2024 Annual Meeting

The a2 Milk Company Limited
22 November 2024
2024
ANNUAL
MEETING
We pioneer the future of Dairy for good

Disclaimer
This presentation dated 22 November 2024 should be read in
conjunction with, and subject to, the explanations and views in
documents previously released to the market by The a2 Milk
Company Limited (the “Company”), including the Company’s Annual
Report for the 12 months ended 30 June 2024 and accompanying
information released to the market on 19 August 2024.
This presentation is provided for general information purposes only.
The information contained in this presentation is not intended to be
relied upon as advice to investors and does not take into account
the investment objectives, financial situation or needs of any
particular investor. Investors should assess their own individual
financial circumstances and consider talking to a financial adviser or
consultant before making any investment decision.
This presentation is not a prospectus, investment statement or
disclosure document, or an offer of shares for subscription, or sale,
in any jurisdiction.
Certain statements in this presentation constitute forward looking
statements. Such forward looking statements involve known and
unknown risks, uncertainties, assumptions and other important
factors, many of which are beyond the control of the Company and
which may cause actual results, performance or achievements to
differ materially from those expressed or implied by such
statements.
While all reasonable care has been taken in relation to the
preparation of this presentation, none of the Company, its
subsidiaries, or their respective directors, officers, employees,
contractors or agents accepts responsibility for any loss or damage
resulting from the use of or reliance on this presentation by any
person.
Past performance is not indicative of future performance and no
guarantee of future returns is implied or given.
Some of the information in this presentation is based on unaudited
financial data which may be subject to change.
All values are expressed in New Zealand dollars unless otherwise
stated.
All intellectual property, proprietary and other rights and interests in
this presentation are owned by the Company.
2 0 2 4 A N N U A L M E E T I N G
2

Welcome
Pip Greenwood

Directors and management attending Annual Meeting
2 0 2 4 A N N U A L M E E T I N G
4
Pip Greenwood
Chair
Sandra Yu
Director
Warwick Every-Burns
Director
Chair of People &
Remuneration Committee
Antonio (Tonet) Rivera
Director
Kate Mitchell
Director
Chair of Audit & Risk
Management Committee
David Bortolussi
Managing Director
and CEO
David Muscat
Chief Financial
Officer
Jaron McVicar
Chief Legal & Sustainability Officer
and Company Secretary

Agenda
Welcome3
Chair speech6
Managing Director & CEO address8
Formal business28
Questions36
Close 37

Chair speech
Pip Greenwood

2 0 2 4 A N N U A L M E E T I N G
7
Strategy
Growth strategy remains relevant and unchanged
Execution
Strong execution driving share gains and delivering on ambition
Synlait resolution
Arbitration disputes resolved and recapitalisation complete
Capital management
Dividend policy introduced for first time
Board renewal
Appointment of Tonet Rivera and Lain Jager
1
2
3
4
5
Chair speech and key messages

MD & CEO address
David Bortolussi

Strong execution delivered positive FY24 result
2 0 2 4 A N N U A L M E E T I N G
9
Delivered a positive full year result with revenue, EBITDA
1

and EPS growth
Became a top-5 China IMF brand growing total IMF sales
despite a double-digit decline in China market value
Achieved record China label IMF market share and strong
sales growth in a year of market-wide product transition
Stabilised English label IMF sales with growth in 2H24 following
several periods of decline
Resolved Synlait arbitration disputes with Synlait completing
its equity raise and refinancing
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 59 of the FY24 Results presentation dated 19 August 2024.
1
2
3
4
5

Continued growth in revenue, earnings and cash flow
2 0 2 4 A N N U A L M E E T I N G
10
•Revenue growth of 5.2% to $1,675.5 million
•EBITDA up 6.9% to $234.3 million
•EBITDA margin of 14.0%, up 20 basis points
•Net profit after tax (NPAT) up 7.7% to $167.6 million
1

•Basic earnings per share (EPS) up 9.2% to 23.2 cents
•Closing net cash
2
of $968.9 million up $211.7 million with cash
conversion of 126%
3
EBITDA; $ millions
Revenue; $ millions
Basic EPS; cents per share
Key financials
1
Excludes non-controlling interest in Mataura Valley Milk (MVM), a loss of $13.7 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.
Full year result versus FY23

Growth driven by strong China segment performance
2 0 2 4 A N N U A L M E E T I N G
11
•China & Other Asia segment sales up 14.1% due to China label IMF,
English label CBEC & O2O channels and Other Nutrtionals
•ANZ segment sales down 14.6% due to change in English label IMF
distribution strategy
•USA segment sales up 8.2%
•MVM external ingredient sales down 11.0%
Revenue mix
Segment sales mix: Percent of total revenue
IMF sales mix: Percent of total revenue
Segment performance
Category performance
•Total IMF sales up 4.6%
−China label sales up 9.5%, now >50% of IMF sales
−English label sales down 0.3%, with 2H24 up 6.9%
•Liquid milk sales in ANZ and USA up 3.3% and 7.4% respectively
•Other nutritionals sales up 36.7%

Result underpinned by important operational achievements
•Infant milk formula (IMF)
−Achieved top-5 brand position and record levels of brand awareness
−China Label: launched and successfully transitioned upgraded product
−English Label: stabilised channels with second half sales growth, supported by
new distribution partnership with O2O channel leader
•Nutritional products: grew by 36.7% with product largely sourced from MVM
•ANZ liquid milk: continued growth of Lactose Free supported by brand relaunch
•USA: improved profitability, commenced IMF distribution and progressed long-term
FDA approval with New Infant Formula Notification submitted in November 2024
•Innovation: launched new EL IMF product and fortified milk powder products
•Supply chain: expanded partnerships with Yashili NZ and New Zealand New Milk, and
continued to invest in upgrading capability
•Sustainability: commissioned electrode boiler at MVM and invested in AgriZero
NZ
2 0 2 4 A N N U A L M E E T I N G
12

Some improvement in challenging China IMF market conditions
2 0 2 4 A N N U A L M E E T I N G
13
1
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 52 weeks ending 14 June 2024. Kantar had a significant panel update in 2H24 which resulted in restatement of historical data.
English label IMF market value vs pcp
2
Total China IMF market value vs pcp
2
China label IMF market value vs pcp
2
•China newborns down 6% in CY23
1
reflects improved trajectory.
Positive outlook for CY24, but long-term modest decline expected
•China IMF market declined 10.7% in FY24
2
impacted by fewer
newborns, increased competition and challenging economic conditions
•China label IMF market value down 12.5% in FY24
2
, with lower
volumes and significant pricing pressure due to market-wide transition
to new GB registered products
•English label IMF market outperformed overall market, value up
3.8% in FY24
2
•A2 protein segment grew 43% in FY24, now 18% of China IMF
market value (up from 11% in FY23
2
)
•Market concentration continues with top-5 brands now representing
over 54%
2
of market value
China IMF market conditions

✓Shipping commenced: Upgraded China label IMF product a2至初
®
shipped to distributors in October 2023 and retailers in November 2023
✓Product reception: Enhanced a2 至初
®
formulation and packaging
well-received, leading to distribution gains
✓Marketing campaign: Significant campaign executed, resulting in
positive consumer engagement and adoption
✓Market leadership: Maintained leadership in the Ultra-Premium segment
and mitigated increased costs
✓Consumer offtake: Strong offtake with market share improvements both
offline (MBS) and online (DOL), especially in early-stage products
✓Inventory management: Minimal stock write-offs throughout the
transition period
China label IMF achieved record market share and sales growth during
year of major product transition
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14
a2MC China label IMF market share
Share of total China IMF market value %
1
1
Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key&A + BCD cities) which projects ~40% of the market.
China label upgrade and transition

English label IMF performance improved as market returned to growth
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15
1
Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key&A + BCD cities) which projects ~40% of the market.
a2MC English label IMF market share
Share of total China IMF market value %
1
•English label market grew 3.8% in FY24, the first time in many years,
increasing share of total IMF market from 15.3% to 17.2% (FY24)
•a2MC sales broadly flat in FY24, with 6.9% growth in 2H24 vs pcp
•Strategic partnerships: New distribution partnership with Yuou, the
O2O market leader
•E-commerce investment: Focused on growing new channels
(Douyin/TikTok and Red)
•Distribution: Shifted more to drop-ship model via Tier-1 distributors to
improve service
•Marketing activations: Dedicated campaigns and leveraged “one
brand, two labels” strategy
•Trade ecosystem: Enhanced traceability for healthy ecosystem
English label improvement

China label IMF market value share
a2MC achieved top-5 brand position in China IMF market
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16
Total China IMF market share
1
Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key&A + BCD cities) for the 52 weeks ending June 2024.
2
Wyeth Nutrition is also owned by the Nestle Group.
Value % share by brand of total China IMF market (FY24)
1
Value % share by brand of total China label IMF market (FY24)
1
Value % share by brandof total English label IMF market (FY24)
1
English label IMF market value share
Var PCP
2 2
2 2
+0.6ppts+0.1ppts+1.5ppts+1.3ppts+1.4ppts-0.2ppts-0.2ppts-0.5ppts+0.6ppts-1.0ppts
Var PCP
+1.1ppts+2.0ppts+1.0ppts-0.9ppts-0.1ppts+1.0ppts-0.5ppts-0.1ppts-1.1ppts+0.3ppts-0.4ppts+1.2ppts+1.7ppts+3.2ppts+0.2ppts

Successful Double-11 across China label and English label IMF
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17
Double-11 performance (14-Oct to 13-Nov sales period)
1
Double-11 activation overview
1
Double-11 Platform sales period commenced earlier in 2024 vs 2023 (not strictly comparable). EL and CL performance is for Tmall, JD and Douyin / TikTok flagship stores, plus Tmall, JD and VIP wholesale / self-run stores.
Source: Platform ranking reports.
+16%
Growth in English Label tins sold
(vs Double-11 2023)
+9%
Growth in China Label tins sold
(vs Double-11 2023)
39%
Tins sold across English Label and China
Label from Stage 1 and 2
Platform brand/store rankings (CY24)
CBEC
•JD Self-Run#2#2
•Tmall Flagship#1#2
•TikTok Flagship#2#2
DOL
•JD Self-Run#7#9
•Tmall Flagship#7#7
•TikTok Flagship#8#9
Double-11
6/18

169
172
184
190
63
82
105
112
232
254
289
303
FY21FY22FY23FY24
ANZUS
8
11
15
22
51
52
65
87
59
63
80
110
FY21FY22FY23FY24
Liquid milk (Fresh+UHT)Powdered
Other nutritionals and liquid milk growth driven by innovation and
improved execution
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18
ANZ and US liquid milk
Other nutritionals
Revenue by product type ($ million)
Revenue by region ($ million)
•Other nutritionals growth increased to 36.7% in FY24
•Includes plain & fortified milk powders, UHT and liquid milk in China & Other Asia
•Key growth drivers:
-New organisation structure for better focus on execution
-FY23 innovations gaining traction (new tub format and reformulated
a2 Smart Nutrition
®
)
-FY24 innovation including new fortified and organic milk powders
•Liquid milk sales growth of 4.8% in FY24 despite cost-of-living pressures
•Key growth drivers:
-Lactose free market share growth in Australia
-Grass fed range growth in USA
-Refreshed marketing campaign and packaging in Australia
-Strong account management supporting our key retail partners

Innovation continues to ramp up with key new product launches
2 0 2 4 A N N U A L M E E T I N G
19
a2 至初
®

New China Label IMF
formulation and packaging
Launched in 1H24
in China market
a2 Gentle Gold
TM

New English Label IMF product
Launched in 2H24
in Australia and select
China channels
a2
TM
Immune
Fortified Milk Powder
with Lactoferrin
Launched in 2H24
targeting adult and
senior segments
a2
TM
Move
Nutritional Milk Powder
with Fortigel
®

Launched in 2H24
targeting adult and
senior segments

Expanding reach and product portfolio in emerging markets is a priority
2 0 2 4 A N N U A L M E E T I N G
20
Singapore
Fresh milk launched in major retailers
Korea
Expanding retail distribution
Vietnam
Launched IMF and macro milk portfolio
Ranged in Cold Storage,
Fair Price and Redmart
UHT sales growth +147.7%
IMF sales growth +5.9%
First shipment of IMF
to Vietnam in 2H24

Meaningful progress towards achieving our Planet related goals
2 0 2 4 A N N U A L M E E T I N G
21
First Climate Statement released which was prepared in accordance with the
Aotearoa New Zealand Climate Standards (NZCS) issued by the External Reporting Board (XRB)
GHG emissions reduction initiatives AgriZero
NZ
investment
•Significantly reduced Scope 1 and 2 GHG
emissions by 45%
1
in FY24
•Primarily driven by installation of a
high-pressure electrode boiler powered
by certified renewable energy
2
with
co-investment from the New Zealand
Government
•Made progress towards our 2040 net zero
Scope 3 GHG emissions target, including
completing an innovative methane inhibitor
study in Australia
•Invested in AgriZero
NZ
,

a partnership
between the New Zealand Government
and other industry stakeholders
•Focused on opportunities and innovations relating to
emissions reduction tools for reducing methane and
nitrous oxide
•Investment demonstrates our
commitment to sustainability
and emissions reduction
1
Using market based calculation for Scope 2.
2
MVM purchases Meridian’s Certified Renewable Energy production values product to enable it to exclusively 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). Actual electricity received on location is from mixed sources.

Growth strategy focused on capturing full potential of China market
with supply chain transformation a key priority
2 0 2 4 A N N U A L M E E T I N G
22
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 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
Continued to make progress towards achieving medium-term goals
reflected in measures of success
China brand
health
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
Farm
environmental
plans
Animal welfare
programmes
Sustainable
packaging
12
BRAND
HEALTH
3
MARKET
SHARE
4
INNOVATION
5
2 0 2 4 A N N U A L M E E T I N G
23
On track
Work in progress
PEOPLEPLANET
SUPPLY
CHAIN
6
SHAREHOLDERS
7
Access to ≥3
CL registrations
CL inventory
management
EL inventory
management
Quality and
service
Supply chain
efficiency
Sales ambition
of ~$2.0b
(≥FY27)
EBITDA margin
ambition in the
‘teens’ targeting
year-on-year
improvement
USA profitability
by FY27
MVM profitability
by FY27
Safety
Engagement
Diversity and
inclusion
Gender pay
gap

2 0 2 4 A N N U A L M E E T I N G
24
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 ambition
Revenue, NZ$ billions
EBITDA margin
Delivered significant revenue growth and EBITDA margin improvement
since FY21
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 FY24 actual revenue result.
~
EBITDA margin target in the teens
targeting year-on-year improvement
Actual revenue and EBITDA margin

IMF portfolio expansion important to achieving growth ambitions
2 0 2 4 A N N U A L M E E T I N G
25
Ultra
Premium
Super
Premium
Premium
Mainstream
FY25
TBA
TBA
TBA
a2MC English label portfolio
a2MC China label portfolio
42% volume
share
1
Price segments based on Stage 1 average selling price: Ultra Premium >=390RMB/KG; Super Premium 290-390RMB/KG: Premium 190-290RMB/KG; Mass <=190RMB/K.
a2MC IMF portfolio segmentation
26% volume
share
29% volume
share
3% volume
share
Market price segments based on Stage 1 average selling price (RMB/KG)
1
CONCEPTUAL
Subject to China market access
and SAMR approval
a2MC is also progressing long-term US FDA approval and submitted a New Infant Formula Notification (NIFN) in November 2024

New dividend policy introduced for first time in company history
2 0 2 4 A N N U A L M E E T I N G
26
•Dividend policy established, effective immediately
•Target payout ratio range of between 60% to 80% of normalised net profit after tax
•Intent to declare a dividend in February 2025 based on 1H25 results in line with
bottom end of the range
•Dividends are expected to be declared on a semi-annual basis in February and
August each year at a level consistent with the target payout ratio range
•In determining future dividends, the Board will consider many factors, including
market conditions, current and future earnings, cash flows, capital requirements
and the Company’s financial position
•The Company intends to impute and frank dividends to the maximum extent
possible subject to available credits, noting that imputation credits are limited
•Cash balance prioritised for supply chain transformation, growth opportunities and
risk mitigation. As the Company executes its strategy and risk evolves, the Board
will continue to review capital management options which may result in further
capital returns to shareholders, likely to be in the form of special dividends over time
•The declaration and payment of all dividends will be subject to Board approval

FY25 trading update and outlook
2 0 2 4 A N N U A L M E E T I N G
27
•Year to date trading is ahead of plan and guidance, more specifically:
−China label IMF sales are broadly in line with plan taking into account supply constraints – production levels returned
to normal during 1Q25, and trade stock is returning to target levels ahead of Chinese New Year
−English label IMF sales are slightly above plan due to stronger English label category growth and recent Double-11
performance
−Liquid milk sales are slightly above plan due to growth in core and innovation
−Other Nutritional sales are below plan due to competitive dynamics
−MVM external sales are significantly above plan and prior year due to higher GDT prices, currency impacts and
changes in product mix. This is expected to have an immaterial impact on EBITDA and a slightly dilutive impact on
gross margin and EBITDA margin (as a % of revenue)
•Having regard to the above and outlook:
−FY25 reported revenue growth versus FY24 is likely to increase to mid to high single-digit growth compared to
previous guidance of mid single-digit growth
−FY25 EBITDA margin (as a % of revenue) is still expected to be broadly in line with FY24, with 1H25 down and 2H25
up compared with prior year
•In terms of phasing,1H25 revenue growth % on prior year is expected to be broadly similar to 2H25
The following is with reference to the Company’s full year guidance on 19 August 2024
See full outlook statement in results commentary and outlook announcement dated 19 August 2024 including market conditions and key risks

Formal business
Pip Greenwood

Notice of Meeting and voting instructions
2 0 2 4 A N N U A L M E E T I N G
29

Financial statements and reports
2 0 2 4 A N N U A L M E E T I N G
30

Resolution 1
Auditor’s Fees
and Expenses
2 0 2 4 A N N U A L M E E T I N G
31

Resolution 2
Re-election of Director
David Bortolussi
2 0 2 4 A N N U A L M E E T I N G
32

Resolution 3
Election of Director
Antonio Rivera
2 0 2 4 A N N U A L M E E T I N G
33

Resolution 4
Grant of performance
rights to David Bortolussi,
Managing Director & CEO
2 0 2 4 A N N U A L M E E T I N G
34

2 0 2 4 A N N U A L M E E T I N G
35
Polls

Questions

Close
Pip Greenwood

www.thea2milkcompany.com

---

NZX Code: ATM
ASX Code: A2M


The a2 Milk Company Limited
www.thea2milkcompany.com

22 November 2024
NZX/ASX Market Release
Chair’s speech and Managing Director & CEO address delivered at The a2 Milk Company
Limited’s 2024 Annual Meeting, held at 11 am on 22 November 2024

Chair’s Speech (Pip Greenwood)
With the formalities taken care of it is now my pleasure on behalf of the Board to update our shareholders on a2’s
progress over the last year.
I’ll start with progress against our strategy. During FY24, we continued to focus on execution and delivering against
the strategic objectives we shared back in October 2021 when we refreshed our growth strategy. A strategy that the
entire Board and management team remain committed to.
Our strategy remains firmly focused on realising the potential of the a2 brand, with a focus on people, planet,
consumers and of course our shareholders. In FY24, driven by our extraordinary teams, we made great strides in
lifting capability across the organisation, investing in a more sustainable future, expanding distribution in China and
across new markets, delivering new and improved products to our consumers, and we reported another strong
financial performance.
I’ll cover now a few of our key achievements
FY24 was a milestone year for our China label product, following re-registration in June 2023 of our upgraded China
label infant milk formula product. Given the positive signs we have seen including strong consumer offtake and
healthy metrics, we are pleased that the transition has been successful. As a proud New Zealand company, we are
delighted that in our largest market China, our consumers continue to highly value the A1 protein free proposition
and our products’ New Zealand provenance. Being the pioneer of A1 protein free helps us differentiate our products
in a competitive market. It is especially pleasing that in FY24 we achieved a top 5 brand position in the China infant
milk formula market with our China and English label products combined.

2
Our liquid milk businesses in Australia and the USA, both under new leadership, also progressed well in FY24 with
innovation delivering positive results and we continue to progress our application for long-term US Food and Drug
Administration approval to import infant milk formula into the USA.
In August, we announced that we resolved our arbitration disputes with Synlait and in September supported Synlait
by participating in its equity raise which has subsequently completed. Synlait continues to be an important supply
chain partner of The a2 Milk Company.
As we look ahead, obtaining access to additional China label registrations and developing our own nutritional
manufacturing capability are critical components of the Company’s supply chain transformation strategy. The
Company continues to explore opportunities to achieve this through investment in its own supply chain and through
acquisitions and commercial partnerships. While we do not have any new information to share with you today, I can
say that we continue to make good progress in this regard and that this remains a top priority for management and
the Board.
As mentioned earlier, The a2 Milk Company has made considerable progress against its strategic objectives. Given
this progress, our strong cash flow and balance sheet position, the Board believes the time is right to introduce a
dividend policy demonstrating the company’s commitment to shareholder returns and effective capital management.
David Bortolussi will provide more details on dividend policy shortly in his address.
The Board remains conscious of the Company’s significant cash balance, which is being prioritised for supply chain
transformation, growth opportunities and risk mitigation. As the Company continues to execute its strategy and risk
evolves, the Board will continue to review capital management options which may result in further capital returns to
shareholders, likely in the form of special dividends.
Turning now to the Board, it has been an honour and privilege for me to serve on the Board of The a2 Milk Company
over the past five years.
In taking up my role as Chair, my commitment to board renewal and succession planning has been a focus. The Board
and I are dedicated to ensuring that our Board continues to benefit from diverse perspectives and the skills and
experience to support management in achieving its strategic objectives and to continue to drive long-term
sustainable growth for our shareholders.
To this end, we recently announced the appointment of Antonio Rivera to our Board who is standing for election
today. Tonet, as we know him, is a highly capable individual with deep expertise and experience gained over many
years as a supply chain leader, including leading the global supply chain of a multinational infant nutrition company.
You will hear from Tonet later in the meeting.

3
Further to Tonet’s appointment, we announced that after 8 years as a Director and Chair of the People and
Remuneration Committee, Warwick Every-Burns will be retiring from the a2 Milk Board at the conclusion of this
meeting. I’d like to take the time to acknowledge Warwick for his invaluable input as a Director and Chair of the
People and Remuneration Committee. We thank you for your significant contribution to the Board and wish you
well, you will be missed. Before Warwick departs, I would like to invite Warwick to say a few words.
Thank you Warwick.
More recently and after the Notice of Meeting was circulated to shareholders, we announced the appointment of
Lain Jager as a Director who brings extensive international, agribusiness leadership experience through his former
role as CEO of Zespri. Lain’s appointment will be effective 1 December, and he will stand for election by shareholders
at next year’s Annual Meeting. Lastly, we also announced the resignation of David Wang as a Director of the
Company, and we thank David for his valuable contribution to the Board.
The past year has been a busy time for the a2 Milk family, I would like to thank our Managing Director and CEO, David
Bortolussi for his leadership and the entire a2 Milk team across New Zealand, China, Australia and the USA for the
way in which you deliver for our customers and consumers and live our values every day. I’d also like to take the time
to thank all of my fellow Directors for their stewardship of the Company. Finally, to our shareholders, thank you for
your ongoing support and investment in The a2 Milk Company.
In closing, the Board and I are excited about the future of our Company given the considerable progress we have
made, the opportunities we are set to capitalise on as we continue to advance our strategy, and our exceptional
brand that continues to resonate with consumers in our key markets.
I will now invite David Bortolussi to address the meeting.

Managing Director & CEO Address (David Bortolussi)
Thank you Pip.
Good morning everyone and thank you for joining us today at our Annual Meeting.
My name is David Bortolussi and I am the Managing Director and CEO of The a2 Milk Company.
Over the past year, we have been focused on executing our strategy and improving our financial results in a
challenging market.
Today, I will provide you with an update on the progress we have made over the last year.

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In terms of our key achievements, we were pleased to present our FY24 results to the market in August where we
reported strong growth in revenue, EBITDA and EPS.
We grew total infant milk formula (or IMF) sales by 4.6% despite a double-digit decline in the China IMF market, and
we became a top-5 brand in an increasingly concentrated market.
We also achieved another record high in China label IMF market share in a year of significant disruption due to the
market-wide transition to new China GB standards.
Importantly, after several periods of decline, we stabilised our English label IMF sales and achieved growth in the
second half.
And lastly, as Pip outlined earlier, we resolved our Synlait arbitration disputes and participated in Synlait’s re-
capitalisation, whilst progressing our supply chain transformation.
I’ll now provide a summary overview of our FY24 financial results.
Revenue for the period was $1.68 billion, up 5.2% on FY23.
EBITDA was $234 million, up 6.9% on FY23 with a slightly improved EBITDA margin of 14%.
Our Net Profit After Tax was $168 million, up 7.7% and EPS was up 9.2% to 23.2 cents.
Our net cash position at the end of the period was $969 million, up $212 million compared to June 2023 and our
operational cash conversion improved to 126%.
Revenue growth for the year was again driven by our China & Other Asia segment which was up 14%, and now
represents over two-thirds of our total sales.
As expected, our ANZ segment was down 15% reflecting the change in our English label IMF distribution strategy with
sales shifting from the Daigou channel to Cross-Border E-Commerce (or CBEC) and Offline to Online (or O2O).
US sales were up 8% while Mataura Valley Milk sales were down 11%.
From a category perspective, we grew total IMF sales by 4.6% with China label sales up 9.5% and English label sales
broadly flat.
Sales in our liquid milk businesses both grew and were up 3% in Australia and up 7% in the US.
Sales of Other Nutritionals, which is made up of plain and fortified milk powders, UHT and fresh milk exports to China,
also grew by 37%.
Our strong financial results are underpinned by important operational achievements, executed by our exceptional
team.

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We’ve summarised some of our key achievements in FY24 on this page, most of which I will cover individually in later
slides so won’t dwell on this page.
Before I talk to our operational achievements, I wanted to share some context around China market conditions in
FY24.
Our China segment and IMF category each represent close to 70% of total sales, therefore China market conditions
are an extremely important factor when considering our performance.
Since we refreshed our growth strategy in 2021, the China IMF market has been more challenging due to a greater
than expected reduction in China newborns. More recently the rate of decline has improved to -6% in CY23 with a
positive outlook for this calendar year.
In FY24, the total China IMF market declined by 10.7% in value, with the decline in Key&A cities greater than BCD (or
lower tier) cities. This decline was driven by the reduced number of newborns, GB transition impacts, increased
competition and challenging economic conditions.
The China label IMF market declined by 12.5% for these reasons, but the English label IMF market outperformed, up
3.8% in value, which was driven by various factors including consumer value perceptions and innovation in the
category.
Within the total China IMF market, the A2 protein segment grew rapidly and now accounts for 18% of total market
value.
And brand concentration continues to increase amongst the top-5 players now representing over 50% of the market.
In the context of a challenging market, we are extremely pleased with how our China label business performed in
FY24.
It was a critical year for China Label IMF with the launch and transition to our upgraded a2 Zhichu® product under the
new GB standards. For those not familiar with this process, due to the expiry of our registration and changes to the
relevant Chinese regulations, we needed to reformulate, re-register and relaunch our entire a2 Zhichu® range, whilst
phasing out our previous product range.
I can’t explain how complicated and challenging such as transition is to manage, and our team and partners executed
superbly and achieved record market share at the same time – a remarkable achievement acknowledged by many in
the industry.
I’d like to take this opportunity to extend our gratitude to China’s State Administration for Market Regulation, New
Zealand’s Ministry for Primary Industries, our strategic partners in China, China National Agricultural Development

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Group and China State Farm Agribusiness, and our manufacturing partner, Synlait and its major shareholder Bright
Dairy. I also want to thank our a2 team for their extraordinary efforts to deliver this outcome.
We were also very pleased to see an improvement in English label IMF performance in FY24, with the total market
returning to growth, and a2MC sales growing in the second half.
The English label channel was disrupted significantly during COVID and has experienced material declines, particularly
in the Daigou channel. In recent years, our distribution strategy has focused more on the CBEC and O2O channels.
Our team has been executing various initiatives to drive growth over the past couple of years, including forming new
strategic partnerships, capturing growth in emerging e-commerce channels, improving customer service through
drop-shipping, investing in marketing activations, and supporting a healthy trade ecosystem for our distribution
partners.
So it is pleasing to see this coming through in our results – in fact, we achieved our highest English label market share
since April 2021.
In terms of market share, we are very proud that a2MC has now become a top-5 brand in the total China IMF market,
with a value share of 7.3%, up 1.4 percentage points for the year.
This includes being the number 6 brand in China label IMF with almost 5% share and the clear number two player in
the English label IMF market with over 20% share, both of which were improvements in FY24.
Our market share growth is critical, as we have been growing share in a declining China IMF market to drive absolute
growth in sales over the past couple of years.
Turning now to our recent Double-11 results. We generally don’t promote heavily during this period, but rather focus
on new user acquisition whilst maintaining a healthy trade ecosystem to avoid channel conflict.
This year, the major Platforms commenced the Double-11 sales period earlier, on 14 October, and increased the
number of key sales events from 3 to 5 including category days. Whilst it is therefore not a strictly comp event, we
were pleased with our results shown on this slide in terms of year-on-year growth, share of early-stage product sales
and platform rankings.
Shifting now to take a closer look at our Other Nutritionals and liquid milk businesses.
Other Nutritional sales grew 37% driven by a more dedicated team focus, improved supply, prior year innovation
gaining traction, and further innovation delivered in FY24 with new fortified and organic milk powders.
Liquid milk sales grew 4.8% with Lactose-free growth in Australia and Grassfed growth in the US being key drivers.

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In terms of product innovation, we continue to make good progress in developing our innovation pipeline and
bringing new products to market. During the year we launched a number of new products.
As mentioned earlier, in IMF we launched our upgraded a2 Zhichu® range with great success. In English label IMF we
expanded our portfolio with a2 Gentle GoldTM which is targeted at the Australian and South-East Asia markets. I’ll
come back to future portfolio expansion in IMF shortly.
Outside of IMF, we also launched our new fortified milk powder range targeting adults and the fast-growing seniors’
market. We are developing additional new fortified products targeted at kids and seniors’ market to be launched next
year.
In addition to product innovation, we continued to pursue opportunities to enter and expand our presence in new
and emerging markets.
We have actively expanded our reach and product portfolio – in Korea, we are expanding retail distribution with UHT
and IMF; in Singapore, we are ranging fresh milk in major retailers; and in Vietnam, and we have launched our IMF
and macro milk portfolio.
Planet leadership is a central part of our growth strategy and we are pleased to have released our first Climate
Statement in August as part of our annual reporting materials.
In terms of progress during the year against our sustainability goals, I wanted to highlight two key milestones:
• Firstly, the electrification of the boiler at MVM which has been the primary driver in helping us to reduce
Scope 1 and 2 emissions by 45% with further reductions to come this year; and
• Secondly, our investment in AgriZeroNZ which we were pleased to have the opportunity to join this year
alongside other industry stakeholders and the New Zealand government
Moving now to a brief strategy update. Our growth strategy is focused on five key priorities which haven’t changed
since 2021 which are:
• Investing in people and planet leadership
• Capturing the full potential in China IMF
• Ramping up product innovation and entering new markets
• Transforming our supply chain
• Accelerating the path to profitability for our US and MVM businesses
In relation to supply chain transformation, we have resolved our disputes with Synlait, supported their equity raise
and they remain an important supplier of a2MC. We are, however, focused on developing our own nutritional
manufacturing capability and increasing market access through additional controlled China label IMF registrations

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through MVM or otherwise. In doing so, we continue to explore options to accelerate this through M&A and joint
venture opportunities primarily in New Zealand and China.
The next slide shows how we are tracking towards our medium-term goals reflected in our measures of success.
Overall, we are making good progress against the plan with a few of changes that we outlined as part of our full year
results in August.
In terms of financial performance after refreshing our growth strategy, from FY21 we have grown group revenue by
$469 million at a revenue CAGR of 11.6% and improved our EBITDA margin to 14% from a post-COVID low of 10%.
Overall, we are on track to achieve our medium-term revenue ambition of $2bn by FY27 or later with EBITDA margins
in the “teens” targeting year-on-year improvement.
The expansion of our IMF portfolio is critical to support the long-term sales growth of a2MC. We thought it would be
helpful to conceptualise how we’re thinking about the growth in our IMF portfolio over the next few years.
For simplicity, we’ve presented this chart based on the market definition of price segments – being Ultra-Premium,
Super Premium, Premium and Mainstream. From left to right, you can see the indicative positioning of our current
English label products, with 3.3% market share – a2 Platinum® and the recently launched a2 Gentle Gold™, with a
further product to be positioned in the Premium to Super Premium segment targeted for launch in 2H25.
We then show our China label a2 Zhichu® product, playing in the Ultra-Premium segment, with 4.0% market share.
Our ambition is to have another 3 or more China label registrations over time subject to market access and SAMR
approval.
This page obviously focuses on our China focused IMF portfolio, but I also note that we are progressing our
application for long-term approval to import IMF into the US. To that end, we recently submitted our New Infant
Formula Notification to the FDA which is a significant body of work and we expect an outcome at some stage during
CY25.
Moving to the next slide and as Pip noted earlier, I am pleased today to announce that the Board has approved the
establishment of a dividend policy.
The policy targets a payout ratio range of between 60% and 80% of normalised Net Profit After Tax.
The policy will commence immediately with the first interim dividend expected to be declared in February 2025
based on the Company’s interim result in line with the bottom end of the range.
Dividends are expected to be declared on a semi-annual basis in February and August each year at a level consistent
with the payout ratio range.

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In determining future dividends, a number of factors will be taken into consideration, including market conditions,
current and future earnings, cash flows, capital requirements and the Company's financial position.
We intend to impute and frank dividends to the maximum extent possible subject to available credits, noting that
imputation credits are limited.
Any additional capital returns in the future are likely to be in the form of a special dividend.
The declaration and payment of all dividends will be subject to Board approval at the time.
And we will provide further details in relation to our first dividend at our interim results announcement in February.
Turning now to FY25 and the Company’s outlook.
With reference to the full year guidance we provided on 19 August 2024, our year-to-date trading is ahead of plan
and guidance.
China label IMF sales are broadly in line with plan taking into account supply constraints. We are making good
progress to rectify shortages of early-stage China label IMF products with production returning to normal during
1Q25, and trade stock returning to target levels ahead of Chinese New Year supported by air freight.
English label IMF sales are slightly above plan due to stronger EL category growth and recent Double-11 performance
which I mentioned earlier.
Liquid milk sales are slightly above plan due to growth in core products, and Lactose Free in Australia and Grass fed in
the US.
Other Nutritional sales are below plan due to significant competitor discounting and promotional activity impacting
milk powder sales. New higher-priced fortified products are performing well.
MVM external ingredient sales are significantly higher than plan and prior year due to higher GDT prices, currency
impacts and changes in product mix, which have an immaterial impact on earnings and are slightly dilutive to Gross
percent margin and EBITDA percent margin.
Having regard to year-to-date trading and outlook:
• Full year reported revenue is likely to increase to mid to high single-digit growth on prior year compared to
previous guidance of mid single-digit growth
• Full year EBITDA percent margin is still expected to be broadly in line with prior year

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In terms of phasing, 1H25 revenue growth percentage on prior year is expected to be broadly similar to 2H25.
However, as noted in the full year guidance, gross percent margins and EBITDA percent margins will be lower in 1H25
than 2H25 due to higher air freight in 1H25.
That’s it from me. I hope my presentation has provided you with a good summary of our achievements in FY24 and I
look forward to answering any questions you may have after the formal business section of the Annual Meeting or
after the meeting closes if you prefer.
Thank you very much for your time, and I’ll now hand back to our Chair.

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
Chante Mueller
Head of Investor Relations
M +61 400 374 133
chante.mueller@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