of the project is expected in 1H25.
Revenue for other nutritional products was up 26.5% to $14.1 million with continued growth in milk powder including encouraging
growth of a2 Milk
TM
in a tub with two new fortified products (a2™ Immune and a2™ Move) expected to launch in 2H24.

3. USA
Accelerating the path to profitability in the USA by FY25/FY26 is a priority for the Company. In 1H24, USA grew revenue 8.6% to
$56.9 million and improved its landed margin (gross margin less distribution costs) resulting in an improved EBITDA loss of $8.3
million (1H23: $12.2 million, 2H23: $11.1 million).
The revenue increase was mainly driven by lower trade spend due to reduced promotional activity, and innovation. a2MC’s
market value share in the premium milk category for the Grocery channel was stable at 2.3% in December 2023 (FY23: 2.3%)
22
.
a2MC commenced distribution of a2 Platinum® IMF during the half under the US Food and Drug Administration’s (FDA) short-term
Enforcement Discretion approval with selected retailers in-store and online including Amazon. Sales recognised in the half were
not material and the Company continues to pursue long-term FDA approval of a2 Platinum® with a clinical trial underway.
The improved EBITDA loss was due to reduced promotional activity, improved input costs and distribution rates, lower marketing
spend and reduced SG&A costs, partly offset by higher costs incurred with respect to pursuing long-term FDA approval.

4. Mataura Valley Milk
Accelerating MVM’s path to profitability by FY26 is also a priority. During 1H24, the Company continued to execute against its
supply chain transformation strategy, including developing nutritional manufacturing capability, increasing access to raw A1
protein free milk in Southland (including organic) and commencing production of a2 Platinum® Stage 4 IMF base powder with a
new commercial supply chain partner (New Zealand New Milk, a subsidiary of Lactalis).
Revenue of $43.5 million
23
and an EBITDA loss of $15.3 million were recorded for the period. The slightly higher EBITDA loss
compared to 1H23 ($13.4 million) was due to the timing of sales in a volatile commodity and foreign exchange environment,
reduced demand from third-party customers in China, increased investment in capability (including management changes),
product development trials, and investment to support future nutritional powder production.
MVM and a2MC significantly advanced their sustainability programme including commissioning of a high-pressure electrode boiler
powered by certified renewable energy
24
to materially reduce greenhouse gas emissions from the site.


20
Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key&A + BCD cities) for the 26 weeks ending 29 December 2023.
21
Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key & A + BCD cities). 12-month rolling share. 1H24 versus 1H23.
22
SPINS data for the Grocery channel only for the 52 weeks ending 31 December 2023 and 31 December 2022.
23
Revenue excluding intercompany sales.
24
MVM purchases Meridian’s Certified Renewable Energy product to enable it to match the amount of electricity it uses on an annual basis with an equivalent
amount of electricity put into the national grid from one of Meridian’s hydro stations or wind farms (which have been independently verified as producing 100%
renewable electricity).

5
Medium-term revenue ambition update
In October 2021, as part of its refreshed growth strategy, a2MC defined its medium-term financial ambition to grow revenue from
$1.2 billion in FY21 to ~$2 billion by FY26 or later and to target EBITDA margins in the ‘teens’. At the time, the Company stated
that defining a specific timeline to achieve its financial goals was challenging given the pace and degree of change in the China IMF
market including from the prolonged COVID-19 impact and reduction in the number of Chinese newborns.
Since announcing the Company’s refreshed growth strategy, a2MC has gained significant share in the China IMF market and
achieved strong growth in group revenue and EBITDA of 34.4% and 82.1% respectively
25
. a2MC has grown its China label IMF sales
by 50.7%
26
and stabilised its English label IMF sales, which were up 1.0%
27
. The Company has increased its share of the total China
IMF market from 4.9% to 6.4%, becoming one of the most successful brands in China and in the top-5 overall
28
. During this period,
a2MC has significantly transformed its IMF channel mix, continuing to focus on more controlled channels away from the Daigou
channel. As a result, the China label, CBEC and O2O channels represented ~90% of a2MC IMF sales in 1H24 compared to ~60% in
FY21. The Company has also grown other nutritional products outside of the IMF category by 66.9%
29
and its combined liquid milk
business in ANZ and USA by 26.5% over the period.
Whilst the Company’s execution of its growth strategy overall has been in line with its expectations, and it is well positioned to
achieve future growth, the China IMF market has contracted significantly more than expected at the time it set its ambition. The
annual China birth rate has declined by 25%
30
which has driven the China IMF market value to decline by 23.6%
31
. COVID-19
impacted cross-border channels significantly, resulting in a decline of 55.2%
32
in the Daigou channel which was a key channel for
the Company in the past. This has resulted in the English label market not recovering at the speed and to the extent initially
assumed. Whilst the China IMF market is now showing early signs of stabilisation, it will take longer for the market to recover than
initially expected due to the cumulative impact of fewer newborns and challenging market conditions.
Achieving the Company’s medium-term revenue ambition of ~$2 billion by FY26 would require an additional ~$380 million in
revenue growth on CY23 over the next 2.5 years. This growth would represent a compound annual growth rate of approximately
9% with higher growth required in FY25 and FY26 based on the Company’s revenue guidance for FY24 which is low-to-mid single-
digit percent growth (refer FY24 Outlook below). Whilst it remains possible for the Company to achieve its medium-term revenue
ambition of ~$2 billion by FY26, at this stage it is likely to be achieved by FY27 or later. The Company continues to target EBITDA
margins in the ‘teens’ with year-on-year improvement.
Delivery of a2MC’s medium-term financial and non-financial ambitions remains underpinned by the successful execution of
a2MC’s strategy which is comprised of its five key strategic priorities:
1. Investing in people and planet leadership – particularly in relation to its capability and sustainability objectives
2. Capturing the full potential in China IMF – including expansion into lower tier cities and online channels
3. Ramping-up product innovation – including portfolio expansion in English label IMF, China label IMF and other
nutritionals for kids, adults and seniors, as well as leveraging the portfolio into new markets
4. Transforming its supply chain – particularly accessing additional China label IMF registrations and developing its
nutritional manufacturing capability through MVM and / or other commercial and acquisition opportunities primarily in
New Zealand and China over time
5. Accelerating the path to profitability for the USA and MVM businesses




25
a2MC Group sales and EBITDA FY21 versus LTM 2H23+1H24.
26
a2MC sales China label FY21 versus LTM 2H23+1H24.
27
a2MC sales English label FY21 versus LTM 2H23+1H24.
28
Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key&A + BCD cities). China and English labels combined. MAT to June 2021
versus MAT to December 2023.
29
a2MC sales of other nutritionals FY21 versus LTM 2H23+1H24. Other nutritionals consists of non-IMF powdered milk products and China & Other Asia liquid milk.
30
China National Bureau of Statistics.
31
Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key&A + BCD cities). China label channels. MAT to June 2021 versus MAT to
December 2023.
32
Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key&A + BCD cities). Daigou channel. MAT to June 2021 versus MAT to
December 2023.

6
FY24 Outlook
Market conditions
Despite the CY23 birth rate data published in January which reflects an improvement in the trajectory over the past several years,
China IMF market conditions remain challenging with a double-digit decline in market value still expected in FY24.
Key financials
Revenue growth guidance for FY24 has improved from the prior outlook statement.
For FY24, the Company is now expecting the following relative to FY23:
• Revenue growth of low to mid single-digit percent
• IMF, other nutritional product and USA sales up (USA IMF immaterial), ANZ liquid milk sales flat and MVM sales down
• Gross margin (% of revenue) to be similar
• Marketing expenses (% of revenue) to be similar to up
• Administrative & Other expenses (% of revenue) to be similar to down
• EBITDA margin (% of revenue) to be broadly in line
• Operational cash conversion to be up
• Capital expenditure to increase to ~$30 million
Key risks
In addition to the challenges noted above and trading upside and downside, other risks include, but are not limited to, challenging
macroeconomic conditions, residual COVID-19 impacts on supply and demand, new China label product transition, volume impact
of price increases, cross border trade, foreign exchange movements, changes in interest rates, farmgate milk pricing and other
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 – New Zealand
Barry Akers
M +64 21 571 234
barryakers9@gmail.com
Media – Other markets
Rick Willis
M +61 411 839 344
rick@networkfour.com.au

---

The a2 Milk Company Limited
19 February 2024
2024
INTERIM
RESULTS
We pioneer the future of Dairy for good

Disclaimer
This presentation dated 19 February 2024 provides additional
commentary on the financial results for the 6 months ended
31 December 2023 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 Companyand
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 4 I N T E R I M R E S U L T S
2

Agenda
Results overview
and strategy update
4
Financial overview21
Regional and
product performance
29
Appendix57

Strong execution delivering positive interim result
2 0 2 4 I N T E R I M R E S U L T S
4
Delivered a positive interim result with 3.7% revenue growth
and 5.0% EBITDA
1
growth
Grew total IMF sales despite a double-digit decline in the
China IMF market
Achieved top-5 China IMF position with brand health reaching
new highs supported by record levels of marketing
Launched new GB registered China label IMF product successfully
with transition ahead of plan
Stabilised English label sales on 2H23 after several periods
of decline with new products on the way
Improved revenue growth guidance for FY24 relative to
prior outlook statement
1
2
3
4
5
6
1
Earnings before interest, tax, depreciation and amortisation (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 on slide 58 of the presentation.

Revenue and earnings growth ahead of plan
2 0 2 4 I N T E R I M R E S U L T S
5
•Interim result ahead of Company plan
-Revenue growth of 3.7% to $812.1 million
-EBITDA up 5.0% to $113.2 million with an EBITDA margin of 13.9%
(up 0.2ppts)
-Net profit after tax (NPAT) attributable to owners of the Company up 15.6%
to $85.3 million
1
-Basic earnings per share (EPS) up 18.6% to 11.8 cents
-Closing net cash
2
of $792.1 million up $34.9 million on June 2023 with
operational cash conversion of 86.8%
3
•Revenue growth driven by China segment (China label + CBEC)
- China & Other Asia segment sales up 16.5%, ANZ sales down 24.1%
due to a change in distribution strategy, USA sales up 8.6% and MVM sales
down 4.7%
-Total IMF sales up 1.5% with China label sales up 10.4% and English label
sales down 6.9%
- Liquid milk sales in ANZ and USA up 1.5% and 7.0% respectively
- Other nutritionals up 48.5%
1
Excludes non-controlling interest in Mataura Valley Milk (MVM), a loss of $6.7 million.
2
Including term deposits and borrowings, excluding subordinated non-current shareholder loans.
3
Calculated as net cash flow from operating activities before interest and tax divided by EBITDA.
EBITDA; $ millions
Revenue; $ millions
Basic EPS; cents per share
Key financials

Result underpinned by important operational achievements (1/2)
Total IMF
•Delivered total IMF sales growth of 1.5% in a challenging China IMF market down 13.6%
•Achievedtop-5 brand position in China IMF market overall
•Improved key business health indicators, including market pricing, share of early-stage product sales,
channel inventory and product freshness
China label IMF
•Achieved recordmarket share, resulting in being a top-5 share gainer
•Reached new highs in China brand health supported by increased investment
•Launched new GB registered CL IMF producta2 至初
®
range with transition ahead of plan
English label IMF
•Stabilised total EL IMF sales compared to 2H23 and continued to optimise EL route-to-market
•Developed new O2Odistribution partnershipwith market leader in the channel
•Progressed development of new EL IMF products with MVM and a new commercial supply chain partner
(Yashili NZ, subsidiary of Mengniu) –targeting to launch in2H24
•Commenced production of EL Stage 4 IMF withMVM and another new commercial supply chain partner
(New Zealand New Milk, subsidiary of Lactalis)
2 0 2 4 I N T E R I M R E S U L T S
6

Result underpinned by important operational achievements (2/2)
Other nutritionals
•Acceleratedgrowth in other nutritional products up 48.5% largely sourced from MVM
•Developed new fortified EL adult milk powder products expected to launch in 2H24
ANZ liquid milk
•Continued to develop a2 Milk
®
Lactose Freepenetration
•Progressed major upgrade of Kyabram milk processing site in Victoria
USA
•Improved USAprofitability significantly
•Commenced distribution of IMFunder FDA Enforcement Discretion and progressed
long-term approval
Sustainability
•Commissioned high-pressure electrode boiler at MVM powered by certified renewable energy
1
•Achieved CY23 target foranimal welfare certificationand farm environmental plans
2 0 2 4 I N T E R I M R E S U L T S
7
1
MVM purchases Meridian’s Certified Renewable Energy product to enable it to match the amount of electricity it uses on an annual basis with an equivalent amount of electricity put into the national grid from one of Meridian’s hydro stations or wind farms (which have been independently verified as
producing 100% renewable electricity).

New China label IMF product transition ahead of plan
2 0 2 4 I N T E R I M R E S U L T S
8
•Received approval from SAMR on 6 June 2023 for re-registration of the
Company’s China label IMF product a2 至初
®
under new GB standard
•SAMR approval allows Synlait to manufacture a2 至初
®
for a2MC until
September 2027 and provides a2MC continued access to the registered
domestic market that accounts for ~84% of the China IMF market with English
label IMF accounting for the remaining ~16%
•Product upgraded with enhanced formulation and packaging
•Commenced production of new product in June 2023 and ramped up in 1Q24
•Started shipping to distributors in October 2023 and retailers from November
2023 with ranging on flagship online stores from October 2023
•Accelerated transition in December 2023 to support distributors and retailers
ahead of Chinese New Year (CNY) improving phasing of results
•Significant marketing campaign commenced in December to support launch
which continued into 3Q24 leading up to CNY with positive consumer adoption
New a2 至初
®
product

GB registration process has reduced the number of brands in market by
~20% with a shift towards local brands, but less so by value
2 0 2 4 I N T E R I M R E S U L T S
9
Market structure by number of CL products
1
Source: Nielsen; SAMR; Management research
1
Product is a registered China label IMF product series typically with Stages 1, 2 and 3.
MBS market structure by retail sales value
Dec
-
22
Dec
-
23
Potentially more imported facilities
to be audited and approved
Total = 100%
Total = 100%

China IMF market challenging but showing early signs of stabilisation
•CY23 number of newbornsin China
1
reflects animprovement in trajectory over
the past several years, positive outlook for CY24 but longer term uncertain. Stage 1
volume trendfor the market has improved recently
•Total China IMF market declined 10.7% in volume and 13.6% in value in 1H24
2
−Key&A market value sales declined 13.7%
−BCD market value sales declined 13.5%
•Market value decline reflectsthe cumulative decrease in newborns over the past
few years, increased competitive intensity and promotional activity (amplified by the
market-wide transition to new GB registered products), and macroeconomic
conditions impacting retail sales
•Increased brand concentration towards top-5 players with shift towards local
Chinese brands partly due to the new GB registration process, with top players
increasingly leveraging a broader product portfolio
•Shift in market sales from China label to English label channels in 1H24
2
.
China label market value decreased 15.2% while English label market value
decreased 0.1%. English label share of total market value increased from 14.9%
(2H23) to 16.3% (1H24)
•Within English label channels, continuedshift from Daigou to CBEC and O2O with
CBEC (largest English labelchannel) up 2.4%
3
, O2O up 6.8%
2
, while Daigou was
down 18.6%
2
in 1H24
2 0 2 4 I N T E R I M R E S U L T S
10
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 29 December 2023.
3
Smart Path China IMF online market tracking: for CBEC only retail sales (by value).
China IMF market volume for Stage 1 vs pcp (Kantar)
Newborns in China
1

China IMF market value vs pcp (Kantar)

2 0 2 4 I N T E R I M R E S U L T S
11
a2MC brand positioning and growth strategy driving strong
performance in a challenging market
•A1-free category leadership as the pioneer and innovator in A1 protein free milk, allowing more consumers to enjoy itsunique
digestive and other potential healthbenefits
•a2MC brand continues to resonate with consumers with a distinctive proposition, superior fresh milk base, ultra-premium
positioning, high-quality product and desirable New Zealand provenance
4
5
3
2
1
•Record investment in marketing with a consumer brand-led approach underpinned by
progressive values, targeting key audiences and integrated across all channels
•Continued strong execution in market in partnership with China State Farm, with talented
teams living the Company’s BOLD values
•Portfolio approach across China label and English label IMF, including a continued
refinement of go-to-market models leveraging a one-brand two-label approach, recently
refreshed core ranges with innovation on the way

Key segment trends also support a2MC growth
2 0 2 4 I N T E R I M R E S U L T S
12
a2MC China label competes in the Ultra Premium segment
A2 protein segment continues to gain share in the category
MBS value sales by price segment
1,2,3
A2 protein segment % value share of channel
1,4
Note: Periodic data upgrades at Nielsen result in minor variations in data from time to time. All data has been restated with the 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 average selling price: Ultra Premium >=390RMB/KG; Super Premium 290-390RMB/KG: Premium 190-290RMB/KG; Mass <=190RMB/KG.
3
Percentages within the chart may not add to the total due to rounding.
4
Smart Path China IMF online market tracking: domestic online platform sales (by value).

a2MC English label IMF market share
a2MC China label IMF market share
Brand health and market share continued to improve
2 0 2 4 I N T E R I M R E S U L T S
MBS value share
2
DOL value share
3
1
a2MC internal data based on the Company’s brand health tracking undertaken by IPSOS. Average brand health metrics for relevant financial period. Sample skews to a2MC target consumers ie higher income earners based in provinces / cities that are the focus of sales and marketing activities.
2
Nielsen MBS retail measurement service: mother and baby stores only retail sales (by value).
3
Smart Path China IMF online market tracking for DOL and CBEC (by value).
4
Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key & A + BCD cities). Note: Due to sample size, data classification and associated volatility reasons, the Company focuses more on its combined O2O and Daigou channel market share. Kantar had one round of data
reclassification in Nov-23 with restatement of English label channel size and share; historical data were updated accordingly with an immaterial impact.
Total English label market share
4
CBEC value share
3
Unprompted awareness
Brand used most often
a2MC China brand health metrics
1
13

Resulting in a2MC being a top-5 brand in the China IMF market
14
Total IMF market value share by brand
1
1
Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key & A + BCD cities) for the 52 weeks ending 29 December 2023.
2
Wyeth Nutrition is also owned by the Nestle Group.
2
2
China label IMF market value share by brand
1
English label IMF market value share by brand
1
2 0 2 4 I N T E R I M R E S U L T S

2 0 2 4 I N T E R I M R E S U L T S
15
Brand concentration continued to increase with the top-5 brands now
representing over 50% of the market
IMF market value share by brand
1
45.1%
46.3%
49.7%
Top 5
Top 10
66.2%
69.7%
72.7%
52.0%
74.2%
1
Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key & A + BCD cities) for 52-weeks ending 29 December 2023.
2
Wyeth Nutrition is also owned by the Nestle Group.
2
2

Revenue growth guidance for FY24 improved from prior outlook
2 0 2 4 I N T E R I M R E S U L T S
16
See full outlook statement in results commentary and outlook announcement dated 19 February 2024 including market conditions andkey risks
Updated FY24 Outlook
Revenue growth guidance for FY24 has improved from the prior outlook statement.
For FY24, the Company is now expecting the following relative to FY23:
−Revenue growth of low-to-mid single-digit percent
−IMF, other nutritionals and USA sales up (USA IMF immaterial), ANZ liquid milk sales flat and MVM sales down
−Gross margin (% of revenue) to be similar
−Marketingexpenses(% ofrevenue) to be similar toup
−Administrative and other expenses (% of revenue) to be similar todown
−EBITDA margin (% of revenue) to be broadly in line
−Operational cash conversion to be up
−Capital expenditure to be ~$30 million in FY24

Growth strategy focused on capturing full potential of China market with
supply chain transformation a key priority
2 0 2 4 I N T E R I M R E S U L T S
17
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 maintain 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™ to as many
consumers as possible
Strategic
priorities
Enablers
Values
Quality & ServiceBrand strength
Science & InnovationStrategic relationships
Capture full potential
in China IMF
-Increase share in key
accounts, expand in lower
tier cities and further
accelerate online growth
-Invest in brand strength
and leverage across two
labels and wider portfolio
2
Ramp-up product
innovation
-Expand EL and CL IMF
product portfolios
-Develop other nutritionals
for kids, adults and seniors
-Leverage IMF and other
products into new markets
-Innovate in ANZ liquid milk
3
Transform our
supply chain
-Expand CL market access
through MVM and other
investment opportunities,
primarily in NZ and China
over time
-Develop supply capability
to enable innovation
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
-Improve USA liquid milk
losses and invest in
development of IMF
opportunity
-Increase MVM A1-free milk
pool, nutritional capability,
utilisation and efficiency
5
Bold passionOwnership & agility
Leading constructivelyDisruptive thinking
BLO
D

CONSUMERS
a2MC continued to make progress towards achieving medium-term
goals reflected in measures of success
Safety
TRIFR
Engagement
Diversity &
inclusion
China
unprompted
brand
awareness
AU household
penetration
USA household
penetration
MBS share
DOL share
CBEC share
O2O + Daigou
share
Australian fresh
milk share
USA premium
milk share
China other
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 4 I N T E R I M R E S U L T S
18
On track
Work in progress
PEOPLEPLANET
SUPPLY
CHAIN
6
SHAREHOLDERS
7
Access to ≥3
CL registrations
CL inventory
management
EL inventory
management
Quality
outcomes
Supply chain
efficiency
1
Refer to following 2 slides for further information on medium term ambition.
Medium term
sales ambition of
~$2.0b (≥FY27)
1
EBITDA margin
goal in the
‘teens’ targeting
year-on-year
improvement
1
USA profitability
during FY25 /
FY26
MVM profitability
during FY26

Whilst a2MC has gained significant share, the China IMF market has
contracted more than expected
2 0 2 4 I N T E R I M R E S U L T S
19
a2MC China IMF market share gain
China IMF market size reduced significantly
Source: Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key & A + BCD cities) which projects ~40% of the market. Note that Kantar reviewed and reclassified its database in Nov-23, restating English label channel size and share; historical data has been restated accordingly.
1
China National Bureau of Statistics for CY23 vs CY20.
2
Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key&A + BCD cities). China label channels. MAT to June 2021 versus MAT to December 2023.
3
Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key&A + BCD cities). ANZ Daigou channel. MAT to June 2021 versus MAT to December 2023.
a2MC China IMF market value share (Kantar, MAT)
Kantar China IMF market value (MAT, projecting
~40% of the market); RMB billions
Commentary
•Since announcing its refreshed growth
strategy and ambition in October 2021,
a2MC has gained significant share in the
China IMF market, increasing from 4.9%
China IMF value share in FY21 to 6.4%
share on an MAT basis to 1H24
•Whilst execution of the Company’s growth
strategy is in line with expectations, the
China IMF market has contracted
significantly more than expected, particularly
English label channels, which have not
recovered at the speed and to the extent
initially assumed:
−Newborns down 25%
1
−IMF market value down 23.6%
2
−Daigou channel down 55.2%
3

•Whilst the market is showing early signs of
stabilisation, it will take longer to recover
than initially assumed

2 0 2 4 I N T E R I M R E S U L T S
20
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 ambitionCommentaryAreas of planned revenue growth
•CL on track with significant share gains
•EL behind due to market decline, particularly
Daigou channel, and lower share gains
•Other nutritionals growing towards
stretching goal
•ANZ behind plan due to speed of innovation
and challenging consumer environment
•USA progress to date broadly in line
•While it remains possible for the
Company to achieve its medium-term
revenue ambition of ~$2 billion by FY26,
its is now likely to be by FY27 or later
See full medium-term revenue ambition update
in results commentary and outlook
announcement dated 19 February 2024
including market conditions and key risks
On track
Work in progress
Market / category
Growth ambition
(FY21 to ≥FY27)
1
Tracking
China label IMF$0.4
English label IMF$0.3
China other
nutritionals
$0.2
Emerging markets$0.1
ANZ$0.1
USA$0.1
Non-specific risk$(0.4)
Net growth~$0.8bn
Revenue, NZ$ billions
EBITDA margin
$415m incremental revenue and 3.6ppts EBITDA margin uplift since
FY21 with medium-term revenue ambition timing modified
1
Incremental revenue ambition growth bridge from $1.21 billion in FY21 to ~$2.0 billion in ≥FY27. Provided for tracking purposes and should not be added to LTM24 actual revenue result of $1.62 billion.
~
EBITDA margin target in the teens
targeting year-on-year improvement
Actual revenue and EBITDA margin

FINANCIAL
OVERVIEW

NPAT growth of 16% driven by China sales growth, SG&A leverage and
higher interest income –net of brand and capability investment
•Net sales revenue reflects strong growth in the China & Other
Asia and USA segments, up 16.5% and 8.6% respectively,
partially offset by a 24.1% decrease in the ANZ segment and
4.7% decrease in MVM net sales
•Gross margin of 46.7% down 0.9ppts driven by higher input
costs, FX impacts and the adverse impact of sales mix –
offsetting price increases and cost saving initiatives
•Distribution costslargely in line with prior year as a % of
sales, with higher costs associated with China label transition
offset by continued improvement in USA freight rates
•Marketing investment higher to support the execution of the
Company's growth strategyin China and to support the new
GB registered China label product launch
•Administrative and otherexpenses lower due to reduced
FX hedge losses, the timing of project related spend
(2H24 weighted), lower LTI expenses and cost savings –
offsetting higher salary and wage costs associated with
capability investment
•Interest income increase consistent with higher market
interest rates
•NPATattributable to owners of the Companyincreased by
15.6% to $85.3 million
•Basic EPSwas up 18.6% to 11.8 cents per share
2 0 2 4 I N T E R I M R E S U L T S
22
1
All figures quoted in New Zealand Dollars (NZ$) and all comparisons are with the 6 months ended 31 December 2022 (1H23) 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). EBITDA and EBIT are non-GAAP measures.
6
EBITDA margin percentage is calculated by dividing EBITDA by Group revenue.
$ million
1
1H241H23% change
Net Sales Revenue
811.1782.0
3.7%
Gross Margin
378.8371.9
1.8%
GM %
2
46.7%47.6%
(0.9ppts)
Other Revenue
3
1.01.4
(25.7%)
Distribution
(25.5)(24.0)
6.4%
Marketing
(136.7)(135.1)
1.2%
Administrative and other
(113.2)(115.3)
(1.8%)
Interest Income and Finance Costs
16.59.8
68.4%
Profit Before Tax
120.9108.7
11.2%
Income Tax Expense
(42.3)(40.2)
5.2%
NPAT
78.668.5
14.8%
-Attributable to owners of the Company
85.373.8
15.6%
-Attributable to non-controlling interests
(6.7)(5.3)
25.7%
Group Revenue
4
812.1783.3
3.7%
EBITDA
5
113.2107.8
5.0%
EBITDA Margin %
6
13.9%13.8%
0.2ppts
EBIT
5
104.498.8
5.6%
EPS –basic (cents)
11.810.0
18.6%

Significant China & Other Asia growth due to China label IMF expansion
and deliberateshift of English label IMF away from ANZ segment
2 0 2 4 I N T E R I M R E S U L T S
23
$ million
ANZ
China &
Other AsiaUSAMVM
1
Corporate
Total
Group
1H24
Revenue162.2549.556.9
43.5-812.1
EBITDA
34.8135.9(8.3)(15.3)(33.8)113.2
EBITDA %
21.4%24.7%(14.6%)(35.1%)-13.9%
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%)-13.8%
%
change
Revenue
(24.1%)16.5%8.6%(4.7%)-3.7%
EBITDA
(43.9%)21.9%31.8%(13.9%)15.5%5.0%
1
MVM excludes intercompany sales.
Segment revenue mix
Percent of total revenue

Net sales revenue
$ million
ANZ
China &
Other AsiaUSAMVM
1
Total
Group
1H24
IMF
54.0509.50.8-564.3
Liquid milk
2
93.3-56.0-149.3
Other nutritionals
3
14.139.9
-
-54.1
Ingredients
--
-43.543.5
TOTAL
161.4549.556.843.5811.1
1H23
IMF
109.4446.3--555.7
Liquid milk
2
92.0-52.3-144.2
Other nutritionals
3
11.125.3--36.4
Ingredients
---45.745.7
TOTAL
212.5471.652.345.7782.0
%
change
IMF
(50.7%)14.2%--1.5%
Liquid milk
2
1.5%-7.0%-3.5%
Other nutritionals
3
26.5%58.2%--48.5%
Ingredients
---(4.7%)(4.7%)
TOTAL
(24.1%)16.5%8.6%(4.7%)3.7%
Growth in all branded product categories with 90% of IMF sales now
through China & Other Asia segment
2 0 2 4 I N T E R I M R E S U L T S
24
1
MVM excludes intercompany sales.
2
Excludes liquid milk products (plain and fortified) exported to China and Other Asia markets.
3
Comprises powdered milk products (plain and fortified), and liquid milk products (plain and fortified) exported to China and Other Asia markets.
IMF sales mix
Percent of total IMF revenue

Gross margin % in line with FY23 despite pressure from higher product
costs, FX impacts and adverse sales mix
•Gross margin of 46.7% was down 0.9ppts vs 1H23, however in
line with FY23
•The decline vs 1H23 largely reflects:
−Higher product costs driven by inflationary pressures on input
costs andpartly due to theincreased cost of new CL IMF due
to upgraded formulation andpackaging, net of price rises
−FX impacts due to changes in value of the NZD against key
trading currencies, mainly the RMB and USD
−Adverse impact from sales mix driven by the planned EL IMF
channel mix shift fromDaigouto CBEC, and the increased
mix of other nutritional sales
−Net of price increases and benefits from cost mitigating
initiatives
•The increase vs 2H23 is largely due to the higher MVM sales mix
contribution to Group sales in 2H23
2 0 2 4 I N T E R I M R E S U L T S
25
Gross margin driversGross margin %
Percent of net sales revenue
FY22: 46.0% FY23: 46.5%

Marketing and capability investment increase in line with growth strategy
•Marketing investment in 1H24 was higher
than both 1H23 and 2H23, reflecting the
continued step-up in China investment and
increased support for the transition to new
GB registered China label product
•Administrative and other expenses
relatively stable despite the Company's
continued investment in capability
building.The decrease on 1H23 reflects:
–reduced FX hedge losses
–timing of projectrelated spendthat is
2H24 weighted
–lower LTI expenses duetotiming and
personnel changes
–net of increasedsalary and wage
costs reflecting investment in China
and supply chain
2 0 2 4 I N T E R I M R E S U L T S
26
Marketing and SG&A driversAdministrative and other expenses (SG&A)Marketing investment increase
$ million$ million
% of sales
revenue
10.0%
6
12
7
8
4
3
2
14
15
16
17
20
18
17
47
74
70
112
112
104
117
67
101
93
137
135
125
137
0
20
40
60
80
100
120
140
160
1H212H211H222H221H232H231H24
USAANZChina
76
106
100
110
115
113
113
0
20
40
60
80
100
120
140
160
1H212H211H222H221H232H231H24
19.2%16.9%17.5%17.3%15.5%14.0%
11.2%20.0%14.0%14.0%14.7%14.0%15.1%

Operating cash flow reflects improved cash conversion of 87% with net
cash up to $792 million
2 0 2 4 I N T E R I M R E S U L T S
27
1
Calculated as net cash flow from operating activities before interest and tax divided by EBITDA.
$ million1H241H23% change
Cash flows from operating activities
Receipts from customers​799.7806.7(0.9%)
Payments to suppliers and employees​(701.5)(792.0)(11.4%)
Net interest flows and taxes paid​(36.1)(17.8)102.7%
Net operating cash flows62.1(3.2)nm
Cash flows from investing activities
Investment in term deposit​s-100.0(100.0%)
Payments for other assets​(19.8)(7.6)161.1%
Net cash flows from investing activities(19.8)92.4(121.4%)
Net cash flows from financing activities(47.1)(93.0)(49.4%)
Net decrease in cash(4.7)(3.8)24.3%
Cash at the beginning of the period​352.2437.3(19.5%)
Effect of exchange rate changes on cash​(5.4)(6.4)(14.0%)
Closing cash at the end of the period342.1427.2(19.9%)
Net cash comprised of:
Cash andshort-termdeposits​342.1427.2(19.9%)
Term deposits​450.0350.028.6%
Bank borrowings-(70.0)100.0%
Total net cash792.1707.212.0%
•Cash flows from operating activities
‒Higher cash conversion of 86.8%
1
(1H23: 13.5%)due to
lower payments in China compared to 1H23, which was
caused by catch-up of FY22 payments from COVID-19
delays (outside the Company’s control)
•Cash flows from investing activities
‒Relates to PP&E and investment property additions
mainly in relation to the expansion and upgrade of the
Kyabram milk processing facility
•Cash flows from financing activities
‒Relates to the repayment of MVM bank borrowings due
to mature in CY24

Balance sheet remains strong with significant capital to support
growth strategy
2 0 2 4 I N T E R I M R E S U L T S
28
$ million1H242H23% change
Cash and term deposits792.1802.2(1.3%)
Trade and other receivables87.679.210.5%
Inventories196.6193.41.6%
Other current assets58.647.324.1%
Total current assets1,134.81,122.11.1%
Property, plant & equipment245.9245.20.3%
Intangible assets107.8108.4(0.5%)
Other non-current assets111.9136.0(17.7%)
Total non-current assets465.7489.6(4.9%)
TOTAL ASSETS1,600.51,611.7(0.7%)
Trade and other payables297.4313.2(5.1%)
Other current liabilities50.866.0(23.0%)
Total current liabilities348.2379.2(8.2%)
Total non-current liabilities52.783.0(36.5%)
TOTAL LIABILITIES400.9462.2(13.3%)
NET ASSETS1,199.61,149.54.4%
•Cash and term depositsbalance and consolidated
netcashposition of $792.1 million
1
.The slightly lower
balance compared to June 2023reflects operating cash
inflows net of MVM bank borrowing repayments
•Inventorieshigher mainly due to new GB registered
China label product transition, with reduction in English
label stock levels that were higher in 2H23 due to
supplyissues
•Other non-current assets mainly consist of the
Company’s investment in Synlait, valued at $41.2 million​
(June 2023: $72.0 million) and deferred tax asset of
$29.2 million
•Trade and other payables lower mainly due to timing
of annual rebate payments
•Other current and non-current liabilities mainly
consist of MVM’s loans from the non-controlling
shareholder of $37.9 million and income tax payable
of $34.4 million
1
Including term deposits and borrowings, excluding subordinated non-current shareholder loans.

REGIONAL
& PRODUCT
PERFORMANCE

China label key messages
2 0 2 4 I N T E R I M R E S U L T S
30
China label IMF
Strategic priorities
Continue to invest in brand to
create demand pull
Achieve full potential in key
accounts
Capture opportunity in lower
tier cities
Accelerate online growth
Broaden product portfolio
ProgressBusiness impact
1
2
3
4
5
•Launched new GB registered China
label IMF product with transition ahead
of plan supported by large scale
integrated marketing campaign
•Extended joint business planning into
regional key accounts
•Increased offline distribution in lower
tier cities, with more integrated
approach to new user recruitment
•Improved new user recruitment online
with new GB registered China label
product first launched online
•Continued to grow other nutritionals
leveraging significant campaign
mid year
•Continued to reach new highs in brand
health metrics, particularly in
awareness among pregnant and early
stage users and in lower tier cities
•Grew share in priority key accounts
•BCD cities remained the biggest driver
of offline growth in 1H24, reflected in
strong MBS share growth
•DOL growth outpaced offline growth,
now higher than MBS, with biggest
share gains in early stages
•Delivered strong growth across Fresh
Milk, UHT and Adult Milk Powder
categories

213
189
271
299
177
249
289
390
438
559
FY21FY22FY23FY24
1H2H
Sustained growth despite market volatility and product transition
China label IMF sales growth continued through new GB transition period
•CL net revenue up 10.4% to $299.0 million
•This was achieved despite the declining market and continued volatility with the whole
market transitioning to new GB registered products over ~18 months
•Overall market value for CL IMF decreased 15.2%
1
•a2MC’s new CL IMF product (a2 至初
®
) formula and packaging has been upgraded and well
received by the trade and consumers
•The strong performance was supported by careful execution of the launch and transition of
a2MC’s new GB registered CL IMF product
•New product and increased marketing investment have driven improvements in brand
health metrics
•Strong market share performance for a2MC in 1H24, resulting in the brand being a leading
share gainer in the period:
−MBS share increased to 3.5%
2
(FY23: 3.4%)
−DOL share increased to 3.6%
3
(FY23: 3.3%)
2 0 2 4 I N T E R I M R E S U L T S
31
China label net sales revenue
$ million by half
4
1
Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key & A + BCD cities) for the 26 weeks ending 29 December 2023.
2
Nielsen MBS retail measurement service: mother and baby stores only retail sales (by value) 12-month rolling share.
3
Smart Path China IMF online market tracking: domestic online platform sales (by value) 12-month rolling share.
4
Subject to rounding.
China label IMF

China label IMF market has been challenging recently driven by the
cumulative impact of fewer newborns and market-wide new GB transition
2 0 2 4 I N T E R I M R E S U L T S
32
China label IMF market declines in MBS store and online
Nielsen MBS channel value growth vs pcp (rolling MAT)
1
1
Nielsen MBS retail measurement service: mother and baby stores only retail sales (by value).
2
Smart Path China IMF online market tracking: domestic online platform sales (by value).
3
Ultra Premium price segment based on Stage 1 average selling price ≥390RMB/kg.
4
Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key & A + BCD cities).
IMF market prices under pressure during GB transition
Average IMF ASP/kg in RMB (rolling MAT)
4
Smart Path DOL channel value growth vs pcp (rolling MAT)
2
New GB transition
Ultra Premium
3
Ultra Premium
3
Total category
Total category
China label IMF

Upgraded new China label product has been well received by the market
2 0 2 4 I N T E R I M R E S U L T S
33
•7.3 million positive user generated posts
1
•Significantly more positive sentiment comments for new versus old product
•Stronger talkability on formulation, functionality, infant experience and user
recommendation on JD, Tmall, TikTok and Red
1
Source: IPSOS reporttotalpositiveUGCpostslikes andcomments.
Formula upgrade
•High-purity lactoferrin at increased levels
•Contains innate nutrients such as HMO, OPN and OPO
•A1 protein free fresh milk base from New Zealand continues
•Fresh lock lid, unique press to open innovation easier to unlatch
•Stage number marked on spoon to avoid potential confusion on transition
•Spoon separated from powder with locating holder to avoid contact with powder
•Leveler inside the can for measurement to recommend dosage
Packaging upgrade
Received well by the market
China label IMF

New China label IMF product launch supported by integrated
campaigns across all media and sales channels
2 0 2 4 I N T E R I M R E S U L T S
34
China label IMF
Significant campaign launch integrated across
traditional and digital channels
High impact out-of-home media
to drive awareness
•Launch conferences engaged 100% of distributors and major retailers to drive brand exposure, enhance new user recruitment, further
develop relationships with national and regional key accounts, and optimise in-store execution and word of mouth via social platforms
•New point of sales materials rolled out across ~23k stores and achieved a high proportion of off-location displays
•300+ roadshow events, 3,400+ mama classes and 350+ in-store events to support the campaign
•High traffic and high impact out-of-home advertising, especially in BCD cities, including 200+ shopping malls in 100+ cities

Strong execution with MBS customers in store integrated with
marketing campaign
2 0 2 4 I N T E R I M R E S U L T S
35
Collaboration with key
account customers
In-store displays
and point-of-sale materials
Significant contribution from
in-store promotional team
China label IMF

Impactful social content throughout the campaign resulting in
significant increase in product search across online platforms
2 0 2 4 I N T E R I M R E S U L T S
36
China label IMF
Showcasing endorsements to
enhance product trust
Messaging focused on product benefits

Activation on key online platforms driving increased brand and
product engagement
2 0 2 4 I N T E R I M R E S U L T S
37
Generating momentum
across JD
Tmall new brand
arrival day
Strong focus on sales conversion
including via live KOL broadcasts
China label IMF

38
a2MC unprompted awareness %a2MC total brand awareness %
a2MC top of mind awareness %
a2MC past 3 months trialled %a2MC ever trialled %a2MC brand used most often %
Source: a2MC internal data based on the Company’s brand health tracking. Average brand health metrics for relevant financial year. Sample skews to a2MC target consumers ie higher income earners based in Provinces / cities that are the focus of sales and marketing activities.
Driving further improvement in China brand health metrics
China label IMF
2 0 2 4 I N T E R I M R E S U L T S

2.2%
2.5%
3.0%
3.2%
3.4%
3.5%
Jun-21Dec-21Jun-22Dec-22Jun-23Dec-23
Growth reflected in MBS record market share led by BCD cities
2 0 2 4 I N T E R I M R E S U L T S
39
National MBS value shareBCD MBS value shareKey&A MBS value share
a2MC Key&A MBS 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).
China label IMF
Nielsen’s coverage varies between Key&A and BCD cities that could impact reported market share

Improvement in LFL store growth and weighted distribution
Numeric and weighted distribution improved with a flat store footprint
due to store closures in market
2 0 2 4 I N T E R I M R E S U L T S
40
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 China label IMF distributor sell-out to stores (units)
1
Impact on distribution
2
FY231H24
Numeric distribution (rolling MAT)27%28%
Weighted distribution (rolling MAT)47%48%

Record market share achieved in domestic online (DOL), now higher
than MBS share
2 0 2 4 I N T E R I M R E S U L T S
41
Tmall and JD value shareDOL value share
a2MC DOL MAT value share (%)
1
a2MC Tmall and JD MAT value share (%)
1
2.0%
2.1%
2.5%
3.0%
3.3%
3.6%
Jun-21Dec-21Jun-22Dec-22Jun-23Dec-23
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 1H24 with online
share exceeding MBS share – by more
on a like-for-like basis if Goat and
Speciality categories are excluded as per
MBS data
•The Company is pursuing growth in
emerging content-based online channels
including Douyin/TikTok and Red which
generated significant growth in the
period
•New GB registered China label product
was first launched online in October
2023 on flagship stores (JD,Tmall and
TikTok)
Smart Path data excludes certain emerging
channels and is subject to data capture limitations

Resulting in a2MC being a leading share gainer in MBS and DOL channels
2 0 2 4 I N T E R I M R E S U L T S
42
1
Nielsen MBS retail measurement service: mother and baby stores only retail sales (by value). MAT Dec-22to MAT Dec-23.
2
Smart Path China IMF online market tracking: domestic online platform sales (by value). MAT Dec-22to MAT Dec-23.
China label IMF
Market share movements by IMF brand in MBS channelMarket share movements by IMF brand in DOL channel
Change in MBS value share (% pts)
1
Change in DOL value share (% pts)
2
International

Share gains achieved across virtually all stages in MBS and DOL
2 0 2 4 I N T E R I M R E S U L T S
43
DOL share by stageMBS share by stage
MAT value share by stage
1
MAT value share by 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). Excludes goat and specialty.12-month rolling share.
China label IMF
Commentary
•a2MC brand benefits from strong loyalty
across usage stages
•Within MBS, a2MC delivered share gains
across all stages and accelerated share
growth in early stages. Stage 4 share
slightly declined reflecting increasing
a2MC channel shift to online for Stage 4
•Within DOL, a2MC delivered share
growth across all stages with continued
strong share gain in early stage, a healthy
indicator that the channel is growing
through new users rather than switching
consumers from offline channels. Stage 4
share growth improved with a focus on
late stage retention and capturing channel
switching opportunities

English label IMF key messages
2 0 2 4 I N T E R I M R E S U L T S
44
Strategic priorities
Continue to focus on more
controlled channels
Remain the preferred brand for
English label reseller network
Accelerate online growth
in CBEC
Focus on developing O2O
channel
Broaden IMF portfolio
Progress updateBusiness impact
1
2
3
4
5
•Invested in significant EL IMF brand
campaign
•Continued to optimise RTM through
drop-shipping
•Focused on CBEC direct account
management for key POP stores and
new CBEC channels (eg TikTok)
•Expanded O2O distribution through
MBS network and strategic partnership
•Developed new IMF products for
launch in 2H24 and FY25
•Expanded other nutritionals to Adult
and Senior segments through
a2
TM
Immune and a2
TM
Move fortified
milk powders to be launched in 2H24
•Continued growth in a2MC English
label awareness in China
•Increased drop-shipping at Tier 1
Distributor level; results in shorter lead
time from manufacturer to consumer
and lower trade inventory
•Improved overall EL market share
•Increased share in key O2O retailer
and expanded O2O distribution in
smaller MBS stores
•More stable and more aligned market
pricing across channels
•Grew other nutritionals including new
tub products
English label IMF

104
102
176
211
63
153
211
167
256
386
FY21FY22FY23FY24
1H2H
210
180
109
54
147
149
53
357
329
163
FY21FY22FY23FY24
1H2H
Sales reflected continued channel mix shift and refined operating model
English label sales down on prior year but stable half on half
•English label market declined by 0.1%
1
in value in 1H24 with continued growth
in CBEC, up 2.4%
2
and O2O, up 6.8%, largely offset by continued weakness in
the Daigou channel, down 18.6% in 1H24. EL channel growth rates appear to
be on an improving trend versus FY23
•1H24 net sales revenue of total English and other label IMF
3
was $264.5 million,
down 7.2% compared with 1H23, but in line with 2H23
−CBEC revenue (incl. O2O) increased 19.9% versus 1H23 to $210.5 million
and now represents 80% of all EL sales, up from 70% in FY23. Performance
reflects strategic decision to continue to focus more on controlled channels
−1H24 saw further refinement of the operating model with a shift to a drop-
ship fulfilment model via tier-1 distributors to service POP, C2C and O2O
store networks, improving service to consumers
−Whilst ANZ IMF revenue decreased 50.7% versus pcp to $54.0 million, it
was flat versus 2H23, reflecting a more stable channel environment
•1H24 a2MC market value shares:
−Total English label share 20.6% (FY23 19.1%)
1
−CBEC share 21.4% (FY23: 22.6%)
2
−O2O + Daigou share 20.5% (FY23: 20.7%)
1
2 0 2 4 I N T E R I M R E S U L T S
45
ANZ English label IMF net sales revenue
$ million
4
English label IMF
1
Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key&A + BCD cities). Note: Due to sample size, data classification and associated volatility reasons, the
Company focuses more on its combined O2O and Daigou channel market share.
2
Smart Path China IMF online market tracking: for CBEC only retail sales (by value).
3
Excludes USA IMF sales.
4
Subject to rounding.
CBEC English label IMF net sales revenue
$ million
4

Key&A cities driving English label market stabilisation in 1H24, primarily
through CBEC and O2O channels
2 0 2 4 I N T E R I M R E S U L T S
46
English label IMF
Daigou narrowed decline with O2O growth in Key&A
1
CBEC maintained high growth in BCD cities
1
FY231H24
FY231H24
1
Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key & A + BCD cities).

Long-
tail:
60% of
Market
a2MC has formed a strategic partnership with Yuou ...
a2MC has partnered with leading O2O distributor Yuou to expand
ranging in Momtime and ‘long-tail’ O2O stores
47
... expanding EL distribution in key O2O retail environments
English label IMF
KMBS
KA-MT
Cross-border
stores
Long-tail
MBS
Community
stores
•Online interface (app)
often with in-store display /
activation operated by
national MBS or MT chain
•General trade focused
with EL expanding portfolio
•Mostly franchised chain
stores selling through
O2O interface (offline
display & online purchase)
•Established in 2014, offering O2O distribution and
supply chain services
•Major shareholder is a State-owned Enterprise
(Chongqing Foreign Economic and Trade (Group)
CO. LTD)
•Momtime is China’s premier O2O-only NKA
•1,500 stores across China
•Combination of company-owned and franchisee
stores
Yuou
Key O2O
Business
Units
•Yuncang is Yuou’s O2O long-tail drop-shipping
platform
•Over 16k stores operate on the system
Key
Accounts:
40% of
Market
•Independent or small
local MBS chain, mostly
in BCD cities
•Signed Distribution Agreement with Yuou (Yuncang
Co.) in April 2023 to partner across Yuou’s Momtime
cross-border store network and O2O drop-shipping
service Yuncang
•Over the past 8 months, partnered on multiple
campaigns and store activation programs
•Achieved strong growth across both Business Units:
−Momtime: a2MC share increased by >50%
−Yuncang: a2MC distribution >50% of stores
x
•Mostly standalone mom-
and-pop stores located in
residential areas, mostly in
BCD. General trade
focused
2 0 2 4 I N T E R I M R E S U L T S
Yuou focus

English label market share stabilising across channels with high growth in
emerging online channels (egTikTok and Red) outside of CBEC
2 0 2 4 I N T E R I M R E S U L T S
48
1
Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key & A + BCD cities) 52-week rolling share. Note: Due to sample size, data classification and associated volatility reasons, the Company focuses more on its combined O2O and Daigou channel market share. Kantar had one round of
data reclassification in Nov-23 with restatement of English label channel size and share; historical data has been updated with immaterial changes.
2
Smart Path China IMF online market tracking: for CBEC only retail sales (by value) 12-month rolling share.
21.1%
19.5%
19.4%
21.6%
22.6%
21.4%
Jun-21Dec-21Jun-22Dec-22Jun-23Dec-23
English label IMF
21.2%
19.7%
19.5%
19.8%
20.7%
20.5%
Jun-21Dec-21Jun-22Dec-22Jun-23Dec-23
Total English Label market share
1
O2O and Daigou market value share
1
CBEC market value share
2
20.2%
20.0%
19.0%
17.9%
19.1%
20.6%
Jun-21Dec-21Jun-22Dec-22Jun-23Dec-23
Kantar panel data for all EL channels
Smart Path data excludes certain emerging
channels and is subject to data capture limitations
Kantar panel data with sample size limitations

First new English label IMF product since a2 Platinum
®
to be launched
in 2H24 –a2 Gentle Gold
TM
2 0 2 4 I N T E R I M R E S U L T S
49
Formulated to meet the needs of little tummies
•a2 Gentle Gold
TM
expands addressable market
•Range developed in partnership with MVM and a new commercial supply chain
partner (Yashili NZ, subsidiary of Mengniu)
•Targeting Premium segment with launch in Australian retail channels, emerging
markets in South East Asia and selected channels in China
•Made with pure and natural New Zealand a2 Milk
TM
•Formulated to FSANZ standards
•Contains prebiotic GOS and Omega 3 DHA
•No artificial colours, artificial flavours, palm oil, preservatives, artificial growth hormones
or antibiotics
English label IMF
Brings the goodness of a2 Milk
TM
to more families
English label portfolio strategy
•Broadening a2MC’s English label IMF portfolio to appeal to more consumers
•a2 Platinum
®
positioned in the Super Premium segment
•a2 Gentle Gold
TM
positioned in the Premium segment (2H24)
•Additional English label product to be positioned above a2 Platinum
®
(FY25)

New fortified milk powder in a tub to be launched in 2H24 targeting
Adult and Senior consumer segments
2 0 2 4 I N T E R I M R E S U L T S
50
a2
TM
Immunewith Lactoferrin to support a healthy immune systema2
TM
Movewith Fortigel
®
for bone, joint and muscle support
•Made with pure and
natural New Zealand
a2 Milk
TM
•Easier on digestion
•High in calcium
•A natural source of
protein
•100mg lactoferrin per
100g milk powder
•Supports immunity with
vitamins A, B6, C, D
and Zinc
•Made with pure and
natural New Zealand
a2 Milk
TM
•Easier on digestion
•Fortigel
®
clinically proven
to support bone, joint and
muscle health
•Rich in protein to
maintain healthy muscles
and bones
•High in calcium and
vitamin D to support
normal bone structure
English label IMF

ANZ liquid milk key messages
2 0 2 4 I N T E R I M R E S U L T S
51
Strategic priorities
Maintain brand leadership
Increase household penetration
Drive product innovation
Invest in sustainability
Expand capability in our
supply chain
Progress updateBusiness impact
1
2
3
4
5
•Leveraged new marketing channels
to trial more ‘disruptive’ initiatives (eg
TikTok and VoxPop)
•Targeted marketing campaigns for
a2 Milk
®
Lactose Free both instore
and online
•Increased focus on convenience
and independent channels to
broaden distribution
•Progressed expansion and upgrade
of milk processing facility at
Kyabram, Victoria
•Achieved 18.3% combined share with
a2 Milk
®
Lactose Free (MAT to 1H24) in
launch markets of NSW and VIC, with a
national MAT share of 11.3% (versus
7.2% MAT as at end of FY23)
•Growth in a2 Milk
®
Lactose Free
enabled increased household
penetration of a2 Milk to 15.1% (versus
14.2% in prior year)
•Overall market share was flat at 11.3%
on an MAT basis to 1H24 (in line with
FY23 performance)
ANZ liquid milk

ANZ liquid milk sales supported by strong performance from
a2 Milk
®
Lactose Free
•Australia liquid milk net sales revenue increased 1.5% to $93.3 million,
amidst a challenging macroeconomic environment
•Consumption of branded milk decreased as consumers switched
towards private label milk as cost-of-living pressures continue with
private label market share increasing by 1.2% points during the half
1
•a2MC’s market value share of 11.3%
2
was flat in 1H24, with continued
growth in a2 Milk
®
Lactose Free offsetting a decline in volumes for the
core range
•a2 Milk
®
Lactose Freecontinues to perform well, with a 11.3%
3
national share on a MAT basis to end of 1H24, achieving 20.4% and
16.0% share respectively in NSW and Victoria
•The increased at-home consumption during the COVID-19 period has
passed and a2MC market share has stabilised at a level broadly in line
with pre-pandemic consumption
•a2 Milk
®
achieved top-ten rankings within the Grocery dairy category
•a2MC progressed the upgrade of its Kyabram milk processing
facility with Kyvalley Dairy Group. Completion of the project is
expected in 1H25
2 0 2 4 I N T E R I M R E S U L T S
52
Australia liquid milk net sales revenue
1
Coles and Woolworths branded share of Dairy Milk market, Australia Grocery Weighted.
2
IRI Australian Grocery Weighted Scan, share of Dairy Milk market, MAT period.
3
IRI Australian Grocery Weighted Scan, share of Lactose Free market. MAT period.
87
87
92
93
82
85
92
169
172
184
FY21FY22FY23FY24
1H2H
ANZ liquid milk
$ million
Australia liquid milk market value share
2

USA key messages
2 0 2 4 I N T E R I M R E S U L T S
53
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, particularly IMF
Improve profitability
Progress updateBusiness impact
1
2
3
4
5
•Focused on driving consumer
understanding of the A2 protein
proposition and changed marketing mix
•Expanded distribution and consumer
engagement on both a2 Milk
®
Half and
Half and HERSHEY’S a2 Milk
®
in both
ESL and UHT formats
•Trialed a2 Platinum
®
IMF product
distribution in regional accounts and
online under FDA enforcement discretion
and progressed long-term FDA approval
•Progressed path to profitability initiatives
more aggressively under new
management
•Household penetration stable at
2.2% with high loyalty rates versus
competitors
•Experienced a decline in brand
awareness with lower marketing
spend but stabilising
•Maintained market value share in
the premium milk category for the
Grocery channel
•Improved margins and reduced
reported losses significantly
USA

Focus on improving profitability while investing in long term IMF approval
•Revenue increased 8.6% to $56.9 million
•Revenue growth was mainly driven by lower trade spend due to reduced
promotional depth and frequency, and innovation
•EBITDA loss of $8.3 million reduced compared with 2H23 driven by reduced
promotional activity, improved input costs and distribution rates, lower marketing
spend and reduced SG&A costs, partly offset by higher costs incurred with respect
to pursuing long term FDA approval for a2 Platinum
®
•a2MC’s market value share in the premium milk category for the Grocery channel
was stable at 2.3%
1
in December 2023 (FY23: 2.3%)
•Following the receipt of FDA’s enforcement discretion to import IMF, a2MC
commenced distribution of IMF with selected retailers in-store and online including
Amazon recently
•a2MC is pursuing longer term FDA approval to import a2 Platinum
®
, and is
currently focused on completing clinical trials and preparing its new Infant Formula
Notification to be filed by October 2024
•Accelerating the path to profitability in the USA by FY25 / FY26 remains a priority
for a2MC with a new management team focused on achieving this objective
2 0 2 4 I N T E R I M R E S U L T S
54
$ million
2
USA
1
SPINS data for the Grocery channel only for the 52 weeks ending December 2023 and June 2023.
2
Subject to rounding.
Revenue
$ million
2
EBITDA
-12
-16
-12
-8
-22
-20
-11
FY21FY22FY23FY24
1H2H
34
32
52
57
29
50
53
FY21FY22FY23FY24
1H2H

MVM remains focused on building nutritional manufacturing capability
and reducing operating losses
•Reported net sales revenue of $43.5 million broadly in line with 1H23
•EBITDA loss of $15.3 million, compared to a reported loss of
$13.4 million in 1H23
•The higher EBITDA loss was due to lower A1 protein free sales driven
by timing impacts, additional trial costs and capability building initiatives,
and farmgate milk price impacts
•Commenced production of a2 Platinum
®
Stage 4 IMF base powder
partnering with a new commercial supply chain partner (New Zealand
New Milk, subsidiary of Lactalis) –manufactured in New Zealand
with New Zealand a2 Milk
TM
•Progressed development of two new EL IMF products with a new
commercial supply partner (Yashili NZ, a subsidiary of Mengniu) to
launch from 2H24 –manufactured in New Zealand with
New Zealand a2 Milk
TM
•Significantly increased access to A1 protein free milk in Southland,
including organic
•Advanced sustainability programme significantly including commissioning
of a high-pressure electrode boiler at MVM, powered by certified renewable
energy
3
, to materially reducing greenhouse gas emissions
•Accelerating MVM’s path to profitability by FY26 remains a priority for a2MC
2 0 2 4 I N T E R I M R E S U L T S
55
Revenue and EBITDA
39
66
46
68
44
50
(10)
(9)
(13)
(13)
(15)
(14)
1H222H221H232H231H24
$ million
1
Mataura Valley Milk
Reported
Revenue
1
Subject to rounding.
2
Pro-forma unaudited basis for 6-months. Reflecting a2MC ownership of 5-months (1H22) versus 6-month due to timing of acquisition completion.
3
MVM purchases Meridian’s Certified Renewable Energy product to enable it to match the amount of electricity it uses on an annual basis with an equivalent amount of electricity put into the national grid from one of Meridian’s hydro stations or wind farms (which have been independently verified as producing
100% renewable electricity).
N/A
Internal sales to
a2MC eliminated
51715
Revenue
6-months
2
Reported
EBITDA
EBITDA
6-months
2
8

QUESTIONS

APPENDIX

Reconciliation of non-GAAP measures
2 0 2 4 I N T E R I M R E S U L T S
58
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.
$ million1H241H23
Australia & New Zealand segment EBITDA
34.862.0
China & Other Asia segment EBITDA
135.9111.5
USA segment EBITDA
(8.3)(12.2)
MVM segment EBITDA
(15.3)(13.4)
Corporate EBITDA
(33.8)(40.1)
EBITDA
1
113.2107.8
Depreciation / amortisation
(8.9)(9.0)
EBIT
1
104.498.8
Net interest income
16.69.9
Income tax expense
(42.3)(40.2)
Netprofit for the period
78.668.5

a2MC glossary of terms
2 0 2 4 I N T E R I M R E S U L T S
59
AcronymMeaning
a2MCThe a2 Milk Company Limited
ANZAustralia and New Zealand
ASPAverage selling price
AUAustralia
AUDAustralian Dollar
BCDLower tier cities in China
CAGRCompound Annual Growth Rate
CBECCross-border e-commerce
CLChina label
COGSCost of goods sold
CNYChinese New Year
CYCalendar year
C2CConsumer-to-consumer
DOLDomestic online channel
EBITEarnings before interest and tax
EBITDAEarnings before interest, taxes, depreciation and
amortisation
ELEnglish label
EPSEarnings per share
ESLExtended shelf life
FDAFood & Drug Administration
FSANZFood Standards Australia New Zealand
FXForeign exchange
FYFinancial year
AcronymMeaning
GAAPGenerally accepted accounting principles
GBGuo Biao, national standards of China
GHGGreenhouse gas
GMGross margin
GOSGalacto-oligosaccharides
HMOHuman milk oligosaccharides
IMFInfant milk formula (Stage 1-4)
ITInformation Technology
JDJingdong
KA-MTKey Account Modern Trade
Key&AUpper tier cities in China
KGKilogram
KMBSKey Mother and Baby stores
KOLKey opinion leader
LFLLike-for-like
LKALocal key accounts
LTILong term incentive
LTMLast twelve months
MATMoving annual total
MBSMother & baby stores
MVMMataura Valley Milk Limited
NKANational key accounts
NPATNet profit after tax
NSWNew South Wales
AcronymMeaning
NZD/NZ$New Zealand Dollar
OPNOsteopontin protein
OPO1,3-dioleoyl-2-palmitate, a component of the
human milk fat
O2OOffline to online
PCPPrior corresponding period
POPPlatform Open Plan
POSMPoint of sales marketing
PP&EProperty, plant and equipment
PRPublic relations
RMBOfficial currency of China
RRPRecommended retail price
RTMRoute-to-market
SAMRState Administration for Market Regulation
SG&ASelling, general and administrative expenses
TmallTaobao Mall
TRIFRTotal recordable injury frequency rate
UHTUltra-high-temperature treated milk
UPUltra Premium
USAUnited States of America
USDUnited States Dollar
VICVictoria

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 2023
Previous reporting
period
Six months to 31 December 2022

Amount (000s) Percentage change
Revenue from
continuing ordinary
activities
$NZ 812,104 3.7%
Profit (loss) from
continuing ordinary
activities after tax
attributable to security
holders
$NZ 85,261 15.6%
Net profit (loss)
attributable to security
holders
$NZ 85,261 15.6%

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 2023
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 2023
Half Year Results Media Release
Half Year Results Commentary and Outlook
Half Year Results Investor Presentation


Net Tangible Assets per
security

31 December 2023
$NZ 1.47
30 June 2023
$NZ 1.40