1H25 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 2024
Previous Reporting Period 6 months to 31 December 2023
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$ 893,848 10.1%
Total Revenue
$ 893,848 10.1%
Net profit/(loss) from
continuing operations
$ 91,725 7.6%
Total net profit/(loss)
$ 91,725 7.6%
Interim Dividend
Amount per Quoted Equity
Security
$ 0.08500000
Imputed amount per Quoted
Equity Security
$ 0.03305555 imputed at 100%
Record Date 21 March 2025
Dividend Payment Date 4 April 2025

Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
31 December 2024
$ 1.67
30 June 2024
$1.54
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
For further information refer to the attached:
1H25 Interim Report
1H25 Interim Results Commentary and Outlook
1H25 Results Presentation
Authority for this announcement
Name of person authorised
to make this announcement
Jaron McVicar
Contact person for this
announcement
Jaron McVicar
Contact phone number +61 2 9697 7000
Contact email address Jaron.McVicar@a2milk.com
Date of release through MAP 17 February 2025

Unaudited financial statements accompany this announcement.

---

We pioneer the future of Dairy for good
2025
INTERIM
REPORT
The a2 Milk Company

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

Financial
statements
Directors’ declaration
for the six months ended 31 December 2024
The directors of The a2 Milk Company Limited are pleased to present the interim report for the
six months ended 31 December 2024.
The interim report is unaudited and was authorised for issue by the directors on 16 February 2025.
Signed on behalf of the Board by:
Pip Greenwood David Bortolussi
Chair Managing Director and CEO
16 February 2025
2ContentsCorporate directory Financial statements

Consolidated statement of comprehensive income (unaudited)
for the six months ended 31 December 2024
Note
31 Dec 24
$’000
31 Dec 23
$’000
Sales2892,790811,099
Cost of sales(492,829)(432, 299)
Gross margin399,961378,800
Other revenue 21,0581,005
Distribution expenses(26,948)(25,530)
Marketing expenses(145,887)(136,700)
Administrative and other expenses(124,231)(113,168)
Operating profit103,953104,407
Interest income25,21119,300
Finance costs(1,898)(2,793)
Net finance income23,31316,507
Profit before tax12 7, 26 6120,914
Income tax expense(43, 270)(42,320)
Profit for the period83,99678,594
Profit/(loss) for the period attributable to:
Owners of the Company91,72585,261
Non-controlling interests( 7,7 2 9)(6,667)
83,99678,594
Other comprehensive income
Items that may be reclassified to profit or loss:
Foreign currency translation gain/(loss) 7,18 1(4,019)
C
ash flow hedges fair value (loss)/profit(6,724)1,024
Items not to be reclassified to profit or loss:
Listed and unlisted investments fair value profit/(loss)8,938(30,780)
Total other comprehensive income/(loss), net of tax9,395(33,775)
Total other comprehensive income/(loss) attributable to:
Owners of the Company11,241(34,507)
Non-controlling interests(1,846)732
9,395(33,775)
Total comprehensive income 93,39144,819
Total comprehensive income/(loss) attributable to:
Owners of the Company102,96650,754
Non-controlling interests(9,575)(5,935)
93,39144,819
Earnings per share

B
asic (cents per share)12.6811.80
Diluted (cents per share)12.6111.76
The accompanying notes form part of these financial statements.
The a2 Milk Company 2025 Interim Report 3

Consolidated statement of changes in equity (unaudited)
for the six months ended 31 December 2024
Attributable to owners of the Company
Six months ended
31 December 2024
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 2024(5,841)(279,027)6 7, 2 9 2(8,706)1,882(224,400)1,490,7761001,266,476(9,703)1,256,773
Profit after tax for
the period––––––91,725–91,725(7,729)83,996
Foreign currency
translation differences
– foreign operations7,181––––7,181––7,181–7,181
Changes in cash flow
hedges taken to equity––––(5,667)(5,667)––(5,667)(1,972)(7,639)
Cash flow hedges
reclassified to profit
or loss––––1,0451,045––1,0451261,171
Listed and unlisted
investments –
fair value movement–8,938–––8,938––8,938–8,938
Income tax––––(256)(256)––(256)–(256)
Total comprehensive
income for the period7, 1 8 18,938––(4,878) 11,24191,725–102,966(9,575)93,391
Transactions with
owners in their
capacity as owners:
Employee withholding
tax payments––(430)––(430)––(430)–(430)
Treasury shares
transferred––(5,323)5,323–––––––
Share-based
payments––5,040––5,040––5,040–5,040
Total transactions
with owners––(713)5,323–4,610––4,610–4,610
Balance 31 December
20241,340 (270,089)66,579(3,383)(2,996)(208,549)1,582,5011001,374,052(19,278)1,354,774
The accompanying notes form part of these financial statements.
4ContentsCorporate directory Financial statements

Consolidated statement of changes in equity (unaudited)
for the six months ended 31 December 2024
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)(247,596)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 Company 2025 Interim Report 5

Consolidated statement of financial position (unaudited)
as at 31 December 2024
Note
31 Dec 24
$’000
30 Jun 24
$’000
Assets
Current assets
Cash and term deposits81,042,034968,943
Trade and other receivables93,68878,070
Prepayments58,82152,545
Inventories5192,563179,648
Other financial assets620,7208,739
Total current assets1,407,8261,287,945
Non-current assets
Property, plant and equipment222,847231,433
Right-of-use assets25,13725,921
Investment property35,36830,845
Intangible assets111,655111,093
Other financial assets658,17013,509
Deferred tax assets34,41334,129
Total non-current assets487,590446,930
Total assets1,895,4161,734,875
Liabilities
Current liabilities
Trade and other payables385,4953 47, 5 6 9
Lease liabilities6,0885,598
Loans and borrowings1028,000–
Income tax payable32,14557, 3 8 4
Other financial liabilities722,1896,223
Total current liabilities473,917416,774
Non-current liabilities
Trade and other payables634532
Lease liabilities21,74922,732
Loans and borrowings1038,7643 7, 8 9 0
Other financial liabilities75,578174
Total non-current liabilities66,72561,328
Total liabilities540,642478,102
Net assets1,354,7741,256,773
Equity
Share capital 12100100
Retained earnings 1,582,5011,490,776
Reserves(208,549)(224,400)
Total equity attributable to owners of the Company1,374,0521,266,476
Non-controlling interests(19,278)(9,703)
To t a l e q u i t y1,354,7741,256,773
The accompanying notes form part of these financial statements.
6ContentsCorporate directory Financial statements

Consolidated statement of cash flows (unaudited)
for the six months ended 31 December 2024
Note
31 Dec 24
$’000
31 Dec 23
$’000
Cash flows from operating activities
Receipts from customers872,790799,690
Payments to suppliers and employees(746,469)(701,466)
Interest received24,12918,128
Interest paid (989)(2,345)
Ta xe s p a i d(70,664)(51,872)
Net cash inflow from operating activities978,79762,135
Cash flows from investing activities
Payments for property, plant and equipment(2,444)(12,909)
Payments for investment property(4,683)(6,843)
Payments for intangible assets(541)–
Investment in listed shares6(32,802)–
Payments for term deposits(400,000)(350,000)
Receipts from term deposits350,000350,000
Net cash outflow from investing activities(90,470)(19,752)
Cash flows from financing activities
Payments of lease principal(2,866)(2,056)
Net proceeds from/(repayments of) borrowings28,000(45,000)
Net cash inflow/(outflow) from financing activities25,134(47,0 5 6)
Net increase/(decrease) in cash and short-term deposits13,461(4,673)
Cash and short-term deposits at the beginning of the period518,943352,234
Effect of exchange rate changes on cash9,630(5,465)
Cash and short-term deposits at the end of the period8542,034342,096
The accompanying notes form part of these financial statements.
The a2 Milk Company 2025 Interim Report 7

Notes to the interim financial statements
for the six months ended 31 December 2024
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 16 February 2025.
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 2024,
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 2024, 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 material 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 2024.
New standards and interpretations not yet adopted
There are no new standards and interpretations that are issued,
but not yet mandatorily effective as at 31 December 2024, that
are expected to have a material impact on the Group in current
or future reporting periods.
2. Operating segments
Th
e Group’s key performance measures are segment revenue
a
nd segment results before interest, tax, depreciation and
amortisation (Segment EBITDA, a non-GAAP measure).
Fu
rther information and analysis of performance can be
found in the 1H25 Interim Results Commentary and Outlook,
which has been lodged concurrently with the i nterim 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:
–T
he China and Other Asia segment receives external
revenue from the sale of infant milk formula, other
nutritional products and milk.
–T
he Australia and New Zealand segment receives external
revenue from the sale of infant milk formula, milk and
other nutritional products, along with rent, royalty, and
licence fee income.
–T
he USA segment receives external revenue from the sale
of milk, infant milk formula and from licence fee income.
–T
he Mataura Valley Milk segment receives external
revenue from the manufacturing and sale of nutritional
and ingredients 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.
8ContentsCorporate directory Financial statements

2. Operating segments (continued)
Six months to 31 December 2024
China and
Other Asia
$’000
Australia and
New Zealand
$’000
USA
$’000
Mataura
Valley Milk
$’000
Eliminations
$’000
To t a l
$’000
Consolidated sales614,249156,86164,29557, 3 8 5–892,790
Other revenue –879179––1,058
Total external revenue614,249157,74 064,47457, 3 8 5–893,848
Inter-segment revenue–––15,685(15,685)–
Reportable segment revenue614,249157,74 064,47473,070(15,685)893,848
Reportable segment results
(Segment EBITDA)148,04029,519(4,856)(11,914)(122)160,667
Corporate EBITDA(41,800)
Group EBITDA118,867
Interest income 25,211
Interest expense(1,852)
Depreciation and amortisation(14,960)
Income tax expense(43, 270)
Consolidated profit after tax83,996
Six months to 31 December 2023
China and
Other Asia
$’000
Australia and
New Zealand
$’000
USA
$’000
Mataura
Valley Milk
$’000
Eliminations
$’000
To t a l
$’000
Consolidated sales549,459161,37056,75943,511–811,099
Other revenue –824181––1,005
Total external revenue549,459162,19456,94043,511–812,104
Inter-segment revenue–––8,007(8,007)–
Reportable segment revenue549,459162,19456,94051,518(8,007)812,104
Reportable segment results
(Segment EBITDA)135,91134,764(8,337)(15,268)–147,070
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
The a2 Milk Company 2025 Interim Report 9

3. Revenue
Disaggregation of revenue
In the following table, revenue is disaggregated by geographical location (reportable segments) and major product types.
Six months to 31 December 2024
China and
Other Asia
$’000
Australia and
New Zealand
$’000
USA
$’000
Mataura
Valley Milk
$’000
To t a l
$’000
Infant milk formula:
China label305,020–––305,020
English and other labels
1
258,39040,492845–299,727
Liquid milk
2
–103,81163,450–16 7, 26 1
Other nutritionals
3
50,83912,558––63,397
Ingredients–––57, 3 8 557, 3 8 5
Other revenue–879179–1,058
614,249157,74 064,47457, 3 8 5893,848
Six months to 31 December 2023
China and
Other Asia
$’000
Australia and
New Zealand
$’000
USA
$’000
Mataura
Valley Milk
$’000
To t a l
$’000
Infant milk formula:
China label299,001–––299,001
English and other labels
1
210,50953,951807–265,267
Liquid milk
2
–93,31555,952–149,267
Other nutritionals
3
39,94914,104––54,053
Ingredients–––43,51143,511
Other revenue–824181–1,005
549,459162,19456,94043,511812,104
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 24
$’000
31 Dec 23
$’000
Profit before income tax includes the following significant items:
Salary and wage costs56,25150,493
Equity settled share-based payments (refer to Note 13)5,0405,519
Bad and doubtful debts expense/(recovery)–(4 4)
Depreciation and amortisation14,9608,871
Net foreign exchange losses/(gains)8,436(1,205)
Cash flow hedge losses1,1712,125
Notes to the interim financial statements
for the six months ended 31 December 2024
10ContentsCorporate directory Financial statements

5. Inventories
31 Dec 24
$’000
30 Jun 24
$’000
Raw materials 29,77529,783
Finished goods 162,788149,865
Total inventories at the lower of cost and net realisable value192,563179,648
At period end $9,423,000 (31 December 2023: $8,900,000) was recognised as an expense in cost of sales for inventories written
down or written off.
6. Other financial assets
31 Dec 24
$’000
30 Jun 24
$’000
Current
Foreign currency forward contracts20,7208,739
Non-current
Foreign currency forward contracts3,176255
Listed investment at fair value52,0419,754
Unlisted investment at fair value2,9533,500
58,17013,509
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 (2023: $nil).
In October 2024, the Group participated in Synlait’s recapitalisation via an equity raise, acquiring a further 76,283,104 shares for
$32,802,000. For the purposes of ASX quotation requirements in respect of the new shares issued to the Group, it entered into a
voluntary escrow deed poll under which it undertook not to sell, assign, or otherwise dispose of, or transfer the effective control of
the 76,283,104 shares acquired under the placement for a period of twelve months from the date of allotment. This restriction is
subject to certain exceptions.
There was no change to the Group’s total percentage holding in Synlait, which remains at 19.8% (2023: 19.8%).
A fair value gain of $9,485,000 (2023: loss $30,780,000) 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 202443,353288,7810.2259,754(279,027)
Placement76,28332,802
Balance 31 December 2024119,636321,5830.43552,041(269,542)
Fair value gain in period9,485
The a2 Milk Company 2025 Interim Report 11

7. Other financial liabilities
31 Dec 24
$’000
30 Jun 24
$’000
Current
Foreign currency forward contracts22,1896,223
Non-current
Foreign currency forward contracts5,578174
8. Cash and term deposits
31 Dec 24
$’000
30 Jun 24
$’000
Cash at banks and on hand 206,276150,269
Short-term deposits 335,758368,674
Cash and short-term deposits542,034518,943
Other current term deposits500,000450,000
Cash and term deposits1,042,034968,943
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 24
$’000
30 Jun 24
$’000
Cash at banks and on hand 206,276150,269
Short-term deposits 335,758368,674
Cash and short-term deposits542,034518,943
Notes to the interim financial statements
for the six months ended 31 December 2024
12ContentsCorporate directory Financial statements

9. Reconciliation of after tax profit with net cash flows from operating activities
31 Dec 24
$’000
31 Dec 23
$’000
Net profit for the period83,99678,594
Adjustments for non-cash items:
Depreciation and amortisation14,9608,871
Share-based payments5,0405,519
Net foreign exchange (gain)/loss(3,029)1,840
Gain on termination of lease (53)–
Changes in working capital:
Trade and other receivables(15,618)(8,337)
Prepayments(6,276)(3,701)
Inventories(12,915)(3,138)
Trade and other payables38,472(8,767)
Tax balances(25,780)(8,746)
Net cash inflow from operating activities78,79762,135
10. Loans and borrowings
31 Dec 24
$’000
30 Jun 24
$’000
Current
Secured:
Bank loans28,000–
28,000–
Non-current
Unsecured:
Loan from MVM’s non-controlling shareholder38,7643 7, 8 9 0
38,7643 7, 8 9 0
All of the loans and borrowings are specific to Mataura Valley Milk Limited (MVM) and are interest bearing.
The average interest rate applicable at 31 December 2024 for the current bank loans was 5.14%.
Finance facilities available to MVM:
–Total bank debt facilities of $45 million (30 June 2024: $45 million), of which $28 million was drawn as at 31 December 2024
(30 June 2024: undrawn).
–A performance guarantee facility of $10 million, fully drawn as at 31 December 2024.
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 2024.
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 2024 was 2.56%.
The a2 Milk Company 2025 Interim Report 13

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 202430 June 2024
Hierarchy
level
Carrying
amount
$’000
Fair value
$’000
Carrying
amount
$’000
Fair value
$’000
Cash and term deposits1,042,0341,042,034968,943968,943
Trade and other receivables93,68893,68878,07078,070
Foreign currency forward contract assets223,89623,8968,9948,994
Listed investment152,04152,0419,7549,754
Unlisted investment3 2,9532,9533,5003,500
Secured bank loans2(28,000)(28,000)––
Unsecured loan from MVM’s
non-controlling shareholder
2(38,764)(35,818)(3 7, 8 9 0)(33,367)
Trade and other payables – excluding employee
entitlements and customer contract liabilities
(364,382)(364,382)(321,935)(321,935)
Foreign currency forward contract liabilities2(27,767)(27,767)(6,397)(6,397)
755,699758,645703,03970 7, 5 6 2
Fair value hierarchy
Financial instruments carried at fair value are classified by valuation method based on the following hierarchy:
–Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
–Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability,
either directly (i.e. as prices) or indirectly (i.e. derived from prices).
–Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
Carrying amount (equalling fair value) is applied consistently in the current and prior period to assets and liabilities
not recognised in the statement of financial position at fair value. 
Estimation of fair value
The following methods and assumptions are used in estimating the fair values of financial instruments:
–Listed investment – closing share price on NZX.
–Unlisted investment – valuation based on most recently published financial information provided by the entity.
–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.
Notes to the interim financial statements
for the six months ended 31 December 2024
14ContentsCorporate directory Financial statements

12. Share capital
Movements in contributed equity:Number of shares$’000
Fully paid ordinary shares:
Balance 30 June 2024722,934,808100
Movements in the period:
Vesting of performance rights1,084,310–
Balance 31 December 2024724,019,118100
Vesting of performance rights: Shares issued to employees participating in Group employee share plans.
As at 31 December 2024, the trustee of the a2MC Group Employee Share Trust held 508,048 of the Company’s shares
(30 June 2024: 1,307,576 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 2,353,351 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:
Performance rights grants:Performance periodEPS CAGR
Revenue CAGR hurdles
50% vest85% vest100% vest
FY25 plan
2,353,351 rights3 years to 30 June 202710%4%6%8%
Both the minimum EPS CAGR (compound annual growth in normalised 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, impairment charges, 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.
Performance rights granted during the period and assumptions
Grant date4 Oct 249 Dec 24
Share price at grant date$6.90$6.23
Performance rights life2.9 years2.7 years
Amounts recognised in the consolidated statement of comprehensive income
During the period a $5,040,000 expense was recognised in the consolidated statement of comprehensive income for equity
settled share-based payment awards (2023: $5,519,000).
The a2 Milk Company 2025 Interim Report 15

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 Australian Proceedings, now
consolidated, were commenced in October and November 2021 respectively. The Australian Proceedings relate 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 Australian Proceedings, whichever occurs first.
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 plaintiffs and the Company are to file their evidence in the Australian Proceedings during 2025 and the matter has been listed for
a further case management conference on 11 July 2025. A trial has been set for a period of seven weeks commencing on 2 June 2026.
The Company considers that it has at all times complied with its disclosure obligations and has no present obligation in relation to
this claim, denies any liability and will vigorously defend the proceedings.
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 Proceeding, 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
Since the end of the period, the Directors have proposed the payment of an interim dividend amounting to approximately
$61.5 million, proposed out of retained earnings, but not recognised as a liability at 31 December 2024.
The details of the dividend in New Zealand dollars have been noted below.
Dividend
Dividend - cents per ordinary share 8.50
Imputation
Imputation ratio100%
Imputation credit – cents per ordinary share3.31
Franking
Franking percentage100%
Franking credit – cents per ordinary share3.64
Key dates
Ex-dividend date20 March 2025
Record date21 March 2025
Payment date4 April 2025
No other 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.
Notes to the interim financial statements
for the six months ended 31 December 2024
16ContentsCorporate directory Financial statements

Auditor’s review report
for the six months ended 31 December 2024
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
e y. c o m /a u

Independent auditor’s review report to the shareholders 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 2024, 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 explanatory notes. 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 2024, 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 (NZ IAS 34) and
International Accounting Standard 34: Interim Financial Reporting (IAS 34).
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 sustainability reporting advisory and assurance services 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 NZ IAS 34 and IAS 34 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.


The a2 Milk Company 2025 Interim Report 17

Auditor’s review report
for the six months ended 31 December 2024
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 NZ IAS 34 and IAS 34.
A review of interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited
assurance engagement. We perform procedures, consisting of making enquiries, primarily of persons
responsible for financial and accounting matters, and applying analytical and other review procedures.
The procedures performed in a review are substantially less than those performed in an audit
conducted in accordance with International Standards on Auditing (New Zealand) and consequently do
not enable us to obtain assurance that we would become aware of all significant matters that might be
identified in an audit. Accordingly, we do not express an audit opinion on those interim financial
statements.
The engagement partner on the review resulting in this independent auditor’s review report is Glenn
Maris.



Ernst & Young
Sydney
16 February 2025




18ContentsFinancial statements Corporate directory

Company
The a2 Milk Company Limited
New Zealand share registry
MUFG Pension & Market Services
PO Box 91976
Victoria Street West
Auckland 1142
New Zealand
Telephone: +64 9 375 5998
Email: operations.nz@cm.mpms.mufg.com
Website: nz.investorcentre.mpms.mufg.com
Australian share registry
MUFG Pension & Market Services
Locked Bag A14
Sydney South NSW 1235
Australia
Telephone: +61 1300 554 474
Email: operations.nz@cm.mpms.mufg.com
Website: au.investorcentre.mpms.mufg.com
Registered offices
Level 17
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)
Lain Jager (Independent, Non-Executive Director)
Kate Mitchell (Independent, Non-Executive Director)
Antonio Rivera (Independent, Non-Executive Director)
David Wang (Independent, Non-Executive Director) –
resigned effective 31 December 2024
Sandra Yu (Independent, Non-Executive Director)
Corporate directory
The a2 Milk Company 2025 Interim Report 19

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

---

NZX Code: ATM
ASX Code: A2M


17 February 2025
NZX/ASX Market Release

1H25 Results Media Release

The a2 Milk Company (“the Company”, “a2MC”) today reported strong 1H25
1
results, upgraded FY25 full year guidance and
declared its first dividend.
The Company continues to execute its growth strategy, remaining focused on maximising opportunities in China and other
markets, supported by brand investment, product innovation and supply chain transformation to realise future growth potential.
More specifically, the Company:
1. Achieved double digit revenue growth with full year revenue and earnings guidance upgraded
2. Delivered English label IMF
2
double-digit revenue growth, supported by English label market recovery
3. Continued to gain record market share in China label IMF whilst minimising impact from temporary supply constraints
4. Ramped up innovation launching new products in IMF and Other Nutritionals targeting infants, kids and seniors segments
5. Introduced dividend policy for the first time in Company history and declared interim dividend for 1H25
Financial results and outlook
3,4

• Revenue growth of 10.1% to $893.8 million
- Regional revenue: China & Other Asia segment up 11.8%, ANZ down 2.7% (due to a further decline in the Daigou
channel), USA up 13.2% and MVM external ingredient sales up 31.9%
- Category revenue: Total IMF up 7.2% with China label up 2.0% and English label up 13.0%
5
, liquid milk in ANZ and USA
up 11.2% and 13.4% respectively, Other Nutritionals
6
up 17.3% and Ingredients (MVM) up 31.9%
• EBITDA up 5.0% to $118.9 million with an EBITDA margin of 13.3%
- Including ~$8 million of incremental airfreight costs to address temporary supply constraints (non recurring)
• Net profit after tax (NPAT) attributable to owners of the Company up 7.6% to $91.7 million
7

- Including incremental airfreight costs (refer above) and MVM coal boiler accelerated depreciation of $5.1 million
(non recurring)
• Basic earnings per share (EPS) up 7.4% to 12.7 cents
• Closing net cash
8
of $1,014.0 million up $45.1 million on June 2024 with operating cash conversion of 106%
9

• Interim dividend of 8.5 cents per share declared, fully imputed and fully franked (~67% NPAT payout)
• FY25 revenue growth guidance increased from mid to high single-digit, to low to mid double-digit percent on prior year.
EBITDA margin (% of revenue) is expected to be slightly up versus FY24 (see FY25 Outlook in the “1H25 Interim Results
Commentary and Outlook” announcement)
Operational highlights
• Maintained China IMF top-5 brand position, improved brand health and was third highest share gainer in 1H25
• Achieved record China label IMF market share of 5.3%
10
(FY24: 4.9%) driven by growth in online channels despite
temporary supply constraints that were resolved during the half

1
All references to full year (FY), halves (H) and quarters (Q) relate to the Company’s financial year, ending 30 June.
2
Infant milk formula.


3
All figures are in New Zealand Dollars (NZ$), unless otherwise stated.
4
All comparisons are with the 6 months ended 31 December 2023 (1H24), 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 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 $7.7 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.
10
Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key&A + BCD cities). Moving annual total.

2
• Delivered second consecutive half of English label IMF sales growth with 1H25 sales up 13.0% on prior year, with strong
post Double-11 demand boosting 2H25 outlook
• Launched super-premium English label IMF product a2 Genesis™ targeting the rapidly growing HMO formulation
segment, and expanded fortified milk powder range targeting the growing seniors and kids segments
• Commenced IMF sales of a2 Platinum® into Vietnam and registered a2 Gentle Gold
TM
for 2H25 Vietnam launch
• Gained market share in Australian liquid milk through growth in a2 Milk® and a2 Milk® Lactose Free products
• Improved US profitability and gained market share through growth in a2 Milk® and a2 Milk® Grassfed products
• Progressed US IMF market access through submission of US FDA application for long term approval
• Signed an agreement to establish the a2® Global R&D centre in China in partnership with China State Farm
• Commenced the Company’s first China based production of fortified milk powder products using a2 Milk
®
produced at
MVM and progressed other supply chain transformation initiatives
CEO commentary
The a2 Milk Company’s Managing Director and CEO, David Bortolussi said:
• “Execution of our growth strategy has resulted in another period of strong operational and financial performance.”
• “Our strong first half results and momentum going into the second half have resulted in an upgrade to our FY25 revenue
and earnings guidance.”
• “We are pleased to declare our first ever dividend, recognising the substantial progress we have made as a business and
rewarding our shareholders for their continued support.”
• “In our infant milk formula business in China, we are a top-5 player and one of the best performing brands, growing sales
by 7% in a market that declined 6%.”
• “Our liquid milk business continues to perform well in ANZ and the US with market share gains driven by growth in our
core portfolio and innovation in both markets.”
• “We increased our level of marketing investment again, achieving record high brand health metrics.”
• “Our distribution transformation continued to focus on e-Commerce channels with the Daigou channel now representing
less than 5% of our total infant milk formula business.”
• “Our focus on innovation is having impact with the launch of a2 Genesis™, our most premium English label IMF product
targeting the rapidly growing HMO segment, and new products targeting the fast growing seniors segment in China.”
• “As we look ahead, obtaining access to additional China label IMF registrations to support future growth and developing
our own nutritional manufacturing capability remain critical to the Company’s supply chain transformation strategy.
While we are not sharing any new information with you today, we continue to progress opportunities with the intent of
making meaningful progress 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:


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

---

NZX Code: ATM
ASX Code: A2M






17 February 2025
NZX/ASX Market Release


1H25 Interim Results Commentary and Outlook

Group financial performance
1,2,3

The a2 Milk Company (“the Company”, “a2MC”) announces its financial results for the 6 months ended 31 December 2024. Key
results are as follows:

$NZ million
1H25 1H24 Variance (%)
Group Revenue 893.8 812.1 10.1%
EBITDA
4
118.9 113.2 5.0%
Net profit after tax
(Attributable to owners of the Company)
91.7 85.3 7.6%
Basic earnings per share (cents)
12.7 11.8 7.4%
Net cash
5
1,014.0 792.1 28.0%
Interim dividend (NZ cents per share) 8.5 - n/a

Revenue grew 10.1% to $893.8 million, driven by continued growth in the China & Other Asia segment up 11.8%, supported by the
USA segment up 13.2% and Mataura Valley Milk (MVM) up 31.9%, partly offset by a 2.7% decrease in the ANZ segment due to a
further decline in the Daigou channel.
Total IMF sales grew 7.2% led by English label which was up 13.0% driven by performance within the CBEC and O2O
6
channels
supported by English label market growth, whilst China label sales were 2.0% higher, impacted by temporary supply constraints
that were resolved during the half. Liquid milk sales grew 12.1%, with ANZ up 11.2% and USA up 13.4% driven by growth in the
core portfolio and recent innovation. Other nutritional sales, which mainly consist of non-IMF powdered a2 Milk® products,
continued to grow, up 17.3%, whilst Ingredients (MVM only) grew 31.9% mainly due to higher GDT
7
market pricing and increased
milk supply.
Gross margin percentage
8
of 44.8% was 1.9ppts lower than 1H24, primarily due to the impact of airfreight used to expedite
shipments in order to limit the impact of 1Q25 IMF supply constraints, plus the remaining $5.1 million of accelerated depreciation
related to the MVM coal-fired boiler following the successful commissioning of a high pressure electrode boiler on site.
Distribution costs were slightly higher, consistent with higher sales, however lower as a percentage of revenue reflecting
continued improvement in USA distribution costs due to a sustained focus on reducing customer cost to serve.
Marketing investment increased 6.7% to $145.9 million, consistent with the Company’s growth strategy to primarily support its
China market ambitions. Spend as a percentage of net revenue was slightly lower for the period (16.3% versus 16.9% in prior year)
which was in part due to timing with some investment deferred to 2H25 due to the impact of 1Q25 supply constraints, plus cycling
of higher investment in 1H24 to support the launch and transition of the upgraded GB registered China label IMF product,
a2 至初®.

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 2023 (1H24), 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 2025 Interim Results Investor Presentation (slide 35) dated 17 February 2025.
5
Including term deposits and borrowings, excluding subordinated non-current shareholder loans.
6
Cross-border e-Commerce and Offline-to-Online channels.
7

Global Dairy Trade.
8
Gross margin percentage is calculated as sales less cost of goods sold, divided by sales.

2
Administrative and other expenses (SG&A) increased 9.8% to $124.2 million primarily attributable to foreign exchange (FX) losses
largely impacted by NZD depreciation, particularly towards the end of the half. Excluding FX, SG&A was marginally higher,
reflecting increased people costs associated with investment to further strengthen talent and capability, particularly in China and
supply chain, partially offset by cost reduction initiatives.
EBITDA increased 5.0% to $118.9 million, however EBITDA % margin was lower at 13.3% (down 0.6ppts), which was consistent
with the Company’s previous guidance and reflects the impact of temporary supply constraints, mainly due to incremental
airfreight costs of approximately $8 million.
Depreciation and amortisation increased to $15.0 million due to the remaining accelerated depreciation of the MVM coal-fired
boiler. Net interest income increased to $23.3 million reflecting higher cash balances.
NPAT including amounts attributable to non-controlling interests was $84.0 million, an increase of 6.9%. Amounts attributable to
non-controlling interests, a loss of $7.7m, represent China Animal Husbandry Group’s 25% interest in MVM. Excluding this loss,
NPAT attributable to owners of the Company was $91.7 million, up 7.6%.
The balance sheet further strengthened during the period with closing net cash of $1,014.0 million, up $45.1 million on 30 June
2024. Operating cash inflows (excluding interest and tax) were $126.3 million, representing operating cash conversion of 106.3%
9
,
up 19.5ppts on prior year, as 1H25 benefitted from favourable working capital timing benefits linked to the timing of inventory
and marketing related payments.
Inventory of $192.6 million was up 7.2% on 30 June 2024, largely due to MVM milk production seasonality with 2Q being a peak
period. While China label IMF trade inventory at distributors and retailers largely recovered to target levels by period end and
ahead of Chinese New Year, China label IMF inventory on the Company’s balance sheet remained below target levels and is
expected to fully recover during 2H25.
Regional and product performance
1. China & Other Asia
There was some improvement in the total China IMF market in 1H25 with the rate of value decline improving to -6.1%
10
with the
number of newborns increasing 5.8% to 9.54 million during CY24
11
, the first year of growth since 2016. Whilst this increase was
expected due to a catch-up in COVID related postponed pregnancies and 2024 being the Year of the Dragon (which has historically
been a year with higher relative births), a longer-term modest decline is expected due to socio-demographic trends.
Despite the overall China IMF market decline, a2MC’s China & Other Asia segment revenue grew by 11.8% to $614.2 million
primarily driven by strong English label IMF performance in the CBEC and O2O channels, with lower China label IMF growth
impacted by market decline and temporary supply constraints. Segment EBITDA of $148.0 million was up 8.9%. Improved strong
brand health metrics, supported by marketing investment and sales execution underpinned a2MC maintaining its top-5 IMF brand
position and being the third highest share gainer in the overall China IMF market in 1H25.
China label IMF
China label IMF sales increased to $305.0 million, up 2.0%. Performance during the half was impacted by the decline of the China
label market (down 8.0%
12
), and to a lesser extent, temporary supply constraints which affected early-stage product availability in
market, including smaller size 400g tins and new user trial packs. Supply was prioritised to key online platforms and offline key
accounts to minimise the impact on sales and new user recruitment. Production returned to normal during 1Q25, with trade stock
largely returning to target levels ahead of Chinese New Year supported by airfreight.
Notwithstanding the supply constraints, a2MC’s upgraded China label IMF product, a2 至初® continued to perform well in market,
achieving record market share of 5.3%
13
. The brand was supported by a further step up in marketing investment, with a focus on
building brand superiority through always-on digital and integrated marketing campaigns across channels.
a2MC’s market value share in the MBS channel was stable at 3.5%
14
, with numeric distribution and weighted distribution
increasing over the half with a strategic focus on building distribution in BCD cities. In line with the Company’s strategy, a2MC has
focused on accelerating growth through the DOL channel, where a2MC’s market value share in DOL increased from 3.9% to 4.1%
15

over the half.
Pleasingly, a2MC’s share of early stage product sales continued to increase, with share now over 5% for both Stages 1 and 2, as
more users shift to online channels.


9
Operating cash conversion defined as net cash flow from operating activities before interest and tax divided by EBITDA.
10
Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key&A + BCD cities). Value decline of -13.4% in 1H24 and -7.3% in 2H24.
11
China National Bureau of Statistics.
12
Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key&A + BCD cities), 1H25 versus 1H24.
13
Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key&A + BCD cities), MAT.
14
Nielsen MBS retail measurement service: mother and baby stores only retail value share. MAT.
15
Smart Path China IMF online market tracking: for DOL only retail value share. MAT, 1H25 versus FY24.

3
English label IMF
16

English label IMF sales in the China & Other Asia segment of $258.4 million were up 22.7% due to positive English label market
trends and a significant step up in a2MC demand post Double-11 driven by strong growth in O2O within lower-tier cities and in
early-stage products overall.
English label IMF market value was up 7.1%
17
reflecting a further shift in the total China IMF market, from China label to English
label, with English label now representing 18.3%
18
of total market value, up from 17.2%
18
in FY24. The increased switching to
English label reflects the recovery of the market post COVID-19 when the English label market observed a low of 14%
18
market
share. Whilst English label represents a smaller proportion of the IMF market, a2MC is well positioned to benefit in this segment
given it is the second largest player in the market with just under 20% market share.
The rapid growth of HMO and specialty product segments also contributed to English label market growth with consumers
adopting English label products due to ingredients and specialised formulations not widely available in China label (such as those
including various HMOs
19
). To capitalise on this growing market opportunity, the Company has developed and commenced sell-in
of its most premium English label IMF product, a2 Genesis™ with a China focused launch planned for 2H25. The product contains
HMOs and is positioned above a2 Platinum®.
The Company also expanded its reach of English label to build on a2MC’s existing presence in emerging markets with sales
commencing for a2 Platinum® IMF in Vietnam during the half alongside the Vietnam registration of a2 Gentle Gold™ for launch in
2H25.
Other nutritional products
Sales of other nutritional products in the China & Other Asia segment were up 27.3% to $50.8 million, benefitting from the
Group’s innovation programme and improved organisational focus with growth driven by both English label and China label
product.
During the period, three new China label fortified milk powder products were launched targeting the seniors segment addressing
the top senior health needs: immunity, bone, gut and heart health. The Company’s other nutritionals range will be further
expanded in 3Q25 with the launch of a new kids fortified milk powder designed for kids 3+ supporting immunity, eye health and
brain development with innovative packaging.
2. Australia and New Zealand
Australia and New Zealand (ANZ) segment reported revenue of $157.7 million and EBITDA of $29.5 million, down 2.7% and 15.1%
respectively. The result was driven by a further decline in the Daigou channel, partly offset by strong growth within the Australian
liquid milk business.
English label IMF and other nutritionals products
a2MC IMF reseller and retail sales decreased 24.9% to $40.5 million versus 1H24, consistent with wider channel declines. English
label IMF focus remains on the CBEC and O2O channels, however the Company continues to support the Daigou channel through
marketing support and trade activations.
a2 Gentle Gold™, which launched during FY24 with a new manufacturing partner (Yashili NZ, a subsidiary of Mengniu), has
continued to perform in line with plan in the Australian retail market, providing an entry point for consumers at a price below
a2 Platinum® supporting improved market share in retail.
Consistent with Daigou channel declines, revenue for other nutritional products was down 11.0% to $12.6 million, with growth
realised through channels in the China & Other Asia segment.
Liquid milk
Australian liquid milk sales were up 11.2% to $103.8 million, led by a2 Milk
®
Lactose Free and growth in the core a2 Milk
®
range,
plus favourable currency translation.
Revenue growth was achieved in a challenging market, with the liquid milk category declining 0.6%
20
and increased competitor
promotional activity, consistent with the wider macroeconomic environment.
a2MC’s liquid milk market value share grew 0.4ppts to 10.8%, primarily driven by a2 Milk® Lactose Free which increased share of
the Australian lactose free market from 12.7% to 15.8%
21
. Growth in the period was supported by brand investment to drive
awareness and conversion through continued execution of the new “Only a2™ will do” campaign. a2 Milk® (including Lactose
Free) remains the number one dairy milk brand nationally
22
.
Market share growth was supported by household brand penetration gains and increased distribution for Lactose Free, particularly
in QLD and SA.

16
English label IMF includes sales via CBEC, O2O, Emerging Markets and Hong Kong Resellers.
17
Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key&A + BCD cities). 1H25 versus 1H24.
18
Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key&A + BCD cities), MAT.
19
Human milk oligosaccharides.
20
IRI Australian Grocery Weighted Scan, 1H25 versus 1H24.
21
IRI Australian Grocery Weighted Scan, MAT, 1H25 versus FY24.
22
IRI Australian Grocery Weighted Scan, dollar share, as at 1H25.

4
An upgrade of the Kyabram milk processing facility with Kyvalley Dairy Group remains on track for completion during FY25.
3. USA
USA grew revenue by 13.2% to $64.5 million and improved profitability, with EBITDA losses reduced to $4.9 million (1H24: $8.3
million).
Revenue growth was driven by core a2 Milk®, a2 Milk® Grassfed and growth in the Club channel. a2MC’s market value share in
the premium milk category for the Grocery channel increased to 2.4% (up from 2.2%)
23
. a2 Platinum® IMF sales recognised during
the half were not material. The improved EBITDA loss was due to higher revenue, improved input costs and distribution rates and
reduced SG&A costs. Accelerating the path to profitability in the USA remains a key focus.
Having received short-term Enforcement Discretion approval from the US Food and Drug Administration’s (FDA) during FY24 to
import and sell a2 Platinum®, a2MC is now pursuing longer term FDA approval. The Company’s New Infant Formula Notification
was submitted on time in 2Q25 and is currently under FDA review, with long term approval targeted to be achieved during CY25
(subject to FDA approval). In the meantime, the Company continued to trial alternative sales and marketing approaches under
Enforcement Discretion.
4. Mataura Valley Milk
The first half of FY25 was characterised by higher GDT market pricing, plus higher milk volumes processed through the MVM site.
As a result, revenue of $57.4 million was $13.9 million higher than prior year, with EBITDA losses improving to $11.9 million,
(1H24: $15.3 million). Internal sales growth was mainly due to growth in Other nutritional products, plus timing of sales in FY24
which were second half weighted. The improved EBITDA loss position reflects the ongoing cost and productivity focus across the
site, plus an improved sales product mix. The Company continues to work on a range of initiatives to accelerate MVM’s path to
profitability, which remains a key priority.
Supply chain transformation and sustainability
Supply chain transformation
Key highlights included the development and sell-in of the Company’s first HMO containing formulation, a2 Genesis™, in
partnership with Yashili NZ; entry into China based manufacturing in partnership with Shanghai Howell Nutrition Dairy Co., Ltd for
a new fortified seniors nutrition range of three products using a2 Milk
®
powder produced at MVM; the transition of a2 Milk®
powder pouch products to NZ Nutritional Wellness to improve efficiency and traceability; and continued significant site and
capacity upgrades of the Kyabram fresh milk processing facility in Australia.
As announced on 16 August 2024, the Company resolved the various disputes subject to arbitration with Synlait Milk Limited and
in October supported Synlait by participating in its equity raise. As part of the settlement, the cancellation of Synlait’s
manufacturing and supply exclusivity rights
24
from 1 January 2025 provides additional flexibility to a2MC to further enable its
supply chain transformation strategy.
The Company continues to progress opportunities to gain access to additional controlled China label IMF registrations to achieve
greater China market access and to develop its own nutritional manufacturing capability consistent with its growth strategy.
Sustainability
The Company continued to invest in its a2
TM
Farm Sustainability Fund in ANZ with applications recently opened for a new round of
grants to support sustainability projects that demonstrate an integrated approach to deliver a meaningful impact across the
community and environment. In 1H25 the Company incorporated 20% recycled content into its fresh milk HDPE bottles across its
2L, 3L and 3.5L formats from its Smeaton Grange liquid milk facility. Lastly, following the successful commissioning of a high
pressure electrode boiler at MVM during FY24, the site’s core activities were powered by certified renewable energy
25
, further
reducing emissions.
Capital management
In November 2024, the Company announced the establishment of a dividend policy for the first time in company history. The
dividend policy targets a payout ratio range of between 60% and 80% of net profit after tax excluding non-recurring and other
items (normalised NPAT).
The a2MC Board has declared an interim dividend for 1H25 amounting to approximately $62 million or 8.5 cents per share being a
payout of 67% of NPAT. The dividend will be paid on 4 April 2025 and will be fully imputed and fully franked. Subsequent
dividends are expected to be declared on a semi-annual basis in February and August each year at a level consistent with the
Company’s target payout ratio range. It is the Company’s intention to impute and frank dividends to the maximum extent possible
subject to available credits, noting that imputation credits are limited.

23
SPINS data for the Grocery channel, MAT, 1H25 versus FY24.
24
In respect of S1-S3 of a2MC’s current IMF products (being a2 Platinum® and a2 至初®) for sale by a2MC in the markets of China, Australia and New Zealand.
25
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
The Board remains conscious of the significant amount of net cash held on the balance sheet at period end. Consistent with the
Company’s capital allocation framework, priority is being given to transforming and de-risking a2MC’s supply chain to enable
future growth focused on investment in New Zealand and China, alongside other growth opportunities and risk mitigation. As
a2MC 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 in the form of special dividends over time.
The declaration and payment of all dividends will be subject to Board approval.
FY25 Outlook
Revenue and earnings guidance has improved from the Company’s prior outlook statement (22 November 2024) mainly due to:
• Stronger than expected demand for English label IMF in CBEC and O2O channels
• Increased Liquid Milk sales, particularly in the USA club channel
• Movements in actual and forecast currency rates reflecting NZD depreciation, which are expected to inflate both revenue
and costs (including hedge losses)
• Higher GDT pricing increasing MVM external ingredients sales
For FY25, the Company is now expecting the following relative to FY24:
• Revenue growth of low to mid double-digit
26
percent (previously mid to high single-digit percent)
• Gross margin (% of sales) to be similar to up
• Marketing expenses (% of sales) to be similar to up
• Administrative & Other expenses (% of sales) to be down
• EBITDA margin (% of revenue) to be slightly up (previously broadly in line)
• Operational cash conversion to be approximately 90%
• Capital expenditure to be approximately $20 million
Key risks
A range of risks could materially impact expected revenue and earnings outcomes including, but are not limited to, trading upside
and downside, challenging macroeconomic conditions, China IMF category dynamics and competitive intensity, product and
supply related risks, cross border trade, foreign exchange movements, changes in interest rates, farmgate milk pricing and other
commodity prices, and changes in the regulatory environment.







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


26
Double-digit refers to the range 10%-20%.

---

The a2 Milk Company Limited
17 February 2025
2025
INTERIM
RESULTS
We pioneer the future of Dairy for good

Disclaimer
This presentation dated 17 February 2025 provides additional
commentary on the financial results for the 6 months ended
31 December 2024 of The a2 Milk Company Limited (the
“Company” or “a2MC”) and accompanying information released to
the market on the same date. As such, it should be read in
conjunction with the explanations and views in those documents.
This presentation is provided for general information purposes only.
The information contained in this presentation is not intended to be
relied upon as advice to investors and does not take into account
the investment objectives, financial situation or needs of any
particular investor. Investors should assess their own individual
financial circumstances and consider talking to a financial adviser or
consultant before making any investment decision.
This presentation is not a prospectus, investment statement or
disclosure document, or an offer of shares for subscription, or sale,
in any jurisdiction.
Certain statements in this presentation constitute forward looking
statements. Such forward looking statements involve known and
unknown risks, uncertainties, assumptions and other important
factors, many of which are beyond the control of the Company and
which may cause actual results, performance or achievements to
differ materially from those expressed or implied by such
statements.
While all reasonable care has been taken in relation to the
preparation of this presentation, none of the Company, its
subsidiaries, or their respective directors, officers, employees,
contractors or agents accepts responsibility for any loss or damage
resulting from the use of or reliance on this presentation by any
person.
Past performance is not indicative of future performance and no
guarantee of future returns is implied or given.
Some of the information in this presentation is based on unaudited
financial data which may be subject to change.
All values are expressed in New Zealand dollars unless otherwise
stated.
All intellectual property, proprietary and other rights and interests in
this presentation are owned by the Company.
2 0 2 5 I N T E R I M R E S U L T S
2

Agenda
Results summary4
Financial overview15
Regional and
product performance
21
Appendix34

Strong 1H25 operating and financial performance
2 0 2 5 I N T E R I M R E S U L T S
4
Achieved Group double-digit revenue growth with full year revenue and
earnings guidance upgraded
Delivered English label IMF double-digit revenue growth driven
by CBEC and O2O channels supported by EL market recovery
Continued to gain record market share in China label IMF whilst
minimising impact from temporary supply constraints that were
resolved during the half
Ramped up innovation launching new products in IMF and
Other Nutritionals categories targeting infants, kids and seniors segments
Introduced dividend policy for the first time in Company history and
declared first interim dividend
1
2
3
4
5

Continued growth in revenue, earnings and cash flow
2 0 2 5 I N T E R I M R E S U L T S
5
•Revenue up 10.1% to $893.8 million
•EBITDA up 5.0% to $118.9 million
−Including ~$8 million of incremental airfreight costs to address
temporary supply constraints (non recurring)
•EBITDA margin of 13.3%, down 0.6ppts due to supply constraints
•Net profit after tax (NPAT) up 7.6% to $91.7 million
1

−Including incremental airfreight costs (refer above) and MVM coal
boiler accelerated depreciation of $5.1 million (non recurring)
•Basic earnings per share (EPS) up 7.4% to 12.7 cents
•Closing net cash
2
of $1,014.0 million up $45.1 million on 30 June 2024
with cash conversion of 106%
3
•Interim dividend of 8.5 cents per share declared (~67% payout)
EBITDA; $ millions
Revenue; $ millions
Basic EPS; cents per share
Key financials
1
Excludes non-controlling interest in Mataura Valley Milk (MVM), a loss of $7.7 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.
Group performance

Growth driven by English label IMF, Liquid Milk and Other Nutritionals
2 0 2 5 I N T E R I M R E S U L T S
6
•China & Other Asia segment sales up 11.8%, led by English label IMF
CBEC and O2O channel growth (up 22.7%) and Other Nutritionals
•ANZ segment sales down 2.8% consistent with Daigou channel
decline, offset by Australian liquid milk growth
•USA segment sales up 13.3% driven by liquid milk growth
•MVM external ingredient sales up 31.9% due to higher GDT pricing and
milk volumes processed
Segment and product sales
Segment sales; $ millions
Product sales; $ millions
Segment performance
Product performance
•IMF sales up 7.2%
−English label sales up 13.0%, up 6.3% on 2H24
−China label sales up 2.0% in a market that declined by 8.0%
1
•Liquid Milk sales in ANZ and USA up 11.2% and 13.4%, respectively
•Other Nutritionals sales up 17.3%
1
Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key&A + BCD cities) for the 26 weeks ending 27 December 2024.

Results supported by key operational achievements
7
•Brand health: China IMF brand health improved supported by a2
®
brand superiority campaign
•Infant Milk Formula (IMF)
−China label: Achieved record market share and minimised temporary impact of supply constraints
−English label: Delivered second consecutive half of sales growth with strong post Double-11 demand
−USA: Submitted New Infant Formula Notification (NIFN) to US FDA for long term approval
•Liquid Milk
−ANZ: Gained market share despite cost of living pressures
−USA: Gained market share whilst delivering significant cost reductions and improved profitability
•Other Nutritionals: Continued strong growth of new tub formats and recently launched fortified products
•Innovation
−Introduced new EL IMF product, a2 Genesis
TM
, targeting growing HMO formulation segment
−Expanded fortified milk powder range targeting growing seniors and kids segments
−Signed agreement to establish the a2
®
Global R&D Centre in partnership with China State Farm
•Emerging markets: Launched a2 Platinum
®
into Vietnam and registered a2 Gentle Gold
TM
for 2H25 Vietnam launch
•Supply chain: Commenced first China based production of new fortified senior products using pure and natural a2 Milk
TM
powder
produced at MVM
2 0 2 5 I N T E R I M R E S U L T S

Some improvement in China IMF market conditions
8
1
Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key&A + BCD cities) for the 26 weeks ending 27 December 2024 and similar for prior periods.
2
China National Bureau of Statistics.
•China IMF market decline improved to -6.1%
1
supported by growth in Stage 1
(0-6 months) driven by an increase in China newborns. Stage 3 (1+ years) and
Stage 4 (3+ years) continued to decline mainly due to the cumulative impact of
fewer newborns in prior years
•China newborns of 9.54 million in CY24
2
, up 5.8% on CY23 and the first growth
since 2016, supporting Stage 1 growth
•China label IMF market value down 8.0% in 1H25
1
, due to lower volumes with
pricing pressure stabilising
•English label IMF market grew for the second consecutive half, up 7.1% in
1H25
1
, driven by Stage 1 and 2 growth, switching from China label to English label
and premiumisation across all stages
•Key&A cities declined by 4.0% in 1H25
1
whereas BCD cities declined by 8.4%
•A2 protein segment grew 14% in 1H25, now 20% of China IMF market value (up
from 18% in FY24
1
)
•Market concentration continues with top-5 brands now representing over 57%
1
of market value, up 3 ppts on FY24
China IMF market conditions
2 0 2 5 I N T E R I M R E S U L T S
English label IMF market value vs pcp
1
Total China IMF market value vs pcp
1
China label IMF market value vs pcp
1

Maintained top-5 market share position and a top-3 share gainer
9
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 December 2024.
2
Wyeth Nutrition is also owned by the Nestle Group.
3
Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key & A + BCD cities) MAT Dec-24 vs MAT Jun-24.
Value % share by brand
1
; MAT Dec-24
2
2
Market share movements by IMF brand
Change in IMF value share (% pts)
3
; MAT Dec-24 vs MAT Jun-24
2 0 2 5 I N T E R I M R E S U L T S
Mead Johnson

FY25 outlook upgraded
10
2 0 2 5 I N T E R I M R E S U L T S
Revenue and earnings guidance has improved from the Company’s prior outlook statement
1
mainly due to:
•Stronger than expected demand for English label IMF in CBEC and O2O channels
•Increased Liquid Milk sales, particularly in the USA club channel
•Movements in actual and forecast currency rates reflecting NZD depreciation, which are expected to inflate both revenue
and costs (including hedge losses)
•Higher GDT pricing increasing MVM external ingredients sales
For FY25, the Company is now expecting the following relative to FY24:
•Revenue growth of low to mid double-digit
2
percent (previously mid to high single-digit percent)
•Gross margin (% of sales) to be similar to up
•Marketing expenses (% of sales) to be similar to up
•Administrative & Other expenses (% of sales) to be down
•EBITDA margin (% of revenue) to be slightly up (previously broadly in line)
•Operational cash conversion to be approximately 90%
•Capital expenditure to be approximately $20 million
1
See outlook statement from 2024 Annual Meeting (22 November 2024).
2
Double-digit refers to the range 10%-20%.
See full outlook statement in results commentary and outlook announcement dated 17 February 2025 including key risks

Continued execution of growth strategy with supply chain transformation
a key focus
11
2 0 2 5 I N T E R I M R E S U L T S
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
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
12
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 5 I N T E R I M R E S U L T S

Continued progress made against supply chain transformation priority
•Advanced EL IMF partnership with Yashili NZ with the
development and manufacture of a new HMO formulation
product, a2 Genesis
•Commenced China based production of seniors fortified
milk powders, launching three products in partnership with
Shanghai Howell Nutrition Dairy Co., Ltd. using MVM produced
a2 Milk powder
•Transitioned a2 Milk
®
powder pouch manufacturing
to NZNutritional Wellness, improving production efficiency
and capability, and upgrading packaging with advanced
traceability features
•Significant upgrade of Kyabram (Australia) fresh milk facility
in partnership with Kyvalley Dairy, unlocking additional capacity
and on track for completion during 2H25
•Continued to progress M&A opportunities to accelerate CL
market access and develop nutritional manufacturing capability
with the intention of making meaningful progress during CY25
•State of the art Shanghai manufacturing facility
•Advanced R&D, quality and laboratory teams
•IMF and adult milk powder (AMP) blending and
canning expertise
•7 x winner of gold award for IMF quality
•Applies IMF standards to fortified milk
powder production
13
2 0 2 5 I N T E R I M R E S U L T S

2 0 2 5 I N T E R I M R E S U L T S
14
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
•Strong 1H25 result and upgraded FY25
guidance sees a2MC well positioned
as the Company moves closer to its
medium term revenue ambition of
~$2 billion
•Improved FY25 outlook driven by stronger
EL demand, increased liquid milk sales,
as well as FX and GDT movements
•1H25 LTM EBITDA margin impacted by
airfreight due to temporary supply
constraints – the Company continues to
target EBITDA margin improvement
•In-sourcing of a2 Platinum
®
is expected
to impact medium term revenue by
reducing external ingredient sales at
MVM over time
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
Significant progress against medium term growth ambition
1
Incremental revenue ambition growth bridge from $1.21 billion in FY21 to ~$2.0 billion in ≥ FY27.
~
EBITDA margin target in the teens
targeting year-on-year improvement
Actual revenue and EBITDA margin

Financial
overview

Revenue and earnings growth with margins impacted by one-off items
•Net sales revenue growth of 10.1% reflects strong EL IMF CBEC and
O2O channel performance, double-digit liquid milk sales growth in ANZ
and USA, continued contribution from Other Nutritionals innovation
and higher external sales from MVM
•Gross margin of 44.8%, down 1.9ppts, driven by IMF supply
constraints (mainly airfreight) and remaining coal boiler accelerated
depreciation
•Distribution costs lower as a % of net sales revenue due to
improvement in USA freight rates
•Marketing expenses higher to support China growth strategy.
Some marketing re-phased to 2H25 in response to 1H25 temporary
supply constraints
•Administrative and other expenses (SG&A) higher due to impact
of FX losses and capability build, partially offset by cost reduction
initiatives
•Interest income increased due to higher cash balances
•Effective tax rate improved due to reduced MVM and US losses
•NPATattributable to owners of the Companyincreased by 7.6% to
$91.7 million
•Basic EPS was up 7.4% to 12.7 cents per share
•Interim dividend of 8.5cps declared ~67% of NPAT payout aligned
to a2MC’s recently established dividend policy, fully imputed and
fully franked
16
1
All figures quoted in New Zealand Dollars (NZ$) and all comparisons are with the 6 months ended 31 December 2023 (1H24) unless otherwise stated. Numbers
may not add down due to rounding.
2
Group revenue comprises net sales revenue and other revenue.
3
Earnings before interest, tax, depreciation and amortisation (EBITDA). EBITDA is a non-GAAP measure.
$ million
1
1H251H24% change
Net Sales Revenue
892.8811.110.1%
Gross Margin
400.0378.85.6%
GM %
44.8%46.7%(1.9ppts)
Other Revenue
1.11.05.2%
Distribution
% Net Sales Revenue
(26.9)
3.0%
(25.5)
3.1%
5.6%
(0.1ppts)
Marketing
% Net Sales Revenue
(145.9)
16.3%
(136.7)
16.9%
6.7%
(0.5ppts)
Administrative and other (SG&A)
% Net Sales Revenue
(124.2)
13.9%
(113.2)
14.0%
9.8%
(0.0ppts)
Interest Income and Finance Costs
23.316.541.2%
Profit Before Tax
127.3120.95.3%
Income Tax Expense
(43.3)(42.3)2.2%
NPAT
84.078.66.9%
- Attributable to owners of the Company
91.785.37.6%
- Attributable to non-controlling interests
(7.7)(6.7)15.9%
Group Revenue
2
893.8812.110.1%
EBITDA
3
118.9113.25.0%
EBITDA Margin %
13.3%13.9%(0.6ppts)
EPS – basic (cents)
12.711.87.4%
2 0 2 5 I N T E R I M R E S U L T S

Double-digit China growth driven by strategic market focus
17
$ million
China &
Other AsiaANZUSAMVM
1
Corporate
Total
Group
1H25
Revenue
614.2157.764.5
57.4-893.8
EBITDA
148.029.5(4.9)(11.9)(41.8)118.9
EBITDA %
24.1%18.7%(7.5%)(20.8%)-13.3%
1H24
Revenue
549.5162.256.943.5-812.1
EBITDA
135.934.8(8.3)(15.3)(33.8)113.2
EBITDA %
24.7%21.4%(14.6%)(35.1%)-13.9%
%
change
Revenue
11.8%(2.7%)13.2%31.9%-10.1%
EBITDA
8.9%(15.1%)41.7%22.0%23.5%5.0%
1
MVM excludes intercompany sales.
2 0 2 5 I N T E R I M R E S U L T S

Net sales revenue
$ million
China &
Other AsiaANZUSAMVM
1
Total
Group
1H25
IMF
563.440.50.8-604.7
Liquid milk
2
-103.863.4-167.3
Other nutritionals
3
50.812.6
-
-63.4
Ingredients
--
-57.457.4
TOTAL
614.2156.964.357.4892.8
1H24
IMF
509.554.00.8-564.3
Liquid milk
2
-93.356.0-149.3
Other nutritionals
3
39.914.1--54.1
Ingredients
---43.543.5
TOTAL
549.5161.456.843.5811.1
%
change
IMF
10.6%(24.9%)4.7%-7.2%
Liquid milk
2
-11.2%13.4%-12.1%
Other nutritionals
3
27.3%(11.0%)--17.3%
Ingredients
---31.9%31.9%
TOTAL
11.8%(2.8%)13.3%31.9%10.1%
Strong growth across all product categories
18
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.
2 0 2 5 I N T E R I M R E S U L T S

Cash conversion supported by working capital timing benefit
19
1
Calculated as net cash flow from operating activities before interest and tax divided by EBITDA.
$ million1H251H24% change
Cash flows from operating activities
Receipts from customers​
872.8799.79.1%
Payments to suppliers and employees​
(746.5)(701.5)6.4%
Net interest flows and taxes paid​
(47.5)(36.1)31.7%
Net operating cash flows
78.862.126.8%
Net cash flows from investing activities
(90.5)(19.8)358.0%
Net cash flows from financing activities
25.1(47.1)(153.4%)
Net increase/(decrease) in cash
13.5(4.7)(388.1%)
Cash at the beginning of the period​
518.9352.247.3%
Effect of exchange rate changes on cash​
9.6(5.4)(276.2%)
Closing cash at the end of the period
542.0342.158.4%
Net cash comprised of:
Cash andshort-termdeposits​
542.0342.1(47.3%)
Term deposits​
500.0450.011.1%
Bank borrowings
(28.0)-nm
Total net cash
1,014.0792.128.0%
•Cash flows from operating activities: $78.8 million
‒Operating cash conversion of 106%
1
(1H24: 87%)
‒Positive outcome supported by timing of inventory
purchases and marketing activities
•Cash flows from investing activities: ($90.5 million)
‒Incremental term deposits of $50 million and additional
investment in Synlait of $32.8 million
•Cash flows from financing activities: $25.1 million
‒Includes $28.0 million drawdown on MVM’s external
banking facility to support operational working capital
needs during peak production season
2 0 2 5 I N T E R I M R E S U L T S

Strong balance sheet underpinned by high cash conversion
20
$ million1H252H24% change
Cash and term deposits
1,042.0
968.9
7.5%
Trade and other receivables
93.7
78.1
20.0%
Inventories
192.6
179.6
7.2%
Other current assets
79.5
61.3
29.8%
Total current assets
1,407.8
1,287.9
9.3%
Property, plant & equipment
222.8
231.4
-3.7%
Intangible assets
111.7
111.1
0.5%
Other non-current assets
153.1
104.4
46.6%
Total non-current assets
487.6
446.9
9.1%
TOTAL ASSETS
1,895.4
1,734.8
9.3%
Trade and other payables
385.5
347.6
10.9%
Other current liabilities
88.4
69.2
27.8%
Total current liabilities
473.9
416.8
13.7%
Total non-current liabilities
66.7
61.3
8.8%
TOTAL LIABILITIES
540.6
478.1
13.1%
NET ASSETS
1,354.8
1,256.7
7.8%
•Cash and term depositsbalance and consolidated
netcashposition of $1,014.0 million
1
with operating cash
conversion at 106%
2
•Trade and other receivables up $15.6 million and
Inventories up $13.0 million, mainly driven by MVM’s
seasonal production peak during 2Q
•Other current assets up $18.2 million driven by valuations of
FX forward contracts
•Other non-current assets up $48.7 million due to additional
investment in Synlait of $32.8 million, with total valuation at
December 2024 of $52 million​
•Trade and other payables up $37.9 million due to timing of
CL IMF inventory orders and marketing activities, and MVM’s
milk production seasonality
•Other current liabilities up $19.2 million mainly due to
MVM’s bank loan of $28.0 million to support MVM’s working
capital requirements during peak production period
1
Including term deposits and borrowings, excluding subordinated non-current shareholder loans.
2
Calculated as net cash flow from operating activities before interest and tax divided by EBITDA.
2 0 2 5 I N T E R I M R E S U L T S

Regional
and product
performance

189
271
299
305
249
289
313
438
559
612
FY22FY23FY24FY25
Growth driven by online channel, with supply constraints resolved
22
•CL IMF sales up 2.0% in a declining market (down 8.0% on 1H24
1
) and
achieved record high China label IMF market share of 5.3%
1
•Successful prioritisation of major online platforms, offline key accounts
and trade activation to minimise impact of supply constraints on sales and
new user recruitment
•Trade inventory restored to target levels ahead of Chinese New Year
except for Stage 1 which was below target due to strong demand
•Other Nutritionals in growth due to innovation and organisational focus,
with new locally produced seniors fortified milk powder range launched
late in 1H25
China label net sales revenue
$ million
4
1
Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key&A + BCD cities) values.
2
Nielsen MBS retail measurement service: mother and baby stores only retail sales (by value) 12-month rolling share. Nielsen had panel enhancement in Jan-24 which led to restatement of historical data.
3
Smart Path China IMF online market tracking: domestic online platform sales (by value) 12-month rolling share.
4
Subject to rounding.
China label
MAT share of total China label IMF market value %
1
Sustained China label growth despite market and supply challenges
22
2 0 2 5 I N T E R I M R E S U L T S
China label IMF market share

Maintained MBS (offline) share with DOL (online) share reaching new highs
23
•China label market declined by 8.0% in 1H25
1
due to
lower volumes
•Average CL retail selling price stabilising following a period
of decline and market wide GB transition
•Continued shift to online channels with further offline retailer
consolidation and store closures
•Market concentration trend continues with top-10 brands
(including a2MC) now representing 78%
1
of total CL market
(75% in pcp)
China label market dynamics improving
China label
2 0 2 5 I N T E R I M R E S U L T S
Strong a2 China label performance driven by DOL
CL IMF market value
share (MAT)
1
Jun-23Jun-24Dec-24
DOL23%26%27%
MBS51%50%51%
Other26%24%22%
1
Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key&A + BCD cities).
2
Nielsen MBS retail measurement service: mother and baby stores only retail sales (by value).
3
Smart Path China IMF online market tracking: DOL platform sales (by value).
•Share gains in early stage products in MBS and DOL driven
by consumer education and new user recruitment focus
•Achieved record high DOL market share, particularly in JD
•Maintained MBS share in Key&A and BCD cities during
a period of supply constraints where online channels
were prioritised
•Expanded offline distribution, particularly in BCD cities
•Key market share metrics:
CL IMF market value
share (MAT)Jun-24Dec-24% change
Kantar Total CL
1
4.9%5.3%+0.4ppts
Nielsen MBS
2
3.5%3.5%0.0ppts
Key&A cities6.8%6.7%-0.1ppts
BCD cities3.0%3.0%0.0ppts
Smart Path DOL
3
3.9%4.1%+0.2ppts
Market share metrics subject to limitations
(panel size and under or over representation of some channels or accounts)

Record marketing investment focused on a2
®
brand superiority
24
•Campaign focused on leveraging
science to educate consumers on A1
protein free benefits
•Focus on A2 beta-casein digestion
and other potential health benefits
•Leveraging >20 years of A1 protein
free science
•Daddy Lab: Leading independent
quality assurance and evaluation
influencer with ~50 million followers
on social media
•First Daddy Lab approved IMF
product following extensive testing
in China and New Zealand (528
tests passed)
•Campaign focused on maximising
awareness of a2
®
uniqueness and
superiority
•Reinforced a2
®
as pioneer and leader
of A1 protein free category
•Educated consumers on a2MC’s
unique TRUE a2 ecosystem
China label
2 0 2 5 I N T E R I M R E S U L T S
A1 Protein Free campaignDaddy Lab endorsementa2
®
Superiority campaign

25
China label
2 0 2 5 I N T E R I M R E S U L T S
Expanding a2 Milk
®
powder range across key seniors and kids segments
•China seniors milk powder market is worth >$1.5 billion
and growing at double-digit rate
•New a2MC CL seniors fortified products manufactured
with new China based partner (Howell)
•3 key distinctive SKUs focused on supporting top
senior health needs including immunity, bone, gut and
heart health
•China kids milk powder market is worth >$1 billion and
also growing at double digit rate, taking share from
Stage 4 IMF products
•New a2MC CL kids fortified milk powder launching in
3Q25 to capitalise on growing segment
•Designed for kids 3+ years supporting immunity, eye
health and brain development with innovative packaging
New fortified seniors powder range launched late in 1H25New fortified kids powder to launch in 3Q25

102
176
211
258
153
211
237
256
386
448
FY22FY23FY24FY25
1H2H
Significant increase in English label sales in CBEC and O2O channels
26
1
Excludes USA IMF sales.
2
Subject to rounding.
•EL revenue growth
1
of 13.0% to $298.9 million with combined CBEC and
O2O revenue increasing 22.7%, representing 86% of all EL sales
•ANZ declines consistent with ongoing category trend with traditional
Daigou trade now estimated to be less than 5% of total a2MC IMF sales
•Focused on growing CBEC and O2O channels and continued transition
to drop-ship model to improve serviceability and freshness
•Launch of a2 Genesis
TM
positioning a2MC to capture share of fastest
growing sub-segment of the English label market (HMO)
•Expanded EL IMF into emerging markets with Vietnam launch for a2
Platinum
®
and Vietnam registration of a2 Gentle Gold
TM
•a2 Gentle Gold
TM
sales in line with plan for the Australian retail market –
supports IMF portfolio architecture (priced below a2 Platinum
®
)
•Other Nutritionals in growth led by core milk powders and innovation
English label continues to grow supported by strong market
English label
2 0 2 5 I N T E R I M R E S U L T S
ANZ EL IMF revenue
CBEC (including O2O) EL IMF revenue
180
109
54
40
149
53
45
329
163
99
FY22FY23FY24FY25
1H2H
$ million by half
2
$ million by half
2

Positive EL market trends and step up in a2MC demand post Double-11
27
•EL increasing share of total IMF, recovering from a low of 14%
in FY22 but below pre COVID-19 level of 23% in FY20
1
:
•EL lower average selling price versus CL with China
macroeconomic environment contributing to consumers
seeking better value IMF alternatives
•Continued shift to online channels exposing EL IMF products
to wider consumer base
•Increased consumer choice in EL with new formula
innovations including the rapid growth of HMO and specialty
product segments
Favourable English label market dynamics
English label
2 0 2 5 I N T E R I M R E S U L T S
Strong a2 English label performance
Total IMF market value
share (MAT)
1
Jun-23Jun-24Dec-24
English label15%17%18%
China label85%83%82%
1
Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key&A + BCD cities).
2
Kantar CBEC tracking includes social E-Commerce platforms including Douyin/TikTok, Pinduoduo (and others)
3
Smart Path China IMF online market tracking: CBEC platform sales (by value).
•a2MC’s demand significantly stepped up post Double-11
driven by strong growth in O2O within lower tier cities and in
early stages (S1 and S2) overall
•Offline and online retail POS data and a2MC reported sales
growth were stronger than Kantar and Smart Path data
•Trade inventory levels at Dec-24 were at or below target, and
consistent with Jun-24
•Key market share metrics:
EL IMF market value
share (MAT)Jun-24Dec-24% change
Kantar Total EL
1
20.2%19.1%-1.1ppts
CBEC
1,2
20.4%20.2%-0.2ppts
O2O & Daigou
1
19.7%17.9%-1.8ppts
Smart Path CBEC
3
20.5%19.8%-0.7ppts
Market metrics are subject to limitations (eg small panel size and under representation
of some a2MC high growth channels, particularly O2O)

Marketing investment focused on building a2 Platinum
®
talkability
28
•Campaign messaging focused on
Advanced Absorption and New
Zealand provenance
•Refreshed visuals and TVC
•Activated across digital channels
including TikTok, Little Red Book
(LRB) and sponsorship of TV drama
•Social campaign across LRB and
TikTok focusing on key parent pain
points regarding digestion to
demonstrate a2 Platinum
®
benefits
•Sponsorship of New Year’s Eve
online live concert by Taiwanese
supergroup Mayday (23m viewers)
•Encourage consumers to post about
their experiences with a2 Platinum
®

in eCommerce platforms and
social media
•Consumer testimonials reinforce
social media messaging regarding
digestion benefits of a2 Platinum
®

English label
2 0 2 5 I N T E R I M R E S U L T S
Refreshed a2 Platinum
®
TVCSocial Media engagementConsumer testimonials

HMO formulations driving volume growth
and price premiumisation in EL channel
English label
Introducing a2 Genesis
TM
targeting growing HMO market segment
29
2 0 2 5 I N T E R I M R E S U L T S
•Innovative HMO formulation containing 3 HMOs,
probiotics and prebiotics
•Formulated with premium Algal DHA
•Launched in Hong Kong CBEC channel in
January 2025
•Manufactured to Hong Kong Regulations
•Product range: Stages 1, 2 and 3
•Enhanced packaging compared to a2 Platinum
®
•Produced in partnership with Yashili NZ, using
pure and natural A1 protein free milk powder
produced by MVM in New Zealand

87
92
93
104
85
92
97
172
184
190
104
FY22FY23FY24FY25
1H2H
ANZ liquid milk sales supported by continued strong growth from
a2 Milk
®
Lactose Free
•Net sales revenue up 11.2% to $103.8 million, with growth across
a2 Milk
®
and a2 Milk
®
Lactose Free
•Wider liquid milk category remains challenging consistent with
macroeconomic environment – total dairy milk category value sales
declined by 0.6%
1
with increased competitor promotional activity
•Total liquid milk value share grew 0.4ppts to 10.8%
2
, with a2 Milk
®

Lactose Free achieving a record high MAT value share of 15.8%
2

(up from 12.7% for FY24)
•a2 Milk
®
Lactose Free share growth was supported by increased
distribution (QLD and SA) and awareness gains
•Introduced bottles with 20% recycled HDPE content out of Smeaton
Grange facility
•Upgrade of Kyabram milk processing facility with Kyvalley Dairy Group
remains on track for completion in 2H25
Australia liquid milk net sales revenue
1
IRI Australian Grocery Weighted Scan, 1H25 versus 1H24.
2
IRI Australian Grocery Weighted Scan, MAT, 1H25 versus FY24.
Note share values have been restated to reflect new methodology used by Circana for “Australia Grocery Weighted”. While the absolute numbers have changed, the direction of movement remain consistent with prior years.
ANZ liquid milk
Australia liquid milk market value share
2
a2MC liquid milk performing well in a challenging market
Australia lactose free market value share
2
$ million by half
30
2 0 2 5 I N T E R I M R E S U L T S

USA double-digit sales growth with continued profitability improvement
•Revenue increased 13.2% to $64.5 million
•Sales growth driven by resilient and growing a2 Milk
®
performance, plus
growth from Grassfed and Club channels
•Market value share in the premium milk category increased to 2.4%
(up from 2.2% in FY24)
1
•Profitability improvement reflected in lower EBITDA loss of $4.9 million,
achieved through revenue growth and a focus on optimising trade spend
and input and distribution costs
•IMF sales not material under current Enforcement Discretion – focusing
on obtaining long term market access
•FDA submission on track with NIFN submitted on time in 2Q25 and
currently under FDA review
31
$ million
2
USA
1
SPINS data for the Grocery channel, MAT
2
Subject to rounding.
Revenue
$ million
2
EBITDA
32
52
57
64
50
53
57
83
105
114
64
FY22FY23FY24FY25
1H2H
Strong sales growth supported by ongoing profitability focus
-16
-12
-8
-5
-20
-11
-7
-37
-23
-15
-5
FY22FY23FY24FY25
1H2H
2 0 2 5 I N T E R I M R E S U L T S

MVM remains focused on building capability and reducing losses
•Net sales revenue of $57.4 million, up $13.9 million,
reflecting higher GDT pricing and higher milk volumes
processed
•Internal sales grew reflecting increased demand for
innovation, plus timing of sales in FY24 (second
half weighted)
•EBITDA loss of $11.9 million in 1H25 improved due to
increased internal sales plus continued cost and
productivity focus
•Losses typically weighted to 1H reflecting Winter plant
shut down and maintenance period (during July / August)
•Supported a2MC’s innovation through the supply of A1
protein free milk powders for use in a2 Gentle Gold
TM
,
a2 Genesis
TM
and new kids and seniors fortified products
•Accelerating path to profitability remains a key focus
32
Mataura Valley Milk
1
1H22 represents pro-forma unaudited results for 6-months. Comprises 5-months reported results under a2MC ownership (acquired at the end of July 2021) plus unaudited financial results for the month of July 2021.
Continued focus on site optimisation
2 0 2 5 I N T E R I M R E S U L T S
39
66
46
68
44
58
57
50
(10)
(9)
(13)
(13)
(15)
(5)
(12)
(14)
1H222H221H232H231H242H241H25
$ million
Reported
Revenue
N/A
Internal sales to
a2MC eliminated
51715
Revenue
6-months
1
Reported
EBITDA
EBITDA
6-months
1
82716
Revenue and EBITDA

Questions

Appendix

Reconciliation of non-GAAP measures
35
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.
$ million1H251H24
Australia & New Zealand segment EBITDA
29.534.8
China & Other Asia segment EBITDA
148.0135.9
USA segment EBITDA
(4.9)(8.3)
MVM segment EBITDA
(11.9)(15.3)
Eliminations EBITDA
(0.1)-
Corporate EBITDA
(41.8)(33.8)
EBITDA
1
118.9113.2
Depreciation/amortisation
(15.0)(8.9)
EBIT
1
103.9104.4
Net interest income
23.416.6
Income tax expense
(43.3)(42.3)
Net profit for the period
84.078.6
2 0 2 5 I N T E R I M R E S U L T S

a2MC glossary of terms
36
AcronymMeaning
a2MCThe a2 Milk Company Limited
AMPAdult milk powder
ANZAustralia and New Zealand
ASPAverage selling price
AUAustralia
BCDLower tier cities in China
CBECCross-border e-commerce
CLChina label
CYCalendar year
C2CConsumer to consumer
DOLDomestic online channel
EBITEarnings before interest and tax
EBITDAEarnings before interest, taxes, depreciation and
amortisation
EDEnforcement discretion
ELEnglish label
EPSEarnings per share
ESLExtended shelf life
FDAFood & Drug Administration
FXForeign exchange
FYFinancial year
GAAPGenerally accepted accounting principles
GBGuo Biao, national standards of China
AcronymMeaning
GHGGreenhouse gas
GMGross margin
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
NIFNNew Infant Formula Notification
NKANational key accounts
NPATNet profit after tax
NSWNew South Wales
NZD/NZ$New Zealand Dollar
AcronymMeaning
OOHOut of home advertising
O2OOffline to online
PCPPrior corresponding period
POPPlatform Open Plan
POSPoint of sales
PP&EProperty, plant and equipment
PRPublic relations
QLDQueensland
RMBOfficial currency of China
RRPRecommended retail price
RTMRoute to market
SASouth Australia
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
2 0 2 5 I N T E R I M R E S U L T S

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 2024
Previous reporting
period
Six months to 31 December 2023

Amount (000s) Percentage change
Revenue from
continuing ordinary
activities
$NZ 893,848 10.1%
Profit (loss) from
continuing ordinary
activities after tax
attributable to security
holders
$NZ 91,725 7.6%
Net profit (loss)
attributable to security
holders
$NZ 91,725 7.6%

Dividends Amount per security
($NZ)
Franked amount per
security ($NZ) at 100%
Interim dividend
declared subsequent to
31 December 2024
0.08500000 0.03642857

Record date 21 March 2025
Dividend payment date 4 April 2025
Dividend reinvestment
plan
Not applicable

Comments: For further information refer to the attached:
1H25 Interim Report
1H25 Interim Results Commentary and Outlook
1H25 Results Presentation


Net Tangible Assets per
security

31 December 2024
$NZ 1.67
30 June 2024
$NZ 1.54

---

Distribution Notice






Section 1: Issuer information
Name of issuer The a2 Milk Company Limited
Financial product name/description Ordinary Shares
NZX ticker code ATM
ISIN (If unknown, check on NZX website) NZATME0002S8
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies
Record date 21/03/2025
Ex-Date (one business day before the
Record Date)
20/03/2025
Payment date (and allotment date for DRP) 04/04/2025
Total monies associated with the
distribution
1

$61,541,623
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.11805555
Gross taxable amount
3
$0.11805555
Total cash distribution
4
$0.08500000
Excluded amount (applicable to listed
PIEs)
N/A
Supplementary distribution amount N/A
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed Fully imputed
If fully or partially imputed, please state
imputation rate as % applied
6

28%
Imputation tax credits per financial product $0.03305555
Resident Withholding Tax per financial
product
$0.00590278

1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.
6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.

Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
N/A
Start date and end date for determining
market price for DRP
N/A
Date strike price to be announced (if not
available at this time)
N/A
Specify source of financial products to be
issued under DRP programme (new issue
or to be bought on market)
N/A
DRP strike price per financial product
N/A
Last date to submit a participation notice for
this distribution in accordance with DRP
participation terms
N/A
Section 5: Authority for this announcement
Name of person

authorised to make this
announcement
Jaron McVicar, Chief Legal and Sustainability
Officer & Company Secretary
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

17/02/2025